N-CSR

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

(Name and address of agents for service)

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

Date of fiscal year end: November 30

Date of reporting period: November 30, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs MLP Energy Infrastructure Fund

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary	1
Schedule of Investments	9
Financial Statements	11
Financial Highlights	14
Notes to Financial Statements	21
Report of Independent Registered Public Accounting Firm	34
Other Information	35

NOT FDIC-INSURED   May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs MLP Energy Infrastructure Fund

Investment Objective and Principal Investment Strategy

The Fund seeks total return through current income and capital appreciation.

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in U.S. and non-U.S. equity or fixed income securities issued by energy infrastructure companies, including master limited partnerships (“MLPs”) and “C” corporations. The Fund’s investments in MLPs will consist of at least 25% of the Fund’s total assets as measured at the time of purchase. The Fund intends to concentrate its investments in the energy sector.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Energy and Infrastructure Team discusses the Goldman Sachs MLP Energy Infrastructure Fund’s (the “Fund”) performance and positioning for the 12-month period ended November 30, 2022 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 34.91%, 33.89%, 35.45%, 35.28%, 35.45%, 34.59% and 35.43%, respectively. These returns compare to the 42.25% average annual total return of the Alerian MLP Index. The Alerian MLP Index is a leading measure of energy infrastructure master limited partnerships (“MLPs”).¹

Q How did energy-related securities overall perform during the Reporting Period?

A Energy-related securities generally produced strong gains during the Reporting Period, as crude oil and natural gas prices rose and remained elevated despite bouts of volatility. The price of Brent crude oil increased 23.70% during the Reporting Period, while natural gas prices averaged $6.26 MMBtu, 38% higher than their average at the beginning of the Reporting Period. (MMBtu is million British thermal units, the standard measurement for natural gas.)

As the Reporting Period started in December 2021, commodities and energy-related securities experienced a brief but sharp sell-off. The sell-off was driven by worries around the spread of the COVID-19 Omicron variant, which had raised concerns about how the variant might impact near-term demand for commodities. However, data

¹  Source: Alerian. The Alerian MLP Index is the leading gauge of energy infrastructure Master Limited Partnerships (“MLPs”). The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX). It is not possible to invest directly in an unmanaged index.

suggesting Omicron was less severe symptomatically than previous variants helped to ease market fears and supported a rebound in crude oil prices and energy-related securities through year-end 2021.

During the first quarter of 2022, commodities and energy-related securities advanced overall, as underlying fundamentals strengthened. U.S. oil demand ticked higher, while supply struggled to keep up, as discipline from OPEC+ and from U.S. producers, who have become primarily focused on maximizing free cash flow, reined in production growth. (OPEC+ is the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia.) The result was undersupplied energy markets, which were further pressured by the invasion of Ukraine by Russia, a major global exporter of crude oil and natural gas, on February 24th. After the invasion, crude oil prices rose, with Brent crude oil reaching $128 per barrel, its highest level since 2008, in early March.

After surging to this record level, crude oil prices subsequently experienced volatility during the second calendar quarter, driven by developments surrounding the Russia/Ukraine war, the possibility of a European Union ban on Russian oil, and potential oil demand-side concerns stemming from rising COVID-19 cases and lockdown procedures in China. However, a combination of strong global energy demand, tight inventories, limited spare capacity and announcements of the European Union’s ban on Russian oil imports kept crude oil prices elevated. On the supply side, global supply shortages led to low inventories of crude oil and natural gas, while at the same time, demand continued to recover, supported by an uptick in seasonal travel as well as by high liquified natural gas (“LNG”) prices that pushed certain countries to turn to crude oil and related refined products as replacements.

1

PORTFOLIO RESULTS

During the remainder of the Reporting Period, crude oil prices experienced weakness, with Brent crude oil prices falling 21.65% between July 1, 2022 and November 30, 2022. Much of the weakness was driven by global demand concerns related to two primary issues—growing recession risks and ongoing COVID-19 lockdowns in China—as well as U.S. dollar strength. Prices were briefly supported by the OPEC+ announcement in October that it planned to cut production by two million barrels per day, starting in November, in an effort to stabilize prices. However, investors’ broader macroeconomic concerns ultimately pared back any gains. It is important to note that OPEC+ was already well below its production quota, and therefore, we estimate that the cut in production in November amounted to approximately one million barrels per day compared to production levels beforehand. Overall, the macroeconomic concerns that drove extreme market volatility and weighed on crude oil prices during the last five months of the Reporting Period overshadowed the underlying tight oil market fundamentals. Despite this weakness, Brent crude oil prices remained elevated at the end of the Reporting Period at nearly $85 per barrel—34% higher than the average price of $64 a barrel from 2016 through 2019, prior to COVID-19.

At the end of the Reporting Period, the fundamental backdrop remained supportive of strong crude oil prices, in our view, with global demand (ex-China) having largely normalized to pre-COVID levels. On the supply side, production levels were also back to pre-COVID levels, but years of underinvestment, combined with healthy demand growth, left inventory levels nearly 10% below long-term averages.²

On the natural gas side, years of unsound energy policies, predominantly in Europe, and underinvestment in natural gas infrastructure led to the energy shortages and steep increase in consumer prices seen during the Reporting Period. The ongoing war in Ukraine further intensified the effects of the energy crisis, with the curtailment of Russian gas exports to Europe resulting in historically low inventories and high prices. For example, Nordic power prices were up 535% during the Reporting Period overall.³

Despite the volatility in crude oil and natural gas prices during the Reporting Period, as well as record high inflation levels and a recession narrative, midstream⁴ energy markets ultimately moved higher. The Alerian MLP Index, which measures energy infrastructure master limited partnerships

²  Joint Organisations Data Initiative (JODI).

³  European Power Prices: Germany Power Baseload Forward Year 1.

⁴  The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities.

(“MLPs”), and the Alerian Midstream Energy Index,⁵ which measures the broader midstream sector inclusive of both energy MLPs and “C” corporations, generated total returns of 42.25% and 30.78%, respectively, during the Reporting Period. The midstream markets, as represented by the Alerian MLP Index and the Alerian Midstream Energy Index, significantly outperformed the S&P 500^® Index⁶, which returned -9.21% during the Reporting Period.

Higher oil and natural gas prices and growing volumes supported strong earnings growth for midstream companies, and management teams continued to focus on capital discipline, balance sheet strength and, above all, generating free cash flow and returning it back to investors via dividends and buybacks—all of which we believe was generally well received by the market. The strong quarterly earnings announcements during the Reporting Period and upward earnings revisions reaffirmed the fundamental stability and defensive nature of the midstream sector, which helped to support equity price performance in a volatile market environment. In addition, the sector may have benefited from a broad rotation from growth to value stocks as well as from an uptick in MLP merger and acquisition activity during the Reporting Period.

Toward the end of the Reporting Period, the U.S. Inflation Reduction Act of 2022 was passed, which aims to make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by approximately 40% by 2030. The Inflation Reduction Act of 2022 included a new 15% corporate alternative minimum tax based on book income for companies that report more than $1 billion in profits to shareholders. However, midstream companies structured as MLPs were excluded from this new provision, which we believe further supported equity price performance during the Reporting Period.

At the end of the Reporting Period, energy infrastructure remained one of the highest yielding equity market segments, with yields in excess of 6%, which is four times higher than that of the S&P 500^® Index and nearly twice the yields of both the utilities and real estate investment trusts sectors.

⁵  Source: Alerian. The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMNA), total-return basis (AMNAX), net total-return (AMNAN), and adjusted net total return (AMNTR) basis. It is not possible to invest directly in an unmanaged index.

⁶  Source: S&P Global. The S&P 500^® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500^® Index components and their weightings are determined by S&P Dow Jones Indices. It is not possible to invest directly in an unmanaged index.

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PORTFOLIO RESULTS

From a valuation perspective at the end of the Reporting Period, the midstream sector screened as inexpensive, trading at a 4.9x discount relative to the broader equity markets, with a more than 10% free cash flow yield. In our view, valuations remained dislocated from the sector’s earnings potential.

Q What key factors were responsible for the Fund’s relative performance during the Reporting Period?

A During the Reporting Period, the Fund generated double-digit positive absolute returns but underperformed the Alerian MLP Index on a relative basis. These results were driven by subsector and security selection.

Regarding its exposures, the Fund was hurt by security selection in the gathering/processing and natural gas pipeline transportation subsectors.⁷ It was helped by security selection in the hydrocarbon production mining and petroleum pipeline transportation subsectors.

During the Reporting Period, we continued to emphasize risk-adjusted returns and focused on high-quality issuers (i.e., those with strong dividend/distribution coverage, cash flow growth potential, capital discipline, etc.). As a result, the Fund was modestly underweight versus the Alerian MLP Index in high-beta stocks,⁸ which detracted from its relative performance during the Reporting Period as energy-related stocks rallied amid elevated crude oil and natural gas prices.

Q What individual holdings detracted from the Fund’s relative performance during the Reporting Period?

A During the Reporting Period, the Fund’s underweight versus the Alerian MLP Index in EnLink Midstream LLC and its overweights in Fast Radius, Inc. and ONEOK, Inc. detracted from relative performance.

EnLink Midstream LLC (ENLC) is a midstream operator involved in natural gas gathering, treating, processing, transmission, distribution, supply and marketing, and crude oil marketing. The company has assets across U.S. shale basins, including exposure to the Permian Basin and MidCon Basin. The Fund’s underweight position in ENLC detracted from relative performance during the Reporting Period, as an increase in customer activity across the company’s operating segments greatly improved its financial outlook. Additionally, ENLC has entered into multiple joint ventures to utilize its existing asset base for carbon capture, a growth area being pursued by many midstream operators.

⁷  Sector and subsector allocations are defined by GSAM and may differ from sector allocations used by the Alerian MLP Index.

⁸  Beta is a measure of a stock’s volatility relative to an index or the overall market. A beta greater than 1.0 indicates that the stock’s price is theoretically more volatile than the index or overall market.

An overweight in Fast Radius, Inc. (FSRD), a provider of cloud-based manufacturing platform solutions that deliver data and insights for design, production and supply-chain management, also detracted from the Fund’s relative performance. Its shares fell after FSRD significantly reduced its 2022 revenue expectations, as the global economic slowdown and supply-chain disruptions impaired customer demand for its cloud-based manufacturing process. The decline jeopardized the company’s ability to raise the capital it needed to build out its operations. By the end of the Reporting Period, we had sold the Fund’s position in FSRD common stock.⁹

ONEOK, Inc. (OKE) is a leading midstream service provider that owns one of the nation’s premier natural gas liquids systems. Severe winter storms in North Dakota resulted in widespread shut-ins during April and May 2022, which, in turn, drove lower earnings for OKE during the second calendar quarter. In early July 2022, OKE’s Medford, Oklahoma fractionator suffered an explosion, rendering the entire facility unusable. Until its third quarter 2022 earnings announcement was made in early November, investors were concerned about OKE’s ability to achieve its financial targets. However, as part of its third quarter 2022 earnings call, OKE not only reiterated its full-year financial guidance but provided a preliminary look at 2023 financial performance, which was substantially better than consensus expectations.

Q What individual holdings added to the Fund’s relative performance during the Reporting Period?

A Compared to the Alerian MLP Index, the Fund was helped during the Reporting Period by an overweight in Cheniere Energy, Inc. and underweight positions in Magellan Midstream Partners, L.P. and Genesis Energy L.P.

Cheniere Energy, Inc. is a pure-play U.S. LNG producer that exports LNG to dozens of countries worldwide. With global LNG supplies more and more constrained by growing demand, curtailed Russian exports and outages at various U.S. LNG facilities, Cheniere Energy, Inc. has become an essential supplier of LNG to world markets. As a result of tightening markets, the spread between global LNG prices and U.S. natural gas prices widened considerably during the Reporting Period, improving the company’s near-term and long-term profit outlook. Additionally, Cheniere Energy, Inc. has leveraged its position to contract incremental capacity expected to come online during the next several years.

⁹  The Fund maintained a small position in private investments in public equities (“PIPEs”), warrants and founder shares of FSRD at the end of the Reporting Period.

3

PORTFOLIO RESULTS

Magellan Midstream Partners, L.P. (MMP) is primarily involved in the storage, transportation and distribution of refined petroleum products. We believe shares of MMP declined during the Reporting Period because refined product volumes remained somewhat weak compared to 2019 levels and because the company’s assets are largely not a beneficiary of the continued recovery in oil and gas production volumes.

Genesis Energy, L.P. (GEL) is a midstream MLP that provides energy infrastructure and logistics services, primarily focused on the U.S. Gulf Coast and on the Gulf of Mexico region. GEL’s diversified asset exposure, including sectors not directly related to energy (e.g., soda ash), drove its underperformance relative to stocks with greater beta exposure to energy commodity prices.

Q Were there any notable purchases or sales during the Reporting Period?

A During the Reporting Period, the Fund established a position in Kinetik Holdings Inc. (KNTK), a Permian Basin-based midstream company focused on providing natural gas gathering, processing and transportation services for upstream¹⁰ companies. We initiated the Fund position because we believe KNTK offers strong exposure to the growth of midstream volumes in the Permian Basin and was trading, at the time of purchase, at a significant discount to similarly positioned companies. Additionally, we believe the company’s fee-based contract structure should provide some insulation to earnings volatility in case commodity prices weaken from current levels.

Another notable Fund purchase during the Reporting Period was Chesapeake Energy Corporation (CHK), a U.S. exploration and production company. In our view, CHK is well positioned for growing U.S. LNG exports from the U.S. Gulf Coast because of the location of its acreage, particularly in the Haynesville Shale. Additionally, the company successfully emerged from financial restructuring in 2021, and we believe its lower debt levels compared to its peer average also position the company to effectively navigate a variety of potential market environments.

In addition to the sale of FSRD, mentioned earlier, we exited the Fund’s position in Archaea Energy Inc. (LFG) during the Reporting Period. LFG is focused on developing and operating landfill-based renewable natural gas facilities that capture waste emissions and converts them into low carbon fuel. On October 17, 2022, LFG received an all-cash buyout

¹⁰  The upstream component of the energy industry is usually defined as those operations stages in the oil and gas industry that involve exploration and production. Upstream operations deal primarily with the exploration stages of the oil and gas industry, with upstream firms taking the first steps to first locate, test and drill for oil and gas. Later, once reserves are proven, upstream firms will extract any oil and gas from the reserve.

offer from BP p.l.c. for $26 a share, a 54% premium over the share price at the market close on October 14th. Once the stock traded within what we deemed a reasonable spread (i.e., difference in price) to the buyout offer, we sold the Fund’s position.

Also during the Reporting Period, we exited the Fund’s position in Shell Midstream Partners, L.P. (SHLX), which owns, operates, develops and acquires pipelines and other midstream and logistics assets. SHLX was acquired by Shell USA, Inc. on October 19, 2022. We sold the Fund’s position ahead of the acquisition to take advantage of other investment opportunities.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund used equity call options primarily to gain tactical exposure to exploration and production companies, which are closer to the wellhead and therefore, well positioned, in our view, to benefit from the commodity price recovery. In certain situations, for stocks with elevated volatility, we sold covered equity call options to collect premiums. Overall, the use of equity call options had a neutral impact on the Fund’s performance during the Reporting Period.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we had a positive outlook for commodity prices and oil-related securities, though global demand concerns and U.S. dollar strength may continue to drive market volatility in the near term. Our view was supported, we believed, by strong fundamentals, with tight supply/demand dynamics and critically low inventories.

Additionally, we have seen energy policy shift as the global economy looks to address growing global energy needs, with energy security becoming a priority of many developed nations following the Russian invasion of Ukraine. In our view, North America is uniquely positioned as a potential key source of safe, reliable and relatively clean oil and natural gas for decades to come. Looking at LNG specifically, the U.S. has spent billions of dollars on LNG infrastructure during the last five years or so to supply the world with essential LNG under long-term contracts. Since 2017, the U.S. has grown natural gas production by about 50% and LNG exports by more than 900%, making it the largest global LNG exporter, with expectations for U.S. LNG exports to triple by 2032 relative to 2021 levels.¹¹

We further expected the energy sector to potentially experience additional interest as the world’s perception around energy security and terminal value shifts and as money managers rationalize underweight energy exposure.

¹¹  Bloomberg and Energy Information Agency.

4

PORTFOLIO RESULTS

Energy equities were expected by many analysts to deliver approximately 10.5% of S&P 500^® Index earnings in calendar year 2022, even though the sector represents only 5.3% of the S&P 500^® Index. Looking at the relationship of earnings contribution to index weight historically would suggest the energy sector’s weight within the S&P 500^® Index could grow to nearly 8%, presenting an opportunity for continued outperformance and sector interest.

Regarding midstream energy companies, we believed at the end of the Reporting Period that fundamentals were some of the most attractive on record, with midstream cash flow inflecting higher alongside strong oil and natural gas prices and management teams demonstrating capital and cost discipline. The sector was generating significant amounts of free cash flow at the end of the Reporting Period, which, in our opinion, not only adequately supported then-current distributions and dividends but also left plenty of excess cash to further reduce debt, buy back stock and/or grow distributions and dividends. In addition, while high inflation and recessionary indicators were not positive headlines, midstream businesses have benefited, in our opinion, from having contracted cash flows with embedded inflationary escalators, which historically have proven to support earnings resiliency during economic downturns. The market dynamics seen at the end of the Reporting Period also appeared to be driving a rotation from growth to value stocks, and midstream equities—along with other value-oriented stocks—may be the beneficiaries of increased fund flows. Overall, we believed at the end of the Reporting Period the midstream sector presented a compelling investment opportunity alongside a strong commodity price backdrop, healthy fundamentals and inexpensive valuations. Additionally, the sector was well positioned, in our view, to benefit from the growing need for North American energy.

While there are certainly still risks, such as a tightening of COVID-19 restrictions and/or growing recession concerns, we believed the risk/reward profile for the midstream sector at the end of the Reporting Period remained meaningfully positive.

In managing the Fund, we intend to remain focused on high quality companies with strong dividend/distribution coverage, cash flow growth potential and what we see as a robust outlook for free cash flow generation and healthy balance sheets. As always, we continue to monitor domestic and global economies, geopolitical factors, interest rates and equity market fundamentals as we actively manage the Fund.

5

FUND BASICS

Goldman Sachs MLP Energy Infrastructure Fund

as of November 30, 2022

    TOP TEN HOLDINGS AS OF 11/30/22^‡

Holding	% of Net Assets	Line of Business
Energy Transfer LP	9.3%	Pipeline Transportation | Natural Gas
Western Midstream Partners LP	8.0	Gathering + Processing
MPLX LP	7.6	Gathering + Processing
DCP Midstream LP	7.4	Gathering + Processing
Targa Resources Corp.	6.8	Gathering + Processing
Enterprise Products Partners LP	6.5	Pipeline Transportation | Natural Gas
Magellan Midstream Partners LP	5.8	Pipeline Transportation | Petroleum
Plains All American Pipeline LP	5.0	Pipeline Transportation | Petroleum
Cheniere Energy, Inc.	4.7	Other | Liquefaction
The Williams Cos., Inc.	4.1	Gathering + Processing

^‡  The top 10 holdings may not be representative of the Fund’s future investments.

    FUND SECTOR ALLOCATIONS*

* The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of total net assets. Figures in the above table 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 your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

6

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Performance Summary

November 30, 2022

The following graph shows the value, as of November 30, 2022, of a $1,000,000 investment made on March 28, 2013 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Alerian MLP Index (Total Return, Unhedged, USD) is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

MLP Energy Infrastructure Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from March 28, 2013 through November 30, 2022.

Average Annual Total Return through November 30, 2022*	One Year		Five Years		Since Inception
Class A (Commenced March 28, 2013)
Excluding sales charges		34.91%		4.23%		0.75%
Including sales charges		27.51%		3.05%		0.16%
Class C (Commenced March 28, 2013)
Excluding contingent deferred sales charges		33.89%		3.52%		0.03%
Including contingent deferred sales charges		32.82%		3.52%		0.03%
Institutional (Commenced March 28, 2013)		35.45%		4.65%		1.14%
Investor (Commenced March 28, 2013)		35.28%		4.52%		1.01%
Class R6 (Commenced April 2, 2018)		35.45%		N/A		6.41%
Class R (Commenced March 28, 2013)		34.59%		4.01%		0.50%
Class P (Commenced April 16, 2018)		35.43%		N/A		4.70%

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

7

FUND BASICS

Index Definitions

The Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships calculated by Standard & Poor’s using a float-adjusted market capitalization methodology. The Alerian MLP Index is disseminated by the New York Stock Exchange real-time on a price return basis (NYSE: AMZ). The corresponding total return index is calculated and disseminated daily through ticker AMZX. The Alerian MLP Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

8

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Schedule of Investments

November 30, 2022

Shares	Description	Value
Common Stocks – 99.7%
Gathering + Processing – 47.1%
2,025,000	Crestwood Equity Partners LP	$	59,980,500
2,837,500	DCP Midstream LP		111,627,250
4,700,000	EnLink Midstream LLC		60,442,000
637,500	Hess Midstream LP Class A		19,909,125
3,387,500	MPLX LP		115,141,125
875,000	ONEOK, Inc.		58,555,000
1,387,500	Targa Resources Corp.		103,216,125
1,787,500	The Williams Cos., Inc.		62,026,250
4,337,500	Western Midstream Partners LP		121,363,250
			712,260,625
Integrated – 1.0%
33,500	Chevron Corp.		6,140,885
81,750	Exxon Mobil Corp.		9,102,045
			15,242,930
Marketing | Wholesale – 1.2%
437,200	Sunoco LP		18,773,368
Other – 0.9%
101,750	Canadian Natural Resources Ltd.		6,076,510
424,700	Clean Energy Fuels Corp.*		2,870,972
537,100	Tidewater Renewables Ltd.*		4,703,593
			13,651,075
Other | Liquefaction – 6.1%
275,000	Cheniere Energy Partners LP		17,072,000
400,000	Cheniere Energy, Inc.		70,144,000
499,600	NextDecade Corp.*		2,712,828
699,500	Tellurian, Inc.*		1,881,655
			91,810,483
Pipeline Transportation | Natural Gas – 19.2%
512,500	DTE Midstream, Inc.		30,919,125
11,250,000	Energy Transfer LP		141,075,000
3,937,500	Enterprise Products Partners LP		97,689,375
462,500	TC Energy Corp.		20,572,000
			290,255,500
Pipeline Transportation | Petroleum – 20.8%
987,500	Enbridge, Inc.		40,773,875
737,500	Genesis Energy LP		7,795,375
1,662,500	Magellan Midstream Partners LP		87,613,750
937,500	NuStar Energy LP		15,309,375
700,000	PBF Logistics LP		13,930,000
1,162,500	Pembina Pipeline Corp.		42,408,000
6,125,000	Plains All American Pipeline LP		76,072,500
2,375,000	Plains GP Holdings LP Class A*		31,421,250
			315,324,125

Shares	Description		Value
Common Stocks – (continued)
Production + Mining | Hydrocarbon – 3.4%
37,000	Chesapeake Energy Corp.		$	3,829,500
70,000	ConocoPhillips			8,645,700
56,750	Diamondback Energy, Inc.			8,400,135
63,750	EOG Resources, Inc.			9,048,037
377,500	Marathon Oil Corp.			11,562,825
66,750	Ovintiv, Inc.			3,721,980
24,000	Pioneer Natural Resources Co.			5,663,760
				50,871,937
TOTAL COMMON STOCKS (Cost $1,420,413,884)			$	1,508,190,043
	Expiration	Strike
Units	Date	Price	Value
Warrants* – 0.0%
Special Purpose Acquisition Company – 0.0%
Fast Radius, Inc. Private
333,300	02/11/28	$11.500	$	3,233
(Cost $499,950)
	Dividend
Shares	Rate		Value
Investment Company(a) – 0.2%
Goldman Sachs Financial Square Government Fund - Institutional Shares
3,558,907	3.727%		$	3,558,907
(Cost $3,558,907)
TOTAL INVESTMENTS – 99.9%
(Cost $1,424,472,741)			$	1,511,752,183
OTHER ASSETS IN EXCESSS OF OTHER LIABILITIES – 0.1%				1,607,287
NET ASSETS – 100.0%			$	1,513,359,470
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 affiliated funds.

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Schedule of Investments (continued)

November 30, 2022

ADDITIONAL INVESTMENT INFORMATION

Investment Abbreviations:

GP   —General Partnership

LLC  —Limited Liability Company

LP    —Limited Partnership

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

  Statement of Assets and Liabilities

      November 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $1,420,913,834)	$	1,508,193,276
Investments in affiliated issuers, at value (cost $3,558,907)		3,558,907
Cash		18,812,293
Receivables:
Dividends		1,139,587
Fund shares sold		407,407
Reimbursement from investment adviser		412
Prepaid federal and state income taxes		6,175,152
Prepaid state and local franchise taxes		54,355
Other assets		37,536
Total assets		1,538,378,925
Liabilities:
Payables:
Management fees		1,181,039
Fund shares redeemed		609,433
Distribution and Service fees and Transfer Agency fees		81,673
Investments purchased		25,966
Deferred taxes, net		22,133,220
Accrued expenses and other liabilities		988,124
Total liabilities		25,019,455
Net Assets:
Paid-in capital		2,403,462,166
Total distributable earnings (loss)		(890,102,696)
NET ASSETS	$	1,513,359,470
Net Assets:
Class A	$	53,750,881
Class C		22,030,477
Institutional		198,806,579
Investor		59,724,966
Class R6		126,620,727
Class R		842,862
Class P		1,051,582,978
Total Net Assets	$	1,513,359,470
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,862,233
Class C		846,845
Institutional		6,533,820
Investor		1,998,161
Class R6		4,155,430
Class R		30,213
Class P		34,410,034
Net asset value, offering and redemption price per share:(a)
Class A	$	28.86
Class C		26.01
Institutional		30.43
Investor		29.89
Class R6		30.47
Class R		27.90
Class P		30.56

(a) Maximum public offering price per share for Class A Shares is $30.54. 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. 11

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

  Statement of Operations

      For the Fiscal Year Ended November 30, 2022

Investment Income:
Dividends — unaffiliated issuers (net of tax withholding of $965,737)	$	79,652,573
Dividends — affiliated issuers		33,960
Interest		1,107
Less: Return of Capital on Dividends		(63,327,378)
Total investment income		16,360,262
Expenses:
Management fees		13,295,280
Transfer Agency fees(a)		582,459
Professional fees		417,390
Distribution and Service (12b-1) fees(a)		305,397
Custody, accounting and administrative services		182,983
Printing and mailing costs		131,051
Registration fees		116,357
Service fees — Class C		61,093
Franchise tax expense		47,329
Trustee fees		29,310
Other		55,439
Total operating expenses, before taxes		15,224,088
Less — expense reductions		(61,318)
Net operating expenses, before taxes		15,162,770
NET INVESTMENT INCOME, BEFORE TAXES		1,197,492
Current and deferred tax expense		(43,291)
NET INVESTMENT INCOME, NET OF TAXES		1,154,201
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		150,101,992
Purchased options		529,334
Written options		490,347
Foreign currency transactions		(32,852)
Current and deferred tax expense		(5,536,954)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		272,131,474
Unfunded PIPE commitment		501,263
Purchased options		797,385
Written options		(818,802)
Foreign currency translation		1,682
Current and deferred tax expense		(10,005,415)
Net realized and unrealized gain, net of taxes		408,159,454
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	409,313,655

(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
Class A	Class C	Class R	Class A	Class C	Institutional	Investor	Class R6	Class R	Class P
$118,133	$183,280	$3,984	$75,606	$39,100	$73,403	$73,885	$44,258	$1,275	$274,932

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

  Statements of Changes in Net Assets

	For the Fiscal			For the Fiscal
	Year Ended			Year Ended
	November 30, 2022			November 30, 2021
From operations:
Net investment income (loss), net of taxes	$	1,154,201		$	(3,105,754)
Net realized gain, net of taxes		145,551,867			256,112,634
Net change in unrealized gain, net of taxes		262,607,587			145,328,242
Net increase in net assets resulting from operations		409,313,655			398,335,122
Distributions to shareholders:
From distributable earnings:
Class A Shares		(3,048,201	)		(2,670,879)
Class C Shares		(1,670,031	)		(1,985,880)
Institutional Shares		(11,206,812	)		(11,471,227)
Investor Shares		(2,978,411	)		(2,547,163)
Class R6 Shares		(8,446,190	)		(10,514,769)
Class R Shares		(51,446	)		(44,881)
Class P Shares		(56,334,989	)		(46,497,058)
Total distributions to shareholders		(83,736,080	)		(75,731,857)
From share transactions:
Proceeds from sales of shares		300,530,192			226,775,467
Reinvestment of distributions		81,724,586			72,644,488
Cost of shares redeemed		(372,596,029	)		(427,116,910)
Net increase (decrease) in net assets resulting from share transactions		9,658,749			(127,696,955)
TOTAL INCREASE		335,236,324			194,906,310
Net assets:
Beginning of year		1,178,123,146			983,216,836
End of year	$	1,513,359,470		$	1,178,123,146

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs MLP Energy Infrastructure Fund
	Class A Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data*
Net asset value, beginning of year	$	22.75		$	17.15		$	26.10		$	31.90		$	34.00
Net investment loss(a)		(0.07	)		(0.13	)(b)		(0.15	)		(0.30	)		(0.10	)
Net realized and unrealized gain (loss)		7.88			7.23			(7.86	)		(3.00	)		0.35
Total from investment operations		7.81			7.10			(8.01	)		(3.30	)		0.25
Distributions to shareholders from net investment income		(1.70	)		(1.50	)		—			(0.15	)		(0.80	)
Distributions to shareholders from return of capital		—			—			(0.94	)		(2.35	)		(1.55	)
Total distributions		(1.70	)		(1.50	)		(0.94	)		(2.50	)		(2.35	)
Net asset value, end of year	$	28.86		$	22.75		$	17.15		$	26.10		$	31.90
Total return(c)		34.91	%		41.88	%		(27.83	)%		(11.06	)%		0.23	%
Net assets, end of year (in 000s)	$	53,751		$	39,835		$	34,024		$	60,112		$	95,120
Ratio of total expenses to average net assets after tax expense(d)		2.59	%		0.43	%		2.64	%		1.67	%		1.67	%
Ratio of net expenses to average net assets after tax expense(d)		2.59	%		0.42	%		2.61	%		1.67	%		1.67	%
Ratio of net expenses to average net assets before tax expense		1.45	%		1.45	%		1.49	%		1.44	%		1.40	%
Ratio of net investment loss to average net assets(e)		(0.26	)%		(0.60	)%		(0.81	)%		(1.02	)%		(0.34	)%
Portfolio turnover rate(f)		117	%		166	%		139	%		51	%		68	%

* On June 5, 2020, the MLP Energy Infrastructure Fund effected a 5-for-1 reverse share split. All per share data prior to June 5, 2020 has been adjusted to reflect the reverse share split.

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.16% of average net assets.

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

(d) Current and deferred tax expense/benefit for the ratio calculation is derived from the net investment income (loss), and realized and unrealized gains (losses).

(e) Current and deferred tax benefit for the ratio calculation is derived from net investment income (loss) only.

(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 MLP ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs MLP Energy Infrastructure Fund
	Class C Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data*
Net asset value, beginning of year	$	20.79		$	15.88		$	24.55		$	30.35		$	32.70
Net investment loss(a)		(0.24	)		(0.27	)(b)		(0.29	)		(0.50	)		(0.35	)
Net realized and unrealized gain (loss)		7.16			6.68			(7.44	)		(2.80	)		0.35
Total from investment operations		6.92			6.41			(7.73	)		(3.30	)		—
Distributions to shareholders from net investment income		(1.70	)		(1.50	)		—			(0.15	)		(0.80	)
Distributions to shareholders from return of capital		—			—			(0.94	)		(2.35	)		(1.55	)
Total distributions		(1.70	)		(1.50	)		(0.94	)		(2.50	)		(2.35	)
Net asset value, end of year	$	26.01		$	20.79		$	15.88		$	24.55		$	30.35
Total return(c)		33.89	%		40.85	%		(28.47	)%		(11.64	)%		(0.38	)%
Net assets, end of year (in 000s)	$	22,030		$	25,647		$	24,897		$	58,044		$	92,201
Ratio of total expenses to average net assets after tax expense(d)		3.34	%		1.18	%		3.39	%		2.42	%		2.44	%
Ratio of net expenses to average net assets after tax expense(d)		3.34	%		1.16	%		3.37	%		2.42	%		2.44	%
Ratio of net expenses to average net assets before tax expense		2.20	%		2.20	%		2.24	%		2.19	%		2.15	%
Ratio of net investment loss to average net assets(e)		(1.00	)%		(1.35	)%		(1.63	)%		(1.77	)%		(1.06	)%
Portfolio turnover rate(f)		117	%		166	%		139	%		51	%		68	%

* On June 5, 2020, the MLP Energy Infrastructure Fund effected a 5-for-1 reverse share split. All per share data prior to June 5, 2020 has been adjusted to reflect the reverse share split.

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.16% of average net assets.

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

(d) Current and deferred tax expense/benefit for the ratio calculation is derived from the net investment income (loss), and realized and unrealized gains (losses).

(e) Current and deferred tax benefit for the ratio calculation is derived from net investment income (loss) only.

(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 MLP ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs MLP Energy Infrastructure Fund
	Institutional Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data*
Net asset value, beginning of year	$	23.82		$	17.84		$	26.95		$	32.75		$	34.75
Net investment income (loss)(a)		0.03			(0.05	)(b)		(0.11	)		(0.20	)		0.10
Net realized and unrealized gain (loss)		8.28			7.53			(8.06	)		(3.10	)		0.25
Total from investment operations		8.31			7.48			(8.17	)		(3.30	)		0.35
Distributions to shareholders from net investment income		(1.70	)		(1.50	)		—			(0.15	)		(0.80	)
Distributions to shareholders from return of capital		—			—			(0.94	)		(2.35	)		(1.55	)
Total distributions		(1.70	)		(1.50	)		(0.94	)		(2.50	)		(2.35	)
Net asset value, end of year	$	30.43		$	23.82		$	17.84		$	26.95		$	32.75
Total return(c)		35.45	%		42.40	%		(27.54	)%		(10.77	)%		0.67	%
Net assets, end of year (in 000s)	$	198,807		$	160,785		$	182,236		$	502,633		$	651,132
Ratio of total expenses to average net assets after tax expense(d)		2.22	%		0.06	%		2.25	%		1.28	%		1.43	%
Ratio of net expenses to average net assets after tax expense(d)		2.22	%		0.05	%		2.22	%		1.28	%		1.43	%
Ratio of net expenses to average net assets before tax expense		1.08	%		1.09	%		1.10	%		1.05	%		1.01	%
Ratio of net investment income (loss) to average net assets(e)		0.12	%		(0.21	)%		(0.56	)%		(0.61	)%		0.34	%
Portfolio turnover rate(f)		117	%		166	%		139	%		51	%		68	%

* On June 5, 2020, the MLP Energy Infrastructure Fund effected a 5-for-1 reverse share split. All per share data prior to June 5, 2020 has been adjusted to reflect the reverse share split.

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.16% of average net assets.

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

(d) Current and deferred tax expense/benefit for the ratio calculation is derived from the net investment income (loss), and realized and unrealized gains (losses).

(e) Current and deferred tax benefit for the ratio calculation is derived from net investment income (loss) only.

(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 MLP ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs MLP Energy Infrastructure Fund
	Investor Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data*
Net asset value, beginning of year	$	23.45		$	17.60		$	26.65		$	32.50		$	34.50
Net investment loss(a)		(0.00	)		(0.08	)(b)		(0.15	)		(0.25	)		(0.05	)
Net realized and unrealized gain (loss)		8.14			7.43			(7.96	)		(3.10	)		0.40
Total from investment operations		8.14			7.35			(8.11	)		(3.35	)		0.35
Distributions to shareholders from net investment income		(1.70	)		(1.50	)		—			(0.15	)		(0.80	)
Distributions to shareholders from return of capital		—			—			(0.94	)		(2.35	)		(1.55	)
Total distributions		(1.70	)		(1.50	)		(0.94	)		(2.50	)		(2.35	)
Net asset value, end of year	$	29.89		$	23.45		$	17.60		$	26.65		$	32.50
Total return(c)		35.28	%		42.23	%		(27.63	)%		(11.01	)%		0.68	%
Net assets, end of year (in 000s)	$	59,725		$	40,346		$	32,396		$	98,506		$	142,664
Ratio of total expenses to average net assets after tax expense(d)		2.34	%		0.18	%		2.38	%		1.42	%		1.43	%
Ratio of net expenses to average net assets after tax expense(d)		2.34	%		0.17	%		2.36	%		1.42	%		1.43	%
Ratio of net expenses to average net assets before tax expense		1.20	%		1.20	%		1.23	%		1.19	%		1.15	%
Ratio of net investment loss to average net assets(e)		(0.01	)%		(0.36	)%		(0.73	)%		(0.77	)%		(0.07	)%
Portfolio turnover rate(f)		117	%		166	%		139	%		51	%		68	%

* On June 5, 2020, the MLP Energy Infrastructure Fund effected a 5-for-1 reverse share split. All per share data prior to June 5, 2020 has been adjusted to reflect the reverse share split.

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.16% of average net assets.

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

(d) Current and deferred tax expense/benefit for the ratio calculation is derived from the net investment income (loss), and realized and unrealized gains (losses).

(e) Current and deferred tax benefit for the ratio calculation is derived from net investment income (loss) only.

(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 MLP ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs MLP Energy Infrastructure Fund
	Class R6 Shares
	Year Ended November 30,																Period Ended November 30, 2018(a)
	2022				2021				2020				2019
Per Share Data*
Net asset value, beginning of period		$	23.85			$	17.86			$	27.00			$	32.75			$	32.15
Net investment income (loss)(b)			0.04				(0.04	)(c)			(0.05	)			(0.20	)			(0.10	)
Net realized and unrealized gain (loss)			8.28				7.53				(8.15	)			(3.05	)			2.50
Total from investment operations			8.32				7.49				(8.20	)			(3.25	)			2.40
Distributions to shareholders from net investment income			(1.70	)			(1.50	)			—				(0.15	)			(0.65	)
Distributions to shareholders from return of capital			—				—				(0.94	)			(2.35	)			(1.15	)
Total distributions			(1.70	)			(1.50	)			(0.94	)			(2.50	)			(1.80	)
Net asset value, end of period		$	30.47			$	23.85			$	17.86			$	27.00			$	32.75
Total return(d)			35.45	%			42.41	%			(27.60	)%			(10.60	)%			7.15	%
Net assets, end of period (in 000s)		$	126,621			$	138,288			$	181,968			$	165,252			$	205,470
Ratio of total expenses to average net assets after tax expense(e)			2.21	%			0.05	%			2.26	%			1.26	%			1.11	%(f)
Ratio of net expenses to average net assets after tax expense(e)			2.21	%			0.04	%			2.23	%			1.26	%			1.11	%(f)
Ratio of net expenses to average net assets before tax expense			1.07	%			1.08	%			1.11	%			1.04	%			1.00	%
Ratio of net investment income (loss) to average net assets(g)			0.13	%			(0.17	)%			(0.29	)%			(0.66	)%			(0.46	)%(f)
Portfolio turnover rate(h)			117	%			166	%			139	%			51	%			68	%

* On June 5, 2020, the MLP Energy Infrastructure Fund effected a 5-for-1 reverse share split. All per share data prior to June 5, 2020 has been adjusted to reflect the reverse share split.

(a) Commenced operations on April 02, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.16% of average net assets.

(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) Current and deferred tax expense/benefit for the ratio calculation is derived from the net investment income (loss), and realized and unrealized gains (losses).

(f) Annualized with the exception of tax expenses.

(g) Current and deferred tax benefit for the ratio calculation is derived from net investment income (loss) only.

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

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs MLP Energy Infrastructure Fund
	Class R Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data*
Net asset value, beginning of year	$	22.09		$	16.72		$	25.60		$	31.40		$	33.55
Net investment loss(a)		(0.13	)		(0.18	)(b)		(0.17	)		(0.40	)		(0.20	)
Net realized and unrealized gain (loss)		7.64			7.05			(7.77	)		(2.90	)		0.40
Total from investment operations		7.51			6.87			(7.94	)		(3.30	)		0.20
Distributions to shareholders from net investment income		(1.70	)		(1.50	)		—			(0.15	)		(0.80	)
Distributions to shareholders from return of capital		—			—			(0.94	)		(2.35	)		(1.55	)
Total distributions		(1.70	)		(1.50	)		(0.94	)		(2.50	)		(2.35	)
Net asset value, end of year	$	27.90		$	22.09		$	16.72		$	25.60		$	31.40
Total return(c)		34.59	%		41.57	%		(28.11	)%		(11.24	)%		0.24	%
Net assets, end of year (in 000s)	$	843		$	731		$	796		$	1,012		$	2,254
Ratio of total expenses to average net assets after tax expense(d)		2.85	%		0.67	%		2.90	%		1.92	%		1.93	%
Ratio of net expenses to average net assets after tax expense(d)		2.84	%		0.66	%		2.87	%		1.92	%		1.93	%
Ratio of net expenses to average net assets before tax expense		1.70	%		1.70	%		1.74	%		1.69	%		1.65	%
Ratio of net investment loss to average net assets(e)		(0.50	)%		(0.85	)%		(0.94	)%		(1.31	)%		(0.59	)%
Portfolio turnover rate(f)		117	%		166	%		139	%		51	%		68	%

* On June 5, 2020, the MLP Energy Infrastructure Fund effected a 5-for-1 reverse share split. All per share data prior to June 5, 2020 has been adjusted to reflect the reverse share split.

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.16% of average net assets.

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

(d) Current and deferred tax expense/benefit for the ratio calculation is derived from the net investment income (loss), and realized and unrealized gains (losses).

(e) Current and deferred tax benefit for the ratio calculation is derived from net investment income (loss) only.

(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. 19

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs MLP Energy Infrastructure Fund
	Class P Shares
	Year Ended November 30,																Period Ended November 30, 2018(a)
	2022				2021				2020				2019
Per Share Data*
Net asset value, beginning of period		$	23.92			$	17.91			$	27.05			$	32.85			$	34.80
Net investment income (loss)(b)			0.03				(0.05	)(c)			(0.08	)			(0.20	)			(0.15	)
Net realized and unrealized gain (loss)			8.31				7.56				(8.12	)			(3.10	)			—	(d)
Total from investment operations			8.34				7.51				(8.20	)			(3.30	)			(0.15	)
Distributions to shareholders from net investment income			(1.70	)			(1.50	)			—				(0.15	)			(0.65	)
Distributions to shareholders from return of capital			—				—				(0.94	)			(2.35	)			(1.15	)
Total distributions			(1.70	)			(1.50	)			(0.94	)			(2.50	)			(1.80	)
Net asset value, end of period		$	30.56			$	23.92			$	17.91			$	27.05			$	32.85
Total return(e)			35.43	%			42.40	%			(27.55	)%			(10.73	)%			(0.72	)%
Net assets, end of period (in 000s)		$	1,051,583			$	772,491			$	526,900			$	843,448			$	1,073,157
Ratio of total expenses to average net assets after tax expense(f)			2.21	%			0.05	%			2.26	%			1.27	%			1.05	%(g)
Ratio of net expenses to average net assets after tax expense(f)			2.21	%			0.04	%			2.23	%			1.27	%			1.05	%(g)
Ratio of net expenses to average net assets before tax expense			1.07	%			1.08	%			1.10	%			1.04	%			1.00	%
Ratio of net investment income to average net assets(h)			0.12	%			(0.23	)%			(0.38	)%			(0.61	)%			(0.68	)%(g)
Portfolio turnover rate(i)			117	%			166	%			139	%			51	%			68	%(g)

* On June 5, 2020, the MLP Energy Infrastructure Fund effected a 5-for-1 reverse share split. All per share data prior to June 5, 2020 has been adjusted to reflect the reverse share split.

(a) Commenced operations on April 16, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.16% of average net assets.

(d) 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 Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Current and deferred tax expense/benefit for the ratio calculation is derived from the net investment income (loss), and realized and unrealized gains (losses).

(g) Annualized with the exception of tax expenses.

(h) Current and deferred tax benefit for the ratio calculation is derived from net investment income (loss) only.

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

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements

November 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 Trust includes the Goldman Sachs MLP Energy Infrastructure Fund (the “Fund”). The Fund is a non-diversified portfolio under the Act offering seven classes of shares — Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares.

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

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

    2.   SIGNIFICANT ACCOUNTING POLICIES

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, net of any foreign withholding taxes, and less any amounts reclaimable. 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.

Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the Fund’s schedule K-1 received from the MLPs. The Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

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 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.

D. Distributions to Shareholders — Over the long term, the Fund makes distributions to its shareholders each fiscal quarter at a rate that is approximately equal to the distributions the Fund receives from the MLPs and other securities in which it invests. To permit the Fund to maintain more stable quarterly distributions, the distribution for any particular quarterly period may be more or less than the amount of total distributable earnings actually earned by the Fund. The Fund estimates that only a portion of the distributions paid to shareholders will be treated as income. The remaining portion of the Fund’s distribution, which may be significant, is expected to be a return of capital. These estimates are based on the Fund’s operating results during the period, and their final federal income tax characterization may differ.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. 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.

21

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

November 30, 2022

    2.   SIGNIFICANT ACCOUNTING POLICIES (continued)

E. Income Taxes — The Fund does not intend to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code of 1986, as amended, but will rather be taxed as a corporation. As a result, the Fund is obligated to pay federal, state and local income tax on its taxable income. The Fund invests primarily in MLPs, which generally are treated as partnerships for federal income tax purposes. As a limited partner in the MLPs, the Fund must report its allocable share of the MLPs’ taxable income or loss in computing its own taxable income or loss, regardless of whether the MLPs make distributions to the Fund.

The Fund’s tax expense or benefit is included in the Statement of Operations based on the component of income or gains/ losses to which such expense or benefit relates. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Such temporary differences are principally: (i) taxes on unrealized gains/losses, which are attributable to the temporary difference between fair market value and tax basis, (ii) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes, and (iii) the net tax benefit of accumulated net operating losses and capital loss carryforwards. The Fund will accrue a deferred income tax liability balance, at the currently effective statutory United States (“U.S.”) federal income tax rate plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on interests of MLPs considered to be return of capital and for any net operating gains. The Fund may also record a deferred tax asset balance, which reflects an estimate of the Fund’s future tax benefit associated with net operating losses, capital loss carryforwards, and/or unrealized losses.

To the extent the Fund has a deferred tax asset, consideration is given to whether or not a valuation allowance, which would offset the value of some or all of the deferred tax asset balance, is required. A valuation allowance is required if based on the evaluation criterion provided by Accounting Standards Codification (“ASC”) 740, Income Taxes (ASC 740) it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. The factors considered in assessing the Fund’s valuation allowance include: the nature, frequency and severity of current and cumulative losses, the duration of the statutory carryforward periods and the associated risks that operating and capital loss carryforwards may expire unutilized. From time to time, as new information becomes available, the Fund will modify its estimates or assumptions regarding the deferred tax liability or asset. Unexpected significant decreases in cash distributions from the Fund’s MLP investments or significant declines in the fair value of its investments may change the Fund’s assessment regarding the recoverability of their deferred tax assets and may result in a valuation allowance. If a valuation allowance is required to reduce any deferred tax asset in the future, it could have a material impact on the Fund’s NAV and results of operations in the period it is recorded. The Fund will rely to some extent on information provided by MLPs, which may not be provided to the Fund on a timely basis, to estimate operating income/loss and gains/losses and current taxes and deferred tax liabilities and/or asset balances for purposes of daily reporting of NAVs and financial statement reporting. In addition, sales of MLP investments will result in allocations to the Fund of taxable ordinary income or loss and capital gain or loss, each in amounts that will not be reported to the Fund until the following year, in magnitudes often not readily estimable before such reporting is made. The portion of gain on a disposition of an MLP equity security that is taxed as ordinary income under the Code will be recognized even if there is a net taxable loss on the disposition.

It is the Fund’s policy to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. The Fund anticipates filing income tax returns in the U.S. federal jurisdiction and various states, and such returns are subject to examination by the tax jurisdictions. The Fund has reviewed all major jurisdictions and concluded that there is no significant impact on its net assets and no tax liability resulting from unrecognized tax benefits or expenses relating to uncertain tax positions expected to be taken on its tax returns.

Return of Capital Estimates — Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

F. Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and

22

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

    2.   SIGNIFICANT ACCOUNTING POLICIES (continued)

unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund’s investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and

23

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

November 30, 2022

    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

Private Investments in Public Equities — The Fund may invest in equity securities of an issuer that are issued through a private investment in public equity (“PIPE”) transaction. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the issuer’s common stock. Securities purchased through PIPE transactions will be restricted from trading and generally considered illiquid until a registration statement for the shares is filed and declared effective. These securities are valued the same as other equity securities as noted above and generally include a Liquidity Valuation Adjustment (LVA), which is a discount to the market price of an issuer’s common stock, to reflect trading restrictions. The LVA is based on the length of the lock-up time period and volatility of the underlying security. Securities purchased through PIPE transactions are classified as Level 2 until such time as the trading restriction is removed.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares (“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 Statement of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are typically 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). Exchanged-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.

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

24

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

     3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Special Purpose Acquisition Companies — The Fund may invest in stock of, warrants to purchase stock of, and other interests in, special purpose acquisition companies or similar special purpose entities that pool funds to seek potential merger and acquisition opportunities (collectively, “SPACs”). SPACs are companies that have no operations but go public with the intention of merging with or acquiring a company using the proceeds of the SPAC’s initial public offering. Stock purchased in a SPAC’s initial public offering are valued the same as other equity securities as noted above. Certain private SPAC investments (e.g. “founder shares” and private warrants), however, may be subject to forfeiture or expire worthless if certain events do not take place. A Probability Valuation Adjustment (PVA) is applied to such securities until such contingencies have been satisfied. An LVA may also be applied to securities which are subject to externally imposed and legally enforceable trading restrictions. Such positions are generally classified as Level 3.

The Fund may also enter into an unfunded commitment to purchase securities in a PIPE transaction and will satisfy the commitment if and when the SPAC completes its merger or acquisition. The Fund may purchase securities in a SPAC PIPE transaction only upon such contingencies being satisfied. Such investments are valued similar to founder shares mentioned above and are generally classified as Level 3.

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

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock(a)
North America	$	1,508,190,043	$	—	$	—
Warrants		—		3,233		—
Investment Company		3,558,907		—		—
Total	$	1,511,748,950	$	3,233	$	—

^(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.

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

     4.   INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended November 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 Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) on purchased options and written options/Net unrealized gain (loss) on purchased options and written options	$1,019,681	$(21,417)

25

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

November 30, 2022

     4.   INVESTMENTS IN DERIVATIVES (continued)

For the year ended November 30, 2022, the relevant values for each derivative type was as follows:

Average Number of Shares/Units(a)
Forward contracts	Purchased Options	Written Options
$12,680	1,102,100	573,340

^(a)  Amounts disclosed represent average number of shares/units outstanding for purchased options, written options and notional amounts for forward contracts, based on absolute value, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the fiscal year ended November 30, 2022.

     5.   TAXATION

Total income taxes are computed by applying the federal statutory rate plus a blended state income tax rate. During the fiscal year ended November 30, 2022, the Fund reevaluated its blended state income tax rate, increasing the rate from 1.14% to 1.17% due to an anticipated change in state apportionment of income and gains. The reconciliation between the federal statutory income tax rate of 21% and the effective tax rate on net investment income/loss and realized and unrealized gain/loss is as follows:

Application of statutory income tax rate	$	89,320,249		21.00	%
State income taxes, net of federal benefit		4,976,414		1.17	%
Change in estimated deferred tax rate		(61,750	)	(0.01	)%
Effect of permanent differences		5,821,655		1.37	%
Change in Valuation Allowance		(84,470,908	)	(19.86	)%
Total current and deferred Income tax expense	$	15,585,660		3.67	%

Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years such temporary differences are realized or otherwise settled. At November 30, 2022, components of the Fund’s deferred tax assets and liabilities were as follows:

Deferred tax assets:
State net operating loss carryforward	$	220,774
Capital loss carryforward (tax basis)		119,234,334
Valuation Allowance		(64,310,828	)
Total Deferred Tax Assets	$	55,144,280
Deferred tax liabilities:
Book vs tax partnership income to be recognized	$	(54,338,156	)
Net unrealized gain on investment securities (tax basis)		(22,191,560	)
Other tax liabilities		(747,784	)
Total Deferred Tax Liabilities	$	(77,277,500	)
Net Deferred Tax Asset/(Liability)	$	(22,133,220	)

At November 30, 2022, the Fund had capital loss carryforwards, subject to expiration and limitation based on the fiscal year generated, as follows:

For Fiscal Year Ended:	Amount		Expiration
November 30, 2020	$	537,818,375		November 30, 2025

26

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

     5.   TAXATION (continued)

The Fund reviews the recoverability of its deferred tax assets based upon the weight of the available evidence. When assessing, the Fund’s management considers available carrybacks, reversing temporary taxable differences, and tax planning, if any. As a result of its analysis of the recoverability of its deferred tax assets, the Fund recorded $(64,310,828) of valuation allowances as of November 30, 2022.

For the fiscal year ended November 30, 2022, components of the Fund’s current and deferred tax expense/(benefit) are as follows:

	Current		Deferred			Total
Federal	$	4,995,746	$	89,456,434		$	94,452,180
State		1,025,161		4,579,227			5,604,388
Valuation Allowances		—		(84,470,908	)		(84,470,908	)
Total	$	6,020,907	$	9,564,753		$	15,585,660

For the fiscal year ended November 30, 2022, the Fund does not have any interest or penalties associated with the underpayment of any income taxes. At November 30, 2022, gross unrealized appreciation and depreciation of investments, based on cost, for federal income tax purposes was as follows:

Tax Cost	$	1,166,589,057
Gross unrealized gain		388,736,323
Gross unrealized loss		(43,573,197	)
Net unrealized gains	$	345,163,126

Any difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sales and differences related to the tax treatment of partnership investments.

For the fiscal year ended November 30, 2022, the Fund distributions are estimated to be comprised of 100% from taxable income and 0% return of capital. Shareholders will be informed of the final tax characterization of the distributions in February 2023. The Fund’s tax years ended November 30, 2019 through November 30, 2022 remain open for examination by U.S. and state tax authorities. Management of the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or expenses will significantly change in the next 12 months.

     6.   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 each applicable Fund’s average daily net assets.

For the fiscal year ended November 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate
									Effective Net
First	Next		Next		Next		Over		Management
$1 billion	$1 billion		$3 billion		$3 billion		$8 billion		Rate^
1.00%		0.90%		0.86%		0.84%		0.82%		0.97%

^ 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.

27

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

November 30, 2022

     6.   AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Fund invests in 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 any of the affiliated Underlying Funds in which the Fund invests. For the fiscal year ended November 30, 2022, GSAM waived $3,081 of the Fund’s management fee.

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.

	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 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 fiscal year ended November 30, 2022 , Goldman Sachs advised that it retained $2,995 and $0 of the sales charges applicable to Class A and Class C Shares, respectively.

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 limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, shareholder meeting, litigation, 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 is 0.064% respectively. These Other Expense limitations will remain in place through at least March 30, 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

28

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

     6.   AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above. For the fiscal year ended November 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver	Transfer Agency Waivers/Credits	Other Expense Reimbursements	Total Expense Reductions
$3,081	$40	$58,197	$61,318

G. Other Transactions with Affiliates — For the for the fiscal year ended November 30, 2022, Goldman Sachs earned $265,589, in brokerage commissions from portfolio transactions on behalf of the Fund, respectively.

      The table below shows the transactions in and earnings from investments in all affiliated funds as of and for the fiscal year ended November 30, 2022:

Underlying Fund	Beginning Value as of November 30, 2021		Purchases at Cost		Proceeds from Sales		Ending Value as of November 30, 2022		Shares as of November 30, 2022		Dividend Income
Goldman Sachs Financial Square
Government Fund — Institutional Shares		$—		$108,028,797		$(104,469,890)		$3,558,907		3,558,907		$33,960

H. Line of Credit Facility — As of November 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 registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary or 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 fiscal year ended November 30, 2022, the Fund did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

     7.   PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended November 30, 2022, were $1,593,713,791 and $1,616,292,786, respectively.

     8.   OTHER RISKS

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

Derivatives Risk — The Fund’s use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill, or lacks the capacity or authority to fulfill, its contractual obligations, liquidity risk, which includes the risk that the Fund will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged, and the failure of the performance of the derivatives used to replicate the performance of a

29

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

November 30, 2022

8.   OTHER RISKS (continued)

particular asset class to accurately track the performance of that asset class. There is no guarantee that the use of derivatives will achieve their intended result.

Dividend-Paying Investments Risk — The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds that invest in similar asset classes but employ a different investment style. 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. For example, in response to the outbreak of a novel strain of coronavirus (known as COVID-19), the U.S. Government passed the Coronavirus Aid, Relief and Economic Security Act in March 2020, which established loan programs for certain issuers impacted by COVID-19. Among other conditions, borrowers under these loan programs are generally restricted from paying dividends. The adoption of new legislation could further limit or restrict the ability of issuers to pay dividends. To the extent that dividend-paying securities are concentrated in only a few market sectors, the Fund may be subject to the risks of volatile economic cycles and/or conditions or developments that may be particular to a sector to a greater extent than if its investments were diversified across different 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. A sharp rise in interest rates or an economic downturn could cause an issuer to abruptly reduce or eliminate its dividend. This may limit the ability of the Fund to produce current income.

Geographic and Sector Risk — The Fund focuses its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Investments in Other Investment Companies — 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 a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an

30

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

8.   OTHER RISKS (continued)

active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

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.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stocks, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

MLP Tax Risk. MLPs are generally treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction in the value of the Fund’s investment in the MLP and lower income to the Fund.

To the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP will be reduced, which may increase the Fund’s tax liability upon the sale of the interests in the MLP or upon subsequent distributions in respect of such interests.

Non-Diversification Risk — The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the 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.

Special Purpose Acquisition Companies Risk — The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek potential acquisition opportunities. Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. An investment in a SPAC is subject to a variety of risks, including that (i) a portion of the monies raised by the SPAC for the purpose of effecting an acquisition or merger may be expended prior to the transaction for payment of taxes and other purposes; (ii) prior to any acquisition or merger, a SPAC’s assets are typically invested in government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of the Fund’s other investments; (iii) the Fund generally will not receive significant income from its investments in SPACs (both prior to and after any acquisition or merger) and, therefore, the Fund’s investments in SPACs will not significantly contribute to the Fund’s distributions to shareholders; (iv) an attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders; (v) if an acquisition or merger target is identified, the Fund may elect not to participate in the proposed transaction or the Fund may be required to divest its interests in the SPAC due to regulatory or other considerations, in which case the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; (vi) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders; (vii) under any circumstances in which

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

November 30, 2022

8.   OTHER RISKS (continued)

the Fund receives a refund of all or a portion of its original investment (which typically represents a pro rata share of the proceeds of the SPAC’s assets, less any applicable taxes), the returns on that investment may be negligible, and the Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher returns; (viii) to the extent an acquisition or merger is announced or completed, shareholders who redeem their shares prior to that time may not reap any resulting benefits; (ix) the Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (x) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (xi) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (xii) only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC interest’s intrinsic value; and (xiii) the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

Strategy Risk — The Fund’s strategy of investing primarily in MLPs, resulting in its being taxed as a corporation, or a “C” corporation, rather than as a regulated investment company for U.S. federal income tax purposes, is a relatively new investment strategy for funds. This strategy involves complicated accounting, tax and valuation issues. Volatility in the NAV may be experienced because of the use of estimates at various times during a given year that may result in unexpected and potentially significant consequences for the Fund and its shareholders.

Tax Risks — Tax risks associated with investments in a Fund include but are not limited to the following:

Fund Structure Risk. Unlike traditional mutual funds that are structured as regulated investment companies for U.S. federal income tax purposes, the Fund will be taxable as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. This means the Fund generally will be subject to U.S. federal income tax on its taxable income at the rates applicable to corporations (currently a maximum rate of 21%), and the Fund will also be subject to state and local income taxes.

Tax Estimation/NAV Risk. In calculating the Fund’s daily NAV, the Fund will, among other things, include its current taxes and deferred tax liability and/or asset balances and related valuation balances, if any. The Fund may accrue a deferred income tax liability balance, at the currently effective statutory U.S. federal income tax rate (currently 21%) plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on interests of MLPs considered to be return of capital and for any net operating gains. Any deferred tax liability balance will reduce the Fund’s NAV which could have an effect on the market price of the shares. Upon the Fund’s sale of its interest in an MLP, the Fund may be liable for previously deferred taxes. The Fund may also record a deferred tax asset balance, which reflects an estimate of the Fund’s future tax benefit associated with net operating losses, capital loss carryforwards, and/or unrealized losses. Any deferred tax asset balance will increase the Fund’s NAV to the extent it exceeds any valuation allowance which could have an effect on the market price of the shares. The Fund will rely to some extent on information provided by MLPs, which may not be provided to the Fund on a timely basis, to estimate current taxes and deferred tax liability and/or asset balances for purposes of financial statement reporting and determining its NAV. The daily estimate of the Fund’s current taxes and deferred tax liability and/or asset balances used to calculate the Fund’s NAV could vary significantly from the Fund’s actual tax liability or benefit, and, as a result, the determination of the Fund’s actual tax liability or benefit may have a material impact on the Fund’s NAV. From time to time, the Fund may modify its estimates or assumptions regarding its current taxes and deferred tax liability and/or asset balances as new information becomes available, and such modifications in estimates or assumptions may have a material impact on the Fund’s NAV.

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.

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

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.

11.   SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	MLP Energy Infrastructure Fund
	For the Fiscal Year Ended   November 30, 2022						For the Fiscal Year Ended November 30, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		398,847		$	10,508,094			320,598		$	6,939,716
Reinvestment of distributions		110,439			3,033,180			119,908			2,645,248
Shares redeemed		(398,128	)		(10,319,865	)		(673,270	)		(14,356,234	)
		111,158			3,221,409			(232,764	)		(4,771,270	)
Class C Shares
Shares sold		48,786			1,141,175			113,858			2,241,938
Reinvestment of distributions		67,143			1,663,931			97,676			1,977,155
Shares redeemed		(502,775	)		(11,924,283	)		(545,323	)		(10,857,031	)
		(386,846	)		(9,119,177	)		(333,789	)		(6,637,938	)
Institutional Shares
Shares sold		1,288,314			35,457,463			1,288,833			28,487,092
Reinvestment of distributions		319,510			9,220,163			365,963			8,419,642
Shares redeemed		(1,823,526	)		(49,633,700	)		(5,118,680	)		(114,577,102	)
		(215,702	)		(4,956,074	)		(3,463,884	)		(77,670,368	)
Investor Shares
Shares sold		660,473			18,694,219			426,838			9,407,651
Reinvestment of distributions		104,700			2,974,687			111,912			2,546,525
Shares redeemed		(487,336	)		(13,481,551	)		(658,755	)		(14,217,583	)
		277,837			8,187,355			(120,005	)		(2,263,407	)
Class R6 Shares
Shares sold		1,096,730			30,382,311			469,312			10,232,839
Reinvestment of distributions		293,609			8,446,190			461,167			10,514,565
Shares redeemed		(3,032,726	)		(86,020,294	)		(5,320,042	)		(123,194,028	)
		(1,642,387	)		(47,191,793	)		(4,389,563	)		(102,446,624	)
Class R Shares
Shares sold		7,779			194,292			14,961			322,793
Reinvestment of distributions		1,939			51,446			2,087			44,880
Shares redeemed		(12,581	)		(329,788	)		(31,555	)		(605,180	)
		(2,863	)		(84,050	)		(14,507	)		(237,507	)
Class P Shares
Shares sold		7,373,284			204,152,638			7,729,027			169,143,438
Reinvestment of distributions		1,942,721			56,334,989			2,004,492			46,496,473
Shares redeemed		(7,204,349	)		(200,886,548	)		(6,858,181	)		(149,309,752	)
		2,111,656			59,601,079			2,875,338			66,330,159
NET INCREASE (DECREASE)		252,853		$	9,658,749			(5,679,174	)	$	(127,696,955	)

33

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs MLP Energy Infrastructure Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs MLP Energy Infrastructure Fund (one of the funds constituting Goldman Sachs Trust, referred to hereafter as the “Fund”) as of November 30, 2022, the related statement of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

January 25, 2023

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

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

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

As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, and Class R and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6, Class R 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 June 1, 2022 through November 30, 2022, which represents a period of 183 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. 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.

	MLP Energy Infrastructure Fund
Share Class	Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/22*
Class A
Actual	$	1,000.00	$	1,063.00			$    7.44
Hypothetical 5% return		1,000.00		1,017.90	+		7.28
Class C
Actual		1,000.00		1,059.20			11.29
Hypothetical 5% return		1,000.00		1,014.10	+		11.04
Institutional
Actual		1,000.00		1,065.40			5.53
Hypothetical 5% return		1,000.00		1,019.70	+		5.41
Investor
Actual		1,000.00		1,064.40			6.15
Hypothetical 5% return		1,000.00		1,019.10	+		6.02
Class R6
Actual		1,000.00		1,065.30			5.47
Hypothetical 5% return		1,000.00		1,019.80	+		5.35
Class R
Actual		1,000.00		1,062.10			8.73
Hypothetical 5% return		1,000.00		1,016.60	+		8.54
Class P
Actual		1,000.00		1,065.10			5.48
Hypothetical 5% return		1,000.00		1,019.80	+		5.36

* 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 November 30, 2022. Deferred tax benefit (expense) is not included in the ratio calculation. 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
MLP Energy Infrastructure Fund		1.44%		2.19%		1.07%		1.19%		1.06%		1.69%		1.06%

+ 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.

35

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs MLP Energy Infrastructure 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;

(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;

36

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

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

(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 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-, and five-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.

37

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

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

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.

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period, in the third quartile for the five-year period, and in the fourth quartile for the three-year period, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three- and five-year periods ended March 31, 2022. They noted that the Fund had been repositioned in 2020, which involved changes to the Fund’s investment strategy.

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. 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.

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:

Average Daily Net Assets	MLP Energy Infrastructure Management Fee Annual Rate
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

38

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

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

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 amount 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 a specified level. 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) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund; (d) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund 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 Fund; (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; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. 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 its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

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

39

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex  Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer5 Age: 73	Chair of the Board of Trustees	Since 2018   (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Dwight L. Bush Age: 65	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	MoneyLion, Inc. (an operator of a data-driven, digital finance platform)
Kathryn A. Cassidy Age: 68	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Vertical Aerospace, Ltd. (an aerospace and technology company)
John G. Chou Age: 66	Trustee	Since 2022	Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021-Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Diana M. Daniels5 Age: 73	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Joaquin Delgado Age: 62	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)
Eileen H. Dowling Age: 60	Trustee	Since 2021	Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

40

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex   Overseen by Trustee3	Other Directorships Held by Trustee4
Gregory G. Weaver  Age: 71	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.
Paul C. Wirth Age: 64	Trustee	Since 2022	Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officerand Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley. Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

41

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex   Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 60	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	172	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of November 30, 2022.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of November 30, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

⁵  Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.

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

42

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 60	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 54	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 45	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of November 30, 2022.

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

43

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FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.19 trillion in assets under supervision as of September 30, 2022, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^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 Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁴

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁵

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ 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 April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

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

Financial Square Funds^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.

Goldman Sachs Funds Annual Report November 30, 2022 Energy Funds Clean Energy Income Fund Energy Infrastructure Fund

Goldman Sachs Energy Funds

∎ CLEAN ENERGY INCOME FUND

∎ ENERGY INFRASTRUCTURE FUND

TABLE OF CONTENTS
Portfolio Management Discussion and Analysis	1
Schedules of Investments	16
Financial Statements	20
Financial Highlights	23
Clean Energy Income Fund	23
Energy Infrastructure Fund	30
Notes to Financial Statements	37
Report of Independent Registered Public Accounting Firm	51

NOT FDIC-INSURED   May Lose Value No Bank Guarantee

FUND RESULTS

Goldman Sachs Clean Energy Income Fund

Investment Objective

The Fund seeks total return through current income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Energy and Infrastructure Team discusses the Goldman Sachs Energy Infrastructure Fund’s (the “Fund”) performance and positioning for the 12-month period ended November 30, 2022 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -6.52%, -7.16%, -6.14%, -6.25%, -6.13%, -6.69% and -6.14%, respectively. These returns compare to the -7.02% average annual total return of the Fund’s blended benchmark, which is comprised 50% of the Eagle North American Renewables Infrastructure Index,¹ 35% of the Indxx YieldCo and Renewable Energy Income Index² and 15% of the Eagle Global Renewables Infrastructure Index.³

¹  The Eagle North American Renewables Infrastructure Index is designed to track the performance of renewables infrastructure or renewables-related infrastructure assets, primarily wind, solar, hydro, biomass and electric transmission lines. Constituents are companies whose stocks trade in either the U.S. or Canada, though assets owned by these companies can have a global reach. The index is a capped, float-adjusted, capitalization-weighted index developed by Eagle Global Advisors and disseminated real-time on a price-return basis (RENEWNA) and on a total-return basis (RENEWNAT). It is not possible to invest directly in an unmanaged index.

²  The Indxx YieldCo & Renewable Energy Income Index is designed to track the performance of income-paying renewable energy companies and companies categorized as YieldCos (i.e., producers of biofuels) listed in developed and emerging markets. It is not possible to invest directly in an unmanaged index.

³  The Eagle Global Renewables Infrastructure Index is designed to track the performance of renewables infrastructure or renewables-related infrastructure assets, primarily wind, solar, hydro, biomass and electric transmission lines. Constituents are companies whose stocks trade globally in OECD countries. (The Organization for Economic Co-operation and Development is an intergovernmental economic organization with 37 member countries, founded in 1961 to stimulate economic progress and world trade.) The index is a capped, float-adjusted, capitalization-weighted index developed by Eagle Global Advisors and disseminated real-time on a price-return basis (RENEW) and on a total-return basis (RENEWTR). It is not possible to invest directly in an unmanaged index.

Q How did clean energy infrastructure securities overall perform during the Reporting Period?

A The global equity markets were volatile during the Reporting Period overall, as inflationary pressures, global economic growth forecasts and recessionary fears drove broad-based risk-off, or heightened risk aversion, sentiment. In this environment, clean energy infrastructure securities, as represented by the Fund’s blended benchmark, recorded negative absolute returns for the Reporting Period but outperformed the broad global equity market, which returned -11.78% (as measured by the MSCI All Country World Index Investable Market Index). Clean energy infrastructure securities underperformed energy-related securities.

In our view, clean energy infrastructure securities held up better than the broad equity market because of certain market segment attributes, which the Clean Energy Team considers “defensive growth” characteristics. These include the contracted/regulated cash flows of clean energy infrastructure companies, perceived value of clean energy infrastructure securities as hedges against rising inflation and interest rates, and sustained “green” capital expenditure spending by governments and corporations. We believe these attributes supported clean energy infrastructure securities during the Reporting Period, as investors may have been preparing for a potential period of stagflation, which is characterized by slow economic growth and high inflation. Historically, infrastructure securities in general have been attractive during periods of stagflation.

From December 2021, when the Reporting Period began, through the first half of 2022, clean energy infrastructure securities suffered alongside the broad global equity market, with significant weakness in June 2022 following the publishing of U.S. inflation data and a 75 basis point hike by the U.S. Federal Reserve (the “Fed”). (One basis point equal 1/100th of a percentage point.)

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FUND RESULTS

At the beginning of the third calendar quarter, the performance of clean energy infrastructure securities rebounded, driven largely by strong earnings announcements and the passage of landmark climate legislation, the Inflation Reduction Act of 2022, that is expected to result in the investment of $369 billion in energy security and climate change programs, the largest federal clean energy investment in U.S. history. However, toward the end of the quarter, investor optimism about the Inflation Reduction Act was overshadowed by renewed fears about rising interest rates, inflation risks and recessionary concerns, and clean energy infrastructure securities, as represented by the Fund’s blended benchmark, ultimately ended the third quarter down 7.01%.

Although clean energy infrastructure securities generally posted gains during October and November 2022, they still finished the Reporting Period with a decline overall. In our view, many clean energy infrastructure companies were being given almost no value for potential growth associated with the Inflation Reduction Act, something we believe can more than reduce the negative impact of higher interest rates and inflationary pressures. Additionally, continued favorable global energy prices had increased the cost competitiveness of clean energy versus hydrocarbon assets.

Q What key factors were responsible for the Fund’s relative performance during the Reporting Period?

A The Clean Energy Team primarily targets companies that are scaling the clean energy transition, mostly renewable independent power producers (“IPPs”) and power infrastructure companies. Our investment focus is on companies with what we consider to be effective management teams that operate within a strong corporate governance framework; high renewable asset quality; strong balance sheets; potential upside for their stock prices due to higher power prices; liquidity that may weather various economic cycles and business cycles; and clear earnings growth and dividend visibility.

During the Reporting Period, the Fund posted negative absolute returns but generally outperformed the blended benchmark due in part to a continued focus on the types of companies described above. These higher quality companies held up well during the Reporting Period, a time of broad equity market weakness. More specifically, the Fund benefited from effective security selection, especially in the utilities/clean energy subsector. In addition, the Fund was

helped by its exposure to what we view as premier solar technology companies with strong free cash flow and operations within growing markets.

From a geographical perspective, the Fund focuses on companies that are North American or European domiciled and have underlying revenues largely from those regions and, to a limited extent, the emerging markets. During the Reporting Period, the Fund was aided by its exposure to North American domiciled companies that stand to benefit from the Inflation Reduction Act of 2022. Exposure to companies with underlying revenues primarily from the developed markets broadly also added to relative returns.

Q What individual holdings added to the Fund’s relative performance during the Reporting Period?

A Compared to the blended benchmark, the Fund benefited from overweight positions in Archaea Energy Inc. and American Electric Power and an underweight in China Longyuan Power Group Limited.

The Fund’s overweight in Archaea Energy Inc. (LFG) added most to its relative performance during the Reporting Period. LFG is a renewable energy company with an industry-leading renewable natural gas platform focused on turning naturally occurring waste emissions from landfills and anaerobic digesters into low-carbon energy. On October 17, 2022, LFG received an buyout offer from BP p.l.c. of approximately $4.1 billion, which amounted to a 38% premium over its average share price for the previous 30 days of trading.

American Electric Power (AEP) is one of the largest public utilities companies in the U.S. AEP shares performed well following a strong earnings beat of consensus expectations and news of a strategic asset sale—Kentucky Power, one of the company’s weakest performing units. In our view, the sale should strengthen AEP’s corporate balance sheet and support its aggressive renewable and electric transmission targets.

China Longyuan Power Group Limited, which focuses on wind farms, saw its stock drop during the Reporting Period amid broad weakness in China’s stock market. Additionally, the company reported a profit decline in the first half of 2022 on the back of weak wind farm utilization. There was also increased investor focus on whether China Longyuan Power Group Limited would receive its full government subsidies as long as the Chinese government maintained its commitment to a “zero-COVID” policy

2

FUND RESULTS

Q What individual holdings detracted from the Fund’s relative performance during the Reporting Period?

A During the Reporting Period, the Fund was hurt by overweight positions versus the blended benchmark in Fast Radius Inc. and Sunrun Inc. and an underweight in Centrais Elétricas Brasileiras S.A.

Fast Radius Inc. (FSRD) is a cloud manufacturing and digital supply chain company that came to market through a merger with ECP Environmental Growth Opportunities Corp. (ENNV), a Special Purpose Acquisition Company (also known as a “SPAC”). Due to broad weakness in the SPAC market, ENNV’s trust account, which was intended to fund FSRD’s growth, suffered significant redemptions, materially impacting the growth outlook for FSRD and causing severe equity price pressure. As a result, the Fund’s overweight position detracted from its relative performance. By the end of the Reporting Period, we had sold the Fund’s position in FSRD common stock.⁴

Sunrun Inc. (RUN) is a solar energy solutions company that sells and installs solar and battery systems for U.S. homeowners. Although the outlook for the U.S. solar industry remained extremely robust, RUN was hampered during the Reporting Period by a number of political headwinds that created supply chain pressure and by broad concerns about the industry in general. At the end of the Reporting Period, we thought many of those concerns were in the past and the passage of the Inflation Reduction Act of 2022 was likely to spur significant investment and growth in the U.S., presenting opportunities for RUN and other solar companies, in our view.

Centrais Elétricas Brasileiras S.A. (commonly known as Eletrobras), Brazil’s largest state-run hydro electricity generation company, owns, operates and maintains power generation and transition assets throughout the country. Its shares performed well after first-stage approval of Eletrobras’ privatization, with the Brazilian government planning to reduce its majority ownership position. However, the Fund did not have exposure to the stock at the time. Following the first-stage approval, we initiated a Fund position in Eletrobras, as we believed the privatization improved the company’s outlook, though the Fund remained underweight relative to the blended benchmark. The underweight dampened the Fund’s relative performance as Eletrobras continued to perform well through the end of Reporting Period due to strong earnings results.

⁴  The Fund maintained a small position in warrants at the end of the Reporting Period.

Q Were there any notable purchases or sales during the Reporting Period?

A As mentioned earlier, the Fund initiated a position in Eletrobras, Brazil’s largest state-run hydro electric generation company, during the Reporting Period. Eletrobras is Latin America’s largest power utility company, the tenth largest utility company in the world and the fourth largest clean energy company globally. In our view, Eletrobras contributes to making the Brazilian energy matrix one of the cleanest and most renewable in the world. In addition to our positive outlook for the company after the first-stage approval of its privatization, we think Eletrobras’ strong cash flow generation should provide it with opportunities to reduce its debt over time. Although we see some geographic risk that we will continue to monitor, we believe Eletrobras has an attractive risk/reward profile.

The Fund also established a position in Fortum Oyj (“Fortum”), a Finnish state-owned energy company engaged in the generation, distribution and sale of electricity and heat, as well as the operation and maintenance of power plants. In addition to Finland, the company focuses on Germany and other countries in Central Europe, Great Britain, Russia and the Nordic region. We initiated the Fund position after Fortum agreed to divest its Uniper SA subsidiary to the German government, which was seeking to secure Germany’s energy supply. Upon completion, we believed the divestment should allow Fortum to refocus on clean Nordic power generation as its core business. We viewed the agreement as a potential catalyst for the company’s share price, as we thought the divestment should help reduce Fortum’s overall risk. We also believed that Fortum was well positioned to benefit from higher power prices, which are likely to increase further in Europe, in our view, as a result of the ongoing Russia/Ukraine conflict.

In addition to the sale of FSRD, mentioned earlier, we exited the Fund’s position in Public Service Enterprise Group (PEG) during the Reporting Period. PEG is a diversified energy company with one of the U.S. utility industry’s most aggressive net-zero climate change goals. We sold the position because the risk/reward profile for the company had changed during the Reporting Period, and we saw what we viewed as better opportunities elsewhere. PEG was an early player in the U.S. offshore wind market, and although we believed there was still substantial growth potential in this market, initial contracts signed with PEG had experienced significant cost inflation, which had hurt the returns the company’s projects could generate. In our view, PEG was also operating in a difficult regulatory environment.

3

FUND RESULTS

Additionally, we eliminated the Fund’s position in E.ON SE (EOAN), one of Europe’s largest operators of energy networks and energy, during the Reporting Period. Tight energy market fundamentals, exacerbated by the Russian/Ukraine conflict, had led to a surge in commodity and power prices. As result of the higher prices, EOAN was exposed to increased counterparty risk due to growing concerns over customers’ ability to pay their bills. Our long-term thesis around the increased need for electrical grid growth remained intact, but we decided to sell the Fund’s position in EOAN due to our view of near-term macroeconomic risks.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund did not use derivatives or similar instruments.

Q Were there any changes to the Fund’s portfolio management team during the Reporting Period?

A Effective March 30, 2022, Kyri Loupis no longer served as a portfolio manager for the Fund and Kristin Kuney became a portfolio manager for the Fund. Ben Okin and Vikrum Vora remained portfolio managers of the Fund and continued to be the Fund’s lead research analysts and day-to-day decision-makers. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed the fundamental backdrop for clean energy and clean energy infrastructure equities remained compelling. Renewables are expected to become one of the world’s primary energy sources by 2050, and clean energy infrastructure securities are, in our opinion, well positioned to benefit from this secular growth underpinned by positive government, corporate and consumer action as well as declining costs.

From a cost perspective, we believed at the end of the Reporting Period that higher prices for traditional energy sources, exacerbated by the Russia/Ukraine conflict, had made renewable energy sources even more attractive economically. Since 2014, the costs for solar and onshore wind power had dropped by 70% and 40%, respectively, with solar and wind becoming 40% cheaper on average than

natural gas.⁵ In addition, new clean energy technology incentives (e.g., hydrogen, biofuels, carbon capture, etc.) could help drive down costs further and increase adoption, similar to what happened with wind and solar. We believed the long-term decarbonization thesis had accelerated during the Reporting Period, as we thought the devastating impacts of Russia’s invasion of Ukraine may have been a turning point for investor sentiment about clean energy and had also reinforced the need to transition away from hydrocarbon fuels. In addition, policy support for “green investing” had increased significantly, with governments placing climate change issues on top of their policy agendas. Overall, we believed at the end of the Reporting Period that clean energy could serve a critical role in delivering both decarbonization and energy security. In the short to medium term, we expected a general “reshoring” of energy supply based on security and cost rationales, with increased use of non-Russia-produced gas, as well as coal and nuclear power, and the acceleration of a pragmatic energy transition, which may include solar/wind/storage options along with renewable natural gas/fuels, nuclear, hydrogen and carbon capture.

In Europe, the push to be less dependent on Russian energy has also driven an acceleration in targets for renewable energy deployment. With 85% of Europeans believing the European Union should reduce its dependency on Russian gas and oil as soon as possible, proposed long-term solutions have focused on solutions across wind, solar and hydrogen.⁶ This was emphasized by the announcement in May 2022 of the finalized REPowerEU proposal, which documented a significant increase in the speed and scale of renewable energy in power generation, industry, buildings and transport to help accelerate energy independence, catalyze the green transition and work to reduce energy prices over time. (REPowerEU is the European Commission’s plan to make Europe independent from Russian fossil fuels well before 2030, in light of Russia’s invasion of Ukraine.)

The increase in government action has extended beyond Europe. In June 2022, national security powers were invoked in the U.S. as an attempt to rapidly expand clean energy technology. The Biden Administration triggered the cold-war era Defense Production Act, seeking to boost the production of solar panels, building insulation, power grid transformers and heat pumps. In August, the U.S. House of Representatives approved the Inflation Reduction Act of 2022, discussed previously, marking “the greatest pro-climate legislation that has ever been passed by Congress,” as stated by Senator Chuck Schumer. The

⁵  Source: BloombergNEF New Build Levelized Cost of Energy. Costs based on new facilities.

⁶  Source: European Commission.

4

FUND RESULTS

landmark climate legislation should result in the investment of $369 billion in energy security and climate change programs over the next decade-plus. The passage of the Inflation Reduction Act, in our view, demonstrated the U.S. government’s unprecedented commitment to the energy transition and includes key provisions that should incentivize domestic energy production and manufacturing, lower consumer energy costs and accelerate the decarbonization of the U.S. economy.

Corporations have also been proactive in their efforts to reduce carbon emissions and have rapidly increased their net-zero commitments over the past few years, with two-thirds of the world’s largest 167 global emitting corporations (responsible for more than 80% of global industrial emissions) having made commitments to reach net-zero.⁷ While the impact of climate change is vast and global in scope, governments, corporations and consumers appear to be increasingly aligned in the goal to accelerate decarbonization.

As for the investing environment, we thought “defensive growth” and value-oriented equities were back in focus at the end of the Reporting Period, and we anticipated that renewed investor interest could act as a catalyst for clean energy infrastructure securities in the near term.

From a valuation perspective, the clean energy infrastructure sector appeared attractive to us at the end of the Reporting Period, and we noted that earnings momentum and pricing power could create an attractive entry point for investors. Comparing valuations to cash flow growth, global clean energy infrastructure securities were approximately 60% cheaper than global equities on a price-to-cash flow basis relative to their five-year estimated cash flow growth.⁸

Overall, at the end of the Reporting Period, we believed clean energy infrastructure securities offered a non-cyclical, long-term growth opportunity, given that the sector needed more than $100 trillion of capital investment during the next 30-plus years to reach net-zero carbon emission targets by 2050. In our opinion, this significant investment opportunity will likely be driven by government policy, declining technology costs and investment flows based on environmental, social and governance criteria supportive of decarbonization.

⁷ Source: BloombergNEF.

⁸ Source: Bloomberg.

5

FUND BASICS

Clean Energy Income Fund

as of November 30, 2022

    TOP TEN HOLDINGS AS OF 11/30/22^‡

Holding	% of Net Assets	Line of Business
NextEra Energy, Inc.	7.8%	Clean power
Northland Power, Inc.	6.8	Clean power
NextEra Energy Partners LP	6.4	Clean power
The AES Corp.	5.9	Clean power
Brookfield Renewable Partners LP	4.0	Clean power
Innergex Renewable Energy, Inc.	3.8	Clean power
Boralex, Inc.	3.4	Clean power
Ormat Technologies, Inc.	3.3	Geothermal
SSE PLC	3.3	Clean power
Clearway Energy, Inc.	3.2	Clean power

^‡ The top 10 holdings may not be representative of the Fund’s future investments.

    FUND SECTOR ALLOCATIONS*

* The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of total net assets (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 Portfolio’s investment strategies, holdings, and performance.

6

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

Performance Summary

November 30, 2022

The following graph shows the value, as of November 30, 2022, of a $10,000 investment made on June 26, 2020 (commencement of operations) in Class P Shares at NAV. For comparative purposes, the performance of the Fund’s current benchmarks including the Clean Energy Income Composite Index, which is comprised of 50% in the Eagle North American Renewables Infrastructure Index, 35% in the Indxx Yieldco and Renewable Energy Income Index, and 15% in the Eagle Global Renewables Infrastructure Index (each with distributions reinvested) are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Clean Energy Income Fund’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from June 26, 2020 through November 30, 2022.

Average Annual Total Return through November 30, 2022*	One Year		Since Inception
Class A (Commenced June 26, 2020)
Excluding sales charges		-6.52%		12.31%
Including sales charges		-11.65%		9.69%
Class C (Commenced June 26, 2020)
Excluding contingent deferred sales charges		-7.16%		11.48%
Including contingent deferred sales charges		-8.08%		11.44%
Institutional (Commenced June 26, 2020)		-6.14%		12.73%
Investor (Commenced June 26, 2020)		-6.25%		12.57%
Class R6 (Commenced June 26, 2020)		-6.13%		12.74%
Class R (Commenced June 26, 2020)		-6.69%		12.04%
Class P (Commenced June 26, 2020)		-6.14%		12.71%

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

7

FUND RESULTS

Goldman Sachs Energy Infrastructure Fund

Investment Objective and Principal Investment Strategy

The Fund seeks total return through current income and capital appreciation.

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in U.S. and non-U.S. equity or fixed income securities issued by energy infrastructure companies, including master limited partnerships (“MLPs”) and “C” corporations. The Fund’s investments in MLPs will not exceed 25% of the Fund’s total assets as measured at the time of purchase. The Fund intends to concentrate its investments in the energy sector.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Energy and Infrastructure Team discusses the Goldman Sachs Energy Infrastructure Fund’s (the “Fund”) performance and positioning for the 12-month period ended November 30, 2022 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 30.74%, 29.76%, 31.17%, 31.02%, 31.11%, 30.37% and 31.22%, respectively. These returns compare to the 29.16% average annual total return of the Fund’s benchmark, the Alerian Midstream Energy Select Index (Total Return, Unhedged, USD) (“AMEI Index”). The AMEI Index is a composite of North American energy infrastructure companies.¹

Q How did energy-related securities overall perform during the Reporting Period?

A Energy-related securities generally produced strong gains during the Reporting Period, as crude oil and natural gas prices rose and remained elevated despite bouts of volatility. The price of Brent crude oil increased 23.70% during the Reporting Period, while natural gas prices averaged $6.26 MMBtu, 38% higher than their average at the beginning of the Reporting Period. (MMBtu is million British thermal units, the standard measurement for natural gas.)

As the Reporting Period started in December 2021, commodities and energy-related securities experienced a brief but sharp sell-off. The sell-off was driven by worries

¹  Source: Alerian. The Alerian Midstream Energy Select Index is a composite of North American energy infrastructure companies. It is a capped, float-adjusted, capitalization-weighted index, whose constituents are engaged in midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMEI) and on a total-return basis (AMEIX). It is not possible to invest directly in an unmanaged index.

around the spread of the COVID-19 Omicron variant, which had raised concerns about how the variant might impact near-term demand for commodities. However, data suggesting Omicron was less severe symptomatically than previous variants helped to ease market fears and supported a rebound in crude oil prices and energy-related securities through year-end 2021.

During the first quarter of 2022, commodities and energy-related securities advanced overall, as underlying fundamentals strengthened. U.S. oil demand ticked higher, while supply struggled to keep up, as discipline from OPEC+ and from U.S. producers, who have become primarily focused on maximizing free cash flow, reined in production growth. (OPEC+ is the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia.) The result was undersupplied energy markets, which were further pressured by the invasion of Ukraine by Russia, a major global exporter of crude oil and natural gas, on February 24th. After the invasion, crude oil prices rose, with Brent crude oil reaching $128 per barrel, its highest level since 2008, in early March.

After surging to this record level, crude oil prices subsequently experienced volatility during the second calendar quarter, driven by developments surrounding the Russia/Ukraine war, the possibility of a European Union ban on Russian oil, and potential oil demand-side concerns stemming from rising COVID-19 cases and lockdown procedures in China. However, a combination of strong global energy demand, tight inventories, limited spare capacity and announcements of the European Union’s ban on Russian oil imports kept crude oil prices elevated. On the supply side, global supply shortages led to low inventories of crude oil and natural gas, while at the same time, demand

8

FUND RESULTS

continued to recover, supported by an uptick in seasonal travel as well as by high liquified natural gas (“LNG”) prices that pushed certain countries to turn to crude oil and related refined products as replacements.

During the remainder of the Reporting Period, crude oil prices experienced weakness, with Brent crude oil prices falling 21.65% between July 1, 2022 and November 30, 2022. Much of the weakness was driven by global demand concerns related to two primary issues—growing recession risks and ongoing COVID-19 lockdowns in China—as well as U.S. dollar strength. Prices were briefly supported by the OPEC+ announcement in October that it planned to cut production by two million barrels per day, starting in November, in an effort to stabilize prices. However, investors’ broader macroeconomic concerns ultimately pared back any gains. It is important to note that OPEC+ was already well below its production quota, and therefore, we estimate that the cut in production in November amounted to approximately one million barrels per day compared to production levels beforehand. Overall, the macroeconomic concerns that drove extreme market volatility and weighed on crude oil prices during the last five months of the Reporting Period overshadowed the underlying tight oil market fundamentals. Despite this weakness, Brent crude oil prices remained elevated at the end of the Reporting Period at nearly $85 per barrel—34% higher than the average price of $64 a barrel from 2016 through 2019, prior to COVID-19.

At the end of the Reporting Period, the fundamental backdrop remained supportive of strong crude oil prices, in our view, with global demand (ex-China) having largely normalized to pre-COVID levels. On the supply side, production levels were also back to pre-COVID levels, but years of underinvestment, combined with healthy demand growth, left inventory levels nearly 10% below long-term averages.²

On the natural gas side, years of unsound energy policies, predominantly in Europe, and underinvestment in natural gas infrastructure led to the energy shortages and steep increase in consumer prices seen during the Reporting Period. The ongoing war in Ukraine further intensified the effects of the energy crisis, with the curtailment of Russian gas exports to Europe resulting in historically low inventories and high prices. For example, Nordic power prices were up 535% during the Reporting Period overall.³

²  Joint Organisations Data Initiative (JODI).

³  European Power Prices: Germany Power Baseload Forward Year 1.

Despite the volatility in crude oil and natural gas prices during the Reporting Period, as well as record high inflation levels and a recession narrative, midstream⁴ energy markets ultimately moved higher. The Alerian MLP Index, which measures energy infrastructure master limited partnerships (“MLPs”), and the Alerian Midstream Energy Index,⁵ which measures the broader midstream sector inclusive of both energy MLPs and “C” corporations, generated total returns of 42.25% and 30.78%, respectively, during the Reporting Period. The midstream markets, as represented by the Alerian MLP Index and the Alerian Midstream Energy Index, significantly outperformed the S&P 500^® Index,⁶ which returned -9.21% during the Reporting Period.

Higher oil and natural gas prices and growing volumes supported strong earnings growth for midstream companies, and management teams continued to focus on capital discipline, balance sheet strength and, above all, generating free cash flow and returning it back to investors via dividends and buybacks—all of which we believe was generally well received by the market. The strong quarterly earnings announcements during the Reporting Period and upward earnings revisions reaffirmed the fundamental stability and defensive nature of the midstream sector, which helped to support equity price performance in a volatile market environment. In addition, the sector may have benefited from a broad rotation from growth to value stocks as well as from an uptick in MLP merger and acquisition activity during the Reporting Period.

Toward the end of the Reporting Period, the U.S. Inflation Reduction Act of 2022 was passed, which aims to make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by approximately 40% by 2030.

⁴  The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities.

⁵  Source: Alerian. The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMNA), total-return basis (AMNAX), net total-return (AMNAN), and adjusted net total return (AMNTR) basis. It is not possible to invest directly in an unmanaged index.

⁶  Source: S&P Global. The S&P 500^® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500^® Index components and their weightings are determined by S&P Dow Jones Indices. It is not possible to invest directly in an unmanaged index.

9

FUND RESULTS

The Inflation Reduction Act of 2022 included a new 15% corporate alternative minimum tax based on book income for companies that report more than $1 billion in profits to shareholders. However, midstream companies structured as MLPs were excluded from this new provision, which we believe further supported equity price performance during the Reporting Period.

At the end of the Reporting Period, energy infrastructure remained one of the highest yielding equity market segments, with yields in excess of 6%, which is four times higher than that of the S&P 500^® Index and nearly twice the yields of both the utilities and real estate investment trusts sectors. From a valuation perspective at the end of the Reporting Period, the midstream sector screened as inexpensive, trading at a 4.9x discount relative to the broader equity markets, with a more than 10% free cash flow yield. In our view, valuations remained dislocated from the sector’s earnings potential.

Q What key factors were responsible for the Fund’s relative performance during the Reporting Period?

A During the Reporting Period, the Fund generated double-digit positive absolute returns and outperformed the AMEI Index on a relative basis. These positive results were driven by effective security selection as well as by the strong recovery of energy markets after severe COVID-19-related weakness in 2020.

Regarding its exposures, the Fund was helped most during the Reporting Period by security selection in the natural gas pipeline transportation and other liquefaction subsectors.⁷ These two subsectors benefited from the significant rally in both natural gas prices and natural gas-related equities as well as from tight LNG markets amid a global natural gas crisis.

Q What individual holdings added to the Fund’s relative performance during the Reporting Period?

A During the Reporting Period, the Fund’s overweight positions versus the AMEI Index in Cheniere Energy, Inc. and Targa Resources Corp. and its underweight in TC Energy Corporation contributed positively to its relative performance.

Cheniere Energy, Inc. is a pure-play U.S. LNG producer that exports LNG to dozens of countries worldwide. With global LNG supplies more and more constrained by growing

⁷  Sector and subsector allocations are defined by GSAM and may differ from sector allocations used by the Alerian MLP Index.

demand, curtailed Russian exports and outages at various U.S. LNG facilities, Cheniere Energy, Inc. has become an essential supplier of LNG to world markets. As a result of tightening markets, the spread between global LNG prices and U.S. natural gas prices widened considerably during the Reporting Period, improving the company’s near-term and long-term profit outlook. Additionally, Cheniere Energy, Inc. has leveraged its position to contract incremental capacity expected to come online during the next several years.

Targa Resources Corp. (TRGP) is an independent midstream services provider primarily engaged in gathering, storing, processing and transporting crude oil, natural gas and refined petroleum products. TRGP is geographically diversified in several U.S. upstream⁸ basins with downstream⁹ logistics assets on the U.S. Gulf Coast. The company has one of the premier gathering and processing networks in the Permian Basin, giving it significant exposure to the largest and fastest-growing U.S. shale basin. During the Reporting Period, TRGP benefited from robust earnings growth, which drives what we consider to be a “best in class” balance sheet and capital return expectations.

An underweight position in TC Energy Corporation (TRP), a major North American energy company with extensive natural gas and liquids pipelines, was also advantageous given the stock’s weak performance relative to the broader midstream sector during the Reporting Period. We consider TRP to be a low beta, or low volatility, stock in a rising market. In addition, an equity issuance was a headwind to TRP’s equity price performance during the Reporting Period. In the summer of 2022, TRP announced a reinstatement of its dividend reinvestment plan and then a $1.8 billion bought deal offering of common shares. (A bought deal is a securities offering in which an investment bank commits to buy the entire offering from the client company. A bought deal eliminates the issuing company’s financing risk, ensuring that it will raise the intended amount.) Furthermore, cost overruns at the Coastal Gaslink Pipeline, in which TRP has an ownership stake, and announcements of major new capital expenditure projects, including the Southeast

⁸  The upstream component of the energy industry is usually defined as those operations stages in the oil and gas industry that involve exploration and production. Upstream operations deal primarily with the exploration stages of the oil and gas industry, with upstream firms taking the first steps to first locate, test and drill for oil and gas. Later, once reserves are proven, upstream firms will extract any oil and gas from the reserve.

⁹  The downstream component of the energy industry is usually defined as the oil and gas operations that take place after the production phase, through to the point of sale. Downstream operations can include refining crude oil and distributing the by-products down to the retail level. By-products can include gasoline, natural gas liquids, diesel and a variety of other energy sources.

10

FUND RESULTS

Gateway Pipeline, a $4.5 billion offshore natural gas pipeline project in Mexico in which TRP has an even larger ownership stake, occurred at a time when competitors were trying to reduce capital expenditures and increase free cash flow.

Q What individual holdings detracted from the Fund’s relative performance during the Reporting Period?

A Compared to the AMEI Index, the Fund was hurt by an overweight position in Fast Radius, Inc. as well as by underweight positions in EnLink Midstream LLC and Energy Transfer LP.

An overweight in Fast Radius, Inc. (FSRD), a provider of cloud-based manufacturing platform solutions that deliver data and insights for design, production and supply-chain management, detracted most from the Fund’s performance during the Reporting Period. Its shares fell after FSRD significantly reduced its 2022 revenue expectations, as the global economic slowdown and supply-chain disruptions impaired customer demand for its cloud-based manufacturing process. The decline jeopardized the company’s ability to raise the capital it needed to build out its operations. By the end of the Reporting Period, we had sold the Fund’s position in FSRD common stock.¹⁰

EnLink Midstream LLC (ENLC) is a midstream operator involved in natural gas gathering, treating, processing, transmission, distribution, supply and marketing, and crude oil marketing. The company has assets across U.S. shale basins, including exposure to the Permian Basin and MidCon Basin. The Fund’s underweight position in ENLC detracted from relative performance during the Reporting Period, as an increase in customer activity across the company’s operating segments greatly improved its financial outlook. Additionally, ENLC has entered into multiple joint ventures to utilize its existing asset base for carbon capture, a growth area being pursued by many midstream operators.

Energy Transfer LP (ET) operates a diversified portfolio of energy assets, including natural gas midstream, crude oil, natural gas liquids and refined products, as well as transportation and storage services. During the Reporting Period, ET recorded gains amid positive investor sentiment surrounding the company’s Lake Charles LNG export facility, continued robust dividend growth and improving balance sheet, and thus the Fund’s underweight hurt.

¹⁰  The Fund maintained a small position in private investments in public equities (“PIPEs”), warrants and founder shares of FSRD at the end of the Reporting Period.

Q Were there any notable purchases or sales during the Reporting Period?

A During the Reporting Period, the Fund established a position in Kinetik Holdings Inc. (KNTK), a Permian Basin-based midstream company focused on providing natural gas gathering, processing and transportation services for upstream companies. We initiated the Fund position because we believe KNTK offers strong exposure to the growth of midstream volumes in the Permian Basin and was trading, at the time of purchase, at a significant discount to similarly positioned companies. Additionally, we believe the company’s fee-based contract structure should provide some insulation to earnings volatility in case commodity prices weaken from current levels.

Another notable Fund purchase during the Reporting Period was Chesapeake Energy Corporation (CHK), a U.S. exploration and production company. In our view, CHK is well positioned for growing U.S. LNG exports from the U.S. Gulf Coast because of the location of its acreage, particularly in the Haynesville Shale. Additionally, the company successfully emerged from financial restructuring in 2021, and we believe its lower debt levels compared to its peer average also position the company to effectively navigate a variety of potential market environments.

In addition to the sale of FSRD, mentioned earlier, we exited the Fund’s position in Archaea Energy Inc. (LFG) during the Reporting Period. LFG is focused on developing and operating landfill-based renewable natural gas facilities that capture waste emissions and converts them into low carbon fuel. On October 17, 2022, LFG received an all-cash buyout offer from BP p.l.c. for $26 a share, a 54% premium over the share price at the market close on October 14th. Once the stock traded within what we deemed a reasonable spread (i.e., difference in price) to the buyout offer, we sold the Fund’s position.

Also during the Reporting Period, we exited the Fund’s position in Shell Midstream Partners, L.P. (SHLX), which owns, operates, develops and acquires pipelines and other midstream and logistics assets. SHLX was acquired by Shell USA, Inc. on October 19, 2022. We sold the Fund’s position ahead of the acquisition in order to take advantage of other investment opportunities.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund did not use derivatives or similar instruments.

11

FUND RESULTS

Q Were there any changes to the Fund’s portfolio management team during the Reporting Period?

A There were no changes to the Fund’s portfolio management team during the Reporting Period.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we had a positive outlook for commodity prices and oil-related securities, though global demand concerns and U.S. dollar strength may continue to drive market volatility in the near term. Our view was supported, we believed, by strong fundamentals, with tight supply/demand dynamics and critically low inventories.

Additionally, we have seen energy policy shift as the global economy looks to address growing global energy needs, with energy security becoming a priority of many developed nations following the Russian invasion of Ukraine. In our view, North America is uniquely positioned as a potential key source of safe, reliable and relatively clean oil and natural gas for decades to come. Looking at LNG specifically, the U.S. has spent billions of dollars on LNG infrastructure during the last five years or so to supply the world with essential LNG under long-term contracts. Since 2017, the U.S. has grown natural gas production by about 50% and LNG exports by more than 900%, making it the largest global LNG exporter, with expectations for U.S. LNG exports to triple by 2032 relative to 2021 levels.¹¹

We further expected the energy sector to potentially experience additional interest as the world’s perception around energy security and terminal value shifts and as money managers rationalize underweight energy exposure. Energy equities were expected by many analysts to deliver approximately 10.5% of S&P 500^® Index earnings in calendar year 2022, even though the sector represents only 5.3% of the S&P 500^® Index. Looking at the relationship of earnings contribution to index weight historically would suggest the energy sector’s weight within the S&P 500^® Index could grow to nearly 8%, presenting an opportunity for continued outperformance and sector interest.

Regarding midstream energy companies, we believed at the end of the Reporting Period that fundamentals were some of the most attractive on record, with midstream cash flow inflecting higher alongside strong oil and natural gas prices and management teams demonstrating capital and cost discipline. The sector was generating significant amounts of free cash flow at the end of the Reporting Period, which, in our opinion, not only adequately supported then-current

¹¹  Bloomberg and Energy Information Agency.

distributions and dividends but also left plenty of excess cash to further reduce debt, buy back stock and/or grow distributions and dividends. In addition, while high inflation and recessionary indicators were not positive headlines, midstream businesses have benefited, in our opinion, from having contracted cash flows with embedded inflationary escalators, which historically have proven to support earnings resiliency during economic downturns. The market dynamics seen at the end of the Reporting Period also appeared to be driving a rotation from growth to value stocks, and midstream equities—along with other value-oriented stocks—may be the beneficiaries of increased fund flows. Overall, we believed at the end of the Reporting Period the midstream sector presented a compelling investment opportunity alongside a strong commodity price backdrop, healthy fundamentals and inexpensive valuations. Additionally, the sector was well positioned, in our view, to benefit from the growing need for North American energy.

While there are certainly still risks, such as a tightening of COVID-19 restrictions and/or growing recession concerns, we believed the risk/reward profile for the midstream sector at the end of the Reporting Period remained meaningfully positive.

In managing the Fund, we intend to remain focused on high quality companies with strong dividend/distribution coverage, cash flow growth potential and what we see as a robust outlook for free cash flow generation and healthy balance sheets. As always, we continue to monitor domestic and global economies, geopolitical factors, interest rates and equity market fundamentals as we actively manage the Fund.

12

FUND BASICS

 Energy Infrastructure Fund

    as of November 30, 2022

    TOP TEN HOLDINGS AS OF 11/30/22^‡

Holding	% of Net Assets	Line of Business
Targa Resources Corp.	8.5%	Gathering + Processing
Cheniere Energy, Inc.	8.3	Other | Liquefaction
Enbridge, Inc.	8.0	Pipeline Transportation | Petroleum
Energy Transfer LP	6.2	Pipeline Transportation | Natural Gas
The Williams Cos., Inc.	6.0	Gathering + Processing
Plains GP Holdings LP	6.0	Pipeline Transportation | Petroleum
ONEOK, Inc.	5.8	Gathering + Processing
Pembina Pipeline Corp.	5.0	Pipeline Transportation | Petroleum
DTE Midstream, Inc.	4.3	Pipeline Transportation | Natural Gas
MPLX LP	4.3	Gathering + Processing

^‡  The top 10 holdings may not be representative of the Fund’s future investments.

    FUND SECTOR ALLOCATIONS*

* The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of total net assets. Figures in the above table 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 your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Portfolio’s investment strategies, holdings, and performance.

13

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Performance Summary

November 30, 2022

The following graph shows the value, as of November 30, 2022, of a $10,000 investment made on September 29, 2017 (commencement of operations) in R6 Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Alerian Midstream Energy Select Index (Total Return, Unhedged, USD), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Energy Infrastructure Fund’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from September 29, 2017 through November 30, 2022.

Average Annual Total Return through November 30, 2022*	One Year		Five Years		Since Inception
Class A (Commenced September 29, 2017)
Excluding sales charges		30.74%		8.83%		7.68%
Including sales charges		23.50%		7.59%		6.51%
Class C (Commenced September 29, 2017)
Excluding contingent deferred sales charges		29.76%		8.03%		6.90%
Including contingent deferred sales charges		28.69%		8.03%		6.90%
Institutional (Commenced September 29, 2017)		31.17%		9.24%		8.09%
Investor (Commenced September 29, 2017)		31.02%		9.10%		7.95%
Class R6 (Commenced September 29, 2017)		31.11%		9.23%		8.08%
Class R (Commenced September 29, 2017)		30.37%		8.57%		7.43%
Class P (Commenced April 14, 2018)		31.22%		N/A		10.08%

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

14

FUND BASICS

Index Definitions

The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization-weighted index, whose constituents are engaged in midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMEI) and on a total-return basis (AMEIX). It is not possible to invest directly in an index.

The Clean Energy Income Composite Index is comprised of the Eagle North American Renewables Infrastructure Index (50%), Indxx Yieldco and Renewable Energy Income Index (35%), and Eagle Global Renewables Infrastructure Index (15%). It is not possible to invest directly in an unmanaged index.

The Indxx Yieldco and Renewable Energy Income Index is designed to track the performance of income-paying renewable energy companies (RECs) and companies categorized as YieldCos listed in Developed and Emerging Markets. The Eagle Global Renewables Infrastructure Index provides a benchmark that is designed to track the performance of renewables infrastructure or renewables-related infrastructure assets, primarily wind, solar, hydro, biomass, and electric transmission lines. Constituents are companies whose stocks trade globally in OECD countries.

The Eagle North American Renewables Infrastructure Index provides a benchmark that is designed to track the performance of renewables infrastructure or renewables related infrastructure assets, primarily wind, solar, hydro, biomass, and electric transmission lines. Constituents are companies whose stocks trade in either the USA and Canada, though assets owned by these companies can have a global reach. The index is a capped, float-adjusted, capitalization-weighted index developed by Eagle Global Advisors, and disseminated real-time on a price-return basis (RENEWNA) and on a total-return basis (RENEWNAT).

MSCI All Country World Index Investable Market Index is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets.

15

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

Schedule of Investments

November 30, 2022

Shares	Description	Value
Common Stocks – 100.6%
Bioenergy† – 5.8%
122,830	Archaea Energy, Inc.*	$	3,186,210
66,001	Darling Ingredients, Inc.*		4,740,852
88,034	Enviva, Inc.		4,995,929
118,003	Green Plains, Inc.*		4,078,184
149,700	Tidewater Renewables Ltd.*		1,310,981
			18,312,156
Clean power† – 88.4%
3,257	Acciona SA		637,086
853,419	Algonquin Power & Utilities Corp.		6,445,926
57,655	American Electric Power Co., Inc.		5,581,004
247,434	Atlantica Sustainable Infrastructure PLC		6,903,409
54,034	Avangrid, Inc.		2,311,034
384,465	Boralex, Inc. Class A		10,806,692
453,032	Brookfield Renewable Partners LP*		12,787,886
48,366	Capital Power Corp.		1,662,598
307,995	Clearway Energy, Inc. Class A		10,139,195
82,826	CMS Energy Corp.		5,058,184
67,162	Dominion Energy, Inc.		4,104,270
813,854	Drax Group PLC		6,020,958
1,730,932	EDP - Energias de Portugal SA		8,213,346
262,500	EDP Renovaveis SA		6,106,308
1,420,977	Enel SpA		7,665,865
305,695	Engie SA		4,647,110
131,480	Fortum Oyj		2,095,256
214,886	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		6,970,902
858,420	Iberdrola SA		9,697,927
48,354	IDACORP, Inc.		5,344,568
954,064	Innergex Renewable Energy, Inc.		11,943,975
362,404	National Grid PLC		4,457,961
251,663	NextEra Energy Partners LP		20,256,355
291,095	NextEra Energy, Inc.		24,655,746
757,334	Northland Power, Inc.		21,450,712
97,759	Orsted A/S(a)		8,559,815
213,980	RWE AG		9,419,608
149,487	Solaria Energia y Medio Ambiente SA		2,699,455
510,260	SSE PLC		10,583,079
162,864	Sunnova Energy International, Inc.*		3,718,185
67,053	Sunrun, Inc.*		2,184,587
646,568	The AES Corp.		18,698,747
1,052,124	TransAlta Corp.		9,823,943
156,547	TransAlta Renewables, Inc.		1,663,054
94,460	Xcel Energy, Inc.		6,632,981
			279,947,727
Geothermal† – 3.3%
117,380	Ormat Technologies, Inc.		10,614,674
Hydropower† – 1.3%
74,666	Brookfield Renewable Corp. Class A		2,434,858

Shares	Description		Value
Common Stocks – (continued)
Hydropower† - (continued)
187,975	Centrais Eletricas Brasileiras SA ADR(b)		$	1,684,256
				4,119,114
Solar Tech*† – 1.3%
5,076	Enphase Energy, Inc.			1,627,315
8,592	SolarEdge Technologies, Inc.			2,567,805
				4,195,120
Wind Manufacturing† – 0.5%
59,110	Vestas Wind Systems A/S			1,535,808
TOTAL COMMON STOCKS (Cost $339,297,409)			$	318,724,599
	Expiration	Strike
Units	Date	Price	Value
Warrants* – 0.0%
Special Purpose Acquisition Company† – 0.0%
Fast Radius, Inc. Private
94,001	02/11/28	$11.500	$	912
(Cost $141,002)
Shares	Description		Value
Securities Lending Reinvestment Vehicle(c) – 0.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,254,600	3.727%		$	1,254,600
(Cost $1,254,600)
TOTAL INVESTMENTS – 101.0%
(Cost $340,693,011)			$	319,980,111
OTHER ASSETS IN EXCESSS OF
OTHER LIABILITIES – (1.0)%				(3,323,326	)
NET ASSETS – 100.0%			$	316,656,785
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. †   Sector and subsector categorizations are determined by GSAM and may differ from sector categorizations used by the RENEWNA Index. (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 fund.

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

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

Investment Abbreviations:

ADR —American Depositary Receipt

LP     —Limited Partnership

PLC   —Public Limited Company

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

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Schedule of Investments

November 30, 2022

Shares	Description	Value
Common Stocks – 99.9%
Gathering + Processing† – 38.3%
288,693	Antero Midstream Corp.	$	3,270,892
203,331	Crestwood Equity Partners LP		6,022,665
302,503	DCP Midstream LP		11,900,468
969,425	EnLink Midstream LLC		12,466,806
187,219	Hess Midstream LP Class A		5,846,849
50,097	Kinetik Holdings, Inc.		1,704,801
485,202	MPLX LP		16,492,016
334,099	ONEOK, Inc.		22,357,905
46,736	PBF Logistics LP		930,046
444,132	Targa Resources Corp.		33,038,979
674,939	The Williams Cos., Inc.		23,420,383
397,537	Western Midstream Partners LP		11,123,085
			148,574,895
Integrated† – 0.7%
24,568	Exxon Mobil Corp.		2,735,401
Marketing | Wholesale† – 1.9%
270,377	Gibson Energy, Inc.		4,906,443
54,820	Sunoco LP		2,353,971
			7,260,414
Other† – 1.4%
26,494	Canadian Natural Resources Ltd.		1,582,222
95,491	NextDecade Corp.*		518,516
7,758	Pioneer Natural Resources Co.		1,830,811
72,670	Tidewater Renewables Ltd.*		636,399
6,824	Valero Energy Corp.		911,823
			5,479,771
Other | Liquefaction† – 8.9%
184,935	Cheniere Energy, Inc.		32,430,202
814,860	Tellurian, Inc.*		2,191,973
			34,622,175
Pipeline Transportation | Natural Gas† – 24.5%
277,235	DTE Midstream, Inc.		16,725,588
1,910,927	Energy Transfer LP		23,963,025
595,671	Enterprise Products Partners LP		14,778,598
722,824	Equitrans Midstream Corp.		6,064,493
436,887	Keyera Corp.		10,178,819
578,879	Kinder Morgan, Inc.		11,068,166
277,402	TC Energy Corp.		12,290,941
			95,069,630
Pipeline Transportation | Petroleum† – 20.9%
753,431	Enbridge, Inc.		31,114,070
139,444	Magellan Midstream Partners LP		7,348,699
531,661	Pembina Pipeline Corp.		19,410,379
1,766,942	Plains GP Holdings LP Class A*		23,376,643
			81,249,791

Shares	Description		Value
Common Stocks – (continued)
Production + Mining | Hydrocarbon† – 3.3%
8,637	Chesapeake Energy Corp.		$	893,929
15,130	Devon Energy Corp.			1,036,708
11,038	Diamondback Energy, Inc.			1,633,845
13,299	EOG Resources, Inc.			1,887,527
12,851	Hess Corp.			1,849,387
115,440	Marathon Oil Corp.			3,535,927
8,002	Marathon Petroleum Corp.			974,724
21,018	Ovintiv, Inc.			1,171,964
				12,984,011
TOTAL COMMON STOCKS
(Cost $203,461,727)			$	387,976,088
	Expiration	Strike
Units	Date	Price	Value
Warrants* – 0.0%
Special Purpose Acquisition Company† – 0.0%
Fast Radius, Inc. Private
80,510	02/11/28	$11.500	$	781
(Cost $120,765)
Shares	Dividend Rate		Value
Investment Company(a) – 0.3%
Goldman Sachs Financial Square Government Fund - Institutional Shares
1,154,222	3.727%		$	1,154,222
(Cost $1,154,222)
TOTAL INVESTMENTS – 100.2%
(Cost $204,736,714)			$	389,131,091
OTHER ASSETS IN EXCESSS OF
OTHER LIABILITIES – ( 0.2)%				(959,857	)
NET ASSETS – 100.0%			$	388,171,234
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. †   Sector and subsector categorizations are determined by GSAM and may differ from sector categorizations used by the AMEI Index. (a)  Represents affiliated funds.

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

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

ADDITIONAL INVESTMENT INFORMATION

Investment Abbreviations:

GP   —General Partnership

LLC  —Limited Liability Company

LP    —Limited Partnership

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

GOLDMAN SACHS ENERGY FUNDS

  Statements of Assets and Liabilities

      November 30, 2022

	Clean Energy Income Fund				Energy Infrastructure Fund
Assets:
Investments in unaffiliated issuers, at value (cost $339,438,411 and $203,582,492, respectively)(a)		$	318,725,511			$387,976,869
Investments in affiliated issuers, at value (cost $0 and $1,154,222, respectively)			—			1,154,222
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $1,254,600 and $0, respectively)			1,254,600			—
Cash			—			717,029
Foreign currencies, at value (cost $1,016,876 and $0, respectively)			1,023,794			—
Receivables:
Investments sold			3,990,900			1,989,457
Dividends			818,939			623,943
Fund shares sold			621,361			166,231
Foreign tax reclaims			199,077			—
Reimbursement from investment adviser			44,568			34,453
Securities lending income			665			—
Other assets			48,493			59,523
Total assets			326,727,908			392,721,727
Liabilities:
Payables:
Fund shares redeemed			5,082,856			90,970
Investments purchased			2,357,779			3,906,913
Payable upon return of securities loaned			1,254,600			—
Due to custodian			926,143			—
Management fees			209,183			312,320
Distribution and Service fees and Transfer Agency fees			10,977			10,500
Accrued expenses			229,585			229,790
Total liabilities			10,071,123			4,550,493
Net Assets:
Paid-in capital			361,393,708			227,650,304
Total distributable earnings (loss)			(44,736,923	)		160,520,930
NET ASSETS		$	316,656,785			$388,171,234
Net Assets:
Class A		$	4,620,621			$    2,296,007
Class C			615,551			555,707
Institutional			7,667,267			1,239,997
Investor			10,087,173			76,908
Class R6			99,033			86,997,276
Class R			65,861			72,436
Class P			293,501,279			296,932,903
Total Net Assets		$	316,656,785			$388,171,234
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A			379,000			198,554
Class C			50,747			47,899
Institutional			627,946			106,755
Investor			827,352			6,623
Class R6			8,112			7,503,668
Class R			5,394			6,235
Class P			24,054,427			25,591,325
Net asset value, offering and redemption price per share:(b)
Class A			$12.19			$11.56
Class C			12.13			11.60
Institutional			12.21			11.62
Investor			12.19			11.61
Class R6			12.21			11.59
Class R			12.21			11.62
Class P			12.20			11.60

(a) Includes loaned securities having market value of $1,226,720 and $0, respectively.

(b) Maximum public offering price per share for Class A Shares of the Clean Energy Income and Energy Infrastructure Funds is $12.90 and $12.23, 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 or the original purchase price of the shares.

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

GOLDMAN SACHS ENERGY FUNDS

  Statements of Operations

      For the Fiscal Year Ended November 30, 2022

	Clean Energy Income Fund				Energy Infrastructure Fund
Investment Income:
Dividends — unaffiliated issuers (net of tax withholding of $660,782 and $763,612, respectively)		$	7,021,168			$  8,115,053
Dividends — affiliated issuers			11,608			4,351
Securities lending income — unaffiliated issuers			5,838			—
Interest			36			184
Total investment income			7,038,650			8,119,588
Expenses:
Management fees			2,820,885			3,821,318
Professional fees			156,885			162,039
Registration fees			131,887			94,428
Transfer Agency fees(a)			124,397			117,081
Custody, accounting and administrative services			87,698			114,390
Printing and mailing costs			75,454			56,013
Trustee fees			27,361			27,438
Distribution and Service (12b-1) fees(a)			16,075			7,349
Service fees — Class C			1,396			1,411
Other			13,867			28,244
Total expenses			3,455,905			4,429,711
Less — expense reductions			(304,136	)		(239,383	)
Net expenses			3,151,769			4,190,328
NET INVESTMENT INCOME			3,886,881			3,929,260
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers			(23,250,123	)		18,805,784
Foreign currency transactions			(164,859	)		65,936
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers			(4,956,564	)		73,636,144
Unfunded PIPE commitment			175,944			126,480
Foreign currency translation			3,156			1,459
Net realized and unrealized gain (loss)			(28,192,446	)		92,635,803
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(24,305,565	)		$96,565,063

(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 R			Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Clean Energy Income Fund		$	11,543		$	4,188		$	344		$	7,388		$	893		$	3,032		$	13,585		$	21		$	110		$	99,368
Energy Infrastructure Fund			2,789			4,233			327			1,785			903			338			108			33,760			105			80,082

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

GOLDMAN SACHS ENERGY FUNDS

  Statements of Changes in Net Assets

	Clean Energy Income Fund								Energy Infrastructure Fund
	For the Fiscal				For the Fiscal				For the Fiscal				For the Fiscal
	Year Ended				Year Ended				Year Ended				Year Ended
	November 30, 2022				November 30, 2021				November 30, 2022				November 30, 2021
From operations:
Net investment income		$	3,886,881			$	2,830,610			$	3,929,260			$	3,150,149
Net realized gain (loss)			(23,414,982	)			20,342,550				18,871,720				29,957,935
Net change in unrealized gain (loss)			(4,777,464	)			(27,660,115	)			73,764,083				55,655,026
Net increase (decrease) in net assets resulting from operations			(24,305,565	)			(4,486,955	)			96,565,063				88,763,110
Distributions to shareholders:
From distributable earnings:
Class A Shares			(265,509	)			(62,683)				(83,140	)			(19,013)
Class C Shares			(24,851	)			(2,210)				(33,014	)			(10,534)
Institutional Shares			(447,604	)			(200,084)				(91,476	)			(105,304)
Investor Shares			(325,030	)			(40,192)				(4,813	)			(2,271)
Class R6 Shares			(3,830	)			(1,334)				(7,339,101	)			(3,403,089)
Class R Shares			(3,822	)			(916)				(4,410	)			(1,952)
Class P Shares			(20,992,920	)			(6,209,067)				(19,117,834	)			(8,970,473)
Return of capital:
Class A Shares			(48,100	)			—				—				—
Class C Shares			(3,680	)			—				—				—
Institutional Shares			(104,732	)			—				—				—
Investor Shares			(114,953	)			—				—				—
Class R6 Shares			(1,088	)			—				—				—
Class R Shares			(579	)			—				—				—
Class P Shares			(4,274,183	)			—				—				—
Total distributions to shareholders			(26,610,881	)			(6,516,486)				(26,673,788	)			(12,512,636)
From share transactions:
Proceeds from sales of shares			114,723,080				397,857,057				98,026,493				24,727,272
Reinvestment of distributions			26,597,645				6,514,941				26,571,342				12,460,361
Cost of shares redeemed			(215,247,634	)			(76,266,204	)			(103,920,897	)			(57,729,673	)
Net increase (decrease) in net assets resulting from share transactions			(73,926,909	)			328,105,794				20,676,938				(20,542,040)
TOTAL INCREASE (DECREASE)			(124,843,355	)			317,102,353				90,568,213				55,708,434
Net assets:
Beginning of year			441,500,140				124,397,787				297,603,021				241,894,587
End of year		$	316,656,785			$	441,500,140			$	388,171,234			$	297,603,021

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

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

 Financial Highlights

  Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Clean Energy Income Fund
	Class A Shares
	Year Ended November 30,							Period Ended November 30, 2020(a)
	2022				2021
Per Share Data
Net asset value, beginning of period		$	13.93			$13.60			$10.00
Net investment income (b)			0.09			0.06			0.08
Net realized and unrealized gain (loss)			(0.97	)		0.48			3.55
Total from investment operations			(0.88	)		0.54			3.63
Distributions to shareholders from net investment income			(0.05	)		(0.16	)		(0.03	)
Distributions to shareholders from net realized gains			(0.68	)		(0.05	)		—
Distributions to shareholders from return of capital			(0.13	)		—			—
Total distributions			(0.86	)		(0.21	)		(0.03	)
Net asset value, end of period		$	12.19			$13.93			$13.60
Total return(c)			(6.52	)%		4.01	%		36.27	%
Net assets, end of period (in 000s)		$	4,621			$5,194			$1,882
Ratio of total expenses to average net assets			1.35	%		1.39	%		2.42	%(d)
Ratio of net expenses to average net assets			1.26	%		1.26	%		1.27	%(d)
Ratio of net investment income to average net assets			0.76	%		0.42	%		1.54	%(d)
Portfolio turnover rate(e)			44	%		75	%		10	%

(a) Commenced operations on June 26, 2020.

(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. 23

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

 Financial Highlights (continued)

  Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Clean Energy Income Fund
	Class C Shares
	Year Ended November 30,								Period Ended November 30, 2020(a)
	2022				2021
Per Share Data
Net asset value, beginning of period		$	13.87			$	13.58			$	10.00
Net investment income (loss)(b)			0.01				(0.05	)			0.03
Net realized and unrealized gain (loss)			(0.97	)			0.49				3.55
Total from investment operations			(0.96	)			0.44				3.58
Distributions to shareholders from net investment income			(0.03	)			(0.10	)			—
Distributions to shareholders from net realized gains			(0.68	)			(0.05	)			—
Distributions to shareholders from return of capital			(0.07	)			—				—
Total distributions			(0.78	)			(0.15	)			—
Net asset value, end of period		$	12.13			$	13.87			$	13.58
Total return(c)			(7.16	)%			3.22	%			35.80	%
Net assets, end of period (in 000s)		$	616			$	481			$	83
Ratio of total expenses to average net assets			2.10	%			2.14	%			4.85	%(d)
Ratio of net expenses to average net assets			2.01	%			2.01	%			2.02	%(d)
Ratio of net investment income (loss) to average net assets			0.05	%			(0.39	)%			0.51	%(d)
Portfolio turnover rate(e)			44	%			75	%			10	%

(a) Commenced operations on June 26, 2020.

(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 CLEAN ENERGY INCOME FUND

 Financial Highlights (continued)

  Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Clean Energy Income Fund
	Institutional Shares
	Year Ended November 30,								Period Ended November 30, 2020(a)
	2022				2021
Per Share Data
Net asset value, beginning of period		$	13.95			$	13.61			$	10.00
Net investment income(b)			0.14				0.11				0.08
Net realized and unrealized gain (loss)			(0.98	)			0.49				3.56
Total from investment operations			(0.84	)			0.60				3.64
Distributions to shareholders from net investment income			(0.06	)			(0.21	)			(0.03	)
Distributions to shareholders from net realized gains			(0.68	)			(0.05	)			—
Distributions to shareholders from return of capital			(0.16	)			—				—
Total distributions			(0.90	)			(0.26	)			(0.03	)
Net asset value, end of period		$	12.21			$	13.95			$	13.61
Total return(c)			(6.14	)%			4.45	%			36.40	%
Net assets, end of period (in 000s)		$	7,667			$	8,538			$	7,070
Ratio of total expenses to average net assets			0.98	%			1.03	%			3.62	%(d)
Ratio of net expenses to average net assets			0.89	%			0.89	%			0.89	%(d)
Ratio of net investment income to average net assets			1.12	%			0.76	%			1.52	%(d)
Portfolio turnover rate(e)			44	%			75	%			10	%

(a) Commenced operations on June 26, 2020.

(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. 25

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

 Financial Highlights (continued)

  Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Clean Energy Income Fund
	Investor Shares
	Year Ended November 30,								Period Ended November 30, 2020(a)
	2022				2021
Per Share Data
Net asset value, beginning of period		$	13.93			$	13.61			$	10.00
Net investment income(b)			0.13				0.07				0.07
Net realized and unrealized gain (loss)			(0.98	)			0.51				3.56
Total from investment operations			(0.85	)			0.58				3.63
Distributions to shareholders from net investment income			(0.05	)			(0.21	)			(0.02	)
Distributions to shareholders from net realized gains			(0.68	)			(0.05	)			—
Distributions to shareholders from return of capital			(0.16	)			—				—
Total distributions			(0.89	)			(0.26	)			(0.02	)
Net asset value, end of period		$	12.19			$	13.93			$	13.61
Total return(c)			(6.25	)%			4.27	%			36.33	%
Net assets, end of period (in 000s)		$	10,087			$	5,653			$	68
Ratio of total expenses to average net assets			1.10	%			1.14	%			3.86	%(d)
Ratio of net expenses to average net assets			1.01	%			1.01	%			1.02	%(d)
Ratio of net investment income to average net assets			1.04	%			0.53	%			1.39	%(d)
Portfolio turnover rate(e)			44	%			75	%			10	%

(a) Commenced operations on June 26, 2020.

(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.

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

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Clean Energy Income Fund
	Class R6 Shares
	Year Ended November 30,						Period Ended November 30, 2020(a)
	2022			2021
Per Share Data
Net asset value, beginning of period		$13.95			$13.61			$10.00
Net investment income(b)		0.15			0.11			0.08
Net realized and unrealized gain (loss)		(0.99	)		0.49			3.56
Total from investment operations		(0.84	)		0.60			3.64
Distributions to shareholders from net investment income		(0.06	)		(0.21	)		(0.03	)
Distributions to shareholders from net realized gains		(0.68	)		(0.05	)		—
Distributions to shareholders from return of capital		(0.16	)		—			—
Total distributions		(0.90	)		(0.26	)		(0.03	)
Net asset value, end of period		$12.21			$13.95			$13.61
Total return(c)		(6.13	)%		4.46	%		36.40	%
Net assets, end of period (in 000s)		$     99			$     71			$     68
Ratio of total expenses to average net assets		0.97	%		1.02	%		3.72	%(d)
Ratio of net expenses to average net assets		0.89	%		0.88	%		0.88	%(d)
Ratio of net investment income to average net assets		1.20	%		0.75	%		1.53	%(d)
Portfolio turnover rate(e)		44	%		75	%		10	%
(a)   Commenced operations on June 26, 2020. (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. 27

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Clean Energy Income Fund
	Class R Shares
	Year Ended November 30,						Period Ended November 30, 2020(a)
	2022			2021
Per Share Data
Net asset value, beginning of period	$	13.94		$	13.61		$	10.00
Net investment income(b)		0.06			0.02			0.05
Net realized and unrealized gain (loss)		(0.97	)		0.48			3.56
Total from investment operations		(0.91	)		0.50			3.61
Distributions to shareholders from net investment income		(0.04	)		(0.12	)		—
Distributions to shareholders from net realized gains		(0.68	)		(0.05	)		—
Distributions to shareholders from return of capital		(0.10	)		—			—
Total distributions		(0.82	)		(0.17	)		—
Net asset value, end of period	$	12.21		$	13.94		$	13.61
Total return(c)		(6.69	)%		3.73	%		36.10	%
Net assets, end of period (in 000s)	$	66		$	75		$	68
Ratio of total expenses to average net assets		1.60	%		1.65	%		4.36	%(d)
Ratio of net expenses to average net assets		1.51	%		1.51	%		1.52	%(d)
Ratio of net investment income to average net assets		0.50	%		0.13	%		0.89	%(d)
Portfolio turnover rate(e)		44	%		75	%		10	%
(a)   Commenced operations on June 26, 2020. (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.

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

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Clean Energy Income Fund
	Class P Shares
	Year Ended November 30,						Period Ended November 30, 2020(a)
	2022			2021
Per Share Data
Net asset value, beginning of period	$	13.94		$	13.61			$    10.00
Net investment income(b)		0.14			0.11			0.08
Net realized and unrealized gain (loss)		(0.98	)		0.48			3.56
Total from investment operations		(0.84	)		0.59			3.64
Distributions to shareholders from net investment income		(0.06	)		(0.21	)		(0.03	)
Distributions to shareholders from net realized gains		(0.68	)		(0.05	)		—
Distributions to shareholders from return of capital		(0.16	)		—			—
Total distributions		(0.90	)		(0.26	)		(0.03	)
Net asset value, end of period	$	12.20		$	13.94			$    13.61
Total return(c)		(6.14	)%		4.39	%		36.41	%
Net assets, end of period (in 000s)	$	293,501		$	421,488			$115,158
Ratio of total expenses to average net assets		0.97	%		1.01	%		1.85	%(d)
Ratio of net expenses to average net assets		0.88	%		0.88	%		0.88	%(d)
Ratio of net investment income to average net assets		1.11	%		0.78	%		1.41	%(d)
Portfolio turnover rate(e)		44	%		75	%		10	%
(a)   Commenced operations on June 26, 2020. (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. 29

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Energy Infrastructure Fund
	Class A Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	9.56		$	7.18		$	8.64		$	9.26		$	9.54
Net investment income (a)		0.07			0.06			0.03			0.12			0.11
Net realized and unrealized gain (loss)		2.70			2.71			(1.16	)(b)		(0.36	)(b)		(0.12)
Total from investment operations		2.77			2.77			(1.13	)		(0.24	)		(0.01)
Distributions to shareholders from net investment income		(0.37	)		(0.39	)		(0.05	)		(0.23	)		(0.11)
Distributions to shareholders from net realized gains		(0.40	)		—			(0.05	)		—			—
Distributions to shareholders from return of capital		—			—			(0.23	)		(0.15	)		(0.16)
Total distributions		(0.77	)		(0.39	)		(0.33	)		(0.38	)		(0.27)
Net asset value, end of year	$	11.56		$	9.56		$	7.18		$	8.64		$	9.26
Total return(c)		30.74	%		38.55	%		(13.05	)%		(2.82	)%		(0.21)	%
Net assets, end of year (in 000s)	$	2,296		$	617		$	68		$	55		$	48
Ratio of total expenses to average net assets		1.54	%		1.53	%		1.73	%		2.47	%		15.71%	(d)
Ratio of net expenses to average net assets		1.47	%		1.47	%		1.48	%		1.50	%		1.49%
Ratio of net investment income to average net assets		0.67	%		0.68	%		0.35	%		1.24	%		1.14%
Portfolio turnover rate(e)		56	%		58	%		121	%		59	%		67%
(a)   Calculated based on the average shares outstanding methodology. (b)   Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. (c)   Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (d)   The amount reflects certain expense reallocations between the classes due to the timing of sales and redemptions of Fund class shares. (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 ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Energy Infrastructure Fund
	Class C Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	9.58		$	7.20		$	8.64		$	9.26		$	9.54
Net investment income (loss)(a)		(0.01	)		0.01			(0.02	)		0.08			0.04
Net realized and unrealized gain (loss)		2.71			2.69			(1.16	)(b)		(0.39	)(b)		(0.12)
Total from investment operations		2.70			2.70			(1.18	)		(0.31	)		(0.08)
Distributions to shareholders from net investment income		(0.28	)		(0.32	)		(0.02	)		(0.19	)		(0.08)
Distributions to shareholders from net realized gains		(0.40	)		—			(0.05	)		—			—
Distributions to shareholders from return of capital		—			—			(0.19	)		(0.12	)		(0.12)
Total distributions		(0.68	)		(0.32	)		(0.26	)		(0.31	)		(0.20)
Net asset value, end of year	$	11.60		$	9.58		$	7.20		$	8.64		$	9.26
Total return(c)		29.76	%		37.44	%		(13.60	)%		(3.63	)%		(0.86)%
Net assets, end of year (in 000s)	$	556		$	448		$	135		$	154		$	48
Ratio of total expenses to average net assets		2.29	%		2.28	%		2.48	%		3.17	%		16.47%	(d)
Ratio of net expenses to average net assets		2.22	%		2.22	%		2.23	%		2.25	%		2.24%
Ratio of net investment income (loss) to average net assets		(0.12	)%		0.16	%		(0.34	)%		0.89	%		0.39%
Portfolio turnover rate(e)		56	%		58	%		121	%		59	%		67%
(a)   Calculated based on the average shares outstanding methodology. (b)   Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. (c)   Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (d)   The amount reflects certain expense reallocations between the classes due to the timing of sales and redemptions of Fund class shares. (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 ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Energy Infrastructure Fund
	Institutional Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	9.59		$	7.19		$	8.65		$	9.26		$	9.54
Net investment income(a)		0.11			0.10			0.05			0.15			0.15
Net realized and unrealized gain (loss)		2.72			2.70			(1.16	)(b)		(0.35	)(b)		(0.12)
Total from investment operations		2.83			2.80			(1.11	)		(0.20	)		0.03
Distributions to shareholders from net investment income		(0.40	)		(0.40	)		(0.05	)		(0.25	)		(0.12)
Distributions to shareholders from net realized gains		(0.40	)		—			(0.05	)		—			—
Distributions to shareholders from return of capital		—			—			(0.25	)		(0.16	)		(0.19)
Total distributions		(0.80	)		(0.40	)		(0.35	)		(0.41	)		(0.31)
Net asset value, end of year	$	11.62		$	9.59		$	7.19		$	8.65		$	9.26
Total return(c)		31.17	%		39.03	%		(12.74	)%		(2.36	)%		0.18%
Net assets, end of year (in 000s)	$	1,240		$	1,323		$	2,415		$	2,606		$	2,650
Ratio of total expenses to average net assets		1.17	%		1.18	%		1.35	%		2.09	%		15.32%	(d)
Ratio of net expenses to average net assets		1.10	%		1.10	%		1.10	%		1.11	%		1.10%
Ratio of net investment income to average net assets		1.04	%		1.13	%		0.74	%		1.62	%		1.53%
Portfolio turnover rate(e)		56	%		58	%		121	%		59	%		67%
(a)   Calculated based on the average shares outstanding methodology. (b)   Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. (c)   Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (d)   The amount reflects certain expense reallocations between the classes due to the timing of sales and redemptions of Fund class shares. (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.

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

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Energy Infrastructure Fund
	Investor Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	9.59		$	7.19		$	8.65		$	9.26		$	9.54
Net investment income(a)		0.10			0.09			0.04			0.14			0.14
Net realized and unrealized gain (loss)		2.71			2.71			(1.16	)(b)		(0.35	)(b)		(0.13)
Total from investment operations		2.81			2.80			(1.12	)		(0.21	)		0.01
Distributions to shareholders from net investment income		(0.39	)		(0.40	)		(0.05	)		(0.24	)		(0.11)
Distributions to shareholders from net realized gains		(0.40	)		—			(0.05	)		—			—
Distributions to shareholders from return of capital		—			—			(0.24	)		(0.16	)		(0.18)
Total distributions		(0.79	)		(0.40	)		(0.34	)		(0.40	)		(0.29)
Net asset value, end of year	$	11.61		$	9.59		$	7.19		$	8.65		$	9.26
Total return(c)		31.02	%		38.90	%		(12.86	)%		(2.50	)%		0.04%
Net assets, end of year (in 000s)	$	77		$	57		$	41		$	47		$	48
Ratio of total expenses to average net assets		1.29	%		1.29	%		1.49	%		2.23	%		15.46%	(d)
Ratio of net expenses to average net assets		1.23	%		1.22	%		1.23	%		1.25	%		1.24%
Ratio of net investment income to average net assets		0.91	%		0.96	%		0.61	%		1.49	%		1.39%
Portfolio turnover rate(e)		56	%		58	%		121	%		59	%		67%

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

(b) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

(d) The amount reflects certain expense reallocations between the classes due to the timing of sales and redemptions of Fund class shares.

(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. 33

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Energy Infrastructure Fund
	Class R6 Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	9.58		$	7.18		$	8.65		$	9.26		$	9.54
Net investment income(a)		0.11			0.10			0.06			0.16			0.15
Net realized and unrealized gain (loss)		2.70			2.71			(1.18	)(b)		(0.36	)(b)		(0.12)
Total from investment operations		2.81			2.81			(1.12	)		(0.20	)		0.03
Distributions to shareholders from net investment income		(0.40	)		(0.41	)		(0.05	)		(0.25	)		(0.12)
Distributions to shareholders from net realized gains		(0.40	)		—			(0.05	)		—			—
Distributions to shareholders from return of capital		—			—			(0.25	)		(0.16	)		(0.19)
Total distributions		(0.80	)		(0.41	)		(0.35	)		(0.41	)		(0.31)
Net asset value, end of year	$	11.59		$	9.58		$	7.18		$	8.65		$	9.26
Total return(c)		31.11	%		39.13	%		(12.83	)%		(2.35	)%		0.19%
Net assets, end of year (in 000s)	$	86,997		$	81,455		$	78,375		$	47		$	48
Ratio of total expenses to average net assets		1.15	%		1.17	%		1.30	%		2.08	%		15.31%	(d)
Ratio of net expenses to average net assets		1.09	%		1.09	%		1.09	%		1.10	%		1.09%
Ratio of net investment income to average net assets		1.00	%		1.10	%		0.92	%		1.64	%		1.54%
Portfolio turnover rate(e)		56	%		58	%		121	%		59	%		67%

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

(b) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

(d) The amount reflects certain expense reallocations between the classes due to the timing of sales and redemptions of Fund class shares.

(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.

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

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Energy Infrastructure Fund
	Class R Shares
	Year Ended November 30,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	9.60		$	7.19		$	8.65		$	9.26		$	9.54
Net investment income(a)		0.04			0.04			0.01			0.09			0.09
Net realized and unrealized gain (loss)		2.71			2.72			(1.17	)(b)		(0.35	)(b)		(0.12)
Total from investment operations		2.75			2.76			(1.16	)		(0.26	)		(0.03)
Distributions to shareholders from net investment income		(0.33	)		(0.35	)		(0.04	)		(0.21	)		(0.10)
Distributions to shareholders from net realized gains		(0.40	)		—			(0.05	)		—			—
Distributions to shareholders from return of capital		—			—			(0.21	)		(0.14	)		(0.15)
Total distributions		(0.73	)		(0.35	)		(0.30	)		(0.35	)		(0.25)
Net asset value, end of year	$	11.62		$	9.60		$	7.19		$	8.65		$	9.26
Total return(c)		30.37	%		38.33	%		(13.34	)%		(2.98	)%		(0.46)%
Net assets, end of year (in 000s)	$	72		$	56		$	40		$	49		$	49
Ratio of total expenses to average net assets		1.79	%		1.79	%		1.99	%		2.73	%		15.94%	(d)
Ratio of net expenses to average net assets		1.72	%		1.72	%		1.73	%		1.75	%		1.74%
Ratio of net investment income to average net assets		0.40	%		0.47	%		0.10	%		0.99	%		0.89%
Portfolio turnover rate(e)		56	%		58	%		121	%		59	%		67%

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

(b) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

(d) The amount reflects certain expense reallocations between the classes due to the timing of sales and redemptions of Fund class shares.

(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. 35

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Energy Infrastructure Fund
	Class P Shares
	Year Ended November 30,																Period Ended November 30, 2018(a)
	2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	9.58			$	7.18			$	8.64			$	9.26			$	9.52
Net investment income(b)			0.11				0.10				0.06				0.17				0.14
Net realized and unrealized gain (loss)			2.71				2.71				(1.17	)(c)			(0.38	)(c)			(0.09	)
Total from investment operations			2.82				2.81				(1.11	)			(0.21	)			0.05
Distributions to shareholders from net investment income			(0.40	)			(0.41	)			(0.05	)			(0.25	)			(0.12	)
Distributions to shareholders from net realized gains			(0.40	)			—				(0.05	)			—				—
Distributions to shareholders from return of capital			—				—				(0.25	)			(0.16	)			(0.19	)
Total distributions			(0.80	)			(0.41	)			(0.35	)			(0.41	)			(0.31	)
Net asset value, end of period		$	11.60			$	9.58			$	7.18			$	8.64			$	9.26
Total return(d)			31.22	%			39.13	%			(12.74	)%			(2.46	)%			0.42	%
Net assets, end of period (in 000s)		$	296,933			$	213,647			$	160,821			$	64,970			$	2,640
Ratio of total expenses to average net assets			1.16	%			1.16	%			1.33	%			1.92	%			4.04	%(e)(f)
Ratio of net expenses to average net assets			1.09	%			1.09	%			1.09	%			1.10	%			1.09	%(e)
Ratio of net investment income to average net assets			1.04	%			1.10	%			0.84	%			1.78	%			2.37	%(e)
Portfolio turnover rate(g)			56	%			58	%			121	%			59	%			67	%

(a) Commenced operations on April 14, 2018.

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

(c) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(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 amount reflects certain expense reallocations between the classes due to the timing of sales and redemptions of Fund class shares.

(g) 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 ENERGY FUNDS

Notes to Financial Statements

November 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 “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
Clean Energy Income Fund and Energy Infrastructure Fund	A, C, Institutional, Investor, R6, R and P	Non-diversified

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

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

    2.   SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. 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. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

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 and 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 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. Net investment income distributions, if any, are declared and paid at least semi-annually. Capital gains distributions, if any, are declared and paid annually.

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

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Notes to Financial Statements (continued)

November 30, 2022

    2.  SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the Funds 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); each 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 each Fund, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a 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).

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GOLDMAN SACHS ENERGY FUNDS

    3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Private Investments in Public Equities — The Funds invest in equity securities of an issuer that are issued through a private investment in public equity (“PIPE”) transaction. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the issuer’s common stock. Securities purchased through PIPE transactions will be restricted from trading and generally considered illiquid until a registration statement for the shares is filed and declared effective. These securities are valued the same as other equity securities as noted above and generally include a Liquidity Valuation Adjustment (LVA), which is a discount to the market price of an issuer’s common stock, to reflect trading restrictions. The LVA is based on the length of the lock-up time period and volatility of the underlying security. Securities purchased through PIPE transactions are classified as Level 2 until such time as the trading restriction is removed.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Shares class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Money Market’s 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 each Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

Special Purpose Acquisition Companies — Each Fund may invest in stock of, warrants to purchase stock of, and other interests in, special purpose acquisition companies or similar special purpose entities that pool funds to seek potential merger and acquisition opportunities (collectively, “SPACs”). SPACs are companies that have no operations but go public with the intention of merging with or acquiring a company using the proceeds of the SPAC’s initial public offering. Stock purchased in a SPAC’s initial public offering are valued the same as other equity securities as noted above. Certain private SPAC investments (e.g. “founder shares” and private warrants), however, may be subject to forfeiture or expire worthless if certain events do not take place. A Probability Valuation Adjustment (PVA) is applied to such securities until such contingencies have been satisfied. An LVA may also be applied to securities which are subject to externally imposed and legally enforceable trading restrictions. Such positions are generally classified as Level 3.

Each Fund may also enter into an unfunded commitment to purchase securities in a PIPE transaction and will satisfy the commitment if and when the SPAC completes its merger or acquisition. Each Fund may purchase securities in a SPAC PIPE transaction only upon such contingencies being satisfied. Such investments are valued similar to founder shares mentioned above and are generally classified as Level 3.

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GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

November 30, 2022

     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 November 30, 2022:

    CLEAN ENERGY INCOME FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	6,903,409	$	82,339,582	$	—
North America		227,797,352		—		—
South America		1,684,256		—		—
Securities Lending Reinvestment Vehicle		1,254,600		—		—
Warrants		—		912		—
Total	$	237,639,617	$	82,340,494	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

    ENERGY INFRASTRUCTURE FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	387,976,088	$	—	$	—
Warrants		—		781		—
Investment Company		1,154,222		—		—
Total	$	389,130,310	$	781	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

     4.  AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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GOLDMAN SACHS ENERGY FUNDS

     4.  AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of each 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 each Fund’s average daily net assets. For the fiscal year ended November 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
Clean Energy Income Fund	0.80%	0.72%	0.68%	0.67%	0.66%	0.80%
Energy Infrastructure Fund	1.00	0.90	0.86	0.84	0.82	1.00

^#  Effective Net Management Rate includes impact of management fee waivers of underlying funds, if any.

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 Funds in which each Fund invests. For the fiscal year ended November 30, 2022, GSAM waived $1,387 and $1,396 of the Funds’ management fees for the Clean Energy Income and Energy Infrastructure Funds, 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 the Funds, 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		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 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 fiscal year ended November 30, 2022, Goldman Sachs retained $5,673 and $5,704 related to Clean Energy Income Class A and Energy Infrastructure Class A respectively.

D. Service Plan — The Trust, on behalf of each 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.

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GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

November 30, 2022

  4.  AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 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 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 Clean Energy Income Fund and Energy Infrastructure Fund are 0.054% and 0.064%, respectively. These Other Expense limitations will remain in place through at least March 30, 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. Such Other Expense reimbursements, if any, are accrued daily and paid monthly and are disclosed in the Statements of Operations for the fiscal year ended November 30, 2022. For the fiscal year ended November 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
Clean Energy Income Fund	$1,387	$ 6	$302,743		$304,136
Energy Infrastructure Fund	1,396	—	237,987		239,383

G. Line of Credit Facility — As of November 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 fiscal year ended November 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 fiscal year ended November 30, 2022, Goldman Sachs earned $60,501 in brokerage commissions from portfolio transactions, including future transactions executed with Goldman Sachs as the Future Commission Merchant, on behalf of the Clean Energy Income Fund.

As of November 30, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

Fund	Institutional	Investor	Class R6	Class R
Clean Energy Income Fund	6%	—%	68%		100	%
Energy Infrastructure Fund	—	97	—		100

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GOLDMAN SACHS ENERGY FUNDS

     4.  AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the fiscal year ended November 30, 2022:

Fund	Underlying Fund	Beginning Value as of November 30, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of November 30, 2022		Shares as of November 30, 2022		Dividend Income
Clean Energy Income Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	60,389,089	$	(60,389,089	)	$	—		—	$	11,608
Energy Infrastructure Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares		4,353,533		80,033,306		(83,232,617	)		1,154,222		1,154,222		4,351

     5.  PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended November 30, 2022, were as follows:

Fund	Purchases		Sales
Clean Energy Income Fund	$	154,924,262	$	250,407,164
Energy Infrastructure Fund		221,500,098		210,055,122

     6.  SECURITIES LENDING

The Clean Energy Income Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. 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 its 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 Statement 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 Fund invests the cash collateral received in connection with securities lending transactions in the 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, BNYM may 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 BNYM is unable to purchase replacement securities, BNYM 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

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GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

November 30, 2022

     6.  SECURITIES LENDING (continued)

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 November 30, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the fiscal year ended November 30, 2022, are reported under Investment Income on the Statements of Operations. The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended November 30, 2022.

Fund	Beginning Value as of November 30, 2021	Purchases at cost		Proceeds from Sales			Ending Value as of November 30, 2022
Clean Energy Income Fund	$1,995,814	$	26,588,773	$	(27,329,987	)	$1,254,600

     7.  TAX INFORMATION

The tax character of distributions paid during the fiscal year ended November 30, 2022 was as follows:

	Clean Energy Income		Energy Infrastructure
Distributions paid from:
Ordinary income		$21,731,957		$15,866,957
Net long-term capital gains		331,609		10,806,831
Total taxable distributions		$22,063,566		$26,673,788
Tax return of capital		$  4,547,315		$              —

The tax character of distributions paid during the fiscal year ended November 30, 2021 was as follows:

	Clean Energy Income		Energy Infrastructure
Distributions paid from:
Ordinary income		$6,516,486		$12,512,636
The tax character of distributions paid during the for the fiscal year ended November 30, 2022 was as follows:
	Clean Energy Income		Energy Infrastructure
Undistributed long-term capital gains		$                —		$    7,263,640
Capital loss carryforwards:
Perpetual Short-Term		(8,694,842)		—
Perpetual Long-Term		(2,572,992)		—
Total capital loss carryforwards		(11,267,834)		—
Timing differences (Post October Loss Deferral/ Late Year Ordinary Loss Deferral)		$  (2,160,986)		$     (707,192)
Unrealized gains (loss) — net		(31,308,103)		153,964,482
Total accumulated earnings (loss) net		$(44,736,923)		$160,520,930

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GOLDMAN SACHS ENERGY FUNDS

     7.  TAX INFORMATION (continued)

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

	Clean Energy Income				Energy Infrastructure
Tax Cost		$	351,282,604			$	235,161,542
Gross unrealized gain			18,426,033				155,967,478
Gross unrealized loss			(49,734,136	)			(2,002,996	)
Net unrealized loss		$	(31,308,103	)		$	153,964,482

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of partnership investments.

The Clean Energy Income Fund and Energy Infrastructure Fund reclassed $1 and $3,483, respectively from paid in capital to distributable earnings for the year ending November 30, 2022. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from net operating losses.

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

     8.  OTHER RISKS

Clean Energy Sector Risk — The Clean Energy Income Fund concentrates its investments in the clean energy group of industries, and will therefore be susceptible to adverse economic, business, social, political, environmental, regulatory or other developments affecting that group of industries. Clean energy companies may be more volatile than companies operating in more established industries. Certain valuation methods used to value clean energy companies have not been in widespread use for a significant period of time and may further increase the volatility of certain clean energy company share prices. Clean energy companies and other companies operating in the clean energy group of industries are subject to specific risks, including, among others: fluctuations in commodity prices and/or interest rates; changes in governmental or environmental regulation; reduced availability of clean energy sources or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; seasonal weather conditions, extreme weather or other natural disasters; and threats of attack by terrorists on certain clean energy assets. Clean energy companies can be significantly affected by the supply of, and demand for, particular energy products, which may result in overproduction or underproduction. Additionally, changes in the regulatory environment for clean energy companies may adversely impact their profitability. Obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants and general economic conditions can significantly affect companies in the clean energy group of industries. Certain investments may be dependent on U.S. and foreign government policies, including tax incentives and subsidies. Adhering to the clean energy company criteria and applying the Investment Adviser’s supplemental clean energy analysis may also affect the Fund’s performance relative to other energy sector-focused funds that do not adhere to such criteria or apply such analysis.

Dividend-Paying Investments Risk — The Funds’ investments in dividend-paying securities could cause the Funds 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 Funds’ 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. A sharp rise in interest rates or an economic downturn could cause an issuer to abruptly reduce or eliminate its dividend. This may limit the ability of the Funds to produce current income.

45

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

November 30, 2022

    8.  OTHER RISKS (continued)

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

Foreign Custody Risk — If a Fund invests in foreign securities, 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.

Geographic and Sector Risk — Each Fund focuses its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

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

46

GOLDMAN SACHS ENERGY FUNDS

    8.  OTHER RISKS (continued)

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 Fund’s NAV and dilute remaining investors’ interests. 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.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

Non-Diversification Risk — Each Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, each 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.

Private Investment Risk — The Funds may invest in PIPE securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company’s common stock. In a PIPE transaction, the Funds may bear the price risk from the time of pricing until the time of closing. Equity issued in this manner is often subject to transfer restrictions and is therefore less liquid than equity issued through a registered public offering. The Funds may be subject to lock-up agreements that prohibit transfers for a fixed period of time. In addition, because the sale of the securities in a PIPE transaction is not registered under the Securities Act, the securities are “restricted” and cannot be immediately resold into the public markets. The ability of the Funds to freely transfer restricted shares is conditioned upon, among other things, the SEC’s preparedness to declare the resale registration statement effective and the issuer’s right to suspend the Funds’ use of the resale registration statement if the issuer is pursuing a transaction or some other material non-public event is occurring. Accordingly, PIPE securities may be subject to risks associated with illiquid securities.

Special Purpose Acquisition Companies Risk — The Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek potential acquisition opportunities. Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. An investment in a SPAC is subject to a variety of risks, including that (i) a portion of the monies raised by the SPAC for the purpose of effecting an acquisition or merger may be expended prior to the transaction for payment of taxes and other purposes; (ii) prior to any acquisition or merger, a SPAC’s assets are typically invested in government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of the Fund’s other investments; (iii) the Fund generally will not receive significant income from its investments in SPACs (both prior to and after any acquisition or merger) and, therefore, the Fund’s investments in SPACs will not significantly contribute to the Fund’s distributions to shareholders; (iv) an attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders; (v) if an acquisition or merger target is identified, the Fund may elect not to participate in the proposed transaction or the Fund may be required to divest its interests in the SPAC due to regulatory or other considerations, in which case the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; (vi) any proposed merger or

47

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

November 30, 2022

    8.  OTHER RISKS (continued)

acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders; (vii) under any circumstances in which the Fund receives a refund of all or a portion of its original investment (which typically represents a pro rata share of the proceeds of the SPAC’s assets, less any applicable taxes), the returns on that investment may be negligible, and the Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher returns; (viii) to the extent an acquisition or merger is announced or completed, shareholders who redeem their shares prior to that time may not reap any resulting benefits; (ix) the Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (x) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (xi) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (xii) only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC interest’s intrinsic value; and (xiii) the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

Tax Risks — Tax risks associated with investments in the Funds include but are not limited to the following:

MLP Tax Risk. MLPs are generally treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction in the value of a Fund’s investment in the MLP and lower income to the Fund.

To the extent a distribution received by a Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP will be reduced, which may increase the Fund’s tax liability upon the sale of the interests in the MLP or upon subsequent distributions in respect of such interests.

    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 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.

48

GOLDMAN SACHS ENERGY FUNDS

11.  SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Clean Energy Income Fund
	For the Fiscal Year Ended   November 30, 2022						For the Fiscal Year Ended November 30, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		133,930		$	1,662,074			507,281		$	7,429,860
Reinvestment of distributions		24,713			313,544			4,512			62,683
Shares redeemed		(152,649	)		(1,911,402	)		(277,210	)		(3,902,864	)
		5,994			64,216			234,583			3,589,679
Class C Shares
Shares sold		15,865			201,756			36,360			511,850
Reinvestment of distributions		2,252			28,531			159			2,210
Shares redeemed		(2,067	)		(25,031	)		(7,932	)		(113,832	)
		16,050			205,256			28,587			400,228
Institutional Shares
Shares sold		171,937			2,187,639			653,290			9,386,421
Reinvestment of distributions		42,564			539,166			14,325			198,539
Shares redeemed		(198,725	)		(2,531,050	)		(574,767	)		(8,340,621	)
		15,776			195,755			92,848			1,244,339
Investor Shares
Shares sold		719,660			9,430,414			416,323			5,841,399
Reinvestment of distributions		35,068			439,983			2,867			40,192
Shares redeemed		(333,199	)		(3,874,537	)		(18,376	)		(262,056	)
		421,529			5,995,860			400,814			5,619,535
Class R6 Shares
Shares sold		2,796			32,112			—			—
Reinvestment of distributions		390			4,917			96			1,334
Shares redeemed		(181	)		(2,237	)		—			—
		3,005			34,792			96			1,334
Class R Shares
Shares sold		—			—			284			3,800
Reinvestment of distributions		345			4,401			66			916
Shares redeemed		(301	)		(3,693	)		—			—
		44			708			350			4,716
Class P Shares
Shares sold		7,959,236			101,209,085			25,911,058			374,683,727
Reinvestment of distributions		1,992,051			25,267,103			447,012			6,209,067
Shares redeemed		(16,137,582	)		(206,899,684	)		(4,580,565	)		(63,646,831	)
		(6,186,295	)		(80,423,496	)		21,777,505			317,245,963
NET INCREASE (DECREASE)		(5,723,897	)	$	(73,926,909	)		22,534,783		$	328,105,794

49

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

November 30, 2022

11.  SUMMARY OF SHARE TRANSACTIONS (continued)

	Energy Infrastructure Fund
	For the Fiscal Year Ended November 30, 2022						For the Fiscal Year Ended November 30, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		226,447		$	2,507,760			134,376		$	1,311,580
Reinvestment of distributions		8,144			83,140			1,953			19,013
Shares redeemed		(100,583	)		(1,074,467	)		(81,252	)		(752,810	)
		134,008			1,516,433			55,077			577,783
Class C Shares
Shares sold		17,146			175,590			26,988			290,437
Reinvestment of distributions		3,419			33,014			1,077			10,534
Shares redeemed		(19,434	)		(205,183	)		—			—
		1,131			3,421			28,065			300,971
Institutional Shares
Shares sold		66,368			719,107			36,290			332,000
Reinvestment of distributions		9,471			91,476			10,985			105,304
Shares redeemed		(107,008	)		(1,001,299	)		(245,279	)		(2,584,666	)
		(31,169	)		(190,716	)		(198,004	)		(2,147,362	)
Investor Shares
Shares sold		219			2,449			—			—
Reinvestment of distributions		490			4,813			235			2,271
Shares redeemed		—			(4	)		—			—
		709			7,258			235			2,271
Class R6 Shares
Shares sold		5,075,906			52,467,089			—			—
Reinvestment of distributions		741,095			7,236,655			348,448			3,350,814
Shares redeemed		(6,819,197	)		(73,871,662	)		(2,756,892	)		(22,000,000	)
		(1,002,196	)		(14,167,918	)		(2,408,444	)		(18,649,186	)
Class R Shares
Shares sold		363			4,000			—			—
Reinvestment of distributions		452			4,410			201			1,952
Shares redeemed		(368	)		(3,996	)		—			—
		447			4,414			201			1,952
Class P Shares
Shares sold		3,974,840			42,150,498			2,699,098			22,793,255
Reinvestment of distributions		1,942,759			19,117,834			929,872			8,970,473
Shares redeemed		(2,624,150	)		(27,764,286	)		(3,719,117	)		(32,392,197	)
		3,293,449			33,504,046			(90,147	)		(628,469	)
NET INCREASE (DECREASE)		2,396,379		$	20,676,938			(2,613,017	)	$	(20,542,040	)

50

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Clean Energy Income Fund and Goldman Sachs Energy Infrastructure Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Clean Energy Income Fund and Goldman Sachs Energy Infrastructure Fund (two of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of November 30, 2022, the related statements of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

January 25, 2023

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

51

GOLDMAN SACHS ENERGY FUNDS

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

As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R and Class P of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares for certain Funds), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, and Class R and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6, Class R and Class P 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 June 1, 2022 through November 30, 2022, which represents a period of 183 days of a 365-day year. This projection assumes that annualized expense ratios were in effect during the period.

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

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

	Clean Energy Income Fund							Energy Infrastructure Fund
Share Class	Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/22*		Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/22*
Class A
Actual	$	1,000.00	$	968.10			$    6.23	$	1,000.00	$	1,024.20			$    7.48
Hypothetical 5% return		1,000.00		1,018.70	+		6.39		1,000.00		1,017.70	+		7.46
Class C
Actual		1,000.00		964.70			9.92		1,000.00		1,020.50			11.26
Hypothetical 5% return		1,000.00		1,015.00	+		10.17		1,000.00		1,013.90	+		11.23
Institutional
Actual		1,000.00		969.70			4.41		1,000.00		1,025.80			5.61
Hypothetical 5% return		1,000.00		1,020.60	+		4.53		1,000.00		1,019.50	+		5.59
Investor
Actual		1,000.00		969.40			5.00		1,000.00		1,025.40			6.24
Hypothetical 5% return		1,000.00		1,020.00	+		5.13		1,000.00		1,018.90	+		6.22
Class R6
Actual		1,000.00		969.80			4.38		1,000.00		1,025.90			5.56
Hypothetical 5% return		1,000.00		1,020.60	+		4.49		1,000.00		1,019.60	+		5.54
Class R
Actual		1,000.00		967.10			7.47		1,000.00		1,023.20			8.75
Hypothetical 5% return		1,000.00		1,017.50	+		7.67		1,000.00		1,016.40	+		8.72
Class P
Actual		1,000.00		969.80			4.36		1,000.00		1,026.70			5.56
Hypothetical 5% return		1,000.00		1,020.60	+		4.48		1,000.00		1,019.60	+		5.54

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended November 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
Clean Energy Income Fund		1.26	%		2.01	%		0.89	%		1.01	%		0.89	%		1.52	%		0.88	%
Energy Infrastructure Fund		1.47			2.22			1.10			1.23			1.09			1.73			1.09

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

52

GOLDMAN SACHS ENERGY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Clean Energy Income Fund and the Goldman Sachs Energy Infrastructure 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 Clean Energy Income Fund, which commenced operations on June 26, 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;

53

GOLDMAN SACHS ENERGY 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, 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 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 (with respect to the Energy Infrastructure Fund) ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using

54

GOLDMAN SACHS ENERGY FUNDS

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

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- and three-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 Clean Energy Income Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group for the one-year period, and had outperformed the Fund’s benchmark index for the one-year period ended March 31, 2022. They observed that the Energy Infrastructure Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one- and three-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.

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:

55

GOLDMAN SACHS ENERGY FUNDS

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

Average Daily Net Assets	Clean Energy Income	Energy Infrastructure
First $1 billion	0.80%	1.00%
Next $1 billion	0.72	0.90
Next $3 billion	0.68	0.86
Next $3 billion	0.67	0.84
Over $8 billion	0.66	0.82

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.

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) 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) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending 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; and (k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; 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

56

GOLDMAN SACHS ENERGY FUNDS

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

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.

57

GOLDMAN SACHS ENERGY FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex  Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer5 Age: 73	Chair of the Board of Trustees	Since 2018   (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Dwight L. Bush Age: 65	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	MoneyLion, Inc. (an operator of a data-driven, digital finance platform)
Kathryn A. Cassidy   Age: 68	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Vertical Aerospace, Ltd. (an aerospace and technology company)
John G. Chou Age: 66	Trustee	Since 2022	Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021-Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Diana M. Daniels5 Age: 73	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Joaquin Delgado Age: 62	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011–present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019–2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019–January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)
Eileen H. Dowling Age: 60	Trustee	Since 2021	Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

58

GOLDMAN SACHS ENERGY FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex  Overseen by Trustee3	Other Directorships Held by Trustee4
Gregory G. Weaver   Age: 71	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.
Paul C. Wirth Age: 64	Trustee	Since 2022	Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officerand Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley. Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Interested Trustee*
Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex  Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara   Age: 60	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	172	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of November 30, 2022.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of November 30, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

⁵  Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.

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

59

GOLDMAN SACHS ENERGY FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust¹

Name, Address and Age*	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 60	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 54	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 45	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of November 30, 2022.

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

Goldman Sachs Energy Funds - Tax Information (Unaudited)

For the year ended November 30, 2022, 19.45% and 30.18% of the dividends paid from net investment company taxable income by the Goldman Sachs Clean Energy Income and Energy Infrastructure Funds qualify for the dividends received deduction available to corporations.

For the year ended November 30, 2022, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Clean Energy Income and Goldman Sachs Energy Infrastructure Funds qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Goldman Sachs Clean Energy Income and Energy Infrastructure Funds designate $331,609 and $10,806,831, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended November 30, 2022.

During the fiscal year ended November 30, 2022, the Goldman Sachs Clean Energy Income and Energy Infrastructure Funds designate $18,367,231 and $11,733,323, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

60

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 $2.19 trillion in assets under supervision as of September 30, 2022, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^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 Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁴

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁵

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ 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 April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

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

  Financial Square Funds^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 Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G.Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent 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 $2.19 trillion in assets under supervision as of September 30, 2022, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions. Money Market Financial Square FundsSM 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 FundsSM 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 Income Fund Government Income Fund Inflation Protected Securities Fund Multi-Sector Bond Fund Core Fixed Income Fund Global Core Fixed Income Fund Strategic Income Fund Income Fund Municipal and Tax-Free High Yield Municipal Fund Dynamic Municipal Income Fund Short Duration Tax-Free Fund Municipal Income Completion Fund Single Sector Investment Grade Credit Fund U.S. Mortgages Fund High Yield Fund High Yield Floating Rate Fund Emerging Markets Debt Fund Local Emerging Markets Debt Fund Fixed Income Alternatives Long Short Credit Strategies Fund Fundamental Equity Equity Income Fund Small Cap Growth Fund Small Cap Value Fund Small/Mid Cap Value Fund Mid Cap Value Fund Large Cap Value Fund Focused Value Fund Large Cap Core Fund4 Strategic Growth Fund Small/Mid Cap Growth Fund Flexible Cap Fund Concentrated Growth Fund Technology Opportunities Fund Mid Cap Growth Fund5 Rising Dividend Growth Fund U.S. Equity ESG Fund Income Builder Fund Tax-Advantaged Equity U.S. Tax-Managed Equity Fund International Tax-Managed Equity Fund U.S. Equity Dividend and Premium Fund International Equity Dividend and Premium Fund Equity Insights Small Cap Equity Insights Fund U.S. Equity Insights Fund Small Cap Growth Insights Fund Large Cap Growth Insights Fund Large Cap Value Insights Fund Small Cap Value Insights Fund International Small Cap Insights Fund International Equity Insights Fund Emerging Markets Equity Insights Fund Fundamental Equity International International Equity Income Fund International Equity ESG Fund China Equity Fund Emerging Markets Equity Fund Emerging Markets Equity ex. China Fund ESG Emerging Markets Equity Fund Alternative Clean Energy Income Fund Defensive Equity Fund Real Estate Securities Fund Commodity Strategy Fund Global Real Estate Securities Fund Absolute Return Tracker Fund Managed Futures Strategy Fund MLP Energy Infrastructure Fund Energy Infrastructure Fund Multi-Manager Alternatives Fund Global Infrastructure Fund Total Portfolio Solutions Global Managed Beta Fund Multi-Manager Non-Core Fixed Income Fund Multi-Manager Global Equity Fund Multi-Manager International Equity Fund Tactical Tilt Overlay Fund Balanced Strategy Portfolio Multi-Manager U.S. Small Cap Equity Fund Multi-Manager Real Assets Strategy Fund Growth and Income Strategy Portfolio Growth Strategy Portfolio Dynamic Global Equity Fund Satellite Strategies Portfolio Enhanced Dividend Global Equity Portfolio Tax-Advantaged Global Equity Portfolio Strategic Factor Allocation Fund Strategic Volatility Premium Fund 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 April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund. 5 Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund. Financial Square FundsSM and Investor FundsSM 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. OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser Visit 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 Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction. 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 the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are 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 their 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). Fund holdings and allocations shown are as of November 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. 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 le vels 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. “Alerian MLP Index”, “Alerian MLP Total Return Index”, “AMZ” and “AMZX” are trademarks of Alerian and their use is granted under a license from Alerian. 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 or summary prospectus, if applicable. Investors should consider objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the carefully before investing or sending money. The summary prospectus, if available, and the contain this and other information about each Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). © 2023 Goldman Sachs. All rights reserved. 303329-OTU-1727050 MLPANDEAR-23

Goldman Sachs Funds

Annual Report	November 30, 2022
	Financial Square FundsSM
	Federal Instruments
	Government
	Money Market
	Prime Obligations
	Treasury Instruments
	Treasury Obligations
	Treasury Solutions

Goldman Sachs Financial Square Funds

∎ FEDERAL INSTRUMENTS FUND

∎ GOVERNMENT FUND

∎ MONEY MARKET FUND

∎ PRIME OBLIGATIONS FUND

∎ TREASURY INSTRUMENTS FUND

∎ TREASURY OBLIGATIONS FUND

∎ TREASURY SOLUTIONS FUND

TABLE OF CONTENTS
Portfolio Management Discussion and Analysis	1
Fund Basics	5
Yield Summary	6
Sector Allocations	7
Schedules of Investments	9
Financial Statements	33
Financial Highlights
Federal Instruments Fund	41
Government Fund	45
Money Market Fund	53
Prime Obligations Fund	58
Treasury Instruments Fund	63
Treasury Obligations Fund	69
Treasury Solutions Fund	74
Notes to Financial Statements	79
Report of Independent Registered Public Accounting Firm	96
Other Information	102

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Financial Square Funds

Investment Objective and Principal Investment Strategies

Each of the Goldman Sachs Financial Square Funds seek to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The Goldman Sachs Prime Obligations Fund and the Goldman Sachs Money Market Fund pursue this investment objective by investing in U.S. government securities, obligations of banks (which may exceed 25% of its assets), commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, and repurchase agreements (“repos”). They may also invest in U.S. dollar-denominated obligations of foreign banks, foreign companies and foreign governments. The Goldman Sachs Treasury Obligations Fund pursues the investment objective by investing only in U.S. Treasury obligations and repos collateralized by U.S. Treasury obligations. The Goldman Sachs Treasury Instruments Fund pursues the investment objective by investing only in U.S. Treasury obligations, the interest from which is generally exempt from state income taxation. The Goldman Sachs Treasury Solutions Fund pursues the investment objective by investing only in U.S. Treasury obligations and repos with the Federal Reserve Bank of New York collateralized by U.S. Treasury obligations. The Goldman Sachs Government Fund pursues the investment objective by investing only in U.S. government securities and repos collateralized by such securities. The Goldman Sachs Federal Instruments Fund pursues the investment objective by investing only in U.S. government securities, the interest from which is generally exempt from state income taxation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Financial Square Funds’ (the “Funds”) performance and positioning for the 12-month period ended November 30, 2022 (the “Reporting Period”).

Q What economic and market factors most influenced the money markets as a whole during the Reporting Period?

A During the Reporting Period, the money markets were most influenced by Federal Reserve (“Fed”) policy, inflationary trends and U.S. economic data.

In December 2021, when the Reporting Period began, the Fed had already started to scale back its $120 billion a month asset purchase program. However, as inflation continued to rise, the Federal Open Market Committee (“FOMC”) announced it would double the pace of its tapering, from $15 billion per month to $30 billion per month, beginning in January 2022. As a result, the Fed’s asset purchase program seemed likely to end in March 2022 instead of the earlier reported June 2022, opening the door for interest rate increases sooner than investors had previously anticipated.

In January 2022, the FOMC kept the targeted federal funds (“fed funds”) rate unchanged in a range between zero and 25 basis points but hinted that a rate hike might come in March. (A basis point is 1/100th of a percentage point.) In February, inflation surged to multi-decade highs, as energy and commodity prices in particular jumped in response to Russia’s invasion of Ukraine late that month. Following the onset of the Russia/Ukraine war and against the backdrop of tightening financial conditions, a number of developed markets’ central banks, including the Fed, took policy action. The FOMC raised the targeted fed funds rate by 25 basis points in March, the first rate hike since the end of 2018.

Inflation continued to rise during the spring, with the core U.S. Consumer Price Index (“CPI”) reaching its highest level in nearly four decades in May 2022 and hitting a new high in June, as rising energy and food costs pushed up prices. (Core CPI data excludes food and energy prices.) Against this backdrop, the FOMC hiked the targeted fed funds rate by 50 basis points in May and then by another 75 basis points in June, the latter being the largest single rate increase since 1994. Policymakers also signaled they would continue tightening monetary policy at an aggressive pace. On June 1^st, the Fed began to reduce the size of its balance sheet.

During July 2022, the Fed raised the targeted fed funds rate by 75 basis points, though comments by Fed Chair Jerome

1

PORTFOLIO RESULTS

Powell suggested a potential deceleration in the pace of future rate hikes. In August, at the Fed’s Jackson Hole symposium, Powell dispelled near-term prospects of a policy pivot, stressing that Fed officials remained committed to “restoring price stability” and acknowledging this might require “a restrictive policy stance for some time.” At its September policy meeting, the FOMC increased the targeted fed funds rate another 75 basis points.

In October 2022, Fed officials began to contend that inflation was likely to decline in the near term should demand weaken and supply-chain issues soften as they anticipated. However, policymakers also suggested they would end their current tightening cycle with short-term interest rates at a higher level than many market participants had expected. Near the beginning of November, the FOMC hiked the targeted fed funds rate by 75 basis points to a range of between 3.75% and 4.00%.

In this environment, the yields of money market funds increased significantly. Investments in U.S. money market funds remained rather flat during the Reporting Period, at approximately $4.6 trillion, according to iMoneyNet. Money market funds generally remained a viable investment for investors seeking stability, liquidity and/or yield amid ongoing uncertainty and elevated volatility in the financial markets broadly.

Q What key factors were responsible for the performance of the Funds during the Reporting Period?

A The Funds’ yields increased during the Reporting Period primarily because of the economic and market factors discussed above. The money market yield curve steepened substantially, as the FOMC hiked the targeted fed funds rate and tightened monetary policy. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens; opposite of a flattening yield curve.)

During the Reporting Period, the Funds’ positioning along the money market yield curve and in specific securities was predicated on market expectations about interest rates and the potential of additional Fed rate hikes in the near term.

Q How did you manage the Funds during the Reporting Period?

A Collectively, the Funds had investments in commercial paper, asset-backed commercial paper, U.S. Treasury securities, government agency securities, time deposits, certificates of deposit, floating rate securities, repurchase agreements (“repos”), non-U.S. sovereign debt, municipal securities and variable rate demand notes (“VRDNs”) during the Reporting Period.

In our commercial paper strategies (i.e., the Goldman Sachs Financial Square Money Market Fund and the Goldman Sachs Financial Square Prime Obligations Fund), we maintained weighted average maturities in a range between 10 and 39 days during the Reporting Period. Within our government repo strategies, we maintained a weighted average maturity of between 3 and 29 days in the Goldman Sachs Financial Square Government Fund and weighted average maturities of between 14 and 59 days in the Goldman Sachs Financial Square Federal Instruments Fund and the Goldman Sachs Financial Square Treasury Instruments Fund during the Reporting Period. In our government non-repo strategies (i.e., the Goldman Sachs Financial Square Federal Instruments Fund and the Goldman Sachs Financial Square Treasury Instruments Fund), we maintained weighted average maturities of between 14 and 59 days during the Reporting Period. At any given time, a Fund’s weighted average maturity is based on how market interest rates compare with our near-term expectations, including supply dynamics and monetary policy.

During the Reporting Period overall, our commercial paper strategies focused their investments in commercial paper, asset-backed commercial paper, U.S. Treasury securities, certificates of deposit and repos. Our government repo strategies focused their investments in government agency securities, government agency repos, U.S. Treasury securities and U.S. Treasury repos. Our government non-repo strategies focused their investments in government agency securities and U.S. Treasury securities.

The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by the Funds, taking into consideration any available maturity shortening features.

Q How did you manage the Funds’ weighted average life during the Reporting Period?

A In our commercial paper strategies, we managed the Funds’ weighted average life in a range between approximately 38 and 120 days during the Reporting Period. In our government repo strategies, we managed the Funds’ weighted average

2

PORTFOLIO RESULTS

life in a range between approximately 35 and 120 days. In our government non-repo strategies, we managed the Funds’ weighted average life in a range between approximately 76 and 120 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Under amendments to SEC Rule 2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the SEC’s money market fund rule is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

Q Did you make any changes to the Funds’ portfolios during the Reporting Period?

A During the Reporting Period, we made adjustments to the Funds’ weighted average maturities and their allocations to specific investments based on then-current market conditions, our near-term view and anticipated and actual Fed monetary policy statements.

Q What is the Funds’ tactical view and strategy for the months ahead?

A At the end of the Reporting Period, inflationary pressures appeared to be easing, albeit from elevated levels. U.S. core inflation slowed in September, October and November 2022, suggesting the FOMC might downshift the pace of its monetary policy tightening. Late in the Reporting Period, the Fed signaled it might raise the targeted fed funds rate by only 50 basis points at its December meeting, instead of the 75 basis point hike previously expected by investors. However, Fed Chair Powell cautioned that further evidence was needed to “give comfort inflation is actually declining.” (On December 14, 2022, after the close of the Reporting Period, the Fed announced a 50 basis point fed funds rate hike.)

As for economic conditions, the third quarter 2022 U.S. Gross Domestic Product surprised to the upside, although the economy grew at what we considered a below-trend pace, supporting a “soft landing” scenario. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

Looking ahead, we believed inflation was likely to peak during 2023 and then start normalizing. That said, we thought a more balanced labor market would be key to a sustained decline in core inflation. The November 2022 jobs report, which had shown that U.S. non-farm payrolls grew by 263,000 — well above consensus expectations — and that unemployment remained steady, suggested to us further progress was necessary. Once inflation starts normalizing, monetary policy may become less of an economic headwind, in our opinion, as the Fed and other central banks slow or pause tightening. However, at the end of the Reporting Period, we noted signs of slowing U.S. economic activity, and our confidence in the macro picture remained fragile.

Going forward, the Funds will continue to be flexibly guided by shifting market conditions, and we have positioned them to align with our market and policy outlooks. Duration management and duration positioning will continue to play key roles in the management of the Funds. (Duration is a measure of a fund’s sensitivity to changes in interest rates.) That said, regardless of the interest rate environment, we intend to utilize an active management approach to provide the best possible return within the framework of the Funds’ guidelines and objectives. Our investment approach remains tri-fold — to seek preservation of capital, daily liquidity and maximization of yield potential. We will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the money market yield curves, as we strive to navigate the interest rate environment.

3

PORTFOLIO RESULTS

GOVERNMENT MONEY MARKET FUNDS

∎ Federal Instruments Fund

∎ Government Fund

∎ Treasury Instruments Fund

∎ Treasury Obligations Fund

∎ Treasury Solutions Fund

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.

INSTITUTIONAL MONEY MARKET FUNDS

∎ Money Market Fund

∎ Prime Obligations Fund

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.

4

FUND BASICS

Financial Square Funds

as of November 30, 2022

PERFORMANCE REVIEW1,2
December 1, 2021– November 30, 2022	Fund Total Return (based on NAV)3 Institutional Shares			SEC 7-Day Current Yield4			iMoneyNet Institutional Average5
Federal Instruments		1.18	%		3.78	%		1.08	%6
Government		1.25			3.74			1.08	6
Money Market		1.36			3.96			1.20	7
Prime Obligations		1.35			3.93			1.20	7
Treasury Instruments		1.14			3.67			1.00	8
Treasury Obligations		1.24			3.68			1.08	9
Treasury Solutions		1.24			3.71			1.08	9

The returns represent past performance. Past performance does not guarantee future results. The Funds’ investment returns will fluctuate. 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.

¹  Each of the Treasury Obligations, Money Market, and Treasury Solutions Funds offers nine separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier and Resource), the Treasury Instruments Fund offers eleven separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Loop Class, and Seelaus Class), the Federal Instruments Fund offers eight separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management and Premier), the Prime Obligations Fund offers ten separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource and Drexel Hamilton Class), and the Government Fund offers sixteen separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Drexel Hamilton Class, Loop Class, Seelaus Class, Class R6, Class A, Class C and Class D), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Institutional, Drexel Hamilton Class, Loop Class, Seelaus Class, Class R6, and Class D Shares do not have distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees. The Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1), administration and/ or service (non-12b-1) fees (as applicable) at the following contractual rates: the Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Service Shares pay 0.50%, Cash Management Shares pay 0.80%, Premier Shares pay 0.35%, Resource Shares pay 0.65%, Class A Shares pay 0.25% and Class C Shares pay 1.00%. If these fees were reflected in the above performance, performance would have been reduced. In addition, the Funds’ performances do not reflect the deduction of any applicable sales charges.

²  The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased.

³  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. A Fund’s total return reflects the reinvestment of dividends and other distributions.

⁴  The SEC 7-Day Current Yield is calculated in accordance with securities industry regulations and does not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Current Yield more closely reflects a Fund’s current earnings than do the Fund Total Return figures.

⁵  Source: iMoneyNet, Inc. November 2022. The iMoneyNet Institutional Average represents total return.

⁶  Government & Agencies Institutional–Category includes the most broadly based of the government institutional funds. These funds may generally invest in U.S. treasuries, U.S. agencies, repurchase agreements, or government-backed floating rate notes.

⁷  First Tier Institutional–Category includes only non-government institutional funds that also are not holding any second tier securities. Portfolio holdings of First Tier funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.

⁸  Treasury Institutional–Category includes only institutional government funds that hold 100 percent in U.S. Treasuries.

⁹  Treasury & Repo Institutional–Category includes only institutional government funds that hold U.S. Treasuries and repurchase agreements backed by the U.S. Treasury.

5

YIELD SUMMARY

SUMMARY OF THE INSTITUTIONAL SHARES1,2 AS OF 11/30/22
Funds	7-Day Dist. Yield11			SEC 7-Day Effective Yield12			30-Day Average Yield13			Weighted Avg. Maturity (days)14		Weighted Avg. Life (days)15
Federal Instruments		3.78	%		3.85	%		3.59	%		38		93
Government		3.73			3.80			3.65			12		69
Money Market		3.96			4.04			3.84			19		74
Prime Obligations		3.93			4.01			3.82			18		60
Treasury Instruments		3.67			3.73			3.52			49		84
Treasury Obligations		3.67			3.74			3.60			6		35
Treasury Solutions		3.70			3.78			3.62			12		42

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end performance.

¹¹  The 7-Day Distribution Yield is an annualized measure of a Fund’s dividends per share, divided by the price per share. This yield includes capital gain/loss distribution, if any. This is not an SEC Yield.

¹²  The SEC 7-Day Effective Yield is calculated in accordance with securities industry regulations and does not include net capital gains. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

¹³  The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution. This is not an SEC Yield.

¹⁴  A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

¹⁵  A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

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

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS16
As of November 30, 2022
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit		—			—			1.0	%		1.0	%		—			—			—
Certificates of Deposit - Eurodollar		—			—			2.3			—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			4.7			5.6			—			—			—
Commercial Paper & Corporate Obligations		—			—			19.4			23.2			—			—			—
Medium Term Note		—			—			1.0			0.5			—			—			—
Repurchase Agreements		—			65.9	%		11.5			19.7			—			77.1	%		72.5	%
Time Deposits		—			—			17.9			13.3			—			—			—
U.S. Government Agency Obligations		82.9	%		8.8			3.5			3.5			—			—			—
U.S. Treasury Obligations		21.7			22.6			13.1			9.6			103.1	%		19.0			28.0
Variable Rate Municipal Debt Obligations		—			—			4.5			4.2			—			—			—
Variable Rate Obligations		—			—			20.8			19.0			—			—			—

¹⁶ Each Fund is actively managed and, as such, its portfolio 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 table may not sum to 100% due to the exclusion of other assets and liabilities.

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

7

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS17
As of November 30, 2021
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit - Eurodollar		—			—			0.7	%		—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			10.6			13.9	%		—			—			—
Commercial Paper & Corporate Obligations		—			—			38.1			33.9			—			—			—
Medium Term Note		—			—			0.5			0.5			—			—			—
Repurchase Agreements		—			62.5	%		14.6			18.3			—			69.1	%		64.3	%
Time Deposits		—			—			16.4			10.5			—			—			—
U.S. Government Agency Obligations		30.8	%		4.1			1.1			2.2			—			—			—
U.S. Treasury Obligations		69.1			32.8			13.1			13.6			106.6	%		30.0			35.6
Variable Rate Municipal Debt Obligations		—			—			3.9			8.9			—			—			—
Variable Rate Obligations		—			—			2.2			2.0			—			—			—

¹⁷  Each Fund is actively managed and, as such, its portfolio 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 table may not sum to 100% due to the exclusion of other assets and liabilities.

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

8

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 82.9%
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.02%)
$	2,800,000		4.352	%(a)		04/05/23	$	2,799,976
	1,400,000		4.354	(a)		05/12/23		1,400,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.03%)
	50,000,000		4.362	(a)		07/31/23		50,000,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.04%)
	4,200,000		4.367	(a)		10/23/23		4,199,848
	8,300,000		4.372	(a)		10/30/23		8,299,770
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.06%)
	500,000		4.385	(a)		01/31/23		500,030
	Federal Farm Credit Bank (FEDL01 + 0.00%)
	2,100,000		3.830	(a)		02/17/23		2,100,000
	Federal Farm Credit Bank (FEDL01 + 0.08%)
	2,300,000		3.910	(a)		09/13/24		2,296,986
	Federal Farm Credit Bank (FEDL01 + 0.14%)
	1,200,000		3.970	(a)		09/17/24		1,199,979
	400,000		3.972	(a)		11/14/24		399,848
	Federal Farm Credit Bank (Prime Rate—3.10%)
	5,200,000		3.900	(a)		12/02/22		5,200,000
	Federal Farm Credit Bank (Prime Rate—3.13%)
	1,400,000		3.875	(a)		02/01/23		1,400,000
	Federal Farm Credit Bank (Prime Rate—3.15%)
	2,300,000		3.855	(a)		04/13/23		2,299,974
	Federal Farm Credit Bank (SOFR + 0.06%)
	800,000		3.875	(a)		04/29/24		798,991
	800,000		3.876	(a)		07/22/24		798,704
	Federal Farm Credit Bank (SOFR + 0.16%)
	3,900,000		3.965	(a)(b)		04/05/24		3,899,898
	Federal Farm Credit Bank (SOFR + 0.17%)
	7,700,000		3.975	(a)		06/27/24		7,699,526
	Federal Farm Credit Bank (SOFR + 0.18%)
	7,700,000		3.990	(a)		10/16/24		7,700,000
	Federal Farm Credit Bank (SOFR + 0.19%)
	4,300,000		4.000	(a)		11/25/24		4,300,000
	Federal Home Loan Bank
	34,700,000		3.815			12/05/22		34,700,000
	150,000,000		3.840			12/05/22		150,000,000
	15,000,000		2.425			12/13/22		14,988,250
	45,000,000		3.595			12/14/22		44,941,906
	5,200,000		2.819			12/15/22		5,194,439
	95,114,000		3.951			12/23/22		94,888,184
	37,500,000		4.040			01/18/23		37,302,750
	200,000,000		4.020			01/20/23		198,894,444
	92,300,000		4.200			02/01/23		91,648,259
	100,000,000		4.148			02/03/23		99,270,222
	100,000,000		4.250			02/08/23		99,204,967
	51,900,000		3.164			02/21/23		51,537,075
	229,100,000		4.418			02/22/23		226,823,446
	125,000,000		4.478			03/01/23		123,635,000
	6,100,000		4.711			05/19/23		5,969,992
	37,000,000		4.704			05/24/23		36,178,261
	8,720,000		4.667			11/14/23		8,719,428
	4,000,000		4.692			11/15/23		3,998,815
	4,000,000		4.697			11/17/23		3,999,007
	3,100,000		4.742			11/24/23		3,098,781
	4,000,000		4.766			11/24/23		3,999,393
	3,700,000		4.690			11/29/23		3,699,628
U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank (SOFR + 0.01%)
	150,000,000		3.820	%(a)		12/09/22		150,000,000
	198,800,000		3.820	(a)		12/22/22		198,800,000
	39,100,000		3.820	(a)		12/23/22		39,100,000
	130,000,000		3.820	(a)		12/27/22		130,000,000
	150,000,000		3.820	(a)		01/05/23		150,000,000
	100,000,000		3.820	(a)		01/17/23		100,000,000
	Federal Home Loan Bank (SOFR + 0.02%)
	50,000,000		3.830	(a)		01/09/23		50,000,000
	250,000,000		3.830	(a)		01/12/23		250,000,000
	150,000,000		3.830	(a)		01/23/23		150,000,000
	Federal Home Loan Bank (SOFR + 0.05%)
	200,000,000		3.860	(a)(b)		03/01/23		200,000,000
	Federal Home Loan Bank (SOFR + 0.06%)
	400,000		3.876	(a)		07/01/24		399,372
	Federal Home Loan Bank (SOFR + 0.08%)
	700,000		3.878	(a)		03/01/24		699,390
	Federal Home Loan Bank (SOFR + 0.15%)
	6,300,000		3.960	(a)		02/23/24		6,300,000
	Federal Home Loan Bank (SOFR + 0.19%)
	25,600,000		4.000	(a)		11/22/24		25,600,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	2,900,884,539
U.S. Treasury Obligations – 21.7%
	United States Treasury Bills
$	45,000,000		2.958	%		12/20/22	$	44,931,362
	1,000,000		2.453			12/22/22		998,606
	2,300,000		2.461			12/22/22		2,296,780
	1,100,000		2.463			12/22/22		1,098,460
	300,000		2.471			12/22/22		299,578
	5,300,000		2.472			12/22/22		5,292,549
	600,000		2.476			12/22/22		599,155
	900,000		2.478			12/22/22		898,732
	1,300,000		2.488			12/22/22		1,298,161
	1,500,000		2.489			12/22/22		1,497,878
	3,600,000		2.493			12/22/22		3,594,897
	600,000		2.494			12/22/22		599,150
	1,500,000		2.502			12/22/22		1,497,865
	1,800,000		2.514			12/22/22		1,797,428
	600,000		2.564			12/22/22		599,125
	900,000		2.564			12/22/22		898,682
	40,000,000		3.274			01/10/23		39,858,000
	4,400,000		2.887			01/19/23		4,383,171
	3,000,000		2.913			01/19/23		2,988,424
	400,000		2.969			01/19/23		398,427
	1,617,000		2.990			01/19/23		1,610,595
	1,500,000		2.995			01/19/23		1,494,049
	34,083,000		3.005			01/26/23		33,928,187
	100,000,000		4.297			02/28/23		98,966,611
	60,000,000		4.423			03/14/23		59,261,833
	70,000,000		4.443			03/21/23		69,076,000
	23,000,000		4.658			05/11/23		22,538,154
	61,200,000		4.605			05/18/23		59,931,936
	1,600,000		4.689			05/25/23		1,564,844

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
$	4,700,000		4.361	% (a)		04/30/23	$	4,701,643
	12,500,000		4.365	(a)		04/30/23		12,500,826
	25,000,000		4.366	(a)		04/30/23		25,000,250
	600,000		4.353	(a)		07/31/23		600,678
	6,600,000		4.358	(a)		07/31/23		6,601,742
	24,000,000		4.361	(a)		07/31/23		24,000,522
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	500,000		4.358	(a)		10/31/23		500,623
	189,000,000		4.367	(a)		10/31/23		189,004,401
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	700,000		4.374	(a)		01/31/23		700,223
	2,200,000		4.378	(a)		01/31/23		2,200,183
	6,400,000		4.379	(a)		01/31/23		6,400,456
	10,000,000		4.381	(a)		01/31/23		10,000,068
	United States Treasury Notes
	4,200,000		0.911			01/31/23		4,194,521
	6,900,000		0.826			02/15/23		6,916,763
	1,100,000		1.782			02/15/23		1,099,080
	1,600,000		0.856			02/28/23		1,606,861
	1,300,000		0.947			02/28/23		1,297,412
	TOTAL U.S. TREASURY OBLIGATIONS						$	761,524,891
	TOTAL INVESTMENTS – 104.6%						$	3,662,409,430
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (4.6)%							(161,546,399	)
	NET ASSETS – 100.0%						$	3,500,863,031

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2022.
(b)	All or a portion represents a forward commitment.

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

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

Investment Abbreviations:
FEDL01	—US Federal Funds Effective Rate
MMY	—Money Market Yield
Prime	—Federal Reserve Bank Prime Loan Rate US
SOFR	—Secured Overnight Financing Rate
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 8.8%
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.02%)
$	196,300,000		4.352	%(a)		04/05/23	$	196,298,291
	98,100,000		4.354	(a)		05/12/23		98,100,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.04%)
	299,100,000		4.367	(a)		10/23/23		299,089,175
	647,400,000		4.372	(a)		10/30/23		647,382,055
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.06%)
	33,300,000		4.385	(a)		01/31/23		33,301,975
	Federal Farm Credit Bank (FEDL01 + 0.08%)
	167,600,000		3.910	(a)		09/13/24		167,380,365
	Federal Farm Credit Bank (FEDL01 + 0.14%)
	90,900,000		3.970	(a)		09/17/24		90,898,407
	27,300,000		3.972	(a)		11/14/24		27,289,616
	Federal Farm Credit Bank (Prime Rate—3.10%)
	228,100,000		3.900	(a)		12/02/22		228,100,000
	Federal Farm Credit Bank (Prime Rate—3.13%)
	63,100,000		3.875	(a)		02/01/23		63,100,000
	Federal Farm Credit Bank (Prime Rate—3.15%)
	145,200,000		3.855	(a)		04/13/23		145,198,392
	Federal Farm Credit Bank (SOFR + 0.06%)
	60,700,000		3.870	(a)		04/29/24		60,623,468
	58,700,000		3.870	(a)		07/22/24		58,604,887
	Federal Farm Credit Bank (SOFR + 0.16%)
	274,700,000		3.965	(a)(b)		04/05/24		274,692,803
	Federal Farm Credit Bank (SOFR + 0.17%)
	548,600,000		3.975	(a)		06/27/24		548,566,273
	Federal Farm Credit Bank (SOFR + 0.18%)
	553,593,000		3.990	(a)		10/16/24		553,593,000
	Federal Farm Credit Bank (SOFR + 0.19%)
	304,200,000		4.000	(a)		11/25/24		304,200,000
	Federal Home Loan Bank
	977,000,000		2.425			12/13/22		976,234,684
	355,125,000		2.819			12/15/22		354,745,213
	135,600,000		3.164			02/21/23		134,651,779
	436,500,000		4.711			05/19/23		427,196,972
	363,600,000		4.704			05/24/23		355,524,747
	1,500,000,000		2.350			07/05/23		1,500,000,000
	649,050,000		4.667			11/14/23		649,007,444
	300,070,000		4.692			11/15/23		299,981,117
	300,070,000		4.697			11/17/23		299,995,513
	228,335,000		4.742			11/24/23		228,245,214
	278,270,000		4.766			11/24/23		278,227,733
	263,000,000		4.690			11/29/23		262,973,538
	Federal Home Loan Bank (SOFR + 0.02%)
	685,000,000		3.825	(a)		12/21/22		685,000,000
	2,000,000,000		3.830	(a)		12/21/22		2,000,000,000
	865,000,000		3.830	(a)		01/23/23		865,000,000
	Federal Home Loan Bank (SOFR + 0.03%)
	2,919,700,000		3.835	(a)		01/25/23		2,919,700,000
	1,400,000,000		3.835	(a)		01/30/23		1,400,000,000
	600,000,000		3.835	(a)		02/06/23		600,000,000
	1,500,000,000		3.835	(a)		02/21/23		1,500,000,000
	Federal Home Loan Bank (SOFR + 0.06%)
	26,400,000		3.870	(a)		07/01/24		26,358,554
	Federal Home Loan Bank (SOFR + 0.08%)
	53,900,000		3.885	(a)		03/01/24		53,853,017
U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank (SOFR + 0.15%)
	456,300,000		3.960	%(a)		02/23/24		456,300,000
	Federal Home Loan Bank (SOFR + 0.19%)
	1,817,300,000		4.000	(a)		11/22/24		1,817,300,000
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	4,102,205		3.990	(a)		12/07/22		4,102,205
	12,497,561		3.990	(a)		12/07/22		12,497,561
	109,607,074		4.000	(a)		12/07/22		109,607,074
	231,784,447		4.000	(a)		12/07/22		231,784,448
	441,150,391		4.261	(a)		12/07/22		441,150,391
	11,368,421		4.269	(a)		12/07/22		11,368,421
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	22,697,224,332
U.S. Treasury Obligations – 22.6%
	United States Treasury Bills
$	1,406,500,000		2.793	%		12/06/22	$	1,405,966,702
	48,400,000		3.859			12/08/22		48,364,238
	19,100,000		2.564			12/22/22		19,073,149
	38,100,000		2.564			12/22/22		38,046,327
	38,300,000		2.564			12/22/22		38,245,710
	41,900,000		2.564			12/22/22		41,838,896
	57,400,000		2.564			12/22/22		57,319,138
	61,400,000		2.564			12/22/22		61,310,100
	67,000,000		2.564			12/22/22		66,906,591
	70,900,000		2.564			12/22/22		70,800,740
	86,200,000		2.564			12/22/22		86,078,063
	95,800,000		2.564			12/22/22		95,664,483
	98,900,000		2.564			12/22/22		98,759,232
	115,000,000		2.564			12/22/22		114,835,646
	153,300,000		2.564			12/22/22		153,085,380
	239,500,000		2.564			12/22/22		239,160,509
	354,400,000		2.564			12/22/22		353,901,773
	35,200,000		3.000			01/19/23		35,061,537
	113,100,000		3.000			01/19/23		112,651,260
	121,489,000		3.000			01/19/23		121,007,802
	221,900,000		3.000			01/19/23		221,043,743
	330,500,000		3.000			01/19/23		329,235,929
	2,554,645,000		3.005			01/26/23		2,543,041,236
	1,645,000,000		4.658			05/11/23		1,611,967,950
	4,292,200,000		4.605			05/18/23		4,203,265,603
	115,200,000		4.689			05/25/23		112,668,799
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY – 0.02%)
	623,000,000		4.314	(a)		01/31/24		623,330,454
	3,247,100,000		4.314	(a)		01/31/24		3,248,629,560
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	1,040,000,000		4.359	(a)		04/30/23		1,040,068,171
	10,001,535,000		4.359	(a)		04/30/23		10,001,655,792
	44,200,000		4.353	(a)		07/31/23		44,249,955
	484,200,000		4.353	(a)		07/31/23		484,327,831
	5,772,500,000		4.353	(a)		07/31/23		5,772,555,739

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
$	254,500,000		4.357	% (a)		10/31/23	$	254,804,862
	17,127,765,000		4.357	(a)		10/31/23		17,127,860,526
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	53,600,000		4.381	(a)		01/31/23		53,617,119
	183,400,000		4.381	(a)		01/31/23		183,415,222
	427,400,000		4.381	(a)		01/31/23		427,429,708
	1,208,900,000		4.381	(a)		01/31/23		1,208,908,186
	2,497,007,000		4.381	(a)		01/31/23		2,497,066,201
	United States Treasury Notes
	294,300,000		0.911			01/31/23		293,916,069
	488,500,000		0.826			02/15/23		489,686,743
	74,400,000		1.782			02/15/23		74,337,798
	112,800,000		0.856			02/28/23		113,283,663
	93,200,000		0.947			02/28/23		93,014,488
	250,000,000		2.284			06/15/23		247,338,737
	1,000,000,000		2.284			06/15/23		989,265,422
	30,000,000		2.280			06/30/23		29,636,040
	120,000,000		2.280			06/30/23		118,541,637
	1,000,000,000		2.280			06/30/23		987,753,254
	TOTAL U.S. TREASURY OBLIGATIONS						$	58,683,993,713
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	81,381,218,045
Repurchase Agreements(c) – 65.9%
	Banco Santander, S.A.
$	295,000,000		3.500	%		12/01/22	$	295,000,000
	Maturity Value: $295,028,681
	Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 08/01/52 to 10/01/52. The aggregate market value of the collateral, including accrued interest, was $303,879,562.
	500,000,000		3.805			12/01/22		500,000,000
	Maturity Value: $500,052,847
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 09/01/42 to 10/01/52 and Federal National Mortgage Association, 2.500% to 4.000%, due 04/01/47 to 05/01/52. The aggregate market value of the collateral, including accrued interest, was $515,054,432.
	Bank of Montreal
	400,000,000		3.720			12/01/22		400,000,000
	Maturity Value: $400,041,333
	Collateralized by U.S. Treasury Notes, 0.125% to 3.875%, due 08/15/23 to 11/15/31. The aggregate market value of the collateral, including accrued interest, was $408,000,049.
	Barclays Bank PLC
	1,800,000,000		3.800			12/01/22		1,800,000,000
	Maturity Value: $1,800,190,000
	Collateralized by U.S. Treasury Bonds, 3.000% to 3.750%, due 08/15/41 to 02/15/47 and U.S. Treasury Notes, 1.125% to 1.500%, due 09/30/24 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $1,836,193,832.
Repurchase Agreements(c) – (continued)
	BNP Paribas
	319,300,000		3.820			12/01/22		319,300,000
	Maturity Value: $319,333,881
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 03/01/52 to 12/01/52 and Federal National Mortgage Association, 2.000% to 6.500%, due 01/01/42 to 12/01/52. The aggregate market value of the collateral, including accrued interest, was $328,879,001.
	BofA Securities, Inc.
	1,000,000,000		3.700			12/01/22		1,000,000,000
	Maturity Value: $1,000,102,778
	Collateralized by a U.S. Treasury Note, 2.875%, due 05/15/32. The market value of the collateral, including accrued interest, was $1,020,000,017.
	400,000,000		3.740			12/01/22		400,000,000
	Maturity Value: $400,041,556
	Collateralized by U.S. Treasury Notes, 2.500% to 2.750%, due 04/30/24 to 04/30/27. The aggregate market value of the collateral, including accrued interest, was $408,000,051.
	Canadian Imperial Bank of Commerce
	350,000,000		3.800			12/01/22		350,000,000
	Maturity Value: $350,036,944
	Collateralized by Federal Farm Credit Bank, 2.290% to 3.700%, due 06/28/34 to 08/24/46, Federal Home Loan Bank, 2.000% to 5.000%, due 11/29/32 to 02/25/41, Federal Home Loan Mortgage Corp., 1.500% to 6.000%, due 05/01/25 to 09/01/52, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/25 to 03/01/53, Government National Mortgage Association, 2.500% to 6.500%, due 02/20/34 to 10/20/52 and U.S. Treasury Notes, 0.500% to 1.625%, due 05/15/26 to 08/31/27. The aggregate market value of the collateral, including accrued interest, was $360,420,299.
	Citibank, N.A. (Overnight MBS + 0.01%)
	1,000,000,000		3.810	(a)		12/13/22		1,000,000,000
	Maturity Value: $1,000,105,833
	Collateralized by Federal Farm Credit Bank, 0.125% to 5.220%, due 03/08/23 to 04/21/26, Federal Home Loan Bank, 0.125% to 5.625%, due 12/09/22 to 03/14/36, Federal Home Loan Mortgage Corp., 0.125% to 0.375%, due 05/05/23 to 09/23/25, Federal National Mortgage Association, 1.625% to 6.625%, due 01/07/25 to 08/06/38, Government National Mortgage Association, 2.000% to 5.500%, due 09/15/39 to 11/20/52, Tennessee Valley Authority, 0.000% to 5.250%, due 09/15/24 to 09/15/65, U.S. Treasury Bills, 0.000%, due 01/26/23 to 05/18/23, U.S. Treasury Bonds, 1.375% to 7.625%, due 02/15/23 to 08/15/52, a U.S. Treasury Floating Rate Note, 4.317%, due 01/31/24, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/25 to 02/15/51, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.875%, due 01/15/23 to 07/15/32 and U.S. Treasury Notes, 0.125% to 4.250%, due 04/30/23 to 08/15/30. The aggregate market value of the collateral, including accrued interest, was $1,019,999,998.
	Credit Agricole Corporate and Investment Bank
	150,000,000		3.740			12/01/22		150,000,000
	Maturity Value: $150,015,583
	Collateralized by U.S. Treasury Bonds, 1.125% to 3.375%, due 08/15/40 to 05/15/52. The aggregate market value of the collateral, including accrued interest, was $153,000,018.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Daiwa Capital Markets America Inc.
$	1,500,000,000		3.800	%		12/01/22	$	1,500,000,000
	Maturity Value: $1,500,158,333
	Collateralized by Federal Farm Credit Bank, 3.500% to 4.500%, due 10/17/24 to 09/01/32, Federal Home Loan Bank, 4.875%, due 06/14/24, Federal Home Loan Mortgage Corp., 1.500% to 6.500%, due 12/01/37 to 12/01/52, Federal National Mortgage Association, 1.500% to 6.625%, due 11/15/30 to 12/01/52, Government National Mortgage Association, 2.500% to 6.000%, due 02/20/32 to 11/20/52, U.S. Treasury Bills, 0.000%, due 12/29/22 to 08/10/23, U.S. Treasury Bonds, 2.250% to 6.250%, due 05/15/30 to 08/15/52, U.S. Treasury Floating Rate Notes, 4.366% to 4.369%, due 04/30/23 to 07/31/24, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/23 to 05/15/23, U.S. Treasury Notes, 0.125% to 4.125%, due 03/31/23 to 02/15/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/27. The aggregate market value of the collateral, including accrued interest, was $1,539,613,992.
	Deutsche Bank Securities Inc.
	500,000,000		3.800			12/01/22		500,000,000
	Maturity Value: $500,052,778
	Collateralized by Federal National Mortgage Association, 2.000% to 5.500%, due 05/01/36 to 11/01/52. The aggregate market value of the collateral, including accrued interest, was $515,000,000.
	Federal Reserve Bank of New York
	146,500,000,000		3.800			12/01/22		146,500,000,000
	Maturity Value: $146,515,463,889
	Collateralized by U.S. Treasury Bonds, 1.250% to 7.625%, due 02/15/25 to 08/15/51 and U.S. Treasury Notes, 0.125% to 2.250%, due 08/15/23 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $146,515,463,934.
	Fixed Income Clearing Corporation
	150,000,000		3.550			12/01/22		150,000,000
	Maturity Value: $150,014,792
	Collateralized by a U.S. Treasury Note, 1.625%, due 05/15/31. The market value of the collateral, including accrued interest, was $153,000,013.
	702,000,000		3.600			12/01/22		702,000,000
	Maturity Value: $702,070,200
	Collateralized by U.S. Treasury Notes, 0.250% to 2.250%, due 11/30/24 to 01/15/25. The aggregate market value of the collateral, including accrued interest, was $716,040,091.
	1,000,000,000		3.810			12/01/22		1,000,000,000
	Maturity Value: $1,000,105,833
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.000%, due 06/01/52 to 07/01/52 and Federal National Mortgage Association, 1.500% to 4.500%, due 04/01/36 to 10/01/52. The aggregate market value of the collateral, including accrued interest, was $1,020,000,010.
Repurchase Agreements(c) – (continued)
	Fixed Income Clearing Corporation (continued)
	4,000,000,000		3.810			12/01/22		4,000,000,000
	Maturity Value: $4,000,423,333
	Collateralized by U.S. Treasury Bonds, 1.125% to 3.375%, due 05/15/40 to 08/15/48 and U.S. Treasury Notes, 0.625% to 3.250%, due 01/15/29 to 07/15/32. The aggregate market value of the collateral, including accrued interest, was $4,080,000,080.
	800,000,000		3.850			12/01/22		800,000,000
	Maturity Value: $800,085,556
	Collateralized by U.S. Treasury Bonds, 1.375% to 2.250%, due 08/15/49 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $816,000,008.
	HSBC Securities (USA) Inc.
	25,000,000		3.780			12/01/22		25,000,000
	Maturity Value: $25,002,625
	Collateralized by U.S. Treasury Bills, 0.000%, due 12/01/22 to 07/13/23, U.S. Treasury Bonds, 1.375% to 6.125%, due 11/15/27 to 08/15/51, U.S. Treasury Floating Rate Notes, 4.257% to 4.472%, due 04/30/23 to 10/31/24, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 3.625%, due 01/15/27 to 04/15/28, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/24 to 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/23 to 11/15/51, U.S. Treasury Notes, 0.250% to 4.500%, due 04/15/23 to 05/15/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/45. The aggregate market value of the collateral, including accrued interest, was $25,502,668.
	100,000,000		3.800			12/01/22		100,000,000
	Maturity Value: $100,010,556
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 5.500%, due 05/01/31 to 09/01/52, Federal National Mortgage Association, 2.000% to 5.000%, due 05/01/49 to 08/01/56, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 11/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/24. The aggregate market value of the collateral, including accrued interest, was $102,547,954.
	HSBC Securities (USA), Inc. (Overnight MBS + 0.01%)
	1,250,000,000		3.810	(a)		12/13/22		1,250,000,000
	Maturity Value: $1,250,132,292
	Collateralized by Federal Farm Credit Bank, 1.730% to 4.490%, due 07/26/24 to 08/03/46, Federal Home Loan Bank, 2.125% to 3.700%, due 12/09/22 to 03/12/38, Federal Home Loan Mortgage Corp., 1.000% to 6.000%, due 10/01/28 to 11/01/52, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/31 to 07/15/32, Federal National Mortgage Association, 0.500% to 6.625%, due 09/12/23 to 09/01/60, Federal National Mortgage Association Stripped Securities, 0.000%, due 10/08/27 to 11/15/30, a U.S. Treasury Bond, 3.375%, due 11/15/48 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/40. The aggregate market value of the collateral, including accrued interest, was $1,284,308,012.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	J.P. Morgan Securities LLC
$	16,100,000		3.790	%		12/01/22	$	16,100,000
	Maturity Value: $16,101,695
	Collateralized by U.S. Treasury Bills, 0.000%, due 07/13/23 to 11/02/23 and U.S. Treasury Notes, 3.000% to 4.500%, due 06/30/24 to 11/15/25. The aggregate market value of the collateral, including accrued interest, was $16,423,811.
	600,000,000		3.800			12/01/22		600,000,000
	Maturity Value: $600,063,333
	Collateralized by Federal Farm Credit Bank, 1.310% to 5.870%, due 01/13/26 to 12/22/45, Federal Home Loan Bank, 0.000% to 4.000%, due 12/01/22 to 07/27/40, Federal Home Loan Mortgage Corp., 2.250%, due 09/15/50, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 03/15/31, Federal National Mortgage Association, 2.000% to 6.000%, due 09/01/25 to 08/01/59 and Government National Mortgage Association, 3.000% to 6.500%, due 10/20/33 to 11/20/52. The aggregate market value of the collateral, including accrued interest, was $615,274,045.
	Joint Account I
	1,725,000,000		3.785			12/01/22		1,725,000,000
	Maturity Value: $1,725,181,382
	Joint Account III
	925,600,000		3.803			12/01/22		925,600,000
	Maturity Value: $925,697,772
	Mizuho Securities USA LLC
	100,000,000		3.800			12/01/22		100,000,000
	Maturity Value: $100,010,556
	Collateralized by U.S. Treasury Notes, 0.125% to 2.875%, due 03/31/23 to 09/30/26. The aggregate market value of the collateral, including accrued interest, was $102,000,071.
	MUFG Bank, Ltd.-New York Branch
	5,000,000		3.800			12/01/22		5,000,000
	Maturity Value: $5,150,001
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 10/01/33 to 04/01/52 and Federal National Mortgage Association, 3.500%, due 06/01/52. The aggregate market value of the collateral, including accrued interest, was $5,150,001.
	MUFG Securities Americas, Inc. (Overnight MBS + 0.03%)
	500,000,000		3.830	(a)		01/10/23		500,000,000
	Maturity Value: $500,053,194
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 5.500%, due 04/01/25 to 10/01/52, Federal National Mortgage Association, 2.000% to 6.000%, due 07/01/26 to 11/01/52 and Government National Mortgage Association, 1.500% to 6.000%, due 11/20/32 to 11/20/52. The aggregate market value of the collateral, including accrued interest, was $515,000,055.
	Nomura Securities International, Inc.
	500,000,000		3.800			12/01/22		500,000,000
	Maturity Value: $500,052,778
	Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 01/15/29 to 02/15/48 and U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/23 to 01/15/29. The aggregate market value of the collateral, including accrued interest, was $510,000,001.
Repurchase Agreements(c) – (continued)
	Nomura Securities International, Inc. (continued)
	2,000,000,000		3.800			12/01/22		2,000,000,000
	Maturity Value: $2,000,211,111
	Collateralized by Federal Farm Credit Bank, 1.750% to 4.125%, due 02/14/25 to 10/06/44, Federal Home Loan Bank, 0.650% to 4.875%, due 08/15/24 to 09/11/37, Federal Home Loan Mortgage Corp., 0.000% to 5.500%, due 01/29/24 to 11/01/52, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/31 to 07/15/32, Federal National Mortgage Association, 0.000% to 6.000%, due 10/15/24 to 12/01/52, Federal National Mortgage Association Stripped Securities, 0.000%, due 03/23/28 to 07/15/37, Government National Mortgage Association, 2.500% to 4.500%, due 03/20/52 to 11/20/52, Tennessee Valley Authority, 0.750% to 5.250%, due 09/15/24 to 09/15/39, U.S. Treasury Inflation-Indexed Bonds, 1.375% to 3.875%, due 01/15/27 to 02/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.875%, due 04/15/23 to 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/39 to 08/15/52, U.S. Treasury Notes, 1.500% to 2.625%, due 02/28/23 to 10/31/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/44 to 02/15/46. The aggregate market value of the collateral, including accrued interest, was $2,043,897,771.
	Northwestern Mutual Life Insurance Company
	286,230,000		3.810			12/01/22		286,230,000
	Maturity Value: $286,260,293
	Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $291,954,600.
	410,212,500		3.810			12/01/22		410,212,500
	Maturity Value: $410,255,914
	Collateralized by a U.S. Treasury Bond, 6.375%, due 08/15/27. The market value of the collateral, including accrued interest, was $418,416,750.
	Prudential Insurance Company of America (The)
	4,407,500		3.810			12/01/22		4,407,500
	Maturity Value: $4,407,966
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $4,495,650.
	5,710,000		3.810			12/01/22		5,710,000
	Maturity Value: $5,710,604
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/31. The market value of the collateral, including accrued interest, was $5,824,200.
	7,650,000		3.810			12/01/22		7,650,000
	Maturity Value: $7,650,810
	Collateralized by a U.S. Treasury Note, 0.000%, due 05/15/26. The market value of the collateral, including accrued interest, was $7,803,000.
	9,780,000		3.810			12/01/22		9,780,000
	Maturity Value: $9,781,035
	Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,975,600.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Prudential Insurance Company of America (The) (continued)
$	14,492,500		3.810	%		12/01/22	$	14,492,500
	Maturity Value: $14,494,034
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $14,782,350.
	15,722,500		3.810			12/01/22		15,722,500
	Maturity Value: $15,724,164
	Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $16,036,950.
	15,906,250		3.810			12/01/22		15,906,250
	Maturity Value: $15,907,933
	Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/33. The market value of the collateral, including accrued interest, was $16,224,375.
	16,406,250		3.810			12/01/22		16,406,250
	Maturity Value: $16,407,986
	Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/33. The market value of the collateral, including accrued interest, was $16,734,375.
	16,593,750		3.810			12/01/22		16,593,750
	Maturity Value: $16,595,506
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/32. The market value of the collateral, including accrued interest, was $16,925,625.
	17,160,000		3.810			12/01/22		17,160,000
	Maturity Value: $17,161,816
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $17,503,200.
	17,622,500		3.810			12/01/22		17,622,500
	Maturity Value: $17,624,365
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $17,974,950.
	18,331,250		3.810			12/01/22		18,331,250
	Maturity Value: $18,333,190
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $18,697,875.
	18,543,750		3.810			12/01/22		18,543,750
	Maturity Value: $18,545,713
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $18,914,625.
	21,000,000		3.810			12/01/22		21,000,000
	Maturity Value: $21,002,223
	Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $21,420,000.
	22,895,000		3.810			12/01/22		22,895,000
	Maturity Value: $22,897,423
	Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/35. The market value of the collateral, including accrued interest, was $23,352,900.
Repurchase Agreements(c) – (continued)
	Prudential Insurance Company of America (The) (continued)
	23,730,000		3.810			12/01/22		23,730,000
	Maturity Value: $23,732,511
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/43. The market value of the collateral, including accrued interest, was $24,204,600.
	25,481,250		3.810			12/01/22		25,481,250
	Maturity Value: $25,483,947
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/36. The market value of the collateral, including accrued interest, was $25,990,875.
	33,562,500		3.810			12/01/22		33,562,500
	Maturity Value: $33,566,052
	Collateralized by a U.S. Treasury Bond, 2.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $34,233,750.
	35,550,000		3.810			12/01/22		35,550,000
	Maturity Value: $35,553,762
	Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $36,261,000.
	35,831,250		3.810			12/01/22		35,831,250
	Maturity Value: $35,835,042
	Collateralized by a U.S. Treasury Note, 0.000%, due 05/15/30. The market value of the collateral, including accrued interest, was $36,547,875.
	41,093,750		3.810			12/01/22		41,093,750
	Maturity Value: $41,098,099
	Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/52. The market value of the collateral, including accrued interest, was $41,915,625.
	66,937,500		3.810			12/01/22		66,937,500
	Maturity Value: $66,944,584
	Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/41. The market value of the collateral, including accrued interest, was $68,276,250.
	75,750,000		3.810			12/01/22		75,750,000
	Maturity Value: $75,758,017
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45. The market value of the collateral, including accrued interest, was $77,265,000.
	98,820,000		3.810			12/01/22		98,820,000
	Maturity Value: $98,830,458
	Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $100,796,400.
	113,750,000		3.810			12/01/22		113,750,000
	Maturity Value: $113,762,039
	Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/27. The market value of the collateral, including accrued interest, was $116,025,000.
	168,750,000		3.810			12/01/22		168,750,000
	Maturity Value: $168,767,859
	Collateralized by a U.S. Treasury Bond, 3.000%, due 08/15/52. The market value of the collateral, including accrued interest, was $172,125,000.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Societe Generale
$	500,000,000		3.800	%		12/01/22	$	500,000,000
	Maturity Value: $500,052,778
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 11/01/33 to 12/01/52. The aggregate market value of the collateral, including accrued interest, was $514,999,999.
	TOTAL REPURCHASE AGREEMENTS						$	171,250,920,000
	TOTAL INVESTMENTS – 97.3%						$	252,632,138,045
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.7%							7,073,119,007
	NET ASSETS – 100.0%						$	259,705,257,052

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2022.
(b)	All or a portion represents a forward commitment.
(c)	Unless noted, all repurchase agreements were entered into on November 30, 2022. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section.

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

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

Investment Abbreviations:
FEDL01	—US Federal Funds Effective Rate
MMY	—Money Market Yield
Prime	—Federal Reserve Bank Prime Loan Rate US
SOFR	—Secured Overnight Financing Rate
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – 19.4%
	Adventist Health System/West
$	16,559,000		4.001	%		12/15/22	$	16,531,905
	Albion Capital LLC
	34,000,000		3.905			12/02/22		33,992,777
	6,600,000		3.735			12/20/22		6,585,293
	Antalis
	3,429,000		4.626			01/19/23		3,408,583
	48,267,000		4.806			02/01/23		47,892,472
	17,677,000		4.875			02/02/23		17,537,313
	Atlantic Asset Securitization LLC
	10,517,000		4.960			03/02/23		10,391,109
	7,068,000		4.967			03/02/23		6,983,395
	Barclays Bank PLC(a)(c)
	8,289,000		4.350			04/06/23		8,287,911
	BPCE SA
	8,545,000		4.623			01/31/23		8,482,029
	Brighthouse Financial Short Term Funding, LLC
	7,612,000		3.271			12/06/22		7,607,119
	Chariot Funding LLC
	26,776,000		4.340			01/23/23		26,781,168
	Charta, LLC
	15,000,000		5.008			03/22/23		14,774,880
	Chesham Finance Limited – Series V
	39,000,000		3.863			12/01/22		38,995,859
	8,000,000		3.958			12/05/22		7,995,740
	Collateralized Commercial Paper Flex Co., LLC
	8,000,000		2.266			12/02/22		7,998,300
	14,276,000		3.285			12/15/22		14,252,623
	Credit Agricole Corporate and Investment Bank
	23,845,000		3.980			12/14/22		23,809,447
	DBS Bank Ltd.
	19,005,000		3.683			12/19/22		18,965,310
	DZ Bank Ag Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main
	18,483,000		4.884			03/23/23		18,212,297
	Federation Des Caisses Desjardins Du Quebec
	25,000,000		3.214			12/05/22		24,986,722
	First Abu Dhabi Bank P.J.S.C.
	41,000,000		3.886			12/06/22		40,973,849
	31,927,000		4.442			01/27/23		31,707,514
	Gotham Funding Corporation
	17,281,000		3.807			12/23/22		17,236,606
	11,661,000		4.145			01/17/23		11,594,423
	9,617,000		4.827			02/08/23		9,531,673
	11,122,000		4.977			03/01/23		10,987,166
	6,931,000		4.492			03/03/23		6,844,894
	Ionic Capital III Trust
	21,000,000		3.889			12/06/22		20,986,570
	13,804,000		3.950			12/09/22		13,790,669
	30,000,000		3.952			12/14/22		29,954,278
	Liberty Street Funding LLC
	3,813,000		3.787			12/22/22		3,803,658
	11,881,000		5.061			03/03/23		11,737,021
	LMA-Americas LLC
	3,849,000		3.170			12/08/22		3,845,716
	28,000,000		4.033			12/19/22		27,940,859
	4,450,000		4.204			01/09/23		4,429,120
Commercial Paper and Corporate Obligations – (continued)
	LMA-Americas LLC – (continued)
	5,500,000		3.988			01/17/23		5,468,496
	10,516,000		4.886			02/13/23		10,416,974
	Macquarie Bank Ltd.
	24,000,000		3.320			12/20/22		23,946,387
	10,000,000		3.343			12/27/22		9,969,272
	Mitsubishi UFJ Trust and Banking Corporation-Singapore Branch
	4,082,000		4.233			01/06/23		4,065,139
	4,084,000		4.255			01/09/23		4,065,604
	National Bank of Canada(a)
	12,352,000		4.210			02/13/23		12,353,997
	Nieuw Amsterdam Receivables Corporation
	12,949,000		3.879			12/16/22		12,926,181
	17,135,000		4.153			01/09/23		17,055,094
	Old Line Funding, LLC
	6,560,000		5.257			04/25/23		6,425,807
	Power Authority of The State of New York
	10,100,000		4.005			12/19/22		10,077,826
	Thunder Bay Funding, LLC
	5,618,000		5.257			04/25/23		5,504,444
	16,883,000		5.254			05/17/23		16,485,754
	Trinity Health Corporation
	21,000,000		3.943			12/09/22		20,979,882
	Versailles Commercial Paper LLC
	3,171,000		4.886			02/13/23		3,140,975
	7,587,000		4.977			03/03/23		7,494,646
	3,958,000		4.854			03/09/23		3,906,451
	7,512,000		5.029			04/05/23		7,384,326
	11,779,000		5.038			04/10/23		11,569,574
	Victory Receivables Corporation
	15,253,000		3.787			12/22/22		15,215,603
	13,109,000		4.102			01/06/23		13,052,480
	9,145,000		4.764			01/10/23		9,100,871
	8,082,000		4.666			01/18/23		8,034,357
	10,086,000		4.724			02/01/23		10,006,749
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $858,541,661)						$	858,483,157
Certificate of Deposit – 1.0%
	Citibank, NA
$	43,200,000		3.940	%		12/22/22	$	43,196,803
	(Cost $43,200,000)
Certificates of Deposit-Eurodollar – 2.3%
	ABN Amro Bank N.V.
$	20,000,000		4.730	%		03/17/23	$	19,734,130
	Credit Agricole SA
	20,000,000		4.770			03/22/23		19,717,730
	Mitsubishi UFJ Trust and Banking Corporation-Singapore Branch
	10,000,000		4.895			01/20/23		9,935,375
	Mizuho Bank, Ltd.-London Branch
	13,133,000		4.730			01/18/23		13,055,233
	14,500,000		4.760			01/27/23		14,393,408
	4,500,000		4.740			02/06/23		4,459,759

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Value
Certificates of Deposit-Eurodollar – (continued)
	National Westminster Bank PLC
$	19,000,000		4.750	%		03/15/23	$	18,724,642
	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR
	(Cost $100,016,159)						$	100,020,277
Certificates of Deposit-Yankeedollar – 4.7%
	KBC Bank
$	55,000,000		3.810	%		12/07/22	$	55,000,165
	National Bank of Kuwait-New York Branch
	55,000,000		3.830			12/07/22		54,999,230
	15,315,000		4.010			12/23/22		15,313,468
	10,997,000		4.590			01/17/23		10,997,800
	18,000,000		5.020			02/17/23		18,003,257
	Natixis-New York Branch
	19,129,000		4.450			01/31/23		19,134,079
	Skandinaviska Enskilda Banken AB (Publ)
	6,600,000		3.220			12/22/22		6,596,844
	Sumitomo Mitsui Banking Corporation-New York Branch
	20,000,000		4.780			03/03/23		20,000,174
	Sumitomo Mitsui Trust Bank, Limited
	9,900,000		3.200			12/28/22		9,893,153
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $209,941,711)						$	209,938,170
Medium Term Notes – 1.0%
	BPCE SA
$	880,000		4.850	%(a)		01/11/23	$	876,962
	DNB Bank ASA
	2,764,000		3.854	(a)		12/02/22		2,764,000
	Macquarie Bank Ltd.
	6,609,000		4.204	(a)		12/16/22		6,599,216
	Met Tower Global Funding
	3,684,000		4.347	(a)		01/17/23		3,685,056
	Metropolitan Life Global Funding I (SECURED)
	24,266,000		4.369	(a)		01/13/23		24,271,768
	Skandinaviska Enskilda Banken AB
	4,510,000		3.595	(a)		12/12/22		4,506,492
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS
	(COST $42,703,685)						$	42,703,494
Time Deposits - 17.9%
	Australia and New Zealand Banking Group Limited
$	100,000,000		3.820	%		12/01/22	$	100,001,860
	Credit Agricole Corporate and Investment Bank
	50,000,000		3.790			12/01/22		50,000,000
	Credit Industriel Et Commercial
	145,000,000		3.820			12/01/22		145,002,697
	First Abu Dhabi Bank USA N.V.
	90,000,000		3.820			12/01/22		90,000,000
	HSBC Bank PLC
	150,000,000		3.880			12/01/22		150,000,000
Time Deposits – (continued)
	National Bank of Kuwait S.A.K.P
	65,000,000		3.820			12/01/22		65,000,000
	Skandinaviska Enskilda Banken AB (Publ)
	130,000,000		3.810			12/01/22		130,002,383
	Toronto-Dominion Bank (The)
	62,000,000		3.810			12/01/22		62,001,136
	TOTAL TIME DEPOSIT (Cost $792,000,000)						$	792,008,076
U.S. Government Agency Obligations – 3.5%
	Federal Farm Credit Bank
$	4,900,000		3.965	%(b)		04/05/24	$	4,900,534
	10,100,000		3.975			06/27/24		10,103,328
	1,900,000		3.970			09/17/24		1,899,995
	600,000		3.972			11/14/24		600,026
	5,800,000		4.000			11/25/24		5,798,840
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.04%)
	8,000,000		4.367			10/23/23		8,004,600
	5,900,000		4.372			10/30/23		5,901,417
	Federal Home Loan Bank
	11,300,000		4.667			11/14/23		11,268,215
	5,000,000		4.692			11/15/23		4,988,768
	5,000,000		4.697			11/17/23		4,987,481
	3,900,000		4.742			11/24/23		3,890,048
	4,700,000		4.766			11/24/23		4,691,161
	4,600,000		4.690			11/29/23		4,589,919
	8,700,000		3.960			02/23/24		8,704,955
	34,800,000		4.000			11/22/24		34,803,459
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	10,000,000		3.990			12/07/22		10,000,000
	21,144,715		4.000			12/07/22		21,144,716
	10,943,396		4.261			12/07/22		10,943,396
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $157,280,474)						$	157,220,858
U.S. Treasury Obligations – 13.1%
	United States Treasury Bills
$	36,100,000		4.605	%		05/18/23	$	35,344,511
	31,300,000		4.689			05/25/23		30,611,255
	8,100,000		4.700			05/25/23		7,921,763
	20,900,000		4.705			05/25/23		20,440,103
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	9,900,000		4.365	(c)		04/30/23		9,908,499
	103,800,000		4.366	(c)		04/30/23		103,889,111
	78,650,000		4.353	(c)		07/31/23		78,704,455
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	104,303,000		4.366	(c)		10/31/23		104,381,381
	187,300,000		4.367	(c)		10/31/23		187,440,750
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $578,281,671)						$	578,641,828

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Value
Variable Rate Municipal Debt Obligations(d) – 4.5%
	Alaska Housing Finance Corp. VRDN RB Governmental Purpose Series 2009 B RMKT (FHLB, SPA)
$	100,000		1.850	%		12/07/22	$	100,000
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
	11,100,000		3.850			12/07/22		11,100,000
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2022 A
	17,000,000		3.870			12/07/22		17,000,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (TB Bank N.A., LOC)
	30,075,000		3.850			12/07/22		30,075,000
	Colorado Housing and Finance Authority Single Family Mortgage Bonds Class I VRDN RB 2020 Series C-2 (GNMA Collat., Royal Bank of Canada, SPA)
	5,695,000		3.850			12/07/22		5,695,000
	Colorado Housing and Finance Authority Single Family Mortgage Bonds Class I VRDN RB 2021 Refunding Series C-2 (GNMA Collat., FHLB, SPA)
	7,485,000		3.850			12/07/22		7,485,000
	Colorado Housing and Finance Authority Single Family Mortgage Bonds Class II VRDN RB 2022 Refunding Series C-2 (GNMA Collat., FHLB, SPA)
	15,000,000		3.850			12/07/22		15,000,000
	Illinois Finance Authority VRDN Refunding University of Chicago Series 2022
	4,800,000		3.850			12/07/22		4,800,000
	Maricopa County Industrial Development Authority VRDN RB for Banner Health Series 202
	36,150,000		3.850			12/07/22		36,150,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Parters Healthcare System Series P-2 RMKT (JPMorgan Chase Bank N.A., SPA)
	150,000		1.850			12/07/22		150,000
	Metropolitan Water District of Southern California Special VRDN Water Revenue Refunding Series 2022 C-1 (TD Bank N.A., SPA)
	37,735,000		3.800			12/07/22		37,735,000
	Michigan Finance Authority VRDN RB Refunding for School Loan Revolving Fund Series 2019 C (Bank of America N.A., LOC)
	30,000,000		3.860			12/07/22		30,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding for Metropolitan Transportation Authority Bridges & Tunnels Series 2018E (Bank of America N.A., LOC)
	3,665,000		3.860			12/07/22		3,665,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $198,954,994)						$	198,955,000
Variable Rate Obligations(c) – 20.8%
	Atlantic Asset Securitization LLC
$	4,489,000		4.110	%		01/12/23	$	4,489,559
	4,505,000		4.110			01/13/23		4,505,553
Variable Rate Obligations(c) – (continued)
	Australia and New Zealand Banking Group Limited
	22,823,000		4.070			12/09/22		22,823,854
	8,000,000		4.330			02/23/23		8,003,087
	22,195,000		4.480			05/02/23		22,203,807
	Bank of Montreal
	7,386,000		4.510			05/02/23		7,392,297
	Bank of Nova Scotia (The) (FEDL01 + 0.38%)
	19,750,000		4.210			12/20/22		19,750,238
	Bedford Row Funding Corp.
	8,585,000		4.210			12/12/22		8,585,096
	BNZ International Funding Limited
	25,386,000		3.990			12/06/22		25,383,534
	8,280,000		4.180			01/06/23		8,280,017
	Canadian Imperial Bank of Commerce
	14,350,000		4.430			12/21/22		14,353,972
	Collateralized Commercial Paper Flex Co., LLC
	19,856,000		4.360			01/26/23		19,863,605
	Commonwealth Bank of Australia
	10,000,000		4.320			02/28/23		10,002,475
	Cooeperatieve Rabobank U.A.
	22,195,000		4.510			05/03/23		22,204,251
	8,474,000		4.440			05/24/23		8,476,507
	Credit Industriel Et Commercial
	3,706,000		4.080			12/08/22		3,706,161
	14,689,000		4.210			01/09/23		14,689,424
	Federation Des Caisses Desjardins Du Quebec
	14,709,000		3.990			12/22/22		14,709,113
	19,137,000		4.260			12/29/22		19,141,227
	HSBC Bank USA, National Association
	13,900,000		4.310			12/21/22		13,902,677
	ING (U.S.) Funding LLC
	17,203,000		4.320			02/24/23		17,207,756
	15,091,000		4.319			03/02/23		15,101,369
	Macquarie Bank Ltd.
	6,428,000		4.102	(a)(b)		04/06/23		6,424,207
	Mizuho Bank, Ltd-New York Branch
	16,544,000		4.189			01/17/23		16,547,951
	MUFG Bank, Ltd.-New York Branch
	30,000,000		4.110			01/04/23		30,001,632
	22,497,000		4.410			03/15/23		22,507,171
	National Australia Bank Limited
	9,854,000		4.290			01/03/23		9,856,753
	National Bank of Canada
	30,000,000		4.210			03/16/23		30,002,363
	11,021,000		4.230			04/03/23		11,021,000
	Natixis-New York Branch
	7,000,000		4.410			05/05/23		7,003,229
	Nordea Bank Abp-New York Branch
	5,593,000		4.328			12/23/22		5,594,281
	Norinchukin Bank (The)
	25,690,000		3.990			12/02/22		25,690,133
	15,864,000		4.260			02/10/23		15,866,535
	31,048,000		4.380			02/28/23		31,062,645
	7,000,000		4.190			03/13/23		6,998,608
	Nuveen Credit Strategies Income Fund
	16,000,000		4.140	(a)		12/07/22		16,000,000
	Nuveen Preferred & Income Opportunities Fund
	3,000,000		4.010	(a)		12/07/22		3,000,000

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Value
Variable Rate Obligations(c) – (continued)
	Nuveen Preferred & Income Securities Fund
$	17,000,000		4.140	% (a)		12/07/22	$	17,000,000
	Old Line Funding, LLC
	30,000,000		4.310			02/16/23		30,007,050
	Oversea-Chinese Banking Corporation Limited
	13,225,000		4.249			12/20/22		13,227,095
	17,202,000		4.300			02/17/23		17,208,214
	Pure Grove Funding
	8,881,000		4.410			03/01/23		8,883,451
	Royal Bank of Canada
	10,824,000		4.060			12/01/22		10,824,000
	23,205,000		4.060			12/01/22		23,205,115
	Sheffield Receivables Company LLC
	15,479,000		4.410			02/17/23		15,483,744
	Skandinaviska Enskilda Banken AB (Publ)
	23,587,000		4.280			02/03/23		23,591,661
	Starbird Funding Corporation
	23,000,000		4.300			12/13/22		23,003,086
	Sumitomo Mitsui Banking Corporation-New York Branch
	5,046,000		4.260			02/09/23		5,046,699
	30,695,000		4.360			03/09/23		30,703,941
	Sumitomo Mitsui Trust Bank, Limited
	9,851,000		4.310			02/14/23		9,854,277
	Svenska Handelsbanken AB-New York Branch
	9,939,000		4.480			05/02/23		9,943,628
	Thunder Bay Funding, LLC
	22,924,000		4.400			04/25/23		22,926,993
	Toronto-Dominion Bank (The)
	20,000,000		4.280			12/30/22		20,000,960
	12,193,000		3.830			05/01/23		12,196,606
	UBS AG-London Branch
	13,680,000		4.530	(a)		04/26/23		13,683,643
	United Overseas Bank Limited
	29,931,000		3.990			12/09/22		29,931,528
	Versailles Commercial Paper LLC
	8,000,000		4.260			02/03/23		7,999,201
	Westpac Banking Corporation
	35,805,000		4.290			12/27/22		35,813,878
	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $922,724,855)						$	922,886,857
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $3,903,645,210)						$	3,904,054,520
Repurchase Agreements(e) – 11.5%
	BNP Paribas
$	12,000,000		3.900	%		12/01/22	$	12,000,020
	Maturity Value: $12,001,300
	Collateralized by mortgage-backed obligations, 2.500% to 13.371%, due 02/25/24 to 04/25/65, various asset-backed obligation, 5.233%, due 04/20/34 and various corporate security issuers, 2.375% to 6.750%, due 09/24/29 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $14,497,546.
Repurchase Agreements(e) – (continued)
	BNP Paribas (SOFR + 0.17%)
	20,000,000		3.990	(c)		12/07/22		20,000,000
	Maturity Value: $20,822,383
	Settlement Date: 12/07/21
	Collateralized by Federal National Mortgage Association, 8.197%, due 06/25/42, mortgage-backed obligations, 4.544% to 8.271%, due 07/25/36 to 04/25/42, various asset-backed obligations, 4.264% to 10.077%, due 07/20/27 to 05/25/47 and various corporate security issuers, 2.250% to 8.000%, due 05/15/24 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $22,362,386.
	Federal Reserve Bank of New York
	150,000,000		3.800			12/01/22		149,999,832
	Maturity Value: $150,015,833
	Collateralized by a U.S. Treasury Note, 2.750%, due 05/15/25. The market value of the collateral, including accrued interest, was $150,015,883.
	Joint Account III
	200,000,000		3.803			12/01/22		199,999,792
	Maturity Value: $200,021,126
	Mizuho Securities USA LLC
	36,000,000		3.920			12/01/22		36,000,080
	Maturity Value: $36,003,920
	Collateralized by various corporate security issuers, 0.000% to 7.500%, due 12/19/22 to 04/15/52. The aggregate market value of the collateral, including accrued interest, was $37,800,077.
	RBC Capital Markets LLC
	90,000,000		3.920			12/01/22		90,000,200
	Maturity Value: $90,009,800
	Collateralized by various corporate security issuers, 0.000% to 8.963%, due 03/22/23 to 10/31/82. The aggregate market value of the collateral, including accrued interest, was $94,553,056.
	TOTAL REPURCHASE AGREEMENTS
	(Cost $508,000,000)						$	507,999,924
	TOTAL INVESTMENTS – 99.7% (Cost $4,411,645,210)						$	4,412,054,444
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%							11,267,799
	NET ASSETS – 100.0%						$	4,423,322,243

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion represents a forward commitment.
(c)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2022.
(d)	Rate shown is that which is in effect on November 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

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

FINANCIAL SQUARE MONEY MARKET FUND

(e) Unless noted, all repurchase agreements were entered into on November 30, 2022. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.

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

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

Investment Abbreviations:
FEDL01	—US Federal Funds Effective Rate
FHLB	—Insured by Federal Home Loan Bank
GNMA	—Insured by Government National Mortgage Association
GO	—General Obligation
LOC	—Letter of Credit
MMY	—Money Market Yield
RB	—Revenue Bond
RMKT	—Remarketed
SOFR	—Secured Overnight Financing Rate
SPA	—Stand-by Purchase Agreement
T-Bill	—Treasury Bill
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – 23.2%
	Adventist Health System/West
$	7,509,000		4.001	%		12/15/22	$	7,496,713
	Albion Capital LLC
	17,000,000		3.905			12/02/22		16,996,389
	2,872,000		3.735			12/20/22		2,865,600
	4,923,000		4.927			02/21/23		4,872,026
	Antalis
	2,224,000		4.200			01/09/23		2,213,621
	1,961,000		4.625			01/18/23		1,949,590
	3,100,000		4.626			01/19/23		3,081,542
	26,483,000		4.806			02/01/23		26,277,505
	7,813,000		4.875			02/02/23		7,751,260
	Atlantic Asset Securitization LLC
	5,709,000		4.960			03/02/23		5,640,662
	3,141,000		4.967			03/02/23		3,103,401
	Barclays Bank PLC(a)(c)
	4,710,000		4.350			04/06/23		4,709,381
	Barclays Bank UK PLC
	28,000,000		3.886			12/07/22		27,979,055
	BPCE SA
	4,978,000		4.623			01/31/23		4,941,315
	Brighthouse Financial Short Term Funding, LLC
	2,914,000		3.271			12/06/22		2,912,132
	Chariot Funding LLC
	25,286,000		4.340			01/23/23		25,290,880
	Charta, LLC
	10,000,000		5.008			03/22/23		9,849,920
	Chesham Finance Limited - Series V
	19,000,000		3.863			12/01/22		18,997,982
	4,000,000		3.958			12/05/22		3,997,870
	Collateralized Commercial Paper Flex Co., LLC
	4,437,000		3.285			12/15/22		4,429,734
	Credit Agricole Corporate and Investment Bank
	13,695,000		3.980			12/14/22		13,674,581
	DBS Bank Ltd.
	7,778,000		3.683			12/19/22		7,761,756
	DZ Bank Ag Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main
	9,241,000		4.884			03/23/23		9,105,656
	Federation Des Caisses Desjardins Du Quebec
	8,000,000		3.214			12/05/22		7,995,751
	First Abu Dhabi Bank P.J.S.C.
	19,000,000		3.886			12/06/22		18,987,881
	15,181,000		4.442			01/27/23		15,076,637
	Gotham Funding Corporation
	7,785,000		3.807			12/23/22		7,765,001
	6,289,000		4.145			01/17/23		6,253,094
	4,824,000		4.827			02/08/23		4,781,199
	4,942,000		4.977			03/01/23		4,882,087
	3,085,000		4.942			03/03/23		3,046,674
	Ionic Capital III Trust
	16,000,000		3.889			12/06/22		15,989,768
	7,578,000		3.950			12/09/22		7,570,682
	15,000,000		3.952			12/14/22		14,977,139
	Liberty Street Funding LLC
	1,636,000		3.787			12/22/22		1,631,992
	5,251,000		5.061			03/03/23		5,187,366
Commercial Paper and Corporate Obligations – (continued)
	LMA-Americas LLC
	1,503,000		3.170			12/08/22		1,501,718
	22,000,000		4.033			12/19/22		21,953,532
	7,781,000		4.204			01/09/23		7,744,490
	2,250,000		3.988			01/17/23		2,237,112
	5,709,000		4.886			02/13/23		5,655,240
	Macquarie Bank Ltd.
	12,000,000		3.320			12/20/22		11,973,193
	3,000,000		3.343			12/27/22		2,990,782
	Mitsubishi UFJ Trust and Banking Corporation-Singapore Branch
	2,149,000		4.233			01/06/23		2,140,123
	2,150,000		4.255			01/09/23		2,140,316
	National Bank of Canada(a)(c)
	5,525,000		4.210			02/13/23		5,525,893
	Nieuw Amsterdam Receivables Corporation
	3,411,000		3.974			12/05/22		3,409,164
	7,098,000		3.879			12/16/22		7,085,492
	8,909,000		4.153			01/09/23		8,867,454
	Old Line Funding, LLC
	3,830,000		5.257			04/25/23		3,751,653
	Power Authority of The State of New York
	4,500,000		4.005			12/19/22		4,490,121
	Thunder Bay Funding, LLC
	3,280,000		5.257			04/25/23		3,213,702
	8,203,000		5.254			05/17/23		8,009,989
	Trinity Health Corporation
	30,000,000		3.943			12/09/22		29,971,260
	Versailles Commercial Paper LLC
	1,722,000		4.886			02/13/23		1,705,695
	3,353,000		4.977			03/03/23		3,312,185
	12,198,000		4.886			03/06/23		12,044,338
	1,979,000		4.854			03/09/23		1,953,225
	3,756,000		5.029			04/05/23		3,692,163
	3,361,000		5.038			04/10/23		3,301,243
	Victory Receivables Corporation
	6,544,000		3.787			12/22/22		6,527,955
	6,315,000		4.102			01/06/23		6,287,773
	5,333,000		4.764			01/10/23		5,307,266
	4,736,000		4.666			01/18/23		4,708,081
	4,180,000		4.724			02/01/23		4,147,156
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $515,718,791)						$	515,692,156
Certificate of Deposit – 1.0%
	Citibank, NA
$	22,000,000		3.940	%		12/22/22	$	21,998,372
	(Cost $22,000,000)
Certificates of Deposit-Yankeedollar – 5.6%
	KBC Bank
$	26,000,000		3.810	%		12/07/22	$	26,000,078
	National Bank of Kuwait-New York Branch
	19,000,000		3.830			12/05/22		18,999,987

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Value
Certificates of Deposit-Yankeedollar – (continued)
	National Bank of Kuwait-New York Branch – (continued)
$	26,000,000		3.830	%		12/07/22	$	25,999,636
	6,570,000		4.010			12/23/22		6,569,343
	6,299,000		4.590			01/17/23		6,299,458
	10,000,000		5.020			02/17/23		10,001,809
	Natixis-New York Branch
	11,068,000		4.450			01/31/23		11,070,939
	Skandinaviska Enskilda Banken AB (Publ)
	1,900,000		3.220			12/22/22		1,899,091
	Sumitomo Mitsui Banking Corporation-New York Branch
	10,000,000		4.780			03/03/23		10,000,087
	Sumitomo Mitsui Trust Bank, Limited
	6,321,000		3.200			12/28/22		6,316,629
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $123,158,399)						$	123,157,057
Medium Term Notes – 0.5%
	BPCE SA
$	499,000		4.850	%(a)		01/11/23	$	497,277
	DNB Bank ASA
	1,462,000		3.854	(a)		12/02/22		1,462,000
	Macquarie Bank Ltd.
	2,060,000		4.204			12/16/22		2,056,950
	2,500,000		4.204			12/16/22		2,496,299
	Met Tower Global Funding
	1,657,000		4.347	(a)		01/17/23		1,657,475
	Skandinaviska Enskilda Banken AB
	2,000,000		3.595	(a)		12/12/22		1,998,444
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS
	(COST $10,170,178)						$	10,168,445
Time Deposits – 13.3%
	Australia and New Zealand Banking Group Limited
$	50,000,000		3.820	%		12/01/22	$	50,000,930
	Credit Agricole Corporate and Investment Bank
	44,000,000		3.790			12/01/22		44,000,000
	Erste Group Bank Ag-New York Branch
	59,000,000		3.820			12/01/22		59,000,000
	First Abu Dhabi Bank USA N.V.
	45,000,000		3.820			12/01/22		45,000,000
	Skandinaviska Enskilda Banken AB (Publ)
	60,000,000		3.810			12/01/22		60,001,100
	Toronto-Dominion Bank (The)
	38,000,000		3.810			12/01/22		38,000,696
	TOTAL TIME DEPOSIT
	(Cost $296,000,000)						$	296,002,726
U.S. Government Agency Obligations – 3.5%
	Federal Farm Credit Bank
$	2,400,000		3.965	%(b)		04/05/24	$	2,400,261
	5,100,000		3.975			06/27/24		5,101,681
	900,000		3.970			09/17/24		899,997
U.S. Government Agency Obligations – (continued)
	Federal Farm Credit Bank – (continued)
	300,000		3.972			11/14/24		300,013
	2,900,000		4.000			11/25/24		2,899,420
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.04%)
	1,600,000		4.367			10/23/23		1,600,920
	3,400,000		4.372			10/30/23		3,400,817
	Federal Home Loan Bank
	6,330,000		4.667			11/14/23		6,312,195
	2,800,000		4.692			11/15/23		2,793,710
	2,800,000		4.697			11/17/23		2,792,989
	2,200,000		4.742			11/24/23		2,194,386
	2,600,000		4.766			11/24/23		2,595,110
	2,500,000		4.690			11/29/23		2,494,521
	4,200,000		3.960			02/23/24		4,202,392
	17,000,000		4.000			11/22/24		17,001,690
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	6,540,753		3.990			12/07/22		6,540,753
	12,292,210		4.000			12/07/22		12,292,211
	U.S. International Development Finance Corp.
	1,540,000		4.010			12/07/22		1,540,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $77,398,854)						$	77,363,066
U.S. Treasury Obligations – 9.6%
	United States Treasury Bills
$	17,700,000		4.605	%		05/18/23	$	17,329,580
	4,000,000		4.689			05/25/23		3,911,981
	10,400,000		4.689			05/25/23		10,171,152
	14,800,000		4.689			05/25/23		14,474,332
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	1,900,000		4.359	(c)		04/30/23		1,901,631
	55,500,000		4.359	(c)		04/30/23		55,547,646
	18,900,000		4.361	(c)		07/31/23		18,913,086
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	79,500,000		4.367	(c)		10/31/23		79,559,742
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	200,000		4.381	(c)		01/31/23		200,098
	1,000,000		4.381	(c)		01/31/23		1,000,490
	11,666,000		4.381	(c)		01/31/23		11,671,714
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $214,557,641)						$	214,681,452
Variable Rate Municipal Debt Obligations(d) – 4.2%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	4,800,000		3.850	%		12/07/22	$	4,800,000
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2022 A
	5,000,000		3.870			12/07/22		5,000,000

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Value
Variable Rate Municipal Debt Obligations(d) – (continued)
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (TB Bank N.A., LOC)
$	19,100,000		3.850	%		12/07/22	$	19,100,000
	Colorado Housing and Finance Authority Single Family Mortgage Bonds Class I VRDN RB 2020 Series C-2 (GNMA Collat., Royal Bank of Canada, SPA)
	1,565,000		3.850			12/07/22		1,565,000
	Colorado Housing and Finance Authority Single Family Mortgage Bonds Class I VRDN RB 2021 Refunding Series C-2 (GNMA Collat., FHLB, SPA)
	4,760,000		3.850			12/07/22		4,760,000
	Colorado Housing and Finance Authority Single Family Mortgage Bonds Class II VRDN RB 2022 Refunding Series C-2 (GNMA Collat., FHLB, SPA)
	5,000,000		3.850			12/07/22		5,000,000
	Illinois Finance Authority VRDN Refunding University of Chicago Series 2022
	3,310,000		3.850			12/07/22		3,310,000
	Maricopa County Industrial Development Authority VRDN RB for Banner Health Series 202
	13,235,000		3.850			12/07/22		13,235,000
	Metropolitan Water District of Southern California Special VRDN Water Revenue Refunding Series 2022 C-1 (TD Bank N.A., SPA)
	18,415,000		3.800			12/07/22		18,415,000
	Metropolitan Water District of Southern California VRDN Subordinate Water Revenue Refunding Series 2021 A (Bank of America N.A., SPA)
	4,650,000		3.850			12/07/22		4,650,000
	Michigan Finance Authority VRDN RB Refunding for School Loan Revolving Fund Series 2019 C (Bank of America N.A., LOC)
	12,900,000		3.860			12/07/22		12,900,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $92,735,000)						$	92,735,000
Variable Rate Obligations(c) – 19.0%
	Atlantic Asset Securitization LLC
$	1,859,000		4.110	%		01/12/23	$	1,859,232
	1,865,000		4.110			01/13/23		1,865,229
	Australia and New Zealand Banking Group Limited
	15,943,000		4.070			12/09/22		15,943,597
	4,000,000		4.330			02/23/23		4,001,544
	5,568,000		4.480			05/02/23		5,570,209
	Bank of Montreal
	4,010,000		4.510			05/02/23		4,013,419
	Bank of Nova Scotia (The)
	4,262,000		4.310			02/21/23		4,263,278
	Bedford Row Funding Corp.
	3,821,000		4.209			12/12/22		3,821,043
	5,000,000		4.210			12/12/22		5,000,056
	BNZ International Funding Limited
	14,168,000		3.990			12/06/22		14,166,624
	9,086,000		4.180	(a)		01/06/23		9,086,018
Variable Rate Obligations(c) – (continued)
	Collateralized Commercial Paper Flex Co., LLC
	10,902,000		4.360			01/26/23		10,906,176
	Commonwealth Bank of Australia
	10,500,000		4.320			02/28/23		10,502,598
	Cooeperatieve Rabobank U.A.
	5,568,000		4.510			05/03/23		5,570,321
	4,924,000		4.440			05/24/23		4,925,457
	Credit Industriel Et Commercial
	2,963,000		4.080			12/08/22		2,963,128
	Federation Des Caisses Desjardins Du Quebec
	6,020,000		3.990			12/22/22		6,020,046
	ING (U.S.) Funding LLC
	2,880,000		4.320			02/24/23		2,880,796
	9,640,000		4.320			02/24/23		9,642,665
	3,424,000		4.319			03/02/23		3,426,353
	Macquarie Bank Ltd.
	3,095,000		4.102	(a)(b)		04/06/23		3,093,174
	Mizuho Bank, Ltd-New York Branch
	6,295,000		4.189			01/17/23		6,296,503
	MUFG Bank, Ltd.-New York Branch
	12,836,000		4.170			12/15/22		12,837,235
	5,000,000		4.110			01/04/23		5,000,272
	9,997,000		4.410			03/15/23		10,001,520
	National Bank of Canada
	15,000,000		4.210			03/16/23		15,001,182
	5,510,000		4.230			04/03/23		5,510,000
	Natixis-New York Branch
	1,000,000		4.410			05/05/23		1,000,461
	Nordea Bank Abp-New York Branch
	6,121,000		4.328			12/23/22		6,122,401
	Norinchukin Bank (The)
	12,592,000		3.990			12/02/22		12,592,066
	7,193,000		4.260			02/10/23		7,194,150
	17,046,000		4.380			02/28/23		17,054,041
	3,000,000		4.190			03/13/23		2,999,403
	Nuveen Credit Strategies Income Fund
	4,000,000		4.140	(a)		12/07/22		4,000,000
	Nuveen Preferred & Income Opportunities Fund
	2,000,000		4.010	(a)		12/07/22		2,000,000
	Nuveen Preferred & Income Securities Fund
	5,000,000		4.140	(a)		12/07/22		5,000,000
	Old Line Funding, LLC
	20,000,000		4.310			02/16/23		20,004,700
	Oversea-Chinese Banking Corporation Limited
	5,877,000		4.249			12/20/22		5,877,931
	9,879,000		4.300			02/17/23		9,882,569
	Pure Grove Funding
	4,821,000		4.410			03/01/23		4,822,330
	Royal Bank of Canada
	4,841,000		4.060			12/01/22		4,841,000
	10,381,000		4.060			12/01/22		10,381,051
	Sheffield Receivables Company LLC
	3,868,000		4.310			01/25/23		3,868,008
	22,373,000		4.410	(a)		02/17/23		22,379,856
	Skandinaviska Enskilda Banken AB (Publ)
	16,275,000		4.280			02/03/23		16,278,216
	Sumitomo Mitsui Banking Corporation-New York Branch
	2,670,000		4.260			02/09/23		2,670,370
	13,640,000		4.360			03/09/23		13,643,973

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Value
Variable Rate Obligations(c) – (continued)
	Sumitomo Mitsui Trust Bank, Limited
$	5,387,000		4.310	%		02/14/23	$	5,388,792
	Svenska Handelsbanken AB-New York Branch
	5,049,000		4.480			05/02/23		5,051,351
	Thunder Bay Funding, LLC
	13,223,000		4.400	(a)		04/25/23		13,224,726
	Toronto-Dominion Bank (The)
	6,800,000		3.830			05/01/23		6,802,011
	UBS AG-London Branch
	7,506,000		4.530			04/26/23		7,507,999
	United Overseas Bank Limited
	11,390,000		3.990			12/09/22		11,390,201
	Versailles Commercial Paper LLC
	3,000,000		4.260			02/03/23		2,999,700
	Westpac Banking Corporation
	15,825,000		4.289			12/27/22		15,828,924
	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $424,896,405)						$	424,973,905
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $1,776,635,268)						$	1,776,772,179
Repurchase Agreements(e) – 19.7%
	BNP Paribas
$	5,000,000		3.900	%		12/01/22	$	5,000,008
	Maturity Value: $5,000,542
	Collateralized by mortgage-backed obligations, 2.500% to 13.371%, due 02/25/24 to 04/25/65, various asset-backed obligation, 5.233%, due 04/20/34 and various corporate security issuers, 0.250% to 4.750%, due 05/01/23 to 11/13/47. The aggregate market value of the collateral, including accrued interest, was $6,218,611.
	BNP Paribas (SOFR + 0.17%)
	5,000,000		3.990	(c)		12/07/22		5,000,000
	Maturity Value: $5,205,596
	Settlement Date: 12/07/21
	Collateralized by mortgage-backed obligations, 7.171% to 9.521%, due 08/25/33 to 11/25/41, various asset-backed obligations, 4.264% to 10.077%, due 07/26/31 to 05/25/47 and various corporate security issuers, 2.250% to 9.750%, due 09/15/24 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $5,557,589.
	Federal Reserve Bank of New York
	250,000,000		3.800			12/01/22		249,999,720
	Maturity Value: $250,026,389
	Collateralized by a U.S. Treasury Note, 2.750%, due 05/15/25. The market value of the collateral, including accrued interest, was $250,026,407.
	Joint Account III
	160,000,000		3.803			12/01/22		159,999,834
	Maturity Value: $160,016,901
Repurchase Agreements(e) – (continued)
	Mizuho Securities USA LLC
	19,000,000		3.920			12/01/22		19,000,042
	Maturity Value: $19,002,069
	Collateralized by various corporate security issuers, 0.000% to 7.500%, due 03/07/23 to 07/15/32. The aggregate market value of the collateral, including accrued interest, was $19,950,044.
	TOTAL REPURCHASE AGREEMENTS
	(Cost $439,000,000)						$	438,999,604
	TOTAL INVESTMENTS – 99.6%
	(Cost $2,215,635,268)						$	2,215,771,783
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%							9,588,829
	NET ASSETS – 100.0%						$	2,225,360,612

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion represents a forward commitment.
(c)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2022.
(d)	Rate shown is that which is in effect on November 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(e)	Unless noted, all repurchase agreements were entered into on November 30, 2022. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.

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

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

Investment Abbreviations:
FHLB	—Insured by Federal Home Loan Bank
GNMA	—Insured by Government National Mortgage Association
GO	—General Obligation
LOC	—Letter of Credit
MMY	—Money Market Yield
RB	—Revenue Bond
RMKT	—Remarketed
SOFR	—Secured Overnight Financing Rate
SPA	—Stand-by Purchase Agreement
T-Bill	—Treasury Bill
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 103.1%
	United States Treasury Bills
$	74,000,000		3.448	%		12/01/22	$	74,000,000
	125,000,000		3.306			12/06/22		124,943,663
	448,000,000		3.551			12/06/22		447,782,222
	250,000,000		3.581			12/06/22		249,877,431
	70,000,000		3.622			12/06/22		69,965,292
	3,000,000,000		3.681			12/06/22		2,998,491,664
	65,000,000		3.686			12/06/22		64,967,229
	484,400,000		3.793			12/06/22		484,216,332
	90,600,000		3.814			12/06/22		90,565,396
	1,123,000,000		3.551			12/08/22		1,122,235,736
	500,000,000		3.552			12/08/22		499,659,722
	500,000,000		3.572	(a)		12/08/22		499,657,778
	330,000,000		3.582			12/08/22		329,773,492
	500,000,000		3.592	(a)		12/08/22		499,655,833
	342,000,000		3.602			12/08/22		341,763,925
	295,000,000		3.603			12/08/22		294,796,368
	150,000,000		3.605			12/08/22		149,896,385
	6,500,000,000		3.548			12/13/22		6,492,460,005
	634,000,000		3.553			12/13/22		633,260,333
	87,000,000		3.605			12/13/22		86,897,050
	2,000,000,000		3.640			12/13/22		1,997,613,337
	1,799,800,000		3.845			12/13/22		1,798,132,185
	1,500,000,000		2.958			12/20/22		1,497,712,083
	150,000,000		3.657			12/20/22		149,715,000
	500,000,000		3.763			12/20/22		499,026,250
	54,500,000		2.453			12/22/22		54,424,018
	124,000,000		2.461			12/22/22		123,826,400
	57,400,000		2.463			12/22/22		57,319,640
	15,400,000		2.471			12/22/22		15,378,350
	286,900,000		2.472			12/22/22		286,496,666
	30,800,000		2.476			12/22/22		30,756,611
	46,500,000		2.478			12/22/22		46,434,493
	69,900,000		2.488			12/22/22		69,801,121
	77,500,000		2.489			12/22/22		77,390,370
	194,000,000		2.493			12/22/22		193,725,005
	31,100,000		2.494			12/22/22		31,055,916
	80,200,000		2.502			12/22/22		80,085,849
	93,100,000		2.514			12/22/22		92,966,945
	34,000,000		2.564			12/22/22		33,950,417
	49,600,000		2.575			12/22/22		49,527,377
	2,500,000,000		3.041			12/27/22		2,494,637,500
	3,996,000,000		3.896			12/27/22		3,984,975,484
	2,000,000,000		3.176			01/03/23		1,994,316,667
	3,000,000,000		3.958			01/03/23		2,989,329,992
	1,350,000,000		3.274			01/10/23		1,345,207,500
	1,000,000,000		3.927			01/10/23		995,722,221
	1,200,000,000		3.642			01/17/23		1,194,438,333
	146,800,000		2.887			01/19/23		146,238,531
	98,600,000		2.913			01/19/23		98,219,527
	15,300,000		2.969			01/19/23		15,239,816
	53,964,000		2.990			01/19/23		53,750,258
	6,700,000		2.995			01/19/23		6,673,417
	70,000,000		3.000			01/19/23		69,721,789
	6,460,000,000		3.684			01/24/23		6,425,212,900
	4,000,000,000		4.204			01/24/23		3,975,279,996
	1,108,636,000		3.005			01/26/23		1,103,600,330
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	1,000,000,000		3.684			01/31/23		993,916,944
	5,010,558,000		3.798			02/07/23		4,975,539,767
	4,000,000,000		3.995			02/14/23		3,967,583,333
	4,000,000,000		4.256			02/21/23		3,962,280,000
	4,000,000,000		4.297			02/28/23		3,958,664,451
	4,500,000,000		4.402			03/07/23		4,448,639,992
	3,000,000,000		4.423			03/14/23		2,963,091,664
	750,000,000		4.443			03/21/23		740,100,000
	2,000,000,000		4.465			03/28/23		1,971,400,009
	3,500,000,000		4.558	(a)		04/04/23		3,448,747,365
	700,000,000		4.658			05/11/23		685,943,808
	1,741,100,000		4.605			05/18/23		1,705,024,403
	45,400,000		4.689			05/25/23		44,402,461
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	304,000,000		4.359	(b)		04/30/23		304,319,633
	250,000,000		4.360	(b)		04/30/23		250,253,854
	953,800,000		4.361	(b)		04/30/23		954,592,189
	49,000,000		4.362	(b)		04/30/23		49,046,002
	481,100,000		4.365	(b)		04/30/23		481,131,703
	2,635,000,000		4.366	(b)		04/30/23		2,635,023,319
	18,700,000		4.351	(b)		07/31/23		18,721,135
	32,000,000		4.353	(b)		07/31/23		32,037,964
	17,000,000		4.356	(b)		07/31/23		17,019,670
	250,000,000		4.357	(b)		07/31/23		250,228,959
	225,500,000		4.358	(b)		07/31/23		225,559,532
	2,408,800,000		4.361	(b)		07/31/23		2,408,820,531
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	13,000,000		4.358	(b)		10/31/23		13,016,205
	5,479,400,000		4.367	(b)		10/31/23		5,479,503,664
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	1,180,900,000		4.374	(b)		01/31/23		1,181,354,712
	17,000,000		4.375	(b)		01/31/23		17,007,111
	121,000,000		4.376	(b)		01/31/23		121,068,750
	35,650,000		4.377	(b)		01/31/23		35,664,725
	91,200,000		4.378	(b)		01/31/23		91,207,570
	233,200,000		4.379	(b)		01/31/23		233,216,586
	850,000,000		4.380	(b)		01/31/23		850,020,152
	300,000,000		4.381	(b)		01/31/23		300,002,031
	United States Treasury Notes
	134,800,000		0.911			01/31/23		134,624,146
	286,200,000		0.826			02/15/23		286,895,283
	34,000,000		1.782			02/15/23		33,971,574
	51,700,000		0.856			02/28/23		51,921,679
	42,700,000		0.947			02/28/23		42,615,007
	TOTAL INVESTMENTS – 103.1%						$	99,996,946,033
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (3.1)%							(3,036,655,300	)
	NET ASSETS – 100.0%						$	96,960,290,733

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

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 represents a forward commitment.
(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2022.

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

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

Investment Abbreviations:
MMY	—Money Market Yield
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 19.0%
	United States Treasury Bills
$	281,100,000		2.793	%		12/06/22	$	280,993,416
	17,200,000		2.814			12/06/22		17,193,431
	8,000,000		3.859			12/08/22		7,994,089
	17,300,000		2.845			12/13/22		17,283,969
	14,500,000		2.453			12/22/22		14,479,785
	32,700,000		2.461			12/22/22		32,654,220
	15,100,000		2.463			12/22/22		15,078,860
	4,100,000		2.471			12/22/22		4,094,236
	75,600,000		2.472			12/22/22		75,493,719
	8,100,000		2.476			12/22/22		8,088,589
	12,300,000		2.478			12/22/22		12,282,672
	18,400,000		2.488			12/22/22		18,373,972
	20,400,000		2.489			12/22/22		20,371,142
	51,100,000		2.493			12/22/22		51,027,566
	8,200,000		2.494			12/22/22		8,188,377
	21,100,000		2.502			12/22/22		21,069,968
	24,500,000		2.514			12/22/22		24,464,985
	9,000,000		2.564			12/22/22		8,986,875
	13,100,000		2.575			12/22/22		13,080,819
	57,200,000		2.887			01/19/23		56,981,226
	38,500,000		2.913			01/19/23		38,351,438
	5,900,000		2.969			01/19/23		5,876,792
	21,046,000		2.990			01/19/23		20,962,640
	19,600,000		2.995			01/19/23		19,522,234
	442,754,000		3.005			01/26/23		440,742,913
	290,000,000		4.658			05/11/23		284,176,721
	764,900,000		4.605			05/18/23		749,051,270
	20,500,000		4.689			05/25/23		20,049,569
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY - 0.02%)
	284,000,000		4.313	(a)		01/31/24		284,150,835
	350,000,000		4.314	(a)		01/31/24		350,164,869
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	127,500,000		4.365	(a)		04/30/23		127,508,346
	2,235,000,000		4.366	(a)		04/30/23		2,235,028,315
	5,200,000		4.351	(a)		07/31/23		5,205,877
	58,200,000		4.358	(a)		07/31/23		58,215,364
	1,061,100,000		4.361	(a)		07/31/23		1,061,104,238
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	29,500,000		4.358	(a)		10/31/23		29,535,329
	976,200,000		4.367	(a)		10/31/23		976,198,843
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	6,300,000		4.374	(a)		01/31/23		6,302,012
	22,400,000		4.378	(a)		01/31/23		22,401,859
	52,800,000		4.379	(a)		01/31/23		52,803,669
	500,000,000		4.380	(a)		01/31/23		500,011,854
	261,800,000		4.381	(a)		01/31/23		261,801,773
	United States Treasury Notes
	33,800,000		0.911			01/31/23		33,755,906
	71,700,000		0.826			02/15/23		71,874,185
	8,500,000		1.782			02/15/23		8,492,894
	12,900,000		0.856			02/28/23		12,955,313
U.S. Treasury Obligations – (continued)
	United States Treasury Notes – (continued)
	10,700,000		0.947			02/28/23		10,678,702
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	8,395,105,676
Repurchase Agreements-Unaffiliated Issuers(b) – 77.1%
	Bank of Montreal
$	100,000,000		3.720	%		12/01/22	$	100,000,000
	Maturity Value: $100,010,333
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27. The market value of the collateral, including accrued interest, was $102,000,044.
	Barclays Bank PLC
	200,000,000		3.800			12/01/22		200,000,000
	Maturity Value: $200,021,111
	Collateralized by a U.S. Treasury Bill, 0.000%, due 05/25/23. The market value of the collateral, including accrued interest, was $204,021,629.
	BofA Securities, Inc.
	100,000,000		3.740			12/01/22		100,000,000
	Maturity Value: $100,010,389
	Collateralized by a U.S. Treasury Note, 1.500%, due 08/15/26. The market value of the collateral, including accrued interest, was $102,000,037.
	Credit Agricole Corporate and Investment Bank
	100,000,000		3.740			12/01/22		100,000,000
	Maturity Value: $100,010,389
	Collateralized by U.S. Treasury Bonds, 2.375% to 3.375%, due 02/15/42 to 05/15/44 and U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/25 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $102,000,127.
	Federal Reserve Bank of New York
	30,500,000,000		3.800			12/01/22		30,500,000,000
	Maturity Value: $30,503,219,444
	Collateralized by U.S. Treasury Bonds, 1.375% to 4.750%, due 05/15/39 to 08/15/41 and U.S. Treasury Notes, 0.125% to 3.125%, due 12/31/22 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $30,503,219,466.
	Fixed Income Clearing Corporation
	50,000,000		3.550			12/01/22		50,000,000
	Maturity Value: $50,004,931
	Collateralized by a U.S. Treasury Note, 1.625%, due 05/15/31. The market value of the collateral, including accrued interest, was $51,000,061.
	1,000,000,000		3.810			12/01/22		1,000,000,000
	Maturity Value: $1,000,105,833

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(b) – (continued)
	Fixed Income Clearing Corporation – (continued)
	Collateralized by a U.S. Treasury Note, 0.875%, due 01/15/29. The market value of the collateral, including accrued interest, was $1,020,000,040.
$	200,000,000		3.850	%		12/01/22	$	200,000,000
	Maturity Value: $200,021,389
	Collateralized by U.S. Treasury Bonds, 2.250% to 3.000%, due 08/15/48 to 08/15/49. The aggregate market value of the collateral, including accrued interest, was $204,000,036.
	Joint Account I
	1,725,000,000		3.785			12/01/22		1,725,000,000
	Maturity Value: $1,725,181,382
	TOTAL REPURCHASE AGREEMENTS- UNAFFILIATED ISSUERS						$	33,975,000,000
	TOTAL INVESTMENTS – 96.1%						$	42,370,105,676
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.9%							1,717,917,999
	NET ASSETS – 100.0%						$	44,088,023,675

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2022.
(b)	Unless noted, all repurchase agreements were entered into on November 30, 2022. Additional information on Joint Repurchase Agreement Account I appears in the Additional Investment Information section.

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

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

Investment Abbreviations:
MMY	—Money Market Yield
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Schedule of Investments

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 28.0%
	United States Treasury Bills
$	56,000,000		3.655	%		12/06/22	$	55,972,000
	30,000,000		3.686			12/06/22		29,984,875
	100,000,000		3.706			12/06/22		99,949,306
	2,000,000		3.859			12/08/22		1,998,522
	6,900,000		2.845			12/13/22		6,893,606
	163,000,000		3.605			12/13/22		162,807,117
	200,000,000		3.843			12/20/22		199,601,000
	7,300,000		2.488			12/22/22		7,289,674
	600,000		2.489			12/22/22		599,151
	20,300,000		2.493			12/22/22		20,271,225
	3,200,000		2.494			12/22/22		3,195,464
	8,400,000		2.502			12/22/22		8,388,044
	9,700,000		2.514			12/22/22		9,686,137
	3,600,000		2.564			12/22/22		3,594,750
	5,200,000		2.575			12/22/22		5,192,386
	270,000,000		3.344			12/29/22		269,313,195
	19,500,000		2.887			01/19/23		19,425,418
	13,100,000		2.913			01/19/23		13,049,450
	2,000,000		2.969			01/19/23		1,992,133
	7,200,000		2.990			01/19/23		7,171,482
	51,000,000		2.995			01/19/23		50,797,650
	200,000,000		4.204			01/24/23		198,764,000
	107,200,000		3.005			01/26/23		106,713,074
	500,000,000		4.297			02/28/23		494,833,056
	250,000,000		4.558	(a)		04/04/23		246,339,098
	105,000,000		4.658			05/11/23		102,891,571
	272,400,000		4.605			05/18/23		266,755,871
	7,000,000		4.689			05/25/23		6,846,194
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY - 0.02%)
	50,000,000		4.314	(b)		01/31/24		50,023,553
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	52,800,000		4.365	(b)		04/30/23		52,803,464
	620,000,000		4.366	(b)		04/30/23		620,007,911
	2,100,000		4.351	(b)		07/31/23		2,102,373
	23,200,000		4.358	(b)		07/31/23		23,206,127
	398,800,000		4.361	(b)		07/31/23		398,803,148
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	1,500,000		4.358	(b)		10/31/23		1,501,870
	708,800,000		4.367	(b)		10/31/23		708,801,459
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	2,600,000		4.366	(b)		01/31/23		2,600,830
	9,500,000		4.366	(b)		01/31/23		9,500,788
	25,000,000		4.366	(b)		01/31/23		25,001,780
	80,000,000		4.380	(b)		01/31/23		80,001,897
	45,000,000		4.381	(b)		01/31/23		45,000,305
	United States Treasury Notes
	14,800,000		0.911			01/31/23		14,780,693
	31,500,000		0.826			02/15/23		31,576,525
	3,800,000		1.782			02/15/23		3,796,823
	5,700,000		0.856			02/28/23		5,724,440
	4,700,000		0.947			02/28/23		4,690,645
	TOTAL U.S. TREASURY OBLIGATIONS						$	4,480,240,080
Repurchase Agreements(c) – 72.5%
	Federal Reserve Bank of New York
	11,600,000,000		3.800			12/01/22		11,600,000,000
	Maturity Value: $11,601,224,444
	Collateralized by U.S. Treasury Notes, 0.125% to 3.125%, due 08/15/23 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $11,601,224,510.
	TOTAL INVESTMENTS – 100.5%						$	16,080,240,080
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (0.5)%							(83,123,034	)
	NET ASSETS – 100.0%						$	15,997,117,046

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 represents a forward commitment.
(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2022.
(c)	Unless noted, all repurchase agreements were entered into on November 30, 2022.

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

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

Investment Abbreviations:
MMY	—Money Market Yield
T-Bill	—Treasury Bill

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

GOLDMAN SACHS FUNDS - FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I — At November 30, 2022, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of December 1, 2022, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	1,725,000,000	$	1,725,181,382	$	1,757,598,081
Treasury Obligations		1,725,000,000		1,725,181,382		1,757,598,081

REPURCHASE AGREEMENTS — At November 30, 2022, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:

Counterparty	Interest Rate			Government		Treasury Obligations
Bank of Nova Scotia (The)		3.770	%	$	400,000,000	$	400,000,000
BNP Paribus		3.790			1,200,000,000		1,200,000,000
Credit Agricole Corporate and Investment Bank		3.790			125,000,000		125,000,000
TOTAL				$	1,725,000,000	$	1,725,000,000

At November 30, 2022, the Joint Repurchase Agreement Account I was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bills		0.000	%		12/20/22 to 10/05/23
U.S. Treasury Bonds		1.125 to 5.250			02/15/29 to 11/15/52
U.S. Treasury Floating Rate Note		4.381			01/31/23
U.S. Treasury Inflation-Indexed Bonds		0.125 to 3.625			01/15/25 to 02/15/51
U.S. Treasury Inflation-Indexed Notes		0.125 to 0.625			04/15/23 to 07/15/32
U.S. Treasury Interest-Only Stripped Securities		0.000			05/15/25 to 02/15/46
U.S. Treasury Notes		0.125 to 4.250			12/15/22 to 11/15/32
U.S. Treasury Principal-Only Stripped Securities		0.000			11/15/27 to 08/15/48

JOINT REPURCHASE AGREEMENT ACCOUNT III — At November 30, 2022, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of December 1, 2022, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	925,600,000	$	925,697,772	$	953,052,101
Money Market		200,000,000		200,021,126		205,931,742
Prime Obligations		160,000,000		160,016,901		164,745,393

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments (continued)

November 30, 2022

ADDITIONAL INVESTMENT INFORMATION (continued)

REPURCHASE AGREEMENTS — At November 30, 2022, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Government		Money Market		Prime Obligations
ABN Amro Bank N.V.		3.800	%	$	188,257,627	$	40,677,966	$	32,542,373
Bank of America, N.A.		3.800			156,881,356		33,898,305		27,118,644
Bank of Montreal		3.800			62,752,542		13,559,322		10,847,458
BofA Securities, Inc.		3.800			156,881,356		33,898,305		27,118,644
Credit Agricole Corporate and Investment Bank		3.800			109,816,949		23,728,814		18,983,051
Wells Fargo Securities, LLC		3.810			251,010,170		54,237,288		43,389,830
TOTAL				$	925,600,000	$	200,000,000	$	160,000,000

At November 30, 2022, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		1.500 to 5.500	%		12/01/33 to 11/01/52
Federal National Mortgage Association		1.500 to 7.000			01/01/24 to 12/01/52
Government National Mortgage Association		2.000 to 6.500			03/20/45 to 11/20/52
U.S. Treasury Bill		0.000			05/25/23
U.S. Treasury Notes		0.500 to 2.875			02/28/27 to 08/15/28

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

November 30, 2022

	Federal Instruments Fund			Government Fund			Money Market Fund			Prime Obligations Fund
Assets:
Investments, at value (cost $3,662,409,430, $81,381,218,045, $3,903,645,210 and $1,776,635,268)	$	3,662,409,430		$	81,381,218,045		$	3,904,054,520		$	1,776,772,179
Repurchase agreements, at value (cost $0, $171,250,920,000, $508,000,000 and $439,000,000)		—			171,250,920,000			507,999,924			438,999,604
Cash		2,689,195			5,433,322,208			1,032,716			1,225,216
Receivables:
Investments sold		28,119,430			2,077,774,756			17,118,364			8,510,389
Interest		9,720,311			268,723,880			7,418,119			3,249,121
Fund shares sold		5,408,734			21,340,342			—			10,702,903
Reimbursement from investment advisor		68,644			—			—			100,789
Other assets		130,491			650,421			87,473			99,436
Total assets		3,708,546,235			260,433,949,652			4,437,711,116			2,239,659,637
Liabilities:
Payables:
Investments purchased		203,899,898			274,692,803			11,362,706			5,511,709
Dividend distribution		2,373,488			353,693,657			2,153,327			1,838,572
Fund shares redeemed		598,927			51,175,748			—			6,402,590
Management fees		503,763			32,203,642			621,573			294,326
Distribution and Service fees and Transfer Agency fees		73,152			5,150,875			39,511			20,067
Payable to Broker		—			5,203,750			—			—
Accrued expenses		233,976			6,572,125			211,756			231,761
Total liabilities		207,683,204			728,692,600			14,388,873			14,299,025
Net Assets:
Paid-in capital		3,500,979,243			259,708,103,774			4,430,435,783			2,225,259,313
Total distributable earnings (loss)		(116,212	)		(2,846,722	)		(7,113,540	)		101,299
NET ASSETS	$	3,500,863,031		$	259,705,257,052		$	4,423,322,243		$	2,225,360,612
Net Assets:
Class A Shares	$	—		$	609,601,280		$	—		$	—
Class C Shares		—			5,577,743			—			—
Class D Shares		—			10,081			—			—
Institutional Shares		3,229,144,711			230,046,291,686			4,418,990,531			2,184,628,855
Capital Shares		129,910			3,087,619,041			1,072			541,629
Service Shares		10,055,374			1,190,569,947			2,683			1,111
Preferred Shares		174,388,108			1,742,071,743			66,744			13,826
Select Shares		49,998			1,119,155,577			1,341,837			8,996,553
Administration Shares		79,251,394			9,178,619,188			2,916,223			6,305,689
Cash Management Shares		7,791,106			148,429,276			1,043			1,043
Premier Shares		52,430			365,028,115			1,061			1,061
Resource Shares		—			9,214,002			1,049			1,048
Class R6 Shares		—			268,194,236			—			—
Drexel Hamilton Class Shares		—			7,563,684,495			—			24,869,797
Loop Class Shares		—			2,365,924,748			—			—
Seelaus Class Shares		—			2,005,265,894			—			—
Total Net Assets	$	3,500,863,031		$	259,705,257,052		$	4,423,322,243		$	2,225,360,612
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A Shares		—			609,607,896			—			—
Class C Shares		—			5,577,804			—			—
Class D Shares		—			10,081			—			—
Institutional Shares		3,229,256,433			230,048,809,753			4,417,111,626			2,182,542,595
Capital Shares		129,915			3,087,652,862			1,071			541,169
Service Shares		10,055,723			1,190,582,987			2,681			1,110
Preferred Shares		174,394,145			1,742,090,826			66,705			13,816
Select Shares		50,000			1,119,167,817			1,341,580			8,989,506
Administration Shares		79,254,142			9,178,718,130			2,915,029			6,299,826
Cash Management Shares		7,791,376			148,430,900			1,042			1,042
Premier Shares		52,432			365,032,114			1,060			1,059
Resource Shares		—			9,214,102			1,048			1,047
Class R6 Shares		—			268,197,167			—			—
Drexel Hamilton Class Shares		—			7,563,767,365			—			24,848,727
Loop Class Shares		—			2,365,950,662			—			—
Seelaus Class Shares		—			2,005,287,844			—			—
Net asset value, offering and redemption price per share:
Class A Shares		$—			$1.00			$—			$—
Class C Shares		—			1.00			—			—
Class D Shares		—			1.00			—			—
Institutional Shares		1.00			1.00			1.0004			1.0010
Capital Shares		1.00			1.00			1.0007			1.0008
Service Shares		1.00			1.00			1.0006			1.0011
Preferred Shares		1.00			1.00			1.0006			1.0007
Select Shares		1.00			1.00			1.0002			1.0008
Administration Shares		1.00			1.00			1.0004			1.0009
Cash Management Shares		1.00			1.00			1.0008			1.0012
Premier Shares		1.00			1.00			1.0008			1.0012
Resource Shares		—			1.00			1.0009			1.0011
Class R6 Shares		—			1.00			—			—
Drexel Hamilton Class Shares		—			1.00			—			1.0008
Loop Class Shares		—			1.00			—			—
Seelaus Class Shares		—			1.00			—			—

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities (continued)

November 30, 2022

	Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund
Assets:
Investments, at value (cost $99,996,946,033, $8,395,105,676 and $4,480,240,080)	$	99,996,946,033		$	8,395,105,676		$	4,480,240,080
Repurchase agreements, at value (cost $0, $33,975,000,000 and $11,600,000,000)		—			33,975,000,000			11,600,000,000
Cash		309,527,359			1,238,883,909			2,168,269
Receivables:
Investments sold		1,113,696,584			501,412,403			170,228,988
Interest		60,370,552			26,413,817			8,873,539
Fund shares sold		9,567,881			44,097,959			7,043,622
Other assets		291,923			272,381			139,857
Total assets		101,490,400,332			44,181,186,145			16,268,694,355
Liabilities:
Payables:
Investments purchased		4,398,142,573			—			246,339,097
Dividend distribution		108,148,867			71,664,008			19,933,700
Management fees		14,346,223			6,351,368			2,236,214
Fund shares redeemed		5,144,874			10,789,946			1,793,782
Distribution and Service fees and Transfer Agency fees		1,842,507			1,732,310			624,934
Accrued expenses		2,484,555			2,624,838			649,582
Total liabilities		4,530,109,599			93,162,470			271,577,309
Net Assets:
Paid-in capital		96,976,133,836			44,088,886,253			15,997,406,392
Total distributable earnings (loss)		(15,843,103	)		(862,578	)		(289,346	)
NET ASSETS	$	96,960,290,733		$	44,088,023,675		$	15,997,117,046
Net Assets:
Institutional Shares	$	92,045,962,524		$	39,033,143,542		$	14,341,376,052
Capital Shares		957,608,316			743,723,295			206,167,232
Service Shares		912,338,280			1,408,939,686			158,101,772
Preferred Shares		36,609,922			682,319,300			64,567,741
Select Shares		444,262,166			163,714,910			10,532,948
Administration Shares		2,188,568,755			1,986,063,822			803,909,382
Cash Management Shares		6,964,388			28,114,848			320,793,570
Premier Shares		215,863,787			42,003,235			91,667,313
Resource Shares		1,034			1,037			1,036
Loop Class Shares		152,101,449			—			—
Seelaus Class Shares		10,112			—			—
Total Net Assets	$	96,960,290,733		$	44,088,023,675		$	15,997,117,046
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		92,061,005,110			39,033,907,101			14,341,635,450
Capital Shares		957,764,672			743,737,851			206,170,957
Service Shares		912,487,638			1,408,967,302			158,104,635
Preferred Shares		36,615,900			682,332,667			64,568,909
Select Shares		444,334,699			163,718,110			10,533,139
Administration Shares		2,188,926,266			1,986,102,733			803,923,912
Cash Management Shares		6,965,526			28,115,398			320,799,382
Premier Shares		215,899,126			42,004,056			91,668,973
Resource Shares		1,034			1,037			1,036
Loop Class Shares		152,126,278			—			—
Seelaus Class Shares		10,114			—			—
Net asset value, offering and redemption price per share:
Institutional Shares		$1.00			$1.00			$1.00
Capital Shares		1.00			1.00			1.00
Service Shares		1.00			1.00			1.00
Preferred Shares		1.00			1.00			1.00
Select Shares		1.00			1.00			1.00
Administration Shares		1.00			1.00			1.00
Cash Management Shares		1.00			1.00			1.00
Premier Shares		1.00			1.00			1.00
Resource Shares		1.00			1.00			1.00
Loop Class Shares		1.00			—			—
Seelaus Class Shares		1.00			—			—

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

For the Year Ended November 30, 2022

	Federal Instruments Fund			Government Fund			Money Market Fund			Prime Obligations Fund
Investment Income:
Interest income	$	43,677,276		$	3,175,605,370		$	64,929,779		$	26,423,554
Expenses:
Fund-Level Expenses:
Management fees		5,592,060			354,116,226			6,712,156			2,271,025
Transfer Agency fees		310,701			22,134,284			419,548			141,952
Registration fees		153,893			4,696,006			183,364			274,183
Custody, accounting and administrative services		137,273			6,256,012			202,864			84,187
Professional fees		86,430			240,178			141,553			72,260
Trustee fees		30,276			496,503			94,662			32,104
Printing and mailing fees		20,706			1,366,116			41,666			53,987
Other		125,106			2,271,793			76,159			201,193
Subtotal		6,456,445			391,577,118			7,871,972			3,130,891
Class Specific Expenses:
Cash Management Share fees		444,593			1,401,606			4			4
Distribution fees — Cash Management Shares		266,757			840,968			4			4
Administration Share fees		145,322			20,318,206			4,987			15,517
Preferred Share fees		121,408			1,281,979			66			15
Service Share fees		49,162			5,416,235			15			51
Capital Share fees		626			3,668,738			—			994
Premier Share fees		183			34,533,018			4			4
Select Share fees		15			268,909			660			6,863
Distribution fees — Resource Shares		—			14,070			—			—
Resource Share fees		—			46,900			4			3
Distribution and Service fees — Class A Shares		—			1,281,749			—			—
Distribution fees — Class C Shares		—			57,947			—			—
Total expenses		7,484,511			460,707,443			7,877,716			3,154,346
Less — expense reductions		(1,380,498	)		(88,597,107	)		(590,328	)		(606,526	)
Net expenses		6,104,013			372,110,336			7,287,388			2,547,820
NET INVESTMENT INCOME	$	37,573,263		$	2,803,495,034		$	57,642,391		$	23,875,734
Net realized loss from investment transactions		(1,097,739	)		(36,419,448	)		(203,498	)		(56,386	)
Net change in unrealized gain from investment transactions		—			—			406,916			123,953
Net realized and unrealized gain (loss)		(1,097,739	)		(36,419,448	)		203,418			67,567
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	36,475,524		$	2,767,075,586		$	57,845,809		$	23,943,301

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations (continued)

For the Year Ended November 30, 2022

	Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund
Investment Income:
Interest income	$	1,304,763,732		$	573,235,985		$	192,023,959
Expenses:
Fund-Level Expenses:
Management fees		181,005,374			60,585,511			21,943,353
Transfer Agency fees		10,056,874			3,366,203			1,219,199
Custody, accounting and administrative services		2,857,913			935,610			364,154
Registration fees		1,316,396			2,160,785			441,743
Printing and mailing fees		633,863			91,461			81,925
Trustee fees		237,117			77,275			54,289
Professional fees		131,977			201,668			93,762
Other		1,011,321			378,445			272,349
Subtotal		197,250,835			67,796,958			24,470,774
Class Specific Expenses:
Service Share fees		5,933,050			8,565,178			829,286
Administration Share fees		5,863,765			7,041,632			2,040,781
Capital Share fees		1,295,960			725,247			307,941
Premier Share fees		677,464			64,580			362,840
Select Share fees		102,451			39,610			1,965
Preferred Share fees		64,473			572,201			58,313
Cash Management Share fees		49,573			201,225			1,902,763
Distribution fees — Cash Management Shares		29,744			120,736			1,141,664
Resource Share fees		4			4			4
Total expenses		211,267,319			85,127,371			31,116,331
Less — expense reductions		(35,560,690	)		(12,943,668	)		(5,743,054	)
Net expenses		175,706,629			72,183,703			25,373,277
NET INVESTMENT INCOME	$	1,129,057,103		$	501,052,282		$	166,650,682
Net realized loss from investment transactions		(39,911,913	)		(3,292,917	)		(2,654,109	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,089,145,190		$	497,759,365		$	163,996,573

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets

	Federal Instruments Fund						Government Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021			For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
From operations:
Net investment income	$	37,573,263		$	23,425		$	2,803,495,034		$	48,386,900
Net realized gain (loss) from investment transactions		(1,097,739	)		95,559			(36,419,448	)		4,749,436
Net increase in net assets resulting from operations		36,475,524			118,984			2,767,075,586			53,136,336
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			—			(5,055,452	)		(107,857	)
Class C Shares		—			—			(39,659	)		(1,453	)
Class D Shares		—			—			(81	)		—
Institutional Shares		(33,403,202	)		(178,198	)		(2,465,029,443	)		(48,242,895	)
Capital Shares		(2,765	)		(32	)		(34,275,444	)		(347,011	)
Service Shares		(84,362	)		(612	)		(10,898,908	)		(250,318	)
Preferred Shares		(2,118,828	)		(221	)		(17,928,655	)		(261,241	)
Select Shares		(575	)		(3	)		(12,702,067	)		(199,366	)
Administration Shares		(691,265	)		(3,674	)		(87,269,028	)		(1,817,698	)
Cash Management Shares		(298,124	)		(6,188	)		(1,262,217	)		(83,067	)
Premier Shares		(490	)		(4	)		(32,418,214	)		(599,283	)
Resource Shares		—			—			(77,483	)		(19,890	)
Class R6 Shares		—			—			(3,483,858	)		(53,669	)
Drexel Hamilton Class Shares		—			—			(68,494,144	)		(1,222,268	)
Loop Class Shares		—			—			(18,055,226	)		(47,958	)
Seelaus Class Shares		—			—			(13,026,567	)		(1	)
Total distributions to shareholders		(36,599,611	)		(188,932	)		(2,770,016,446	)		(53,253,975	)
From share transactions
Proceeds from sales of shares		9,035,571,345			5,615,284,756			1,792,318,949,830			1,408,543,662,885
Proceeds received in connection with merger		—			—			2,790,726,059			—
Reinvestment of distributions		27,620,687			138,131			1,390,505,254			25,820,493
Cost of shares redeemed		(8,434,265,919	)		(6,552,398,984	)		(1,760,970,089,565	)		(1,352,471,522,565	)
Net increase (decrease) in net assets resulting from share transactions		628,926,113			(936,976,097	)		35,530,091,578			56,097,960,813
NET INCREASE (DECREASE)		628,802,026			(937,046,045	)		35,527,150,718			56,097,843,174
Net assets:
Beginning of year		2,872,061,005			3,809,107,050			224,178,106,334			168,080,263,160
End of year	$	3,500,863,031		$	2,872,061,005		$	259,705,257,052		$	224,178,106,334

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Money Market Fund						Prime Obligations Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021			For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
From operations:
Net investment income (loss)	$	57,642,391		$	505,451		$	23,875,734		$	(71,363	)
Net realized gain (loss) from investment transactions		(203,498	)		275,331			(56,386	)		169,519
Net change in unrealized gain (loss) from investment transactions		406,916			(108,702	)		123,953			(69,171	)
Net increase in net assets resulting from operations		57,845,809			672,080			23,943,301			28,985
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(57,708,561	)		(2,224,048	)		(22,902,785	)		(367,370	)
Capital Shares		(15	)		(989	)		(6,586	)		(147	)
Service Shares		(27	)		(1	)		(10	)		(1	)
Preferred Shares		(848	)		(36	)		(171	)		(222	)
Select Shares		(19,063	)		(1,387	)		(325,602	)		(3,445	)
Administration Shares		(25,185	)		(1,617	)		(71,812	)		(3,626	)
Cash Management Shares		(10	)		—			(10	)		—
Premier Shares		(12	)		—			(12	)		—
Resource Shares		(12	)		—			(12	)		—
Drexel Hamilton Class Shares		—			—			(547,805	)		(13,537	)
Total distributions to shareholders		(57,753,733	)		(2,228,078	)		(23,854,805	)		(388,348	)
From share transactions
Proceeds from sales of shares		22,570,295,561			20,931,317,533			6,700,628,087			5,253,733,942
Reinvestment of distributions		47,188,919			1,578,634			17,554,707			285,609
Cost of shares redeemed		(23,694,139,380	)		(19,491,843,095	)		(5,648,898,729	)		(7,070,958,833	)
Net increase (decrease) in net assets resulting from share transactions		(1,076,654,900	)		1,441,053,072			1,069,284,065			(1,816,939,282	)
NET INCREASE (DECREASE)		(1,076,562,824	)		1,439,497,074			1,069,372,561			(1,817,298,645	)
Net assets:
Beginning of year		5,499,885,067			4,060,387,993			1,155,988,051			2,973,286,696
End of year	$	4,423,322,243		$	5,499,885,067		$	2,225,360,612		$	1,155,988,051

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Treasury Instruments Fund						Treasury Obligations Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021			For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
From operations:
Net investment income	$	1,129,057,103		$	4,905,693		$	501,052,282		$	4,529,065
Net realized gain (loss) from investment transactions		(39,911,913	)		310,065			(3,292,917	)		990,971
Net increase in net assets resulting from operations		1,089,145,190			5,215,758			497,759,365			5,520,036
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(1,056,034,044	)		(5,333,056	)		(434,961,311	)		(5,122,962	)
Capital Shares		(9,411,190	)		(45,680	)		(6,219,164	)		(55,076	)
Service Shares		(8,218,454	)		(36,961	)		(15,204,973	)		(172,938	)
Preferred Shares		(639,738	)		(6,538	)		(7,248,129	)		(72,480	)
Select Shares		(4,696,834	)		(12,240	)		(1,957,133	)		(30,810	)
Administration Shares		(22,293,083	)		(110,702	)		(32,452,304	)		(411,388	)
Cash Management Shares		(30,982	)		(734	)		(243,498	)		(5,227	)
Premier Shares		(1,691,897	)		(9,487	)		(268,194	)		(1,907	)
Resource Shares		(9	)		—			(9	)		—
Loop Class Shares		(2,114,874	)		(1,354	)		—			—
Seelaus Class Shares		(115	)		(1	)		—			—
Total distributions to shareholders		(1,105,131,220	)		(5,556,753	)		(498,554,715	)		(5,872,788	)
From share transactions
Proceeds from sales of shares		300,461,908,806			259,609,910,551			331,951,175,429			317,299,055,468
Reinvestment of distributions		661,441,499			3,246,252			183,765,952			2,742,489
Cost of shares redeemed		(310,326,108,567	)		(232,349,538,872	)		(315,376,719,994	)		(328,856,346,355	)
Net increase (decrease) in net assets resulting from share transactions		(9,202,758,262	)		27,263,617,931			16,758,221,387			(11,554,548,398	)
NET INCREASE (DECREASE)		(9,218,744,292	)		27,263,276,936			16,757,426,037			(11,554,901,150	)
Net assets:
Beginning of year		106,179,035,025			78,915,758,089			27,330,597,638			38,885,498,788
End of year	$	96,960,290,733		$	106,179,035,025		$	44,088,023,675		$	27,330,597,638

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Treasury Solutions Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
From operations:
Net investment income	$	166,650,682		$	305,871
Net realized gain (loss) from investment transactions		(2,654,109	)		339,196
Net increase in net assets resulting from operations		163,996,573			645,067
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(147,568,558	)		(598,964	)
Capital Shares		(1,940,525	)		(14,075	)
Service Shares		(1,340,044	)		(13,766	)
Preferred Shares		(663,714	)		(3,483	)
Select Shares		(99,050	)		(349	)
Administration Shares		(9,434,030	)		(24,160	)
Cash Management Shares		(2,444,620	)		(20,387	)
Premier Shares		(883,286	)		(5,250	)
Resource Shares		(10	)		—
Total distributions to shareholders		(164,373,837	)		(680,434	)
From share transactions
Proceeds from sales of shares		51,929,440,243			34,015,985,622
Reinvestment of distributions		96,560,998			406,950
Cost of shares redeemed		(47,064,393,740	)		(34,992,148,477	)
Net increase (decrease) in net assets resulting from share transactions		4,961,607,501			(975,755,905	)
NET INCREASE (DECREASE)		4,961,230,237			(975,791,272	)
Net assets:
Beginning of year		11,035,886,809			12,011,678,081
End of year	$	15,997,117,046		$	11,035,886,809

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

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Federal Instruments Fund — Institutional Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.007			0.021			0.013
Net realized gain		—	(b)		—	(b)		—	(b)		0.003			0.001			—	(b)
Total from investment operations		0.012			—	(b)		—	(b)		0.010			0.022			0.013
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.022	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.022	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.18	%		0.01	%		—	%(e)		0.99	%		2.18	%		1.34	%
Net assets, end of period (in 000’s)	$	3,229,145		$	2,667,247		$	3,639,742		$	3,761,104		$	1,453,995		$	508,647
Ratio of net expenses to average net assets		0.18	%		0.09	%		0.14	%(f)		0.15	%		0.18	%		0.20	%
Ratio of total expenses to average net assets		0.21	%		0.20	%		0.21	%(f)		0.21	%		0.22	%		0.25	%
Ratio of net investment income to average net assets		1.18	%		—	%(e)		0.01	%(f)		0.67	%		2.15	%		1.33	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Federal Instruments Fund — Capital Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.007			0.019			0.012
Net realized gain		—	(b)		—	(b)		—	(b)		0.002			0.001			—	(b)
Total from investment operations		0.011			—	(b)		—	(b)		0.009			0.020			0.012
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.009	)		(0.020	)		(0.012	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.009	)		(0.020	)		(0.012	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.08	%		0.01	%		—	%(e)		0.85	%		2.03	%		1.19	%
Net assets, end of period (in 000’s)	$	130		$	527		$	3,267		$	1,135		$	626		$	5,136
Ratio of net expenses to average net assets		0.27	%		0.09	%		0.15	%(f)		0.28	%		0.33	%		0.35	%
Ratio of total expenses to average net assets		0.36	%		0.35	%		0.36	%(f)		0.36	%		0.37	%		0.40	%
Ratio of net investment income (loss) to average net assets		0.66	%		—	%(e)		(0.01	)%(f)		0.74	%		1.90	%		1.04	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Federal Instruments Fund — Service Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—	(b)		—	(b)		0.006			0.016			0.008
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		0.009			—	(b)		—	(b)		0.006			0.017			0.008
Distributions to shareholders from net investment income		(0.009	)		—	(b)		—	(b)		(0.006	)		(0.017	)		(0.008	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		—	(b)		(0.006	)		(0.017	)		(0.008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.86	%		0.01	%		—	%(e)		0.63	%		1.67	%		0.84	%
Net assets, end of period (in 000’s)	$	10,055		$	9,839		$	10,277		$	11,490		$	11,493		$	11,003
Ratio of net expenses to average net assets		0.51	%		0.09	%		0.15	%(f)		0.50	%		0.68	%		0.70	%
Ratio of total expenses to average net assets		0.71	%		0.70	%		0.71	%(f)		0.71	%		0.72	%		0.75	%
Ratio of net investment income (loss) to average net assets		0.86	%		—	%		(0.01	)%(f)		0.57	%		1.64	%		0.83	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Federal Instruments Fund — Preferred Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.004			0.021			0.012
Net realized gain		—	(b)		—	(b)		—	(b)		0.005			—	(b)		—	(b)
Total from investment operations		0.011			—	(b)		—	(b)		0.009			0.021			0.012
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.012	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.012	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.11	%		0.01	%		—	%(e)		0.89	%		2.08	%		1.24	%
Net assets, end of period (in 000’s)	$	174,388		$	2,873		$	6,019		$	22,779		$	5,536		$	2,386
Ratio of net expenses to average net assets		0.28	%		0.09	%		0.15	%(f)		0.24	%		0.28	%		0.30	%
Ratio of total expenses to average net assets		0.31	%		0.30	%		0.31	%(f)		0.31	%		0.32	%		0.35	%
Ratio of net investment income (loss) to average net assets		1.75	%		—	%		(0.01	)%(f)		0.39	%		2.09	%		1.43	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Federal Instruments Fund — Select Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—			0.010			0.021			0.013
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.012			—	(b)		—	(b)		0.010			0.021			0.013
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.021	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.021	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.16	%		0.01	%		—	%(e)		0.96	%		2.15	%		1.31	%
Net assets, end of period (in 000’s)	$	50		$	49		$	49		$	49		$	49		$	48
Ratio of net expenses to average net assets		0.20	%		0.09	%		0.15	%(f)		0.18	%		0.21	%		0.23	%
Ratio of total expenses to average net assets		0.24	%		0.23	%		0.24	%(f)		0.24	%		0.25	%		0.28	%
Ratio of net investment income to average net assets		1.16	%		—	%(e)		—	%(e)(f)		0.91	%		2.11	%		1.30	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Federal Instruments Fund — Administration Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			—	(b)		—	(b)		0.007			0.019			0.011
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			—	(b)		—	(b)
Total from investment operations		0.010			—	(b)		—	(b)		0.008			0.019			0.011
Distributions to shareholders from net investment income		(0.010	)		—	(b)		—	(b)		(0.008	)		(0.019	)		(0.011	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		—	(b)		—	(b)		(0.008	)		(0.019	)		(0.011	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.01	%		0.01	%		—	%(e)		0.78	%		1.93	%		1.09	%
Net assets, end of period (in 000’s)	$	79,251		$	63,937		$	76,144		$	73,011		$	61,267		$	59,447
Ratio of net expenses to average net assets		0.36	%		0.09	%		0.15	%(f)		0.35	%		0.43	%		0.45	%
Ratio of total expenses to average net assets		0.46	%		0.45	%		0.46	%(f)		0.46	%		0.47	%		0.50	%
Ratio of net investment income (loss) to average net assets		1.19	%		—	%(e)		(0.01	)%(f)		0.69	%		1.89	%		1.08	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Federal Instruments Fund — Cash Management Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			—	(b)		—	(b)		0.002			0.013			0.005
Net realized gain		—	(b)		—	(b)		—	(b)		0.003			0.001			—	(b)
Total from investment operations		0.007			—	(b)		—	(b)		0.005			0.014			0.005
Distributions to shareholders from net investment income		(0.007	)		—	(b)		—	(b)		(0.005	)		(0.014	)		(0.005	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.007	)		—	(b)		—	(b)		(0.005	)		(0.014	)		(0.005	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.70	%		0.01	%		—	%(e)		0.46	%		1.37	%		0.53	%
Net assets, end of period (in 000’s)	$	7,791		$	127,537		$	73,555		$	52,216		$	92		$	50
Ratio of net expenses to average net assets		0.58	%		0.09	%		0.15	%(f)		0.45	%		0.98	%		1.00	%
Ratio of total expenses to average net assets		1.01	%		1.00	%		1.01	%(f)		1.01	%		1.02	%		1.05	%
Ratio of net investment income (loss) to average net assets		0.33	%		—	%(e)		(0.01	)%(f)		0.12	%		1.34	%		0.53	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Federal Instruments Fund — Premier Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—	(b)		—			0.007			0.018			0.010
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			—	(b)		—	(b)		0.007			0.018			0.010
Distributions to shareholders from net investment income		(0.009	)		—	(b)		—	(b)		(0.007	)		(0.018	)		(0.010	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		—	(b)		(0.007	)		(0.018	)		(0.010	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.95	%		0.01	%		—	%(e)		0.72	%		1.82	%		0.99	%
Net assets, end of period (in 000’s)	$	52		$	52		$	52		$	52		$	52		$	51
Ratio of net expenses to average net assets		0.41	%		0.09	%		0.15	%(f)		0.42	%		0.53	%		0.55	%
Ratio of total expenses to average net assets		0.56	%		0.55	%		0.56	%(f)		0.56	%		0.57	%		0.60	%
Ratio of net investment income to average net assets		0.94	%		—	%(e)		—	%(e)(f)		0.67	%		1.79	%		0.99	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Class A Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.007			0.019			0.011
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			0.001			—	(b)
Total from investment operations		0.011			—	(b)		—	(b)		0.008			0.020			0.011
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.020	)		(0.011	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.020	)		(0.011	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.07	%		0.03	%		—	%(e)		0.76	%		1.97	%		1.12	%
Net assets, end of period (in 000’s)	$	609,601		$	600,756		$	282,556		$	366,871		$	244,295		$	69,681
Ratio of net expenses to average net assets		0.31	%		0.07	%		0.20	%(f)		0.39	%		0.43	%		0.42	%
Ratio of total expenses to average net assets		0.43	%		0.43	%		0.43	%(f)		0.43	%		0.43	%		0.44	%
Ratio of net investment income (loss) to average net assets		0.99	%		0.03	%		(0.01	)%(f)		0.69	%		1.94	%		1.12	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Government Fund — Class C Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			—	(b)		—	(b)		0.003			0.012			0.004
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.007			—	(b)		—	(b)		0.003			0.012			0.004
Distributions to shareholders from net investment income		(0.007	)		—	(b)		—	(b)		(0.003	)		(0.012	)		(0.004	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.007	)		—	(b)		—	(b)		(0.003	)		(0.012	)		(0.004	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.67	%		0.03	%		—	%(e)		0.34	%		1.21	%		0.39	%
Net assets, end of period (in 000’s)	$	5,578		$	5,029		$	6,327		$	6,529		$	4,532		$	4,928
Ratio of net expenses to average net assets		0.75	%		0.07	%		0.20	%(f)		0.73	%		1.18	%		1.15	%
Ratio of total expenses to average net assets		1.18	%		1.18	%		1.18	%(f)		1.18	%		1.18	%		1.19	%
Ratio of net investment income (loss) to average net assets		0.68	%		0.02	%		(0.01	)%(f)		0.25	%		1.19	%		0.37	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Class D Shares	Period Ended November 30, 2022*
Per Share Data:
Net asset value, beginning of period	$	1.00
Net investment income(a)		0.008
Net realized gain		—
Total from investment operations		0.008
Distributions to shareholders from net investment income		(0.008	)
Distributions to shareholders from net realized gains		—
Total distributions(b)		(0.008	)
Net asset value, end of period	$	1.00
Total return(c)		0.82	%
Net assets, end of period (in 000’s)	$	10
Ratio of net expenses to average net assets		0.15	%(d)
Ratio of total expenses to average net assets		0.18	%(d)
Ratio of net investment income to average net assets		2.92	%(d)

 * Commenced operations on August 22, 2022.

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

(b) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(c) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. Total returns for periods less than one full year are not annualized.

(d) Annualized.

Financial Square Government Fund — Institutional Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.007			0.022			0.014
Net realized gain		—	(b)		—	(b)		—	(b)		0.003			—	(b)		—	(b)
Total from investment operations		0.012			—	(b)		—	(b)		0.010			0.022			0.014
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.022	)		(0.014	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.022	)		(0.014	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.25	%		0.03	%		0.01	%		0.97	%		2.23	%		1.38	%
Net assets, end of period (in 000’s)	$	230,046,292		$	194,824,984		$	154,904,106		$	204,287,540		$	100,539,271		$	96,230,361
Ratio of net expenses to average net assets		0.15	%		0.07	%		0.18	%(e)		0.18	%		0.18	%		0.17	%
Ratio of total expenses to average net assets		0.18	%		0.18	%		0.18	%(e)		0.18	%		0.18	%		0.19	%
Ratio of net investment income to average net assets		1.30	%		0.02	%		—	%(e)(f)		0.70	%		2.19	%		1.39	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Capital Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.008			0.021			0.012
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.011			—	(b)		—	(b)		0.008			0.021			0.012
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.021	)		(0.012	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.021	)		(0.012	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.14	%		0.03	%		—	%(e)		0.83	%		2.08	%		1.22	%
Net assets, end of period (in 000’s)	$	3,087,619		$	1,675,429		$	1,435,345		$	1,291,798		$	1,302,391		$	1,287,999
Ratio of net expenses to average net assets		0.27	%		0.07	%		0.19	%(f)		0.32	%		0.33	%		0.32	%
Ratio of total expenses to average net assets		0.33	%		0.33	%		0.33	%(f)		0.33	%		0.33	%		0.34	%
Ratio of net investment income (loss) to average net assets		1.40	%		0.02	%		(0.01	)%(f)		0.76	%		2.05	%		1.24	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Government Fund — Service Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—	(b)		—	(b)		0.006			0.017			0.009
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			—	(b)		—	(b)		0.006			0.017			0.009
Distributions to shareholders from net investment income		(0.009	)		—	(b)		—	(b)		(0.006	)		(0.017	)		(0.009	)
Distributions to shareholders from net realized gains		—			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		—	(b)		(0.006	)		(0.017	)		(0.009	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.92	%		0.03	%		—	%(e)		0.61	%		1.72	%		0.87	%
Net assets, end of period (in 000’s)	$	1,190,570		$	908,881		$	860,075		$	1,775,966		$	665,252		$	587,810
Ratio of net expenses to average net assets		0.50	%		0.07	%		0.20	%(f)		0.53	%		0.68	%		0.67	%
Ratio of total expenses to average net assets		0.68	%		0.68	%		0.68	%(f)		0.68	%		0.68	%		0.69	%
Ratio of net investment income (loss) to average net assets		1.01	%		0.02	%		(0.01	)%(f)		0.58	%		1.69	%		0.93	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Preferred Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.009			0.021			0.013
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.012			—	(b)		—	(b)		0.009			0.021			0.013
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.18	%		0.03	%		—	%(e)		0.88	%		2.13	%		1.28	%
Net assets, end of period (in 000’s)	$	1,742,072		$	1,077,741		$	820,201		$	1,627,349		$	1,755,404		$	1,330,598
Ratio of net expenses to average net assets		0.23	%		0.07	%		0.20	%(f)		0.28	%		0.28	%		0.27	%
Ratio of total expenses to average net assets		0.28	%		0.28	%		0.28	%(f)		0.28	%		0.28	%		0.29	%
Ratio of net investment income (loss) to average net assets		1.40	%		0.02	%		(0.01	)%(f)		0.89	%		2.08	%		1.32	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Government Fund — Select Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.009			0.022			0.013
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.012			—	(b)		—	(b)		0.009			0.022			0.013
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.022	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.022	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.23	%		0.03	%		—	%(e)		0.94	%		2.20	%		1.35	%
Net assets, end of period (in 000’s)	$	1,119,156		$	1,181,542		$	448,540		$	481,493		$	825,651		$	598,258
Ratio of net expenses to average net assets		0.17	%		0.07	%		0.20	%(f)		0.21	%		0.21	%		0.20	%
Ratio of total expenses to average net assets		0.21	%		0.21	%		0.21	%(f)		0.21	%		0.21	%		0.22	%
Ratio of net investment income (loss) to average net assets		1.42	%		0.03	%		(0.01	)%(f)		0.86	%		2.16	%		1.19	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Administration Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.008			0.020			0.011
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.011			—	(b)		—	(b)		0.008			0.020			0.011
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.020	)		(0.011	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.020	)		(0.011	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.07	%		0.03	%		—	%(e)		0.76	%		1.97	%		1.12	%
Net assets, end of period (in 000’s)	$	9,178,619		$	7,904,302		$	5,706,517		$	5,421,224		$	4,862,853		$	4,454,065
Ratio of net expenses to average net assets		0.32	%		0.07	%		0.20	%(f)		0.39	%		0.43	%		0.42	%
Ratio of total expenses to average net assets		0.43	%		0.43	%		0.43	%(f)		0.43	%		0.43	%		0.44	%
Ratio of net investment income (loss) to average net assets		1.07	%		0.02	%		(0.01	)%(f)		0.76	%		1.95	%		1.13	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Government Fund — Cash Management Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			—	(b)		—	(b)		0.004			0.013			0.006
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			0.001			—	(b)
Total from investment operations		0.008			—	(b)		—	(b)		0.005			0.014			0.006
Distributions to shareholders from net investment income		(0.008	)		—	(b)		—	(b)		(0.005	)		(0.014	)		(0.006	)
Distributions to shareholders from net realized gains		—			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		—	(b)		—	(b)		(0.005	)		(0.014	)		(0.006	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.76	%		0.03	%		—	%(e)		0.45	%		1.42	%		0.57	%
Net assets, end of period (in 000’s)	$	148,429		$	302,333		$	168,903		$	198,129		$	96,690		$	6,573
Ratio of net expenses to average net assets		0.61	%		0.07	%		0.20	%(f)		0.65	%		0.98	%		0.97	%
Ratio of total expenses to average net assets		0.98	%		0.98	%		0.98	%(f)		0.98	%		0.98	%		0.99	%
Ratio of net investment income (loss) to average net assets		0.45	%		0.03	%		(0.01	)%(f)		0.35	%		1.35	%		0.64	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Premier Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			—	(b)		—	(b)		0.007			0.019			0.010
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			—	(b)		—	(b)		0.007			0.019			0.010
Distributions to shareholders from net investment income		(0.010	)		—	(b)		—	(b)		(0.007	)		(0.019	)		(0.010	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		—	(b)		—	(b)		(0.007	)		(0.019	)		(0.010	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.01	%		0.03	%		—	%(e)		0.70	%		1.87	%		1.02	%
Net assets, end of period (in 000’s)	$	365,028		$	9,922,502		$	219,114		$	195,822		$	190,633		$	168,032
Ratio of net expenses to average net assets		0.33	%		0.07	%		0.20	%(f)		0.46	%		0.53	%		0.52	%
Ratio of total expenses to average net assets		0.53	%		0.53	%		0.53	%(f)		0.53	%		0.53	%		0.54	%
Ratio of net investment income (loss) to average net assets		0.33	%		0.03	%		(0.01	)%(f)		0.70	%		1.85	%		0.99	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Government Fund — Resource Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			—	(b)		—	(b)		0.005			0.015			0.007
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		0.008			—	(b)		—	(b)		0.005			0.016			0.007
Distributions to shareholders from net investment income		(0.008	)		—	(b)		—	(b)		(0.005	)		(0.016	)		(0.007	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		—	(b)		—	(b)		(0.005	)		(0.016	)		(0.007	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.84	%		0.03	%		—	%(e)		0.53	%		1.57	%		0.72	%
Net assets, end of period (in 000’s)	$	9,214		$	10,447		$	93,981		$	83,378		$	70,841		$	70,747
Ratio of net expenses to average net assets		0.56	%		0.07	%		0.20	%(f)		0.60	%		0.83	%		0.82	%
Ratio of total expenses to average net assets		0.83	%		0.83	%		0.83	%(f)		0.83	%		0.83	%		0.84	%
Ratio of net investment income (loss) to average net assets		0.83	%		0.02	%		(0.01	)%(f)		0.47	%		1.54	%		0.70	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Class R6 Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.009			0.022			0.014
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			—	(b)		—	(b)
Total from investment operations		0.012			—	(b)		—	(b)		0.010			0.022			0.014
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.022	)		(0.014	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.022	)		(0.014	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.25	%		0.03	%		0.01	%		0.97	%		2.23	%		1.38	%
Net assets, end of period (in 000’s)	$	268,194		$	311,454		$	91,630		$	115,111		$	96,804		$	49,441
Ratio of net expenses to average net assets		0.15	%		0.07	%		0.18	%(e)		0.18	%		0.18	%		0.17	%
Ratio of total expenses to average net assets		0.18	%		0.18	%		0.18	%(e)		0.18	%		0.18	%		0.19	%
Ratio of net investment income to average net assets		1.26	%		0.03	%		—	%(e)(f)		0.93	%		2.20	%		1.54	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%.

Financial Square Government Fund — Drexel Hamilton Class Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Period Ended August 31, 2020*
	2022			2021
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.005
Net realized gain		—	(b)		—	(b)		—	(b)		0.004
Total from investment operations		0.012			—	(b)		—	(b)		0.009
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.009	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.009	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.25	%		0.03	%		0.01	%		0.93	%
Net assets, end of period (in 000’s)	$	7,563,684		$	4,948,288		$	3,042,967		$	2,354,098
Ratio of net expenses to average net assets		0.15	%		0.07	%		0.18	%(e)		0.18	%(e)
Ratio of total expenses to average net assets		0.18	%		0.18	%		0.18	%(e)		0.18	%(e)
Ratio of net investment income to average net assets		1.33	%		0.03	%		—	%(e)(f)		0.54	%(e)

 † The Fund changed its fiscal year end from August 31 to November 30.

 * Commenced operations on September 9, 2019.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Loop Class Shares	Year Ended November 30, 2022			Period Ended November 30, 2021*
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)
Net realized gain		—	(b)		—	(b)
Total from investment operations		0.012			—	(b)
Distributions to shareholders from net investment income		(0.012	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00
Total return(d)		1.25	%		—	%(e)
Net assets, end of period (in 000’s)	$	2,365,925		$	504,408
Ratio of net expenses to average net assets		0.15	%		0.07	%(f)
Ratio of total expenses to average net assets		0.18	%		0.18	%(f)
Ratio of net investment income to average net assets		1.36	%		0.03	%(f)

 * Commenced operations on August 23, 2021.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Government Fund — Seelaus Class Shares	Year Ended November 30, 2022			Period Ended November 30, 2021*
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)
Net realized gain		—	(b)		—	(b)
Total from investment operations		0.012			—	(b)
Distributions to shareholders from net investment income		(0.012	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00
Total return(d)		1.25	%		—	%(e)
Net assets, end of period (in 000’s)	$	2,005,266		$	10
Ratio of net expenses to average net assets		0.15	%		0.07	%(f)
Ratio of total expenses to average net assets		0.18	%		0.18	%(f)
Ratio of net investment income to average net assets		1.55	%		0.03	%(f)

 * Commenced operations on August 23, 2021.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Money Market Fund — Institutional Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0004		$	1.0008		$	1.0011		$	1.0006		$	1.0003		$	1.0003
Net investment income(a)		0.0136			0.0001			—	(b)		0.0152			0.0244			0.0187
Net realized and unrealized gain (loss)		—			0.0001			(0.0001	)		(0.0027	)		0.0004			(0.0019	)
Total from investment operations		0.0136			0.0002			(0.0001	)		0.0125			0.0248			0.0168
Distributions to shareholders from net investment income		(0.0136	)		(0.0001	)		—	(b)		(0.0120	)		(0.0245	)		(0.0168	)
Distributions to shareholders from net realized gains		—	(b)		(0.0005	)		(0.0002	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0136	)		(0.0006	)		(0.0002	)		(0.0120	)		(0.0245	)		(0.0168	)
Net asset value, end of period	$	1.0004		$	1.0004		$	1.0008		$	1.0011		$	1.0006		$	1.0003
Total return(d)		1.36	%		0.02	%		(0.01	)%		1.25	%		2.52	%		1.68	%
Net assets, end of period (in 000’s)	$	4,418,991		$	5,494,458		$	4,042,145		$	6,595,783		$	17,728,767		$	11,570,439
Ratio of net expenses to average net assets		0.17	%		0.11	%		0.18	%(e)		0.15	%		0.13	%		0.11	%
Ratio of total expenses to average net assets		0.19	%		0.19	%		0.19	%(e)		0.18	%		0.18	%		0.20	%
Ratio of net investment income to average net assets		1.38	%		0.01	%		0.01	%(e)		1.52	%		2.44	%		1.87	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

Financial Square Money Market Fund — Capital Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0008		$	1.0010		$	1.0011		$	1.0006		$	1.0004		$	1.0003
Net investment income(a)		0.0144			0.0001			—	(b)		0.0100			0.0231			0.0177
Net realized and unrealized gain		(0.0001	)		—	(b)		0.0001			0.0010			0.0011			0.0001
Total from investment operations		0.0143			0.0001			0.0001			0.0110			0.0242			0.0178
Distributions to shareholders from net investment income		(0.0144	)		(0.0001	)		—	(b)		(0.0105	)		(0.0240	)		(0.0177	)
Distributions to shareholders from net realized gains		—	(b)		(0.0002	)		(0.0002	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0144	)		(0.0003	)		(0.0002	)		(0.0105	)		(0.0240	)		(0.0177	)
Net asset value, end of period	$	1.0007		$	1.0008		$	1.0010		$	1.0011		$	1.0006		$	1.0004
Total return(d)		1.24	%		0.04	%		(0.01	)%		1.10	%		2.35	%		1.54	%
Net assets, end of period (in 000’s)	$	1		$	1		$	11,541		$	15,265		$	11,720		$	1
Ratio of net expenses to average net assets		0.17	%		0.12	%		0.24	%(e)		0.29	%		0.28	%		0.11	%
Ratio of total expenses to average net assets		0.34	%		0.34	%		0.34	%(e)		0.33	%		0.33	%		0.35	%
Ratio of net investment income (loss) to average net assets		1.45	%		0.01	%		(0.06	)%(e)		1.00	%		2.31	%		1.77	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Money Market Fund — Service Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0005		$	1.0000		$	1.0006		$	1.0002		$	1.0001		$	1.0003
Net investment income(a)		0.0100			—	(b)		0.0004			0.0126			0.0199			0.0115
Net realized and unrealized gain (loss)		0.0001			0.0009			(0.0004	)		(0.0041	)		(0.0003	)		0.0001
Total from investment operations		0.0101			0.0009			—			0.0085			0.0196			0.0116
Distributions to shareholders from net investment income		(0.0100	)		—	(b)		(0.0003	)		(0.0081	)		(0.0195	)		(0.0118	)
Distributions to shareholders from net realized gains		—	(b)		(0.0004	)		(0.0003	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0100	)		(0.0004	)		(0.0006	)		(0.0081	)		(0.0195	)		(0.0118	)
Net asset value, end of period	$	1.0006		$	1.0005		$	1.0000		$	1.0006		$	1.0002		$	1.0001
Total return(d)		1.03	%		0.11	%		(0.06	)%		0.81	%		1.99	%		1.16	%
Net assets, end of period (in 000’s)	$	3		$	3		$	3		$	3		$	8		$	128
Ratio of net expenses to average net assets		0.53	%		0.11	%		0.26	%(e)		0.64	%		0.63	%		0.61	%
Ratio of total expenses to average net assets		0.69	%		0.69	%		0.69	%(e)		0.68	%		0.68	%		0.70	%
Ratio of net investment income to average net assets		1.01	%		—	%(f)		0.03	%(e)		1.26	%		1.99	%		1.15	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%.

Financial Square Money Market Fund — Preferred Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0006		$	1.0008		$	1.0011		$	1.0006		$	1.0002		$	1.0003
Net investment income(a)		0.0128			0.0001			—	(b)		0.0136			0.0231			0.0172
Net realized and unrealized gain (loss)		—			0.0002			(0.0001	)		(0.0021	)		0.0008			(0.0015	)
Total from investment operations		0.0128			0.0003			(0.0001	)		0.0115			0.0239			0.0157
Distributions to shareholders from net investment income		(0.0128	)		(0.0001	)		—	(b)		(0.0110	)		(0.0235	)		(0.0158	)
Distributions to shareholders from net realized gains		—	(b)		(0.0004	)		(0.0002	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0128	)		(0.0005	)		(0.0002	)		(0.0110	)		(0.0235	)		(0.0158	)
Net asset value, end of period	$	1.0006		$	1.0006		$	1.0008		$	1.0011		$	1.0006		$	1.0002
Total return(d)		1.29	%		0.04	%		(0.03	)%		1.15	%		2.41	%		1.58	%
Net assets, end of period (in 000’s)	$	67		$	66		$	66		$	1,919		$	4,901		$	2,752
Ratio of net expenses to average net assets		0.25	%		0.11	%		0.24	%(e)		0.25	%		0.23	%		0.21	%
Ratio of total expenses to average net assets		0.29	%		0.29	%		0.29	%(e)		0.28	%		0.28	%		0.30	%
Ratio of net investment income (loss) to average net assets		1.29	%		0.01	%		(0.05	)%(e)		1.35	%		2.31	%		1.72	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Money Market Fund — Select Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0004		$	1.0007		$	1.0009		$	1.0006		$	1.0003		$	1.0003
Net investment income(a)		0.0133			0.0001			—	(b)		0.0163			0.0240			0.0182
Net realized and unrealized gain (loss)		(0.0002	)		0.0002			—			(0.0043	)		0.0005			(0.0017	)
Total from investment operations		0.0131			0.0003			—	(b)		0.0120			0.0245			0.0165
Distributions to shareholders from net investment income		(0.0133	)		(0.0001	)		—	(b)		(0.0117	)		(0.0242	)		(0.0165	)
Distributions to shareholders from net realized gains		—	(b)		(0.0005	)		(0.0002	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0133	)		(0.0006	)		(0.0002	)		(0.0117	)		(0.0242	)		(0.0165	)
Net asset value, end of period	$	1.0002		$	1.0004		$	1.0007		$	1.0009		$	1.0006		$	1.0003
Total return(d)		1.32	%		0.03	%		(0.01	)%		1.20	%		2.49	%		1.65	%
Net assets, end of period (in 000’s)	$	1,342		$	3,702		$	2,361		$	2,362		$	34,943		$	34,354
Ratio of net expenses to average net assets		0.19	%		0.11	%		0.21	%(e)		0.18	%		0.16	%		0.14	%
Ratio of total expenses to average net assets		0.22	%		0.22	%		0.22	%(e)		0.21	%		0.21	%		0.23	%
Ratio of net investment income (loss) to average net assets		0.87	%		0.01	%		(0.03	)%(e)		1.63	%		2.40	%		1.82	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

Financial Square Money Market Fund — Administration Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0004		$	1.0007		$	1.0010		$	1.0005		$	1.0003		$	1.0003
Net investment income(a)		0.0117			0.0001			—	(b)		0.0094			0.0214			0.0140
Net realized and unrealized gain (loss)		—			0.0002			(0.0001	)		0.0007			0.0008			0.0003
Total from investment operations		0.0117			0.0003			(0.0001	)		0.0101			0.0222			0.0143
Distributions to shareholders from net investment income		(0.0117	)		(0.0001	)		—	(b)		(0.0096	)		(0.0220	)		(0.0143	)
Distributions to shareholders from net realized gains		—	(b)		(0.0005	)		(0.0002	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0117	)		(0.0006	)		(0.0002	)		(0.0096	)		(0.0220	)		(0.0143	)
Net asset value, end of period	$	1.0004		$	1.0004		$	1.0007		$	1.0010		$	1.0005		$	1.0003
Total return(d)		1.18	%		0.03	%		(0.03	)%		1.01	%		2.25	%		1.43	%
Net assets, end of period (in 000’s)	$	2,916		$	1,652		$	4,270		$	4,506		$	4,493		$	3,218
Ratio of net expenses to average net assets		0.37	%		0.11	%		0.24	%(e)		0.38	%		0.38	%		0.36	%
Ratio of total expenses to average net assets		0.44	%		0.44	%		0.44	%(e)		0.43	%		0.43	%		0.45	%
Ratio of net investment income (loss) to average net assets		1.27	%		0.01	%		(0.05	)%(e)		0.93	%		2.14	%		1.40	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Money Market Fund — Cash Management Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0008		$	0.9999		$	1.0009		$	1.0007		$	1.0004		$	1.0003
Net investment income(a)		0.0098			0.0003			0.0009			0.0097			0.0182			0.0106
Net realized and unrealized gain (loss)		—			0.0009			(0.0010	)		(0.0008	)		0.0003			0.0001
Total from investment operations		0.0098			0.0012			(0.0001	)		0.0089			0.0185			0.0107
Distributions to shareholders from net investment income		(0.0098	)		(0.0003	)		(0.0009	)		(0.0087	)		(0.0182	)		(0.0106	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0098	)		(0.0003	)		(0.0009	)		(0.0087	)		(0.0182	)		(0.0106	)
Net asset value, end of period	$	1.0008		$	1.0008		$	0.9999		$	1.0009		$	1.0007		$	1.0004
Total return(d)		0.85	%		0.15	%		(0.10	)%		0.60	%		1.69	%		0.89	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.63	%		0.11	%		0.18	%(e)		0.68	%		0.85	%		0.83	%
Ratio of total expenses to average net assets		0.99	%		0.99	%		0.99	%(e)		0.98	%		0.98	%		1.00	%
Ratio of net investment income to average net assets		0.99	%		0.03	%		—	%(e)(f)		0.89	%		1.81	%		1.06	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%.

Financial Square Money Market Fund — Premier Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0008		$	1.0000		$	1.0010		$	1.0006		$	1.0004		$	1.0003
Net investment income(a)		0.0118			0.0003			0.0009			0.0115			0.0217			0.0142
Net realized and unrealized gain (loss)		—			0.0008			(0.0010	)		(0.0003	)		0.0002			0.0001
Total from investment operations		0.0118			0.0011			(0.0001	)		0.0112			0.0219			0.0143
Distributions to shareholders from net investment income		(0.0118	)		(0.0003	)		(0.0009	)		(0.0108	)		(0.0217	)		(0.0142	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0118	)		(0.0003	)		(0.0009	)		(0.0108	)		(0.0217	)		(0.0142	)
Net asset value, end of period	$	1.0008		$	1.0008		$	1.0000		$	1.0010		$	1.0006		$	1.0004
Total return(d)		1.11	%		0.14	%		(0.10	)%		0.91	%		2.15	%		1.35	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.42	%		0.11	%		0.18	%(e)		0.45	%		0.48	%		0.47	%
Ratio of total expenses to average net assets		0.53	%		0.53	%		0.54	%(e)		0.53	%		0.53	%		0.55	%
Ratio of net investment income to average net assets		1.19	%		0.03	%		—	%(e)(f)		1.10	%		2.17	%		1.42	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Money Market Fund — Resource Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0008		$	0.9999		$	1.0008		$	1.0006		$	1.0004		$	1.0003
Net investment income(a)		0.0118			0.0003			0.0009			0.0116			0.0217			0.0142
Net realized and unrealized gain (loss)		0.0001			0.0009			(0.0009	)		(0.0005	)		0.0002			0.0001
Total from investment operations		0.0119			0.0012			—	(b)		0.0111			0.0219			0.0143
Distributions to shareholders from net investment income		(0.0118	)		(0.0003	)		(0.0009	)		(0.0109	)		(0.0217	)		(0.0142	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0118	)		(0.0003	)		(0.0009	)		(0.0109	)		(0.0217	)		(0.0142	)
Net asset value, end of period	$	1.0009		$	1.0008		$	0.9999		$	1.0008		$	1.0006		$	1.0004
Total return(d)		0.94	%		0.15	%		(0.09	)%		0.69	%		1.84	%		1.04	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.42	%		0.11	%		0.18	%(e)		0.45	%		0.49	%		0.47	%
Ratio of total expenses to average net assets		0.84	%		0.84	%		0.84	%(e)		0.83	%		0.83	%		0.85	%
Ratio of net investment income to average net assets		1.19	%		0.03	%		—	%(e)(f)		1.11	%		2.17	%		1.42	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Prime Obligations Fund — Institutional Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0009		$	1.0010		$	1.0013		$	1.0006		$	1.0003		$	1.0003
Net investment income(a)		0.0133			—	(b)		—	(b)		0.0130			0.0243			0.0182
Net realized and unrealized gain (loss)		0.0001			0.0001			(0.0001	)		(0.0002	)		0.0004			(0.0014	)
Total from investment operations		0.0134			0.0001			(0.0001	)		0.0128			0.0247			0.0168
Distributions to shareholders from net investment income		(0.0133	)		—	(b)		—	(b)		(0.0121	)		(0.0244	)		(0.0168	)
Distributions to shareholders from net realized gains		—	(b)		(0.0002	)		(0.0002	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0133	)		(0.0002	)		(0.0002	)		(0.0121	)		(0.0244	)		(0.0168	)
Net asset value, end of period	$	1.0010		$	1.0009		$	1.0010		$	1.0013		$	1.0006		$	1.0003
Total return(d)		1.35	%		0.01	%		(0.01	)%		1.28	%		2.51	%		1.68	%
Net assets, end of period (in 000’s)	$	2,184,629		$	1,110,878		$	2,747,965		$	4,619,641		$	6,122,574		$	3,766,257
Ratio of net expenses to average net assets		0.18	%		0.13	%		0.18	%(e)		0.16	%		0.13	%		0.11	%
Ratio of total expenses to average net assets		0.22	%		0.20	%		0.19	%(e)		0.18	%		0.18	%		0.21	%
Ratio of net investment income (loss) to average net assets		1.69	%		—	%(f)		—	%(e)(f)		1.30	%		2.43	%		1.82	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than $0.005%.

Financial Square Prime Obligations Fund — Capital Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0008		$	1.0009		$	1.0012		$	1.0006		$	1.0002		$	1.0003
Net investment income(a)		0.0122			—	(b)		—	(b)		0.0108			0.0227			0.0178
Net realized and unrealized gain (loss)		—			0.0001			(0.0001	)		0.0004			0.0006			(0.0026	)
Total from investment operations		0.0122			0.0001			(0.0001	)		0.0112			0.0233			0.0152
Distributions to shareholders from net investment income		(0.0122	)		—	(b)		—	(b)		(0.0106	)		(0.0229	)		(0.0153	)
Distributions to shareholders from net realized gains		—	(b)		(0.0002	)		(0.0002	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0122	)		(0.0002	)		(0.0002	)		(0.0106	)		(0.0229	)		(0.0153	)
Net asset value, end of period	$	1.0008		$	1.0008		$	1.0009		$	1.0012		$	1.0006		$	1.0002
Total return(d)		1.22	%		0.01	%		(0.03	)%		1.12	%		2.35	%		1.53	%
Net assets, end of period (in 000’s)	$	542		$	911		$	911		$	1,014		$	6,755		$	6,829
Ratio of net expenses to average net assets		0.28	%		0.14	%		0.23	%(e)		0.31	%		0.28	%		0.26	%
Ratio of total expenses to average net assets		0.37	%		0.35	%		0.34	%(e)		0.33	%		0.33	%		0.36	%
Ratio of net investment income (loss) to average net assets		0.99	%		__	% (f)		(0.05	)%(e)		1.07	%		2.27	%		1.78	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than $0.005%.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Prime Obligations Fund — Service Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0010		$	1.0001		$	1.0004		$	1.0004		$	1.0002		$	1.0003
Net investment income(a)		0.0103			—	(b)		—	(b)		0.0167			0.0197			0.0145
Net realized and unrealized gain (loss)		0.0001			0.0010			(0.0001	)		(0.0079	)		(0.0001	)		(0.0028	)
Total from investment operations		0.0104			0.0010			(0.0001	)		0.0088			0.0196			0.0117
Distributions to shareholders from net investment income		(0.0103	)		—	(b)		—	(b)		(0.0088	)		(0.0194	)		(0.0118	)
Distributions to shareholders from net realized gains		—	(b)		(0.0001	)		(0.0002	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0103	)		(0.0001	)		(0.0002	)		(0.0088	)		(0.0194	)		(0.0118	)
Net asset value, end of period	$	1.0011		$	1.0010		$	1.0001		$	1.0004		$	1.0004		$	1.0002
Total return(d)		1.00	%		0.11	%		(0.03	)%		0.76	%		2.00	%		1.16	%
Net assets, end of period (in 000’s)	$	1		$	0		$	9		$	9		$	5,098		$	102
Ratio of net expenses to average net assets		0.20	%		0.13	%		0.21	%(e)		0.66	%		0.63	%		0.61	%
Ratio of total expenses to average net assets		0.72	%		0.69	%		0.69	%(e)		0.68	%		0.68	%		0.71	%
Ratio of net investment income (loss) to average net assets		0.10	%		0.01	%		(0.04	)%(e)		1.66	%		1.97	%		1.45	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

Financial Square Prime Obligations Fund — Preferred Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0007		$	1.0008		$	1.0010		$	1.0004		$	1.0001		$	1.0003
Net investment income(a)		0.0125			(0.0002	)		—	(b)		0.0111			0.0233			0.0142
Net realized and unrealized gain (loss)		—			0.0003			(0.0001	)		0.0006			0.0004			0.0014
Total from investment operations		0.0125			0.0001			(0.0001	)		0.0117			0.0237			0.0156
Distributions to shareholders from net investment income		(0.0125	)		—			—	(b)		(0.0111	)		(0.0234	)		(0.0158	)
Distributions to shareholders from net realized gains		—	(b)		(0.0002	)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0125	)		(0.0002	)		(0.0001	)		(0.0111	)		(0.0234	)		(0.0158	)
Net asset value, end of period	$	1.0007		$	1.0007		$	1.0008		$	1.0010		$	1.0004		$	1.0001
Total return(d)		1.26	%		0.01	%		(0.02	)%		1.16	%		2.41	%		1.57	%
Net assets, end of period (in 000’s)	$	14		$	14		$	3,364		$	3,365		$	2,839		$	2,624
Ratio of net expenses to average net assets		0.26	%		0.14	%		0.22	%(e)		0.26	%		0.23	%		0.21	%
Ratio of total expenses to average net assets		0.32	%		0.30	%		0.29	%(e)		0.28	%		0.28	%		0.31	%
Ratio of net investment income (loss) to average net assets		1.23	%		(0.02	)%		(0.05	)%(e)		1.11	%		2.33	%		1.42	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Prime Obligations Fund — Select Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0008		$	1.0010		$	1.0012		$	1.0004		$	1.0002		$	1.0003
Net investment income(a)		0.0131			(0.0001	)		—	(b)		0.0120			0.0241			0.0181
Net realized and unrealized gain (loss)		—			0.0001			—	(b)		0.0006			0.0002			(0.0017	)
Total from investment operations		0.0131			—			—	(b)		0.0126			0.0243			0.0164
Distributions to shareholders from net investment income		(0.0131	)		—			—	(b)		(0.0118	)		(0.0241	)		(0.0165	)
Distributions to shareholders from net realized gains		—	(b)		(0.0002	)		(0.0002	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0131	)		(0.0002	)		(0.0002	)		(0.0118	)		(0.0241	)		(0.0165	)
Net asset value, end of period	$	1.0008		$	1.0008		$	1.0010		$	1.0012		$	1.0004		$	1.0002
Total return(d)		1.31	%		—	%(e)		(0.01	)%		1.25	%		2.48	%		1.64	%
Net assets, end of period (in 000’s)	$	8,997		$	7,895		$	38,230		$	76,327		$	98,996		$	60,236
Ratio of net expenses to average net assets		0.21	%		0.14	%		0.20	%(f)		0.19	%		0.16	%		0.14	%
Ratio of total expenses to average net assets		0.25	%		0.23	%		0.22	%(f)		0.21	%		0.21	%		0.24	%
Ratio of net investment income (loss) to average net assets		1.42	%		(0.01	)%		(0.02	)%(f)		1.19	%		2.41	%		1.81	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Prime Obligations Fund — Administration Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0008		$	1.0010		$	1.0012		$	1.0005		$	1.0002		$	1.0003
Net investment income(a)		0.0115			(0.0002	)		—	(b)		0.0121			0.0222			0.0139
Net realized and unrealized gain (loss)		0.0001			0.0002			—	(b)		(0.0017	)		—			0.0003
Total from investment operations		0.0116			—			—	(b)		0.0104			0.0222			0.0142
Distributions to shareholders from net investment income		(0.0115	)		—			—	(b)		(0.0097	)		(0.0219	)		(0.0143	)
Distributions to shareholders from net realized gains		—	(b)		(0.0002	)		(0.0002	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0115	)		(0.0002	)		(0.0002	)		(0.0097	)		(0.0219	)		(0.0143	)
Net asset value, end of period	$	1.0009		$	1.0008		$	1.0010		$	1.0012		$	1.0005		$	1.0002
Total return(d)		1.16	%		—	%(e)		(0.02	)%		1.03	%		2.25	%		1.43	%
Net assets, end of period (in 000’s)	$	6,306		$	5,407		$	81,920		$	8,736		$	9,748		$	7,474
Ratio of net expenses to average net assets		0.37	%		0.14	%		0.21	%(f)		0.41	%		0.38	%		0.36	%
Ratio of total expenses to average net assets		0.47	%		0.45	%		0.44	%(f)		0.43	%		0.43	%		0.46	%
Ratio of net investment income (loss) to average net assets		1.16	%		(0.02	)%		(0.04	)%(f)		1.21	%		2.22	%		1.39	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Prime Obligations Fund — Cash Management Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0011		$	1.0000		$	1.0010		$	1.0005		$	1.0002		$	1.0003
Net investment income(a)		0.0097			0.0003			0.0009			0.0087			0.0181			0.0108
Net realized and unrealized gain (loss)		0.0001			0.0011			(0.0010	)		0.0004			0.0003			(0.0001	)
Total from investment operations		0.0098			0.0014			(0.0001	)		0.0091			0.0184			0.0107
Distributions to shareholders from net investment income		(0.0097	)		(0.0003	)		(0.0009	)		(0.0086	)		(0.0181	)		(0.0108	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0097	)		(0.0003	)		(0.0009	)		(0.0086	)		(0.0181	)		(0.0108	)
Net asset value, end of period	$	1.0012		$	1.0011		$	1.0000		$	1.0010		$	1.0005		$	1.0002
Total return(d)		0.83	%		0.13	%		(0.10	)%		0.63	%		1.69	%		0.86	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.62	%		0.13	%		0.18	%(e)		0.70	%		0.85	%		0.83	%
Ratio of total expenses to average net assets		1.02	%		1.00	%		0.99	%(e)		0.98	%		0.98	%		1.01	%
Ratio of net investment income to average net assets		0.97	%		0.03	%		—	%(e)(f)		0.87	%		1.80	%		1.08	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%.

Financial Square Prime Obligations Fund — Premier Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0011		$	1.0000		$	1.0009		$	1.0005		$	1.0002		$	1.0003
Net investment income(a)		0.0122			0.0003			0.0009			0.0115			0.0216			0.0144
Net realized and unrealized gain (loss)		0.0001			0.0011			(0.0009	)		(0.0001	)		0.0003			(0.0001	)
Total from investment operations		0.0123			0.0014			—			0.0114			0.0219			0.0143
Distributions to shareholders from net investment income		(0.0122	)		(0.0003	)		(0.0009	)		(0.0110	)		(0.0216	)		(0.0144	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0122	)		(0.0003	)		(0.0009	)		(0.0110	)		(0.0216	)		(0.0144	)
Net asset value, end of period	$	1.0012		$	1.0011		$	1.0000		$	1.0009		$	1.0005		$	1.0002
Total return(d)		1.09	%		0.13	%		(0.09	)%		0.93	%		2.15	%		1.32	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.42	%		0.13	%		0.18	%(e)		0.46	%		0.49	%		0.47	%
Ratio of total expenses to average net assets		0.57	%		0.55	%		0.54	%(e)		0.53	%		0.53	%		0.56	%
Ratio of net investment income to average net assets		1.19	%		0.03	%		—	%(e)(f)		1.10	%		2.16	%		1.44	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Prime Obligations Fund — Resource Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.0010		$	1.0000		$	1.0010		$	1.0005		$	1.0002		$	1.0003
Net investment income(a)		0.0118			0.0003			0.0009			0.0106			0.0216			0.0144
Net realized and unrealized gain (loss)		0.0001			0.0010			(0.0010	)		0.0008			0.0003			(0.0001	)
Total from investment operations		0.0119			0.0013			(0.0001	)		0.0114			0.0219			0.0143
Distributions to shareholders from net investment income		(0.0118	)		(0.0003	)		(0.0009	)		(0.0109	)		(0.0216	)		(0.0144	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.0118	)		(0.0003	)		(0.0009	)		(0.0109	)		(0.0216	)		(0.0144	)
Net asset value, end of period	$	1.0011		$	1.0010		$	1.0000		$	1.0010		$	1.0005		$	1.0002
Total return(d)		0.91	%		0.12	%		(0.10	)%		0.73	%		1.85	%		1.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.42	%		0.13	%		0.18	%(e)		0.47	%		0.49	%		0.47	%
Ratio of total expenses to average net assets		0.87	%		0.85	%		0.84	%(e)		0.83	%		0.83	%		0.86	%
Ratio of net investment income to average net assets		1.18	%		0.03	%		—	%(e)(f)		1.10	%		2.16	%		1.44	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%

Financial Square Prime Obligations Fund — Drexel Hamilton Class Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Period Ended August 31, 2020*
	2022			2021
Per Share Data:
Net asset value, beginning of period	$	1.0008		$	1.0010		$	1.0012		$	1.0006
Net investment income(a)		0.0133			(0.0001	)		—	(b)		0.0080
Net realized and unrealized gain (loss)		—			0.0001			—			0.0042
Total from investment operations		0.0133			0.0000			—	(b)		0.0122
Distributions to shareholders from net investment income		(0.0133	)		—	(b)		—	(b)		(0.0116	)
Distributions to shareholders from net realized gains		—	(b)		(0.0002	)		(0.0002	)		—	(b)
Total distributions(c)		(0.0133	)		(0.0002	)		(0.0002	)		(0.0116	)
Net asset value, end of period	$	1.0008		$	1.0008		$	1.0010		$	1.0012
Total return(d)		1.34	%		—	%(e)		—	%(e)		1.22	%
Net assets, end of period (in 000’s)	$	24,870		$	30,880		$	100,884		$	100,044
Ratio of net expenses to average net assets		0.18	%		0.13	%		0.18	%(f)		0.16	%(f)
Ratio of total expenses to average net assets		0.22	%		0.20	%		0.19	%(f)		0.18	%(f)
Ratio of net investment income (loss) to average net assets		1.41	%		(0.01	)%		(0.01	)%(f)		0.78	%(f)

 † The Fund changed its fiscal year end from August 31 to November 30.

 * Commenced operations on September 9, 2019.

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

(b) Amount is less than $0.00005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Institutional Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.007			0.021			0.014
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.002			—	(b)		(0.001	)
Total from investment operations		0.011			—	(b)		—	(b)		0.009			0.021			0.013
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.14	%		0.01	%		—	%(e)		0.95	%		2.16	%		1.34	%
Net assets, end of period (in 000’s)	$	92,045,963		$	101,041,091		$	75,892,232		$	84,038,158		$	51,789,901		$	51,205,454
Ratio of net expenses to average net assets		0.17	%		0.07	%		0.16	%(f)		0.20	%		0.20	%		0.20	%
Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%(f)		0.20	%		0.20	%		0.21	%
Ratio of net investment income to average net assets		1.11	%		0.01	%		—	%(e)(f)		0.71	%		2.11	%		1.35	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Treasury Instruments Fund — Capital Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			—	(b)		—	(b)		0.009			0.020			0.011
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		(0.001	)		—	(b)		0.001
Total from investment operations		0.010			—	(b)		—	(b)		0.008			0.020			0.012
Distributions to shareholders from net investment income		(0.010	)		—	(b)		—	(b)		(0.008	)		(0.020	)		(0.012	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		—	(b)		—	(b)		(0.008	)		(0.020	)		(0.012	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.03	%		0.01	%		—	%(e)		0.82	%		2.01	%		1.19	%
Net assets, end of period (in 000’s)	$	957,608		$	826,871		$	675,659		$	725,405		$	766,401		$	374,831
Ratio of net expenses to average net assets		0.27	%		0.07	%		0.16	%(f)		0.33	%		0.35	%		0.35	%
Ratio of total expenses to average net assets		0.35	%		0.35	%		0.35	%(f)		0.35	%		0.35	%		0.36	%
Ratio of net investment income to average net assets		1.09	%		0.01	%		—	%(e)(f)		0.85	%		1.98	%		1.08	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Service Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			—	(b)		—	(b)		0.003			0.016			0.008
Net realized gain		—	(b)		—	(b)		—	(b)		0.003			—	(b)		—	(b)
Total from investment operations		0.008			—	(b)		—	(b)		0.006			0.016			0.008
Distributions to shareholders from net investment income		(0.008	)		—	(b)		—	(b)		(0.006	)		(0.016	)		(0.008	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		—	(b)		—	(b)		(0.006	)		(0.016	)		(0.008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.82	%		0.01	%		—	%(e)		0.60	%		1.65	%		0.84	%
Net assets, end of period (in 000’s)	$	912,338		$	1,569,931		$	122,542		$	116,172		$	26,723		$	22,063
Ratio of net expenses to average net assets		0.47	%		0.07	%		0.16	%(f)		0.41	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.70	%		0.70	%		0.70	%(f)		0.70	%		0.70	%		0.71	%
Ratio of net investment income to average net assets		0.69	%		0.01	%		—	%(e)(f)		0.28	%		1.60	%		0.79	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Treasury Instruments Fund — Preferred Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.007			0.020			0.012
Net realized gain		—	(b)		—	(b)		—	(b)		0.002			—	(b)		—	(b)
Total from investment operations		0.011			—	(b)		—	(b)		0.009			0.020			0.012
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.009	)		(0.020	)		(0.012	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.009	)		(0.020	)		(0.012	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.07	%		0.01	%		—	%(e)		0.86	%		2.06	%		1.24	%
Net assets, end of period (in 000’s)	$	36,610		$	78,191		$	137,607		$	113,769		$	92,406		$	45,007
Ratio of net expenses to average net assets		0.24	%		0.07	%		0.16	%(f)		0.29	%		0.30	%		0.30	%
Ratio of total expenses to average net assets		0.30	%		0.30	%		0.30	%(f)		0.30	%		0.30	%		0.31	%
Ratio of net investment income to average net assets		0.99	%		—	%(e)		—	%(e)(f)		0.68	%		2.02	%		1.24	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Select Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.006			0.021			0.015
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.003			—	(b)		(0.002	)
Total from investment operations		0.011			—	(b)		—	(b)		0.009			0.021			0.013
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.12	%		0.01	%		—	%(e)		0.92	%		2.13	%		1.31	%
Net assets, end of period (in 000’s)	$	444,262		$	208,542		$	336,761		$	495,422		$	141,728		$	370,898
Ratio of net expenses to average net assets		0.19	%		0.07	%		0.16	%(f)		0.23	%		0.23	%		0.23	%
Ratio of total expenses to average net assets		0.23	%		0.23	%		0.23	%(f)		0.23	%		0.23	%		0.24	%
Ratio of net investment income to average net assets		1.38	%		0.01	%		—	%(e)(f)		0.60	%		2.09	%		1.49	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Treasury Instruments Fund — Administration Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			—	(b)		—	(b)		0.008			0.019			0.011
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			—	(b)		—	(b)		0.008			0.019			0.011
Distributions to shareholders from net investment income		(0.010	)		—	(b)		—	(b)		(0.008	)		(0.019	)		(0.011	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		—	(b)		—	(b)		(0.008	)		(0.019	)		(0.011	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.96	%		0.01	%		—	%(e)		0.75	%		1.91	%		1.09	%
Net assets, end of period (in 000’s)	$	2,188,569		$	2,038,029		$	1,578,689		$	1,493,968		$	1,716,942		$	2,361,026
Ratio of net expenses to average net assets		0.34	%		0.07	%		0.16	%(f)		0.40	%		0.45	%		0.45	%
Ratio of total expenses to average net assets		0.45	%		0.45	%		0.45	%(f)		0.45	%		0.45	%		0.46	%
Ratio of net investment income to average net assets		0.95	%		0.01	%		—	%(e)(f)		0.72	%		1.86	%		1.07	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Cash Management Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			—	(b)		—	(b)		0.004			0.014			0.006
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		—	(b)		(0.001	)		(0.001	)
Total from investment operations		0.007			—	(b)		—	(b)		0.004			0.013			0.005
Distributions to shareholders from net investment income		(0.007	)		—	(b)		—	(b)		(0.004	)		(0.013	)		(0.005	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—			—	(b)		—	(b)
Total distributions(c)		(0.007	)		—	(b)		—	(b)		(0.004	)		(0.013	)		(0.005	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.66	%		0.01	%		—	%(e)		0.43	%		1.35	%		0.54	%
Net assets, end of period (in 000’s)	$	6,964		$	11,716		$	9,744		$	10,781		$	12,515		$	64
Ratio of net expenses to average net assets		0.54	%		0.07	%		0.16	%(f)		0.73	%		1.00	%		1.00	%
Ratio of total expenses to average net assets		1.00	%		1.00	%		1.00	%(f)		1.00	%		1.00	%		1.01	%
Ratio of net investment income to average net assets		0.31	%(e)		0.01	%		—	%(e)(f)		0.40	%		1.36	%		0.60	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Treasury Instruments Fund — Premier Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—	(b)		—	(b)		0.007			0.018			0.011
Net realized loss		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		(0.001	)
Total from investment operations		0.009			—	(b)		—	(b)		0.007			0.018			0.010
Distributions to shareholders from net investment income		(0.009	)		—	(b)		—	(b)		(0.007	)		(0.018	)		(0.010	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		—	(b)		(0.007	)		(0.018	)		(0.010	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.90	%		0.01	%		—	%(e)		0.69	%		1.80	%		0.99	%
Net assets, end of period (in 000’s)	$	215,864		$	204,641		$	162,524		$	161,117		$	151,939		$	152,344
Ratio of net expenses to average net assets		0.39	%		0.07	%		0.16	%(f)		0.45	%		0.55	%		0.55	%
Ratio of total expenses to average net assets		0.55	%		0.55	%		0.55	%(f)		0.55	%		0.55	%		0.56	%
Ratio of net investment income to average net assets		0.87	%		0.01	%		—	%(f)		0.65	%		1.76	%		1.12	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Resource Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—	(b)		0.001			0.003			0.016			0.009
Net realized gain		—	(b)		—	(b)		—	(b)		0.003			—	(b)		—	(b)
Total from investment operations		0.009			—	(b)		0.001			0.006			0.016			0.009
Distributions to shareholders from net investment income		(0.009	)		—	(b)		(0.001	)		(0.006	)		(0.016	)		(0.009	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		(0.001	)		(0.006	)		(0.016	)		(0.009	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.73	%		0.01	%		—	%(e)		0.52	%		1.50	%		0.69	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.37	%		0.07	%		0.16	%(f)		0.41	%		0.56	%		0.55	%
Ratio of total expenses to average net assets		0.85	%		0.85	%		0.85	%(f)		0.85	%		0.85	%		0.86	%
Ratio of net investment income to average net assets		0.85	%		0.03	%		0.36	%(f)		0.57	%		1.61	%		0.87	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Treasury Instruments Fund — Loop Class Shares	Year Ended November 30, 2022			Period Ended November 30, 2021*
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)
Net realized gain		—	(b)		—	(b)
Total from investment operations		0.011			—	(b)
Distributions to shareholders from net investment income		(0.011	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00
Total return(d)		1.14	%		0.01	%
Net assets, end of period (in 000’s)	$	152,101		$	200,012
Ratio of net expenses to average net assets		0.17	%		0.07	%(e)
Ratio of total expenses to average net assets		0.20	%		0.20	%(e)
Ratio of net investment income to average net assets		1.08	%		0.01	%(e)

 * Commenced operations on August 23, 2021.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Seelaus Class Shares	Year Ended November 30, 2022			Period Ended November 30, 2021*
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)
Net realized gain		—	(b)		—	(b)
Total from investment operations		0.011			—	(b)
Distributions to shareholders from net investment income		(0.011	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00
Total return(d)		1.14	%		0.01	%
Net assets, end of period (in 000’s)	$	10		$	10
Ratio of net expenses to average net assets		0.17	%		0.07	%(e)
Ratio of total expenses to average net assets		0.20	%		0.20	%(e)
Ratio of net investment income to average net assets		1.15	%		0.03	%(e)

 * Commenced operations on August 23, 2021.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Obligations Fund — Institutional Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.007			0.022			0.013
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.002			—	(b)		0.001
Total from investment operations		0.012			—	(b)		—	(b)		0.009			0.022			0.014
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.022	)		(0.014	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.022	)		(0.014	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.24	%		0.02	%		—	%(e)		0.94	%		2.20	%		1.37	%
Net assets, end of period (in 000’s)	$	39,033,144		$	21,699,895		$	34,576,104		$	22,518,304		$	12,649,125		$	10,649,826
Ratio of net expenses to average net assets		0.18	%		0.07	%		0.15	%(f)		0.20	%		0.20	%		0.20	%
Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%(f)		0.20	%		0.20	%		0.21	%
Ratio of net investment income to average net assets		1.56	%		0.01	%		0.01	%(f)		0.68	%		2.17	%		1.31	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Treasury Obligations Fund — Capital Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.007			0.020			0.012
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.001			—	(b)		—	(b)
Total from investment operations		0.011			—	(b)		—	(b)		0.008			0.020			0.012
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.020	)		(0.012	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.020	)		(0.012	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.13	%		0.02	%		—	%(e)		0.80	%		2.05	%		1.21	%
Net assets, end of period (in 000’s)	$	743,723		$	371,230		$	330,016		$	372,260		$	390,680		$	299,105
Ratio of net expenses to average net assets		0.29	%		0.07	%		0.15	%(f)		0.34	%		0.35	%		0.35	%
Ratio of total expenses to average net assets		0.35	%		0.35	%		0.35	%(f)		0.35	%		0.35	%		0.36	%
Ratio of net investment income to average net assets		1.29	%		0.01	%		—	%(e)(f)		0.74	%		2.01	%		1.19	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Obligations Fund — Service Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—	(b)		—	(b)		0.006			0.017			0.009
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			—	(b)		—	(b)		0.006			0.017			0.009
Distributions to shareholders from net investment income		(0.009	)		—	(b)		—	(b)		(0.006	)		(0.017	)		(0.009	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		—	(b)		(0.006	)		(0.017	)		(0.009	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.92	%		0.02	%		—	%(e)		0.59	%		1.69	%		0.86	%
Net assets, end of period (in 000’s)	$	1,408,940		$	1,703,918		$	911,413		$	937,649		$	936,398		$	1,342,308
Ratio of net expenses to average net assets		0.50	%		0.07	%		0.15	%(f)		0.55	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.70	%		0.70	%		0.70	%(f)		0.70	%		0.70	%		0.71	%
Ratio of net investment income to average net assets		0.89	%		0.01	%		—	%(e)(f)		0.55	%		1.67	%		0.88	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Treasury Obligations Fund — Preferred Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.008			0.021			0.013
Net realized loss		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.012			—	(b)		—	(b)		0.008			0.021			0.013
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.008	)		(0.021	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.008	)		(0.021	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.17	%		0.02	%		—	%(e)		0.84	%		2.10	%		1.26	%
Net assets, end of period (in 000’s)	$	682,319		$	500,987		$	440,733		$	771,943		$	461,459		$	173,807
Ratio of net expenses to average net assets		0.25	%		0.07	%		0.15	%(f)		0.30	%		0.30	%		0.30	%
Ratio of total expenses to average net assets		0.30	%		0.30	%		0.30	%(f)		0.30	%		0.30	%		0.31	%
Ratio of net investment income (loss) to average net assets		1.27	%		0.01	%		(0.01	)%(f)		0.76	%		2.08	%		1.28	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Financial Square Treasury Obligations Fund — Select Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.007			0.021			0.015
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.002			—	(b)		(0.002	)
Total from investment operations		0.012			—	(b)		—	(b)		0.009			0.021			0.013
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.22	%		0.02	%		—	%(e)		0.91	%		2.17	%		1.34	%
Net assets, end of period (in 000’s)	$	163,715		$	87,703		$	213,174		$	178,351		$	50,890		$	134,034
Ratio of net expenses to average net assets		0.20	%		0.07	%		0.15	%(f)		0.23	%		0.23	%		0.23	%
Ratio of total expenses to average net assets		0.23	%		0.23	%		0.23	%(f)		0.23	%		0.23	%		0.24	%
Ratio of net investment income to average net assets		1.48	%		0.01	%		—	%(e)(f)		0.70	%		2.08	%		1.46	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Treasury Obligations Fund — Administration Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.007			0.019			0.011
Net realized loss		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.011			—	(b)		—	(b)		0.007			0.019			0.011
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.007	)		(0.019	)		(0.011	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.007	)		(0.019	)		(0.011	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.06	%		0.02	%		—	%(e)		0.73	%		1.95	%		1.11	%
Net assets, end of period (in 000’s)	$	1,986,064		$	2,923,435		$	2,380,299		$	2,088,737		$	2,034,113		$	1,810,200
Ratio of net expenses to average net assets		0.36	%		0.07	%		0.15	%(f)		0.40	%		0.45	%		0.45	%
Ratio of total expenses to average net assets		0.45	%		0.45	%		0.45	%(f)		0.45	%		0.45	%		0.46	%
Ratio of net investment income to average net assets		1.15	%		0.01	%		—	%(e)(f)		0.65	%		1.91	%		1.14	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 71

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Obligations Fund — Cash Management Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			—	(b)		—	(b)		0.003			0.013			0.004
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			0.001			0.002
Total from investment operations		0.008			—	(b)		—	(b)		0.004			0.014			0.006
Distributions to shareholders from net investment income		(0.008	)		—	(b)		—	(b)		(0.004	)		(0.014	)		(0.006	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		—	(b)		—	(b)		(0.004	)		(0.014	)		(0.006	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.76	%		0.02	%		—	%(e)		0.43	%		1.39	%		0.56	%
Net assets, end of period (in 000’s)	$	28,115		$	29,933		$	20,187		$	13,015		$	22,364		$	48
Ratio of net expenses to average net assets		0.63	%		0.07	%		0.15	%(f)		0.68	%		1.00	%		1.00	%
Ratio of total expenses to average net assets		1.00	%		1.00	%		1.00	%(f)		1.00	%		1.00	%		1.01	%
Ratio of net investment income to average net assets		0.60	%		0.01	%		0.01	%(f)		0.35	%		1.29	%		0.43	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Financial Square Treasury Obligations Fund — Premier Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			—	(b)		—	(b)		0.006			0.018			0.013
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.001			—	(b)		(0.004	)
Total from investment operations		0.010			—	(b)		—	(b)		0.007			0.018			0.009
Distributions to shareholders from net investment income		(0.010	)		—	(b)		—	(b)		(0.007	)		(0.018	)		(0.009	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		—	(b)		—	(b)		(0.007	)		(0.018	)		(0.009	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.00	%		0.02	%		—	%(e)		0.68	%		1.84	%		1.01	%
Net assets, end of period (in 000’s)	$	42,003		$	13,495		$	13,573		$	17,568		$	17,485		$	16,492
Ratio of net expenses to average net assets		0.45	%		0.07	%		0.15	%(f)		0.46	%		0.55	%		0.55	%
Ratio of total expenses to average net assets		0.55	%		0.55	%		0.55	%(f)		0.55	%		0.55	%		0.56	%
Ratio of net investment income to average net assets		1.45	%		0.01	%		—	%(e)(f)		0.62	%		1.82	%		1.32	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Financial Square Treasury Obligations Fund — Resource Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—	(b)		0.001			0.006			0.016			0.008
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			—	(b)		0.001			0.006			0.016			0.008
Distributions to shareholders from net investment income		(0.009	)		—	(b)		(0.001	)		(0.006	)		(0.016	)		(0.008	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		(0.001	)		(0.006	)		(0.016	)		(0.008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.83	%		0.02	%		—	%(e)		0.51	%		1.54	%		0.71	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.35	%		0.07	%		0.15	%(f)		0.39	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.85	%		0.85	%		0.85	%(f)		0.85	%		0.85	%		0.86	%
Ratio of net investment income to average net assets		0.88	%		0.03	%		0.34	%(f)		0.59	%		1.59	%		0.78	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 73

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Solutions Fund — Institutional Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.007			0.021			0.013
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.003			—	(b)		—	(b)
Total from investment operations		0.012			—	(b)		—	(b)		0.010			0.021			0.013
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.021	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.021	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.24	%		0.01	%		—	%(e)		0.96	%		2.17	%		1.34	%
Net assets, end of period (in 000’s)	$	14,341,376		$	9,632,239		$	10,518,867		$	11,543,913		$	7,395,030		$	7,667,540
Ratio of net expenses to average net assets		0.17	%		0.09	%		0.17	%(f)		0.20	%		0.20	%		0.20	%
Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%(f)		0.20	%		0.20	%		0.21	%
Ratio of net investment income to average net assets		1.41	%		—	%(e)		—	%(e)(f)		0.70	%		2.11	%		1.31	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Financial Square Treasury Solutions Fund — Capital Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.007			0.020			0.012
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			—	(b)		—	(b)
Total from investment operations		0.011			—	(b)		—	(b)		0.008			0.020			0.012
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.020	)		(0.012	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.020	)		(0.012	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.13	%		0.01	%		—	%(e)		0.83	%		2.02	%		1.19	%
Net assets, end of period (in 000’s)	$	206,167		$	243,876		$	234,344		$	201,227		$	162,212		$	165,645
Ratio of net expenses to average net assets		0.27	%		0.09	%		0.17	%(f)		0.32	%		0.35	%		0.35	%
Ratio of total expenses to average net assets		0.35	%		0.35	%		0.35	%(f)		0.35	%		0.35	%		0.36	%
Ratio of net investment income to average net assets		0.94	%		—	%(e)		—	%(e)(f)		0.65	%		1.97	%		1.15	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Financial Square Treasury Solutions Fund — Service Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—	(b)		—	(b)		0.005			0.016			0.008
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			—	(b)		—	(b)
Total from investment operations		0.009			—	(b)		—	(b)		0.006			0.016			0.008
Distributions to shareholders from net investment income		(0.009	)		—	(b)		—	(b)		(0.006	)		(0.016	)		(0.008	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		—	(b)		(0.006	)		(0.016	)		(0.008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.91	%		0.01	%		—	%(e)		0.62	%		1.66	%		0.84	%
Net assets, end of period (in 000’s)	$	158,102		$	233,842		$	240,184		$	208,499		$	124,910		$	155,808
Ratio of net expenses to average net assets		0.45	%		0.09	%		0.17	%(f)		0.50	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.70	%		0.70	%		0.70	%(f)		0.70	%		0.70	%		0.71	%
Ratio of net investment income to average net assets		0.81	%		—	%(e)		—	%(e)(f)		0.47	%		1.60	%		0.83	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Financial Square Treasury Solutions Fund — Preferred Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.008			0.020			0.013
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.001			—	(b)		(0.001	)
Total from investment operations		0.012			—	(b)		—	(b)		0.009			0.020			0.012
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.020	)		(0.012	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.020	)		(0.012	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.17	%		0.01	%		—	%(e)		0.87	%		2.07	%		1.24	%
Net assets, end of period (in 000’s)	$	64,568		$	51,188		$	59,340		$	52,791		$	38,419		$	19,545
Ratio of net expenses to average net assets		0.24	%		0.09	%		0.17	%(f)		0.29	%		0.30	%		0.30	%
Ratio of total expenses to average net assets		0.30	%		0.30	%		0.30	%(f)		0.30	%		0.30	%		0.31	%
Ratio of net investment income to average net assets		1.14	%		—	%(e)		—	%(e)(f)		0.78	%		2.04	%		1.26	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 75

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Financial Square Treasury Solutions Fund — Select Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.009			0.021			0.013
Net realized loss		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.012			—	(b)		—	(b)		0.009			0.021			0.013
Distributions to shareholders from net investment income		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.009	)		(0.021	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.22	%		0.01	%		—	%(e)		0.93	%		2.14	%		1.31	%
Net assets, end of period (in 000’s)	$	10,533		$	5,519		$	6,547		$	7,067		$	8,325		$	7,439
Ratio of net expenses to average net assets		0.20	%		0.09	%		0.17	%(f)		0.23	%		0.23	%		0.23	%
Ratio of total expenses to average net assets		0.23	%		0.23	%		0.23	%(f)		0.23	%		0.23	%		0.24	%
Ratio of net investment income to average net assets		1.51	%		—	%(e)		—	%(e)(f)		0.91	%		2.07	%		1.27	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Treasury Solutions Fund — Administration Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			—	(b)		—	(b)		0.006			0.019			0.011
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.002			—	(b)		—	(b)
Total from investment operations		0.011			—	(b)		—	(b)		0.008			0.019			0.011
Distributions to shareholders from net investment income		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.019	)		(0.011	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		—	(b)		—	(b)		(0.008	)		(0.019	)		(0.011	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.06	%		0.01	%		—	%(e)		0.77	%		1.92	%		1.09	%
Net assets, end of period (in 000’s)	$	803,909		$	375,220		$	610,539		$	443,470		$	473,937		$	360,817
Ratio of net expenses to average net assets		0.37	%		0.09	%		0.17	%(f)		0.38	%		0.45	%		0.45	%
Ratio of total expenses to average net assets		0.45	%		0.45	%		0.45	%(f)		0.45	%		0.45	%		0.46	%
Ratio of net investment income to average net assets		1.16	%		—	%(e)		—	%(e)(f)		0.61	%		1.85	%		1.09	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Solutions Fund — Cash Management Shares	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			—	(b)		—	(b)		0.004			0.013			0.005
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.008			—	(b)		—	(b)		0.004			0.013			0.005
Distributions to shareholders from net investment income		(0.008	)		—	(b)		—	(b)		(0.004	)		(0.013	)		(0.005	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		—	(b)		—	(b)		(0.004	)		(0.013	)		(0.005	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.76	%		0.01	%		—	%(e)		0.45	%		1.36	%		0.54	%
Net assets, end of period (in 000’s)	$	320,794		$	371,768		$	262,647		$	272,981		$	223,501		$	23,332
Ratio of net expenses to average net assets		0.61	%		0.09	%		0.17	%(f)		0.70	%		1.00	%		1.00	%
Ratio of total expenses to average net assets		1.00	%		1.00	%		1.00	%(f)		1.00	%		1.00	%		1.01	%
Ratio of net investment income to average net assets		0.64	%		—	%(e)		—	%(e)(f)		0.37	%		1.31	%		0.54	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Financial Square Treasury Solutions Fund — Premier Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			—	(b)		—	(b)		0.006			0.018			0.011
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.001			—	(b)		(0.001	)
Total from investment operations		0.010			—	(b)		—	(b)		0.007			0.018			0.010
Distributions to shareholders from net investment income		(0.010	)		—	(b)		—	(b)		(0.007	)		(0.018	)		(0.010	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		—	(b)		—	(b)		(0.007	)		(0.018	)		(0.010	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.00	%		0.01	%		—	%(e)		0.71	%		1.82	%		0.99	%
Net assets, end of period (in 000’s)	$	91,667		$	122,233		$	79,208		$	127,497		$	161,003		$	45,627
Ratio of net expenses to average net assets		0.39	%		0.09	%		0.17	%(f)		0.45	%		0.55	%		0.55	%
Ratio of total expenses to average net assets		0.55	%		0.55	%		0.55	%(f)		0.55	%		0.55	%		0.56	%
Ratio of net investment income to average net assets		0.85	%		—	%(e)		—	%(e)(f)		0.63	%		1.77	%		1.10	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 77

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Financial Square Treasury Solutions Fund — Resource Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—	(b)		0.001			0.006			0.016			0.008
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			—	(b)		0.001			0.006			0.016			0.008
Distributions to shareholders from net investment income		(0.009	)		—	(b)		(0.001	)		(0.006	)		(0.016	)		(0.008	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		(0.001	)		(0.006	)		(0.016	)		(0.008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.83	%		0.01	%		—	%(e)		0.53	%		1.51	%		0.69	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.34	%		0.09	%		0.17	%(f)		0.40	%		0.56	%		0.55	%
Ratio of total expenses to average net assets		0.85	%		0.85	%		0.85	%(f)		0.85	%		0.85	%		0.86	%
Ratio of net investment income to average net assets		0.93	%		0.03	%		0.34	%(f)		0.59	%		1.59	%		0.84	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

November 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 “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
Federal Instruments	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, and Premier	Diversified
Government	Class A, Class C, Class D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, Class R6, Drexel Hamilton Class, Loop Class, and Seelaus Class	Diversified
Money Market, Treasury Obligations and Treasury Solutions	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, and Resource	Diversified
Prime Obligations	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, and Drexel Hamilton Class	Diversified
Treasury Instruments	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, Loop Class, and Seelaus Class	Diversified

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

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

The following Funds were designated by the Board of Trustees (“Trustees”) as “institutional money market funds” under Rule 2a-7 under the Act: Financial Square Money Market Fund and Financial Square Prime Obligations Fund (the “Institutional

Money Market Funds”). Each of the Institutional Money Market Funds must price its shares at a net asset value (“NAV”) reflecting market-based values of its portfolio securities (i.e., at a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000).

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 investment valuation policy of the Funds, except for the Institutional Money Market Funds, is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Trustees, GSAM evaluates daily the difference between each Fund’s NAV per share using the amortized costs of

79

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The Institutional Money Market Funds’ investment valuation policy is to value its portfolio securities only at market-based values. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

B.  Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

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

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

E.  Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F.  Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements.

80

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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 Trustees have approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of November 30, 2022, all investments, other than those held by the Institutional Money Market Funds, are classified as Level 2 of the fair value hierarchy. All investments for the Institutional Money Market Funds are classified as Level 2, with the exception of treasury securities of G7 countries which are generally classified as Level 1. Please refer to the Schedules of Investments for further detail.

81

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2022

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

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

B.  Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

C.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

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

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

D.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the fiscal year ended November 30, 2022, Goldman Sachs retained $2,135 in CDSCs with respect to Class C Shares of the Financial Square Government Fund.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.

F.  Other Agreements — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 30, 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, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

82

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate is 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds and 0.16% for the Financial Square Government, Financial Square Money Market and Financial Square Prime Obligations Funds. The Transfer Agency Fee is 0.01% for all funds.

Other contractual annualized rates for each of the Funds are as follows:

	Class A Shares(a)			Class C Shares(a)			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares
Administration, Service and/or Shareholder Administration Fees1		N/A			0.25	%		0.15	%		0.25	%		0.10	%		0.03	%		0.25	%		0.50	%		0.35	%		0.50	%
Distribution and/or Service (12b-1) Fees		0.25	%		0.75	(b)		N/A			0.25	(c)		N/A			N/A			N/A			0.30	(b)		N/A			0.15	(b)

N/A — Fees not applicable to respective share class

¹  Class D Shares, Institutional Shares, Class R6 Shares, Drexel Hamilton Class Shares, Loop Class Shares, and Seelaus Class Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees.

(a) Government Fund only.

(b) Distribution (12b-1) fee only.

(c) Service (12b-1) fee only.

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

During the fiscal year ended November 30, 2022, GSAM and Goldman Sachs (as applicable) agreed to waive all or a portion of the management fees and respective class-specific fees described above attributable to the Funds. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the fiscal year ended November 30, 2022, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers		Transfer Agency Waivers		Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Other Expense Reimbursements		Total Expense Reductions
Federal Instruments	$	777	$	75	$	409	$	119	$	1,380
Government		56,141		5,910		26,546		—		88,597
Money Market		348		88		1		153		590
Prime Obligations		63		19		6		519		607
Treasury Instruments		28,113		2,596		4,852		—		35,561
Treasury Obligations		6,564		721		5,659		—		12,944
Treasury Solutions		2,936		293		2,514		—		5,743

For the fiscal year ended November 30, 2022, the net effective management fee rate was 0.13% for the Financial Square Government Fund, 0.15% for the Financial Square Federal Instruments, Financial Square Money Market and Financial Square

83

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2022

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Treasury Instruments Funds, 0.16% for the Financial Square Prime Obligations, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds.

H.  Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the fiscal year ended November 30, 2022, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

Fund	Purchases		Sales		Net Realized Gain (Loss)
Money Market	$	266,310,000	$	294,410,000	$	—
Prime Obligations		112,800,000		93,355,000		—

As of November 30, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund	Select Shares			Preferred Shares			Capital Shares			Service Shares			D Shares			Premier Shares			Resource Shares			Cash Management Shares			Seelaus Shares
Federal Instruments		100	%		—	%		41	%		—	%		—	%		100	%		—	%		—	%		—	%
Government		—			—			—			—			100			—			—			—			92
Money Market		—			—			100			39			—			100			100			100			—
Prime Obligations		—			8			—			91			—			100			100			100			—
Treasury Instruments		—			—			—			—			—			—			100			—			100
Treasury Obligations		—			—			—			—			—			—			100			—			—
Treasury Solutions		—			—			—			—			—			—			100			—			—

I.  Line of Credit Facility — As of November 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 fiscal year ended November 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

5. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended November 30, 2022 was as follows:

	Federal Instruments		Government		Money Market		Prime Obligations		Treasury Instruments		Treasury Obligations		Treasury Solutions
Distribution paid from:
Ordinary income	$	36,596,854	$	2,770,013,112	$	57,753,733	$	23,854,805	$	1,104,973,175	$	498,539,014	$	164,291,072
Net long-term capital gains		2,757		3,334		—		—		158,045		15,701		82,765
Total distributions	$	36,599,611	$	2,770,016,446	$	57,753,733	$	23,854,805	$	1,105,131,220	$	498,554,715	$	164,373,837

84

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

5. TAX INFORMATION (continued)

The tax character of distributions paid during the period ended November 30, 2021 was as follows:

	Federal Instruments		Government		Money Market		Prime Obligations		Treasury Instruments		Treasury Obligations		Treasury Solutions
Distribution paid from:
Ordinary income	$	188,932	$	53,253,975	$	2,228,078	$	388,348	$	5,556,753	$	5,872,788	$	680,434
Total distributions	$	188,932	$	53,253,975	$	2,228,078	$	388,348	$	5,556,753	$	5,872,788	$	680,434

As of November 30, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Undistributed ordinary income — net	$	3,362,958		$	387,977,316		$	1,972,287		$	1,859,742		$	132,480,690		$	74,132,314		$	22,314,080
Undistributed long-term capital gains		—			—			—			—			—			—			—
Total undistributed earnings	$	3,362,958		$	387,977,316		$	1,972,287		$	1,859,742		$	132,480,690		$	74,132,314		$	22,314,080
Capital loss carryforward: Perpetual Short-Term	$	(1,041,718	)	$	(35,336,164	)	$	(7,285,407	)	$	(34,872	)	$	(35,065,851	)	$	(2,481,410	)	$	(2,290,539	)
Perpetual Long-Term	$	(7,708	)	$	(659,930	)	$	—		$	—		$	(89,730	)	$	(31,972	)	$	(15,526	)
Timing differences (Distribution Payable and Post-October Capital Loss Deferral)	$	(2,429,744	)	$	(354,827,944	)	$	(2,209,529	)	$	(1,860,004	)	$	(112,749,674	)	$	(72,481,510	)	$	(20,296,343	)
Unrealized gains (losses) — net	$	—		$	—		$	409,109		$	136,433		$	(418,538	)	$	—		$	(1,018	)
Total accumulated earnings (losses) — net	$	(116,212	)	$	(2,846,722	)	$	(7,113,540	)	$	101,299		$	(15,843,103	)	$	(862,578	)	$	(289,346	)

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

In order to present certain components of the Funds’ capital accounts on a tax basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the NAV of the Funds and result primarily from dividend redesignations.

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

6. OTHER RISKS

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

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal

85

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2022

6. OTHER RISKS (continued)

Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A 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. 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. A low or negative interest rate environment poses additional risks to a Fund, because low or negative yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of current income, or minimize the volatility of the Fund’s NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments. 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.

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 the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

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

86

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

7. INDEMNIFICATIONS

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

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

Mergers and Reorganizations — On February 14, 2022, pursuant to an Agreement and Plan of Reorganization with the BMO Government Money Market Fund (the “Acquired Fund”), a series of BMO Funds, Inc., all of the assets and stated liabilities of the Acquired Fund were transferred to and assumed by Goldman Sachs Financial Square Government Fund (the “Acquiring Fund”), a series of the Trust (the “Reorganization Agreement”) in exchange for shares of the Acquiring Fund having an aggregate NAV equal to the NAV of the Acquired Fund as of the close of business on February 11, 2022. Such shares were then redistributed to the Acquired Fund’s shareholders, in a tax-free exchange as follows:

Acquired Fund	Exchanged Shares/Value of Acquired Funds Issued		Acquired Funds’ Shares Outstanding/Value as of February 11, 2022		Acquired Funds’ Dividend Accrued as of February 11, 2022
BMO Government Money Market Fund — Premier Class	$	2,255,778,831	$	2,255,778,831	$	1,854
BMO Government Money Market Fund — Investor Class (Class  Y)		534,947,228		534,947,228		440

Pursuant to the Reorganization Agreement, the assets of the Acquired Fund were transferred to the Acquiring Fund in exchange for the assumption of the Acquired Fund’s stated liabilities by the Acquiring Fund and shares of beneficial interest of the Acquiring Fund, in a tax-free exchange as follows:

Acquired Fund	The Acquiring Fund’s Aggregate Net Assets before the Reorganization		The Acquired Fund’s Aggregate Net Assets before the Reorganization		The Acquiring Fund’s Aggregate Net Assets Immediately after the Reorganization
BMO Government Money Market Fund — Premier Class / Financial Square Government Fund — Institutional Shares	$	174,209,129,505	$	2,255,778,831	$	176,464,908,336
BMO Government Money Market Fund — Investor Class (Class Y) / Financial Square Government Fund — Administration Shares		8,320,593,208		534,947,228		8,855,540,436

9. 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.

87

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2022

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Federal Instruments Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
	Shares			Shares
Institutional Shares
Shares sold		8,376,812,583			5,281,653,624
Reinvestment of distributions of distributions		25,024,021			131,361
Shares redeemed		(7,839,824,900	)		(6,254,212,947	)
		562,011,704			(972,427,962	)
Capital Shares
Shares sold		—			560,073
Reinvestment of distributions of distributions		2,765			33
Shares redeemed		(400,016	)		(3,300,008	)
		(397,251	)		(2,739,902	)
Service Shares
Shares sold		4,293,024			3,705,643
Reinvestment of distributions of distributions		1,139			—
Shares redeemed		(4,077,082	)		(4,144,259	)
		217,081			(438,616	)
Preferred Shares
Shares sold		360,197,598			7,549,802
Reinvestment of distributions of distributions		2,105,271			213
Shares redeemed		(190,781,440	)		(10,696,382	)
		171,521,429			(3,146,367	)
Select Shares
Shares sold		—			—
Reinvestment of distributions of distributions		575			4
Shares redeemed		—			—
		575			4
Administration Shares
Shares sold		186,605,628			106,584,784
Reinvestment of distributions of distributions		279,216			398
Shares redeemed		(171,567,363	)		(118,791,461	)
		15,317,481			(12,206,279	)
Cash Management Shares
Shares sold		107,662,429			215,230,775
Reinvestment of distributions of distributions		207,209			6,119
Shares redeemed		(227,615,035	)		(161,253,922	)
		(119,745,397	)		53,982,972
Premier Shares
Shares sold		83			55
Reinvestment of distributions of distributions		491			3
Shares redeemed		(83	)		(5	)
		491			53
NET INCREASE (DECREASE) IN SHARES		628,926,113			(936,976,097	)

88

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Government Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
	Shares			Shares
Class A Shares
Shares sold		724,705,532			664,274,244
Reinvestment of distributions		5,053,128			107,418
Shares redeemed		(720,906,057	)		(346,182,393	)
		8,852,603			318,199,269
Class C Shares
Shares sold		4,391,710			1,897,502
Reinvestment of distributions		39,610			1,416
Shares redeemed		(3,882,126	)		(3,197,292	)
		549,194			(1,298,374	)
Class D Shares
Shares sold		10,000			—
Reinvestment of distributions		81			—
Shares redeemed		—			—
		10,081			—
Institutional Shares
Shares sold		1,581,734,873,496			1,278,416,505,335
Proceeds received in connection with merger		2,255,778,831			—
Reinvestment of distributions		1,271,713,322			23,981,916
Shares redeemed		(1,550,038,453,745	)		(1,238,519,495,371	)
		35,223,911,904			39,920,991,880
Capital Shares
Shares sold		23,494,641,775			9,485,623,930
Reinvestment of distributions		8,757,553			147,437
Shares redeemed		(22,091,174,929	)		(9,245,686,052	)
		1,412,224,399			240,085,315
Service Shares
Shares sold		3,972,036,209			3,925,801,770
Reinvestment of distributions		3,360,663			64,959
Shares redeemed		(3,693,694,567	)		(3,877,060,188	)
		281,702,305			48,806,541
Preferred Shares
Shares sold		5,905,817,775			4,925,302,856
Reinvestment of distributions		4,239,309			49,689
Shares redeemed		(5,245,706,644	)		(4,667,812,310	)
		664,350,440			257,540,235
Select Shares
Shares sold		3,701,515,106			4,807,114,603
Reinvestment of distributions		10,596,026			144,023
Shares redeemed		(3,774,484,508	)		(4,074,256,921	)
		(62,373,376	)		733,001,705

89

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2022

10. SUMMARY OF SHARE TRANSACTIONS (continued)

	Government Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
	Shares			Shares
Administration Shares
Shares sold		38,762,005,769			29,942,843,392
Proceeds received in connection with merger		534,947,228			—
Reinvestment of distributions		22,748,003			489,341
Shares redeemed		(38,045,281,824	)		(27,745,543,216	)
		1,274,419,176			2,197,789,517
Cash Management Shares
Shares sold		1,036,588,962			915,781,745
Reinvestment of distributions		1,095,139			75,433
Shares redeemed		(1,191,586,499	)		(782,426,926	)
		(153,902,398	)		133,430,252
Premier Shares
Shares sold		11,417,599,618			12,401,804,496
Reinvestment of distributions		23,886,507			553,224
Shares redeemed		(20,998,951,583	)		(2,698,974,046	)
		(9,557,465,458	)		9,703,383,674
Resource Shares
Shares sold		4,351,777			139,812,597
Reinvestment of distributions		77,483			19,633
Shares redeemed		(5,662,329	)		(223,365,669	)
		(1,233,069	)		(83,533,439	)
Class R6 Shares
Shares sold		840,423,196			978,992,036
Reinvestment of distributions		3,471,948			53,556
Shares redeemed		(887,151,587	)		(759,221,441	)
		(43,256,443	)		219,824,151
Drexel Hamilton Class Shares
Shares sold		75,435,214,756			55,769,788,275
Reinvestment of distributions		15,033,426			84,494
Shares redeemed		(72,834,766,512	)		(53,864,550,638	)
		2,615,481,670			1,905,322,131
Loop Class Shares
Shares sold		40,860,864,440			6,168,110,103
Reinvestment of distributions		10,538,450			47,953
Shares redeemed		(39,009,860,182	)		(5,663,750,102	)
		1,861,542,708			504,407,954
Seelaus Class Shares
Shares sold		4,423,909,709			10,001
Reinvestment of distributions		9,894,606			1
Shares redeemed		(2,428,526,473	)		—
		2,005,277,842			10,002
NET INCREASE IN SHARES		35,530,091,578			56,097,960,813

90

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Money Market Fund
	For the Fiscal Year Ended November 30, 2022						For the Fiscal Year Ended November 30, 2021
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		22,557,995,784		$	22,569,045,531			20,914,572,472		$	20,928,181,159
Reinvestment of distributions		47,121,197			47,143,796			1,573,950			1,574,897
Shares redeemed		(23,680,125,237	)		(23,691,749,089	)		(19,462,919,472	)		(19,475,889,349	)
		(1,075,008,256	)		(1,075,559,762	)		1,453,226,950			1,453,866,707
Capital Shares
Shares sold		—			—			—			—
Reinvestment of distributions		13			13			903			904
Shares redeemed		—			—			(11,529,525	)		(11,539,593	)
		13			13			(11,528,622	)		(11,538,689	)
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		26			26			—			—
Shares redeemed		—			—			—			—
		26			26			—			—
Preferred Shares
Shares sold		—			—			—			—
Reinvestment of distributions		847			847			36			36
Shares redeemed		—			—			—			—
		847			847			36			36
Select Shares
Shares sold		30			30			2,000,706			2,001,706
Reinvestment of distributions		19,047			19,052			1,383			1,383
Shares redeemed		(2,377,841	)		(2,378,953	)		(661,379	)		(661,788	)
		(2,358,764	)		(2,359,871	)		1,340,710			1,341,301
Administration Shares
Shares sold		1,249,425			1,250,000			1,133,889			1,134,668
Reinvestment of distributions		25,145			25,156			1,413			1,414
Shares redeemed		(11,332	)		(11,338	)		(3,750,109	)		(3,752,365	)
		1,263,238			1,263,818			(2,614,807	)		(2,616,283	)
Cash Management Shares
Shares sold		—			—			—			—
Reinvestment of distributions		9			9			—			—
Shares redeemed		—			—			—			—
		9			9			—			—
Premier Shares
Shares sold		—			—			—			—
Reinvestment of distributions		11			11			—			—
Shares redeemed		—			—			—			—
		11			11			—			—
Resource Shares
Shares sold		—			—			—			—
Reinvestment of distributions		9			9			—			—
Shares redeemed		—			—			—			—
		9			9			—			—
NET INCREASE (DECREASE) IN SHARES		(1,076,102,867	)	$	(1,076,654,900	)		1,440,424,267		$	1,441,053,072

91

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2022

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Prime Obligations Fund
	For the Fiscal Year Ended November 30, 2022						For the Fiscal Year Ended November 30, 2021
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		6,492,330,328		$	6,498,649,154			5,017,424,812		$	5,022,074,289
Reinvestment of distributions		17,144,714			17,161,759			272,848			273,107
Shares redeemed		(5,436,861,096	)		(5,442,147,698	)		(6,652,905,929	)		(6,659,099,004	)
		1,072,613,946			1,073,663,215			(1,635,208,269	)		(1,636,751,608	)
Capital Shares
Shares sold		—			—			—			—
Reinvestment of distributions		6,569			6,574			146			146
Shares redeemed		(376,099	)		(376,450	)		(10	)		(10	)
		(369,530	)		(369,876	)		136			136
Service Shares
Shares sold		3,521,303			3,524,823			13,989			14,011
Reinvestment of distributions		10			10			1			1
Shares redeemed		(3,520,386	)		(3,523,906	)		(22,984	)		(23,007	)
		927			927			(8,994	)		(8,995	)
Preferred Shares
Shares sold		—			—			499,650			500,000
Reinvestment of distributions		172			172			210			210
Shares redeemed		—			—			(3,847,517	)		(3,850,210	)
		172			172			(3,347,657	)		(3,350,000	)
Select Shares
Shares sold		59,763,931			59,817,500			19,491,925			19,509,453
Reinvestment of distributions		325,308			325,610			3,168			3,171
Shares redeemed		(58,987,989	)		(59,041,080	)		(49,799,453	)		(49,843,410	)
		1,101,250			1,102,030			(30,304,360	)		(30,330,786	)
Administration Shares
Shares sold		4,332,439			4,336,610			164,543,109			164,691,182
Reinvestment of distributions		59,728			59,784			674			675
Shares redeemed		(3,495,305	)		(3,498,537	)		(240,979,154	)		(241,198,186	)
		896,862			897,857			(76,435,371	)		(76,506,329	)
Cash Management Shares
Shares sold		—			—			—			—
Reinvestment of distributions		9			9			—			—
Shares redeemed		—			—			—			—
		9			9			—			—
Premier Shares
Shares sold		—			—			—			—
Reinvestment of distributions		11			11			—			—
Shares redeemed		—			—			—			—
		11			11			—			—
Resource Shares
Shares sold		—			—			—			—
Reinvestment of distributions		9			9			—			—
Shares redeemed		—			—			—			—
		9			9			—			—
Drexel Hamilton Classs Shares
Shares sold		134,183,741			134,300,000			46,900,215			46,945,007
Reinvestment of distributions		768			769			8,291			8,299
Shares redeemed		(140,190,293	)		(140,311,058	)		(116,840,765	)		(116,945,006	)
		(6,005,784	)		(6,010,289	)		(69,932,259	)		(69,991,700.00	)
NET INCREASE (DECREASE) IN SHARES		1,068,237,872		$	1,069,284,065			(1,815,236,774	)	$	(1,816,939,282	)

92

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Instruments Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
Institutional Shares
Shares sold		276,028,979,709			237,886,743,800
Reinvestment of distributions		627,519,132			3,104,898
Shares redeemed		(285,636,451,134	)		(212,740,660,166	)
		(8,979,952,293	)		25,149,188,532
Capital Shares
Shares sold		8,518,980,927			6,552,792,075
Reinvestment of distributions		9,363,528			45,567
Shares redeemed		(8,397,449,709	)		(6,401,622,162	)
		130,894,746			151,215,480
Service Shares
Shares sold		2,226,510,537			2,629,066,174
Reinvestment of distributions		77,130			1,206
Shares redeemed		(2,884,029,181	)		(1,181,679,688	)
		(657,441,514	)		1,447,387,692
Preferred Shares
Shares sold		390,915,918			307,238,059
Reinvestment of distributions		563,385			5,817
Shares redeemed		(433,054,069	)		(366,659,292	)
		(41,574,766	)		(59,415,416	)
Select Shares
Shares sold		437,811,703			190,933,923
Reinvestment of distributions		4,538,801			11,410
Shares redeemed		(206,557,224	)		(319,163,262	)
		235,793,280			(128,217,929	)
Administration Shares
Shares sold		12,356,648,253			11,459,705,362
Reinvestment of distributions		17,237,586			75,297
Shares redeemed		(12,222,986,338	)		(11,000,433,247	)
		150,899,501			459,347,412
Cash Management Shares
Shares sold		37,894,834			44,534,127
Reinvestment of distributions		26,882			704
Shares redeemed		(42,672,120	)		(42,562,420	)
		(4,750,404	)		1,972,411
Premier Shares
Shares sold		464,166,925			338,877,031
Reinvestment of distributions		9			—
Shares redeemed		(452,908,792	)		(296,758,635	)
		11,258,142			42,118,396
Resource Shares
Shares sold		—			—
Reinvestment of distributions		7			—
Shares redeemed		—			—
		7			—
Loop Class Shares
Shares sold		—			200,010,000
Reinvestment of distributions		2,114,925			1,353
Shares redeemed		(50,000,000	)		—
		(47,885,075	)		200,011,353
Seelaus Class Shares
Shares sold		—			10,000
Reinvestment of distributions		114			—
Shares redeemed		—			—
		114			10,000
NET INCREASE (DECREASE) IN SHARES		(9,202,758,262	)		27,263,617,931

93

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2022

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Obligations Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
Institutional Shares
Shares sold		306,013,482,808			290,644,553,923
Reinvestment of distributions		169,356,197			2,538,081
Shares redeemed		(288,848,879,958	)		(303,522,993,941	)
		17,333,959,047			(12,875,901,937	)
Capital Shares
Shares sold		2,722,464,229			2,151,106,499
Reinvestment of distributions		4,756,486			53,954
Shares redeemed		(2,354,713,522	)		(2,109,942,941	)
		372,507,193			41,217,512
Service Shares
Shares sold		6,301,471,724			6,193,750,616
Reinvestment of distributions		517,726			9,574
Shares redeemed		(6,596,944,609	)		(5,401,243,931	)
		(294,955,159	)		792,516,259
Preferred Shares
Shares sold		2,179,770,051			2,001,703,219
Reinvestment of distributions		1,622,306			23,704
Shares redeemed		(2,000,048,067	)		(1,941,468,795	)
		181,344,290			60,258,128
Select Shares
Shares sold		860,944,126			2,675,629,110
Reinvestment of distributions		1,957,218			28,486
Shares redeemed		(786,885,981	)		(2,801,126,890	)
		76,015,363			(125,469,294	)
Administration Shares
Shares sold		13,619,785,414			13,350,082,961
Reinvestment of distributions		5,064,543			82,072
Shares redeemed		(14,562,189,898	)		(12,807,003,574	)
		(937,339,941	)		543,161,459
Cash Management Shares
Shares sold		133,762,722			227,268,099
Reinvestment of distributions		223,273			4,713
Shares redeemed		(135,804,081	)		(217,526,248	)
		(1,818,086	)		9,746,564
Premier Shares
Shares sold		119,494,355			54,961,041
Reinvestment of distributions		268,195			1,905
Shares redeemed		(91,253,878	)		(55,040,035	)
		28,508,672			(77,089	)
Resource Shares
Shares sold		—			—
Reinvestment of distributions		8			—
Shares redeemed		—			—
		8			—
NET INCREASE (DECREASE) IN SHARES		16,758,221,387			(11,554,548,398	)

94

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Solutions Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
Institutional Shares
Shares sold		43,164,435,870			27,219,401,826
Reinvestment of distributions		84,327,518			361,218
Shares redeemed		(38,539,289,877	)		(28,106,360,584	)
		4,709,473,511			(886,597,540	)
Capital Shares
Shares sold		1,899,181,288			1,551,863,165
Reinvestment of distributions		1,940,570			14,033
Shares redeemed		(1,938,824,996	)		(1,542,344,694	)
		(37,703,138	)		9,532,504
Service Shares
Shares sold		1,727,623,026			1,059,337,861
Reinvestment of distributions		410,478			4,485
Shares redeemed		(1,803,768,507	)		(1,065,684,283	)
		(75,735,003	)		(6,341,937	)
Preferred Shares
Shares sold		116,112,861			99,115,535
Reinvestment of distributions		569,014			2,966
Shares redeemed		(103,300,980	)		(107,269,848	)
		13,380,895			(8,151,347	)
Select Shares
Shares sold		5,300,151			—
Reinvestment of distributions		99,055			343
Shares redeemed		(385,326	)		(1,028,500	)
		5,013,880			(1,028,157	)
Administration Shares
Shares sold		3,627,882,858			2,398,701,831
Reinvestment of distributions		8,776,988			19,490
Shares redeemed		(3,207,953,386	)		(2,634,036,309	)
		428,706,460			(235,314,988	)
Cash Management Shares
Shares sold		907,539,396			986,571,729
Reinvestment of distributions		240,223			2,928
Shares redeemed		(958,745,704	)		(877,453,785	)
		(50,966,085	)		109,120,872
Premier Shares
Shares sold		481,364,793			700,993,675
Reinvestment of distributions		197,144			1,487
Shares redeemed		(512,124,964	)		(657,970,474	)
		(30,563,027	)		43,024,688
Resource Shares
Shares sold		—			—
Reinvestment of distributions		8			—
Shares redeemed		—			—
		8			—
NET INCREASE (DECREASE) IN SHARES		4,961,607,501			(975,755,905	)

95

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Money Market Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Money Market Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions Fund (seven of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of November 30, 2022, the related statements of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

January 25, 2023

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

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GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Money Market Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 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 information on general investment outlooks in the markets in which the Fund invests;

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

(d) 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;

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

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

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

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

97

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

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

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

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

(k) information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

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

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

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The 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 compiled by the Outside Data Provider as of December 31, 2021. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the

98

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

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

Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees considered the performance of the Funds in light of their respective investment policies and strategies. They noted that the Funds had operated in a generally challenging yield environment since 2009. The Trustees considered that yields had improved by early 2020, although they noted that yields had subsequently decreased to near zero following the market disruptions related to the COVID-19 pandemic and related actions by the Federal Reserve, including two emergency interest rate cuts in March 2020. As a result, although the Investment Adviser was generally able to reduce the amount of fees waived and/or reimbursed through 2019 and early 2020, they acknowledged that the Investment Adviser had increased the amount of fees waived and/or reimbursed through late 2020 and 2021 in order to maintain competitive, non-negative yields for the Funds in the then near-zero yield environment. The Trustees considered that, since March 2022, the Federal Reserve has implemented a series of interest rate increases in response to inflationary pressures impacting the broader economy, and the Investment Adviser has subsequently been able to again reduce the amount of fees waived and/or reimbursed relative to such amounts waived and/or reimbursed through late 2020 and 2021. The Trustees acknowledged, however, that the interest rate environment remains uncertain in light of broader economic conditions, although they noted that indications from the Federal Reserve suggest further interest rate increases in the near term. The Trustees also noted the uncertainty of the future interest rate environment in the United States, including indications from the Federal Reserve that it will likely further raise interest rates in the near term due to continued inflationary pressures. The Trustees considered that, during the relevant period, the Investment Adviser had voluntarily waived fees for all of the Funds and reimbursed expenses for the Financial Square Prime Obligations Fund, Financial Square Money Market Fund, and Financial Square Federal Instruments Fund, in order to maintain competitive yields. The Trustees also considered that each of the Government Money Market Funds had maintained a stable net asset value per share. With respect to the Financial Square Prime Obligations Fund and Financial Square Money Market Fund, the Trustees acknowledged that the net asset value per share for each Fund had experienced some principal volatility in connection with the market disruptions related to the COVID-19 pandemic and that their net asset value subsequently had generally stabilized and experienced minimal principal volatility during the relevant period. In light of these considerations, the Trustees believed that the Funds were providing investment performance within a competitive range for investors.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They noted that the Investment Adviser and Goldman Sachs & Co. LLC (“Goldman Sachs”) had voluntarily waived fees for the Financial Square Prime Obligations and Financial Square Money Market Funds, contractually waived fees for the Financial Square Federal Instruments Fund, and reimbursed expenses for the Financial Square Prime Obligations Fund and Financial Square Federal Instruments Fund in order to maintain competitive yields. They observed that the Investment Adviser had reduced its voluntary management fee waivers for the Financial Square Prime Obligations Fund and Financial Square Money Market Fund throughout the year with the rise in interest rates. They also acknowledged the growth of the Funds, particularly the relative growth of the Financial Square Money Market Fund and Financial Square Prime Obligations Fund, in recent periods. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

99

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

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

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.

Economies of Scale

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

The Trustees noted that the Funds do not have management fee breakpoints. They considered the asset levels in the Funds; the Funds’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. They considered a report prepared by the Outside Data Provider, which surveyed money market funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Funds under exemptive orders from the U.S. Securities and Exchange Commission permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs; and (i) reputational benefits associated with the distribution of certain Fund share classes designed to help further diversity, equity, and inclusion initiatives. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

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

100

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

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 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.

101

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

As a shareholder of Class A, Class C, Class D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, Class R6, Drexel Hamilton Class, Loop Class or Seelaus Class Shares of a Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service, administration and/or shareholder administration fees (with respect to all share classes except Institutional Shares and Class R6 Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares, Select Shares, Preferred Shares. Capital Shares, Administration Shares, Premier Shares, Service Shares, Class A Shares, Class C Shares, Resource Shares, Cash Management Shares, Class R6 Shares, Drexel Hamilton Class, Loop Class or Seelaus Class 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 June 1, 2022 through November 30, 2022, which represents a period of 183 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 column heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

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

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

102

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

	Federal Instruments Fund							Government Fund							Money Market Fund
Share Class	Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/2022*		Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/2022*		Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/2022*
Class A Shares
Actual		—		—			—	$	1,000.00	$	1,010.27		$	2.15		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,023.98	+		1.10		—		—			—
Class C Shares
Actual		—		—			—		1,000.00		1,006.60			5.79		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,023.53	+		1.56		—		—			—
Class D Shares
Actual		—		—			—		1,000.00		1,008.20			0.49		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,013.50	+		0.34		—		—			—
Institutional Shares
Actual	$	1,000.00	$	1,010.97		$	1.03		1,000.00		1,011.54			0.89	$	1,000.00	$	1,012.13		$	0.93
Hypothetical 5% return		1,000.00		1,024.32	+		0.76		1,000.00		1,024.46	+		0.62		1,000.00		1,024.25	+		0.83
Capital Shares
Actual		1,000.00		1,010.21			1.78		1,000.00		1,010.78			1.64		1,000.00		1,011.27			0.93
Hypothetical 5% return		1,000.00		1,023.99	+		1.09		1,000.00		1,024.10	+		0.98		1,000.00		1,024.25	+		0.83
Service Shares
Actual		1,000.00		1,008.45			3.54		1,000.00		1,009.01			3.40		1,000.00		1,009.70			3.69
Hypothetical 5% return		1,000.00		1,023.57	+		1.52		1,000.00		1,023.65	+		1.44		1,000.00		1,023.41	+		1.68
Preferred Shares
Actual		1,000.00		1,010.47			1.53		1,000.00		1,011.03			1.39		1,000.00		1,011.62			1.43
Hypothetical 5% return		1,000.00		1,023.84	+		1.24		1,000.00		1,024.24	+		0.84		1,000.00		1,023.99	+		1.09
Select Shares
Actual		1,000.00		1,010.82			1.18		1,000.00		1,011.39			1.04		1,000.00		1,011.88			1.08
Hypothetical 5% return		1,000.00		1,024.25	+		0.83		1,000.00		1,024.39	+		0.69		1,000.00		1,024.17	+		0.91
Administration Shares
Actual		1,000.00		1,009.71			2.29		1,000.00		1,010.27			2.15		1,000.00		1,010.86			2.19
Hypothetical 5% return		1,000.00		1,023.83	+		1.26		1,000.00		1,023.95	+		1.13		1,000.00		1,023.63	+		1.45
Cash Management Shares
Actual		1,000.00		1,006.98			4.97		1,000.00		1,007.53			4.83		1,000.00		1,007.98			4.47
Hypothetical 5% return		1,000.00		1,023.49	+		1.60		1,000.00		1,023.31	+		1.78		1,000.00		1,023.26	+		1.83
Premier Shares
Actual		1,000.00		1,009.20			2.79		1,000.00		1,009.77			2.65		1,000.00		1,010.25			2.67
Hypothetical 5% return		1,000.00		1,023.69	+		1.39		1,000.00		1,023.81	+		1.28		1,000.00		1,023.53	+		1.55
Resource Shares
Actual		—		—			—		1,000.00		1,008.25			4.16		1,000.00		1,008.84			2.69
Hypothetical 5% return		—		—			—		1,000.00		1,023.59	+		1.50		1,000.00		1,023.53	+		1.56
Class R6 Shares
Actual		—		—			—		1,000.00		1,011.54			0.89		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.46	+		0.62		—		—			—
Drexel Hamilton Class Shares
Actual		—		—			—		1,000.00		1,011.54			0.89		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.46	+		0.62		—		—			—
Loop Class Shares
Actual		—		—			—		1,000.00		1,011.54			0.89		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.46	+		0.62		—		—			—
Seelaus Class Shares
Actual		—		—			—		1,000.00		1,011.54			0.89		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.46	+		0.62		—		—			—

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended November 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			Class D Shares			Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares			Class R6 Shares			Drexel Hamilton Class Shares			Loop Class Shares			Seelaus Class Shares
Federal Instruments		—			—			—			0.20	%		0.35	%		0.70	%		0.30	%		0.23	%		0.45	%		0.99	%		0.55	%		—			—			—			—			—
Government		0.43	%		1.15	%		0.18	%		0.18			0.33			0.68			0.28			0.21			0.43			0.96			0.53			0.83	%		0.18	%		0.18	%		0.18	%		0.18	%
Money Market		—			—			—			0.18			0.18			0.73			0.28			0.21			0.43			0.89			0.53			0.53			—			—			—			—

+ 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.

103

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

	Prime Obligations Fund							Treasury Instruments Fund							Treasury Obligations Fund
Share Class	Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/2022*		Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/2022*		Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/2022*
Institutional Shares
Actual	$	1,000.00	$	1,012.07		$	0.93	$	1,000.00	$	1,010.59		$	0.97	$	1,000.00	$	1,011.54		$	1.03
Hypothetical 5% return		1,000.00		1,024.22	+		0.86		1,000.00		1,024.37	+		0.71		1,000.00		1,024.36	+		0.72
Capital Shares
Actual		1,000.00		1,011.22			1.68		1,000.00		1,009.83			1.73		1,000.00		1,010.78			1.78
Hypothetical 5% return		1,000.00		1,023.88	+		1.20		1,000.00		1,024.08	+		1.01		1,000.00		1,024.03	+		1.05
Service Shares
Actual		1,000.00		1,009.85			3.90		1,000.00		1,008.06			3.49		1,000.00		1,009.01			3.55
Hypothetical 5% return		1,000.00		1,024.22	+		0.86		1,000.00		1,023.64	+		1.45		1,000.00		1,023.68	+		1.40
Preferred Shares
Actual		1,000.00		1,011.47			1.46		1,000.00		1,010.08			1.48		1,000.00		1,011.04			1.53
Hypothetical 5% return		1,000.00		1,023.94	+		1.14		1,000.00		1,024.19	+		0.89		1,000.00		1,024.14	+		0.94
Select Shares
Actual		1,000.00		1,011.82			1.08		1,000.00		1,010.44			1.12		1,000.00		1,011.39			1.18
Hypothetical 5% return		1,000.00		1,024.10	+		0.98		1,000.00		1,024.28	+		0.79		1,000.00		1,024.29	+		0.79
Administration Shares
Actual		1,000.00		1,010.81			2.19		1,000.00		1,009.32			2.23		1,000.00		1,010.28			2.29
Hypothetical 5% return		1,000.00		1,023.59	+		1.49		1,000.00		1,023.92	+		1.17		1,000.00		1,023.91	+		1.17
Cash Management Shares
Actual		1,000.00		1,008.03			4.47		1,000.00		1,006.57			4.95		1,000.00		1,007.54			4.99
Hypothetical 5% return		1,000.00		1,023.29	+		1.80		1,000.00		1,023.66	+		1.42		1,000.00		1,023.41	+		1.68
Premier Shares
Actual		1,000.00		1,010.30			2.67		1,000.00		1,008.82			2.73		1,000.00		1,009.77			2.79
Hypothetical 5% return		1,000.00		1,023.54	+		1.55		1,000.00		1,023.80	+		1.29		1,000.00		1,023.79	+		1.29
Resource Shares
Actual		1,000.00		1,008.79			2.69		1,000.00		1,007.30			2.76		1,000.00		1,008.26			2.75
Hypothetical 5% return		1,000.00		1,023.53	+		1.55		1,000.00		1,024.16	+		0.92		1,000.00		1,024.36	+		0.72
Drexel Hamilton Class Shares
Actual		1,000.00		1,011.98			0.93		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,024.22	+		0.86		—		—			—		—		—			—
Loop Class Shares
Actual		—		—			—		1,000.00		1,010.59			0.97		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.37	+		0.71		—		—			—
Seelaus Class Shares
Actual		—		—			—		1,000.00		1,010.59			0.97		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.37	+		0.71		—		—			—

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended November 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	Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares			Drexel Hamilton Class Shares			Loop Class Shares			Seelaus Class Shares
Prime Obligations		0.18	%		0.33	%		0.77	%		0.29	%		0.21	%		0.43	%		0.89	%		0.53	%		0.53	%		0.18	%		—			—
Treasury Instruments		0.19			0.34			0.69			0.29			0.22			0.44			0.98			0.54			0.55			—			0.19	%		0.19	%
Treasury Obligations		0.20			0.35			0.70			0.30			0.23			0.45			0.99			0.55			0.55			—			—			—

+ 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.

104

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

	Treasury Solutions Fund
Share Class	Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/2022*
Institutional Shares
Actual	$	1,000.00	$	1,011.53		$	1.01
Hypothetical 5% return		1,000.00		1,024.36	+		0.72
Capital Shares
Actual		1,000.00		1,010.77			1.77
Hypothetical 5% return		1,000.00		1,024.04	+		1.04
Service Shares
Actual		1,000.00		1,009.00			3.53
Hypothetical 5% return		1,000.00		1,023.81	+		1.28
Preferred Shares
Actual		1,000.00		1,011.03			1.52
Hypothetical 5% return		1,000.00		1,024.15	+		0.93
Select Shares
Actual		1,000.00		1,011.38			1.16
Hypothetical 5% return		1,000.00		1,024.29	+		0.79
Administration Shares
Actual		1,000.00		1,010.27			2.27
Hypothetical 5% return		1,000.00		1,023.78	+		1.31
Cash Management Shares
Actual		1,000.00		1,007.54			4.98
Hypothetical 5% return		1,000.00		1,023.61	+		1.47
Premier Shares
Actual		1,000.00		1,009.76			2.77
Hypothetical 5% return		1,000.00		1,023.81	+		1.27
Resource Shares
Actual		1,000.00		1,008.25			2.67
Hypothetical 5% return		1,000.00		1,024.36			0.72

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended November 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	Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares
Treasury Solutions		0.20	%		0.35	%		0.70	%		0.30	%		0.23	%		0.45	%		0.99	%		0.55	%		0.53	%

+ 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.

105

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer5 Age: 73	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Dwight L. Bush Age: 65	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	MoneyLion, Inc. (an operator of a data-driven, digital financial platform)
Kathryn A. Cassidy Age: 68	Trustee	Since 2015	Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Vertical Aerospace Ltd. (an aerospace and technology company)
John G. Chou Age: 66	Trustee	Since 2022	Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021-Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Diana M. Daniels5 Age: 73	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

106

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Joaquin Delgado Age: 62	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)
Eileen H. Dowling Age: 60	Trustee	Since 2021	Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Gregory G. Weaver Age: 71	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.
Paul C. Wirth Age: 64	Trustee	Since 2022	Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley. Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

107

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 60	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	172	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of November 30, 2022.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of November 30, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

⁵  Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.

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

108

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 60	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 45	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002–2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 54	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of November 30, 2022.

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

Goldman Sachs Funds — Financial Square Funds — Tax Information (unaudited)

During the fiscal year ended November 30, 2022, 100%, 100%, 66.02%, 71.80%, 100%, 100%, and 100% of the net investment company taxable income distributions paid by the Financial Square Federal Instruments, Financial Square Government, Financial Square Money Market, Financial Square Prime Obligations, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

During the fiscal year ended November 30, 2022, the Financial Square Federal Instruments, Financial Square Government, Financial Square Money Market, Financial Square Prime Obligations, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds designate 100.00%, 100.00 %, 99.81%, 99.95%, 100.00%, 100.00%, and 100.00% of the dividends paid from net investment company taxable income as Section 163(j) Interest Dividends.

Pursuant to Section 852 of the Internal Revenue Code, the Financial Square Federal Instruments, Financial Square Government, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds designate $2,757, $3,334, $158,045, $15,701 and $82,765 respectively or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended November 30, 2022.

109

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 $2.19 trillion in assets under supervision as of September 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 Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁴

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁵

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ 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 April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

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

Financial Square Funds^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 Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Roy W. Templin 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 shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

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. Fund holdings and allocations shown are as of November 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.

Financial Square Funds^SM is a registered service mark of Goldman Sachs & Co LLC.

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 Intermediary or from Goldman Sachs & Co LLC by calling (Class A Shares or Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

© 2023 Goldman Sachs. All rights reserved. 303335-OTU-1726591 FSQAR-23

Goldman Sachs Funds

Annual Report	November 30, 2022
	Investor FundsSM
	Money Market
	Tax-Exempt Money Market

Goldman Sachs Investor Funds

∎ MONEY MARKET

∎ TAX-EXEMPT MONEY MARKET

TABLE OF CONTENTS
Portfolio Management Discussion and Analysis	1
Fund Basics	4
Yield Summary	5
Sector Allocations	6
Schedule of Investments	8
Financial Statements	20
Financial Highlights
Money Market	23
Tax-Exempt Money Market	27
Notes to Financial Statements	33
Report of Independent Registered Public Accounting Firm	44
Other Information	45

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Investor Funds

Investment Objective and Principal Investment Strategies

The Goldman Sachs Investor Funds seek to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The Goldman Sachs Investor Money Market Fund pursues this investment objective by investing in U.S. government securities, obligations of banks (which may exceed 25% of its total assets), commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, and repurchase agreements (“repos”). It may also invest in U.S. dollar-denominated obligations of foreign banks, foreign companies and foreign governments. The Goldman Sachs Tax-Exempt Money Market Fund pursues the investment objective by investing at least 80% of its net assets in securities issued by or on behalf of states, territories and possessions of the U.S. and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia. It may also invest in short-term taxable instruments, including repos with the Federal Reserve Bank of New York, for temporary investment purposes.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Investor Funds’ (the “Funds”) performance and positioning for the 12-month period ended November 30, 2022 (the “Reporting Period”).

Q What economic and market factors most influenced the money markets as a whole during the Reporting Period?

A During the Reporting Period, the money markets were most influenced by Federal Reserve (“Fed”) policy, inflationary trends and U.S. economic data.

In December 2021, when the Reporting Period began, the Fed had already started to scale back its $120 billion a month asset purchase program. However, as inflation continued to rise, the Federal Open Market Committee (“FOMC”) announced it would double the pace of its tapering, from $15 billion per month to $30 billion per month, beginning in January 2022. As a result, the Fed’s asset purchase program seemed likely to end in March 2022 instead of the earlier reported June 2022, opening the door for interest rate increases sooner than investors had previously anticipated.

In January 2022, the FOMC kept the targeted federal funds (“fed funds”) rate unchanged in a range between zero and 25 basis points but hinted that a rate hike might come in March. (A basis point is 1/100th of a percentage point.) In February, inflation surged to multi-decade highs, as energy and commodity prices in particular jumped in response to Russia’s invasion of Ukraine late that month. Following the onset of the Russia/Ukraine war and against the backdrop of tightening financial conditions, a number of developed markets’ central banks, including the Fed, took policy action. The FOMC raised the targeted fed funds rate by 25 basis points in March, the first rate hike since the end of 2018.

Inflation continued to rise during the spring, with the core U.S. Consumer Price Index (“CPI”) reaching its highest level in nearly four decades in May 2022 and hitting a new high in June, as rising energy and food costs pushed up prices. (Core CPI data excludes food and energy prices.) Against this backdrop, the FOMC hiked the targeted fed funds rate by 50 basis points in May and then by another 75 basis points in June, the latter being the largest single rate increase since 1994. Policymakers also signaled they would continue tightening monetary policy at an aggressive pace. On June 1^st, the Fed began to reduce the size of its balance sheet.

During July 2022, the Fed raised the targeted fed funds rate by 75 basis points, though comments by Fed Chair Jerome Powell suggested a potential deceleration in the pace of future rate hikes. In August, at the Fed’s Jackson Hole symposium, Powell dispelled near-term prospects of a policy pivot, stressing that Fed officials remained committed to “restoring price stability” and acknowledging this might require “a restrictive policy stance for some time.” At its September policy meeting, the FOMC increased the targeted fed funds rate another 75 basis points.

In October 2022, Fed officials began to contend that inflation was likely to decline in the near term should demand weaken and supply-chain issues soften as they anticipated. However,

1

PORTFOLIO RESULTS

policymakers also suggested they would end their current tightening cycle with short-term interest rates at a higher level than many market participants had expected. Near the beginning of November, the FOMC hiked the targeted fed funds rate by 75 basis points to a range of between 3.75% and 4.00%.

In this environment, the yields of taxable and tax-exempt money market funds increased significantly. Investments in U.S. taxable money market funds remained rather flat during the Reporting Period, at approximately $4.6 trillion, according to iMoneyNet. As for U.S. tax-exempt money market funds, investments increased during the Reporting Period from $86 billion to $108 billion, according to iMoneyNet. Money market funds overall remained a viable investment for investors seeking stability, liquidity and/or yield amid ongoing uncertainty and elevated volatility in the financial markets broadly.

Q What key factors were responsible for the performance of the Funds during the Reporting Period?

A The yields of the Goldman Sachs Investor Money Market Fund (the “taxable Fund”) and the Goldman Sachs Investor Tax-Exempt Money Market Fund (the “tax-exempt Fund”) rose during the Reporting Period largely because of the economic and market factors discussed above. The taxable and tax-exempt money market yield curves steepened substantially, as the FOMC hiked the targeted fed funds rate and tightened monetary policy. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens; opposite of a flattening yield curve.)

Q How did you manage the taxable Fund during the Reporting Period?

A During the Reporting Period, we focused the taxable Fund’s investments in commercial paper, asset-backed commercial paper, U.S. Treasury securities, government agency securities, time deposits, certificates of deposit, floating rate securities, repurchase agreements (“repos”), non-U.S. sovereign debt, municipal securities and variable rate demand notes (“VRDNs”).

We maintained the taxable Fund’s weighted average maturity in a range between 11 and 40 days during the Reporting Period. For the Reporting Period as a whole, the average weighted average maturity of the taxable Fund was 25 days. At any given time, the taxable Fund’s weighted average maturity is based on how market interest rates compare with our near-term expectations, including supply dynamics and monetary policy. At the end of the Reporting Period, the weighted average maturity of the taxable Fund was 23 days.

The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by a Fund, taking into consideration any available maturity shortening features.

Q How did you manage the tax-exempt Fund during the Reporting Period?

A During the Reporting Period, we focused the tax-exempt Fund’s investments in VRDNs, non-financial commercial paper and other municipal securities.

We maintained the tax-exempt Fund’s weighted average maturity in a range between 8 and 21 days during the Reporting Period. For the Reporting Period overall, the weighted average maturity of the tax-exempt Fund was 13 days. Over the course of the Reporting Period, we decreased the tax-exempt Fund’s allocation to VRDNs. At any given time, the tax-exempt Fund’s weighted average maturity is based on how market interest rates compare with our near-term expectations, including supply dynamics and monetary policy. The tax-exempt Fund’s weighted average maturity was 17 days at the end of the Reporting Period.

Q How did you manage the Funds’ weighted average life during the Reporting Period?

A During the Reporting Period, we managed the weighted average life of the taxable and tax-exempt Funds at less than 120 days. In the taxable Fund, we maintained a weighted average life in a range between 44 and 119 days. In the tax-exempt Fund, we maintained a weighted average life in a range between 8 and 21 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Under amendments to SEC Rule 2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the SEC’s money market fund rule is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

2

PORTFOLIO RESULTS

Q Did you make any changes to the Funds’ portfolios during the Reporting Period?

A During the Reporting Period, we made adjustments to the Funds’ weighted average maturities and their allocations to specific investments based on then-current market conditions, our near-term view and anticipated and actual Fed monetary policy statements.

Q What is the Funds’ tactical view and strategy for the months ahead?

A At the end of the Reporting Period, inflationary pressures appeared to be easing, albeit from elevated levels. U.S. core inflation slowed in September, October and November 2022, suggesting the FOMC might downshift the pace of its monetary policy tightening. Late in the Reporting Period, the Fed signaled it might raise the targeted fed funds rate by only 50 basis points at its December meeting, instead of the 75 basis point hike previously expected by investors. However, Fed Chair Powell cautioned that further evidence was needed to “give comfort inflation is actually declining.” (On December 14, 2022, after the close of the Reporting Period, the Fed announced a 50 basis point fed funds rate hike.)

As for economic conditions, the third quarter 2022 U.S. Gross Domestic Product surprised to the upside, although the economy grew at what we considered a below-trend pace, supporting a “soft landing” scenario. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

Looking ahead, we believed inflation was likely to peak during 2023 and then start normalizing. That said, we thought a more balanced labor market would be key to a sustained decline in core inflation. The November 2022 jobs report, which had shown that U.S. non-farm payrolls grew by 263,000 — well above consensus expectations — and that unemployment remained steady, suggested to us further progress was necessary. Once inflation starts normalizing, monetary policy may become less of an economic headwind, in our opinion, as the Fed and other central banks slow or pause tightening. However, at the end of the Reporting Period, we noted signs of slowing U.S. economic activity, and our confidence in the macro picture remained fragile.

Going forward, the taxable and tax-exempt Funds will continue to be flexibly guided by shifting market conditions, and we have positioned them to align with our market and policy outlooks. Duration management and duration positioning will continue to play key roles in the management of the Funds. (Duration is a measure of a fund’s sensitivity to changes in interest rates.) That said, regardless of the interest rate environment, we intend to utilize an active management approach to provide the best possible return within the framework of the Funds’ guidelines and objectives. Our investment approach remains tri-fold — to seek preservation of capital, daily liquidity and maximization of yield potential. We will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the taxable and tax-exempt money market yield curves, as we strive to navigate the interest rate environment.

3

FUND BASICS

Investor Funds

as of November 30, 2022

PERFORMANCE REVIEW1,2
December 1, 2021–November 30, 2022	Fund Total Return (based on NAV)3 Class I Shares			SEC 7-Day Current Yield4			iMoneyNet Institutional Average5
Investor Money Market		1.35	%		3.97	%		1.06	%6
Investor Tax-Exempt Money Market		0.76			1.77			0.64	7

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment returns will fluctuate. 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.

¹  The Money Market Fund offers seven separate classes of shares (Class I, Administration, Service, Resource, Cash Management, Class A and Class C Shares) and the Tax-Exempt Money Market Fund offers eleven separate classes of shares (Class I, Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C Shares), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Class I Shares do not have distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees. The Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees (as applicable) at the following contractual rates: Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Premier Shares pay 0.35%, Service Shares pay 0.50%, Resource Shares pay 0.65%, Cash Management Shares pay 0.80%, Class A Shares pay 0.25%, and Class C Shares pay 1.00%. If these fees were reflected in the above performance, performance would have been reduced. In addition, the Funds’ performances do not reflect the deduction of any applicable sales charges.

² The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased.

³  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. A Fund’s total return assumes the reinvestment of dividends and other distributions.

⁴  The SEC 7-Day Current Yield is calculated in accordance with securities industry regulations and does not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Current Yield more closely reflects a Fund’s current earnings than do the Fund Total Return figures.

⁵  Source: iMoneyNet, Inc. November 2022. The iMoneyNet Institutional Average represents total return.

⁶  First Tier Retail–Category includes only non-government retail funds that also are not holding any second-tier securities. Portfolio holdings of first-tier funds include US Treasury, US other, repos, time deposits, domestic bank obligations, foreign bank obligations, first-tier commercial paper, floating rate notes and asset-backed commercial paper.

⁷  Tax-Free National Retail–Category includes all retail national and state tax-free and municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds—6 months & less, put bonds—over 6 months, alternative minimum tax paper and other tax-free holdings. This consists of all funds in the National Tax-Free Retail and State-Specific Retail categories.

4

YIELD SUMMARY

SUMMARY OF THE CLASS I1,2 SHARES AS OF 11/30/22
Fund	7-Day Dist. Yield8			SEC 7-Day Effective Yield9			30-Day Average Yield10			Weighted Avg. Maturity (days)11		Weighted Avg. Life (days)12
Investor Money Market		3.95	%		4.05	%		3.82	%		23		65
Investor Tax-Exempt Money Market		1.77			1.79			1.92			17		17

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end performance.

⁸ The 7-Day Distribution Yield is an annualized measure of a Fund’s dividends per share, divided by the price per share. This yield includes capital gain/loss distribution, if any. This is not an SEC Yield.

⁹ The SEC 7-Day Effective Yield is calculated in accordance with securities industry regulations and does not include net capital gains. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

¹⁰  The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution. This is not an SEC Yield.

¹¹  A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

¹²  A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

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

SECTOR ALLOCATIONS

INVESTOR MONEY MARKET FUND13
As of November 30, 2022
Security Type	% of Net Assets
Certificates of Deposit		0.6	%
Certificates of Deposit - Eurodollar		2.5
Certificates of Deposit - Yankeedollar		6.6
Commercial Paper & Corporate Obligations		24.2
Medium Term Notes		1.5
Repurchase Agreements		9.2
Time Deposits		18.9
U.S. Government Agency Obligations		3.0
U.S. Treasury Obligations		9.2
Variable Rate Municipal Debt Obligations		2.7
Variable Rate Obligations		22.0
As of November 30, 2021
Security Type	% of Net Assets
Certificates of Deposit - Eurodollar		1.9	%
Certificates of Deposit - Yankeedollar		15.4
Commercial Paper & Corporate Obligations		31.7
Medium Term Notes		0.5
Repurchase Agreements		10.3
Time Deposits		12.1
U.S. Government Agency Obligations		1.9
U.S. Treasury Obligations		21.8
Variable Rate Municipal Debt Obligations		4.4
Variable Rate Obligations		2.9

¹³  The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

6

SECTOR ALLOCATIONS

INVESTOR TAX-EXEMPT MONEY MARKET FUND14
As of November 30, 2022
Security Type	% of Net Assets
Commercial Paper		25.4	%
General Obligation		2.8
Revenue Anticipation Notes		1.3
Variable Rate Obligations		70.5
As of November 30, 2021
Security Type	% of Net Assets
Commercial Paper		15.7	%
General Obligation		7.5
Revenue Anticipation Notes		1.0
Variable Rate Obligations		84.0

¹⁴  The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

7

INVESTOR MONEY MARKET FUND

Schedule of Investments

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations – 24.2%
	Adventist Health System/West
$	18,023,000		4.001	%		12/15/22	$	17,995,455
	Albion Capital LLC
	43,000,000		3.905			12/02/22		42,995,401
	6,682,000		3.735			12/20/22		6,669,128
	12,129,000		4.927			02/21/23		11,996,390
	Antalis
	10,462,000		4.200			01/09/23		10,415,531
	4,569,000		4.625			01/18/23		4,541,525
	7,226,000		4.626			01/19/23		7,181,643
	19,145,000		4.875			02/02/23		18,985,857
	Atlantic Asset Securitization LLC
	13,380,000		4.960			03/02/23		13,217,318
	7,606,000		4.967			03/02/23		7,513,329
	Barclays Bank UK PLC
	72,000,000		3.886			12/07/22		71,954,040
	Bedford Row Funding Corp.
	20,000,000		4.666			02/06/23		19,830,639
	BNG Bank N.V.
	15,000,000		3.856			12/05/22		14,993,667
	10,000,000		3.902			12/07/22		9,993,600
	BPCE SA
	11,582,000		4.623			01/31/23		11,493,687
	Brighthouse Financial Short Term Funding, LLC
	6,823,000		3.271			12/06/22		6,819,968
	Chariot Funding LLC
	57,938,000		4.340			01/23/23		57,938,000
	Charta, LLC
	35,000,000		5.008			03/22/23		34,476,604
	Chesham Finance Limited – Series III
	50,000,000		3.863			12/01/22		50,000,000
	Chesham Finance Limited – Series V
	47,000,000		3.863			12/01/22		47,000,000
	8,000,000		3.958			12/05/22		7,996,542
	Collateralized Commercial Paper Flex Co., LLC
	4,000,000		2.266			12/02/22		3,999,754
	Columbia Funding Company, LLC
	24,500,000		4.371			01/20/23		24,354,361
	Cooeperatieve Rabobank U.A.
	31,000,000		3.843			12/01/22		31,000,000
	Credit Agricole Corporate and Investment Bank
	32,490,000		3.980			12/14/22		32,444,243
	DBS Bank Ltd.
	30,574,000		3.683			12/19/22		30,518,967
	DZ Bank Ag Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main
	25,000,000		3.833			12/01/22		25,000,000
	23,148,000		4.884			03/23/23		22,806,644
	Export Development Canada
	8,322,000		3.868			01/06/23		8,290,626
	8,322,000		3.869			01/09/23		8,288,012
	Federation Des Caisses Desjardins Du Quebec
	25,000,000		3.214			12/05/22		24,991,264
	First Abu Dhabi Bank P.J.S.C.
	50,000,000		3.886			12/06/22		49,973,403
	39,098,000		4.442			01/27/23		38,828,712
	Gotham Funding Corporation
	23,634,000		3.807			12/23/22		23,580,272
Commercial Paper and Corporate Obligations – (continued)
	Gotham Funding Corporation – (continued)
	14,394,000		4.145			01/17/23		14,318,080
	11,561,000		4.827			02/08/23		11,456,855
	11,969,000		4.977			03/01/23		11,824,474
	7,530,000		4.942			03/03/23		7,437,632
	Ionic Capital III Trust
	25,000,000		3.889			12/06/22		24,986,736
	17,561,000		3.950			12/09/22		17,545,858
	30,000,000		3.952			12/14/22		29,957,967
	Liberty Street Funding LLC
	3,990,000		3.787			12/22/22		3,981,388
	7,000,000		4.728			02/03/23		6,942,756
	15,000,000		4.793			03/01/23		14,824,875
	12,868,000		5.061			03/03/23		12,706,535
	22,500,000		4.946			03/21/23		22,170,000
	Lloyds Bank PLC
	20,000,000		3.071			12/14/22		19,978,333
	LMA-Americas LLC
	5,317,000		4.204			01/09/23		5,293,384
	10,428,000		3.988			01/17/23		10,375,176
	3,133,000		3.592			01/18/23		3,118,463
	5,004,000		4.824			02/03/23		4,962,189
	13,379,000		4.886			02/13/23		13,248,369
	5,040,000		4.998			03/01/23		4,978,890
	3,912,000		4.945			04/13/23		3,843,205
	2,398,000		4.579			04/17/23		2,357,847
	4,970,000		5.116			04/17/23		4,876,945
	Macquarie Bank Ltd.
	13,000,000		3.320			12/20/22		12,977,770
	5,000,000		3.343			12/27/22		4,988,228
	Mitsubishi UFJ Trust and Banking Corporation-Singapore Branch
	16,698,000		4.233			01/06/23		16,629,037
	16,703,000		4.255			01/09/23		16,627,906
	National Bank of Canada
	13,234,000		4.210			02/13/23		13,234,000
	10,000,000		4.260			02/17/23		10,000,000
	Nieuw Amsterdam Receivables Corporation
	13,098,000		3.974			12/05/22		13,092,324
	16,874,000		3.879			12/16/22		16,847,283
	19,922,000		4.153			01/09/23		19,834,592
	Old Line Funding, LLC
	8,943,000		5.257			04/25/23		8,761,097
	Power Authority of The State of New York
	10,800,000		4.005			12/19/22		10,778,777
	Thunder Bay Funding, LLC
	7,658,000		5.257			04/25/23		7,502,234
	20,036,000		5.254			05/17/23		19,566,629
	Trinity Health Corporation
	50,500,000		3.943			12/09/22		50,456,458
	Versailles Commercial Paper LLC
	10,000,000		3.131			12/02/22		9,999,150
	24,834,000		4.886			03/06/23		24,522,713
	4,957,000		4.854			03/09/23		4,893,308
	9,409,000		5.029			04/05/23		9,249,896
	8,655,000		5.038			04/10/23		8,502,480
	Victory Receivables Corporation
	14,196,000		4.102			01/06/23		14,139,216

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

INVESTOR MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations – (continued)
	Victory Receivables Corporation – (continued)
$	12,285,000		4.764	%		01/10/23	$	12,221,528
	10,995,000		4.666			01/18/23		10,928,297
	9,734,000		4.724			02/01/23		9,656,885
	Westpac Banking Corp.
	10,641,000		5.396			06/23/23		10,329,857
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	1,385,010,204
Certificate of Deposit – 0.6%
	Citibank, NA
$	33,700,000		3.940	%		12/22/22	$	33,700,000
Certificates of Deposit-Eurodollar – 2.5%
	ABN Amro Bank N.V.
$	25,000,000		4.730	%		03/17/23	$	24,657,224
	Credit Agricole SA
	4,000,000		4.170			02/01/23		3,971,706
	20,000,000		4.770			03/22/23		19,710,643
	Credit Agricole SA-London Branch
	11,500,000		3.900			03/01/23		11,389,938
	Mitsubishi UFJ Trust and Banking Corporation-Singapore Branch
	10,000,000		4.895			01/20/23		9,932,854
	Mizuho Bank, Ltd.-London Branch
	17,895,000		4.730			01/18/23		17,783,490
	18,500,000		4.760			01/27/23		18,362,247
	5,500,000		4.740			02/06/23		5,451,943
	National Westminster Bank PLC
	20,317,000		4.160			01/17/23		20,207,941
	9,500,000		4.750			03/15/23		9,371,504
	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR						$	140,839,490
Certificates of Deposit-Yankeedollar – 6.6%
	KBC Bank
$	68,000,000		3.810	%		12/07/22	$	68,000,000
	Landesbank Hessen-Thueringen Girozentrale
	34,408,000		4.110			01/11/23		34,408,387
	National Bank of Kuwait-New York Branch
	49,000,000		3.830			12/06/22		49,000,068
	68,000,000		3.830			12/07/22		68,000,113
	16,023,000		4.010			12/23/22		16,023,097
	14,887,000		4.590			01/17/23		14,887,192
	25,000,000		5.020			02/17/23		25,000,535
	Natixis-New York Branch
	25,984,000		4.450			01/31/23		25,984,000
	Skandinaviska Enskilda Banken AB (Publ)
	4,600,000		3.220			12/22/22		4,600,000
	Sumitomo Mitsui Banking Corporation-New York Branch
	20,000,000		4.780			03/03/23		20,000,000
Certificates of Deposit-Yankeedollar – (continued)
	Sumitomo Mitsui Trust Bank, Limited
	44,000,000		3.790			12/01/22		44,000,000
	9,526,000		4.810			02/21/23		9,526,000
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	379,429,392
Medium Term Notes – 1.5%
	Bank of Montreal(a)
$	26,988,000		4.479	%		03/10/23	$	26,994,477
	BPCE SA
	1,161,000		4.850	(b)		01/11/23		1,158,329
	DNB Bank ASA
	3,414,000		3.854	(b)		12/02/22		3,413,843
	Macquarie Bank Ltd.
	4,771,000		3.456	(b)		12/16/22		4,765,194
	Met Tower Global Funding
	20,473,000		4.347	(b)		01/17/23		20,479,565
	Metropolitan Life Global Funding I (SECURED)
	17,075,000		4.369	(b)		01/13/23		17,076,101
	Skandinaviska Enskilda Banken AB
	5,000,000		3.595	(b)		12/12/22		4,997,931
	Westpac Banking Corp.
	8,996,000		4.331			01/13/23		8,996,559
	TOTAL MEDIUM TERM NOTES						$	87,881,999
Time Deposits – 18.9%
	Canadian Imperial Bank of Commerce
$	200,000,000		3.800	%		12/01/22	$	200,000,000
	Credit Agricole Corporate and Investment Bank
	142,000,000		3.790			12/01/22		142,000,000
	DNB Bank ASA
	190,000,000		3.780			12/01/22		190,000,000
	Erste Group Bank Ag-New York Branch
	210,000,000		3.820			12/01/22		210,000,000
	First Abu Dhabi Bank USA N.V.
	120,000,000		3.820			12/01/22		120,000,000
	National Bank of Kuwait S.A.K.P
	70,000,000		3.820			12/01/22		70,000,000
	Skandinaviska Enskilda Banken AB (Publ)
	150,000,000		3.810			12/01/22		150,000,000
	TOTAL TIME DEPOSIT						$	1,082,000,000
U.S. Government Agency Obligations – 3.0%
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.04%)
$	2,400,000		4.367	%(c)		10/23/23	$	2,399,913
	4,900,000		4.372	(c)		10/30/23		4,899,864
	Federal Farm Credit Bank (FEDL01 + 0.08%)
	3,800,000		3.910	(c)		09/13/24		3,795,020
	Federal Farm Credit Bank (FEDL01 + 0.14%)
	2,100,000		3.970	(c)		09/17/24		2,099,963
	600,000		3.972	(c)		11/14/24		599,772

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

INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – (continued)
	Federal Farm Credit Bank (SOFR + 0.16%)
	$ 6,200,000		3.965	%(a)(c)		04/05/24	$	6,199,838
	Federal Farm Credit Bank (SOFR + 0.17%)
	12,600,000		3.975	(c)		06/27/24		12,599,226
	Federal Farm Credit Bank (SOFR + 0.18%)
	12,500,000		3.990	(c)		10/16/24		12,500,000
	Federal Farm Credit Bank (SOFR + 0.19%)
	7,000,000		4.000	(c)		11/25/24		7,000,000
	Federal Home Loan Bank
	14,910,000		4.667			11/14/23		14,909,022
	6,800,000		4.692			11/15/23		6,797,986
	6,800,000		4.697			11/17/23		6,798,312
	5,100,000		4.742			11/24/23		5,097,995
	6,100,000		4.766			11/24/23		6,099,073
	5,800,000		4.690			11/29/23		5,799,416
	Federal Home Loan Bank (SOFR + 0.15%)
	10,400,000		3.960	(c)		02/23/24		10,400,000
	Federal Home Loan Bank (SOFR + 0.19%)
	41,900,000		4.000	(c)		11/22/24		41,900,000
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	4,000,000		3.990	(c)		12/07/22		4,000,000
	3,304,364		4.000	(c)		12/07/22		3,304,364
	13,163,909		4.000	(c)		12/07/22		13,163,908
	3,111,111		4.010	(c)		12/07/22		3,111,111
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	173,474,783
U.S. Treasury Obligations – 9.2%
	United States Treasury Bills
$	1,600,000		4.237	%		02/16/23	$	1,585,849
	8,400,000		4.297			02/28/23		8,313,196
	20,900,000		4.392	(a)		03/02/23		20,673,621
	1,000,000		4.391			03/14/23		987,783
	109,409,000		4.423			03/14/23		108,062,965
	55,000,000		4.658			05/11/23		53,895,585
	27,000,000		4.605			05/18/23		26,440,560
	33,200,000		4.689			05/25/23		32,470,522
	6,000,000		4.700			05/25/23		5,867,875
	15,400,000		4.705			05/25/23		15,060,505
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	6,000,000		4.359	(c)		04/30/23		6,003,220
	3,000,000		4.365	(c)		04/30/23		3,000,189
	48,000,000		4.366	(c)		04/30/23		48,000,541
	6,000,000		4.353	(c)		07/31/23		6,004,912
	23,725,000		4.361	(c)		07/31/23		23,725,000
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	6,000,000		4.357	(c)		10/31/23		6,007,612
	145,600,000		4.367	(c)		10/31/23		145,601,278
U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	1,400,000		4.378	%(c)		01/31/23		1,400,116
	400,000		4.379	(c)		01/31/23		400,027
	12,000,000		4.381	(c)		01/31/23		12,000,081
	TOTAL U.S. TREASURY OBLIGATIONS						$	525,501,437
Variable Rate Municipal Debt Obligations(d) – 2.7%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	1,640,000		3.850	%		12/07/22	$	1,640,000
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2022 A
	15,500,000		3.870			12/07/22		15,500,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (TB Bank N.A., LOC)
	16,650,000		3.850			12/07/22		16,650,000
	Colorado Housing and Finance Authority Single Family Mortgage Bonds Class I VRDN RB 2020 Series C-2 (GNMA Collat., Royal Bank of Canada, SPA)
	3,040,000		3.850			12/07/22		3,040,000
	Colorado Housing and Finance Authority Single Family Mortgage Bonds Class I VRDN RB 2021 Refunding Series C-2 (GNMA Collat., FHLB, SPA)
	2,700,000		3.850			12/07/22		2,700,000
	Colorado Housing and Finance Authority Single Family Mortgage Bonds Class II VRDN RB 2022 Refunding Series C-2 (GNMA Collat., FHLB, SPA)
	2,000,000		3.850			12/07/22		2,000,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 A
	334,000		1.000			12/01/22		333,994
	Illinois Finance Authority VRDN Refunding University of Chicago Series 2022
	6,840,000		3.850			12/07/22		6,840,000
	Maricopa County Industrial Development Authority VRDN RB for Banner Health Series 202
	32,415,000		3.850			12/07/22		32,415,000
	Metropolitan Water District of Southern California Special VRDN Water Revenue Refunding Series 2022 C-1 (TD Bank N.A., SPA)
	44,500,000		3.800			12/07/22		44,500,000
	Metropolitan Water District of Southern California VRDN Subordinate Water Revenue Refunding Series 2021 A (Bank of America N.A., SPA)
	14,500,000		3.850			12/07/22		14,500,000
	Michigan Finance Authority VRDN RB Refunding for School Loan Revolving Fund Series 2019 C (Bank of America N.A., LOC)
	15,100,000		3.860			12/07/22		15,100,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	155,218,994

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

INVESTOR MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations(c) – 22.0%
	Atlantic Asset Securitization LLC
$	10,707,000		4.110	%		01/12/23	$	10,707,000
	10,753,000		4.110			01/13/23		10,753,000
	Australia and New Zealand Banking Group Limited
	29,035,000		4.070			12/09/22		29,035,043
	10,000,000		4.330			02/23/23		10,000,000
	Bank of Montreal
	22,585,000		4.510			05/02/23		22,585,000
	Bank of Nova Scotia (The)
	17,312,000		4.337			02/06/23		17,318,408
	20,000,000		4.310			02/17/23		20,000,000
	9,990,000		4.310			02/21/23		9,990,000
	Bank of Nova Scotia (The) (FEDL01 + 0.38%)
	8,742,000		4.210			12/20/22		8,742,000
	Bedford Row Funding Corp.
	9,328,000		4.209			12/12/22		9,328,441
	10,000,000		4.460			04/27/23		10,000,000
	BNZ International Funding Limited
	22,028,000		3.990			12/06/22		22,028,000
	20,634,000		4.180			01/06/23		20,634,000
	BofA Securities, Inc.
	10,000,000		4.530			06/05/23		10,000,000
	Canadian Imperial Bank of Commerce
	1,336,000		4.054			12/02/22		1,335,990
	Citigroup Global Markets Inc.
	16,198,000		4.200			04/05/23		16,198,000
	Collateralized Commercial Paper Flex Co., LLC
	5,957,000		4.310			12/14/22		5,957,000
	Cooeperatieve Rabobank U.A.
	11,000,000		4.340			02/06/23		11,000,000
	11,544,000		4.510			05/03/23		11,544,000
	11,544,000		4.440			05/24/23		11,544,000
	Credit Industriel Et Commercial
	14,433,000		4.080			12/08/22		14,433,056
	18,048,000		4.210			01/09/23		18,048,000
	DNB Bank ASA
	15,985,000		4.330			02/06/23		15,985,000
	Federation Des Caisses Desjardins Du Quebec
	14,930,000		3.990			12/22/22		14,930,000
	14,159,000		4.260			12/29/22		14,159,000
	ING (U.S.) Funding LLC
	9,214,000		4.320			02/24/23		9,214,000
	27,324,000		4.320			02/24/23		27,324,000
	5,485,000		4.319			03/02/23		5,485,685
	Macquarie Bank Ltd.(a)
	5,000,000		4.200			02/08/23		5,000,000
	16,477,000		4.102	(b)		04/06/23		16,469,602
	Mizuho Bank Ltd./New York NY
	10,000,000		4.390			03/01/23		10,000,000
	Mizuho Bank, Ltd-New York Branch
	14,675,000		4.189			01/17/23		14,676,154
	MUFG Bank, Ltd.-New York Branch
	9,320,000		4.170			12/15/22		9,320,000
	15,000,000		4.110			01/04/23		15,000,000
	35,728,000		4.410			03/15/23		35,728,000
	National Australia Bank Limited
	9,778,000		4.289			01/03/23		9,778,704
	7,555,000		4.290			01/03/23		7,555,000
Variable Rate Obligations(c) – (continued)
	National Bank of Canada
	6,224,000		4.310			02/13/23		6,224,000
	40,000,000		4.210			03/16/23		40,000,000
	13,691,000		4.230			04/03/23		13,691,000
	Natixis-New York Branch
	5,130,000		4.268			12/29/22		5,130,931
	10,000,000		4.410			05/05/23		10,000,000
	Nordea Bank Abp-New York Branch
	14,641,000		4.328			12/23/22		14,642,901
	Norinchukin Bank (The)
	28,834,000		3.990			12/02/22		28,834,000
	30,943,000		4.260			02/10/23		30,943,000
	14,850,000		4.190			03/13/23		14,850,000
	Nuveen Credit Strategies Income Fund
	11,000,000		4.140	(b)		12/07/22		11,000,000
	Nuveen Preferred & Income Opportunities Fund
	10,000,000		4.010	(b)		12/07/22		10,000,000
	Nuveen Preferred & Income Securities Fund
	13,000,000		4.140	(b)		12/07/22		13,000,000
	Old Line Funding, LLC
	85,000,000		4.310			02/16/23		85,000,000
	Oversea-Chinese Banking Corporation Limited
	14,232,000		4.249			12/20/22		14,233,321
	11,007,000		4.040			01/06/23		11,007,000
	23,440,000		4.300			02/17/23		23,440,000
	14,327,000		4.190			04/10/23		14,327,000
	Pure Grove Funding
	11,298,000		4.410			03/01/23		11,298,000
	Ridgefield Funding Company, LLC
	15,000,000		4.310			02/10/23		15,000,000
	10,000,000		4.220			03/07/23		10,000,000
	20,000,000		4.220			03/07/23		20,000,000
	Royal Bank of Canada
	687,000		4.060			12/01/22		687,000
	11,227,000		4.060			12/01/22		11,227,000
	Sheffield Receivables Company LLC
	9,179,000		4.310			01/25/23		9,179,000
	43,987,000		4.410			02/17/23		43,987,000
	Skandinaviska Enskilda Banken AB (Publ)
	25,141,000		4.280			02/03/23		25,141,000
	25,959,000		4.320			04/14/23		25,959,000
	Standard Chartered Bank-New York Branch
	6,000,000		4.230			12/01/22		6,000,000
	9,956,000		4.350			02/09/23		9,956,000
	State Street Bank and Trust Company
	5,444,000		4.480			07/14/23		5,444,000
	Sumitomo Mitsui Banking Corporation
	7,063,000		4.360			01/20/23		7,063,000
	Sumitomo Mitsui Banking Corporation-New York Branch
	18,568,000		4.260			02/09/23		18,568,000
	Sumitomo Mitsui Trust Bank, Limited
	16,871,000		4.310			02/14/23		16,871,000
	Svenska Handelsbanken AB-New York Branch
	38,426,000		4.480			05/02/23		38,426,000
	Thunder Bay Funding, LLC
	38,655,000		4.400			04/25/23		38,655,000
	Toronto-Dominion Bank (The)
	20,000,000		4.280			12/30/22		20,000,000

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

INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations(c) – (continued)
	UBS AG-London Branch
$	18,250,000		4.230	%		04/20/23	$	18,250,000
	9,753,000		4.530			05/02/23		9,753,000
	United Overseas Bank Limited
	26,551,000		3.990			12/09/22		26,551,000
	Versailles Commercial Paper LLC
	14,000,000		4.260			02/03/23		14,000,000
	TOTAL VARIABLE RATE OBLIGATIONS						$	1,260,144,236
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	5,223,200,535
Repurchase Agreements-Unaffiliated Issuers(e) – 9.2%
	BNP Paribas
$	15,000,000		3.900	%		12/01/22	$	15,000,000
	Maturity Value: $15,001,625
	Collateralized by mortgage-backed obligations, 2.500% to 13.371%, due 02/25/24 to 04/25/65, various asset-backed obligation, 5.233%, due 04/20/34 and various corporate security issuers, 2.375% to 5.000%, due 09/24/29 to 04/01/49. The aggregate market value of the collateral, including accrued interest, was $18,121,073.
	BofA Securities, Inc.
	200,000,000		3.890			12/01/22		200,000,000
	Maturity Value: $200,021,611
	Collateralized by various corporate security issuers, 0.000% to 11.000%, due 01/27/23 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $220,000,359.
	Joint Account III
	155,000,000		3.803			12/01/22		155,000,000
	Maturity Value: $155,016,373
	Mizuho Securities USA LLC
	45,000,000		3.920			12/01/22		45,000,000
	Maturity Value: $45,004,900
	Collateralized by various corporate security issuers, 0.000% to 6.000%, due 12/19/22 to 03/01/35 and various sovereign debt security issuers, 2.252% to 8.875%, due 01/30/23 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $47,617,785.
	RBC Capital Markets LLC
	110,000,000		3.920			12/01/22		110,000,000
	Maturity Value: $110,011,978
	Collateralized by various corporate security issuers, 0.523% to 13.000%, due 06/21/23 to 09/15/53. The aggregate market value of the collateral, including accrued interest, was $115,529,280.
	TOTAL REPURCHASE AGREEMENTS- UNAFFILIATED ISSUERS						$	525,000,000
	TOTAL INVESTMENTS – 100.4%						$	5,748,200,535
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%							(24,259,470	)
	NET ASSETS – 100.0%						$	5,723,941,065

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 represents a forward commitment.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2022.
(d)	Rate shown is that which is in effect on November 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(e)	Unless noted, all repurchase agreements were entered into on November 30, 2022. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.

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

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

Investment Abbreviations:
FEDL01	—US Federal Funds Effective Rate
FHLB	—Insured by Federal Home Loan Bank
GNMA	—Insured by Government National Mortgage Association
GO	—General Obligation
IDB	—Industrial Development Board
LOC	—Letter of Credit
MMY	—Money Market Yield
RB	—Revenue Bond
RMKT	—Remarketed
SOFR	—Secured Overnight Financing Rate
SPA	—Stand-by Purchase Agreement
T-Bill	—Treasury Bill
VRDN	—Variable Rate Demand Notes

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At November 30, 2022, the Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of December 1, 2022, as follows:

Principal Amount	Maturity Value	Collateral Value
$155,000,000	$155,016,373	$159,597,100

REPURCHASE AGREEMENTS — At November 30, 2022, the Principal Amounts of the Investor Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Principal Amount
ABN Amro Bank N.V.		3.800	%	$	31,525,424
Bank of America, N.A.		3.800			26,271,186
Bank of Montreal		3.800			10,508,475
BofA Securities, Inc.		3.800			26,271,186
Credit Agricole Corporate and Investment Bank		3.800			18,389,831
Wells Fargo Securities, LLC		3.810			42,033,898
TOTAL				$	155,000,000

At November 30, 2022, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		1.500 to 5.500	%		12/01/33 to 11/01/52
Federal National Mortgage Association		1.500 to 7.000			01/01/24 to 12/01/52
Government National Mortgage Association		2.000 to 6.500			03/20/45 to 11/20/52
U.S. Treasury Bonds		0.000			05/25/23
U.S. Treasury Note		0.500 to 2.875			02/28/27 to 08/15/28

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – 100.0%
Alabama – 0.6%
	Mobile IDB VRDN PCRB for Alabama Power Co. Barry Plant Project Series 2008 C RMKT(a)
$	11,500,000		2.330	%		12/07/22	$	11,500,000
Alaska – 3.9%
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Refunding Series 2007 D RMKT (State Street Bank & Trust Co., SPA)
	31,500,000		1.850			12/07/22		31,500,000
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Refunding Series 2009 A RMKT (Wells Fargo Bank N.A., SPA)(a)
	15,000,000		1.850			12/07/22		15,000,000
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Refunding Series 2009 B RMKT (Wells Fargo Bank N.A., SPA)
	8,040,000		1.850			12/07/22		8,040,000
	Alaska Housing Finance Corp. VRDN RB Governmental Purpose Series 2009 B RMKT (FHLB, SPA)(a)
	5,400,000		1.850			12/07/22		5,400,000
	Municipality of Anchorage GO TAN
	21,725,000		1.500			12/15/22		21,712,092
								81,652,092
Arizona – 6.2%
	Arizona State University VRDN RB Refunding Series 2008 A RMKT(a)
	350,000		2.150			12/07/22		350,000
California – 6.3%
	California Health Facilities Financing Authority CP Series A-2
	22,205,000		2.600			12/13/22		22,205,000
	California Statewide Communities Development Authority CP Kaiser Permanente
	15,000,000		2.800			03/15/23		15,000,000
	California Statewide Communities Development Authority CP Series 2004 E
	22,000,000		2.900			02/23/23		22,000,000
	City of Los Angeles TRANS 2022
	12,000,000		2.376			06/29/23		12,109,553
	9,325,000		3.074			06/29/23		9,373,410
	East Bay Municipal Utility District CP Series A-2
	15,800,000		2.720			01/06/23		15,800,000
	Sacramento Municipal Utility District CP Series L-1
	5,500,000		2.650			01/18/23		5,500,000
	San Diego Unified School District TRANS Series A
	3,500,000		4.000			06/30/23		3,539,660
	Santa Clara Valley Water District CP Series A
	2,800,000		2.700			03/06/23		2,800,000
	State of California CP Series A-6
	17,000,000		2.370			12/08/22		17,000,000
	State of California Tax-Exempt GO Bonds
	3,800,000		5.000			08/01/23		3,849,498
								129,177,121
Municipal Debt Obligations – (continued)
Colorado – 3.8%
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2006 B RMKT (Barclays Bank PLC, SPA)(a)
	18,325,000		1.920			12/07/22		18,325,000
	City of Colorado Springs Utilities System VRDN RB Series 2010 C RMKT (Barclays Bank PLC, SPA)(a)
	6,865,000		1.880			12/07/22		6,865,000
	City of Colorado Springs Utilities System VRDN RB Series 2012 A (U.S. Bank N.A., SPA)(a)
	14,775,000		1.880			12/07/22		14,775,000
	Colorado Health Facilities Authority VRDN RB for SCL Health System Series 2016 B(a)
	19,650,000		1.800			12/07/22		19,650,000
	Colorado Housing & Finance Authority VRDN RB Refunding for Single Family Mortgage Class I Series 2001 AA-2 (Royal Bank of Canada, SPA)(a)
	10,515,000		2.250			12/07/22		10,515,000
	University of Colorado Hospital Authority VRDN RB Refunding Series 2017 B-1(a)
	4,145,000		2.190			12/07/22		4,145,000
	University of Colorado Hospital Authority VRDN RB Series 2019 A(a)
	4,300,000		2.190			12/07/22		4,300,000
								78,575,000
Connecticut – 3.6%
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2012 Subseries B-3 (Royal Bank of Canada, SPA)(a)
	17,680,000		1.880			12/07/22		17,680,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2013 Subseries B-6 RMKT (Sumitomo Mitsui Banking Corp., SPA)(a)
	4,300,000		1.900			12/07/22		4,300,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2019 Subseries D-3 (State Street Bank & Trust Co., SPA)
	30,000,000		1.880			12/07/22		30,000,000
	State of Connecticut VRDN GO Series 2016 C (Bank of America N.A., SPA)
	23,800,000		1.970			12/07/22		23,800,000
								75,780,000
Delaware – 0.5%
	University of Delaware VRDN RB Refunding Series 2013 C RMKT (TD Bank N.A., SPA)(a)
	10,595,000		2.150			12/01/22		10,595,000
District of Columbia – 2.0%
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Subordinate Lien Series 2014 Subseries B-2 (TD Bank N.A., SPA)(a)
	17,150,000		1.920			12/07/22		17,150,000
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2009 D Subseries D-2 (TD Bank N.A., LOC)(a)
	3,780,000		2.120			12/01/22		3,780,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
District of Columbia – (continued)
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2010 C Subseries C-2 RMKT (TD Bank N.A., LOC)(a)
$	20,450,000		1.880	%		12/07/22	$	20,450,000
								41,380,000
Florida – 5.0%
	City of Jacksonville VRDN RB Refunding Baptist Medical Centers Series 2019 D
	4,245,000		1.900			12/07/22		4,245,000
	Highlands County Health Facilities Authority Hospital Revenue Refunding VRDN Series 2012 I
	5,950,000		1.900			12/07/22		5,950,000
	Highlands County Health Facilities Authority VRDN RB Adventist Health System Series 2007 A-2
	7,465,000		1.900			12/07/22		7,465,000
	Jacksonville (City of) CP Series 2004 A
	24,600,000		3.120			01/19/23		24,600,000
	Jacksonville Electric Authority Water & Sewer Systems VRDN RB Series 2008 A-2 (Sumitomo Mitsui Banking Corp. LOC)
	16,620,000		2.240			12/07/22		16,620,000
	Miami-Dade County IDA VRDN RB Florida Power & Light Co. Series 2021
	16,285,000		2.350			12/01/22		16,285,000
	Orlando Utilities Commission VRDN RB Water Utility Improvements Series 2008-2 RMKT (TD Bank N.A., SPA)(a)
	23,330,000		2.140			12/07/22		23,330,000
	Putnam County Development Authority VRDN PCRB Refunding Florida Power & Light Co. Series 1994
	2,700,000		2.100			12/01/22		2,700,000
	State of Florida Department of Transportation Financing Corp. RB Series 2020
	2,907,000		5.000			07/01/23		2,939,105
								104,134,105
Georgia – 1.3%
	State of Georgia GO Refunding Bonds Series 2016 E
	28,390,000		5.000			12/01/22		28,390,000
Illinois – 4.9%
	Illinois Finance Authority VRDN RB for Northwestern University Series 2004 Subseries C(a)
	19,450,000		2.060			12/07/22		19,450,000
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries B(a)
	31,960,000		2.090			12/07/22		31,960,000
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries D(a)
	1,130,000		2.180			12/07/22		1,130,000
	Illinois Finance Authority VRDN RB University of Chicago Series 2008
	2,000,000		1.800			12/07/22		2,000,000
	Illinois Housing Development Authority VRDN RB Series 2019 B (FHLB, SPA)(a)
	29,500,000		2.100			12/07/22		29,500,000
	Joliet Regional Port District VRDN Marine Terminal RB Refunding for Exxon Project Series 1989(a)
	18,200,000		2.000			12/01/22		18,200,000
								102,240,000
Municipal Debt Obligations – (continued)
Indiana – 0.7%
	Indiana Finance Authority VRDN Health System RB Franciscan Alliance, Inc. Series 2008 F (Barclays Bank PLC, LOC)
	5,600,000		2.040			12/07/22		5,600,000
	Purdue University VRDN RB for Student Facilities System Series 2004 A(a)
	9,900,000		2.200			12/07/22		9,900,000
								15,500,000
Iowa – 0.2%
	Iowa Finance Authority VRDN RB for Archer-Daniels-Midland Co. Project Series 2012 1-A
	4,000,000		2.120			12/07/22		4,000,000
Louisiana – 0.4%
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Series 2011(a)
	5,800,000		2.000			12/01/22		5,800,000
	Louisiana Public Facilities Authority VRDN RB for Air Products and Chemicals Project Series 2007
	3,000,000		1.950			12/01/22		3,000,000
								8,800,000
Maryland – 2.1%
	Maryland State Economic Development Corp. VRDN RB for Howard Hughes Medical Institute Project Series 2008 A(a)
	2,500,000		2.160			12/07/22		2,500,000
	Montgomery County BANS CP Series 2010
	1,500,000		2.710			12/06/22		1,500,000
	Montgomery County GO VRDN Series E (U.S. Bank N.A., SPA)
	20,315,000		2.000			12/01/22		20,315,000
	Washington Suburban Sanitary District GO VRDN BANS Series A-3 (County Guarantee)(TD Bank N.A., SPA)
	9,800,000		2.270			12/07/22		9,800,000
	Washington Suburban Sanitary District GO VRDN BANS Series B-3 (County Guarantee)(State Street Bank & Trust Co., SPA)
	2,600,000		2.120			12/07/22		2,600,000
	Washington Suburban Sanitary District GO VRDN BANS Series B-4 (County Guarantee)(State Street Bank & Trust Co., SPA)
	7,000,000		2.120			12/07/22		7,000,000
								43,715,000
Massachusetts – 2.0%
	Massachusetts Health & Educational Facilities Authority VRDN RB for Massachusetts Institute of Technology Series 2001 J-1
	2,850,000		1.800			12/07/22		2,850,000
	Massachusetts Health & Educational Facilities Authority, Mass General Brigham, Inc. CP Series H-1
	17,090,000		2.750			01/04/23		17,090,000
	Massachusetts Housing Finance Agency VRDN RB Single Family Housing Refunding Series 200 (UBS AG, SPA)
	6,000,000		1.880			12/07/22		6,000,000
	Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue Refunding VRDN Series A-1 (TD Bank N.A., SPA)
	5,000,000		1.880			12/07/22		5,000,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Massachusetts – (continued)
	Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue Refunding VRDN Series A-2 (U.S. Bank N.A., SPA)
$	4,000,000		1.970	%		12/07/22	$	4,000,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 A-3 RMKT (Wells Fargo Bank N.A. SPA)(a)
	7,500,000		2.190			12/07/22		7,500,000
								42,440,000
Michigan – 2.3%
	Regents of the University of Michigan VRDN RB GO Series 2008 B(a)
	14,525,000		1.850			12/07/22		14,525,000
	University of Michigan CP Notes Series L-1
	5,785,000		1.750			12/01/22		5,785,000
	University of Michigan CP Series L-1
	6,945,000		2.850			02/02/23		6,945,000
	University of Michigan General Revenue CP Series B
	20,000,000		2.700			12/02/22		20,000,000
								47,255,000
Minnesota – 4.2%
	County of Hennepin GO VRDN Refunding Series 2018 B (TD Bank N.A., SPA)
	5,190,000		1.880			12/07/22		5,190,000
	County of Hennepin GO VRDN Series 2017 B (U.S. Bank N.A., SPA)(a)
	28,375,000		1.920			12/07/22		28,375,000
	Minnesota Housing Finance Agency VRDN Residential Housing Finance RB Refunding Series 2019 D (GNMA/FNMA/ FHLMC) (Royal Bank of Canada, SPA)(a)
	4,645,000		1.900			12/07/22		4,645,000
	Rochester Health Care Facilities Mayo Clinic CP Series A-2
	25,000,000		2.440			01/12/23		25,000,000
	University of Minnesota CP Notes Series H
	24,000,000		2.810			01/05/23		24,000,000
								87,210,000
Mississippi – 1.6%
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 F (Chevron Corp., GTY AGMT)(a)
	6,300,000		2.200			12/07/22		6,300,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 K (Chevron Corp., GTY AGMT)(a)
	8,100,000		2.100			12/01/22		8,100,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 F (Chevron Corp., GTY AGMT))(a)
	1,700,000		2.000			12/01/22		1,700,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 A (Chevron Corp., GTY AGMT)(a)
	5,200,000		2.000			12/01/22		5,200,000
Municipal Debt Obligations – (continued)
Mississippi – (continued)
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 A (Chevron Corp., GTY AGMT)(a)
	11,000,000		2.200			12/07/22		11,000,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 E (Chevron Corp., GTY AGMT)(a)
	1,500,000		2.020			12/07/22		1,500,000
								33,800,000
Missouri – 2.1%
	Curators of The University of Missouri Systems Facilities VRDN RB Refunding Series 2007 B(a)
	22,000,000		1.850			12/07/22		22,000,000
	Missouri Development Finance Board Cultural Facilities VRDN RB for Nelson Gallery Foundation Series 2004 A (U.S. Bank N.A., SPA)(a)
	4,240,000		2.300			12/01/22		4,240,000
	Missouri Development Finance Board Cultural Facilities VRDN RB Refunding for Nelson Gallery Foundation Series 2008 A RMKT (Northern Trust Co., SPA)
	5,890,000		2.300			12/01/22		5,890,000
	Missouri Health & Educational Facilities Authority VRDN RB for BJC Healthcare Series 2008 D(a)
	11,700,000		1.850			12/07/22		11,700,000
								43,830,000
Multi-State – 0.5%
	Federal Home Loan Mortgage Corporation Variable Rate Demand Certificates for Multi-Family Housing Series 2014-M031 Class A (FHLMC, LIQ)(a)(b)
	11,175,000		1.930			12/07/22		11,175,000
Nebraska – 0.1%
	Nebraska Investment Finance Authority VRDN RB for Single Family Housing Series 2019 C (FHLB, SPA)(a)
	3,100,000		2.280			12/07/22		3,100,000
New Hampshire – 0.2%
	New Hampshire Health & Education Facilities Authority VRDN RB Refunding for Dartmouth College Series 2003 RMKT (U.S. Bank N.A., SPA)
	3,600,000		2.450			12/07/22		3,600,000
New Mexico – 0.2%
	State of New Mexico Severance Tax Permanent Fund RB Series 2022 A
	4,550,000		5.000			07/01/23		4,634,238
New York – 10.9%
	City of New York GO VRDN Series 2008 Subseries L-4 (U.S. Bank N.A., LOC)
	10,300,000		2.300			12/01/22		10,300,000
	Dormitory Authority of The State of New York CP Series 2002 C
	4,000,000		2.520			12/02/22		4,000,000
	14,300,000		2.750			02/03/23		14,300,000
	New York City GO Bonds 2018 Series B Subseries B-4 and B-5 (Barclays Bank PLC, SPA)
	10,235,000		2.100			12/01/22		10,235,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
New York – (continued)
	New York City GO VRDN Series 2006 I Subseries I-8 (State Street Bank & Trust Co., SPA)(a)
$	200,000		2.200	%		12/01/22	$	200,000
	New York City GO VRDN Series 2012 G Subseries G-6 (Mizuho Bank, Ltd., LOC)
	1,850,000		2.110			12/01/22		1,850,000
	New York City GO VRDN Series 2012 Subseries A-4 (Sumitomo Mitsui Banking Corp., LOC)
	5,750,000		1.890			12/07/22		5,750,000
	New York City GO VRDN Series 2017 A Subseries A-6 (JPMorgan Chase Bank N.A., SPA)
	2,520,000		2.200			12/01/22		2,520,000
	New York City Housing Development Corp. Multi-Family Housing VRDN RB for 90 Washington Street Series 2005 A (FNMA, LOC)(a)
	32,350,000		2.080			12/07/22		32,350,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN Second General Resolution RB Series 2014 Subseries AA-6 (Mizuho Bank, Ltd., SPA)(a)
	7,280,000		2.000			12/01/22		7,280,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN Second General Resolution RB Series 2014 Subseries BB-2 (Mizuho Bank, Ltd., SPA)
	9,600,000		2.200			12/01/22		9,600,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN Second General Resolution RB Series 2015 Subseries BB-4 (Barclays Bank PLC, SPA)(a)
	1,400,000		2.100			12/01/22		1,400,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1(a)
	3,400,000		1.780			12/07/22		3,400,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2(a)
	27,330,000		1.780			12/07/22		27,330,000
	New York City Trust for Cultural Resources VRDN RB Refunding for The New York Botanical Garden Series 2009 A (JPMorgan Chase Bank N.A., LOC)(a)
	10,765,000		1.880			12/07/22		10,765,000
	New York State Dormitory Authority Non-State Supported VRDN RB for Rockefeller University Series 2008 A (JPMorgan Chase Bank N.A., SPA)(a)
	14,525,000		1.800			12/07/22		14,525,000
	New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA, LIQ) (FNMA, LOC)(a)
	30,000,000		2.280			12/07/22		30,000,000
	New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004 A RMKT (FNMA, LIQ)(FNMA, LOC)(a)
	9,000,000		2.250			12/07/22		9,000,000
	Power Authority of The State of New York CP Series 2
	8,300,000		2.600			12/06/22		8,300,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-3 (State Street Bank & Trust Co., LOC)(a)
	21,240,000		1.990			12/01/22		21,240,000
Municipal Debt Obligations – (continued)
New York – (continued)
	Triborough Bridge & Tunnel Authority VRDN RB Series 2003 Subseries B-1 RMKT (U.S. Bank N.A., LOC)
	4,435,000		2.300			12/01/22		4,435,000
								228,780,000
North Carolina – 6.5%
	Charlotte-Mecklenburg Hospital Authority (The) Atrium Health Refunding VRDN Series 2021 E (Royal Bank of Canada, LOC)
	10,000,000		2.150			12/01/22		10,000,000
	Charlotte-Mecklenburg Hospital Authority (The) VRDN Series 2018 F
	41,950,000		1.900			12/07/22		41,950,000
	City of Charlotte VRDN Refunding COP 2003 Governmental Facilities Projects Series 2013 G (Wells Fargo Bank N.A., LIQ)
	17,000,000		1.870			12/07/22		17,000,000
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 A RMKT (Bank of America N.A., SPA)(a)
	20,000,000		2.110			12/07/22		20,000,000
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 B RMKT (Bank of America N.A., SPA)(a)
	5,440,000		2.110			12/07/22		5,440,000
	City of Raleigh VRDN COP for Downtown Improvement Project Series 2004 A (Wells Fargo Bank N.A. SPA)
	35,100,000		2.220			12/07/22		35,100,000
	University of North Carolina at Chapel Hill VRDN RB Series 2001 B(a)
	4,550,000		2.130			12/07/22		4,550,000
	University of North Carolina at Chapel Hill VRDN RB Series 2001 C
	800,000		2.050			12/07/22		800,000
								134,840,000
Ohio – 6.4%
	City of Columbus Sanitation & Sewer Utilities VRDN Series 2006-1(a)
	5,000,000		1.810			12/07/22		5,000,000
	City of Columbus Sewerage System VRDN RB Series 2008 B(a)
	14,800,000		1.810			12/07/22		14,800,000
	Franklin County Hospital VRDN RB Improvement for Nationwide Children’s Hospital Project Series 2008 B(a)
	40,400,000		1.810			12/07/22		40,400,000
	Franklin County Hospital VRDN RB Refunding OhioHealth Corp. Series 2011 D
	3,050,000		2.250			12/07/22		3,050,000
	Hamilton County Hospital VRDN RB Refunding Cincinnati Children’s Hospital Medical Center Series 2018 AA(a)
	11,585,000		1.500			12/07/22		11,585,000
	Ohio State Higher Educational Facility Commission VRDN RB for Cleveland Clinic Health System Series 2013 B-2 (Bank of New York Mellon, SPA)(a)
	8,300,000		2.110			12/01/22		8,300,000
	Ohio State University (The) General Receipts VRDN RB Series 2010 E(a)
	34,800,000		2.100			12/07/22		34,800,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

November 30, 2022

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Ohio – (continued)
	Ohio State University (The) General Receipts VRDN RB Series 2014 B-1(a)
$	350,000		2.180	%		12/07/22	$	350,000
	State of Ohio Capital Facilities Lease Appropriation VRDN for Adult Correctional Building Series 2021 B
	10,000,000		2.230			12/07/22		10,000,000
	State of Ohio GO VRDN for Common Schools Series 2006 C(a)
	5,000,000		2.200			12/07/22		5,000,000
	State of Ohio VRDN Hospital Facilities RB Cleveland Clinic Health System Series 2019 F (U.S. Bank N.A., SPA)
	1,435,000		2.280			12/01/22		1,435,000
								134,720,000
Oregon – 0.9%
	Oregon Department of Transportation Highway User Tax Revenue CP Series A-1
	5,000,000		2.470			12/01/22		5,000,000
	Oregon Department of Transportation Highway User Tax Revenue CP Series A-2
	3,600,000		3.000			02/01/23		3,600,000
	State of Oregon Dept. of Veterans Affairs GO VRDN Veterans’ Welfare Bonds Series 110
	9,900,000		2.000			12/01/22		9,900,000
								18,500,000
Pennsylvania – 0.7%
	Delaware County Industrial Development Authority VRDN RB Refunding for United Parcel Service Project Series 2015
	15,600,000		2.300			12/01/22		15,600,000
Rhode Island – 0.2%
	Rhode Island Health & Educational Building Corp. Higher Education Facilities VRDN RB for Brown University Series 2003 B (Northern Trust Co., SPA)(a)
	3,200,000		1.900			12/07/22		3,200,000
South Carolina – 0.4%
	City of Columbia Waterworks & Sewer System VRDN RB Series 2009 (Sumitomo Mitsui Banking Corp., LOC)(a)
	7,600,000		1.900			12/07/22		7,600,000
Texas – 14.8%
	Board of Regents of The Texas A&M University System CP Series B
	3,620,000		2.650			12/05/22		3,620,000
	City of Austin, Texas Hotel Occupancy Tax VRDN RB Refunding Subordinate Lien Series 2008 B (Sumitomo Mitsui Banking Corp., LOC)(a)
	16,975,000		1.930			12/07/22		16,975,000
	City of Houston Combined Utility System VRDN First Lien Refunding RB Series 2004 B-6 (Sumitomo Mitsui Banking Corp., LOC)
	1,900,000		1.910			12/07/22		1,900,000
	City of Houston Combined Utility System VRDN First Lien Refunding RB Series 2018 C (Barclays Bank PLC, LOC)
	2,600,000		1.910			12/07/22		2,600,000
	City of Houston CP Series E-1
	18,930,000		2.550			12/02/22		18,930,000
	Dallas Independent School District Series IA
	50,000,000		3.100			02/15/23		50,000,000
Municipal Debt Obligations – (continued)
Texas – (continued)
	Dallas Waterworks & Sewer System CP Series F-1
	8,600,000		2.700			01/05/23		8,600,000
	Harris County CP Series D-2
	12,400,000		2.800			01/05/23		12,400,000
	Harris County CP Series D-3
	9,200,000		2.800			01/05/23		9,200,000
	Harris County Cultural Education Facilities Finance Corp. CP Series C-1
	62,400,000		1.050			12/01/22		62,400,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Memorial Hermann Health System Series 2019 F
	5,500,000		2.130			12/07/22		5,500,000
	Port of Port Arthur Navigation District Pollution Control VRDN RB for Texaco, Inc. Project Series 1994(a)
	2,000,000		2.000			12/01/22		2,000,000
	San Antonio Water System CP Series A-2 Subseries A-1 JPMorgan
	20,000,000		2.800			01/04/23		20,000,000
	State of Texas Veterans Land Board VRDN Series 2022
	6,000,000		2.140			12/07/22		6,000,000
	Tarrant County Health Facilities Development Corp. Hospital VRDN RB for Cook Children’s Medical Center Series 2010 B
	8,350,000		1.800			12/07/22		8,349,422
	Texas Transportation Commission State Highway Fund VRDN RB Series 2014 B (Sumitomo Mitsui Banking Corp., LIQ)
	25,000,000		1.910			12/07/22		25,000,000
	The University of Texas System CP Series A
	10,100,000		2.750			01/04/23		10,100,000
	20,000,000		2.900			01/09/23		20,000,000
	25,000,000		2.570			01/18/23		25,000,000
	University of North Texas Revenue Financing System CP Series A
	1,397,000		2.240			01/12/23		1,397,000
								309,971,422
Utah – 2.3%
	County of Utah, UT Hospital Revenue VRDN Series 2016 C (BMO Harris Bank N.A., SPA)
	11,600,000		2.150			12/07/22		11,600,000
	Utah Water Finance Agency VRDN Program RB Series B-2 (JPMorgan Chase Bank N.A., SPA)
	34,400,000		1.900			12/07/22		34,400,000
	Utah Water Finance Agency VRDN Tender Option RB Series B-1 (JPMorgan Chase Bank N.A., SPA)
	1,800,000		1.900			12/07/22		1,800,000
								47,800,000
Virginia – 5.0%
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 F(a)
	5,685,000		2.160			12/07/22		5,685,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2013 A
	2,800,000		2.150			12/07/22		2,800,000
	Norfolk Economic Development Authority Hospital Facilities VRDN RB Refunding for Sentara Healthcare Series 2016 A(a)
	14,100,000		2.220			12/07/22		14,100,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Virginia – (continued)
	Norfolk Economic Development Authority Hospital Facilities VRDN RB Refunding for Sentara Healthcare Series 2016 B(a)
$	46,280,000		2.250	%		12/07/22	$	46,280,000
	Virginia College Building Authority Educational Facilities VRDN RB University of Richmond Project Series 2004 RMKT (U.S. Bank N.A., SPA)(a)
	26,900,000		2.470			12/07/22		26,900,000
	Virginia Commonwealth University General Revenue CP Series A
	9,413,000		2.400			12/06/22		9,413,000
								105,178,000
Washington – 3.0%
	King County CP Series A
	14,800,000		2.050			12/13/22		14,800,000
	King County GO VRDN RB Refunding Series 2019 A (TD Bank N.A., SPA)(a)
	25,800,000		2.000			12/01/22		25,800,000
	King County GO VRDN RB Refunding Series 2019 B (TD Bank N.A., SPA)
	16,620,000		2.280			12/07/22		16,620,000
	King County Sewer System CP Series A
	4,840,000		2.020			12/07/22		4,840,000
								62,060,000
Wisconsin – 0.5%
	Wisconsin Health & Educational Facilities Authority VRDN RB Refunding Froedtert Health, Inc. Series 2021 B (U.S. Bank N.A., LIQ)
	5,000,000		1.900			12/07/22		5,000,000
	Wisconsin Housing & Economic Development Authority VRDN Home Ownership RB Series 2019 B (FNMA)(FHLB, SPA)(a)
	4,600,000		1.900			12/07/22		4,600,000
								9,600,000
	TOTAL INVESTMENTS – 100.0%						$	2,090,681,978
	LIABILITIES IN EXCESS OF     OTHER ASSETS – —%							(687,563	)
	NET ASSETS – 100.0%						$	2,089,994,415

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Rate shown is that which is in effect on November 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.

Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.

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

Investment Abbreviations:
BANS	—Bond Anticipation Notes
CP	—Commercial Paper
FHLB	—Insured by Federal Home Loan Bank
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
FNMA	—Insured by Federal National Mortgage Association
GNMA	—Insured by Government National Mortgage Association
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
IDA	—Industrial Development Agency
IDB	—Industrial Development Board
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PCRB	—Pollution Control Revenue Bond
RB	—Revenue Bond
RMKT	—Remarketed
SPA	—Stand-by Purchase Agreement
TRANS	—Tax Revenue Anticipation Notes
UT	—Unlimited Tax
VRDN	—Variable Rate Demand Notes

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Assets and Liabilities

November 30, 2022

	Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
Assets:
Investments, at value (cost $5,748,200,535 and $2,090,681,978)	$	5,748,200,535		$	2,090,681,978
Cash		1,557,204			—
Receivables:
Fund shares sold		31,747,063			162,382
Investments sold		27,536,157			—
Interest		7,528,187			5,562,750
Reimbursement from investment advisor		334,403			—
Other assets		358,299			103,458
Total assets		5,817,261,848			2,096,510,568
Liabilities:
Due to custodian (overdraft)		—			2,450,230
Payables:
Investments purchased		70,663,975			—
Fund shares redeemed		20,099,255			776,093
Dividend distribution		1,084,394			2,785,301
Management fees		729,484			278,432
Distribution and Service fees and Transfer Agency fees		220,334			28,760
Accrued expenses		523,341			197,337
Total liabilities		93,320,783			6,516,153
Net Assets:
Paid-in capital		5,724,053,145			2,089,992,631
Total distributable earnings (loss)		(112,080	)		1,784
NET ASSETS	$	5,723,941,065		$	2,089,994,415
Net asset value, offering and redemption price per share		$1.00			$1.00
Net Assets:
Class A Shares	$	442,389,956		$	21,573,145
Class C Shares		33,914			9,077
Class I Shares		5,066,681,109			2,046,959,610
Capital Shares		—			1,039
Service Shares		49,039,680			821,445
Preferred Shares		—			603,036
Select Shares		—			1,046
Administration Shares		130,172,073			20,022,373
Cash Management Shares		35,613,570			1,594
Premier Shares		—			1,031
Resource Shares		10,763			1,019
Total Net Assets	$	5,723,941,065		$	2,089,994,415
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A Shares		442,419,357			21,572,887
Class C Shares		33,917			9,077
Class I Shares		5,067,019,213			2,046,935,057
Capital Shares		—			1,039
Service Shares		49,042,959			821,435
Preferred Shares		—			603,029
Select Shares		—			1,046
Administration Shares		130,180,853			20,022,133
Cash Management Shares		35,615,952			1,594
Premier Shares		—			1,031
Resource Shares		10,763			1,019

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Operations

For the Year Ended November 30, 2022

	Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
Investment Income:
Interest income	$	62,456,698		$	19,133,251
Expenses:
Fund-Level Expenses:
Management fees		4,754,746			3,190,981
Registration fees		522,609			193,741
Transfer Agency fees		297,199			199,454
Professional fees		215,689			163,203
Custody, accounting and administrative services		103,728			155,506
Printing and mailing fees		100,180			127,009
Trustee fees		44,574			39,949
Other		38,766			74,716
Subtotal		6,077,491			4,144,559
Class Specific Expenses:
Distribution and Service fees — Class A Shares		472,352			34,005
Service Share fees		210,837			4,088
Administration Share fees		189,566			42,121
Cash Management Share fees		174,997			10
Distribution fees — Cash Management Shares		104,998			7
Distribution fees — Class C Shares		426			91
Resource Share fees		55			4
Distribution fees — Resource Shares		15			—
Preferred Share fees		—			137
Premier Share fees		—			4
Total expenses		7,230,737			4,225,026
Less — expense reductions		(1,033,408	)		(974,284	)
Net expenses		6,197,329			3,250,742
NET INVESTMENT INCOME	$	56,259,369		$	15,882,509
Net realized gain (loss) from investment transactions		(329,369	)		1,825
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	55,930,000		$	15,884,334

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Changes in Net Assets

	Investor Money Market Fund						Investor Tax-Exempt Money Market Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021			For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
From operations:
Net investment income (loss)	$	56,259,369		$	(55,514	)	$	15,882,509		$	89,776
Net realized gain (loss) from investment transactions		(329,369	)		99,985			1,825			—
Net increase in net assets resulting from operations		55,930,000			44,471			15,884,334			89,776
Distributions to shareholders:
From distributable earnings:
Class A Shares		(3,203,361	)		(54,685	)		(106,377	)		(1,262	)
Class C Shares		(266	)		(12	)		(23	)		(2	)
Class I Shares		(50,850,389	)		(508,171	)		(15,652,308	)		(167,474	)
Capital Shares		—			—			(9	)		—
Service Shares		(480,687	)		(14,322	)		(3,591	)		(97	)
Preferred Shares		—			—			(1,379	)		(24	)
Select Shares		—			—			(9	)		—
Administration Shares		(1,242,919	)		(11,184	)		(118,779	)		(36	)
Cash Management Shares		(262,061	)		(17,192	)		(20	)		—
Premier Shares		—			—			(7	)		—
Resource Shares		(98	)		(4	)		(7	)		(304	)
Total distributions to shareholders		(56,039,781	)		(605,570	)		(15,882,509	)		(169,199	)
From share transactions
Proceeds from sales of shares		7,415,513,871			1,656,774,597			2,654,190,941			1,734,739,993
Proceeds received in connection with merger		256,992,995			—			368,765,885			—
Reinvestment of distributions		51,119,742			537,506			2,027,423			21,925
Cost of shares redeemed		(3,705,151,369	)		(1,831,632,560	)		(2,504,825,606	)		(1,541,519,845	)
Net increase (decrease) in net assets resulting from share transactions		4,018,475,239			(174,320,457	)		520,158,643			193,242,073
NET INCREASE (DECREASE)		4,018,365,458			(174,881,556	)		520,160,468			193,162,650
Net assets:
Beginning of year		1,705,575,607			1,880,457,163			1,569,833,947			1,376,671,297
End of year	$	5,723,941,065		$	1,705,575,607		$	2,089,994,415		$	1,569,833,947

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Money Market Fund — Class A Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.009			0.021			0.016
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.001			—	(b)		(0.003	)
Total from investment operations		0.012			—	(b)		—	(b)		0.010			0.021			0.013
Distributions to shareholders from net investment income		(0.012	)		—			—	(b)		(0.010	)		(0.021	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.021	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.17	%		0.03	%		—	%(e)		0.98	%		2.14	%		1.36	%
Net assets, end of period (in 000’s)	$	442,390		$	140,297		$	221,008		$	249,228		$	169,451		$	7,933
Ratio of net expenses to average net assets		0.38	%		0.12	%		0.24	%(f)		0.42	%		0.43	%		0.43	%
Ratio of total expenses to average net assets		0.45	%		0.45	%		0.47	%(f)		0.46	%		0.46	%		0.54	%
Ratio of net investment income (loss) to average net assets		1.69	%		(0.01	)%		(0.08	)%(f)		0.88	%		2.12	%		1.59	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Money Market Fund — Class C Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			—	(b)		—	(b)		0.003			0.014			0.004
Net realized gain		—	(b)		—	(b)		—	(b)		0.002			—	(b)		0.002
Total from investment operations		0.007			—	(b)		—	(b)		0.005			0.014			0.006
Distributions to shareholders from net investment income		(0.007	)		—			—	(b)		(0.005	)		(0.014	)		(0.006	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.007	)		—	(b)		—	(b)		(0.005	)		(0.014	)		(0.006	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.74	%		0.03	%		—	%(e)		0.46	%		1.38	%		0.60	%
Net assets, end of period (in 000’s)	$	34		$	39		$	39		$	53		$	10		$	10
Ratio of net expenses to average net assets		0.79	%		0.12	%		0.24	%(f)		0.79	%		1.18	%		1.18	%
Ratio of total expenses to average net assets		1.20	%		1.20	%		1.22	%(f)		1.21	%		1.21	%		1.29	%
Ratio of net investment income (loss) to average net assets		0.62	%		(0.01	)%		(0.08	)%(f)		0.24	%		1.38	%		0.40	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Money Market Fund — Class I Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.013			—	(b)		—	(b)		0.011			0.024			0.017
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.001			—	(b)		(0.001	)
Total from investment operations		0.013			—	(b)		—	(b)		0.012			0.024			0.016
Distributions to shareholders from net investment income		(0.013	)		—			—	(b)		(0.012	)		(0.024	)		(0.016	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.013	)		—	(b)		—	(b)		(0.012	)		(0.024	)		(0.016	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.35	%		0.04	%		0.02	%		1.22	%		2.40	%		1.61	%
Net assets, end of period (in 000’s)	$	5,066,681		$	1,400,101		$	1,527,628		$	2,025,657		$	1,316,874		$	504,770
Ratio of net expenses to average net assets		0.18	%		0.12	%		0.18	%(e)		0.18	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.20	%		0.20	%		0.22	%(e)		0.21	%		0.21	%		0.29	%
Ratio of net investment income (loss) to average net assets		1.93	%		—	%(f)		(0.02	)%(e)		1.11	%		2.37	%		1.68	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) Amount is less than 0.005%.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Money Market Fund — Service Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			—	(b)		—	(b)		0.006			0.018			0.009
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.002			0.001			0.002
Total from investment operations		0.010			—	(b)		—	(b)		0.008			0.019			0.011
Distributions to shareholders from net investment income		(0.010	)		—			—	(b)		(0.008	)		(0.019	)		(0.011	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		—	(b)		—	(b)		(0.008	)		(0.019	)		(0.011	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.00	%		0.03	%		—	%(e)		0.78	%		1.89	%		1.11	%
Net assets, end of period (in 000’s)	$	49,040		$	63,427		$	50,167		$	56,453		$	30,615		$	11
Ratio of net expenses to average net assets		0.54	%		0.12	%		0.24	%(f)		0.62	%		0.68	%		0.68	%
Ratio of total expenses to average net assets		0.70	%		0.70	%		0.72	%(f)		0.71	%		0.71	%		0.79	%
Ratio of net investment income (loss) to average net assets		1.14	%		(0.01	)%		(0.08	)%(f)		0.62	%		1.75	%		0.92	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Money Market Fund — Administration Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			—	(b)		—	(b)		0.009			0.021			0.014
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.001			—	(b)		(0.001	)
Total from investment operations		0.012			—	(b)		—	(b)		0.010			0.021			0.013
Distributions to shareholders from net investment income		(0.012	)		—			—	(b)		(0.010	)		(0.021	)		(0.013	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		—	(b)		—	(b)		(0.010	)		(0.021	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.17	%		0.03	%		—	%(e)		0.98	%		2.14	%		1.36	%
Net assets, end of period (in 000’s)	$	130,172		$	40,662		$	31,792		$	33,860		$	31,188		$	132,200
Ratio of net expenses to average net assets		0.39	%		0.12	%		0.24	%(f)		0.42	%		0.43	%		0.43	%
Ratio of total expenses to average net assets		0.45	%		0.45	%		0.47	%(f)		0.46	%		0.46	%		0.54	%
Ratio of net investment income (loss) to average net assets		1.64	%		(0.01	)%		(0.08	)%(f)		0.90	%		2.12	%		1.37	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Money Market Fund — Cash Management Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			—	(b)		—	(b)		0.004			0.016			0.009
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.002			—	(b)		(0.001	)
Total from investment operations		0.008			—	(b)		—	(b)		0.006			0.016			0.008
Distributions to shareholders from net investment income		(0.008	)		—			—	(b)		(0.006	)		(0.016	)		(0.008	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		—	(b)		—	(b)		(0.006	)		(0.016	)		(0.008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.83	%		0.03	%		—	%(e)		0.58	%		1.58	%		0.81	%
Net assets, end of period (in 000’s)	$	35,614		$	61,039		$	49,812		$	52,017		$	21,414		$	927
Ratio of net expenses to average net assets		0.61	%		0.12	%		0.24	%(f)		0.76	%		0.98	%		0.98	%
Ratio of total expenses to average net assets		1.00	%		1.00	%		1.02	%(f)		1.01	%		1.01	%		1.09	%
Ratio of net investment income (loss) to average net assets		0.75	%		—	%(e)		(0.08	)%(f)		0.38	%		1.60	%		0.88	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Money Market Fund — Resource Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—	(b)		—	(b)		0.007			0.017			0.008
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		0.002
Total from investment operations		0.009			—	(b)		—	(b)		0.007			0.017			0.010
Distributions to shareholders from net investment income		(0.009	)		—			—	(b)		(0.007	)		(0.017	)		(0.010	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		—	(b)		(0.007	)		(0.017	)		(0.010	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.92	%		0.03	%		—	%(e)		0.67	%		1.74	%		0.96	%
Net assets, end of period (in 000’s)	$	11		$	11		$	11		$	11		$	11		$	11
Ratio of net expenses to average net assets		0.61	%		0.12	%		0.23	%(f)		0.73	%		0.81	%		0.83	%
Ratio of total expenses to average net assets		0.85	%		0.85	%		0.87	%(f)		0.86	%		0.86	%		0.94	%
Ratio of net investment income (loss) to average net assets		0.92	%		—	%(e)		(0.07	)%(f)		0.66	%		1.75	%		0.77	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Class A Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.006			—	(b)		—	(b)		0.005			0.012			0.008
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			—	(b)		—	(b)
Total from investment operations		0.006			—	(b)		—	(b)		0.006			0.012			0.008
Distributions to shareholders from net investment income		(0.006	)		—	(b)		—	(b)		(0.006	)		(0.012	)		(0.008	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.006	)		—	(b)		—	(b)		(0.006	)		(0.012	)		(0.008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.58	%		0.01	%		—	%(e)		0.55	%		1.16	%		0.78	%
Net assets, end of period (in 000’s)	$	21,573		$	8,728		$	10,756		$	16,678		$	14,846		$	2,296
Ratio of net expenses to average net assets		0.36	%		0.04	%		0.13	%(f)		0.36	%		0.43	%		0.43	%
Ratio of total expenses to average net assets		0.46	%		0.45	%		0.48	%(f)		0.45	%		0.45	%		0.47	%
Ratio of net investment income to average net assets		0.78	%		0.01	%		0.01	%(f)		0.42	%		1.11	%		0.82	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Class C Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.003			—			—			0.001			0.004			0.001
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.003			—	(b)		—	(b)		0.001			0.004			0.001
Distributions to shareholders from net investment income		(0.003	)		—			—	(b)		(0.001	)		(0.004	)		(0.001	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.003	)		—	(b)		—	(b)		(0.001	)		(0.004	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.25	%		0.01	%		—	%(e)		0.12	%		0.41	%		0.13	%
Net assets, end of period (in 000’s)	$	9		$	9		$	29		$	29		$	9		$	9
Ratio of net expenses to average net assets		0.66	%		0.04	%		0.13	%(f)		0.55	%		1.19	%		1.06	%
Ratio of total expenses to average net assets		1.21	%		1.20	%		1.23	%(f)		1.20	%		1.20	%		1.22	%
Ratio of net investment income to average net assets		0.25	%		—	%(e)		0.01	%(f)		0.14	%		0.39	%		0.15	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Class I Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			—	(b)		—	(b)		0.007			0.014			0.010
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.008			—	(b)		—	(b)		0.007			0.014			0.010
Distributions to shareholders from net investment income		(0.008	)		—	(b)		—	(b)		(0.007	)		(0.014	)		(0.010	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.008	)		—	(b)		—	(b)		(0.007	)		(0.014	)		(0.010	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.76	%		0.01	%		—	%(e)		0.75	%		1.42	%		1.03	%
Net assets, end of period (in 000’s)	$	2,046,960		$	1,559,836		$	1,361,639		$	1,511,106		$	1,444,641		$	1,052,229
Ratio of net expenses to average net assets		0.16	%		0.04	%		0.13	%(f)		0.18	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.21	%		0.20	%		0.23	%(f)		0.20	%		0.20	%		0.22	%
Ratio of net investment income to average net assets		0.80	%		0.01	%		0.01	%(f)		0.73	%		1.40	%		1.02	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Capital Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—			0.001			0.010			0.017			0.013
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			—	(b)		0.001			0.010			0.017			0.013
Distributions to shareholders from net investment income		(0.009	)		—	(b)		(0.001	)		(0.010	)		(0.017	)		(0.013	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		(0.001	)		(0.010	)		(0.017	)		(0.013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.65	%		0.01	%		—	%(e)		0.62	%		1.27	%		0.88	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.16	%		0.04	%		0.13	%(f)		0.18	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.21	%		0.20	%		0.38	%(f)		0.35	%		0.35	%		0.37	%
Ratio of net investment income to average net assets		0.86	%		0.03	%		0.35	%(f)		0.99	%		1.69	%		1.31	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Service Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.004			—	(b)		—	(b)		0.005			0.009			0.005
Net realized loss		—	(b)		—	(b)		—	(b)		(0.001	)		—	(b)		—	(b)
Total from investment operations		0.004			—	(b)		—	(b)		0.004			0.009			0.005
Distributions to shareholders from net investment income		(0.004	)		—	(b)		—	(b)		(0.004	)		(0.009	)		(0.005	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.004	)		—	(b)		—	(b)		(0.004	)		(0.009	)		(0.005	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.44	%		0.01	%		—	%(e)		0.39	%		0.91	%		0.53	%
Net assets, end of period (in 000’s)	$	821		$	833		$	820		$	818		$	2,102		$	836
Ratio of net expenses to average net assets		0.48	%		0.04	%		0.13	%(f)		0.56	%		0.68	%		0.68	%
Ratio of total expenses to average net assets		0.71	%		0.70	%		0.73	%(f)		0.70	%		0.70	%		0.72	%
Ratio of net investment income to average net assets		0.44	%		0.01	%		0.01	%(f)		0.45	%		0.91	%		0.52	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Preferred Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			—	(b)		—	(b)		0.005			0.013			0.009
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		0.002			—	(b)		—	(b)
Total from investment operations		0.007			—	(b)		—	(b)		0.007			0.013			0.009
Distributions to shareholders from net investment income		(0.007	)		—	(b)		—	(b)		(0.007	)		(0.013	)		(0.009	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.007	)		—	(b)		—	(b)		(0.007	)		(0.013	)		(0.009	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.68	%		0.01	%		—	%(e)		0.66	%		1.32	%		0.93	%
Net assets, end of period (in 000’s)	$	603		$	109		$	278		$	91		$	61		$	68
Ratio of net expenses to average net assets		0.24	%		0.04	%		0.13	%(f)		0.26	%		0.28	%		0.28	%
Ratio of total expenses to average net assets		0.31	%		0.30	%		0.33	%(f)		0.30	%		0.30	%		0.32	%
Ratio of net investment income to average net assets		1.01	%		0.01	%		0.01	%(f)		0.45	%		1.31	%		0.93	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Select Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			—			0.001			0.010			0.016			0.009
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		0.001
Total from investment operations		0.009			—	(b)		0.001			0.010			0.016			0.010
Distributions to shareholders from net investment income		(0.009	)		—	(b)		(0.001	)		(0.010	)		(0.016	)		(0.010	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.009	)		—	(b)		(0.001	)		(0.010	)		(0.016	)		(0.010	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.74	%		0.01	%		—	%(e)		0.72	%		1.39	%		1.00	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	3
Ratio of net expenses to average net assets		0.16	%		0.04	%		0.13	%(f)		0.18	%		0.18	%		0.21	%
Ratio of total expenses to average net assets		0.21	%		0.20	%		0.26	%(f)		0.23	%		0.23	%		0.25	%
Ratio of net investment income to average net assets		0.85	%		0.03	%		0.35	%(f)		0.97	%		1.50	%		0.95	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Administration Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.006			—	(b)		—	(b)		0.006			0.012			0.008
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.006			—	(b)		—	(b)		0.006			0.012			0.008
Distributions to shareholders from net investment income		(0.006	)		—	(b)		—	(b)		(0.006	)		(0.012	)		(0.008	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.006	)		—	(b)		—	(b)		(0.006	)		(0.012	)		(0.008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.58	%		0.01	%		—	%(e)		0.55	%		1.16	%		0.78	%
Net assets, end of period (in 000’s)	$	20,022		$	314		$	305		$	305		$	298		$	2
Ratio of net expenses to average net assets		0.38	%		0.04	%		0.13	%(f)		0.37	%		0.43	%		0.43	%
Ratio of total expenses to average net assets		0.46	%		0.45	%		0.48	%(f)		0.45	%		0.45	%		0.47	%
Ratio of net investment income to average net assets		0.70	%		0.01	%		0.01	%(f)		0.55	%		1.18	%		0.75	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Cash Management Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.005			—			0.001			0.004			0.010			0.002
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			—	(b)		0.001
Total from investment operations		0.005			—	(b)		0.001			0.005			0.010			0.003
Distributions to shareholders from net investment income		(0.005	)		—	(b)		(0.001	)		(0.005	)		(0.010	)		(0.003	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.005	)		—	(b)		(0.001	)		(0.005	)		(0.010	)		(0.003	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.31	%		0.01	%		—	%(e)		0.22	%		0.61	%		0.24	%
Net assets, end of period (in 000’s)	$	2		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.75	%		0.04	%		0.13	%(f)		0.66	%		0.90	%		0.96	%
Ratio of total expenses to average net assets		1.01	%		0.92	%		1.03	%(f)		1.00	%		1.00	%		1.02	%
Ratio of net investment income to average net assets		0.89	%		0.03	%		0.36	%(f)		0.54	%		0.96	%		0.24	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Premier Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			—			0.001			0.007			0.013			0.010
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			—	(b)		—	(b)
Total from investment operations		0.007			—	(b)		0.001			0.008			0.013			0.010
Distributions to shareholders from net investment income		(0.007	)		—	(b)		(0.001	)		(0.008	)		(0.013	)		(0.010	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.007	)		—	(b)		(0.001	)		(0.008	)		(0.013	)		(0.010	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.52	%		0.01	%		—	%(e)		0.49	%		1.06	%		0.68	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.37	%		0.04	%		0.13	%(f)		0.43	%		0.54	%		0.54	%
Ratio of total expenses to average net assets		0.55	%		0.56	%		0.58	%(f)		0.55	%		0.55	%		0.57	%
Ratio of net investment income to average net assets		0.65	%		0.03	%		0.36	%(f)		0.75	%		1.32	%		0.95	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended November 30,						For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Resource Shares	2022			2021						2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.006			—	(b)		—	(b)		0.003			0.008			0.004
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.006			—	(b)		—	(b)		0.003			0.008			0.004
Distributions to shareholders from net investment income		(0.006	)		—	(b)		—	(b)		(0.003	)		(0.008	)		(0.004	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—	(b)		—	(b)
Total distributions(c)		(0.006	)		—	(b)		—	(b)		(0.003	)		(0.008	)		(0.004	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.37	%		0.01	%		—	%(e)		0.30	%		0.76	%		0.37	%
Net assets, end of period (in 000’s)	$	1		$	1		$	2,840		$	3,101		$	2,206		$	2,412
Ratio of net expenses to average net assets		0.37	%		0.04	%		0.13	%(f)		0.61	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.86	%		0.85	%		0.88	%(f)		0.85	%		0.85	%		0.87	%
Ratio of net investment income to average net assets		0.65	%		0.01	%		0.01	%(f)		0.29	%		0.75	%		0.36	%

 † The Fund changed its fiscal year end from August 31 to November 30.

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

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements

November 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 “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
Investor Money Market	Class A, Class C, Class I, Service, Administration, Cash Management, and Resource	Diversified
Investor Tax-Exempt Money Market	Class A, Class C, Class I, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, and Resource	Diversified

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

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

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 investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market- based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

B.  Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

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

33

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long- term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

E.  Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F.  Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

34

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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 Trustees have approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of November 30, 2022, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

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

B.  Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

C.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

35

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

November 30, 2022

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

D.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the fiscal year ended November 30, 2022, Goldman Sachs did not retain any CDSCs with respect to Class C Shares of the Investor Money Market and Investor Tax-Exempt Money Market Funds, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.

F.  Other Agreements — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 30, 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 which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

G.  Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate and the transfer agency fee rate is 0.16% and 0.01%, respectively, for the Investor Money Market and Investor Tax-Exempt Money Market Funds.

Other contractual annualized rates for each of the Funds are as follows:

Class A Shares

Class C Shares

Capital Shares(a)

Service Shares

Preferred Shares(a)

Select Shares(a)

Administration Shares

Cash Management Shares

Premier Shares(b)

Resource Shares

Administration, Service and/or Shareholder Administration Fees

N/A

0.25

0.15

0.25

0.10

0.03

0.25

0.50

0.35

0.50

Distribution and/or Service (12b-1) Fees

0.25

0.75

(c)

N/A

0.25

(b)

N/A

N/A

N/A

0.30

(c)

N/A

0.15

(c)

N/A – Fees not applicable to respective share class

(a) Tax-Exempt Money Market Fund only.

(b) Service (12b-1) fee only.

(c) Distribution (12b-1) fee only.

36

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

During the fiscal year ended November 30, 2022, GSAM and Goldman Sachs (as applicable) agreed to waive all, or a portion of the management fees and respective class-specific fees described above attributable to the Funds. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the fiscal year ended November 30, 2022, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers		Transfer Agent Fee Waivers		Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Other Expense Reimbursements		Total Expense Reductions
Investor Money Market	$	95	$	29	$	300	$	609	$	1,033
Investor Tax-Exempt Money Market		364		46		14		550		974

For the fiscal year ended November 30, 2022, the net effective management fee rate was 0.16% for the Investor Money Market Fund and 0.14% for the Investor Tax-Exempt Money Market Fund.

H.  Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the fiscal year ended November 30, 2022, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

Fund	Purchases		Sales		Net Realized Gain (Loss)
Investor Money Market	$	261,785,000	$	205,640,000	$	—
Investor Tax-Exempt Money Market		469,080,000		524,250,000		—

As of November 30, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund	Class C Shares			Capital Shares			Select Shares			Cash Management Shares			Premier Shares			Resource Shares
Investor Money Market		31	%		—			—			—			—			100	%
Investor Tax-Exempt Money Market		100	%		100	%		100	%		64	%		100	%		100	%

Line of Credit Facility — As of November 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 fiscal year ended November 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

37

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

November 30, 2022

5. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended November 30, 2022 was as follows:

	Investor Money Market		Investor Tax-Exempt Money Market
Distribution paid from:
Ordinary income	$	56,039,781	$	32,948
Tax-Exempt income		—		15,849,561
Total distributions	$	56,039,781	$	15,882,509

The tax character of distributions paid during the fiscal year ended November 30, 2021 was as follows:

	Investor Money Market		Investor Tax-Exempt Money Market
Distribution paid from:
Ordinary income	$	605,570	$	82,073
Tax-Exempt income		—		86,759
Net long term capital gains		—		367
Total distributions	$	605,570	$	169,199

As of November 30, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

	Investor Money Market			Investor Tax-Exempt Money Market
Undistributed ordinary income — net	$	1,301,683		$	1,824
Undistributed Tax Exempt income — net		—			2,785,262
Undistributed long-term capital gains		—			1
Total undistributed earnings	$	1,301,683		$	2,787,087
Capital loss carryforward: Perpetual Short-Term	$	(253,995	)	$	—
Timing differences (Distribution Payable and Post-October Capital Loss Deferral)	$	(1,159,740	)	$	(2,785,301	)
Unrealized gains (losses) — net	$	(28	)	$	(2	)
Total accumulated earnings (losses)— net	$	(112,080	)	$	1,784

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

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

38

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

6. OTHER RISKS

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

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

Geographic and Sector Risk — The Investor Tax-Exempt Money Market Fund may invest a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, which may subject the value of the Fund’s investments to risks associated with an adverse economic, business, political or environmental development affecting that state, region or sector.

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A 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. 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. A low or negative interest rate environment poses additional risks to a Fund, because low or negative yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out current income, or minimize the volatility of the Fund’s NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments. 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.

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

39

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

November 30, 2022

6. OTHER RISKS (continued)

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

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks.

The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its

assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and

utilities), industrial Development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

7. INDEMNIFICATIONS

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

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

Mergers and Reorganization — On February 14, 2022, pursuant to an Agreement and Plan of Reorganization with the BMO Prime Money Market Fund and BMO Tax-Free Money Market Fund (each, an “Acquired Fund”), each a series of BMO Funds, Inc., all of the assets and stated liabilities of the Acquired Funds were transferred to and assumed by Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund (each, an “Acquiring Fund”), respectively, each a series of the Goldman Sachs Trust (the “Reorganization Agreement”) in exchange for shares of the Acquiring Funds having an aggregate NAV equal to the NAV of the Acquired Funds as of the close of business on February 11, 2022. Such shares were then redistributed to the Acquired Funds’ shareholders, in a tax-free exchange as follows:

Acquired Fund	Exchanged Shares/Value of Acquired Funds Issued		Acquired Funds’ Shares Outstanding/Value as of February 11, 2022		Acquired Funds’ Dividend Accrued as of February 11, 2022
BMO Prime Money Market Fund – Premier Class		232,687,767		232,687,767		2,409
BMO Prime Money Market Fund – Investor Class (Class Y)		24,305,228		24,305,228		19
BMO Tax-Free Money Market Fund – Premier Class		347,176,209		347,176,209		1,046
BMO Tax-Free Money Market Fund – Investor Class (Class Y)		21,589,676		21,589,676		18

40

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

8. OTHER MATTERS (continued)

Pursuant to the Reorganization Agreement, the assets of the Acquired Funds were transferred to the Acquiring Funds in exchange for the assumption of the Acquired Funds’ stated liabilities by the Acquiring Funds and shares of beneficial interest of the Acquiring Funds, in a tax-free exchange as follows:

Acquired Fund / Acquiring Fund	The Acquiring Funds’ Aggregate Net Assets before the Reorganization		The Acquired Funds’ Aggregate Net Assets before the Reorganization		The Acquiring Funds’ Aggregate Net Assets Immediately after the Reorganization
BMO Prime Money Market Fund – Premier Class / Investor Money Market Fund – Class I Shares	$	1,354,513,811	$	232,687,767	$	1,587,201,578
BMO Prime Money Market Fund – Investor Class (Class Y) / Investor Money Market Fund – Administration Shares		37,493,625		24,305,228		61,798,853
BMO Tax-Free Money Market Fund – Premier Class / Investor Tax-Exempt Money Market Fund – Class I Shares		1,598,463,351		347,176,209		1,945,639,560
BMO Tax-Free Money Market Fund – Investor Class (Class Y) / Investor Tax-Exempt Money Market Fund – Administration Shares		314,332		21,589,676		21,904,008

9. 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.

41

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

November 30, 2022

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE)

Share activity is as follows:

	Investor Money Market Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
Class A Shares
Shares sold		471,571,053			41,570,449
Reinvestment of distributions		3,201,475			54,629
Shares redeemed		(172,670,483	)		(122,279,052	)
		302,102,045			(80,653,974	)
Class C Shares
Shares sold		14,369			—
Reinvestment of distributions		265			11
Shares redeemed		(19,708	)		—
		(5,074	)		11
Class I Shares
Shares sold		6,551,206,938			1,294,131,040
Shares received in connection with merger		232,687,767			—
Reinvestment of distributions		46,141,555			441,962
Shares redeemed		(3,163,321,977	)		(1,421,641,733	)
		3,666,714,283			(127,068,731	)
Service Shares
Shares sold		96,940,865			72,120,414
Reinvestment of distributions		464,790			14,140
Shares redeemed		(111,798,929	)		(58,857,258	)
		(14,393,274	)		13,277,296
Administration Shares
Shares sold		192,681,355			73,033,218
Shares received in connection with merger		24,305,228			—
Reinvestment of distributions		1,061,208			9,895
Shares redeemed		(128,535,096	)		(64,161,895	)
		89,512,695			8,881,218
Cash Management Shares
Shares sold		103,123,351			175,919,476
Reinvestment of distributions		250,352			16,867
Shares redeemed		(128,805,176	)		(164,692,622	)
		(25,431,473	)		11,243,721
Resource Shares
Shares sold		—			—
Reinvestment of distributions		97			2
Shares redeemed		—			—
		97			2
NET INCREASE IN SHARES		4,018,499,299			(174,320,457	)

42

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Investor Tax-Exempt Money Market Fund
	For the Fiscal Year Ended November 30, 2022			For the Fiscal Year Ended November 30, 2021
Class A Shares
Shares sold		22,024,702			3,831,016
Reinvestment of distributions		106,368			1,241
Shares redeemed		(9,286,152	)		(5,859,727	)
		12,844,918			(2,027,470	)
Class C Shares
Shares sold		—			—
Reinvestment of distributions		22			2
Shares redeemed		—			(19,478	)
		22			(19,476	)
Class I Shares
Shares sold		2,624,861,370			1,722,273,833
Shares received in connection with merger		347,176,209			—
Reinvestment of distributions		1,799,284			20,281
Shares redeemed		(2,486,687,028	)		(1,524,019,337	)
		487,149,835			198,274,777
Capital Shares
Shares sold		—			—
Reinvestment of distributions		7			—
Shares redeemed		—			—
		7			—
Service Shares
Shares sold		90,279			267,289
Reinvestment of distributions		2,322			62
Shares redeemed		(103,692	)		(254,952	)
		(11,091	)		12,399
Preferred Shares
Shares sold		805,408			38,340
Reinvestment of distributions		756			17
Shares redeemed		(311,954	)		(207,295	)
		494,210			(168,938	)
Select Shares
Shares sold		—			—
Reinvestment of distributions		8			—
Shares redeemed		—			—
		8			—
Administration Shares
Shares sold		6,403,785			9,365
Shares received in connection with merger		21,589,676			—
Reinvestment of distributions		118,628			35
Shares redeemed		(8,404,275	)		—
		19,707,814			9,400
Cash Management Shares
Shares sold		33,065			—
Reinvestment of distributions		18			—
Shares redeemed		(32,501	)		—
		582			—
Premier Shares
Shares sold		—			—
Reinvestment of distributions		6			—
Shares redeemed		—			—
		6			—
Resource Shares
Shares sold		4			8,320,150
Reinvestment of distributions		4			287
Shares redeemed		(4	)		(11,159,056	)
		4			(2,838,619	)
NET INCREASE (DECREASE) IN SHARES		520,186,315			193,242,073

43

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund (two of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of November 30, 2022, the related statements of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

January 25, 2023

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

44

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

As a shareholder of Class A Shares, Class C Shares, Class I Shares, Capital Shares, Service Shares, Preferred Shares, Select Shares, Administration Shares, Cash Management Shares, Premier Shares, or Resource Shares of a Fund you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service, administration and/or shareholder administration fees (with respect to all share classes except Class I Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class I Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Resource Shares, Cash Management Shares, Class A Shares, or Class C 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 June 1, 2022 through November 30, 2022, which represents a period of 183 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 Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Investor Money Market Fund							Investor Tax-Exempt Money Market Fund
Share Class	Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/22*		Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/22*
Class A Shares
Actual	$	1,000.00	$	1,011.04		$	2.19	$	1,000.00	$	1,005.58		$	2.18
Hypothetical 5% return		1,000.00		1,023.61	+		1.47		1,000.00		1,023.80	+		1.28
Class C Shares
Actual		1,000.00		1,007.32			5.87		1,000.00		1,002.43			5.27
Hypothetical 5% return		1,000.00		1,022.86	+		2.23		1,000.00		1,023.69	+		1.39
Class I Shares
Actual		1,000.00		1,012.30			0.93		1,000.00		1,006.84			0.93
Hypothetical 5% return		1,000.00		1,024.21	+		0.87		1,000.00		1,024.37	+		0.71
Capital Shares
Actual		—		—			—		1,000.00		1,006.08			0.93
Hypothetical 5% return		—		—			—		1,000.00		1,024.37	+		0.71
Service Shares
Actual		1,000.00		1,009.77			3.45		1,000.00		1,004.32			3.43
Hypothetical 5% return		1,000.00		1,023.21	+		1.88		1,000.00		1,023.71	+		1.38
Preferred Shares
Actual		—		—			—		1,000.00		1,006.33			1.43
Hypothetical 5% return		—		—			—		1,000.00		1,024.17	+		0.91
Select Shares
Actual		—		—			—		1,000.00		1,006.68			0.93
Hypothetical 5% return		—		—			—		1,000.00		1,024.37	+		0.71
Administration Shares
Actual		1,000.00		1,011.04			2.19		1,000.00		1,005.58			2.18
Hypothetical 5% return		1,000.00		1,023.51	+		1.58		1,000.00		1,023.54	+		1.54
Cash Management Shares
Actual		1,000.00		1,008.26			4.95		1,000.00		1,003.12			4.70
Hypothetical 5% return		1,000.00		1,023.36	+		1.73		1,000.00		1,024.10	+		0.98

45

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

	Investor Money Market Fund							Investor Tax-Exempt Money Market Fund
Share Class	Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/22*		Beginning Account Value 6/1/22		Ending Account Value 11/30/22			Expenses Paid for the 6 months ended 11/30/22*
Premier Shares
Actual	$	—	$	—		$	—	$	1,000.00	$	1,005.07		$	2.71
Hypothetical 5% return		—		—			—		1,000.00		1,024.10	+		0.98
Resource Shares
Actual		1,000.00		1,009.01			4.19		1,000.00		1,003.67			2.73
Hypothetical 5% return		1,000.00		1,023.14	+		1.95		1,000.00		1,024.10	+		0.98

* 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 11/30/2022. 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			Class I Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares
Investor Money Market		0.43	%		1.17	%		0.18	%		—			0.68	%		—			—			0.43	%		0.98	%		—			0.83	%
Investor Tax-Exempt Money Market		0.43			1.05			0.18			0.18	%		0.68			0.28	%		0.18	%		0.43			0.93			0.54	%		0.54

+ 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.

46

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 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 information on general investment outlooks in the markets in which the Fund invests;

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

(d) 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;

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

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

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

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

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

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

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

(k) information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

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

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

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The 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 compiled by the Outside Data Provider as of December 31, 2021. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees considered the performance of the Funds in light of their respective investment policies and strategies. They noted that the Funds had operated in a generally challenging yield environment since 2009. The Trustees considered that yields had improved by early 2020, although they noted that yields had subsequently decreased to near zero following the market disruptions

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

related to the COVID-19 pandemic and related actions by the Federal Reserve, including two emergency interest rate cuts in March 2020. As a result, although the Investment Adviser was generally able to reduce the amount of fees waived and/or reimbursed through 2019 and early 2020, they acknowledged that the Investment Adviser had increased the amount of fees waived and/or reimbursed through late 2020 and 2021 in order to maintain competitive, non-negative yields for the Funds in the then near-zero yield environment. The Trustees considered that, since March 2022, the Federal Reserve has implemented a series of interest rate increases in response to inflationary pressures impacting the broader economy, and the Investment Adviser has subsequently been able to again reduce the amount of fees waived and/or reimbursed relative to such amounts waived and/or reimbursed through late 2020 and 2021. The Trustees acknowledged, however, that the interest rate environment remains uncertain in light of broader economic conditions, although they noted that indications from the Federal Reserve suggest further interest rate increases in the near term. The Trustees also noted the uncertainty of the future interest rate environment in the United States, including indications from the Federal Reserve that it will likely further raise interest rates in the near term due to continued inflationary pressures. The Trustees considered that, during the relevant period, the Investment Adviser had voluntarily waived fees for the Funds and reimbursed expenses for the Funds, in order to maintain competitive yields. The Trustees also considered that the Funds had maintained a stable net asset value per share. In light of these considerations, the Trustees believed that the Funds were providing investment performance within a competitive range for investors.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They noted that the Investment Adviser and Goldman Sachs & Co. LLC (“Goldman Sachs”) had reimbursed expenses for the Funds in order to maintain competitive yields. They also acknowledged the growth of the Funds in recent periods. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

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

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

The Trustees noted that the Funds do not have management fee breakpoints. They considered the asset levels in the Funds; the Funds’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. They considered a report prepared by the Outside Data Provider, which surveyed money market funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Funds under exemptive orders from the U.S. Securities and Exchange Commission permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs; and (i) reputational benefits associated with the distribution of certain Fund share classes designed to help further diversity, equity, and inclusion initiatives. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (j) 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 FUNDS — INVESTOR FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer5 Age: 73	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Dwight L. Bush Age: 65	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	MoneyLion, Inc. (an operator of a data-driven, digital financial platform)
Kathryn A. Cassidy Age: 68	Trustee	Since 2015	Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Vertical Aerospace Ltd. (an aerospace and technology company)
John G. Chou Age: 66	Trustee	Since 2022	Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021-Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Diana M. Daniels5 Age: 73	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Joaquin Delgado Age: 62	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)
Eileen H. Dowling Age: 60	Trustee	Since 2021	Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Gregory G. Weaver Age: 71	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.
Paul C. Wirth Age: 64	Trustee	Since 2022	Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley. Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 60	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018 - Present); Managing Director, Goldman Sachs (January 2000 - December 2017); Director of Institutional Fund Sales, GSAM (April 1998 - December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993 - April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	172	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of November 30, 2022.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of November 30, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

⁵  Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.

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

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Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 60	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993 - April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 45	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 54	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of November 30, 2022.

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

Goldman Sachs Trust - Investor Money Market Funds - Tax Information (Unaudited)

During the fiscal year ended November 30, 2022, 99.79% of the distributions from net investment income paid by the Investor Tax-Exempt Money Market Fund were exempt-interest dividends and as such, are not subject to U.S. federal income tax.

During the fiscal year ended November 30, 2022, 60.74% of the net investment company taxable income distributions paid by the Investor Money Market Fund were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

For the fiscal year ended November 30, 2022, the Investor Money Market Fund designates 100% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

54

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 $2.19 trillion in assets under supervision as of September 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

∎ High Quality Floating Rate 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

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁴

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁵

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ GQG Partners International Opportunities Fund

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 April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

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

* 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 Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Roy W. Templin 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 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 shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

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.

Fund holdings and allocations shown are as of November 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.

Goldman Sachs Investor Funds^SM is a service mark of Goldman Sachs & Co. LLC.

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 Intermediary or from Goldman Sachs & Co. LLC by calling (Class A Shares and Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

© 2023 Goldman Sachs. All rights reserved. 303336-OTU-1726566 IMMITEMMAR-23

ITEM 2. CODE OF ETHICS.

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

(b) Not applicable.

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

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

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

	2022		2021		Description of Services Rendered
Audit Fees:
•  PricewaterhouseCoopers LLP (“PwC”)	$	3,535,093	$	3,299,514	Financial Statement audits.
Audit-Related Fees:
•  PwC	$	438,000	$	360,908	Other attest services.
Tax Fees:
•  PwC	$	0	$	0

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

	2022		2021		Description of Services Rendered
Audit-Related Fees:
•  PwC	$	1,906,448	$	1,906,448	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates relating to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds’ Adviser.

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

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended November 30, 2022 and November 30, 2021 were $438,000 and $360,908, respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2021 and December 31, 2020 were approximately $14.4 million and $14.5 million, respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2022. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2021 and 2020 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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 incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on August 26, 2022.
(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:	January 30, 2023

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:	January 30, 2023
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	January 30, 2023

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: January 30, 2023

/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: January 30, 2023

/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 knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended November 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: January 30, 2023	January 30, 2023

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.