Goldman Sachs Trust

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

N-CSRS 1 d503931dncsrs.htm GOLDMAN SACHS TRUST Goldman Sachs Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive,

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

(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: May 31, 2023

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

LOGO

Goldman Sachs Funds Semi-Annual Report May 31, 2023 MLP Energy Infrastructure Fund

Goldman Sachs MLP Energy Infrastructure Fund


TABLE OF CONTENTS

Market Review			1

Fund Basics			3

Schedule of Investments			5

Financial Statements			6

Financial Highlights			9

Notes to Financial Statements			16

Other Information			27



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs MLP Energy Infrastructure Fund

The following are highlights both of key factors affecting energy-related equity markets and of any key changes made to the Goldman Sachs MLP Energy Infrastructure Fund (the “Fund”) during the six months ended May 31, 2023 (the “Reporting Period”). Attribution highlights are provided if the Fund materially outperformed or underperformed its benchmark during the Reporting Period. A fuller review of the markets and these changes will appear in the Fund’s annual shareholder report covering the 12 months ended November 30, 2023.

Market and Economic Review

∎	During the Reporting Period, broad-based macro uncertainty, driven by rising interest rates and investor concerns around banking sector stress, drove volatility across asset classes, including energy-related equities.

∎

Energy infrastructure master limited partnerships (“MLPs”), as measured by the Alerian MLP Index,¹produced a total return of 0.39% during the Reporting Period.

∎

The broader midstream²sector, as measured by the Alerian Midstream Energy Index³(AMNA) (which includes both energy MLPs and “C” corporations), recorded a total return of -8.23% during the same period.

∎	Energy commodities’ prices declined during the Reporting Period.

∎

The price of West Texas Intermediate crude oil fell -15.47%.

∎

Natural gas prices experienced a more significant pullback, with U.S. Henry Hub⁴prices down 67.30% and Europe’s Title Transfer Facility (“TTF”)⁵prices down 81.22% during the Reporting Period overall.

∎	In crude oil markets, global recession fears weighed on market sentiment given that economic weakness has historically led to decreased demand for crude oil.

∎

Additionally, Russian crude oil and refined products supply was better than consensus expected during the Reporting Period despite the imposition of numerous Western sanctions following Russia’s 2022 invasion of Ukraine.

∎	Natural gas prices were pressured by a historically mild winter season and adequate gas storage, particularly in Europe, to meet demand amid the warmer than expected weather.

∎

Europe’s conservation efforts also put natural gas storage levels in both Europe and the U.S. well above historical average levels.

∎

Constrained liquefied natural gas export capacity in the U.S. was exacerbated by an outage at the Freeport liquefied natural gas export terminal. This facility, which generally accounts for more than two billion cubic feet per day of capacity, came back online in early 2023 after being out of service due to a fire since early June 2022.

Source: Alerian. The Alerian MLP Index is the leading gauge of energy infrastructure 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.

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.

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 (AMNA) and on a total-return (AMNAX) basis. It is not possible to invest directly in an unmanaged index.

⁴	Henry Hub is a natural gas pipeline located in Erath, Louisiana that is the pricing point for natural gas futures contracts on the New York Mercantile Exchange.

⁵	The TTF is a virtual trading point for natural gas, located in the Netherlands, that oftentimes serves as a pricing proxy for the overall European liquid natural gas import market.

MARKET REVIEW

∎

Despite the volatility seen during the Reporting Period, the Goldman Sachs Energy and Infrastructure Team (the “Team”) maintained a positive outlook at the end of the Reporting Period on energy-related equities based on long-term commodity fundamentals and what it saw as attractive valuations, healthy corporate balance sheets and strong free cash flow generation of energy-related companies.

∎

Although the Team acknowledged that high inflation and recessionary indicators would not be positive for energy-related companies, it believed midstream businesses should benefit from having contracted cash flows with embedded inflationary escalators, which have historically supported their earnings resiliency during economic downturns.

∎

The Team also believed midstream companies and the broader energy sector were likely to benefit should the world’s perception around energy security and valuations shift and should investors consider increasing their energy exposure as it anticipates.

∎	Overall, the Team considered the midstream sector a compelling investment opportunity at the end of the Reporting Period and thought it was well positioned to benefit from the growing need for North American energy.

∎

Furthermore, the Team believed the addressing of the “energy trilemma,” which refers to the global need for reliable, sustainable and affordable energy, may well create investment opportunities across the broad energy sector for decades to come.

Fund Changes and Highlights

∎	During the Reporting Period, the Fund underperformed its benchmark, the Alerian MLP Index. The Alerian MLP Index is a leading measure of energy infrastructure MLPs.

∎	Most of the underperformance was driven by the Fund’s investments in energy infrastructure “C” corporations, which are not held by the Alerian MLP Index.

∎

Although the Fund was helped by its holdings of energy MLPs, it was hurt by its exposure to out-of-benchmark energy infrastructure “C” corporations, as energy MLPs outperformed energy infrastructure “C” corporations during the Reporting Period.

∎

In the Team’s view, the outperformance of energy MLPs during the Reporting Period was driven in part by what the Team calls a “catch up” trade. Energy infrastructure “C” corporations significantly outpaced energy MLPs in the quarters following the COVID-19 outbreak; many energy infrastructure “C” corporations tend to be bigger companies than energy MLPs, with comparatively larger investor bases, and the Team believes investors may have found them more attractive investments during the pandemic. Additionally, energy MLPs benefited during the Reporting Period by increased mergers and acquisitions activity in which a number of energy MLPs were acquired at a premium.

∎	On the positive side, the Fund benefited from its investment in Magellan Midstream Partners, L.P. (MMP), which is primarily involved in the storage, transportation and distribution of refined petroleum products.

∎

Shares of MMP rose during the Reporting Period on news the company would be acquired by ONEOK, Inc. (OKE), a leading midstream service provider that owns one of the nation’s premier natural gas liquids systems, in a stock plus cash transaction of an approximately 22% premium over MMP’s closing stock price on May 12, 2023.

∎

Effective January 11, 2023, Ganesh V. Jois no longer served as a portfolio manager for the Fund. As of the same date, Christopher A. Schiesser began serving as a portfolio manager for the Fund, joining Kyri Loupis and Matthew Cooper. Mr. Schiesser joined Goldman Sachs Asset Management in 2015. Kyri Loupis, Managing Director, has been a portfolio manager of the Fund since 2013. Mr. Cooper has also been a portfolio manager of the Fund since 2014.

FUND BASICS

Goldman Sachs MLP Energy Infrastructure Fund

as of May 31, 2023

PERFORMANCE REVIEW


	Fund Total
	Return	Alerian MLP Index
December 1, 2022–May 31, 2023	(based on NAV)¹	(Total Return, Unhedged, USD)²

Class A	-5.23%	0.39%
Class C	-5.57	0.39
Institutional	-5.09	0.39
Investor	-5.15	0.39
Class R6	-5.08	0.39
Class R	-5.37	0.39
Class P	-5.06	0.39

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

The Alerian MLP Index (Total Return, Unhedged, USD) is a composite of the 39 most prominent energy master limited partnerships calculated by S&P Global Ratings 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.

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

TOP TEN HOLDINGS AS OF 5/31/23^‡



Holding	% of Net Assets	Line of Business

Energy Transfer LP	12.4%	Pipeline Transportation \| Natural Gas
MPLX LP	9.8	Gathering + Processing
Plains All American Pipeline LP	8.8	Pipeline Transportation \| Petroleum
Western Midstream Partners LP	8.6	Gathering + Processing
Enterprise Products Partners LP	8.3	Pipeline Transportation \| Natural Gas
Magellan Midstream Partners LP	7.4	Pipeline Transportation \| Petroleum
DCP Midstream LP	5.1	Gathering + Processing
Targa Resources Corp.	5.0	Gathering + Processing
EnLink Midstream LLC	5.0	Gathering + Processing
Cheniere Energy, Inc.	4.9	Other \| Liquefaction

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

FUND BASICS

LOGO

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. Underlying sector allocations of exchange traded funds and investment companies held by the fund are not reflected in the graph above. 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.

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Schedule of Investments

May 31, 2023 (Unaudited)



Shares	Description	Value

Common Stocks – 102.1%

Gathering + Processing – 42.9%
2,080,605	Crestwood Equity Partners LP	$	53,388,324
1,738,117	DCP Midstream LP		72,288,286
7,145,250	EnLink Midstream LLC*		69,737,640
509,723	Hess Midstream LP Class A		14,216,175
4,148,570	MPLX LP		138,313,324
641,268	ONEOK, Inc.		36,334,245
1,034,364	Targa Resources Corp.		70,388,470
983,746	The Williams Cos., Inc.		28,194,160
4,810,529	Western Midstream Partners LP		121,417,752

			604,278,376


Marketing \| Retail – 0.5%
471,304	Suburban Propane Partners LP		7,196,812


Marketing \| Wholesale – 3.3%
1,061,286	Sunoco LP		45,624,685


*Oil & Gas Refining & Marketing – 0.4%**
777,708	Clean Energy Fuels Corp.		3,126,386
537,100	Tidewater Renewables Ltd.		2,789,359

			5,915,745


Other – 0.5%
426,636	Atlas Energy Solutions, Inc. Class A		6,664,054


Other \| Liquefaction – 5.9%
309,199	Cheniere Energy Partners LP		13,743,896
493,916	Cheniere Energy, Inc.		69,034,639

			82,778,535


Pipeline Transportation \| Natural Gas – 24.9%
1,053,630	DT Midstream, Inc.		47,898,020
14,091,650	Energy Transfer LP		174,736,460
4,641,901	Enterprise Products Partners LP		117,579,352
1,256,946	Equitrans Midstream Corp.		10,721,750

			350,935,582


Pipeline Transportation \| Petroleum – 22.0%
549,915	Enbridge, Inc.		19,357,008
1,107,088	Genesis Energy LP		10,683,399
989,711	Holly Energy Partners LP		16,993,338
1,727,971	Magellan Midstream Partners LP		104,041,134
1,689,619	NuStar Energy LP		27,591,478



Shares	Description	Value

Common Stocks – (continued)

Pipeline Transportation \| Petroleum – (continued)
226,682	Pembina Pipeline Corp.	$	6,861,664
9,611,403	Plains All American Pipeline LP		124,179,327

			309,707,348


Production + Mining \| Hydrocarbon – 1.7%
73,100	ConocoPhillips		7,258,830
63,571	EOG Resources, Inc.		6,820,533
470,615	Marathon Oil Corp.		10,428,828

			24,508,191


TOTAL COMMON STOCKS (Cost $1,453,092,881)		$	1,437,609,328



Exchange Traded Funds – 0.3%

96,842	Alerian MLP ETF	$	3,632,582
(Cost $3,632,582)


Shares	Dividend Rate	Value

Investment Company^(a)– 0.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares
6,523,875	5.003%	$	6,523,875

(Cost $6,523,875)


TOTAL INVESTMENTS – 102.9% (Cost $1,463,249,338)		$	1,447,765,785


LIABILITIES IN EXCESS OF OTHER ASSETS – (2.9)%			(40,330,264	)


NET ASSETS – 100.0%		$	1,407,435,521

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. * Non-income producing security. (a) Represents an affiliated Issuer.



		ADDITIONAL INVESTMENT INFORMATION
		Investment Abbreviations: ETF —Exchange Traded Fund LLC —Limited Liability Company LP —Limited Partnership MLP —MasterLimited Partnership


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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Statement of Assets and Liabilities

May 31, 2023 (Unaudited)



Assets:

Investments in unaffiliated issuers, at value (cost $1,456,725,463)	$	1,441,241,910
Investments in affiliated issuers, at value (cost $6,523,875)		6,523,875
Receivables:
Investments sold		7,182,683
Fund shares sold		447,247
Dividends		407,481
Prepaid federal and state income taxes		7,569,167
Prepaid state and local franchise taxes		54,355
Other assets		93,182


Total assets		1,463,519,900



Liabilities:

Due to custodian (overdraft)		533,643
Payables:
Investments purchased		12,107,692
Fund shares redeemed		1,411,886
Management fees		1,186,080
Distribution and Service fees and Transfer Agency fees		76,228
Deferred taxes, net		40,344,765
Accrued expenses and other liabilities		424,085


Total liabilities		56,084,379



Net Assets:

Paid-in capital		2,426,150,367
Total distributable earnings (loss)		(1,018,714,846	)


NET ASSETS	$	1,407,435,521

Net Assets:
Class A	$	49,943,930
Class C		15,920,095
Institutional		179,732,265
Investor		44,844,400
Class R6		104,194,745
Class R		864,135
Class P		1,011,935,951
Total Net Assets	$	1,407,435,521

Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,897,168
Class C		676,430
Institutional		6,451,290
Investor		1,640,694
Class R6		3,734,189
Class R		34,051
Class P		36,156,723

Net asset value, offering and redemption price per share:^(a)
Class A		$26.33
Class C		23.54
Institutional		27.86
Investor		27.33
Class R6		27.90
Class R		25.38
Class P		27.99

(a)

Maximum public offering price per share for Class A Shares is $27.86. 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.


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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Statement of Operations

For the Six Months Ended May 31, 2023 (Unaudited)



Investment Income:

Dividends — unaffiliated issuers (net of tax withholding of $ 224,879)	$	50,131,796
Dividends — affiliated issuers		78,818
Less: Return of Capital on Dividends		(42,385,993)


Total investment income		7,824,621



Expenses:

Management fees		7,034,823
Transfer Agency fees^(a)		305,754
Professional fees		183,487
Distribution and Service (12b-1) fees^(a)		136,054
Custody, accounting and administrative services		80,239
Printing and mailing costs		65,739
Registration fees		52,826
Service fees — Class C		22,702
Trustee fees		14,469
Other		25,576


Total operating expenses, before taxes		7,921,669


Less — expense reductions		(3,153)


Net operating expenses, before taxes		7,918,516


NET INVESTMENT LOSS, BEFORE TAXES		(93,895)


Current and deferred tax expense		(30,718)


NET INVESTMENT LOSS, NET OF TAXES		(124,613)



Realized and unrealized gain (loss):

Net realized gain (loss) from:
Investments — unaffiliated issuers		43,019,294
Foreign currency transactions		(7,799)
Current and deferred tax benefit		12,058,541
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(102,762,995)
Foreign currency translation		5,503
Current and deferred tax expense		(28,798,184)


Net realized and unrealized loss, net of taxes		(76,485,640)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(76,610,253)

(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
$65,816	$68,107	$2,131	$42,122	$14,528	$38,308	$39,042	$16,217	$682	$154,855


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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Statements of Changes in Net Assets


	For the Six Months Ended May 31, 2023 (Unaudited)				For the Fiscal Year Ended November 30, 2022

From operations:

Net investment income (loss), net of taxes		$	(124,613	)		$	1,154,201
Net realized gain, net of taxes			55,070,036				145,551,867
Net change in unrealized gain (loss), net of taxes			(131,555,676	)			262,607,587


Net increase (decrease) in net assets resulting from operations			(76,610,253	)			409,313,655



Distributions to shareholders:

From distributable earnings:
Class A Shares			(1,963,366	)			(3,048,201)
Class C Shares			(735,047	)			(1,670,031)
Institutional Shares			(6,794,520	)			(11,206,812)
Investor Shares			(1,715,647	)			(2,978,411)
Class R6 Shares			(3,804,572	)			(8,446,190)
Class R Shares			(33,224	)			(51,446)
Class P Shares			(36,955,521	)			(56,334,989)


Total distributions to shareholders			(52,001,897	)			(83,736,080)



From share transactions:

Proceeds from sales of shares			101,505,438				300,530,192
Reinvestment of distributions			50,889,585				81,724,586
Cost of shares redeemed			(129,706,822	)			(372,596,029)


Net increase in net assets resulting from share transactions			22,688,201				9,658,749


TOTAL INCREASE (DECREASE)			(105,923,949	)			335,236,324



Net assets:

Beginning of period			1,513,359,470				1,178,123,146


End of period		$	1,407,435,521			$	1,513,359,470


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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs MLP Energy Infrastructure Fund
	Class A Shares
	Six Months Ended May 31, 2023 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2023 (Unaudited)				2022				2021				2020				2019				2018

Per Share Data*

Net asset value, beginning of period		$	28.86			$	22.75			$	17.15			$	26.10			$	31.90			$	34.00

Net investment loss^(a)			(0.04	)			(0.07	)			(0.13	)^(b)			(0.15	)			(0.30	)			(0.10	)

Net realized and unrealized gain (loss)			(1.44	)			7.88				7.23				(7.86	)			(3.00	)			0.35

Total from investment operations			(1.48	)			7.81				7.10				(8.01	)			(3.30	)			0.25

Distributions to shareholders from net investment income			(1.05	)			(1.70	)			(1.50	)			—				(0.15	)			(0.80	)

Distributions to shareholders from return of capital			—				—				—				(0.94	)			(2.35	)			(1.55	)

Total distributions			(1.05	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)			(2.35	)

Net asset value, end of period		$	26.33			$	28.86			$	22.75			$	17.15			$	26.10			$	31.90

Total return^(c)			(5.23	)%			34.91	%			41.88	%			(27.83	)%			(11.06	)%			0.23	%

Net assets, end of period (in 000s)		$	49,944			$	53,751			$	39,835			$	34,024			$	60,112			$	95,120

Ratio of net expenses to average net assets after tax expense^(d)			2.57	%^(e)			2.59	%			0.42	%			2.61	%			1.67	%			1.67	%

Ratio of total expenses to average net assets after tax expense^(d)			2.57	%^(e)			2.59	%			0.43	%			2.64	%			1.67	%			1.67	%

Ratio of net expenses to average net assets before tax expense			1.44	%^(e)			1.45	%			1.45	%			1.49	%			1.44	%			1.40	%^(e)

Ratio of net investment loss to average net assets^(f)			(0.32	)%^(e)			(0.26	)%			(0.60	)%			(0.81	)%			(1.02	)%			(0.34	)%

Portfolio turnover rate^(g)			48	%			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 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)

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)

Annualized with the exception of tax expenses.

(f)

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

(g)

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


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

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 C Shares
	Six Months Ended May 31, 2023 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2023 (Unaudited)				2022				2021				2020				2019				2018

Per Share Data*

Net asset value, beginning of period		$	26.01			$	20.79			$	15.88			$	24.55			$	30.35			$	32.70

Net investment loss^(a)			(0.11	)			(0.24	)			(0.27	)^(b)			(0.29	)			(0.50	)			(0.35	)

Net realized and unrealized gain (loss)			(1.31	)			7.16				6.68				(7.44	)			(2.80	)			0.35

Total from investment operations			(1.42	)			6.92				6.41				(7.73	)			(3.30	)			—

Distributions to shareholders from net investment income			(1.05	)			(1.70	)			(1.50	)			—				(0.15	)			(0.80	)

Distributions to shareholders from return of capital			—				—				—				(0.94	)			(2.35	)			(1.55	)

Total distributions			(1.05	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)			(2.35	)

Net asset value, end of period		$	23.54			$	26.01			$	20.79			$	15.88			$	24.55			$	30.35

Total return^(c)			(5.57	)%			33.89	%			40.85	%			(28.47	)%			(11.64	)%			(0.38	)%

Net assets, end of period (in 000s)		$	15,920			$	22,030			$	25,647			$	24,897			$	58,044			$	92,201

Ratio of net expenses to average net assets after tax expense^(d)			3.23	%^(e)			3.34	%			1.16	%			3.37	%			2.42	%			2.44	%

Ratio of total expenses to average net assets after tax expense^(d)			3.23	%^(e)			3.34	%			1.18	%			3.39	%			2.42	%			2.44	%

Ratio of net expenses to average net assets before tax expense			2.19	%^(e)			2.20	%			2.20	%			2.24	%			2.19	%			2.15	%^(e)

Ratio of net investment loss to average net assets^(f)			(0.88	)%^(e)			(1.00	)%			(1.35	)%			(1.63	)%			(1.77	)%			(1.06	)%

Portfolio turnover rate^(g)			48	%			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)

(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)

Annualized with the exception of tax expenses.

(f)

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

(g)


10		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 Period


	Goldman Sachs MLP Energy Infrastructure Fund
	Institutional Shares
	Six Months Ended May 31, 2023 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2023 (Unaudited)				2022				2021				2020				2019				2018

Per Share Data*

Net asset value, beginning of period		$	30.43			$	23.82			$	17.84			$	26.95			$	32.75			$	34.75

Net investment income (loss)^(a)			0.01				0.03				(0.05	)^(b)			(0.11	)			(0.20	)			0.10

Net realized and unrealized gain (loss)			(1.53	)			8.28				7.53				(8.06	)			(3.10	)			0.25

Total from investment operations			(1.52	)			8.31				7.48				(8.17	)			(3.30	)			0.35

Distributions to shareholders from net investment income			(1.05	)			(1.70	)			(1.50	)			—				(0.15	)			(0.80	)

Distributions to shareholders from return of capital			—				—				—				(0.94	)			(2.35	)			(1.55	)

Total distributions			(1.05	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)			(2.35	)

Net asset value, end of period		$	27.86			$	30.43			$	23.82			$	17.84			$	26.95			$	32.75

Total return^(c)			(5.09	)%			35.45	%			42.40	%			(27.54	)%			(10.77	)%			0.67	%

Net assets, end of period (in 000s)		$	179,732			$	198,807			$	160,785			$	182,236			$	502,633			$	651,132

Ratio of net expenses to average net assets after tax expense^(d)			2.18	%^(e)			2.22	%			0.05	%			2.22	%			1.28	%			1.43	%

Ratio of total expenses to average net assets after tax expense^(d)			2.18	%^(e)			2.22	%			0.06	%			2.25	%			1.28	%			1.43	%

Ratio of net expenses to average net assets before tax expense			1.07	%^(e)			1.08	%			1.09	%			1.10	%			1.05	%			1.01	%^(e)

Ratio of net investment income (loss) to average net assets^(f)			0.08	%^(e)			0.12	%			(0.21	)%			(0.56	)%			(0.61	)%			0.34	%

Portfolio turnover rate^(g)			48	%			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)

(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)

Annualized with the exception of tax expenses.

(f)

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

(g)


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

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
	Investor Shares
	Six Months Ended May 31, 2023 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2023 (Unaudited)				2022				2021				2020				2019				2018

Per Share Data*

Net asset value, beginning of period		$	29.89			$	23.45			$	17.60			$	26.65			$	32.50			$	34.50

Net investment loss^(a)			—	^(b)			—	^(b)			(0.08	)^(c)			(0.15	)			(0.25	)			(0.05	)

Net realized and unrealized gain (loss)			(1.51	)			8.14				7.43				(7.96	)			(3.10	)			0.40

Total from investment operations			(1.51	)			8.14				7.35				(8.11	)			(3.35	)			0.35

Distributions to shareholders from net investment income			(1.05	)			(1.70	)			(1.50	)			—				(0.15	)			(0.80	)

Distributions to shareholders from return of capital			—				—				—				(0.94	)			(2.35	)			(1.55	)

Total distributions			(1.05	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)			(2.35	)

Net asset value, end of period		$	27.33			$	29.89			$	23.45			$	17.60			$	26.65			$	32.50

Total return^(d)			(5.15	)%			35.28	%			42.23	%			(27.63	)%			(11.01	)%			0.68	%

Net assets, end of period (in 000s)		$	44,844			$	59,725			$	40,346			$	32,396			$	98,506			$	142,664

Ratio of net expenses to average net assets after tax expense^(e)			2.28	%^(f)			2.34	%			0.17	%			2.36	%			1.42	%			1.43	%

Ratio of total expenses to average net assets after tax expense^(e)			2.28	%^(f)			2.34	%			0.18	%			2.38	%			1.42	%			1.43	%

Ratio of net expenses to average net assets before tax expense			1.19	%^(f)			1.20	%			1.20	%			1.23	%			1.19	%			1.15	%^(f)

Ratio of net investment income (loss) to average net assets^(g)			0.02	%^(f)			(0.01	)%			(0.36	)%			(0.73	)%			(0.77	)%			(0.07	)%

Portfolio turnover rate^(h)			48	%			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)

Less than $0.005 per share.

(c)

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

(d)

(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)


12		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 Period


	Goldman Sachs MLP Energy Infrastructure Fund
	Class R6 Shares
	Six Months Ended May 31, 2023 (Unaudited)				Year Ended November 30,																Period Ended November 30, 2018^(a)
	Six Months Ended May 31, 2023 (Unaudited)				2022				2021				2020				2019				Period Ended November 30, 2018^(a)

Per Share Data*

Net asset value, beginning of period		$	30.47			$	23.85			$	17.86			$	27.00			$	32.75			$	32.15

Net investment income (loss)^(b)			0.01				0.04				(0.04	)^(c)			(0.05	)			(0.20	)			(0.10	)

Net realized and unrealized gain (loss)			(1.53	)			8.28				7.53				(8.15	)			(3.05	)			2.50

Total from investment operations			(1.52	)			8.32				7.49				(8.20	)			(3.25	)			2.40

Distributions to shareholders from net investment income			(1.05	)			(1.70	)			(1.50	)			—				(0.15	)			(0.65	)

Distributions to shareholders from return of capital			—				—				—				(0.94	)			(2.35	)			(1.15	)

Total distributions			(1.05	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)			(1.80	)

Net asset value, end of period		$	27.90			$	30.47			$	23.85			$	17.86			$	27.00			$	32.75

Total return^(d)			(5.08	)%			35.45	%			42.41	%			(27.60	)%			(10.60	)%			7.15	%

Net assets, end of period (in 000s)		$	104,195			$	126,621			$	138,288			$	181,968			$	165,252			$	205,470

Ratio of net expenses to average net assets after tax expense^(e)			2.20	%^(f)			2.21	%			0.04	%			2.23	%			1.26	%			1.11	%^(f)

Ratio of total expenses to average net assets after tax expense^(e)			2.20	%^(f)			2.21	%			0.05	%			2.26	%			1.26	%			1.11	%

Ratio of net expenses to average net assets before tax expense			1.06	%^(f)			1.07	%			1.08	%			1.11	%			1.04	%			1.00	%^(f)

Ratio of net investment income (loss) to average net assets^(g)			0.05	%^(f)			0.13	%			(0.17	)%			(0.29	)%			(0.66	)%			(0.46	)%^(f)

Portfolio turnover rate^(h)			48	%			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)

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

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 R Shares
	Six Months Ended May 31, 2023 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2023 (Unaudited)				2022				2021				2020				2019				2018

Per Share Data*

Net asset value beginning of period		$	27.90			$	22.09			$	16.72			$	25.60			$	31.40			$	33.55

Net investment loss^(a)			(0.10	)			(0.13	)			(0.18	)^(b)			(0.17	)			(0.40	)			(0.20	)

Net realized and unrealized gain (loss)			(1.37	)			7.64				7.05				(7.77	)			(2.90	)			0.40

Total from investment operations			(1.47	)			7.51				6.87				(7.94	)			(3.30	)			0.20

Distributions to shareholders from net investment income			(1.05	)			(1.70	)			(1.50	)			—				(0.15	)			(0.80	)

Distributions to shareholders from return of capital			—				—				—				(0.94	)			(2.35	)			(1.55	)

Total distributions			(1.05	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)			(2.35	)

Net asset value, end of period		$	25.38			$	27.90			$	22.09			$	16.72			$	25.60			$	31.40

Total return^(c)			(5.37	)%			34.59	%			41.57	%			(28.11	)%			(11.24	)%			0.24	%

Net assets, end of period (in 000s)		$	864			$	843			$	731			$	796			$	1,012			$	2,254

Ratio of net expenses to average net assets after tax expense^(d)			2.90	%^(e)			2.84	%			0.66	%			2.87	%			1.92	%			1.93	%

Ratio of total expenses to average net assets after tax expense^(d)			2.90	%^(e)			2.85	%			0.67	%			2.90	%			1.92	%			1.93	%

Ratio of net expenses to average net assets before tax expense			1.69	%^(e)			1.70	%			1.70	%			1.74	%			1.69	%			1.65	%^(e)

Ratio of net investment loss to average net assets^(f)			(0.73	)%^(e)			(0.50	)%			(0.85	)%			(0.94	)%			(1.31	)%			(0.59	)%

Portfolio turnover rate^(g)			48	%			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)

(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)

Annualized with the exception of tax expenses.

(f)

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

(g)


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 Period


	Goldman Sachs MLP Energy Infrastructure Fund
	Class P Shares
	Six Months Ended May 31, 2023 (Unaudited)				Year Ended November 30,																Period Ended November 30, 2018^(a)
	Six Months Ended May 31, 2023 (Unaudited)				2022				2021				2020				2019				Period Ended November 30, 2018^(a)

Per Share Data*

Net asset value, beginning of period		$	30.56			$	23.92			$	17.91			$	27.05			$	32.85			$	34.80

Net investment income (loss)^(b)			—	^(c)			0.03				(0.05	)^(d)			(0.08	)			(0.20	)			(0.15	)

Net realized and unrealized gain (loss)			(1.52	)			8.31				7.56				(8.12	)			(3.10	)			—	^(c)

Total from investment operations			(1.52	)			8.34				7.51				(8.20	)			(3.30	)			(0.15	)

Distributions to shareholders from net investment income			(1.05	)			(1.70	)			(1.50	)			—				(0.15	)			(0.65	)

Distributions to shareholders from return of capital			—				—				—				(0.94	)			(2.35	)			(1.15	)

Total distributions			(1.05	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)			(1.80	)

Net asset value, end of period		$	27.99			$	30.56			$	23.92			$	17.91			$	27.05			$	32.85

Total return^(e)			(5.06	)%			35.43	%			42.40	%			(27.55	)%			(10.73	)%			(0.72	)%

Net assets, end of period (in 000s)		$	1,011,936			$	1,051,583			$	772,491			$	526,900			$	843,448			$	1,073,157

Ratio of net expenses to average net assets after tax expense^(f)			2.23	%^(g)			2.21	%			0.04	%			2.23	%			1.27	%			1.05	%^(g)

Ratio of total expenses to average net assets after tax expense^(f)			2.23	%^(g)			2.21	%			0.05	%			2.26	%			1.27	%			1.05	%^(g)

Ratio of net expenses to average net assets before tax expense			1.06	%^(g)			1.07	%			1.08	%			1.10	%			1.04	%			1.00	%^(g)

Ratio of net investment income (loss) to average net assets^(h)			(0.01	)%^(g)			0.12	%			(0.23	)%			(0.38	)%			(0.61	)%			(0.68	)%^(g)

Portfolio turnover rate⁽ⁱ⁾			48	%			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 16, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Less than $0.005 per share.

(d)

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

(e)

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements

May 31, 2023 (Unaudited)

1. ORGANIZATION

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


16

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

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


		17

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

` 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 Valuation Procedures approved


18

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of May 31, 2023:


Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock^(a)

North America	$	1,437,609,328	$	—	$	—

Exchange Traded Funds		3,632,582		—		—

Investment Company		6,523,875		—		—



Total	$	1,447,765,785	$	—	$	—

^(a)

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


		19

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

4. TAXATION

Total income taxes are computed by applying the federal statutory rate plus a blended state income tax rate. During the six months ended May 31, 2023, the Fund reevaluated its blended state income tax rate, increasing the rate from 1.17% to 1.54% 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	$	(12,566,377	)	21.00	%

State income taxes, net of federal benefit		(921,534	)	1.54	%

Change in estimated deferred tax rate		(533,269	)	0.89	%

Effect of permanent differences		(6,541,611	)	10.93	%

Change in Valuation Allowance		37,333,152		(62.39	)%

Total current and deferred income tax expense/(benefit), net	$	16,770,361		(28.03	)%

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 May 31, 2023, components of the Fund’s deferred tax assets and liabilities were as follows:





Deferred tax assets:

Federal net operating loss carryforward — see table below for expiration	$	5,912,575

State net operating loss carryforward		665,992

Capital loss carryforward (tax basis)		117,984,407

Other tax assets		429,089

Valuation Allowance		(101,643,980	)


Total Deferred Tax Assets	$	23,348,083



Deferred tax liabilities:

Book vs tax partnership income to be recognized	$	(43,193,654	)

Net unrealized gain on investment securities (tax basis)		(20,499,194	)



Total Deferred Tax Liabilities	$	(63,692,848	)



Net Deferred Tax Asset/(Liability)	$	(40,344,765	)

At May 31, 2023, the Fund had net operating loss carryforwards, subject to expiration and limitation based on the fiscal year generated, as follows:



For Fiscal Year Ended:	Amount		Expiration



November 30, 2023	$	28,155,119		Indefinite

At May 31, 2023, 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	$	523,444,575		November 30, 2025

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 $101,643,980 of valuation allowances as of May 31, 2023.


20

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

4. TAXATION (continued)

For the six months ended May 31, 2023, components of the Fund’s current and deferred tax expense/(benefit) are as follows:



	Current			Deferred			Total



Federal	$	—		$	(17,864,316	)	$	(17,864,316	)

State		(260,845	)		(2,437,630	)		(2,698,475	)

Valuation Allowances		—			37,333,152			37,333,152



Total	$	(260,845	)	$	17,031,206		$	16,770,361

For the six months ended May 31, 2023, the Fund does not have any interest or penalties associated with the underpayment of any income taxes. At May 31, 2023, gross unrealized appreciation and depreciation of investments, based on cost, for federal income tax purposes was as follows:



Tax Cost	$	1,164,790,150

Gross unrealized gain		368,125,069

Gross unrealized loss		(85,149,434	)

Net unrealized gain	$	282,975,635

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 six months ended May 31, 2023, 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 2024. 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.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended May 31, 2023, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate

Effective Net

First

Next

Over

Management

$1 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.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Fund invests. For the six months ended May 31, 2023, GSAM waived $2,753 of the Fund’s management fee.


		21

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 six months ended May 31, 2023, Goldman Sachs advised that it retained $644 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 its customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Fund.

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

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, 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 29, 2024, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above. For the six months ended May 31, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:



Management Fee Waiver	Transfer Agency Waivers/Credits	Total Expense Reductions



$2,753	$400	$3,153


22

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G. Other Transactions with Affiliates — For the for the six months ended May 31, 2023, Goldman Sachs earned $106,498, in brokerage commissions from portfolio transactions on behalf of the Fund, respectively.

The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares as of and for the six months ended May 31, 2023:



Underlying Fund	Beginning Value as of November 30, 2022	Purchases at Cost	Proceeds from Sales	Ending Value as of May 31, 2023	Shares as of May 31, 2023	Dividend Income

Goldman Sachs Financial Square Government Fund — Institutional Shares	$3,558,907	$65,398,599	$(62,433,631)	$6,523,875	6,523,875	$78,818

H. Line of Credit Facility — As of May 31, 2023, the Fund participated in a $1,110,000,000 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 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 the six months ended May 31, 2023, the Fund did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended May 31, 2023, were $746,397,901 and $703,171,684, respectively.

7. OTHER RISKS

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

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.


		23

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

7. OTHER RISKS (continued)

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

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


24

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

7. OTHER RISKS (continued)

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.

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, 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.

8. INDEMNIFICATIONS

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


		25

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)



		9. SUBSEQUENT EVENTS

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



		10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	MLP Energy Infrastructure Fund

	For the Six Months Ended May 31, 2023 (Unaudited)						For the Fiscal Year Ended November 30, 2022


	Shares			Dollars			Shares			Dollars


Class A Shares

Shares sold		185,901		$	5,038,907			398,847		$	10,508,094

Reinvestment of distributions		71,918			1,955,154			110,439			3,033,180

Shares redeemed		(222,884	)		(6,141,466	)		(398,128	)		(10,319,865	)


		34,935			852,595			111,158			3,221,409


Class C Shares

Shares sold		6,144			155,417			48,786			1,141,175

Reinvestment of distributions		29,997			731,624			67,143			1,663,931

Shares redeemed		(206,556	)		(5,037,781	)		(502,775	)		(11,924,283	)


		(170,415	)		(4,150,740	)		(386,846	)		(9,119,177	)


Institutional Shares
Shares sold		594,808			17,463,352			1,288,314			35,457,463
Reinvestment of distributions		198,135			5,696,517			319,510			9,220,163
Shares redeemed		(875,473	)		(25,217,529	)		(1,823,526	)		(49,633,700	)


		(82,530	)		(2,057,660	)		(215,702	)		(4,956,074	)


Investor Shares

Shares sold		72,160			2,073,665			660,473			18,694,219

Reinvestment of distributions		60,718			1,712,973			104,700			2,974,687

Shares redeemed		(490,345	)		(14,018,860	)		(487,336	)		(13,481,551	)


		(357,467	)		(10,232,222	)		277,837			8,187,355


Class R6 Shares

Shares sold		—			—			1,096,730			30,382,311

Reinvestment of distributions		132,189			3,804,572			293,609			8,446,190

Shares redeemed		(553,430	)		(16,322,185	)		(3,032,726	)		(86,020,294	)


		(421,241	)		(12,517,613	)		(1,642,387	)		(47,191,793	)


Class R Shares

Shares sold		5,280			141,679			7,779			194,292

Reinvestment of distributions		1,269			33,224			1,939			51,446

Shares redeemed		(2,711	)		(72,633	)		(12,581	)		(329,788	)


		3,838			102,270			(2,863	)		(84,050	)


Class P Shares

Shares sold		2,621,394			76,632,418			7,373,284			204,152,638

Reinvestment of distributions		1,280,538			36,955,521			1,942,721			56,334,989

Shares redeemed		(2,155,243	)		(62,896,368	)		(7,204,349	)		(200,886,548	)


		1,746,689			50,691,571			2,111,656			59,601,079


NET INCREASE		753,809		$	22,688,201			252,853		$	9,658,749


26

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Fund Expenses — Six Month Period Ended May 31, 2023 (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 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 December 01, 2022 through May 31, 2023, which represents a period of 182 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 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*
Class A
Actual	$	1,000.00	$	947.70			$6.98
Hypothetical 5% return		1,000.00		1,017.80	⁺		7.23
Class C
Actual		1,000.00		944.30			10.60
Hypothetical 5% return		1,000.00		1,014.00	⁺		10.98
Institutional
Actual		1,000.00		949.10			5.18
Hypothetical 5% return		1,000.00		1,019.60	⁺		5.37
Investor
Actual		1,000.00		948.50			5.76
Hypothetical 5% return		1,000.00		1,019.00	⁺		5.97
Class R6
Actual		1,000.00		949.20			5.13
Hypothetical 5% return		1,000.00		1,019.70	⁺		5.32
Class R
Actual		1,000.00		946.30			8.18
Hypothetical 5% return		1,000.00		1,016.50	⁺		8.48
Class P
Actual		1,000.00		949.40			5.13
Hypothetical 5% return		1,000.00		1,019.70	⁺		5.32

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 May 31, 2023. 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 expenses ratios and an assumed rate of return of 5% per year before expenses.

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

Liquidity Risk Management Program (Unaudited)

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

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

At a meeting of the Board of Trustees on February 14-15, 2023, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the impact of local holidays in non-U.S. jurisdictions; and (4) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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


28

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 $2.41 trillion in assets under supervision as of March 31, 2023, 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 Fund

∎	Strategic Growth Fund

∎	Small/Mid Cap Growth Fund

∎	Flexible Cap Fund

∎	Concentrated Growth Fund

∎	Technology Opportunities Fund

∎	Mid Cap Growth Fund

∎	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

∎	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

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.

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.

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.

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.

LOGO

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 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 our website 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 Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities 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 Fund will file its portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Fund holdings and allocations shown are as of May 31, 2023 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 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. “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 Prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). © 2023 Goldman Sachs. All rights reserved. 326944-OTU-1836034 MLPEISAR-23

LOGO

Goldman Sachs Funds Semi-Annual Report May 31, 2023 Energy Funds Clean Energy Income Fund Energy Infrastructure Fund

Goldman Sachs Energy Funds

∎

CLEAN ENERGY INCOME FUND

∎

ENERGY INFRASTRUCTURE FUND

TABLE OF CONTENTS


Market Review			1

Fund Basics			4

Schedules of Investments			8

Financial Statements			12

Financial Highlights			15

Clean Energy Income Fund			15

Energy Infrastructure Fund			22

Notes to Financial Statements			29



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Energy Funds

The following are highlights both of key factors affecting the energy-related equity markets and of any key changes made to the Goldman Sachs Energy Funds (the “Funds”) during the six months ended May 31, 2023 (the “Reporting Period”). A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended November 30, 2023.

Market and Economic Review

∎	During the Reporting Period, broad-based macro uncertainty, driven by rising interest rates and investor concerns around banking sector stress, drove volatility across asset classes, including energy-related equities.

∎

Energy infrastructure master limited partnerships (“MLPs”), as measured by the Alerian MLP Index,¹ produced a total return of 0.39% during the Reporting Period.

∎

The broader midstream² sector, as measured by the Alerian Midstream Energy Index³ (AMNA) (which includes both energy MLPs and “C” corporations), recorded a total return of -8.23% during the same period.

∎	Energy commodities’ prices declined during the Reporting Period.

∎

The price of West Texas Intermediate crude oil fell -15.47%.

∎

Natural gas prices experienced a more significant pullback, with U.S. Henry Hub⁴ prices down 67.30% and Europe’s Title Transfer Facility (“TTF”)⁵ prices down 81.22% during the Reporting Period overall.

∎	In crude oil markets, global recession fears weighed on market sentiment given that economic weakness has historically led to decreased demand for crude oil.

∎

∎	Natural gas prices were pressured by a historically mild winter season and adequate gas storage, particularly in Europe, to meet demand amid the warmer than expected weather.

∎

Europe’s conservation efforts also put natural gas storage levels in both Europe and the U.S. well above historical average levels.

∎

⁴	Henry Hub is a natural gas pipeline located in Erath, Louisiana that is the pricing point for natural gas futures contracts on the New York Mercantile Exchange.

⁵	The TTF is a virtual trading point for natural gas, located in the Netherlands, that oftentimes serves as a pricing proxy for the overall European liquid natural gas import market.


		1

MARKET REVIEW

∎

∎	Overall, the Team considered the midstream sector a compelling investment opportunity at the end of the Reporting Period and thought it was well positioned to benefit from the growing need for North American energy.

∎

Clean Energy Infrastructure

∎	During the Reporting Period, rising interest rates, high inflation and investor fears about the potential of a global recession weighed on equity markets broadly, including clean energy infrastructure securities.

∎

Clean energy infrastructure securities, as measured by a custom renewables benchmark, returned -10.22% during the Reporting Period. (The custom renewables benchmark is comprised 50% of the Eagle North American Renewables Infrastructure Index,⁶ 35% of the Indxx YieldCo and Renewable Energy Income Index⁷ and 15% of the Eagle Global Renewables Infrastructure Index.⁸)

∎	When the Reporting Period began in December 2022, clean energy infrastructure securities continued their calendar year to date outperformance versus the broad U.S. equity market.

∎

These results were driven by certain attributes, which the Goldman Sachs Clean Energy Team (the “Clean Energy Team”) considered value-oriented/“defensive-growth” characteristics. These included the contracted/regulated cash flows of clean energy infrastructure companies, the perceived value of clean energy infrastructure securities as hedges against rising inflation and interest rates, and the pricing power of clean energy companies.

∎	During 2023 year-to-date through the end of the Reporting Period, clean energy infrastructure securities lagged the broad U.S. equity market due in part to the outperformance of growth-oriented stocks during the first calendar quarter.

∎

The Clean Energy Team believed that many clean energy infrastructure companies were being given almost no value for potential growth associated with the 2022 Inflation Reduction Act, which it believed could 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.

⁶

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).

⁷	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.

⁸

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).


2

MARKET REVIEW

∎	At the end of the Reporting Period, the Clean Energy Team thought the fundamental backdrop for clean energy and clean energy infrastructure equities remained compelling.

∎

Overall, the Team believed clean energy posed one of the single largest investment opportunities over the next decade and the market segment was at the beginning of a “golden age” of growth with renewables expected to become one of the world’s primary energy sources by 2050.

∎

In the Clean Energy Team’s view, clean energy infrastructure securities offered a non-cyclical, long-term growth opportunity given that the market segment needed more than $100 trillion of capital investment to reach net-zero carbon emission targets and given increasing government policy focus on global decarbonization and decreasing technology costs.

Fund Changes and Highlights

Goldman Sachs Energy Infrastructure Fund

∎

Effective January 11, 2023, Ganesh V. Jois no longer served as a portfolio manager for the Fund. As of the same date, Akif Irfan began serving as a portfolio manager for the Fund, joining Kyri Loupis and Matthew Cooper. Mr. Irfan joined Goldman Sachs Asset Management in 2011. Kyri Loupis, Managing Director, has been a portfolio manager of the Fund since 2017. Mr. Cooper has been a portfolio manager of the Fund since 2017.


		3

FUND BASICS

Goldman Sachs Clean Energy Income Fund

as of May 31, 2023

Investment Objective and Principal Investment Strategy (condensed)

The Goldman Sachs Clean Energy Income Fund (the “Fund”) seeks total return through current income and capital appreciation.

Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in U.S. and non-U.S. equity securities issued by clean energy companies. The Fund may invest up to 25% of its total assets (measured at the time of purchase) in master limited partnerships that are taxed as partnerships and may invest up to 20% of its Net Assets in securities of companies that are not clean energy companies. Goldman Sachs Asset Management expects the Fund’s investments to be weighted in favor of companies that pay dividends or other current distributions.

PERFORMANCE REVIEW



December 1, 2022–May 31, 2023	Fund Total Return (based on NAV)¹	Clean Energy Income Composite Index²	Eagle North American Renewables Infrastructure Index²	Indxx Yieldco and Renewable Energy Income Index²	Eagle Global Renewables Infrastructure Index²

Class A	-9.60%	-10.22%	-10.44%	-14.18%	0.11%

Class C	-9.98	-10.22	-10.44	-14.18	0.11

Institutional	-9.50	-10.22	-10.44	-14.18	0.11

Investor	-9.52	-10.22	-10.44	-14.18	0.11

Class R6	-9.50	-10.22	-10.44	-14.18	0.11

Class R	-9.75	-10.22	-10.44	-14.18	0.11

Class P	-9.43	-10.22	-10.44	-14.18	0.11

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 (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.) 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).


4

FUND BASICS

TOP TEN HOLDINGS AS OF 5/31/23 ^‡



Holding	% of Net Assets	Line of Business
NextEra Energy, Inc.	7.4%	Energy Transition Materials & Mining
Northland Power, Inc.	7.3	Energy Transition Materials & Mining
Boralex, Inc.	5.2	Clean Power
The AES Corp.	5.2	Electrified Transport
Brookfield Renewable Partners LP	5.1	Clean Power
NextEra Energy Partners LP	4.5	Energy Transition Materials & Mining
Atlantica Sustainable Infrastructure PLC	3.7	Bioenergy
Algonquin Power & Utilities Corp.	3.6	Electrified Transport
SSE PLC	3.5	Clean Power
Clearway Energy, Inc.	3.3	Clean Power

^‡

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

FUND SECTOR ALLOCATIONS *

LOGO

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 investment in the securities lending reinvestment vehicle represented 2.0% of the Fund’s net assets as of May 31, 2023 and 0.4% of the Fund’s net assets as of November 30, 2022. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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


		5

FUND BASICS

Goldman Sachs Energy Infrastructure Fund

as of May 31, 2023

Investment Objective and Principal Investment Strategy (condensed)

The Goldman Sachs Energy Infrastructure Fund (the “Fund”) seeks total return through current income and capital appreciation.

Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) 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. The Fund may also invest up to 20% of its Net Assets in non-energy infrastructure investments, including equity and fixed income securities of U.S. and non-U.S. companies.

PERFORMANCE REVIEW



December 1, 2022–May 31, 2023	Fund Total Return (based on NAV)¹	Alerian Midstream Energy Select Index (total return, unhedged, USD)²

Class A	-8.67%	-7.16%

Class C	-8.99	-7.16

Institutional	-8.46	-7.16

Investor	-8.55	-7.16

Class R6	-8.47	-7.16

Class R	-8.80	-7.16

Class P	-8.46	-7.16

The Alerian Midstream Energy Select Index (total return, unhedged, USD) is a composite of North American energy infrastructure companies. The 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.


6

FUND BASICS

TOP TEN HOLDINGS AS OF 5/31/23 ^‡



Holding	% of Net Assets	Line of Business
Cheniere Energy, Inc.	8.2%	Other \| Liquefaction
Enbridge, Inc.	7.8	Pipeline Transportation \| Petroleum
Targa Resources Corp.	7.8	Gathering + Processing
Energy Transfer LP	7.3	Pipeline Transportation \| Natural Gas
Plains GP Holdings LP	6.6	Pipeline Transportation \| Petroleum
Enterprise Products Partners LP	5.6	Pipeline Transportation \| Natural Gas
DT Midstream, Inc.	5.5	Pipeline Transportation \| Natural Gas
MPLX LP	4.9	Gathering + Processing
ONEOK, Inc.	4.8	Gathering + Processing
The Williams Cos., Inc.	4.5	Gathering + Processing

^‡

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

FUND SECTOR ALLOCATIONS *

LOGO

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.


		7

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Shares	Description	Value

Common Stocks^†– 99.1%

Bioenergy – 4.4%
375,526	Atlantica Sustainable Infrastructure PLC	$	9,076,463
46,381	Avangrid, Inc.		1,740,679

			10,817,142


Clean Power – 51.1%
33,494	American Electric Power Co., Inc.		2,784,021
466,308	Boralex, Inc. Class A		12,884,872
64,088	Brookfield Renewable Corp. Class A		2,152,075
414,248	Brookfield Renewable Partners LP Class A		12,538,822
161,333	Centrais Eletricas Brasileiras SA ADR		1,126,104
297,919	Clearway Energy, Inc. Class A		8,186,814
42,247	CMS Energy Corp.		2,449,481
73,452	Darling Ingredients, Inc.*		4,655,388
57,649	Dominion Energy, Inc.		2,898,592
825,335	Drax Group PLC		5,681,621
1,181,609	EDP - Energias de Portugal SA		5,772,035
118,265	EDP Renovaveis SA		2,351,595
450,127	Enel SpA		2,833,100
213,365	Engie SA		3,208,285
11,547	Enphase Energy, Inc.*		2,007,792
75,560	Enviva, Inc.		663,417
81,672	Ormat Technologies, Inc.		6,950,287
86,864	Orsted A/S^(a)		7,642,907
190,015	RWE AG		7,957,292
52,953	Shoals Technologies Group, Inc. Class A*		1,243,866
4,749	SolarEdge Technologies, Inc.*		1,352,658
91,028	Solaria Energia y Medio Ambiente SA*		1,240,277
363,652	SSE PLC		8,529,407
330,990	Sunnova Energy International, Inc.*^(b)		5,845,283
66,693	Sunrun, Inc.*		1,176,465
799,246	TransAlta Corp.		7,701,022
177,577	TransAlta Renewables, Inc.		1,649,537
29,210	Verbund AG		2,207,218

			125,690,233


Electrified Transport – 9.0%
2,788	Acciona SA		451,869
1,046,170	Algonquin Power & Utilities Corp.		8,816,342
644,760	The AES Corp.		12,727,563

			21,995,774


Energy Transition Materials & Mining – 31.3%
99,711	Green Plains, Inc.*		2,891,619
165,811	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,901,533
577,638	Iberdrola SA		7,054,011
53,016	IDACORP, Inc.		5,517,375
718,750	Innergex Renewable Energy, Inc.		7,444,291
223,310	National Grid PLC		3,076,582
184,074	NextEra Energy Partners LP		11,029,714


Shares	Description	Value

Common Stocks^†– (continued)

Energy Transition Materials & Mining - (continued)
247,288	NextEra Energy, Inc.		$ 18,165,776
815,016	Northland Power, Inc.		17,879,320

			76,960,221


Hydrogen – 1.9%
71,934	Xcel Energy, Inc.		4,696,571


Other Enablers – 0.8%
47,210	Exelon Corp.		1,871,876


*Wind Tech – 0.6%**
50,765	Vestas Wind Systems A/S		1,445,919

TOTAL COMMON STOCKS (Cost $277,959,361)			$243,477,736



Exchange Traded Funds – 0.5%

47,660	KraneShares MSCI China Clean Technology Index ETF		$ 1,196,743

(Cost $1,425,706)


TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE – 99.6% (Cost $279,385,067)			$244,674,479


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(c)– 2.0%

Goldman Sachs Financial Square Government Fund - Institutional Shares
5,001,214	5.003%		$ 5,001,214
(Cost $5,001,214)


TOTAL INVESTMENTS – 101.6% (Cost $284,386,281)			$249,675,693


LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%			(3,863,970	)


NET ASSETS – 100.0%			$245,811,723

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.


8		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
ETF		—Exchange Traded Fund
LP		—Limited Partnership
MSCI		—Morgan Stanley Capital International
PLC		—Public Limited Company


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

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Shares	Description	Value

Common Stocks^†– 99.3%

Gathering + Processing – 32.4%
606,496	Antero Midstream Corp.	$	6,192,324
127,826	Crestwood Equity Partners LP*		3,280,015
1,024,854	EnLink Midstream LLC*		10,002,575
158,324	Hess Midstream LP Class A		4,415,656
515,220	MPLX LP		17,177,435
295,332	ONEOK, Inc.		16,733,511
402,032	Targa Resources Corp.		27,358,278
546,057	The Williams Cos., Inc.		15,649,994
507,650	Western Midstream Partners LP		12,813,086

			113,622,874


Integrated – 0.6%
20,547	Exxon Mobil Corp.		2,099,492


Marketing \| Wholesale – 0.5%
41,098	Sunoco LP		1,766,803


Other – 2.9%
120,840	Atlas Energy Solutions, Inc. Class A		1,887,521
355,491	Gibson Energy, Inc.		5,737,611
60,245	Kinetik Holdings, Inc. Class A		1,959,770
72,064	Tidewater Renewables Ltd.*		374,255

			9,959,157


Other \| Liquefaction – 8.4%
204,359	Cheniere Energy, Inc.		28,563,257
75,996	NextDecade Corp.*		421,778
329,687	Tellurian, Inc.*		398,921

			29,383,956


Pipeline Transportation \| Natural Gas – 31.7%
424,907	DT Midstream, Inc.		19,316,272
2,072,774	Energy Transfer LP		25,702,397
777,936	Enterprise Products Partners LP		19,705,119
1,369,826	Equitrans Midstream Corp.		11,684,616
597,999	Keyera Corp.		13,347,602
583,682	Kinder Morgan, Inc. Class A		9,403,117
310,478	TC Energy Corp.		12,085,199

			111,244,322


Pipeline Transportation \| Petroleum – 21.5%
780,908	Enbridge, Inc.		27,491,413
44,393	Holly Energy Partners LP		762,228
142,623	Magellan Midstream Partners LP		8,587,331
29,674	NuStar Energy LP		484,576
498,921	Pembina Pipeline Corp.		15,105,454


Shares	Description	Value

Common Stocks^†– (continued)

Pipeline Transportation \| Petroleum - (continued)
1,690,700	Plains GP Holdings LP Class A*	$	22,993,520

			75,424,522


Production + Mining \| Hydrocarbon – 1.3%
11,450	Chesapeake Energy Corp.		861,613
17,775	ConocoPhillips		1,765,057
78,593	Marathon Oil Corp.		1,741,621

			4,368,291

TOTAL COMMON STOCKS (Cost $212,342,708)		$	347,869,417


Shares	Dividend Rate	Value

Investment Companies – 1.0%
ClearBridge Energy Midstream Opportunity Fund, Inc.
30,458	0.540%	$	822,671
ClearBridge MLP & Midstream Fund, Inc.
25,684	0.640		804,680
ClearBridge MLP & Midstream Total Return Fund, Inc.
30,285	0.560		835,866
Goldman Sachs Financial Square Government Fund - Institutional Shares
1,205,842	5.003^(a)		1,205,842


TOTAL INVESTMENT COMPANIES (Cost $3,980,616)		$	3,669,059


TOTAL INVESTMENTS – 100.3% (Cost $216,323,324)		$	351,538,476


LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(1,061,300	)


NET ASSETS – 100.0%		$	350,477,176

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.


10		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
MLP		—Master Limited Partnership


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

GOLDMAN SACHS ENERGY FUNDS

Statements of Assets and Liabilities

May 31, 2023 (Unaudited)


	Clean Energy Income Fund			Energy Infrastructure Fund

Assets:

Investments in unaffiliated issuers, at value (cost $279,385,067 and $215,117,482, respectively)^(a)		$244,674,479			$350,332,634
Investments in affiliated issuers, at value (cost $0 and $1,205,842, respectively)		—			1,205,842
Investments in securities lending reinvestment vehicle — affiliated issuer, at value
(cost $5,001,214 and $0, respectively)		5,001,214			—
Cash		—			1,172,656
Foreign currencies, at value (cost $924,935 and $0, respectively)		925,807			—
Receivables:
Dividends		1,076,234			487,357
Fund shares sold		519,215			32,300
Foreign tax reclaims		296,377			—
Investments sold		118,227			289,473
Reimbursement from investment adviser		28,655			19,953
Securities lending income		4,648			—
Other assets		32,761			57,835


Total assets		252,677,617			353,598,050



Liabilities:

Due to custodian (overdraft)		181,414			—
Payables:
Payable upon return of securities loaned		5,001,214			—
Fund shares redeemed		676,391			467,876
Investments purchased		611,800			2,155,379
Management fees		174,724			302,448
Distribution and Service fees and Transfer Agency fees		8,875			10,331
Accrued expenses		211,476			184,840


Total liabilities		6,865,894			3,120,874



Net Assets:

Paid-in capital		318,022,737			232,780,147
Total distributable earnings (loss)		(72,211,014	)		117,697,029


NET ASSETS		$245,811,723			$350,477,176
Net Assets:
Class A		$ 3,847,274			$ 2,202,058
Class C		561,217			453,716
Institutional		8,157,554			832,707
Investor		3,347,669			70,328
Class R6		95,046			79,431,128
Class R		59,436			83,662
Class P		229,743,527			267,403,577
Total Net Assets		$245,811,723			$350,477,176
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		349,242			214,332
Class C		51,397			44,175
Institutional		738,053			80,548
Investor		303,495			6,807
Class R6		8,600			7,695,500
Class R		5,394			8,113
Class P		20,798,792			25,886,218
Net asset value, offering and redemption price per share:^(b)
Class A		$11.02			$10.27
Class C		10.92			10.27
Institutional		11.05			10.34
Investor		11.03			10.33
Class R6		11.05			10.32
Class R		11.02			10.31
Class P		11.05			10.33

(a)

Includes loaned securities having market value of $4,858,446 and $0, respectively.

(b)

Maximum public offering price per share for Class A Shares of the Clean Energy Income and Energy Infrastructure Funds is $11.66 and $10.87, 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.


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

GOLDMAN SACHS ENERGY FUNDS

Statements of Operations

For the Six Months Ended May 31, 2023 (Unaudited)


	Clean Energy Income Fund			Energy Infrastructure Fund

Investment Income:

Dividends — unaffiliated issuers (net of tax withholding of $385,993 and $330,784, respectively)		$ 4,682,946			$ 5,906,956

Securities lending income — unaffiliated issuers		27,290			—

Dividends — affiliated issuers		11,365			21,502

Interest		738			176


Total investment income		4,722,339			5,928,634



Expenses:

Management fees		1,100,260			1,822,040

Professional fees		74,764			75,900

Custody, accounting and administrative services		60,015			54,965

Registration fees		54,509			49,561

Transfer Agency fees^(a)		48,105			56,733

Printing and mailing costs		28,953			26,494

Trustee fees		13,510			13,556

Distribution and Service (12b-1) fees^(a)		7,613			5,122

Service fees — Class C		733			621

Other		7,273			9,448


Total expenses		1,395,735			2,114,440


Less — expense reductions		(165,244	)		(114,082	)


Net expenses		1,230,491			2,000,358


NET INVESTMENT INCOME		3,491,848			3,928,276



Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(16,959,371	)		12,518,367

Foreign currency transactions		3,420			(9,226	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(13,997,688	)		(49,179,225	)

Foreign currency translation		(12,300	)		3,961


Net realized and unrealized loss		(30,965,939	)		(36,666,123	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$(27,474,091	)		$(32,737,847	)

(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	$5,259	$2,198	$156	$3,367	$469	$1,617	$4,042	$ 17	$50	$38,543
Energy Infrastructure Fund	3,072	1,863	187	1,966	398	223	58	12,309	60	41,719


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

GOLDMAN SACHS ENERGY FUNDS

Statements of Changes in Net Assets


	Clean Energy Income Fund						Energy Infrastructure Fund
	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022			For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022

From operations:

Net investment income		$ 3,491,848			$ 3,886,881			$ 3,928,276			$ 3,929,260

Net realized gain (loss)		(16,955,951	)		(23,414,982	)		12,509,141			18,871,720

Net change in unrealized gain (loss)		(14,009,988	)		(4,777,464	)		(49,175,264	)		73,764,083


Net increase (decrease) in net assets resulting from operations		(27,474,091	)		(24,305,565	)		(32,737,847	)		96,565,063



Distributions to shareholders:

From distributable earnings:

Class A Shares		—			(265,509	)		(59,167	)		(83,140	)

Class C Shares		—			(24,851	)		(14,480	)		(33,014	)

Institutional Shares		—			(447,604	)		(32,776	)		(91,476	)

Investor Shares		—			(325,030	)		(2,002	)		(4,813	)

Class R6 Shares		—			(3,830	)		(2,265,885	)		(7,339,101	)

Class R Shares		—			(3,822	)		(1,885	)		(4,410	)

Class P Shares		—			(20,992,920	)		(7,709,859	)		(19,117,834	)

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	)		(10,086,054	)		(26,673,788	)



From share transactions:

Proceeds from sales of shares		22,765,976			114,723,080			10,765,846			98,026,493

Reinvestment of distributions		—			26,597,645			10,047,303			26,571,342

Cost of shares redeemed		(66,136,947	)		(215,247,634	)		(15,683,306	)		(103,920,897	)


Net increase (decrease) in net assets resulting from share transactions		(43,370,971	)		(73,926,909	)		5,129,843			20,676,938


TOTAL INCREASE (DECREASE)		(70,845,062	)		(124,843,355	)		(37,694,058	)		90,568,213



Net assets:

Beginning of period		316,656,785			441,500,140			388,171,234			297,603,021


End of period		$245,811,723			$ 316,656,785			$350,477,176			$ 388,171,234


14		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

	Six Months Ended
	May 31, 2023				Year Ended November 30,								Period Ended
	(Unaudited)				2022				2021				November 30, 2020^(a)

Per Share Data

Net asset value, beginning of period		$	12.19			$	13.93			$	13.60			$	10.00


Net investment income ^(b)			0.13				0.09				0.06				0.08

Net realized and unrealized gain (loss)			(1.30	)			(0.97	)			0.48				3.55


Total from investment operations			(1.17	)			(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		$	11.02			$	12.19			$	13.93			$	13.60


Total return^(c)			(9.60	)%			(6.52	)%			4.01	%			36.27	%


Net assets, end of period (in 000s)		$	3,847			$	4,621			$	5,194			$	1,882

Ratio of net expenses to average net assets			1.26	%^(d)			1.26	%			1.26	%			1.27	%^(d)

Ratio of total expenses to average net assets			1.38	%^(d)			1.35	%			1.39	%			2.42	%^(d)

Ratio of net investment income to average net assets			2.20	%^(d)			0.76	%			0.42	%			1.54	%^(d)

Portfolio turnover rate^(e)			19	%			44	%			75	%			10	%

(a)

Commenced operations on June 26, 2020.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(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.		15

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

	Six Months Ended
	May 31, 2023			Year Ended November 30,								Period Ended
	(Unaudited)			2022				2021				November 30, 2020^(a)

Per Share Data

Net asset value, beginning of period		$12.13			$	13.87			$	13.58			$	10.00


Net investment income (loss)^(b)		0.09				0.01				(0.05	)			0.03

Net realized and unrealized gain (loss)		(1.30	)			(0.97	)			0.49				3.55


Total from investment operations		(1.21	)			(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		$10.92			$	12.13			$	13.87			$	13.58


Total return^(c)		(9.98	)%			(7.16	)%			3.22	%			35.80	%


Net assets, end of period (in 000s)		$ 561			$	616			$	481			$	83

Ratio of net expenses to average net assets		2.01	%^(d)			2.01	%			2.01	%			2.02	%^(d)

Ratio of total expenses to average net assets		2.13	%^(d)			2.10	%			2.14	%			4.85	%^(d)

Ratio of net investment income (loss) to average net assets		1.49	%^(d)			0.05	%			(0.39	)%			0.51	%^(d)

Portfolio turnover rate^(e)		19	%			44	%			75	%			10	%

(a)

Commenced operations on June 26, 2020.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


16		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

	Six Months Ended
	May 31, 2023			Year Ended November 30,								Period Ended
	(Unaudited)			2022				2021				November 30, 2020^(a)

Per Share Data

Net asset value, beginning of period		$12.21			$	13.95			$	13.61			$	10.00


Net investment income^(b)		0.16				0.14				0.11				0.08

Net realized and unrealized gain (loss)		(1.32	)			(0.98	)			0.49				3.56


Total from investment operations		(1.16	)			(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		$11.05			$	12.21			$	13.95			$	13.61


Total return^(c)		(9.50	)%			(6.14	)%			4.45	%			36.40	%


Net assets, end of period (in 000s)		$8,158			$	7,667			$	8,538			$	7,070

Ratio of net expenses to average net assets		0.89	%^(d)			0.89	%			0.89	%			0.89	%^(d)

Ratio of total expenses to average net assets		1.01	%^(d)			0.98	%			1.03	%			3.62	%^(d)

Ratio of net investment income to average net assets		2.68	%^(d)			1.12	%			0.76	%			1.52	%^(d)

Portfolio turnover rate^(e)		19	%			44	%			75	%			10	%

(a)

Commenced operations on June 26, 2020.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

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

	Six Months Ended
	May 31, 2023				Year Ended November 30,								Period Ended
	(Unaudited)				2022				2021				November 30, 2020^(a)

Per Share Data

Net asset value, beginning of period		$	12.19			$	13.93			$	13.61			$	10.00


Net investment income^(b)			0.13				0.13				0.07				0.07

Net realized and unrealized gain (loss)			(1.29	)			(0.98	)			0.51				3.56


Total from investment operations			(1.16	)			(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		$	11.03			$	12.19			$	13.93			$	13.61


Total return^(c)			(9.52	)%			(6.25	)%			4.27	%			36.33	%


Net assets, end of period (in 000s)		$	3,348			$	10,087			$	5,653			$	68

Ratio of net expenses to average net assets			1.01	%^(d)			1.01	%			1.01	%			1.02	%^(d)

Ratio of total expenses to average net assets			1.13	%^(d)			1.10	%			1.14	%			3.86	%^(d)

Ratio of net investment income to average net assets			2.20	%^(d)			1.04	%			0.53	%			1.39	%^(d)

Portfolio turnover rate^(e)			19	%			44	%			75	%			10	%

(a)

Commenced operations on June 26, 2020.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


18		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

	Six Months Ended
	May 31, 2023				Year Ended November 30,								Period Ended
	(Unaudited)				2022				2021				November 30, 2020^(a)

Per Share Data

Net asset value, beginning of period		$	12.21			$	13.95			$	13.61			$	10.00


Net investment income^(b)			0.15				0.15				0.11				0.08

Net realized and unrealized gain (loss)			(1.31	)			(0.99	)			0.49				3.56


Total from investment operations			(1.16	)			(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		$	11.05			$	12.21			$	13.95			$	13.61


Total return^(c)			(9.50	)%			(6.13	)%			4.46	%			36.40	%


Net assets, end of period (in 000s)		$	95			$	99			$	71			$	68

Ratio of net expenses to average net assets			0.89	%^(d)			0.89	%			0.88	%			0.88	%^(d)

Ratio of total expenses to average net assets			1.00	%^(d)			0.97	%			1.02	%			3.72	%^(d)

Ratio of net investment income to average net assets			2.58	%^(d)			1.20	%			0.75	%			1.53	%^(d)

Portfolio turnover rate^(e)			19	%			44	%			75	%			10	%

(a)

Commenced operations on June 26, 2020.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

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

	Six Months Ended
	May 31, 2023				Year Ended November 30,								Period Ended
	(Unaudited)				2022				2021				November 30, 2020^(a)

Per Share Data

Net asset value, beginning of period		$	12.21			$	13.94			$	13.61			$	10.00


Net investment income^(b)			0.12				0.06				0.02				0.05

Net realized and unrealized gain (loss)			(1.31	)			(0.97	)			0.48				3.56


Total from investment operations			(1.19	)			(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		$	11.02			$	12.21			$	13.94			$	13.61


Total return^(c)			(9.75	)%			(6.69	)%			3.73	%			36.10	%


Net assets, end of period (in 000s)		$	59			$	66			$	75			$	68

Ratio of net expenses to average net assets			1.51	%^(d)			1.51	%			1.51	%			1.52	%^(d)

Ratio of total expenses to average net assets			1.63	%^(d)			1.60	%			1.65	%			4.36	%^(d)

Ratio of net investment income to average net assets			1.99	%^(d)			0.50	%			0.13	%			0.89	%^(d)

Portfolio turnover rate^(e)			19	%			44	%			75	%			10	%

(a)

Commenced operations on June 26, 2020.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


20		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

	Six Months Ended
	May 31, 2023				Year Ended November 30,								Period Ended
	(Unaudited)				2022				2021				November 30, 2020^(a)

Per Share Data

Net asset value, beginning of period		$	12.20			$	13.94			$	13.61			$	10.00


Net investment income^(b)			0.15				0.14				0.11				0.08

Net realized and unrealized gain (loss)			(1.30	)			(0.98	)			0.48				3.56


Total from investment operations			(1.15	)			(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		$	11.05			$	12.20			$	13.94			$	13.61


Total return^(c)			(9.43	)%			(6.14	)%			4.39	%			36.41	%


Net assets, end of period (in 000s)		$	229,744			$	293,501			$	421,488			$	115,158

Ratio of net expenses to average net assets			0.88	%^(d)			0.88	%			0.88	%			0.88	%^(d)

Ratio of total expenses to average net assets			1.00	%^(d)			0.97	%			1.01	%			1.85	%^(d)

Ratio of net investment income to average net assets			2.57	%^(d)			1.11	%			0.78	%			1.41	%^(d)

Portfolio turnover rate^(e)			19	%			44	%			75	%			10	%

(a)

Commenced operations on June 26, 2020.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Energy Infrastructure Fund

	Class A Shares

	Six Months Ended
	May 31, 2023				Year Ended November 30,
	(Unaudited)				2022				2021				2020				2019				2018

Per Share Data

Net asset value, beginning of period		$	11.56			$	9.56			$	7.18			$	8.64			$	9.26			$	9.54


Net investment income ^(a)			0.10				0.07				0.06				0.03				0.12				0.11

Net realized and unrealized gain (loss)			(1.09	)			2.70				2.71				(1.16	)^(b)			(0.36	)^(b)			(0.12	)


Total from investment operations			(0.99	)			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			(0.30	)			(0.40	)			—				(0.05	)			—				—

Distributions to shareholders from return of capital			—				—				—				(0.23	)			(0.15	)			(0.16	)


Total distributions			(0.30	)			(0.77	)			(0.39	)			(0.33	)			(0.38	)			(0.27	)


Net asset value, end of period		$	10.27			$	11.56			$	9.56			$	7.18			$	8.64			$	9.26


Total return^(c)			(8.67	)%			30.74	%			38.55	%			(13.05	)%			(2.82	)%			(0.21	)%


Net assets, end of period (in 000s)		$	2,202			$	2,296			$	617			$	68			$	55			$	48

Ratio of net expenses to average net assets			1.47	%^(d)			1.47	%			1.47	%			1.48	%			1.50	%			1.49	%

Ratio of total expenses to average net assets			1.54	%^(d)			1.54	%			1.53	%			1.73	%			2.47	%			15.71	%^(e)

Ratio of net investment income to average net assets			1.81	%^(d)			0.67	%			0.68	%			0.35	%			1.24	%			1.14	%

Portfolio turnover rate^(f)			20	%			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)

(d)

Annualized.

(e)

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

(f)


22		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 Period


	Goldman Sachs Energy Infrastructure Fund

	Class C Shares

	Six Months Ended
	May 31, 2023				Year Ended November 30,
	(Unaudited)				2022				2021				2020				2019				2018

Per Share Data

Net asset value, beginning of period		$	11.60			$	9.58			$	7.20			$	8.64			$	9.26			$	9.54


Net investment income (loss)^(a)			0.05				(0.01	)			0.01				(0.02	)			0.08				0.04

Net realized and unrealized gain (loss)			(1.08	)			2.71				2.69				(1.16	)^(b)			(0.39	)^(b)			(0.12	)


Total from investment operations			(1.03	)			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			(0.30	)			(0.40	)			—				(0.05	)			—				—

Distributions to shareholders from return of capital			—				—				—				(0.19	)			(0.12	)			(0.12	)


Total distributions			(0.30	)			(0.68	)			(0.32	)			(0.26	)			(0.31	)			(0.20	)


Net asset value, end of period		$	10.27			$	11.60			$	9.58			$	7.20			$	8.64			$	9.26


Total return^(c)			(8.99	)%			29.76	%			37.44	%			(13.60	)%			(3.63	)%			(0.86	)%


Net assets, end of period (in 000s)		$	454			$	556			$	448			$	135			$	154			$	48

Ratio of net expenses to average net assets			2.22	%^(d)			2.22	%			2.22	%			2.23	%			2.25	%			2.24	%

Ratio of total expenses to average net assets			2.29	%^(d)			2.29	%			2.28	%			2.48	%			3.17	%			16.47	%^(e)

Ratio of net investment income (loss) to average net assets			1.03	%^(d)			(0.12	)%			0.16	%			(0.34	)%			0.89	%			0.39	%

Portfolio turnover rate^(f)			20	%			56	%			58	%			121	%			59	%			67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

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

(f)


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

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Energy Infrastructure Fund

	Institutional Shares

	Six Months Ended
	May 31, 2023				Year Ended November 30,
	(Unaudited)				2022				2021				2020				2019				2018

Per Share Data

Net asset value, beginning of period		$	11.62			$	9.59			$	7.19			$	8.65			$	9.26			$	9.54


Net investment income^(a)			0.12				0.11				0.10				0.05				0.15				0.15

Net realized and unrealized gain (loss)			(1.10	)			2.72				2.70				(1.16	)^(b)			(0.35	)^(b)			(0.12	)


Total from investment operations			(0.98	)			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			(0.30	)			(0.40	)			—				(0.05	)			—				—

Distributions to shareholders from return of capital			—				—				—				(0.25	)			(0.16	)			(0.19	)


Total distributions			(0.30	)			(0.80	)			(0.40	)			(0.35	)			(0.41	)			(0.31	)


Net asset value, end of period		$	10.34			$	11.62			$	9.59			$	7.19			$	8.65			$	9.26


Total return^(c)			(8.46	)%			31.17	%			39.03	%			(12.74	)%			(2.36	)%			0.18	%


Net assets, end of period (in 000s)		$	833			$	1,240			$	1,323			$	2,415			$	2,606			$	2,650

Ratio of net expenses to average net assets			1.10	%^(d)			1.10	%			1.10	%			1.10	%			1.11	%			1.10	%

Ratio of total expenses to average net assets			1.17	%^(d)			1.17	%			1.18	%			1.35	%			2.09	%			15.32	%^(e)

Ratio of net investment income to average net assets			2.23	%^(d)			1.04	%			1.13	%			0.74	%			1.62	%			1.53	%

Portfolio turnover rate^(f)			20	%			56	%			58	%			121	%			59	%			67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

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

(f)


24		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 Period


	Goldman Sachs Energy Infrastructure Fund

	Investor Shares

	Six Months Ended
	May 31, 2023				Year Ended November 30,

	(Unaudited)				2022				2021				2020				2019				2018

Per Share Data

Net asset value, beginning of period		$	11.61			$	9.59			$	7.19			$	8.65			$	9.26			$	9.54


Net investment income^(a)			0.11				0.10				0.09				0.04				0.14				0.14

Net realized and unrealized gain (loss)			(1.09	)			2.71				2.71				(1.16	)^(b)			(0.35	)^(b)			(0.13	)


Total from investment operations			(0.98	)			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			(0.30	)			(0.40	)			—				(0.05	)			—				—

Distributions to shareholders from return of capital			—				—				—				(0.24	)			(0.16	)			(0.18	)


Total distributions			(0.30	)			(0.79	)			(0.40	)			(0.34	)			(0.40	)			(0.29	)


Net asset value, end of period		$	10.33			$	11.61			$	9.59			$	7.19			$	8.65			$	9.26


Total return^(c)			(8.55	)%			31.02	%			38.90	%			(12.86	)%			(2.50	)%			0.04	%


Net assets, end of period (in 000s)		$	70			$	77			$	57			$	41			$	47			$	48

Ratio of net expenses to average net assets			1.22	%^(d)			1.23	%			1.22	%			1.23	%			1.25	%			1.24	%

Ratio of total expenses to average net assets			1.28	%^(d)			1.29	%			1.29	%			1.49	%			2.23	%			15.46	%^(e)

Ratio of net investment income to average net assets			2.04	%^(d)			0.91	%			0.96	%			0.61	%			1.49	%			1.39	%

Portfolio turnover rate^(f)			20	%			56	%			58	%			121	%			59	%			67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

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

(f)


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

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Energy Infrastructure Fund

	Class R6 Shares

	Six Months Ended
	May 31, 2023				Year Ended November 30,

	(Unaudited)				2022				2021				2020				2019				2018

Per Share Data

Net asset value, beginning of period		$	11.59			$	9.58			$	7.18			$	8.65			$	9.26			$	9.54


Net investment income^(a)			0.12				0.11				0.10				0.06				0.16				0.15

Net realized and unrealized gain (loss)			(1.09	)			2.70				2.71				(1.18	)^(b)			(0.36	)^(b)			(0.12	)


Total from investment operations			(0.97	)			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			(0.30	)			(0.40	)			—				(0.05	)			—				—

Distributions to shareholders from return of capital			—				—				—				(0.25	)			(0.16	)			(0.19	)


Total distributions			(0.30	)			(0.80	)			(0.41	)			(0.35	)			(0.41	)			(0.31	)


Net asset value, end of period		$	10.32			$	11.59			$	9.58			$	7.18			$	8.65			$	9.26


Total return^(c)			(8.47	)%			31.11	%			39.13	%			(12.83	)%			(2.35	)%			0.19	%


Net assets, end of period (in 000s)		$	79,431			$	86,997			$	81,455			$	78,375			$	47			$	48

Ratio of net expenses to average net assets			1.09	%^(d)			1.09	%			1.09	%			1.09	%			1.10	%			1.09	%

Ratio of total expenses to average net assets			1.16	%^(d)			1.15	%			1.17	%			1.30	%			2.08	%			15.31	%^(e)

Ratio of net investment income to average net assets			2.16	%^(d)			1.00	%			1.10	%			0.92	%			1.64	%			1.54	%

Portfolio turnover rate^(f)			20	%			56	%			58	%			121	%			59	%			67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

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

(f)


26		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 Period


	Goldman Sachs Energy Infrastructure Fund

	Class R Shares

	Six Months Ended
	May 31, 2023				Year Ended November 30,

	(Unaudited)				2022				2021				2020				2019				2018

Per Share Data

Net asset value, beginning of period		$	11.62			$	9.60			$	7.19			$	8.65			$	9.26			$	9.54


Net investment income^(a)			0.08				0.04				0.04				0.01				0.09				0.09

Net realized and unrealized gain (loss)			(1.09	)			2.71				2.72				(1.17	)^(b)			(0.35	)^(b)			(0.12	)


Total from investment operations			(1.01	)			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			(0.30	)			(0.40	)			—				(0.05	)			—				—

Distributions to shareholders from return of capital			—				—				—				(0.21	)			(0.14	)			(0.15	)


Total distributions			(0.30	)			(0.73	)			(0.35	)			(0.30	)			(0.35	)			(0.25	)


Net asset value, end of period		$	10.31			$	11.62			$	9.60			$	7.19			$	8.65			$	9.26


Total return^(c)			(8.80	)%			30.37	%			38.33	%			(13.34	)%			(2.98	)%			(0.46	)%


Net assets, end of period (in 000s)		$	84			$	72			$	56			$	40			$	49			$	49

Ratio of net expenses to average net assets			1.72	%^(d)			1.72	%			1.72	%			1.73	%			1.75	%			1.74	%

Ratio of total expenses to average net assets			1.78	%^(d)			1.79	%			1.79	%			1.99	%			2.73	%			15.94	%^(e)

Ratio of net investment income to average net assets			1.53	%^(d)			0.40	%			0.47	%			0.10	%			0.99	%			0.89	%

Portfolio turnover rate^(f)			20	%			56	%			58	%			121	%			59	%			67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

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

(f)


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

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

	Six Months Ended
	May 31, 2023				Year Ended November 30,																Period Ended

	(Unaudited)				2022				2021				2020				2019				November 30, 2018^(a)

Per Share Data

Net asset value, beginning of period		$	11.60			$	9.58			$	7.18			$	8.64			$	9.26			$	9.52


Net investment income^(b)			0.12				0.11				0.10				0.06				0.17				0.14

Net realized and unrealized gain (loss)			(1.09	)			2.71				2.71				(1.17	)^(c)			(0.38	)^(c)			(0.09	)


Total from investment operations			(0.97	)			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			(0.30	)			(0.40	)			—				(0.05	)			—				—

Distributions to shareholders from return of capital			—				—				—				(0.25	)			(0.16	)			(0.19	)


Total distributions			(0.30	)			(0.80	)			(0.41	)			(0.35	)			(0.41	)			(0.31	)


Net asset value, end of period		$	10.33			$	11.60			$	9.58			$	7.18			$	8.64			$	9.26


Total return^(d)			(8.46	)%			31.22	%			39.13	%			(12.74	)%			(2.46	)%			0.42	%


Net assets, end of period (in 000s)		$	267,404			$	296,933			$	213,647			$	160,821			$	64,970			$	2,640

Ratio of net expenses to average net assets			1.09	%^(e)			1.09	%			1.09	%			1.09	%			1.10	%			1.09	%^(e)

Ratio of total expenses to average net assets			1.16	%^(e)			1.16	%			1.16	%			1.33	%			1.92	%			4.04	%^(e)(f)

Ratio of net investment income to average net assets			2.16	%^(e)			1.04	%			1.10	%			0.84	%			1.78	%			2.37	%^(e)

Portfolio turnover rate^(g)			20	%			56	%			58	%			121	%			59	%			67	%

(a)

Commenced operations on April 14, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

(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)


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

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements

May 31, 2023 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-diversified

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 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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. 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, Transfer Agency and Service and Shareholder Administration 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.


		29

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

Return of Capital Estimates — Distributions received from the Funds’ investments in MLPs generally are comprised of income and return of capital. The Funds record 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.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. 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.


30

GOLDMAN SACHS ENERGY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

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.


		31

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Each Fund may also enter into an unfunded commitment to purchase securities in a private investment in public equity (“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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of May 31, 2023:


CLEAN ENERGY INCOME FUND

Investment Type	Level 1		Level 2		Level 3


Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	14,758,084	$	53,770,497	$	—

North America		173,823,051		—		—

South America		1,126,104		—		—

Securities Lending Reinvestment Vehicle		5,001,214		—		—

Exchange Traded Funds		1,196,743		—		—


Total	$	195,905,196	$	53,770,497	$	—

(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	$	347,869,417	$	—	$	—

Investment Companies		3,669,059		—		—


Total	$	351,538,476	$	—	$	—

(a)

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.


32

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 six months ended May 31, 2023, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate



Fund	First $1 billion	Next $1 billion	Next $3 billion	Next $3 billion	Over $8 billion	Effective Net Management Rate^{^}


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 the impact of management fee waivers of affiliated 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 six months ended May 31, 2023, GSAM waived $428 and $762 of the Funds’ management fees for Clean Energy Income Fund and Energy Infrastructure Fund, respectively.

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

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


	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 six months ended May 31, 2023, Goldman Sachs retained $77 and $1,424 related to Clean Energy Income Class A shares and Energy Infrastructure Class A shares 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.


		33

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

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 29, 2024, 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.

For the six months ended May 31, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


							Other			Total
	Management			Transfer Agency			Expense			Expense
Fund	Fee Waiver			Waivers/Credits			Reimbursements			Reductions

Clean Energy Income Fund		$	428		$	59		$	164,757		$	165,244

Energy Infrastructure Fund			762			7			113,313			114,082

G. Line of Credit Facility — As of May 31, 2023, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended May 31, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

H. Other Transactions with Affiliates — For the six months ended May 31, 2023, Goldman Sachs earned $0 and $33,447 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Clean Energy Income and Energy Infrastructure Funds, respectively.

As of May 31, 2023, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:


Fund	Investor		Class R6		Class R

Clean Energy Income Fund		—%		64%		100%

Energy Infrastructure Fund		81		—		94


34

GOLDMAN SACHS ENERGY FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended May 31, 2023:


Fund	Underlying Fund	Beginning Value as of November 30, 2022		Purchases at Cost		Proceeds from Sales			Ending Value as of May 31, 2023		Shares as of May 31, 2023		Dividend Income



Clean Energy Income Fund	Goldman Sachs Financial Square Government Fund — Institutional shares	$	—	$	11,706,001	$	(11,706,001	)	$	—		—	$	11,365



Energy Infrastructure Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares		1,154,222		15,856,918		(15,805,298	)		1,205,842		1,205,842		21,502

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended May 31, 2023, were as follows:


Fund	Purchases	Sales



Clean Energy Income Fund	$52,294,225	$95,378,773



Energy Infrastructure Fund	78,411,974	74,458,664

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


		35

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

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 May 31, 2023, 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 six months ended May 31, 2023, 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 six months ended May 31, 2023.


Fund	Beginning Value as of November 30, 2022	Purchases at cost	Proceeds from Sales	Ending Value as of May 31, 2023



Clean Energy Income Fund	$1,254,600	$31,065,803	$(27,319,188)	$5,001,214

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, November 30, 2022, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Clean Energy Income		Energy Infrastructure



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)

As of May 31, 2023, 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		$294,975,874		$246,748,152

Gross unrealized gain		7,165,977		140,393,883
Gross unrealized loss		(52,466,158)		(35,603,559)

Net unrealized gain (loss)		$(45,300,181)		$104,790,324

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.

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.


36

GOLDMAN SACHS ENERGY FUNDS

8. OTHER RISKS

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

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

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

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.


		37

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

8. OTHER RISKS (continued)

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, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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


38

GOLDMAN SACHS ENERGY FUNDS

8. OTHER RISKS (continued)

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.

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 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:

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.


		39

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

After the end of the Reporting Period, at a meeting of the Board of Trustees of Goldman Sachs Trust held on June 13-14, 2023, the Trustees approved, on behalf of the Goldman Sachs Clean Energy Income Fund, the termination of the Fund’s Class R Shares. The termination took effect on July 14, 2023.


40

GOLDMAN SACHS ENERGY FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Clean Energy Income Fund

	For the Six Months Ended May 31, 2023 (Unaudited)						For the Fiscal Year Ended November 30, 2022



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		21,593		$	253,964			133,930		$	1,662,074

Reinvestment of distributions		—			—			24,713			313,544

Shares redeemed		(51,352	)		(596,019	)		(152,649	)		(1,911,402	)



		(29,759	)		(342,055	)		5,994			64,216



Class C Shares

Shares sold		929			10,600			15,865			201,756

Reinvestment of distributions		—			—			2,252			28,531

Shares redeemed		(278	)		(3,263	)		(2,067	)		(25,031	)



		651			7,337			16,050			205,256



Institutional Shares

Shares sold		246,404			2,848,556			171,937			2,187,639

Reinvestment of distributions		—			—			42,564			539,166

Shares redeemed		(136,297	)		(1,576,067	)		(198,725	)		(2,531,050	)



		110,107			1,272,489			15,776			195,755



Investor Shares

Shares sold		35,561			410,892			719,660			9,430,414

Reinvestment of distributions		—			—			35,068			439,983

Shares redeemed		(559,417	)		(6,605,650	)		(333,199	)		(3,874,537	)



		(523,856	)		(6,194,758	)		421,529			5,995,860



Class R6 Shares

Shares sold		5,658			68,492			2,796			32,112

Reinvestment of distributions		—			—			390			4,917

Shares redeemed		(5,170	)		(60,853	)		(181	)		(2,237	)



		488			7,639			3,005			34,792



Class R Shares

Reinvestment of distributions		—			—			345			4,401

Shares redeemed		—			—			(301	)		(3,693	)



		—			—			44			708



Class P Shares

Shares sold		1,619,778			19,173,472			7,959,236			101,209,085

Reinvestment of distributions		—			—			1,992,051			25,267,103

Shares redeemed		(4,875,413	)		(57,295,095	)		(16,137,582	)		(206,899,684	)



		(3,255,635	)		(38,121,623	)		(6,186,295	)		(80,423,496	)



NET DECREASE		(3,698,004	)	$	(43,370,971	)		(5,723,897	)	$	(73,926,909	)


		41

GOLDMAN SACHS ENERGY FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Energy Infrastructure Fund

	For the Six Months Ended May 31, 2023 (Unaudited)						For the Fiscal Year Ended November 30, 2022



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		91,300		$	978,975			226,447		$	2,507,760

Reinvestment of distributions		5,478			59,167			8,144			83,140

Shares redeemed		(81,000	)		(858,455	)		(100,583	)		(1,074,467	)



		15,778			179,687			134,008			1,516,433



Class C Shares

Shares sold		—			—			17,146			175,590

Reinvestment of distributions		1,337			14,480			3,419			33,014

Shares redeemed		(5,061	)		(51,198	)		(19,434	)		(205,183	)



		(3,724	)		(36,718	)		1,131			3,421



Institutional Shares

Shares sold		67,772			720,643			66,368			719,107

Reinvestment of distributions		3,021			32,776			9,471			91,476

Shares redeemed		(97,000	)		(1,024,186	)		(107,008	)		(1,001,299	)



		(26,207	)		(270,767	)		(31,169	)		(190,716	)



Investor Shares

Shares sold		—			—			219			2,449

Reinvestment of distributions		185			2,002			490			4,813

Shares redeemed		(1	)		(7	)		—			(4	)



		184			1,995			709			7,258



Class R6 Shares

Shares sold		5,768			59,885			5,075,906			52,467,089

Reinvestment of distributions		205,645			2,227,134			741,095			7,236,655

Shares redeemed		(19,581	)		(207,775	)		(6,819,197	)		(73,871,662	)



		191,832			2,079,244			(1,002,196	)		(14,167,918	)



Class R Shares

Shares sold		1,705			16,977			363			4,000

Reinvestment of distributions		174			1,885			452			4,410

Shares redeemed		(1	)		(6	)		(368	)		(3,996	)



		1,878			18,856			447			4,414



Class P Shares

Shares sold		838,783			8,989,366			3,974,840			42,150,498

Reinvestment of distributions		711,241			7,709,859			1,942,759			19,117,834

Shares redeemed		(1,255,131	)		(13,541,679	)		(2,624,150	)		(27,764,286	)



		294,893			3,157,546			3,293,449			33,504,046



NET INCREASE		474,634		$	5,129,843			2,396,379		$	20,676,938


42

GOLDMAN SACHS ENERGY FUNDS

Fund Expenses — Six Month Period Ended May 31, 2023 (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 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 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.

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.


	Clean Energy Income Fund							Energy Infrastructure Fund
Share Class	Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*		Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*
Class A
Actual		$1,000.00		$ 904.00			$ 6.00		$1,000.00		$ 913.30			$ 7.03
Hypothetical 5% return		1,000.00		1,018.60	⁺		6.36		1,000.00		1,017.60	⁺		7.41
Class C
Actual		1,000.00		900.20			9.54		1,000.00		910.10			10.59
Hypothetical 5% return		1,000.00		1,014.90	⁺		10.12		1,000.00		1,013.80	⁺		11.16
Institutional
Actual		1,000.00		905.00			4.24		1,000.00		915.40			5.27
Hypothetical 5% return		1,000.00		1,020.50	⁺		4.50		1,000.00		1,019.40	⁺		5.56
Investor
Actual		1,000.00		904.80			4.81		1,000.00		914.50			5.82
Hypothetical 5% return		1,000.00		1,019.90	⁺		5.10		1,000.00		1,018.80	⁺		6.14
Class R6
Actual		1,000.00		905.00			4.21		1,000.00		915.30			5.22
Hypothetical 5% return		1,000.00		1,020.50	⁺		4.47		1,000.00		1,019.50	⁺		5.51
Class R
Actual		1,000.00		902.50			7.17		1,000.00		912.00			8.20
Hypothetical 5% return		1,000.00		1,017.40	⁺		7.60		1,000.00		1,016.40	⁺		8.65
Class P
Actual		1,000.00		905.70			4.20		1,000.00		915.40			5.22
Hypothetical 5% return		1,000.00		1,020.50	⁺		4.45		1,000.00		1,019.50	⁺		5.51

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 May 31, 2023. 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%	1.51%	0.88%
Energy Infrastructure Fund	1.47	2.22	1.10	1.22	1.09	1.72	1.09

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.


		43

GOLDMAN SACHS ENERGY FUNDS

Liquidity Risk Management Program (Unaudited)

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


44

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.

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 Fund

∎	Strategic Growth Fund

∎	Small/Mid Cap Growth Fund

∎	Flexible Cap Fund

∎	Concentrated Growth Fund

∎	Technology Opportunities Fund

∎	Mid Cap Growth Fund

∎	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

∎	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

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.

LOGO

TRUSTEES OFFICERS
Gregory G. Weaver, Chair James A. McNamara, President
Dwight L. Bush Joseph F. DiMaria, Principal Financial Officer, Principal Kathryn A. Cassidy Accounting Officer and Treasurer
John G.Chou Caroline L. Kraus, Secretary Joaquin Delgado Eileen H. Dowling James A. McNamara Paul C. Wirth
GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P.
Distributor and Transfer Agent Investment Adviser
Visit our website 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 a 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 May 31, 2023 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 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.
“Alerian Midstream Energy Select Index”, “Alerian MLP Index”, “Alerian MLP Total Return Index”, “AMEI”, “AMEIX”, “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 Prospectus or summary prospectus, if applicable. Investors should consider each Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/orthe carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund’s 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. 327161-OTU-1836181 MLPANDESAR-23

Goldman Sachs Funds



Semi-Annual Report				May 31, 2023

				Financial Square Funds^SM
				Federal Instruments
				Government
				Money Market
				Prime Obligations
				Treasury Instruments
				Treasury Obligations
				Treasury Solutions

LOGO

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 Results			1

Market Review			2

Fund Basics			3

Yield Summary			4

Sector Allocations			5

Schedules of Investments			6

Financial Statements			31

Financial Highlights			39

Federal Instruments Fund			39

Government Fund			44

Money Market Fund			52

Prime Obligations Fund			57

Treasury Instruments Fund			62

Treasury Obligations Fund			68

Treasury Solutions Fund			73

Notes to Financial Statements			78

Other Information			95



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

PORTFOLIO RESULTS

GOVERNMENT MONEY MARKET FUNDS

∎

Federal Instruments Fund

∎

Government Fund

∎

Treasury Instruments Fund

∎

Treasury Obligations Fund

∎

Treasury Solutions Fund

INSTITUTIONAL MONEY MARKET FUNDS

∎

Money Market Fund

∎

Prime Obligations Fund

MARKET REVIEW

Goldman Sachs Financial Square Funds

The following are highlights both of key factors affecting the money markets and of any key changes made to the Goldman Sachs Financial Square Funds (the “Funds”) during the six months ended May 31, 2023 (the “Reporting Period”). A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended November 30, 2023.

Market and Economic Review

•

Federal Reserve (“Fed”) monetary policy most influenced the money markets during the Reporting Period.

•

In December 2022, when the Reporting Period began, the Fed raised the targeted federal funds (“fed funds”) rate by 50 basis points to a range between 4.25% and 4.50%. (A basis point is 1/100th of a percentage point.)

•

Policymakers indicated they were determined to continue their fight to tame inflation and that ongoing rate hikes would likely be “appropriate.”

•

At the beginning of February 2023, the Fed stepped down its pace of rate increases to 25 basis points, with Fed Chair Jerome Powell suggesting further rate hikes would be determined meeting by meeting.

•

In March, Fed officials implemented another 25 basis point rate hike, projected a weak economic outlook for the rest of 2023, and struck a more cautious tone on the forward path for the fed funds rate.

•

In early May, at their final policy meeting of the Reporting Period, Fed officials raised the fed funds rate by 25 basis points to a range between 5.00% and 5.25%.

•

Policymakers signaled a willingness to pause future rate hikes given that inflation had begun to moderate and because tighter credit conditions driven by banking sector stress were “likely to weigh on economic activity, hiring and inflation.”

•

In mid-June 2023, after the end of the Reporting Period, Fed officials held the fed funds rate steady but suggested they were inclined to implement another rate hike in July if economic activity and inflation did not cool as much as they “need to see.”

•

The money market yield curve steepened during the Reporting Period, as the Fed raised short-term interest rates.

•

In this environment, the yields of money market funds increased.

Fund Changes and Highlights

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

FUND BASICS

Financial Square Funds

as of May 31, 2023


PERFORMANCE REVIEW^1,2

December 1, 2022–May 31, 2023	Fund Total Return (based on NAV)³ Institutional Shares			SEC 7-Day Current Yield⁴			iMoneynet Institutional Average⁵

Federal Instruments		2.24	%		4.87	%		4.26	%⁶
Government		2.25			5.01			4.26	⁶
Money Market		2.30			5.07			4.49	⁷
Prime Obligations		2.30			5.05			4.49	⁷
Treasury Instruments		2.18			4.90			4.10	⁸
Treasury Obligations		2.24			4.96			4.27	⁹
Treasury Solutions		2.24			4.97			4.27	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.

As of May 31, 2023, 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 Federal Instruments Fund offers nine separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier and Class D), the Prime Obligations Fund offers ten separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource and Drexel Hamilton Class), the Treasury Instruments Fund offers twelve separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class D, Loop Class and Seelaus 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 Fund’s performance does not reflect the deduction of any applicable sales charges.

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.

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. May 2023. 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.

YIELD SUMMARY


SUMMARY OF THE INSTITUTIONAL SHARES^1,2 AS OF 5/31/2023

Funds	7-Day Dist. Yield¹⁰			SEC 7-Day Effective Yield¹¹			30-Day Average Yield¹²			Weighted Avg. Maturity (days)¹³		Weighted Avg. Life (days)¹⁴

Federal Instruments		4.87	%		4.99	%		4.83	%		19		99
Government		5.00			5.13			4.96			25		76
Money Market		5.07			5.20			5.03			49		97
Prime Obligations		5.07			5.18			5.03			48		80
Treasury Instruments		4.84			5.02			4.65			48		107
Treasury Obligations		4.97			5.09			4.93			2		31
Treasury Solutions		4.97			5.09			4.93			12		40

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.

¹⁰

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.

¹¹

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.

¹²

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.

¹³

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.

¹⁴

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.

SECTOR ALLOCATIONS


SECTOR ALLOCATIONS¹⁵

As of May 31, 2023

Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions

Certificates of Deposit		—	%		—	%		1.5	%		0.9	%		—	%		—	%		—	%

Certificates of Deposit - Eurodollar		—			—			1.5			—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			4.9			4.2			—			—			—
Commercial Paper & Corporate Obligations		—			—			10.0			16.9			—			—			—
Medium Term Note		—			—			—			0.3			—			—			—
Repurchase Agreements		—			72.5			21.8			34.0			—			91.9			83.0
Time Deposits		—			—			13.4			12.6			—			—			—
U.S. Government Agency Obligations		91.8			19.9			20.7			15.0			—			—			—
U.S. Treasury Obligations		7.9			7.4			4.8			2.6			103.3			6.2			16.2
Variable Rate Municipal Debt Obligations		—			—			3.6			2.1			—			—			—
Variable Rate Obligations		—			—			17.6			13.5			—			—			—



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			—			—			—

¹⁵

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.

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Government Agency Obligations – 91.8%
	Federal Farm Credit Bank
$	700,000		4.947	%		01/12/24	$	679,656
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.03%)
	50,000,000		5.402	^(a)		07/31/23		50,000,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.04%)
	4,200,000		5.407	^(a)		10/23/23		4,199,933
	8,300,000		5.412	^(a)		10/30/23		8,299,896
	Federal Farm Credit Bank (FEDL01 + 0.08%)
	2,300,000		5.162	^(a)		09/13/24		2,297,827
	Federal Farm Credit Bank (FEDL01 + 0.13%)
	6,916,000		5.210	^(a)		02/22/24		6,915,555
	Federal Farm Credit Bank (FEDL01 + 0.14%)
	1,200,000		5.220	^(a)		09/17/24		1,199,985
	400,000		5.222	^(a)		11/14/24		399,887
	Federal Farm Credit Bank (Prime Rate – 3.00%)
	5,618,000		5.251	^(a)		03/22/24		5,617,107
	2,400,000		5.250	^(a)		01/24/25		2,399,813
	Federal Farm Credit Bank (SOFR + 0.06%)
	800,000		5.127	^(a)		04/29/24		799,348
	800,000		5.129	^(a)		07/22/24		799,097
	Federal Farm Credit Bank (SOFR + 0.11%)
	8,782,000		5.165	^(a)		06/07/24		8,781,579
	Federal Farm Credit Bank (SOFR + 0.15%)
	1,890,000		5.210	^(a)		02/14/25		1,890,000
	Federal Farm Credit Bank (SOFR + 0.16%)
	3,900,000		5.215	^(a)		04/05/24		3,899,935
	987,000		5.220	^(a)		01/30/25		987,000
	2,280,000		5.220	^(a)		04/10/25		2,280,000
	Federal Farm Credit Bank (SOFR + 0.17%)
	7,700,000		5.225	^(a)		06/27/24		7,699,677
	3,931,000		5.230	^(a)		01/23/25		3,931,000
	7,737,000		5.225	^(a)		02/06/25		7,737,000
	Federal Farm Credit Bank (SOFR + 0.18%)
	7,700,000		5.240	^(a)		10/16/24		7,700,000
	4,900,000		5.238	^(a)		12/19/24		4,900,621
	4,470,000		5.240	^(a)		12/19/24		4,470,566
	5,000,000		5.240	^(a)		01/03/25		5,000,000
	11,274,000		5.240	^(a)		01/17/25		11,274,000
	Federal Farm Credit Bank (SOFR + 0.19%)
	4,300,000		5.250	^(a)		11/25/24		4,300,000
	11,000,000		5.250	^(a)		12/27/24		11,000,000
	Federal Home Loan Bank
	140,000,000		4.715			06/01/23		140,000,000
	56,267,000		4.925			06/02/23		56,259,499
	165,000,000		4.836			06/07/23		164,868,020
	150,000,000		4.999			06/07/23		149,880,018
	400,000,000		4.770			06/09/23		399,584,889
	125,000,000		4.997			06/16/23		124,746,458
	248,200,000		4.955			06/21/23		247,531,239
	500,000,000		4.938			06/23/23		498,522,944
	150,000,000		4.937			06/30/23		149,418,792
	10,600,000		4.881			07/26/23		10,523,886
	50,000,000		4.913			08/02/23		49,592,694
	18,531,000		5.184			09/19/23		18,248,687
	26,543,000		5.195			09/19/23		26,138,627
	37,056,000		5.186			09/22/23		36,476,753
	85,000,000		5.005			10/11/23		83,499,013


U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank – (continued)
	8,720,000		4.667			11/14/23		8,719,727
	4,000,000		4.692			11/15/23		3,999,433
	4,000,000		4.697			11/17/23		3,999,522
	3,100,000		4.742			11/24/23		3,099,401
	3,700,000		4.690			11/29/23		3,699,814
	2,740,000		4.945			01/12/24		2,660,369
	5,000,000		5.069			02/05/24		4,835,383
	16,754,000		5.060			02/06/24		16,201,351
	9,475,000		5.092			02/08/24		9,157,966
	3,473,000		5.093			02/09/24		3,356,332
	53,940,000		5.340			04/23/24		53,940,000
	Federal Home Loan Bank (SOFR + 0.00%)
	150,000,000		5.060	^(a)		08/02/23		150,000,000
	350,000,000		5.060	^(a)		08/03/23		350,000,000
	477,335,000		5.060	^(a)		08/08/23		477,335,000
	Federal Home Loan Bank (SOFR + 0.02%)
	400,000,000		5.075	^(a)		07/13/23		400,000,000
	200,000,000		5.075	^(a)		09/08/23		200,000,000
	200,000,000		5.080	^(a)		09/18/23		200,000,000
	250,000,000		5.080	^(a)		09/19/23		250,000,000
	Federal Home Loan Bank (SOFR + 0.03%)
	250,000,000		5.085	^(a)		11/01/23		250,000,000
	Federal Home Loan Bank (SOFR + 0.06%)
	400,000		5.128	^(a)		07/01/24		399,570
	Federal Home Loan Bank (SOFR + 0.07%)
	100,000,000		5.130	^(a)		06/27/23		100,000,000
	Federal Home Loan Bank (SOFR + 0.08%)
	700,000		5.140	^(a)		03/01/24		699,633
	Federal Home Loan Bank (SOFR + 0.09%)
	100,000,000		5.150	^(a)		08/24/23		100,000,000
	Federal Home Loan Bank (SOFR + 0.10%)
	40,000,000		5.160	^(a)		06/22/23		40,000,000
	Federal Home Loan Bank (SOFR + 0.11%)
	40,000,000		5.165	^(a)		07/21/23		40,000,000
	40,000,000		5.170	^(a)		08/18/23		40,000,000
	Federal Home Loan Bank (SOFR + 0.12%)
	65,000,000		5.180	^(a)		09/20/23		65,000,000
	Federal Home Loan Bank (SOFR + 0.15%)
	6,300,000		5.210	^(a)		02/23/24		6,300,000
	Federal Home Loan Bank (SOFR + 0.17%)
	8,545,000		5.225	^(a)		01/17/25		8,545,000
	Federal Home Loan Bank (SOFR + 0.19%)
	25,600,000		5.250	^(a)		11/22/24		25,600,000

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	5,142,299,502



U.S. Treasury Obligations – 7.9%
	United States Treasury Bills
$	70,646,000		5.547	%^(b)		11/09/23	$	68,958,856
	19,346,100		4.827			04/18/24		18,562,228
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	8,373,200		5.406	^(a)		10/31/23		8,373,241
	20,000,000		5.407	^(a)		10/31/23		20,000,098


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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND


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%) – (continued)
$	40,000,000		5.407	%^(a)		10/31/23	$	40,000,195
	54,000,000		5.407	^(a)		10/31/23		54,000,264
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	64,198,700		5.522	^(a)		10/31/24		64,110,039
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	66,914,600		5.541	^(a)		04/30/25		66,910,819
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.20%)
	17,147,400		5.568	^(a)		01/31/25		17,149,730
	23,000,000		5.571	^(a)		01/31/25		23,003,125
	60,000,000		5.572	^(a)		01/31/25		60,008,152

	TOTAL U.S. TREASURY OBLIGATIONS						$	441,076,747

	TOTAL INVESTMENTS – 99.7%						$	5,583,376,249

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%							16,001,435

	NET ASSETS – 100.0%						$	5,599,377,684



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 May 31, 2023.

(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


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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Government Agency Obligations – 19.9%
	Federal Farm Credit Bank
$	51,700,000		4.947	%		01/12/24	$	50,197,469
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.04%)
	299,100,000		5.407	^(a)		10/23/23		299,095,218
	647,400,000		5.412	^(a)		10/30/23		647,391,863
	Federal Farm Credit Bank (FEDL01 + 0.08%)
	167,600,000		5.162	^(a)		09/13/24		167,441,674
	Federal Farm Credit Bank (FEDL01 + 0.13%)
	287,741,000		5.210	^(a)		02/22/24		287,722,494
	Federal Farm Credit Bank (FEDL01 + 0.14%)
	90,900,000		5.220	^(a)		09/17/24		90,898,849
	27,300,000		5.222	^(a)		11/14/24		27,292,263
	Federal Farm Credit Bank (Prime Rate – 3.00%)
	238,216,000		5.251	^(a)		03/22/24		238,178,121
	143,475,000		5.250	^(a)		01/24/25		143,463,804
	Federal Farm Credit Bank (Prime Rate – 3.01%)
	195,115,000		5.245	^(a)		02/10/25		195,105,418
	Federal Farm Credit Bank (SOFR + 0.06%)
	60,700,000		5.127	^(a)		04/29/24		60,650,514
	58,700,000		5.129	^(a)		07/22/24		58,633,786
	Federal Farm Credit Bank (SOFR + 0.11%)
	480,605,000		5.165	^(a)		06/07/24		480,581,971
	Federal Farm Credit Bank (SOFR + 0.14%)
	236,728,000		5.202	^(a)		11/26/24		236,626,721
	213,054,000		5.203	^(a)		11/26/24		212,962,850
	Federal Farm Credit Bank (SOFR + 0.15%)
	146,709,000		5.210	^(a)		01/03/25		146,709,000
	95,369,000		5.210	^(a)		02/14/25		95,369,000
	Federal Farm Credit Bank (SOFR + 0.16%)
	274,700,000		5.215	^(a)		04/05/24		274,695,433
	57,378,000		5.220	^(a)		01/30/25		57,378,000
	308,444,000		5.215	^(a)		02/10/25		308,444,000
	95,251,000		5.220	^(a)		04/10/25		95,251,000
	Federal Farm Credit Bank (SOFR + 0.17%)
	548,600,000		5.225	^(a)		06/27/24		548,576,967
	234,191,000		5.230	^(a)		01/23/25		234,191,000
	433,213,000		5.225	^(a)		02/06/25		433,213,000
	Federal Farm Credit Bank (SOFR + 0.18%)
	553,593,000		5.240	^(a)		10/16/24		553,593,000
	287,975,000		5.238	^(a)		12/19/24		288,010,328
	280,910,000		5.240	^(a)		12/19/24		280,944,461
	292,500,000		5.240	^(a)		01/03/25		292,500,000
	661,650,000		5.240	^(a)		01/17/25		661,650,000
	573,783,000		5.260	^(a)(b)		03/07/25		573,783,000
	Federal Farm Credit Bank (SOFR + 0.19%)
	304,200,000		5.250	^(a)		11/25/24		304,200,000
	680,000,000		5.250	^(a)		12/27/24		680,000,000
	Federal Farm Credit Bank (SOFR + 0.20%)
	215,599,000		5.275	^(a)(b)		06/02/25		215,599,000
	Federal Home Loan Bank
	428,191,000		5.184			09/19/23		421,665,744
	1,187,453,000		5.195			09/19/23		1,169,357,256
	1,556,049,000		5.186			09/22/23		1,531,725,361
	649,050,000		4.667			11/14/23		649,029,700
	300,070,000		4.692			11/15/23		300,027,469
	300,070,000		4.697			11/17/23		300,034,136
	228,335,000		4.742			11/24/23		228,290,860


U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank – (continued)
	263,000,000		4.690			11/29/23		262,986,806
	187,440,000		4.945			01/12/24		181,992,525
	470,785,000		5.059			02/06/24		455,238,741
	8,181,000		5.060			02/06/24		7,910,847
	512,088,000		5.070			02/06/24		495,177,833
	475,850,000		5.092			02/08/24		459,928,059
	241,836,000		5.093			02/09/24		233,712,057
	2,267,585,000		5.340			04/23/24		2,267,585,000
	2,583,695,000		5.330			04/26/24		2,583,695,000
	2,439,065,000		5.340			04/26/24		2,439,065,000
	1,658,135,000		5.370			05/21/24		1,658,135,000
	868,035,000		5.300			05/22/24		868,035,000
	1,780,020,000		5.360			06/11/24		1,780,020,000
	1,112,490,000		5.375			06/11/24		1,112,490,000
	Federal Home Loan Bank (SOFR + 0.06%)
	26,400,000		5.128	^(a)		07/01/24		26,371,605
	Federal Home Loan Bank (SOFR + 0.07%)
	3,140,100,000		5.130	^(a)		06/27/23		3,140,100,000
	Federal Home Loan Bank (SOFR + 0.08%)
	3,371,100,000		5.140	^(a)		06/14/23		3,371,100,000
	1,472,000,000		5.140	^(a)		07/20/23		1,472,000,000
	53,900,000		5.140	^(a)		03/01/24		53,871,769
	Federal Home Loan Bank (SOFR + 0.09%)
	2,000,000,000		5.145	^(a)		07/03/23		2,000,000,000
	3,336,400,000		5.150	^(a)		08/24/23		3,336,400,000
	Federal Home Loan Bank (SOFR + 0.10%)
	1,511,605,000		5.160	^(a)		06/22/23		1,511,605,000
	Federal Home Loan Bank (SOFR + 0.11%)
	1,513,720,000		5.165	^(a)		07/21/23		1,513,720,000
	1,513,720,000		5.170	^(a)		08/18/23		1,513,720,000
	Federal Home Loan Bank (SOFR + 0.12%)
	2,541,735,000		5.180	^(a)		09/20/23		2,541,735,000
	Federal Home Loan Bank (SOFR + 0.15%)
	456,300,000		5.210	^(a)		02/23/24		456,300,000
	Federal Home Loan Bank (SOFR + 0.16%)
	496,000,000		5.220	^(a)		02/03/25		496,000,000
	Federal Home Loan Bank (SOFR + 0.17%)
	476,015,000		5.225	^(a)		01/17/25		476,015,000
	Federal Home Loan Bank (SOFR + 0.19%)
	1,817,300,000		5.250	^(a)		11/22/24		1,817,300,000
	Federal Home Loan Mortgage Corporation
	866,947,000		5.400			06/11/24		866,947,000
	866,947,000		5.380			06/12/24		866,947,000
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	1,250,000		5.350	^(a)		11/15/23		1,250,000
	4,200,000		5.380	^(a)		03/20/24		4,200,000
	30,150,000		5.380	^(a)		06/15/25		30,150,000
	29,258,756		5.380	^(a)		07/15/25		29,258,755
	1,184,211		5.300	^(a)		08/15/25		1,184,211
	9,473,684		5.380	^(a)		09/15/25		9,473,684
	1,320,000		5.300	^(a)		05/15/26		1,320,000
	51,350,000		5.300	^(a)		07/09/26		51,350,000
	36,738,334		5.380	^(a)		09/15/26		36,738,333
	23,365,384		5.380	^(a)		12/15/26		23,365,384
	9,375,000		5.350	^(a)		01/20/27		9,375,000
	14,872,561		5.350	^(a)		06/20/27		14,872,561


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

FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Government Agency Obligations – (continued)
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) – (continued)
$	25,071,427		5.350	%^(a)		09/20/27	$	25,071,427
	30,609,528		5.380	^(a)		02/15/28		30,609,529
	29,884,616		5.380	^(a)		06/20/28		29,884,616
	39,285,713		5.380	^(a)		09/15/28		39,285,713
	42,065,501		5.380	^(a)		11/15/28		42,065,501
	37,596,226		5.300	^(a)		01/15/30		37,596,226
	3,000,000		5.350	^(a)		03/15/30		3,000,000
	50,400,000		5.380	^(a)		03/15/30		50,400,000
	30,000,000		5.380	^(a)		10/15/30		30,000,000
	11,000,000		5.380	^(a)		08/15/31		11,000,000
	13,809,540		5.350	^(a)		09/02/31		13,809,540
	39,007,140		5.350	^(a)		09/30/31		39,007,140
	24,418,605		5.350	^(a)		12/20/31		24,418,605
	46,619,136		5.380	^(a)		12/15/33		46,619,136
	15,946,200		5.350	^(a)		01/20/35		15,946,200
	17,906,000		5.350	^(a)		04/20/35		17,906,000
	3,373,068		5.350	^(a)		09/20/38		3,373,068
	37,824,587		5.350	^(a)		07/07/40		37,824,587

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	54,816,940,188



U.S. Treasury Obligations – 7.4%
	United States Treasury Bills
$	301,406,400		5.547	%^(b)		11/09/23	$	294,208,313
	904,151,500		4.827			04/18/24		867,516,791
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	922,199,700		5.407	^(a)		10/31/23		922,193,674
	4,200,000,000		5.407	^(a)		10/31/23		4,199,972,555
	6,102,231,000		5.407	^(a)		10/31/23		6,102,191,124
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	3,193,063,700		5.541	^(a)		04/30/25		3,192,883,276
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.20%)
	328,343,000		5.568	^(a)		01/31/25		328,356,571
	4,580,000,000		5.572	^(a)		01/31/25		4,580,189,307

	TOTAL U.S. TREASURY OBLIGATIONS						$	20,487,511,611

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	75,304,451,799



Repurchase Agreements^(c) – 72.5%
	Banco Santander, S.A.
$	500,000,000		5.055	%		06/01/23	$	500,000,000
	Maturity Value: $500,070,208
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 12/01/28 to 09/01/52 and Federal National Mortgage Association, 2.500% to 4.500%, due 11/01/50 to 10/01/52. The aggregate market value of the collateral, including accrued interest, was $515,072,336.


Repurchase Agreements^(c) – (continued)
	Bank of America, National Association
	500,000,000		5.050	%		06/01/23		500,000,000
	Maturity Value: $500,070,139
	Collateralized by Government National Mortgage Association, 3.000% to 4.000%, due 12/20/47 to 07/20/49. The aggregate market value of the collateral, including accrued interest, was $515,000,000.

	Bank of Montreal
	150,000,000		5.000			06/01/23		150,000,000
	Maturity Value: $150,020,833
	Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 02/15/43. The aggregate market value of the collateral, including accrued interest, was $152,999,999.

	Barclays Bank PLC
	1,050,000,000		5.060			06/01/23		1,050,000,000
	Maturity Value: $1,050,147,583
	Collateralized by a U.S. Treasury Bond, 3.875%, due 08/15/40 and U.S. Treasury Notes, 1.250% to 3.500%, due 07/31/27 to 01/31/30. The aggregate market value of the collateral, including accrued interest, was $1,071,150,606.

	BMO Capital Markets Corp.
	320,000,000		5.000			06/01/23		320,000,000
	Maturity Value: $320,044,444
	Collateralized by a U.S. Treasury Bill, 0.000%, due 01/25/24, U.S. Treasury Bonds, 2.375% to 4.000%, due 02/15/42 to 11/15/52 and U.S. Treasury Notes, 0.250% to 3.750%, due 11/15/23 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $326,445,354.

	BNP Paribas
	125,000,000		5.000			06/01/23		125,000,000
	Maturity Value: $125,017,361
	Collateralized by a U.S. Treasury Bill, 0.000%, due 10/26/23. The market value of the collateral, including accrued interest, was $127,500,016.
	713,500,000		5.060			06/01/23		713,500,000
	Maturity Value: $713,600,286
	Collateralized by Federal Farm Credit Bank, 4.070% to 4.430%, due 11/21/33 to 05/03/34, Federal Home Loan Bank, 2.800%, due 07/11/39, Federal Home Loan Mortgage Corp., 5.000% to 7.000%, due 08/01/36 to 06/01/53, Federal National Mortgage Association, 2.000% to 5.500%, due 01/01/37 to 12/01/52, Government National Mortgage Association, 2.000% to 6.000%, due 08/20/33 to 05/20/53, U.S. Treasury Bills, 0.000%, due 06/06/23 to 11/09/23, U.S. Treasury Bonds, 2.875% to 4.375%, due 05/15/40 to 08/15/45, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 1.500%, due 02/15/46 to 02/15/53, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/45, U.S. Treasury Notes, 1.250% to 2.875%, due 12/31/26 to 05/15/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/40 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $730,016,006.
	785,375,000		5.070			06/01/23		785,375,000
	Maturity Value: $785,485,607
	Collateralized by a U.S. Treasury Note, 0.125%, due 07/15/31. The market value of the collateral, including accrued interest, was $801,082,500.


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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Repurchase Agreements^(c) – (continued)
	BNP Paribas – (continued)
$	814,625,000		5.070	%		06/01/23	$	814,625,000
	Maturity Value: $814,739,726
	Collateralized by a U.S. Treasury Note, 0.375%, due 01/15/27. The market value of the collateral, including accrued interest, was $830,917,500.

	BofA Securities, Inc.
	400,000,000		4.990			06/01/23		400,000,000
	Maturity Value: $400,055,444
	Collateralized by a U.S. Treasury Note, 3.125%, due 08/31/27. The market value of the collateral, including accrued interest, was $408,000,040.
	500,000,000		5.000			06/01/23		500,000,000
	Maturity Value: $500,069,444
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 03/01/37 to 05/01/53. The aggregate market value of the collateral, including accrued interest, was $515,000,003.
	1,400,000,000		5.000			06/01/23		1,400,000,000
	Maturity Value: $1,400,194,444
	Collateralized by Federal National Mortgage Association, 2.000% to 6.500%, due 05/01/35 to 04/01/53. The aggregate market value of the collateral, including accrued interest, was $1,442,000,001.
	100,000,000		5.050			06/01/23		100,000,000
	Maturity Value: $100,014,028
	Collateralized by U.S. Treasury Notes, 2.625% to 3.500%, due 05/31/27 to 02/15/33. The aggregate market value of the collateral, including accrued interest, was $102,000,010.
	1,224,200,000		5.050			06/01/23		1,224,200,000
	Maturity Value: $1,224,371,728
	Collateralized by Federal National Mortgage Association, 1.500% to 6.000%, due 11/01/34 to 05/01/53. The aggregate market value of the collateral, including accrued interest, was $1,260,925,998.

	Citibank, National Association (Overnight MBS + 0.01%)
	1,000,000,000		5.070	^(a)		06/09/23		1,000,000,000
	Maturity Value: $1,236,740,777
	Settlement Date: 11/01/18
	Collateralized by Federal Farm Credit Bank, 0.500% to 5.410%, due 12/01/23 to 12/04/36, Federal Home Loan Bank, 0.000% to 5.625%, due 07/03/23 to 07/15/36, Federal Home Loan Mortgage Corp., 0.250% to 6.750%, due 06/19/23 to 04/01/53, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/25 to 07/15/32, Federal National Mortgage Association, 0.500% to 7.250%, due 09/12/23 to 04/01/53, Government National Mortgage Association, 1.500% to 9.000%, due 12/15/23 to 04/20/53, U.S. Treasury Bills, 0.000%, due 07/25/23 to 05/16/24, U.S. Treasury Bonds, 1.125% to 7.625%, due 02/15/25 to 05/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/25 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 07/15/23 to 07/15/30 and U.S. Treasury Notes, 0.250% to 4.625%, due 10/31/23 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $1,020,000,030.


Repurchase Agreements^(c) – (continued)
	Citigroup Global Markets, Inc.
	375,000,000		5.050			06/01/23		375,000,000
	Maturity Value: $375,052,604
	Collateralized by U.S. Treasury Bonds, 3.500% to 4.625%, due 02/15/36 to 02/15/40, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.625% to 1.125%, due 07/15/32 to 01/15/33 and U.S. Treasury Notes, 0.500% to 4.125%, due 11/30/23 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $382,500,021.
	2,100,000,000		5.050			06/01/23		2,100,000,000
	Maturity Value: $2,100,294,583
	Collateralized by a U.S. Treasury Bond, 6.125%, due 08/15/29, U.S. Treasury Inflation-Indexed Bonds, 2.500% to 3.875%, due 01/15/29 to 04/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.875%, due 01/15/29 to 01/15/30 and U.S. Treasury Notes, 0.500% to 4.000%, due 11/30/23 to 02/28/30. The aggregate market value of the collateral, including accrued interest, was $2,142,000,033.

	Credit Agricole Corporate and Investment Bank
	150,000,000		5.000			06/01/23		150,000,000
	Maturity Value: $150,020,833
	Collateralized by U.S. Treasury Notes, 1.250% to 4.125%, due 10/31/27 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $153,000,040.

	Daiwa Capital Markets America Inc.
	1,750,000,000		5.060			06/01/23		1,750,000,000
	Maturity Value: $1,750,245,972
	Collateralized by Federal Farm Credit Bank, 4.125% to 5.800%, due 05/23/25 to 04/28/31, Federal Home Loan Bank, 0.000%, due 07/14/23, Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 08/01/23 to 06/01/53, Federal National Mortgage Association, 1.500% to 6.500%, due 03/01/28 to 06/01/53, Government National Mortgage Association, 2.500% to 7.000%, due 10/15/32 to 05/20/53, U.S. Treasury Bills, 0.000%, due 07/13/23 to 10/26/23, U.S. Treasury Bonds, 2.000% to 7.500%, due 11/15/24 to 05/15/53, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/45, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25 and U.S. Treasury Notes, 0.125% to 4.000%, due 06/15/23 to 05/31/30. The aggregate market value of the collateral, including accrued interest, was $1,797,128,819.

	Deutsche Bank Securities Inc.
	2,500,000,000		5.050			06/01/23		2,500,000,000
	Maturity Value: $2,500,350,694
	Collateralized by U.S. Treasury Notes, 0.125% to 4.000%, due 02/15/24 to 02/15/33. The aggregate market value of the collateral, including accrued interest, was $2,550,000,020.

	Deutsche Bank Securities, Inc.
	115,000,000		5.070			06/01/23		115,000,000
	Maturity Value: $115,016,196
	Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30 and U.S. Treasury Notes, 0.125% to 3.750%, due 07/15/23 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $117,300,052.


10		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)
	Federal Reserve Bank of New York
$	144,100,000,000		5.050	%		06/01/23	$	144,100,000,000
	Maturity Value: $144,120,214,028
	Collateralized by U.S. Treasury Bonds, 1.375% to 6.250%, due 05/15/30 to 08/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 04/15/28 to 02/15/48 and a U.S. Treasury Note, 1.625%, due 08/15/29. The aggregate market value of the collateral, including accrued interest, was $144,120,214,084.

	Fixed Income Clearing Corporation
	1,600,000,000		5.060			06/01/23		1,600,000,000
	Maturity Value: $1,600,224,889
	Collateralized by U.S. Treasury Notes, 1.625% to 4.625%, due 03/15/26 to 08/15/29. The aggregate market value of the collateral, including accrued interest, was $1,632,000,075.
	3,150,000,000		5.060			06/01/23		3,150,000,000
	Maturity Value: $3,150,442,750
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 09/01/32 to 05/01/53 and Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/25 to 04/01/59. The aggregate market value of the collateral, including accrued interest, was $3,213,000,047.
	8,000,000,000		5.060			06/01/23		8,000,000,000
	Maturity Value: $8,001,124,444
	Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 11/15/39 to 02/15/51, a U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.250%, due 04/15/25 to 01/15/33 and U.S. Treasury Notes, 0.250% to 4.500%, due 05/15/24 to 11/15/32. The aggregate market value of the collateral, including accrued interest, was $8,160,000,011.
	800,000,000		5.080			06/01/23		800,000,000
	Maturity Value: $800,112,889
	Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 11/30/24 to 02/28/26. The aggregate market value of the collateral, including accrued interest, was $817,284,338.
	10,250,000,000		5.080			06/01/23		10,250,000,000
	Maturity Value: $10,251,446,389
	Collateralized by U.S. Treasury Bonds, 1.750% to 3.625%, due 01/15/28 to 04/15/28 and U.S. Treasury Notes, 0.125% to 5.572%, due 06/30/24 to 10/31/27. The aggregate market value of the collateral, including accrued interest, was $10,453,715,678.

	HSBC Securities (USA), Inc.
	100,000,000		5.060			06/01/23		100,000,000
	Maturity Value: $100,014,056
	Collateralized by Federal Farm Credit Bank, 0.500%, due 05/14/25, Federal Home Loan Bank, 2.690%, due 09/26/34, Federal Home Loan Mortgage Corp., 4.050%, due 08/28/25, Federal National Mortgage Association, 0.625%, due 04/22/25 and Government National Mortgage Association, 2.500% to 6.000%, due 07/15/27 to 05/20/53. The aggregate market value of the collateral, including accrued interest, was $102,396,990.


Repurchase Agreements^(c) – (continued)
	HSBC Securities (USA), Inc. (Overnight MBS + 0.01%)
	1,250,000,000		5.070	%^(a)		06/09/23		1,250,000,000
	Maturity Value: $1,419,176,002
	Collateralized by Federal Farm Credit Bank, 1.400% to 5.060%, due 07/26/24 to 08/24/46, Federal Home Loan Bank, 1.700% to 6.300%, due 06/09/23 to 10/06/42, Federal Home Loan Mortgage Corp., 1.250% to 6.500%, due 08/01/28 to 05/01/53, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 01/15/24 to 01/15/32, Federal National Mortgage Association, 0.250% to 5.500%, due 07/10/23 to 04/01/53, Federal National Mortgage Association Stripped Securities, 0.000%, due 11/15/23 to 11/15/30, Government National Mortgage Association, 3.000% to 6.500%, due 01/20/27 to 05/20/53, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/38, a U.S. Treasury Bond, 3.625%, due 05/15/53, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 1.500%, due 02/15/48 to 02/15/53 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/49. The aggregate market value of the collateral, including accrued interest, was $1,282,974,337.

	J.P. Morgan Securities LLC
	150,000,000		5.050			06/01/23		150,000,000
	Maturity Value: $150,021,042
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/34 to 05/01/53. The aggregate market value of the collateral, including accrued interest, was $154,521,674.

	J.P. Morgan Securities LLC (Overnight MBS + 0.01%)
	7,800,000		5.050			06/01/23		7,800,000
	Maturity Value: $7,801,094
	Collateralized by a U.S. Treasury Note, 2.500%, due 03/31/27. The market value of the collateral, including accrued interest, was $7,957,155.
	1,100,000,000		5.060			06/01/23		1,100,000,000
	Maturity Value: $1,100,154,611
	Collateralized by Federal Farm Credit Bank, 0.690% to 5.100%, due 02/02/27 to 02/24/42, Federal Home Loan Bank, 0.000% to 2.700%, due 10/20/23 to 09/25/45, Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 06/01/43 to 06/01/53, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/25 to 04/01/59 and Government National Mortgage Association, 2.500% to 6.500%, due 09/20/28 to 05/20/53. The aggregate market value of the collateral, including accrued interest, was $1,131,396,320.

	Joint Account I
	1,975,000,000		5.050			06/01/23		1,975,000,000
	Maturity Value: $997,540,104

	Joint Account III
	997,400,000		5.057			06/01/23		997,400,000
	Maturity Value: $1,975,277,049

	Mizuho Securities USA LLC (Overnight MBS + 0.03%)
	100,000,000		5.060			06/01/23		100,000,000
	Maturity Value: $100,014,056
	Collateralized by Federal National Mortgage Association, 4.000% to 5.000%, due 04/01/52 to 02/01/53. The aggregate market value of the collateral, including accrued interest, was $103,000,001.


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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Repurchase Agreements^(c) – (continued)
	MUFG Securities Americas, Inc.
$	505,000,000		5.050	%		06/01/23	$	505,000,000
	Maturity Value: $505,070,840
	Collateralized by Federal Home Loan Bank, 4.470% to 5.450%, due 02/28/24 to 05/12/27, Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 06/01/25 to 01/01/49, Federal National Mortgage Association, 2.000% to 6.500%, due 08/01/25 to 05/01/53 and Government National Mortgage Association, 3.000% to 6.500%, due 03/15/29 to 04/20/53. The aggregate market value of the collateral, including accrued interest, was $519,931,495.

	MUFG Securities Americas, Inc. (Overnight MBS + 0.03%)
	500,000,000		5.080	^(a)		07/07/23		500,000,000
	Maturity Value: $552,422,774
	Settlement Date: 06/24/21
	Collateralized by Federal Home Loan Bank, 5.000% to 5.375%, due 05/24/24 to 05/24/27, Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 02/01/26 to 06/01/52 and Federal National Mortgage Association, 1.500% to 7.125%, due 09/01/25 to 05/01/53. The aggregate market value of the collateral, including accrued interest, was $514,634,443.

	Nomura Securities International, Inc.
	2,000,000,000		5.060			06/01/23		2,000,000,000
	Maturity Value: $2,000,281,111
	Collateralized by Federal Farm Credit Bank, 0.350% to 4.250%, due 09/05/23 to 06/14/41, Federal Farm Credit Bank discount note, 0.000%, due 09/07/23, Federal Home Loan Bank, 0.000% to 5.340%, due 07/25/23 to 03/11/36, Federal Home Loan Mortgage Corp., 0.000% to 6.750%, due 06/18/24 to 12/15/36, Federal National Mortgage Association, 0.875% to 7.250%, due 05/15/29 to 11/15/30, Federal National Mortgage Association Stripped Securities, 0.000%, due 01/15/24 to 01/15/34, Tennessee Valley Authority, 0.000% to 7.125%, due 05/01/30 to 09/15/60, U.S. Treasury Bonds, 2.750% to 2.875%, due 05/15/43 to 05/15/49, U.S. Treasury Inflation-Indexed Bonds, 0.250% to 3.875%, due 04/15/29 to 02/15/50, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/23 to 05/15/51, U.S. Treasury Notes, 0.250% to 4.125%, due 03/15/24 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/24 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $2,040,000,513.

	Northwestern Mutual Life Insurance Company
	208,410,000		5.070			06/01/23		208,410,000
	Maturity Value: $208,439,351
	Collateralized by a U.S. Treasury Bond, 1.750%, due 08/15/41. The market value of the collateral, including accrued interest, was $212,578,200.
	288,610,000		5.070			06/01/23		288,610,000
	Maturity Value: $288,650,646
	Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $294,382,200.


Repurchase Agreements^(c) – (continued)
	Northwestern Mutual Life Insurance Company – (continued)
	408,487,500		5.070			06/01/23		408,487,500
	Maturity Value: $408,545,029
	Collateralized by a U.S. Treasury Bond, 6.375%, due 08/15/27. The market value of the collateral, including accrued interest, was $416,657,250.

	Prudential Insurance Company of America (The)
	4,510,000		5.070			06/01/23		4,510,000
	Maturity Value: $4,510,635
	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 $4,600,200.
	5,870,000		5.070			06/01/23		5,870,000
	Maturity Value: $5,870,827
	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 $5,987,400.
	7,830,000		5.070			06/01/23		7,830,000
	Maturity Value: $7,831,103
	Collateralized by a U.S. Treasury Note, 0.000%, due 05/15/26. The market value of the collateral, including accrued interest, was $7,986,600.
	9,855,000		5.070			06/01/23		9,855,000
	Maturity Value: $9,856,388
	Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $10,052,100.
	14,763,750		5.070			06/01/23		14,763,750
	Maturity Value: $14,765,829
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $15,059,025.
	16,055,000		5.070			06/01/23		16,055,000
	Maturity Value: $16,057,261
	Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $16,376,100.
	16,375,000		5.070			06/01/23		16,375,000
	Maturity Value: $16,377,306
	Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/33. The market value of the collateral, including accrued interest, was $16,702,500.
	16,937,500		5.070			06/01/23		16,937,500
	Maturity Value: $16,939,885
	Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/33. The market value of the collateral, including accrued interest, was $17,276,250.
	17,093,750		5.070			06/01/23		17,093,750
	Maturity Value: $17,096,157
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/36. The market value of the collateral, including accrued interest, was $17,435,625.
	17,531,250		5.070			06/01/23		17,531,250
	Maturity Value: $17,533,719
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $17,881,875.


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)
	Prudential Insurance Company of America (The) – (continued)
$	17,907,500		5.070	%		06/01/23	$	17,907,500
	Maturity Value: $17,910,022
	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 $18,265,650.
	18,681,250		5.070			06/01/23		18,681,250
	Maturity Value: $18,683,881
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $19,054,875.
	18,920,000		5.070			06/01/23		18,920,000
	Maturity Value: $18,922,665
	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 $19,298,400.
	21,437,500		5.070			06/01/23		21,437,500
	Maturity Value: $21,440,519
	Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $21,866,250.
	23,655,000		5.070			06/01/23		23,655,000
	Maturity Value: $23,658,331
	Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/35. The market value of the collateral, including accrued interest, was $24,128,100.
	24,290,000		5.070			06/01/23		24,290,000
	Maturity Value: $24,293,421
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/43. The market value of the collateral, including accrued interest, was $24,775,800.
	26,212,500		5.070			06/01/23		26,212,500
	Maturity Value: $26,216,192
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/36. The market value of the collateral, including accrued interest, was $26,736,750.
	32,312,500		5.070			06/01/23		32,312,500
	Maturity Value: $32,317,051
	Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $32,958,750.
	35,662,500		5.070			06/01/23		35,662,500
	Maturity Value: $35,667,522
	Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $36,375,750.
	76,250,000		5.070			06/01/23		76,250,000
	Maturity Value: $76,260,739
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45. The market value of the collateral, including accrued interest, was $77,775,000.
	99,430,000		5.070			06/01/23		99,430,000
	Maturity Value: $99,444,003
	Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $101,418,600.


Repurchase Agreements^(c) – (continued)
	Prudential Insurance Company of America (The) – (continued)
	166,750,000		5.070			06/01/23		166,750,000
	Maturity Value: $166,773,484
	Collateralized by a U.S. Treasury Bond, 3.000%, due 08/15/52. The market value of the collateral, including accrued interest, was $170,085,000.

	Societe Generale
	650,000,000		5.050			06/01/23		650,000,000
	Maturity Value: $650,091,181
	Collateralized by Government National Mortgage Association, 3.000% to 5.500%, due 12/20/50 to 03/20/53. The aggregate market value of the collateral, including accrued interest, was $669,499,999.

	Sumitomo Mitsui Banking Corporation
	1,000,000,000		5.060			06/01/23		1,000,000,000
	Maturity Value: $1,000,140,556
	Collateralized by U.S. Treasury Bonds, 1.875% to 2.875%, due 08/15/45 to 02/15/51 and U.S. Treasury Notes, 0.250% to 4.125%, due 07/31/24 to 11/30/29. The aggregate market value of the collateral, including accrued interest, was $1,020,143,375.

	Wells Fargo Securities, LLC
	3,150,000,000		5.060			06/01/23		3,150,000,000
	Maturity Value: $3,150,442,750
	Collateralized by Federal National Mortgage Association, 1.500% to 8.000%, due 12/01/24 to 06/01/57. The aggregate market value of the collateral, including accrued interest, was $3,244,499,999.

	TOTAL REPURCHASE AGREEMENTS						$	199,551,737,500

	TOTAL INVESTMENTS – 99.8%						$	274,856,189,299

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%							545,121,923

	NET ASSETS – 100.0%						$	275,401,311,222



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 May 31, 2023.

(b)		All or a portion represents a forward commitment.

(c)		Unless noted, all repurchase agreements were entered into on May 31, 2023. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section.


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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)



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


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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Commercial Paper and Corporate Obligations – 10.0%
	Adventist Health System Sunbelt Healthcare Corp.
$	11,781,000		5.248	%		07/13/23	$	11,708,952
	Albion Capital LLC
	6,400,000		5.176			06/02/23		6,398,177
	6,082,000		5.447			07/20/23		6,037,061
	Banco Santander, S.A.
	6,366,000		5.081			06/16/23		6,351,579
	Barclays US CCP Funding LLC
	2,715,000		5.454			08/02/23		2,689,671
	Barton Capital S.A.
	4,214,000		5.332			08/11/23		4,168,876
	4,049,000		5.481			09/15/23		3,983,183
	Bon Secours Mercy Health, Inc.
	13,000,000		5.191			06/14/23		12,974,111
	10,000,000		5.314			06/28/23		9,959,851
	BPCE
	14,549,000		5.335			09/07/23		14,327,626
	Cafco, LLC
	3,934,000		5.418			09/07/23		3,875,072
	Caisse D’Amortissement De La Dette Sociale
	4,678,000		5.314			08/07/23		4,631,778
	Collateralized Commercial Paper Flex Co., LLC
	5,405,000		5.490			11/17/23		5,399,254
	Deaconess Health System, Inc.
	7,456,000		5.181			06/01/23		7,454,949
	FMS Wertmanagement Aor
	10,727,000		5.327	^(a)		07/03/23		10,677,667
	Gotham Funding Corp.
	3,279,000		5.373			08/08/23		3,245,314
	Great Bear Funding LLC
	7,900,000		5.166			06/06/23		7,893,330
	J.P. Morgan Securities LLC
	9,077,000		5.380			10/12/23		9,068,450
	4,637,000		5.510			01/18/24		4,632,567
	Liberty Street Funding LLC
	877,000		5.514			11/06/23		855,646
	LMA-Americas LLC
	3,013,000		5.406			08/10/23		2,980,971
	5,189,000		5.479			10/18/23		5,077,710
	4,500,000		5.790			11/28/23		4,373,504
	Matchpoint Finance Public Limited Company
	4,421,000		5.370			08/10/23		4,421,326
	Natixis-New York Branch
	12,468,000		4.952			06/01/23		12,466,244
	Old Line Funding, LLC
	2,000,000		5.784			12/04/23		1,942,726
	Podium Funding Trust
	8,061,000		5.396			08/17/23		7,967,839
	7,379,000		5.402			08/18/23		7,292,579
	Pure Grove Funding
	10,402,000		5.710			11/29/23		10,111,609
	10,098,000		5.794	^(a)		12/05/23		9,806,592
	Ridgefield Funding Company, LLC
	2,052,000		5.782			11/20/23		1,997,252
	Sentara Healthcare
	2,000,000		5.100			06/23/23		1,999,677


Commercial Paper and Corporate Obligations – (continued)
	Starbird Funding Corporation
	5,863,000		5.364			08/10/23		5,801,357
	State of California
	1,910,000		5.220			07/26/23		1,909,842
	Thunder Bay Funding, LLC
	4,058,000		5.748	^(a)		11/20/23		3,950,511

	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $218,506,567)						$	218,432,853



Certificates of Deposit – 1.5%
	Bank of America, National Association
$	8,369,000		5.430	%		11/14/23	$	8,361,669
	Truist Bank
	24,375,000		5.200			07/31/23		24,374,469

	TOTAL CERTIFICATES OF DEPOSIT
	(Cost $32,744,000)						$	32,736,138



Certificates of Deposit-Eurodollar – 1.5%
	Mitsubishi UFJ Trust and Banking Corporation-London Branch
$	9,000,000		5.385	%		08/15/23	$	8,897,916
	National Westminster Bank Public Limited Company
	6,820,000		5.060			08/04/23		6,754,425
	Sumitomo Mitsui Banking Corp.-Brussels Branch
	17,500,000		5.210			06/15/23		17,461,439

	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR
	(Cost $33,125,592)						$	33,113,780



Certificates of Deposit-Yankeedollar – 4.9%
	Credit Agricole Corporate and Investment Bank-New York Branch
$	15,882,000		4.920	%		06/08/23	$	15,881,190
	9,757,000		5.330			08/23/23		9,754,120
	Credit Industriel Et Commercial-New York Branch
	6,627,000		5.040			07/19/23		6,625,855
	Mizuho Bank, Ltd.-New York Branch
	25,313,000		4.900			06/08/23		25,311,667
	National Bank of Kuwait-New York Branch
	9,550,000		5.270			06/02/23		9,550,060
	9,857,000		5.300			06/15/23		9,857,288
	Sumitomo Mitsui Banking Corp.-New York Branch
	9,879,000		5.440			08/24/23		9,881,693
	Sumitomo Mitsui Trust Bank, Limited-New York Branch
	18,804,000		4.920			06/12/23		18,802,534

	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $105,669,026)						$	105,664,407


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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Time Deposits – 13.4%
	Banco Santander, S.A.
$	40,000,000		5.100	%		06/07/23	$	40,000,777
	Cooeperatieve Rabobank U.A.
	17,000,000		5.050			06/01/23		17,000,000
	Credit Agricole Corporate and Investment Bank
	52,000,000		5.050			06/01/23		52,000,000
	First Abu Dhabi Bank USA N.V.
	80,000,000		5.070			06/01/23		80,000,000
	National Bank of Canada
	47,000,000		5.060			06/01/23		47,000,000
	National Bank of Kuwait S.A.K.P
	60,000,000		5.070			06/01/23		60,000,000

	TOTAL TIME DEPOSIT
	(Cost $296,000,000)						$	296,000,777



U.S. Government Agency Obligations – 20.7%
	Federal Farm Credit Bank
$	3,500,000		4.947	%		01/12/24	$	3,393,267
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.04%)
	8,000,000		5.407	^(b)		10/23/23		8,003,030
	5,900,000		5.412	^(b)		10/30/23		5,901,416
	Federal Farm Credit Bank (FEDL01 + 0.14%)
	1,900,000		5.220	^(b)		09/17/24		1,900,672
	600,000		5.222	^(b)		11/14/24		600,291
	Federal Farm Credit Bank (SOFR + 0.14%)
	2,036,000		5.202	^(b)		11/26/24		2,036,107
	1,832,000		5.203	^(b)		11/26/24		1,832,096
	Federal Farm Credit Bank (SOFR + 0.17%)
	10,100,000		5.225	^(b)		06/27/24		10,108,134
	Federal Farm Credit Bank (SOFR + 0.18%)
	5,190,000		5.240	^(b)		12/19/24		5,193,393
	3,677,000		5.260	^(a) (b)		03/07/25		3,677,525
	Federal Farm Credit Bank (SOFR + 0.19%)
	5,800,000		5.250	^(b)		11/25/24		5,804,549
	12,700,000		5.250	^(b)		12/27/24		12,707,049
	Federal Home Loan Bank
	10,600,000		4.881			07/26/23		10,519,445
	11,848,000		5.184			09/19/23		11,666,571
	1,900,000		4.667			11/14/23		1,892,868
	800,000		4.692			11/15/23		797,167
	800,000		4.697			11/17/23		797,167
	700,000		4.742			11/24/23		696,873
	800,000		4.690			11/29/23		797,449
	7,805,000		5.092			02/08/24		7,541,427
	12,781,000		5.093			02/09/24		12,347,706
	15,415,000		5.540			04/24/24		15,425,038
	15,330,000		5.330			04/26/24		15,318,010
	28,380,000		5.340			04/26/24		28,331,219
	28,805,000		5.300			05/17/24		28,762,139
	42,220,000		5.350			05/20/24		42,167,101
	13,305,000		5.370			05/21/24		13,291,578
	19,990,000		5.300			05/22/24		19,945,154
	5,320,000		5.360			06/11/24		5,310,513
	3,325,000		5.375			06/11/24		3,322,605


U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank (SOFR + 0.10%)
	21,800,000		5.160	^(b)		06/22/23		21,799,707
	Federal Home Loan Bank (SOFR + 0.11%)
	21,855,000		5.165	^(b)		07/21/23		21,854,763
	21,855,000		5.170	^(b)		08/18/23		21,855,232
	Federal Home Loan Bank (SOFR + 0.12%)
	36,585,000		5.180	^(b)		09/20/23		36,585,080
	Federal Home Loan Bank (SOFR + 0.19%)
	34,800,000		5.250	^(b)		11/22/24		34,835,478
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	4,500,001		5.380	^(b)		09/30/27		4,500,001
	2,423,077		5.380	^(b)		06/20/28		2,423,077
	5,237,000		5.380	^(b)		11/15/28		5,237,000
	10,188,679		5.300	^(b)		01/15/30		10,188,679
	10,000,000		5.350	^(b)		03/15/30		10,000,000
	7,333,333		5.380	^(b)		08/15/31		7,333,333

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $456,884,547)						$	456,699,909



U.S. Treasury Obligations – 4.8%
	United States Treasury Bills
$	2,942,800		5.447	%^(a)		08/31/23	$	2,903,683
	2,455,200		5.547	^(a)		11/09/23		2,397,131
	2,073,700		5.511	^(a)		11/30/23		2,018,910
	9,982,200		4.827			04/18/24		9,539,613
	31,940,000		4.955			05/16/24		30,409,823
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	17,300,000		5.406	^(b)		10/31/23		17,302,991
	22,315,700		5.407	^(b)		10/31/23		22,319,558
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	4,856,000		5.541	^(b)		04/30/25		4,858,143
	7,970,000		5.541	^(b)		04/30/25		7,973,517
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.20%)
	6,807,600		5.572	^(b)		01/31/25		6,819,993

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $106,642,175)						$	106,543,362



Variable Rate Municipal Debt Obligations^(c) – 3.6%
	Colorado Housing and Finance Authority
$	2,625,000		5.100	%		06/07/2023	$	2,625,000
	5,695,000		5.100			06/07/2023		5,695,000
	595,000		5.100			06/07/2023		595,000
	3,030,000		5.100			06/07/2023		3,030,000
	3,710,000		5.100			06/07/2023		3,710,000
	Maricopa County Industrial Development Authority
	11,660,000		5.100			06/07/2023		11,660,000
	Nuveen Credit Strategies Income Fund^(d)
	16,000,000		5.240			06/07/2023		16,000,000


16		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^(c) – (continued)
	Nuveen Preferred & Income Opportunities Fund^(d)
$	3,000,000		5.240	%		06/07/2023	$	3,000,000
	Nuveen Preferred & Income Securities Fund^(d)
	17,000,000		5.240			06/07/2023		17,000,000
	Rhode Island Housing & Mortgage Finance Corp.
	3,950,000		5.100			06/07/2023		3,950,000
	SSM Health Care Corp.
	5,875,000		5.090			06/07/2023		5,875,000
	5,875,000		5.090			06/07/2023		5,875,000

	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $79,015,000)						$	79,015,000



Variable Rate Obligations^(b) – 17.6%
	Atlantic Asset Securitization LLC
$	15,531,000		5.250	%		06/12/23	$	15,531,412
	Banco Santander, S.A.
	16,805,000		5.450			08/25/23		16,807,025
	Bank of America, National Association
	22,561,000		5.530			10/10/23		22,571,559
	Bank of Montreal
	9,874,000		5.230			10/02/23		9,868,582
	8,084,000		5.230			10/06/23		8,079,417
	Bank of Nova Scotia – Houston Branch
	8,672,000		5.510			10/04/23		8,676,899
	Bank of Nova Scotia (The)
	15,880,000		5.590			06/06/23		15,880,992
	35,000		5.713			07/28/23		35,025
	Barclays US CCP Funding LLC
	6,329,000		5.350			08/10/23		6,329,427
	Collateralized Commercial Paper Flex Co., LLC
	6,687,000		5.260			09/01/23		6,684,504
	15,000,000		5.510			11/27/23		15,002,942
	Commonwealth Bank of Australia
	6,402,000		5.570			06/07/23		6,402,499
	ING (U.S.) Funding LLC
	10,379,000		5.210			09/05/23		10,380,469
	14,112,000		5.460			11/27/23		14,108,475
	Matchpoint Finance Public Limited Company
	9,700,000		5.490			11/27/23		9,699,009
	4,139,000		5.520			12/01/23		4,139,000
	MUFG Bank, Ltd.-New York Branch
	20,184,000		5.440			08/22/23		20,189,237
	National Bank of Canada
	10,177,000		5.280			08/01/23		10,177,655
	Nordea Bank Abp-New York Branch
	26,255,000		5.160			06/15/23		26,254,871
	Old Line Funding, LLC
	22,997,000		5.470			07/20/23		23,002,358
	3,198,000		5.440			11/01/23		3,198,266
	Oversea-Chinese Banking Corp. Ltd.
	7,179,000		5.470			06/20/23		7,180,056
	Ridgefield Funding Company, LLC
	7,481,000		5.370			07/21/23		7,481,956


Variable Rate Obligations^(b) – (continued)
	Skandinaviska Enskilda Banken AB (Publ)
	13,408,000		5.220			08/28/23		13,406,005
	Sumitomo Mitsui Banking Corp.-New York Branch
	9,938,000		5.210			09/08/23		9,934,048
	Sumitomo Mitsui Trust Bank, Limited-New York Branch
	9,883,000		5.200			07/05/23		9,882,906
	Svenska Handelsbanken AB
	4,942,000		5.430			08/04/23		4,943,376
	Thunder Bay Funding, LLC
	18,292,000		5.560			06/12/23		18,293,463
	Toronto-Dominion Bank (The)
	27,999,000		5.540			10/05/23		28,017,322
	11,175,000		5.580			02/28/24		11,173,278
	UBS AG-London Branch
	2,302,000		5.389			06/01/23		2,302,000
	700,000		5.390			06/01/23		700,000
	United Overseas Bank Ltd.
	13,015,000		5.460			06/20/23		13,017,101
	Wells Fargo Bank, National Association
	9,398,000		5.430			12/12/23		9,398,202

	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $388,713,011)						$	388,749,336

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $1,717,299,918)						$	1,716,955,562



Repurchase Agreements^(e) – 21.8%
	BNP Paribas
$	20,000,000		5.230	%^(b)		06/07/23	$	20,000,000
	Maturity Value: $21,595,150
	Settlement Date: 12/07/21
	Collateralized by mortgage-backed obligation, 10.973%, due 10/25/41, various asset-backed obligations, 3.700% to 13.973%, due 05/15/25 to 01/25/63, various corporate security issuers, 2.650% to 10.931%, due 03/01/25 to perpetual maturity and various sovereign debt security issuer, 6.490%, due 01/23/27. The aggregate market value of the collateral, including accrued interest, was $23,302,942.

	Fixed Income Clearing Corp.
	200,000,000		5.080			06/01/23		199,999,388
	Maturity Value: $200,028,222
	Collateralized by a U.S. Treasury Bond, 3.625%, due 04/15/28 and a U.S. Treasury Note, 1.250%, due 04/30/28. The aggregate market value of the collateral, including accrued interest, was $204,000,004.

	Joint Account III
	50,000,000		5.057			06/01/23		49,999,815
	Maturity Value: $50,007,023

	Mizuho Securities USA LLC
	10,000,000		5.160			06/01/23		9,999,991
	Maturity Value: $10,001,433
	Collateralized by municipal debt obligations, 4.000% to 5.250%, due 02/01/37 to 01/01/56. The aggregate market value of the collateral, including accrued interest, was $10,500,183.


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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Repurchase Agreements^(e) – (continued)
	RBC Capital Markets LLC
$	45,000,000		5.160	%		06/01/23	$	44,999,962
	Maturity Value: $45,006,450
	Collateralized by various corporate security issuers, 0.000% to 9.016%, due 06/21/23 to 09/09/52. The aggregate market value of the collateral, including accrued interest, was $47,250,144.

	Societe Generale
	55,000,000		5.180			06/01/23		54,999,985
	Maturity Value: $55,007,914
	Collateralized by various asset-backed obligation, 7.125%, due 10/22/23, various corporate security issuers, 0.981% to 9.000%, due 02/01/25 to 09/30/39 and various sovereign debt security issuers, 1.862% to 7.750%, due 04/07/26 to 02/17/45. The aggregate market value of the collateral, including accrued interest, was $60,093,761.

	Wells Fargo Securities, LLC
	100,000,000		5.060			06/01/23		99,999,638
	Maturity Value: $100,014,056
	Collateralized by Federal National Mortgage Association, 2.000% to 7.000%, due 01/01/36 to 05/01/53. The aggregate market value of the collateral, including accrued interest, was $103,000,000.

	TOTAL REPURCHASE AGREEMENTS
	(Cost $480,000,000)						$	479,998,779

	TOTAL INVESTMENTS – 99.8%
	(Cost $2,197,299,918)						$	2,196,954,341

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%							4,067,627

	NET ASSETS – 100.0%						$	2,201,021,968



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 May 31, 2023.

(c)		Rate shown is that which is in effect on May 31, 2023. 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.

(d)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(e)		Unless noted, all repurchase agreements were entered into on May 31, 2023. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.



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


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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Commercial Paper and Corporate Obligations – 16.9%
	Adventist Health System Sunbelt Healthcare Corp.
$	14,722,000		5.248	%		07/13/23	$	14,631,967
	Albion Capital LLC
	8,200,000		5.176			06/02/23		8,197,665
	9,918,000		5.297			06/26/23		9,880,795
	4,224,000		5.392			06/26/23		4,208,155
	6,303,000		5.447			07/20/23		6,256,428
	Antalis
	3,499,000		5.477			08/01/23		3,466,899
	5,968,000		5.445			08/02/23		5,912,323
	Atlantic Asset Securitization LLC
	12,259,000		5.120			06/14/23		12,234,700
	2,411,000		5.103			06/15/23		2,405,876
	Banco Santander, S.A.
	4,519,000		5.081			06/16/23		4,508,763
	Barclays US CCP Funding LLC
	3,024,000		5.454			08/02/23		2,995,788
	Barton Capital S.A.
	15,125,000		5.155			06/28/23		15,064,039
	5,848,000		5.371			07/24/23		5,801,701
	11,749,000		5.333			08/11/23		11,623,192
	4,929,000		5.481			09/15/23		4,848,879
	BNP Paribas-New York Branch
	8,726,000		5.387			07/31/23		8,649,528
	Bon Secours Mercy Health, Inc.
	17,000,000		5.191			06/14/23		16,966,145
	13,000,000		5.314			06/28/23		12,947,806
	BPCE
	14,228,000		5.335			09/07/23		14,011,510
	Cafco, LLC
	9,717,000		5.418			09/07/23		9,571,447
	Caisse D’Amortissement De La Dette Sociale
	5,627,000		5.314			08/07/23		5,571,401
	Chariot Funding LLC
	13,380,000		4.990			06/12/23		13,357,334
	Charta, LLC
	7,619,000		5.088			06/07/23		7,611,489
	Collateralized Commercial Paper Flex Co., LLC
	5,694,000		5.490			11/17/23		5,687,947
	DBS Bank Ltd.
	8,160,000		5.231			06/16/23		8,141,606
	12,478,000		5.201			06/30/23		12,425,384
	Deaconess Health System, Inc.
	8,332,000		5.181			06/01/23		8,330,826
	Fairway Finance Company, LLC
	1,000,000		5.214			07/10/23		994,200
	Federation Des Caisses Desjardins Du Quebec
	23,210,000		5.042			06/06/23		23,190,477
	First Abu Dhabi Bank P.J.S.C.
	23,542,000		5.062			06/06/23		23,522,197
	FMS Wertmanagement Aor
	13,992,000		5.327	^(a)		07/03/23		13,927,652
	Gotham Funding Corp.
	4,156,000		5.373			08/08/23		4,113,304
	Gotham Funding Corporation
	4,417,000		5.769	^(a)		12/01/23		4,292,111
	2,424,000		5.790	^(a)		12/01/23		2,355,462


Commercial Paper and Corporate Obligations – (continued)
	Great Bear Funding LLC
	10,600,000		5.166			06/06/23		10,591,050
	J.P. Morgan Securities LLC
	9,582,000		5.380			10/12/23		9,572,974
	8,265,000		5.750	^(a)		12/01/23		8,265,000
	4,885,000		5.510			01/18/24		4,880,330
	Liberty Street Funding LLC
	4,050,000		5.146			07/18/23		4,021,693
	4,051,000		5.077			07/20/23		4,021,422
	1,112,000		5.514			11/06/23		1,084,924
	LMA-Americas LLC
	3,561,000		5.406			08/10/23		3,523,145
	6,759,000		5.479			10/18/23		6,614,038
	4,500,000		5.790			11/28/23		4,373,504
	Matchpoint Finance Public Limited Company
	10,873,000		5.199			06/13/23		10,853,003
	5,169,000		5.370			08/10/23		5,169,381
	14,777,000		5.406			08/25/23		14,584,506
	Natixis-New York Branch
	14,479,000		4.952			06/01/23		14,476,961
	Nieuw Amsterdam Receivables Corporation
	7,219,000		5.196			06/14/23		7,204,646
	Old Line Funding, LLC
	8,000,000		5.784			12/04/23		7,770,904
	Podium Funding Trust
	7,338,000		5.121			06/12/23		7,325,626
	1,957,000		5.396			08/17/23		1,934,383
	9,113,000		5.403			08/18/23		9,006,271
	Pure Grove Funding
	13,260,000		5.710			11/29/23		12,889,824
	13,171,000		5.794	^(a)		12/05/23		12,790,911
	Ridgefield Funding Company, LLC
	2,677,000		5.782			11/20/23		2,605,576
	Sentara Healthcare
	2,000,000		5.100			06/23/23		1,999,677
	Sheffield Receivables Company LLC
	3,939,000		5.425			08/16/23		3,893,420
	Skandinaviska Enskilda Banken AB (Publ)
	4,872,000		4.984			06/12/23		4,863,825
	Starbird Funding Corp.
	6,341,000		5.364			08/10/23		6,274,331
	6,673,000		5.573			09/01/23		6,579,515
	State of California
	2,320,000		5.220			07/26/23		2,319,808
	Thunder Bay Funding, LLC
	5,871,000		5.748	^(a)		11/20/23		5,715,488
	Versailles Commercial Paper LLC
	5,300,000		5.368			08/15/23		5,239,513
	Victory Receivables Corporation
	12,687,000		5.321			07/12/23		12,609,736

	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $520,901,422)						$	520,760,381


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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Certificates of Deposit – 0.9%
	Bank of America, National Association
$	10,608,000		5.430	%		11/14/23	$	10,598,707
	Truist Bank
	18,750,000		5.200			07/31/23		18,749,592

	TOTAL CERTIFICATES OF DEPOSIT
	(Cost $29,358,000)						$	29,348,299



Certificates of Deposit-Yankeedollar – 4.2%
	Credit Agricole Corporate and Investment Bank-New York Branch
$	11,440,000		4.920	%		06/08/23	$	11,439,417
	7,730,000		5.330			08/23/23		7,727,718
	Credit Industriel Et Commercial-New York Branch
	4,531,000		5.040			07/19/23		4,530,217
	Mizuho Bank, Ltd.-New York Branch
	18,234,000		4.900			06/08/23		18,233,040
	MUFG Bank, Ltd.-New York Branch
	5,303,000		5.530	^(a)		09/05/23		5,303,000
	National Bank of Kuwait-New York Branch
	6,948,000		5.270			06/02/23		6,948,044
	51,000,000		5.090			06/06/23		50,999,943
	6,994,000		5.300			06/15/23		6,994,204
	Sumitomo Mitsui Banking Corp.-New York Branch
	10,431,000		5.440			08/24/23		10,433,843
	Sumitomo Mitsui Trust Bank, Limited-New York Branch
	9,402,000		4.920			06/12/23		9,401,267

	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $132,013,084)						$	132,010,693



Medium Term Notes – 0.3%
	MUFG Bank, Ltd.
$	2,025,000		6.145	%^(b)		09/09/23	$	2,013,531
	Toyota Motor Credit Corp. (SOFR + 0.75%)
	7,756,000		5.797	^(c)		07/25/23		7,760,658

	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $9,775,356)						$	9,774,189



Time Deposits – 12.6%
	Banco Santander, S.A.
$	55,000,000		5.100	%		06/07/23	$	55,001,068
	Cooeperatieve Rabobank U.A.
	54,000,000		5.050			06/01/23		54,000,000
	Credit Agricole Corporate and Investment Bank
	85,000,000		5.050			06/01/23		85,000,000
	First Abu Dhabi Bank USA N.V.
	85,000,000		5.070			06/01/23		85,000,000
	National Bank of Canada
	70,000,000		5.060			06/01/23		70,000,116
	National Bank of Kuwait S.A.K.P
	45,000,000		5.070			06/01/23		45,000,000

	TOTAL TIME DEPOSIT
	(Cost $394,000,000)						$	394,001,184


U.S. Government Agency Obligations – 15.0%
	Federal Farm Credit Bank
$	2,600,000		4.947	%		01/12/24	$	2,520,712
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.04%)
	1,600,000		5.407	^(c)		10/23/23		1,600,606
	3,400,000		5.412	^(c)		10/30/23		3,400,816
	Federal Farm Credit Bank (FEDL01 + 0.14%)
	900,000		5.220	^(c)		09/17/24		900,319
	300,000		5.222	^(c)		11/14/24		300,146
	Federal Farm Credit Bank (SOFR + 0.14%)
	4,929,000		5.202	^(c)		11/26/24		4,929,258
	Federal Farm Credit Bank (SOFR + 0.16%)
	2,400,000		5.215	^(c)		04/05/24		2,402,852
	Federal Farm Credit Bank (SOFR + 0.17%)
	5,100,000		5.225	^(c)		06/27/24		5,104,107
	Federal Farm Credit Bank (SOFR + 0.18%)
	2,600,000		5.240	^(c)		12/19/24		2,601,700
	4,685,000		5.260	^(a) (c)		03/07/25		4,685,669
	Federal Farm Credit Bank (SOFR + 0.19%)
	2,900,000		5.250	^(c)		11/25/24		2,902,274
	6,600,000		5.250	^(c)		12/27/24		6,603,663
	Federal Farm Credit Bank (SOFR + 0.20%)
	2,423,000		5.275	^(a) (c)		06/02/25		2,426,637
	Federal Home Loan Bank
	7,400,000		4.881			07/26/23		7,343,764
	9,835,000		5.184			09/19/23		9,684,397
	19,687,000		5.186			09/22/23		19,377,376
	5,935,000		5.092			02/08/24		5,734,577
	9,184,000		5.093			02/09/24		8,872,649
	25,775,000		5.340			04/23/24		25,749,747
	15,440,000		5.540			04/24/24		15,447,647
	15,360,000		5.330			04/26/24		15,344,895
	28,515,000		5.340			04/26/24		28,454,999
	30,340,000		5.300			05/17/24		30,287,983
	44,825,000		5.350			05/20/24		44,754,770
	14,860,000		5.370			05/21/24		14,840,281
	22,370,000		5.300			05/22/24		22,311,367
	14,075,000		5.360			06/11/24		14,049,900
	8,795,000		5.375			06/11/24		8,788,666
	Federal Home Loan Bank (SOFR + 0.10%)
	18,660,000		5.160	^(c)		06/22/23		18,659,749
	Federal Home Loan Bank (SOFR + 0.11%)
	18,720,000		5.165	^(c)		07/21/23		18,719,797
	18,720,000		5.170	^(c)		08/18/23		18,720,199
	Federal Home Loan Bank (SOFR + 0.12%)
	31,390,000		5.180	^(c)		09/20/23		31,390,068
	Federal Home Loan Bank (SOFR + 0.15%)
	4,200,000		5.210	^(c)		02/23/24		4,202,373
	Federal Home Loan Bank (SOFR + 0.19%)
	17,000,000		5.250	^(c)		11/22/24		17,017,331
	Federal Home Loan Mortgage Corp.
	14,950,000		5.400			06/11/24		14,935,322
	14,950,000		5.380			06/12/24		14,931,441
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	1,320,000		5.300	^(c)		05/15/26		1,320,000
	3,500,000		5.380	^(c)		09/15/26		3,500,000
	3,681,819		5.380	^(c)		09/30/27		3,681,819


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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Government Agency Obligations – (continued)
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) – (continued)
$	2,423,077		5.380	%^(c)		06/20/28	$	2,423,077
	1,418,500		5.380	^(c)		11/15/28		1,418,500
	U.S. International Development Finance Corporation (3 Mo. U.S. T-Bill + 0.00%)
	6,237,334		5.350	^(c)		06/15/34		6,237,334

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $468,908,006)						$	468,578,787



U.S. Treasury Obligations – 2.6%
	United States Treasury Bills
$	3,787,000		5.477	%^(a)		08/31/23	$	3,736,662
	3,150,500		5.547	^(a)		11/09/23		3,075,986
	2,607,900		5.511	^(a)		11/30/23		2,538,995
	10,345,000		4.827			04/18/24		9,886,327
	31,009,000		4.955			05/16/24		29,523,425
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	5,908,800		5.541	^(c)		04/30/25		5,911,407
	9,698,000		5.541	^(c)		04/30/25		9,702,280
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.20%)
	15,286,500		5.572	^(c)		01/31/25		15,314,330

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $79,776,578)						$	79,689,412



Variable Rate Municipal Debt Obligations^(d) – 2.1%
	Colorado Housing and Finance Authority
$	2,100,000		5.100	%		06/07/2023	$	2,100,000
	1,565,000		5.100			06/07/2023		1,565,000
	2,000,000		5.100			06/07/2023		2,000,000
	2,660,000		5.100			06/07/2023		2,660,000
	5,000,000		5.100			06/07/2023		5,000,000
	Health & Educational Facilities Authority of the State of Missouri
	6,700,000		5.090			06/07/2023		6,700,000
	6,700,000		5.090			06/07/2023		6,700,000
	Maricopa County Industrial Development Authority
	11,670,000		5.100			06/07/2023		11,670,000
	Metropolitan Water District of Southern California (The)
	4,650,000		5.160			06/07/2023		4,650,000
	New Mexico Hospital Equipment Loan Council
	8,365,000		5.080			06/01/2023		8,365,000
	Nuveen Credit Strategies Income Fund^(b)
	4,000,000		5.240			06/07/2023		4,000,000
	Nuveen Preferred & Income Opportunities Fund^(b)
	2,000,000		5.240			06/23/2023		2,000,000
	Nuveen Preferred & Income Securities Fund^(b)
	5,000,000		5.240			06/07/2023		5,000,000
	Rhode Island Housing & Mortgage Finance Corp.
	3,165,000		5.100			06/07/2023		3,165,000

	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $65,575,000)						$	65,575,000


Variable Rate Obligations^(c) – 13.5%
	Atlantic Asset Securitization LLC
$	21,470,000		5.250	%		06/12/23	$	21,470,570
	Banco Santander, S.A.
	22,022,000		5.450			08/25/23		22,024,654
	Bank of America, National Association
	22,073,000		5.530			10/10/23		22,083,331
	Bank of Montreal
	7,323,000		5.230			10/02/23		7,318,982
	5,996,000		5.230			10/06/23		5,992,600
	Bank of Nova Scotia – Houston Branch
	6,323,000		5.510			10/04/23		6,326,573
	Bank of Nova Scotia (The)
	7,959,000		5.590			06/06/23		7,959,497
	27,000		5.713			07/28/23		27,019
	Barclays US CCP Funding LLC
	7,722,000		5.350			08/10/23		7,722,521
	Bedford Row Funding Corp.
	8,000,000		5.280			07/26/23		8,000,015
	18,856,000		5.290			08/07/23		18,855,719
	BPCE
	18,000,000		5.430			11/01/23		17,994,654
	Collateralized Commercial Paper Flex Co., LLC
	4,812,000		5.260			09/01/23		4,810,204
	17,000,000		5.510			11/27/23		17,003,334
	ING (U.S.) Funding LLC
	7,363,000		5.210			09/05/23		7,364,042
	18,701,000		5.460			11/27/23		18,696,329
	MUFG Bank, Ltd.-New York Branch
	22,551,000		5.440			08/22/23		22,556,851
	National Australia Bank Limited
	4,284,000		5.410			07/05/23		4,284,776
	National Bank of Canada
	7,140,000		5.280			08/01/23		7,140,460
	Nordea Bank Abp-New York Branch
	21,521,000		5.160			06/15/23		21,520,894
	Old Line Funding, LLC
	14,003,000		5.470			07/20/23		14,006,263
	8,529,000		5.440			11/01/23		8,529,708
	Oversea-Chinese Banking Corp. Ltd.
	8,536,000		5.470			06/20/23		8,537,255
	Ridgefield Funding Company, LLC
	8,070,000		5.370			07/21/23		8,071,032
	Skandinaviska Enskilda Banken AB (Publ)
	9,566,000		5.220			08/28/23		9,564,576
	Standard Chartered Bank-New York Branch
	4,000,000		5.479			07/28/23		4,001,195
	Starbird Funding Corp.
	1,327,000		5.519			06/16/23		1,327,199
	Sumitomo Mitsui Banking Corp.-New York Branch
	7,947,000		5.210			09/08/23		7,943,839
	9,306,000		5.510			12/15/23		9,303,641
	Sumitomo Mitsui Trust Bank, Limited-New York Branch
	7,175,000		5.200			07/05/23		7,174,932
	Svenska Handelsbanken AB
	3,996,000		5.430			08/04/23		3,997,113
	Svenska Handelsbanken AB-New York Branch
	5,000,000		5.300			09/07/23		5,000,309


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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Variable Rate Obligations^(c) – (continued)
	Thunder Bay Funding, LLC
$	8,945,000		5.560	%		06/12/23	$	8,945,715
	15,000,000		5.470			11/06/23		15,004,515
	Toronto-Dominion Bank (The)
	25,642,000		5.540			10/05/23		25,658,780
	13,739,000		5.580			02/28/24		13,736,883
	UBS AG-London Branch
	1,260,000		5.389	^(b)		06/01/23		1,260,000
	United Overseas Bank Ltd.
	6,513,000		5.460			06/20/23		6,514,051
	Wells Fargo Bank, National Association
	16,295,000		5.430			12/12/23		16,295,350
	3,656,000		5.480			01/12/24		3,656,048

	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $427,648,647)						$	427,681,429

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $2,127,956,093)						$	2,127,419,374



Repurchase Agreements^(e) – 34.0%
	BNP Paribas
$	11,000,000		5.140	%		06/01/23	$	10,999,985
	Maturity Value: $11,001,571
	Collateralized by mortgage-backed obligations, 8.623% to 17.388%, due 11/25/41 to 10/25/50, various asset-backed obligations, 1.920% to 7.698%, due 01/18/28 to 09/25/66, various corporate security issuers, 4.000% to 4.600%, due 07/15/24 to 03/09/26 and various sovereign debt security issuers, 1.375% to 2.375%, due 10/17/24 to 02/09/31. The aggregate market value of the collateral, including accrued interest, was $12,340,057.
	5,000,000		5.230	^(c)		06/07/23		5,000,000
	Maturity Value: $5,398,788
	Settlement Date: 12/07/21
	Collateralized by various asset-backed obligations, 3.700% to 14.230%, due 05/15/25 to 05/25/65, various corporate security issuers, 3.192% to 15.000%, due 11/01/25 to 07/01/49 and various sovereign debt security issuer, 6.490%, due 01/23/27. The aggregate market value of the collateral, including accrued interest, was $6,008,149.

	BofA Securities, Inc.
	50,000,000		5.140			06/01/23		49,999,931
	Maturity Value: $50,007,139
	Collateralized by various corporate security issuers, 0.000% to 13.000%, due 05/15/25 to 05/15/97. The aggregate market value of the collateral, including accrued interest, was $55,000,213.

	Federal Reserve Bank of New York
	200,000,000		5.050			06/01/23		199,999,222
	Maturity Value: $200,028,056
	Collateralized by a U.S. Treasury Note, 0.125%, due 08/15/23. The market value of the collateral, including accrued interest, was $200,028,057.


Repurchase Agreements^(e) – (continued)
	Fixed Income Clearing Corp.
	250,000,000		5.080			06/01/23		249,999,235
	Maturity Value: $250,035,278
	Collateralized by U.S. Treasury Notes, 0.500% to 1.625%, due 10/15/27 to 10/31/27. The aggregate market value of the collateral, including accrued interest, was $255,000,008.

	Fixed Income Clearing Corporation
	250,000,000		5.060			06/01/23		249,999,095
	Maturity Value: $250,035,139
	Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 6.000%, due 10/01/35 to 05/01/53 and Federal National Mortgage Association, 4.000% to 6.000%, due 07/01/41 to 06/01/48. The aggregate market value of the collateral, including accrued interest, was $254,999,999.

	Joint Account III
	100,000,000		5.057			06/01/23		99,999,630
	Maturity Value: $100,014,047

	Mizuho Securities USA LLC
	24,000,000		5.160			06/01/23		23,999,980
	Maturity Value: $24,003,440
	Collateralized by municipal debt obligations, 4.000% to 5.500%, due 07/15/38 to 05/15/62. The aggregate market value of the collateral, including accrued interest, was $25,201,550.

	Societe Generale
	70,000,000		5.180			06/01/23		69,999,980
	Maturity Value: $70,010,072
	Collateralized by mortgage-backed obligation, 4.730%, due 11/25/59, various corporate security issuers, 2.607% to 11.000%, due 10/09/24 to perpetual maturity and various sovereign debt security issuers, 1.862% to 6.375%, due 03/25/24 to 06/18/50. The aggregate market value of the collateral, including accrued interest, was $76,267,903.

	Wells Fargo Securities, LLC
	100,000,000		5.060			06/01/23		99,999,638
	Maturity Value: $100,014,056
	Collateralized by Federal National Mortgage Association, 2.500% to 6.500%, due 03/01/27 to 06/01/53. The aggregate market value of the collateral, including accrued interest, was $103,000,000.

	TOTAL REPURCHASE AGREEMENTS
	(Cost $1,060,000,000)						$	1,059,996,696

	TOTAL INVESTMENTS – 102.1%
	(Cost $3,187,956,093)						$	3,187,416,070

	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.1)%							(66,814,377	)

	NET ASSETS – 100.0%						$	3,120,601,693


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

FINANCIAL SQUARE PRIME OBLIGATIONS 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)		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 May 31, 2023.

(d)		Rate shown is that which is in effect on May 31, 2023. 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 May 31, 2023. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.



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


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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – 103.3%
	United States Treasury Bills
$	1,567,000,000		4.361	%		06/01/23	$	1,567,000,000
	500,000,000		4.462			06/01/23		500,000,000
	1,000,000,000		4.867			06/01/23		1,000,000,000
	1,300,000,000		4.868			06/01/23		1,300,000,000
	356,000,000		4.919			06/01/23		356,000,000
	2,625,000,000		4.919			06/01/23		2,625,000,000
	250,000,000		4.386			07/05/23		248,798,240
	1,358,000,000		4.386			07/05/23		1,351,472,042
	1,505,000,000		4.779			07/05/23		1,497,765,408
	2,700,000,000		4.799			07/05/23		2,687,020,997
	750,000,000		4.851			07/05/23		746,394,721
	1,100,000,000		4.872			07/05/23		1,094,712,258
	230,000,000		4.882			07/05/23		228,894,381
	402,000,000		5.006			07/05/23		400,067,571
	190,000,000		5.089			07/05/23		189,086,663
	11,974,071,000		5.522			07/05/23		11,916,511,184
	692,000,000		4.438			07/06/23		688,771,877
	50,000,000		4.594			07/06/23		49,766,754
	500,000,000		4.644			07/06/23		497,667,541
	350,000,000		4.748			07/06/23		348,367,279
	670,000,000		4.748			07/06/23		666,874,505
	1,500,000,000		4.779			07/06/23		1,493,002,624
	510,000,000		4.872			07/06/23		507,620,892
	870,000,000		4.903			07/06/23		865,941,522
	555,000,000		4.934			07/06/23		552,410,971
	500,000,000		4.955			07/06/23		497,667,541
	570,000,000		5.006			07/06/23		567,340,997
	869,000,000		5.094			07/06/23		864,946,187
	100,000,000		5.110			07/06/23		99,533,508
	600,000,000		5.162			07/06/23		597,201,049
	186,000,000		5.163			07/06/23		185,132,325
	600,000,000		5.163			07/06/23		597,201,049
	625,000,000		5.165			07/06/23		622,084,427
	10,000,000,000		4.780			07/11/23		9,948,000,000
	356,000,000		5.405	^(a)		08/31/23		351,266,584
	9,920,133,200		5.134			09/05/23		9,788,393,804
	643,900,000		5.154			09/12/23		634,687,324
	9,015,871,900		5.155			09/12/23		8,886,876,244
	750,000,000		5.165			09/12/23		739,269,286
	1,026,967,600		5.094			11/02/23		1,005,441,220
	2,535,871,600		5.547	^(a)		11/09/23		2,475,310,760
	327,182,500		4.827			04/18/24		313,925,611
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY – 0.02%)
	550,000,000		5.354	^(b)		01/31/24		549,969,389
	214,335,700		5.356	^(b)		01/31/24		214,323,771
	700,000		5.358	^(b)		01/31/24		699,961
	22,313,300		5.358	^(b)		01/31/24		22,312,058
	24,000,000		5.358	^(b)		01/31/24		23,998,664
	25,179,300		5.358	^(b)		01/31/24		25,177,899
	29,789,700		5.358	^(b)		01/31/24		29,788,042
	30,500,000		5.358	^(b)		01/31/24		30,498,303
	36,925,000		5.358	^(b)		01/31/24		36,922,945
	143,600,000		5.358	^(b)		01/31/24		143,592,008
	348,200,000		5.358	^(b)		01/31/24		348,180,620
	1,454,202,900		5.358	^(b)		01/31/24		1,454,121,964


U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY – 0.02%) – (continued)
	1,499,300,000		5.358	%^(b)		01/31/24		1,499,216,554
	6,084,600		5.359	^(b)		01/31/24		6,084,261
	15,113,700		5.359	^(b)		01/31/24		15,112,859
	16,908,100		5.359	^(b)		01/31/24		16,907,159
	24,736,100		5.359	^(b)		01/31/24		24,734,723
	41,409,800		5.359	^(b)		01/31/24		41,407,495
	44,736,500		5.359	^(b)		01/31/24		44,734,010
	72,881,400		5.359	^(b)		01/31/24		72,877,344
	86,369,600		5.359	^(b)		01/31/24		86,364,793
	148,416,600		5.359	^(b)		01/31/24		148,408,340
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY – 0.08%)
	100,000,000		5.300	^(b)		04/30/24		99,913,646
	500,000,000		5.300	^(b)		04/30/24		499,568,230
	1,500,000,000		5.300	^(b)		04/30/24		1,498,704,691
	1,545,000,000		5.300	^(b)		04/30/24		1,543,665,832
	83,500,000		5.303	^(b)		04/30/24		83,427,894
	248,622,300		5.303	^(b)		04/30/24		248,407,605
	11,458,200		5.304	^(b)		04/30/24		11,448,305
	13,214,400		5.304	^(b)		04/30/24		13,202,989
	14,765,900		5.304	^(b)		04/30/24		14,753,149
	22,316,400		5.304	^(b)		04/30/24		22,297,129
	142,211,100		5.304	^(b)		04/30/24		142,088,295
	14,000,000		5.305	^(b)		04/30/24		13,987,910
	497,471,000		5.305	^(b)		04/30/24		497,041,414
	9,948,200		5.306	^(b)		04/30/24		9,939,609
	14,921,100		5.306	^(b)		04/30/24		14,908,215
	15,000,000		5.306	^(b)		04/30/24		14,987,047
	19,891,500		5.306	^(b)		04/30/24		19,874,323
	19,893,900		5.306	^(b)		04/30/24		19,876,721
	25,000,000		5.306	^(b)		04/30/24		24,978,412
	69,000,000		5.306	^(b)		04/30/24		68,940,416
	100,000,000		5.306	^(b)		04/30/24		99,913,646
	150,000,000		5.306	^(b)		04/30/24		149,870,469
	170,000,000		5.306	^(b)		04/30/24		169,853,198
	400,000,000		5.306	^(b)		04/30/24		399,654,584
	418,000,000		5.306	^(b)		04/30/24		417,639,041
	448,675,000		5.306	^(b)		04/30/24		448,287,552
	516,277,600		5.306	^(b)		04/30/24		515,831,774
	70,000,000		5.307	^(b)		04/30/24		69,939,552
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	149,845,600		5.402	^(b)		10/31/23		149,849,690
	124,000,000		5.403	^(b)		10/31/23		124,003,385
	2,350,000,000		5.406	^(b)		10/31/23		2,350,064,149
	460,000,000		5.407	^(b)		10/31/23		460,012,557
	800,000,000		5.407	^(b)		10/31/23		800,021,838
	1,869,400,000		5.407	^(b)		10/31/23		1,869,451,029
	38,019,000		5.413	^(b)		07/31/24		37,979,730
	699,152,200		5.414	^(b)		07/31/24		698,430,048
	66,000,000		5.415	^(b)		07/31/24		65,931,829
	23,873,700		5.416	^(b)		07/31/24		23,849,041
	87,544,100		5.416	^(b)		07/31/24		87,453,676
	77,628,600		5.417	^(b)		07/31/24		77,548,418
	696,338,600		5.417	^(b)		07/31/24		695,619,354


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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND


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 + 0.17%)
$	191,053,600		5.541	%^(b)		04/30/25	$	191,042,805

	TOTAL INVESTMENTS – 103.3%						$	91,153,117,705

	LIABILITIES IN EXCESS OF OTHER ASSETS – (3.3)%							(2,909,107,329	)

	NET ASSETS – 100.0%						$	88,244,010,376



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 May 31, 2023.



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


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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – 6.2%
	United States Treasury Bills
$	47,685,200		5.547	%^(a)		11/09/23	$	46,546,398
	151,793,200		4.827			04/18/24		145,642,793
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	139,423,300		5.407	^(b)		10/31/23		139,421,914
	510,000,000		5.407	^(b)		10/31/23		509,994,931
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	499,913,800		5.541	^(b)		04/30/25		499,885,552
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.20%)
	250,710,100		5.568	^(b)		01/31/25		250,741,153
	1,000,000,000		5.572	^(b)		01/31/25		1,000,123,858

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	2,592,356,599



Repurchase Agreements^(c) – 91.9%
	Barclays Bank PLC
$	450,000,000		5.060	%		06/01/23	$	450,000,000
	Maturity Value: $450,063,250
	Collateralized by U.S. Treasury Notes, 0.250% to 1.375%, due 09/30/25 to 10/31/28. The aggregate market value of the collateral, including accrued interest, was $459,064,537.

	BMO Capital Markets Corp.
	130,000,000		5.000			06/01/23		130,000,000
	Maturity Value: $130,018,056
	Collateralized by U.S. Treasury Bills, 0.000%, due 06/20/23 to 11/30/23, U.S. Treasury Bonds, 2.750% to 3.625%, due 05/15/42 to 05/15/53, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 2.500%, due 01/15/25 to 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 07/15/24 to 01/15/33, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/34 and U.S. Treasury Notes, 0.750% to 4.250%, due 05/15/24 to 02/15/33. The aggregate market value of the collateral, including accrued interest, was $132,618,500.

	BNP Paribas
	400,000,000		5.070			06/01/23		400,000,000
	Maturity Value: $400,056,333
	Collateralized by a U.S. Treasury Note, 0.375%, due 07/15/25. The market value of the collateral, including accrued interest, was $408,000,000.

	BofA Securities, Inc.
	100,000,000		4.990			06/01/23		100,000,000
	Maturity Value: $100,013,861
	Collateralized by a U.S. Treasury Note, 3.500%, due 02/15/33. The market value of the collateral, including accrued interest, was $102,000,029.
	211,000,000		5.050			06/01/23		211,000,000
	Maturity Value: $211,029,599
	Collateralized by a U.S. Treasury Note, 3.875%, due 12/31/29. The market value of the collateral, including accrued interest, was $215,220,093.


Repurchase Agreements^(c) – (continued)
	Citigroup Global Markets, Inc.
	125,000,000		5.050			06/01/23		125,000,000
	Maturity Value: $125,017,535
	Collateralized by U.S. Treasury Bills, 0.000%, due 10/05/23 to 11/24/23 and a U.S. Treasury Note, 0.500%, due 11/30/23. The aggregate market value of the collateral, including accrued interest, was $127,500,001.
	400,000,000		5.050			06/01/23		400,000,000
	Maturity Value: $400,056,111
	Collateralized by U.S. Treasury Bills, 0.000%, due 10/05/23 to 05/16/24 and U.S. Treasury Notes, 0.500% to 4.500%, due 11/30/23 to 11/15/25. The aggregate market value of the collateral, including accrued interest, was $408,000,005.

	Credit Agricole Corporate and Investment Bank
	100,000,000		5.000			06/01/23		100,000,000
	Maturity Value: $100,013,889
	Collateralized by U.S. Treasury Notes, 0.250% to 4.625%, due 06/15/24 to 11/15/31. The aggregate market value of the collateral, including accrued interest, was $102,000,060.

	Deutsche Bank Securities, Inc.
	35,000,000		5.070			06/01/23		35,000,000
	Maturity Value: $35,004,929
	Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/24 to 02/15/27. The aggregate market value of the collateral, including accrued interest, was $35,700,000.

	Federal Reserve Bank of New York
	31,800,000,000		5.050			06/01/23		31,800,000,000
	Maturity Value: $31,804,460,833
	Collateralized by a U.S. Treasury Bond, 2.250%, due 05/15/41, U.S. Treasury Inflation-Indexed Bonds, 2.125% to 3.875%, due 04/15/29 to 02/15/41 and U.S. Treasury Notes, 1.250% to 4.000%, due 08/31/24 to 02/15/26. The aggregate market value of the collateral, including accrued interest, was $31,804,460,853.

	Fixed Income Clearing Corporation
	400,000,000		5.060			06/01/23		400,000,000
	Maturity Value: $400,056,222
	Collateralized by a U.S. Treasury Floating Rate Note, 5.401%, due 07/31/23. The market value of the collateral, including accrued interest, was $408,000,003.
	200,000,000		5.080			06/01/23		200,000,000
	Maturity Value: $200,028,222
	Collateralized by a U.S. Treasury Note, 4.125%, due 09/30/27. The market value of the collateral, including accrued interest, was $204,000,010.
	2,200,000,000		5.080			06/01/23		2,200,000,000
	Maturity Value: $2,200,310,444
	Collateralized by U.S. Treasury Notes, 0.125% to 4.125%, due 04/30/26 to 09/30/27. The aggregate market value of the collateral, including accrued interest, was $2,244,000,000.


26		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^(c) – (continued)
	Joint Account I
$	1,975,000,000		5.050	%		06/01/23	$	1,975,000,000
	Maturity Value: $1,975,277,049

	TOTAL REPURCHASE AGREEMENTS						$	38,526,000,000

	TOTAL INVESTMENTS – 98.1%						$	41,118,356,599

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%							781,882,851

	NET ASSETS – 100.0%						$	41,900,239,450



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 May 31, 2023.

(c)		Unless noted, all repurchase agreements were entered into on May 31, 2023. Additional information on Joint Repurchase Agreement Account I appears in the Additional Investment Information section.



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 SOLUTIONS FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – 16.2%
	United States Treasury Bills
$	169,000,000		5.085	%		09/05/23	$	166,767,539
	250,000,000		5.102			09/05/23		246,697,544
	250,000,000		5.122			09/05/23		246,697,544
	34,700,000		5.154			09/12/23		34,202,166
	182,375,000		5.154			09/12/23		179,758,501
	87,500,000		5.170			09/12/23		86,244,654
	125,000,000		5.176			09/12/23		123,206,649
	225,000,000		5.181			09/12/23		221,771,969
	166,447,300		5.094			11/02/23		162,958,380
	17,994,300		5.547	^(a)		11/09/23		17,564,566
	47,137,100		4.827			04/18/24		45,227,183
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	141,668,600		5.407	^(b)		10/31/23		141,667,361
	317,000,000		5.407	^(b)		10/31/23		316,997,227
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	188,573,000		5.541	^(b)		04/30/25		188,562,345
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.20%)
	66,903,300		5.568	^(b)		01/31/25		66,909,934
	350,000,000		5.572	^(b)		01/31/25		350,034,705

	TOTAL U.S. TREASURY OBLIGATIONS						$	2,595,268,267



Repurchase Agreements^(c) – 83.0%
	Federal Reserve Bank of New York
$	13,250,000,000		5.050	%		06/01/23	$	13,250,000,000
	Maturity Value: $13,251,858,681
	Collateralized by U.S. Treasury Bonds, 2.250% to 4.750%, due 02/15/41 to 05/15/41, U.S. Treasury Inflation-Indexed Bonds, 2.125% to 3.875%, due 04/15/29 to 02/15/41 and a U.S. Treasury Note, 2.875%, due 05/15/32. The aggregate market value of the collateral, including accrued interest, was $13,251,858,701.

	TOTAL INVESTMENTS – 99.2%						$	15,845,268,267

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%							120,640,653

	NET ASSETS – 100.0%						$	15,965,908,920



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 May 31, 2023.

(c)		Unless noted, all repurchase agreements were entered into on May 31, 2023.



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


28		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 May 31, 2023, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of June 1, 2023, as follows:


Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	1,975,000,000		1,975,277,049	$	2,014,557,685
Treasury Obligations		1,975,000,000		1,975,277,049		2,014,557,685

REPURCHASE AGREEMENTS — At May 31, 2023, 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)		5.050	%	$	400,000,000	$	400,000,000
BNP Paribus		5.050			1,200,000,000		1,200,000,000
Credit Agricole Corporate and Investment Bank		5.050			375,000,000		375,000,000

TOTAL				$	1,975,000,000	$	1,975,000,000

At May 31, 2023, the Joint Repurchase Agreement Account I was fully collateralized by cash and:


Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bills		0.000	%		06/01/23 to 05/16/24
U.S. Treasury Bonds		1.250 to 6.375			08/15/27 to 05/15/53
U.S. Treasury Floating Rate Note		5.512			10/31/24
U.S. Treasury Inflation-Indexed Bonds		0.125 to 2.375			01/15/25 to 02/15/53
U.S. Treasury Inflation-Indexed Notes		0.125 to 1.625			07/15/24 to 01/15/33
U.S. Treasury Interest-Only Stripped Securities		0.000			02/15/35 to 11/15/45
U.S. Treasury Notes		0.125 to 4.250			07/31/23 to 02/15/33
U.S. Treasury Principal-Only Stripped Securities		0.000			05/15/37 to 11/15/52

JOINT REPURCHASE AGREEMENT ACCOUNT III — At May 31, 2023, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of June 1, 2023, as follows:


Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	997,400,000	$	997,540,104	$	1,027,316,309
Money Market		50,000,000		50,007,023		51,499,715
Prime Obligations		100,000,000		100,014,047		102,999,429


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

REPURCHASE AGREEMENTS — At May 31, 2023, 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.		5.060	%	$	187,012,500	$	9,375,000	$	18,750,000
Bank of America, N.A.		5.050			155,843,750		7,812,500		15,625,000
Bank of Montreal		5.060			62,337,500		3,125,000		6,250,000
BofA Securities, Inc.		5.050			155,843,750		7,812,500		15,625,000
Credit Agricole Corporate and Investment Bank		5.060			187,012,500		9,375,000		18,750,000
Wells Fargo Securities, LLC		5.060			249,350,000		12,500,000		25,000,000

TOTAL				$	997,400,000	$	50,000,000	$	100,000,000

At May 31, 2023, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		1.500 to 6.500	%		07/01/36 to 06/01/53
Federal National Mortgage Association		1.500 to 7.000			01/01/24 to 06/01/53
Government National Mortgage Association		3.000 to 5.500			03/20/47 to 04/20/53
U.S. Treasury Notes		1.250			11/30/26


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

May 31, 2023 (Unaudited)


	Federal Instruments Fund			Government Fund			Money Market Fund			Prime Obligations Fund
Assets:
Investments, at value (cost $5,583,376,249, $75,304,451,799, $1,717,299,918 and $2,127,956,093)	$	5,583,376,249		$	75,304,451,799		$	1,716,955,562		$	2,127,419,374
Repurchase agreements, at value (cost $0, $199,551,737,500, $480,000,000 and $1,060,000,000)		—			199,551,737,500			479,998,779			1,059,996,696
Cash		73,114,689			1,710,649,720			1,937,649			1,243,440
Receivables:
Investments sold		28,658,582			1,356,170,076			44,369,872			5,770,449
Interest		15,402,682			441,527,244			6,544,721			6,172,408
Fund shares sold		256,585			66,629,108			—			7,762,907
Reimbursement from investment advisor		—			—			—			7,954
Other assets		152,361			3,392,949			511,875			142,609
Total assets		5,700,961,148			278,434,558,396			2,250,318,458			3,208,515,837

Liabilities:
Payables:
Investments purchased		97,611,833			2,439,495,205			39,702,090			74,878,137
Dividend distribution		1,448,960			506,944,829			1,063,325			1,167,407
Fund shares redeemed		1,318,923			41,670,160			7,790,074			11,417,907
Management fees		921,832			36,698,552			324,655			404,081
Distribution and Service fees and Transfer Agency fees		119,864			6,103,146			21,140			27,121
Accrued expenses		162,052			2,335,282			395,206			19,491
Total liabilities		101,583,464			3,033,247,174			49,296,490			87,914,144

Net Assets:
Paid-in capital		5,599,453,496			275,420,775,620			2,208,805,660			3,120,986,799
Total distributable earnings (loss)		(75,812	)		(19,464,398	)		(7,783,692	)		(385,106	)
NET ASSETS	$	5,599,377,684		$	275,401,311,222		$	2,201,021,968		$	3,120,601,693
Net Assets:
Class A Shares	$	—		$	1,621,177,132		$	—		$	—
Class C Shares		—			6,000,449			—			—
Class D Shares		11,809,611			94,065,711			—			—
Institutional Shares		5,273,983,889			242,133,395,366			2,191,945,597			3,025,042,068
Capital Shares		53,989			2,956,379,301			1,096			439,857
Service Shares		35,794,349			1,469,416,799			2,738			1,133
Preferred Shares		122,525,016			1,807,527,978			68,240			11,633
Select Shares		51,110			1,386,538,704			6,384,815			13,577,634
Administration Shares		140,802,159			9,305,276,112			2,616,266			6,423,393
Cash Management Shares		14,304,051			294,090,105			1,063			1,063
Premier Shares		53,510			184,548,756			1,083			1,083
Resource Shares		—			8,495,074			1,070			1,068
Class R6 Shares		—			282,101,850			—			—
Drexel Hamilton Class Shares		—			9,049,989,002			—			75,102,761
Loop Class Shares		—			3,088,191,247			—			—
Seelaus Class Shares		—			1,714,117,636			—			—
Total Net Assets	$	5,599,377,684		$	275,401,311,222		$	2,201,021,968		$	3,120,601,693
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A Shares		—			1,621,291,258			—			—
Class C Shares		—			6,000,872			—			—
Class D Shares		11,809,785			94,072,343			—			—
Institutional Shares		5,274,059,928			242,150,503,934			2,191,648,856			3,022,570,840
Capital Shares		53,990			2,956,588,490			1,095			439,502
Service Shares		35,794,866			1,469,520,665			2,737			1,132
Preferred Shares		122,526,781			1,807,655,837			68,226			11,627
Select Shares		51,110			1,386,636,557			6,385,772			13,568,487
Administration Shares		140,804,191			9,305,934,563			2,616,074			6,418,341
Cash Management Shares		14,304,257			294,110,866			1,062			1,062
Premier Shares		53,511			184,561,817			1,083			1,082
Resource Shares		—			8,495,674			1,069			1,067
Class R6 Shares		—			282,121,796			—			—
Drexel Hamilton Class Shares		—			9,050,629,366			—			75,048,971
Loop Class Shares		—			3,088,409,454			—			—
Seelaus Class Shares		—			1,714,238,639			—			—
Net asset value, offering and redemption price per share:
Class A Shares		$—			$1.00			$—			$—
Class C Shares		—			1.00			—			—
Class D Shares		1.00			1.00			—			—
Institutional Shares		1.00			1.00			1.0001			1.0008
Capital Shares		1.00			1.00			1.0003			1.0008
Service Shares		1.00			1.00			1.0004			1.0010
Preferred Shares		1.00			1.00			1.0002			1.0005
Select Shares		1.00			1.00			0.9999			1.0007
Administration Shares		1.00			1.00			1.0001			1.0008
Cash Management Shares		1.00			1.00			1.0006			1.0010
Premier Shares		1.00			1.00			1.0005			1.0010
Resource Shares		—			1.00			1.0007			1.0009
Class R6 Shares		—			1.00			—			—
Drexel Hamilton Class Shares		—			1.00			—			1.0007
Loop Class Shares		—			1.00			—			—
Seelaus Class Shares		—			1.00			—			—


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities (continued)

May 31, 2023 (Unaudited)


	Treasury Instruments Fund			Treasury Obligations Fund		Treasury Solutions Fund
Assets:
Investments, at value (cost $91,153,117,705, $2,592,356,599 and $2,595,268,267)	$	91,153,117,705		$	2,592,356,599	$	2,595,268,267
Repurchase agreements, at value (cost $0, $38,526,000,000 and $13,250,000,000)		—			38,526,000,000		13,250,000,000
Cash		3,625,431			908,034,044		120,798,205
Receivables:
Investments sold		453,132,845			214,558,209		134,742,076
Interest		91,314,819			17,442,273		7,206,998
Fund shares sold		32,821,083			26,699,197		3,670,364
Other assets		682,739			543,192		399,237
Total assets		91,734,694,622			42,285,633,514		16,112,085,147

Liabilities:
Payables:
Investments purchased		3,279,621,584			261,062,653		98,514,255
Dividend distribution		145,342,961			89,197,741		22,725,822
Fund shares redeemed		49,103,972			26,205,883		21,707,355
Management fees		13,896,106			6,523,034		2,341,658
Distribution and Service fees and Transfer Agency fees		1,779,143			1,689,665		658,975
Accrued expenses		940,480			715,088		228,162
Total liabilities		3,490,684,246			385,394,064		146,176,227

Net Assets:
Paid-in capital		88,249,895,832			41,900,141,348		15,965,812,924
Total distributable earnings (loss)		(5,885,456	)		98,102		95,996
NET ASSETS	$	88,244,010,376		$	41,900,239,450	$	15,965,908,920
Net Assets:
Class D Shares	$	34,058,616		$	—	$	—
Institutional Shares		83,868,365,830			36,276,616,035		14,215,470,731
Capital Shares		902,903,132			820,768,219		242,400,368
Service Shares		635,763,011			1,579,130,329		127,253,239
Preferred Shares		98,489,832			928,745,619		60,895,323
Select Shares		329,572,053			54,785,353		8,284,443
Administration Shares		2,042,234,090			2,157,298,363		858,921,505
Cash Management Shares		32,118,791			15,073,175		351,500,756
Premier Shares		240,061,779			13,688,617		101,181,499
Resource Shares		1,053			54,133,740		1,056
Loop Class Shares		60,431,856			—		—
Seelaus Class Shares		10,333			—		—
Total Net Assets	$	88,244,010,376		$	41,900,239,450	$	15,965,908,920
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class D Shares		34,060,889			—		—
Institutional Shares		83,873,962,005			36,276,531,115		14,215,385,249
Capital Shares		902,963,281			820,766,296		242,398,914
Service Shares		635,805,507			1,579,126,626		127,252,474
Preferred Shares		98,496,393			928,743,444		60,894,958
Select Shares		329,594,004			54,785,225		8,284,394
Administration Shares		2,042,370,255			2,157,293,306		858,916,350
Cash Management Shares		32,120,932			15,073,140		351,498,640
Premier Shares		240,077,832			13,688,585		101,180,890
Resource Shares		1,054			54,133,613		1,056
Loop Class Shares		60,435,873			—		—
Seelaus Class Shares		10,334			—		—
Net asset value, offering and redemption price per share:
Class D Shares		$1.00			$—		$—
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			—		—


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

For the Six Months Ended May 31, 2023 (Unaudited)


	Federal Instruments Fund		Government Fund			Money Market Fund			Prime Obligations Fund
Investment Income:

Interest income	$	117,134,694	$	5,774,600,577		$	82,872,228		$	67,714,049

Expenses:
Fund-Level Expenses:

Management fees		4,487,844		198,024,238			2,784,871			2,255,101

Transfer Agency fees		249,350		12,377,644			174,070			140,956

Registration fees		97,668		693,266			74,190			81,193

Professional fees		77,022		22,528			57,247			66,696

Custody, accounting and administrative services		71,359		3,493,772			48,716			41,605

Printing and mailing fees		24,065		414,784			23,331			24,399

Trustee fees		15,382		228,684			12,000			19,018

Other		59,669		566,240			52,727			37,315
Subtotal		5,082,359		215,821,156			3,227,152			2,666,283
Class Specific Expenses:

Administration Share fees		150,422		11,288,126			3,202			7,913

Service Share fees		86,120		3,397,808			7			4

Preferred Share fees		84,530		877,189			33			434

Cash Management Share fees		30,490		573,314			2			2

Distribution fees — Cash Management Shares		18,294		343,990			2			2

Premier Share fees		92		369,910			2			2

Capital Share fees		88		2,020,006			—			357

Select Share fees		7		200,579			408			1,861

Distribution fees — Resource Shares		—		6,527			—			—

Resource Share fees		—		21,756			2			2

Distribution and Service fees — Class A Shares		—		1,273,005			—			—

Distribution fees — Class C Shares		—		29,739			—			—

Total expenses		5,452,402		236,223,105			3,230,810			2,676,860

Less — expense reductions		—		—			(24,537	)		(72,907	)

Net expenses		5,452,402		236,223,105			3,206,273			2,603,953

NET INVESTMENT INCOME	$	111,682,292	$	5,538,377,472		$	79,665,955		$	65,110,096

Net realized gain (loss) from investment transactions		110,901		(23,182,624	)		84,660			241,991

Net change in unrealized loss from investment transactions		—		—			(754,811	)		(676,538	)

Net realized and unrealized gain (loss)		110,901		(23,182,624	)		(670,151	)		(434,547	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	111,793,193	$	5,515,194,848		$	78,995,804		$	64,675,549


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations (continued)

For the Six Months Ended May 31, 2023 (Unaudited)


	Treasury Instruments Fund			Treasury Obligations Fund		Treasury Solutions Fund
Investment Income:

Interest income	$	2,021,968,525		$	1,014,002,385	$	334,398,658

Expenses:
Fund-Level Expenses:

Management fees		80,083,988			39,224,496		12,934,069

Transfer Agency fees		4,449,562			2,179,360		718,632

Custody, accounting and administrative services		1,239,446			592,097		199,767

Registration fees		240,469			260,395		127,953

Printing and mailing fees		217,263			41,327		31,124

Trustee fees		81,922			54,205		24,149

Professional fees		60,000			67,352		59,592

Other		84,760			197,774		98,185
Subtotal		86,457,410			42,617,006		14,193,471
Class Specific Expenses:

Administration Share fees		2,890,490			2,516,250		1,055,378

Service Share fees		1,952,980			3,859,465		330,535

Capital Share fees		850,501			543,107		168,497

Premier Share fees		357,973			28,890		193,450

Cash Management Share fees		80,813			84,414		880,769

Select Share fees		52,451			21,009		1,551

Distribution fees — Cash Management Shares		48,488			50,649		528,464

Preferred Share fees		31,934			469,226		27,839

Resource Share fees		2			14,748		2

Distribution fees — Resource Shares		—			4,424		—

Total expenses		92,723,042			50,209,188		17,379,956

Net expenses		92,723,042			50,209,188		17,379,956

NET INVESTMENT INCOME	$	1,929,245,483		$	963,793,197	$	317,018,702

Net realized gain (loss) from investment transactions		(1,768,063	)		588,721		570,890

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,927,477,420		$	964,381,918	$	317,589,592


34		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 Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022			For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022
From operations:
Net investment income	$	111,682,292		$	37,573,263		$	5,538,377,472		$	2,803,495,034
Net realized gain (loss) from investment transactions		110,901			(1,097,739	)		(23,182,624	)		(36,419,448	)
Net increase in net assets resulting from operations		111,793,193			36,475,524			5,515,194,848			2,767,075,586

Distributions to shareholders:
From distributable earnings:
Class A Shares		—			—			(21,992,360	)		(5,055,452	)
Class C Shares		—			—			(103,234	)		(39,659	)
Class D Shares		(148,107	)		—			(1,256,212	)		(81	)
Institutional Shares		(104,509,820	)		(33,403,202	)		(4,914,424,254	)		(2,465,029,443	)
Capital Shares		(2,496	)		(2,765	)		(58,346,387	)		(34,275,444	)
Service Shares		(681,228	)		(84,362	)		(27,166,757	)		(10,898,908	)
Preferred Shares		(3,635,376	)		(2,118,828	)		(38,403,043	)		(17,928,655	)
Select Shares		(1,111	)		(575	)		(29,776,296	)		(12,702,067	)
Administration Shares		(2,548,770	)		(691,265	)		(190,827,119	)		(87,269,028	)
Cash Management Shares		(224,805	)		(298,124	)		(4,287,374	)		(1,262,217	)
Premier Shares		(1,080	)		(490	)		(4,335,320	)		(32,418,214	)
Resource Shares		—			—			(165,867	)		(77,483	)
Class R6 Shares		—			—			(6,337,225	)		(3,483,858	)
Drexel Hamilton Class Shares		—			—			(156,069,496	)		(68,494,144	)
Loop Class Shares		—			—			(52,278,583	)		(18,055,226	)
Seelaus Class Shares		—			—			(26,042,997	)		(13,026,567	)
Total distributions to shareholders		(111,752,793	)		(36,599,611	)		(5,531,812,524	)		(2,770,016,446	)

From share transactions
Proceeds from sales of shares		10,531,170,514			9,035,571,345			1,056,099,770,675			1,792,318,949,830
Proceeds received in connection with merger		—			—			—			2,790,726,059
Reinvestment of distributions		94,108,263			27,620,687			2,941,779,683			1,390,505,254
Cost of shares redeemed		(8,526,804,524	)		(8,434,265,919	)		(1,043,328,878,512	)		(1,760,970,089,565	)
Net increase in net assets resulting from share transactions		2,098,474,253			628,926,113			15,712,671,846			35,530,091,578
NET INCREASE		2,098,514,653			628,802,026			15,696,054,170			35,527,150,718

Net assets:
Beginning of period		3,500,863,031			2,872,061,005			259,705,257,052			224,178,106,334
End of period	$	5,599,377,684		$	3,500,863,031		$	275,401,311,222		$	259,705,257,052


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)


	Money Market Fund						Prime Obligations Fund
	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022			For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022
From operations:
Net investment income	$	79,665,955		$	57,642,391		$	65,110,096		$	23,875,734
Net realized gain (loss) from investment transactions		84,660			(203,498	)		241,991			(56,386	)
Net change in unrealized gain (loss) from investment transactions		(754,811	)		406,916			(676,538	)		123,953
Net increase in net assets resulting from operations		78,995,804			57,845,809			64,675,549			23,943,301

Distributions to shareholders:
From distributable earnings:
Institutional Shares		(79,544,499	)		(57,708,561	)		(64,558,554	)		(22,902,785	)
Capital Shares		(24	)		(15	)		(10,550	)		(6,586	)
Service Shares		(56	)		(27	)		(21	)		(10	)
Preferred Shares		(1,523	)		(848	)		(19,631	)		(171	)
Select Shares		(63,842	)		(19,063	)		(285,845	)		(325,602	)
Administration Shares		(55,945	)		(25,185	)		(137,750	)		(71,812	)
Cash Management Shares		(21	)		(10	)		(22	)		(10	)
Premier Shares		(23	)		(12	)		(23	)		(12	)
Resource Shares		(23	)		(12	)		(24	)		(12	)
Drexel Hamilton Class Shares		—			—			(149,534	)		(547,805	)
Total distributions to shareholders		(79,665,956	)		(57,753,733	)		(65,161,954	)		(23,854,805	)

From share transactions
Proceeds from sales of shares		7,508,065,108			22,570,295,561			4,122,700,555			6,700,628,087
Reinvestment of distributions		66,055,152			47,188,919			54,061,295			17,554,707
Cost of shares redeemed		(9,795,750,383	)		(23,694,139,380	)		(3,281,034,364	)		(5,648,898,729	)
Net increase (decrease) in net assets resulting from share transactions		(2,221,630,123	)		(1,076,654,900	)		895,727,486			1,069,284,065
NET INCREASE (DECREASE)		(2,222,300,275	)		(1,076,562,824	)		895,241,081			1,069,372,561

Net assets:
Beginning of period		4,423,322,243			5,499,885,067			2,225,360,612			1,155,988,051
End of period	$	2,201,021,968		$	4,423,322,243		$	3,120,601,693		$	2,225,360,612


36		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 Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022			For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022
From operations:
Net investment income	$	1,929,245,483		$	1,129,057,103		$	963,793,197		$	501,052,282
Net realized gain (loss) from investment transactions		(1,768,063	)		(39,911,913	)		588,721			(3,292,917	)
Net increase in net assets resulting from operations		1,927,477,420			1,089,145,190			964,381,918			497,759,365

Distributions to shareholders:
From distributable earnings:
Class D Shares		(426,242	)		—			—			—
Institutional Shares		(1,814,967,540	)		(1,056,034,044	)		(850,300,326	)		(434,961,311	)
Capital Shares		(23,516,867	)		(9,411,190	)		(15,552,770	)		(6,219,164	)
Service Shares		(14,770,854	)		(8,218,454	)		(30,485,723	)		(15,204,973	)
Preferred Shares		(1,379,616	)		(639,738	)		(20,612,167	)		(7,248,129	)
Select Shares		(7,444,647	)		(4,696,834	)		(3,050,465	)		(1,957,133	)
Administration Shares		(47,033,189	)		(22,293,083	)		(42,351,053	)		(32,452,304	)
Cash Management Shares		(576,619	)		(30,982	)		(608,462	)		(243,498	)
Premier Shares		(4,061,992	)		(1,691,897	)		(334,682	)		(268,194	)
Resource Shares		(20	)		(9	)		(125,590	)		(9	)
Loop Class Shares		(3,318,438	)		(2,114,874	)		—			—
Seelaus Class Shares		(23,749	)		(115	)		—			—
Total distributions to shareholders		(1,917,519,773	)		(1,105,131,220	)		(963,421,238	)		(498,554,715	)

From share transactions
Proceeds from sales of shares		177,388,333,085			300,461,908,806			253,144,950,383			331,951,175,429
Reinvestment of distributions		1,111,174,392			661,441,499			426,866,199			183,765,952
Cost of shares redeemed		(187,225,745,481	)		(310,326,108,567	)		(255,760,561,487	)		(315,376,719,994	)
Net increase (decrease) in net assets resulting from share transactions		(8,726,238,004	)		(9,202,758,262	)		(2,188,744,905	)		16,758,221,387
NET INCREASE (DECREASE)		(8,716,280,357	)		(9,218,744,292	)		(2,187,784,225	)		16,757,426,037

Net assets:
Beginning of period		96,960,290,733			106,179,035,025			44,088,023,675			27,330,597,638
End of period	$	88,244,010,376		$	96,960,290,733		$	41,900,239,450		$	44,088,023,675


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)


	Treasury Solutions Fund
	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022
From operations:
Net investment income	$	317,018,702		$	166,650,682
Net realized gain (loss) from investment transactions		570,890			(2,654,109	)
Net increase in net assets resulting from operations		317,589,592			163,996,573

Distributions to shareholders:
From distributable earnings:
Institutional Shares		(281,826,516	)		(147,568,558	)
Capital Shares		(4,872,055	)		(1,940,525	)
Service Shares		(2,597,417	)		(1,340,044	)
Preferred Shares		(1,209,498	)		(663,714	)
Select Shares		(227,363	)		(99,050	)
Administration Shares		(17,773,448	)		(9,434,030	)
Cash Management Shares		(6,424,236	)		(2,444,620	)
Premier Shares		(2,273,696	)		(883,286	)
Resource Shares		(21	)		(10	)
Total distributions to shareholders		(317,204,250	)		(164,373,837	)

From share transactions
Proceeds from sales of shares		36,940,323,915			51,929,440,243
Reinvestment of distributions		184,203,932			96,560,998
Cost of shares redeemed		(37,156,121,315	)		(47,064,393,740	)
Net increase (decrease) in net assets resulting from share transactions		(31,593,468	)		4,961,607,501
NET INCREASE (DECREASE)		(31,208,126	)		4,961,230,237

Net assets:
Beginning of period		15,997,117,046			11,035,886,809
End of period	$	15,965,908,920		$	15,997,117,046


38		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 — Class D Shares	Period Ended May 31, 2023* (Unaudited)
Per Share Data:

Net asset value, beginning of period	$	1.00

Net investment income^(a)		0.015

Net realized loss		—	^(b)

Total from investment operations		0.015

Distributions to shareholders from net investment income		(0.015	)

Distributions to shareholders from net realized gains		—	^(b)

Total distributions^(c)		(0.015	)

Net asset value, end of period	$	1.00

Total return^(d)		1.53	%

Net assets, end of period (in 000’s)	$	11,810

Ratio of net expenses to average net assets		0.20	%^(e)

Ratio of total expenses to average net assets		0.20	%^(e)

Ratio of net investment income to average net assets		4.68	%^(e)

Commenced operations on January 31, 2023.

(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.


Financial Square Federal Instruments Fund — Institutional Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.007			0.021			0.013

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.003			0.001			—	^(b)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.010			0.022			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.010	)		(0.022	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.24	%		1.18	%		0.01	%		—	%^(e)		0.99	%		2.18	%		1.34	%

Net assets, end of period (in 000’s)	$	5,273,984		$	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		0.20	%^(f)		0.18	%		0.09	%		0.14	%^(f)		0.15	%		0.18	%		0.20	%

Ratio of total expenses to average net assets		0.20	%^(f)		0.21	%		0.20	%		0.21	%^(f)		0.21	%		0.22	%		0.25	%

Ratio of net investment income to average net assets		4.50	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Federal Instruments Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.011			—	^(b)		—	^(b)		0.007			0.019			0.012

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002			0.001			—	^(b)

Total from investment operations		0.021			0.011			—	^(b)		—	^(b)		0.009			0.020			0.012

Distributions to shareholders from net investment income		(0.021	)		(0.011	)		—	^(b)		—	^(b)		(0.009	)		(0.020	)		(0.012	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.16	%		1.08	%		0.01	%		—	%^(e)		0.85	%		2.03	%		1.19	%

Net assets, end of period (in 000’s)	$	54		$	130		$	527		$	3,267		$	1,135		$	626		$	5,136

Ratio of net expenses to average net assets		0.35	%^(f)		0.27	%		0.09	%		0.15	%^(f)		0.28	%		0.33	%		0.35	%

Ratio of total expenses to average net assets		0.35	%^(f)		0.36	%		0.35	%		0.36	%^(f)		0.36	%		0.37	%		0.40	%

Ratio of net investment income (loss) to average net assets		4.25	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Federal Instruments Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Federal Instruments Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.020			0.009			—	^(b)		—	^(b)		0.006			0.016			0.008

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.020			0.009			—	^(b)		—	^(b)		0.006			0.017			0.008

Distributions to shareholders from net investment income		(0.020	)		(0.009	)		—	^(b)		—	^(b)		(0.006	)		(0.017	)		(0.008	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.020	)		(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		$	1.00

Total return^(d)		1.98	%		0.86	%		0.01	%		—	%^(e)		0.63	%		1.67	%		0.84	%

Net assets, end of period (in 000’s)	$	35,794		$	10,055		$	9,839		$	10,277		$	11,490		$	11,493		$	11,003

Ratio of net expenses to average net assets		0.70	%^(f)		0.51	%		0.09	%		0.15	%^(f)		0.50	%		0.68	%		0.70	%

Ratio of total expenses to average net assets		0.70	%^(f)		0.71	%		0.70	%		0.71	%^(f)		0.71	%		0.72	%		0.75	%

Ratio of net investment income (loss) to average net assets		3.95	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


40		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 — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.011			—	^(b)		—	^(b)		0.004			0.021			0.012

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.005			—	^(b)		—	^(b)

Total from investment operations		0.022			0.011			—	^(b)		—	^(b)		0.009			0.021			0.012

Distributions to shareholders from net investment income		(0.022	)		(0.011	)		—	^(b)		—	^(b)		(0.009	)		(0.021	)		(0.012	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.19	%		1.11	%		0.01	%		—	%^(e)		0.89	%		2.08	%		1.24	%

Net assets, end of period (in 000’s)	$	122,525		$	174,388		$	2,873		$	6,019		$	22,779		$	5,536		$	2,386

Ratio of net expenses to average net assets		0.30	%^(f)		0.28	%		0.09	%		0.15	%^(f)		0.24	%		0.28	%		0.30	%

Ratio of total expenses to average net assets		0.30	%^(f)		0.31	%		0.30	%		0.31	%^(f)		0.31	%		0.32	%		0.35	%

Ratio of net investment income (loss) to average net assets		4.30	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Federal Instruments Fund — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—			0.010			0.021			0.013

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.010			0.021			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.010	)		(0.021	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.22	%		1.16	%		0.01	%		—	%^(e)		0.96	%		2.15	%		1.31	%

Net assets, end of period (in 000’s)	$	51		$	50		$	49		$	49		$	49		$	49		$	48

Ratio of net expenses to average net assets		0.23	%^(f)		0.20	%		0.09	%		0.15	%^(f)		0.18	%		0.21	%		0.23	%

Ratio of total expenses to average net assets		0.23	%^(f)		0.24	%		0.23	%		0.24	%^(f)		0.24	%		0.25	%		0.28	%

Ratio of net investment income to average net assets		4.42	%^(f)		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)

(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 — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.010			—	^(b)		—	^(b)		0.007			0.019			0.011

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		—	^(b)

Total from investment operations		0.021			0.010			—	^(b)		—	^(b)		0.008			0.019			0.011

Distributions to shareholders from net investment income		(0.021	)		(0.010	)		—	^(b)		—	^(b)		(0.008	)		(0.019	)		(0.011	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.11	%		1.01	%		0.01	%		—	%^(e)		0.78	%		1.93	%		1.09	%

Net assets, end of period (in 000’s)	$	140,802		$	79,251		$	63,937		$	76,144		$	73,011		$	61,267		$	59,447

Ratio of net expenses to average net assets		0.45	%^(f)		0.36	%		0.09	%		0.15	%^(f)		0.35	%		0.43	%		0.45	%

Ratio of total expenses to average net assets		0.45	%^(f)		0.46	%		0.45	%		0.46	%^(f)		0.46	%		0.47	%		0.50	%

Ratio of net investment income (loss) to average net assets		4.23	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Federal Instruments Fund — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.018			0.007			—	^(b)		—	^(b)		0.002			0.013			0.005

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.003			0.001			—	^(b)

Total from investment operations		0.018			0.007			—	^(b)		—	^(b)		0.005			0.014			0.005

Distributions to shareholders from net investment income		(0.018	)		(0.007	)		—	^(b)		—	^(b)		(0.005	)		(0.014	)		(0.005	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.018	)		(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		$	1.00

Total return^(d)		1.83	%		0.70	%		0.01	%		—	%^(e)		0.46	%		1.37	%		0.53	%

Net assets, end of period (in 000’s)	$	14,304		$	7,791		$	127,537		$	73,555		$	52,216		$	92		$	50

Ratio of net expenses to average net assets		1.00	%^(f)		0.58	%		0.09	%		0.15	%^(f)		0.45	%		0.98	%		1.00	%

Ratio of total expenses to average net assets		1.00	%^(f)		1.01	%		1.00	%		1.01	%^(f)		1.01	%		1.02	%		1.05	%

Ratio of net investment income (loss) to average net assets		3.69	%^(f)		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)

(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 — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Federal Instruments Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.020			0.009			—	^(b)		—			0.007			0.018			0.010

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.020			0.009			—	^(b)		—	^(b)		0.007			0.018			0.010

Distributions to shareholders from net investment income		(0.020	)		(0.009	)		—	^(b)		—	^(b)		(0.007	)		(0.018	)		(0.010	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.020	)		(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		$	1.00

Total return^(d)		2.06	%		0.95	%		0.01	%		—	%^(e)		0.72	%		1.82	%		0.99	%

Net assets, end of period (in 000’s)	$	54		$	52		$	52		$	52		$	52		$	52		$	51

Ratio of net expenses to average net assets		0.55	%^(f)		0.41	%		0.09	%		0.15	%^(f)		0.42	%		0.53	%		0.55	%

Ratio of total expenses to average net assets		0.55	%^(f)		0.56	%		0.55	%		0.56	%^(f)		0.56	%		0.57	%		0.60	%

Ratio of net investment income to average net assets		4.10	%^(f)		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)

(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 Government Fund — Class A Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Class A Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.011			—	^(b)		—	^(b)		0.007			0.019			0.011

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			0.001			—	^(b)

Total from investment operations		0.021			0.011			—	^(b)		—	^(b)		0.008			0.020			0.011

Distributions to shareholders from net investment income		(0.021	)		(0.011	)		—	^(b)		—	^(b)		(0.008	)		(0.020	)		(0.011	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.12	%		1.07	%		0.03	%		—	%^(e)		0.76	%		1.97	%		1.12	%

Net assets, end of period (in 000’s)	$	1,621,177		$	609,601		$	600,756		$	282,556		$	366,871		$	244,295		$	69,681

Ratio of net expenses to average net assets		0.42	%^(f)		0.31	%		0.07	%		0.20	%^(f)		0.39	%		0.43	%		0.42	%

Ratio of total expenses to average net assets		0.42	%^(f)		0.43	%		0.43	%		0.43	%^(f)		0.43	%		0.43	%		0.44	%

Ratio of net investment income (loss) to average net assets		4.32	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Government Fund — Class C Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Class C Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.017			0.007			—	^(b)		—	^(b)		0.003			0.012			0.004

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.017			0.007			—	^(b)		—	^(b)		0.003			0.012			0.004

Distributions to shareholders from net investment income		(0.017	)		(0.007	)		—	^(b)		—	^(b)		(0.003	)		(0.012	)		(0.004	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.017	)		(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		$	1.00

Total return^(d)		1.74	%		0.67	%		0.03	%		—	%^(e)		0.34	%		1.21	%		0.39	%

Net assets, end of period (in 000’s)	$	6,000		$	5,578		$	5,029		$	6,327		$	6,529		$	4,532		$	4,928

Ratio of net expenses to average net assets		1.17	%^(f)		0.75	%		0.07	%		0.20	%^(f)		0.73	%		1.18	%		1.15	%

Ratio of total expenses to average net assets		1.17	%^(f)		1.18	%		1.18	%		1.18	%^(f)		1.18	%		1.18	%		1.19	%

Ratio of net investment income (loss) to average net assets		3.48	%^(f)		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)

(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 D Shares	Six Months Ended May 31, 2023 (Unaudited)			Period Ended November 30, 2022*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00

Net investment income^(a)		0.022			0.008

Net realized loss		—	^(b)		—

Total from investment operations		0.022			0.008

Distributions to shareholders from net investment income		(0.022	)		(0.008	)

Distributions to shareholders from net realized gains		—	^(b)		—

Total distributions^(c)		(0.022	)		(0.008	)

Net asset value, end of period	$	1.00		$	1.00

Total return^(d)		2.25	%		0.82	%

Net assets, end of period (in 000’s)	$	94,066		$	10

Ratio of net expenses to average net assets		0.17	%^(e)		0.15	%^(e)

Ratio of total expenses to average net assets		0.17	%^(e)		0.18	%^(e)

Ratio of net investment income to average net assets		4.67	%^(e)		2.92	%^(e)

Commenced operations on August 22, 2022.

(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)

(e)

Annualized.


Financial Square Government Fund — Institutional Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Institutional Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.007			0.022			0.014

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.003			—	^(b)		—	^(b)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.010			0.022			0.014

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.010	)		(0.022	)		(0.014	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.25	%		1.25	%		0.03	%		0.01	%		0.97	%		2.23	%		1.38	%

Net assets, end of period (in 000’s)	$	242,133,395		$	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		0.17	%^(e)		0.15	%		0.07	%		0.18	%^(e)		0.18	%		0.18	%		0.17	%

Ratio of total expenses to average net assets		0.17	%^(e)		0.18	%		0.18	%		0.18	%^(e)		0.18	%		0.18	%		0.19	%

Ratio of net investment income to average net assets		4.49	%^(e)		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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 — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.011			—	^(b)		—	^(b)		0.008			0.021			0.012

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.022			0.011			—	^(b)		—	^(b)		0.008			0.021			0.012

Distributions to shareholders from net investment income		(0.022	)		(0.011	)		—	^(b)		—	^(b)		(0.008	)		(0.021	)		(0.012	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.17	%		1.14	%		0.03	%		—	%^(e)		0.83	%		2.08	%		1.22	%

Net assets, end of period (in 000’s)	$	2,956,379		$	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		0.32	%^(f)		0.27	%		0.07	%		0.19	%^(f)		0.32	%		0.33	%		0.32	%

Ratio of total expenses to average net assets		0.32	%^(f)		0.33	%		0.33	%		0.33	%^(f)		0.33	%		0.33	%		0.34	%

Ratio of net investment income (loss) to average net assets		4.34	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Government Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.020			0.009			—	^(b)		—	^(b)		0.006			0.017			0.009

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.020			0.009			—	^(b)		—	^(b)		0.006			0.017			0.009

Distributions to shareholders from net investment income		(0.020	)		(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)		(0.020	)		(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		$	1.00

Total return^(d)		2.00	%		0.92	%		0.03	%		—	%^(e)		0.61	%		1.72	%		0.87	%

Net assets, end of period (in 000’s)	$	1,469,417		$	1,190,570		$	908,881		$	860,075		$	1,775,966		$	665,252		$	587,810

Ratio of net expenses to average net assets		0.67	%^(f)		0.50	%		0.07	%		0.20	%^(f)		0.53	%		0.68	%		0.67	%

Ratio of total expenses to average net assets		0.67	%^(f)		0.68	%		0.68	%		0.68	%^(f)		0.68	%		0.68	%		0.69	%

Ratio of net investment income (loss) to average net assets		4.00	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


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 — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.009			0.021			0.013

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.009			0.021			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.009	)		(0.021	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.20	%		1.18	%		0.03	%		—	%^(e)		0.88	%		2.13	%		1.28	%

Net assets, end of period (in 000’s)	$	1,807,528		$	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		0.27	%^(f)		0.23	%		0.07	%		0.20	%^(f)		0.28	%		0.28	%		0.27	%

Ratio of total expenses to average net assets		0.27	%^(f)		0.28	%		0.28	%		0.28	%^(f)		0.28	%		0.28	%		0.29	%

Ratio of net investment income (loss) to average net assets		4.38	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Government Fund — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.009			0.022			0.013

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.009			0.022			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.009	)		(0.022	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.24	%		1.23	%		0.03	%		—	%^(e)		0.94	%		2.20	%		1.35	%

Net assets, end of period (in 000’s)	$	1,386,539		$	1,119,156		$	1,181,542		$	448,540		$	481,493		$	825,651		$	598,258

Ratio of net expenses to average net assets		0.20	%^(f)		0.17	%		0.07	%		0.20	%^(f)		0.21	%		0.21	%		0.20	%

Ratio of total expenses to average net assets		0.20	%^(f)		0.21	%		0.21	%		0.21	%^(f)		0.21	%		0.21	%		0.22	%

Ratio of net investment income (loss) to average net assets		4.46	%^(f)		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)

(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 — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.011			—	^(b)		—	^(b)		0.008			0.020			0.011

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.021			0.011			—	^(b)		—	^(b)		0.008			0.020			0.011

Distributions to shareholders from net investment income		(0.021	)		(0.011	)		—	^(b)		—	^(b)		(0.008	)		(0.020	)		(0.011	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.12	%		1.07	%		0.03	%		—	%^(e)		0.76	%		1.97	%		1.12	%

Net assets, end of period (in 000’s)	$	9,305,276		$	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		0.42	%^(f)		0.32	%		0.07	%		0.20	%^(f)		0.39	%		0.43	%		0.42	%

Ratio of total expenses to average net assets		0.42	%^(f)		0.43	%		0.43	%		0.43	%^(f)		0.43	%		0.43	%		0.44	%

Ratio of net investment income (loss) to average net assets		4.23	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Government Fund — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.018			0.008			—	^(b)		—	^(b)		0.004			0.013			0.006

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			0.001			—	^(b)

Total from investment operations		0.018			0.008			—	^(b)		—	^(b)		0.005			0.014			0.006

Distributions to shareholders from net investment income		(0.018	)		(0.008	)		—	^(b)		—	^(b)		(0.005	)		(0.014	)		(0.006	)

Distributions to shareholders from net realized gains		—	^(b)		—			—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.018	)		(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		$	1.00

Total return^(d)		1.84	%		0.76	%		0.03	%		—	%^(e)		0.45	%		1.42	%		0.57	%

Net assets, end of period (in 000’s)	$	294,090		$	148,429		$	302,333		$	168,903		$	198,129		$	96,690		$	6,573

Ratio of net expenses to average net assets		0.97	%^(f)		0.61	%		0.07	%		0.20	%^(f)		0.65	%		0.98	%		0.97	%

Ratio of total expenses to average net assets		0.97	%^(f)		0.98	%		0.98	%		0.98	%^(f)		0.98	%		0.98	%		0.99	%

Ratio of net investment income (loss) to average net assets		3.74	%^(f)		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)

(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 — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.010			—	^(b)		—	^(b)		0.007			0.019			0.010

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.021			0.010			—	^(b)		—	^(b)		0.007			0.019			0.010

Distributions to shareholders from net investment income		(0.021	)		(0.010	)		—	^(b)		—	^(b)		(0.007	)		(0.019	)		(0.010	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.07	%		1.01	%		0.03	%		—	%^(e)		0.70	%		1.87	%		1.02	%

Net assets, end of period (in 000’s)	$	184,549		$	365,028		$	9,922,502		$	219,114		$	195,822		$	190,633		$	168,032

Ratio of net expenses to average net assets		0.52	%^(f)		0.33	%		0.07	%		0.20	%^(f)		0.46	%		0.53	%		0.52	%

Ratio of total expenses to average net assets		0.52	%^(f)		0.53	%		0.53	%		0.53	%^(f)		0.53	%		0.53	%		0.54	%

Ratio of net investment income (loss) to average net assets		4.11	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Government Fund — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.019			0.008			—	^(b)		—	^(b)		0.005			0.015			0.007

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.019			0.008			—	^(b)		—	^(b)		0.005			0.016			0.007

Distributions to shareholders from net investment income		(0.019	)		(0.008	)		—	^(b)		—	^(b)		(0.005	)		(0.016	)		(0.007	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.019	)		(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		$	1.00

Total return^(d)		1.92	%		0.84	%		0.03	%		—	%^(e)		0.53	%		1.57	%		0.72	%

Net assets, end of period (in 000’s)	$	8,495		$	9,214		$	10,447		$	93,981		$	83,378		$	70,841		$	70,747

Ratio of net expenses to average net assets		0.82	%^(f)		0.56	%		0.07	%		0.20	%^(f)		0.60	%		0.83	%		0.82	%

Ratio of total expenses to average net assets		0.82	%^(f)		0.83	%		0.83	%		0.83	%^(f)		0.83	%		0.83	%		0.84	%

Ratio of net investment income (loss) to average net assets		3.82	%^(f)		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)

(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 — Class R6 Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Government Fund — Class R6 Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.009			0.022			0.014

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		—	^(b)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.010			0.022			0.014

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.010	)		(0.022	)		(0.014	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.25	%		1.25	%		0.03	%		0.01	%		0.97	%		2.23	%		1.38	%

Net assets, end of period (in 000’s)	$	282,102		$	268,194		$	311,454		$	91,630		$	115,111		$	96,804		$	49,441

Ratio of net expenses to average net assets		0.17	%^(e)		0.15	%		0.07	%		0.18	%^(e)		0.18	%		0.18	%		0.17	%

Ratio of total expenses to average net assets		0.17	%^(e)		0.18	%		0.18	%		0.18	%^(e)		0.18	%		0.18	%		0.19	%

Ratio of net investment income to average net assets		4.48	%^(e)		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


Financial Square Government Fund — Drexel Hamilton Class Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Period Ended August 31, 2020*
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			Period Ended August 31, 2020*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.005

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.004

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.009

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.009	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.009	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		2.25	%		1.25	%		0.03	%		0.01	%		0.93	%

Net assets, end of period (in 000’s)	$	9,049,989		$	7,563,684		$	4,948,288		$	3,042,967		$	2,354,098

Ratio of net expenses to average net assets		0.17	%^(e)		0.15	%		0.07	%		0.18	%^(e)		0.18	%^(e)

Ratio of total expenses to average net assets		0.17	%^(e)		0.18	%		0.18	%		0.18	%^(e)		0.18	%^(e)

Ratio of net investment income to average net assets		4.49	%^(e)		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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 — Loop Class Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended November 30, 2021*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.022			0.012			—	^(b)

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(0.012	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00

Total return^(d)		2.25	%		1.25	%		—	%^(e)

Net assets, end of period (in 000’s)	$	3,088,191		$	2,365,925		$	504,408

Ratio of net expenses to average net assets		0.17	%^(f)		0.15	%		0.07	%^(f)

Ratio of total expenses to average net assets		0.17	%^(f)		0.18	%		0.18	%^(f)

Ratio of net investment income to average net assets		4.48	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Government Fund — Seelaus Class Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended November 30, 2021*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.022			0.012			—	^(b)

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(0.012	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00

Total return^(d)		2.25	%		1.25	%		—	%^(e)

Net assets, end of period (in 000’s)	$	1,714,118		$	2,005,266		$	10

Ratio of net expenses to average net assets		0.17	%^(f)		0.15	%		0.07	%^(f)

Ratio of total expenses to average net assets		0.17	%^(f)		0.18	%		0.18	%^(f)

Ratio of net investment income to average net assets		4.48	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


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 Money Market Fund — Institutional Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Money Market Fund — Institutional Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0004		$	1.0004		$	1.0008		$	1.0011		$	1.0006		$	1.0003		$	1.0003

Net investment income^(a)		0.0228			0.0136			0.0001			—	^(b)		0.0152			0.0244			0.0187

Net realized and unrealized gain (loss)		—	^(b)		—			0.0001			(0.0001	)		(0.0027	)		0.0004			(0.0019	)

Total from investment operations		0.0228			0.0136			0.0002			(0.0001	)		0.0125			0.0248			0.0168

Distributions to shareholders from net investment income		(0.0231	)		(0.0136	)		(0.0001	)		—	^(b)		(0.0120	)		(0.0245	)		(0.0168	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0005	)		(0.0002	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0231	)		(0.0136	)		(0.0006	)		(0.0002	)		(0.0120	)		(0.0245	)		(0.0168	)

Net asset value, end of period	$	1.0001		$	1.0004		$	1.0004		$	1.0008		$	1.0011		$	1.0006		$	1.0003

Total return^(d)		2.30	%		1.36	%		0.02	%		(0.01	)%		1.25	%		2.52	%		1.68	%

Net assets, end of period (in 000’s)	$	2,191,946		$	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		0.18	%^(e)		0.17	%		0.11	%		0.18	%^(e)		0.15	%		0.13	%		0.11	%

Ratio of total expenses to average net assets		0.19	%^(e)		0.19	%		0.19	%		0.19	%^(e)		0.18	%		0.18	%		0.20	%

Ratio of net investment income to average net assets		4.58	%^(e)		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	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Money Market Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0007		$	1.0008		$	1.0010		$	1.0011		$	1.0006		$	1.0004		$	1.0003

Net investment income^(a)		0.0229			0.0144			0.0001			—	^(b)		0.0100			0.0231			0.0177

Net realized and unrealized gain (loss)		(0.0009	)		(0.0001	)		—	^(b)		0.0001			0.0010			0.0011			0.0001

Total from investment operations		0.0220			0.0143			0.0001			0.0001			0.0110			0.0242			0.0178

Distributions to shareholders from net investment income		(0.0224	)		(0.0144	)		(0.0001	)		—	^(b)		(0.0105	)		(0.0240	)		(0.0177	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0002	)		(0.0002	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0224	)		(0.0144	)		(0.0003	)		(0.0002	)		(0.0105	)		(0.0240	)		(0.0177	)

Net asset value, end of period	$	1.0003		$	1.0007		$	1.0008		$	1.0010		$	1.0011		$	1.0006		$	1.0004

Total return^(d)		2.21	%		1.24	%		0.04	%		(0.01	)%		1.10	%		2.35	%		1.54	%

Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	11,541		$	15,265		$	11,720		$	1

Ratio of net expenses to average net assets		0.33	%^(e)		0.17	%		0.12	%		0.24	%^(e)		0.29	%		0.28	%		0.11	%

Ratio of total expenses to average net assets		0.34	%^(e)		0.34	%		0.34	%		0.34	%^(e)		0.33	%		0.33	%		0.35	%

Ratio of net investment income (loss) to average net assets		4.60	%^(e)		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)

(e)

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 — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Money Market Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0006		$	1.0005		$	1.0000		$	1.0006		$	1.0002		$	1.0001		$	1.0003

Net investment income^(a)		0.0204			0.0100			—	^(b)		0.0004			0.0126			0.0199			0.0115

Net realized and unrealized gain (loss)		—	^(b)		0.0001			0.0009			(0.0004	)		(0.0041	)		(0.0003	)		0.0001

Total from investment operations		0.0204			0.0101			0.0009			—			0.0085			0.0196			0.0116

Distributions to shareholders from net investment income		(0.0206	)		(0.0101	)		—	^(b)		(0.0003	)		(0.0081	)		(0.0195	)		(0.0118	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0004	)		(0.0003	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0206	)		(0.0100	)		(0.0004	)		(0.0006	)		(0.0081	)		(0.0195	)		(0.0118	)

Net asset value, end of period	$	1.0004		$	1.0006		$	1.0005		$	1.0000		$	1.0006		$	1.0002		$	1.0001

Total return^(d)		2.06	%		1.03	%		0.11	%		(0.06	)%		0.81	%		1.99	%		1.16	%

Net assets, end of period (in 000’s)	$	3		$	3		$	3		$	3		$	3		$	8		$	128

Ratio of net expenses to average net assets		0.68	%^(e)		0.53	%		0.11	%		0.26	%^(e)		0.64	%		0.63	%		0.61	%

Ratio of total expenses to average net assets		0.69	%^(e)		0.69	%		0.69	%		0.69	%^(e)		0.68	%		0.68	%		0.70	%

Ratio of net investment income to average net assets		4.08	%^(e)		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


Financial Square Money Market Fund — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Money Market Fund — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0006		$	1.0006		$	1.0008		$	1.0011		$	1.0006		$	1.0002		$	1.0003

Net investment income^(a)		0.0226			0.0128			0.0001			—	^(b)		0.0136			0.0231			0.0172

Net realized and unrealized gain (loss)		(0.0004	)		—			0.0002			(0.0001	)		(0.0021	)		0.0008			(0.0015	)

Total from investment operations		0.0222			0.0128			0.0003			(0.0001	)		0.0115			0.0239			0.0157

Distributions to shareholders from net investment income		(0.0226	)		(0.0128	)		(0.0001	)		—	^(b)		(0.0110	)		(0.0235	)		(0.0158	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0004	)		(0.0002	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0226	)		(0.0128	)		(0.0005	)		(0.0002	)		(0.0110	)		(0.0235	)		(0.0158	)

Net asset value, end of period	$	1.0002		$	1.0006		$	1.0006		$	1.0008		$	1.0011		$	1.0006		$	1.0002

Total return^(d)		2.24	%		1.29	%		0.04	%		(0.03	)%		1.15	%		2.41	%		1.58	%

Net assets, end of period (in 000’s)	$	68		$	67		$	66		$	66		$	1,919		$	4,901		$	2,752

Ratio of net expenses to average net assets		0.28	%^(e)		0.25	%		0.11	%		0.24	%^(e)		0.25	%		0.23	%		0.21	%

Ratio of total expenses to average net assets		0.29	%^(e)		0.29	%		0.29	%		0.29	%^(e)		0.28	%		0.28	%		0.30	%

Ratio of net investment income (loss) to average net assets		4.53	%^(e)		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)

(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 — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Money Market Fund — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0002		$	1.0004		$	1.0007		$	1.0009		$	1.0006		$	1.0003		$	1.0003

Net investment income^(a)		0.0234			0.0133			0.0001			—	^(b)		0.0163			0.0240			0.0182

Net realized and unrealized gain (loss)		(0.0007	)		(0.0002	)		0.0002			—			(0.0043	)		0.0005			(0.0017	)

Total from investment operations		0.0227			0.0131			0.0003			—	^(b)		0.0120			0.0245			0.0165

Distributions to shareholders from net investment income		(0.0230	)		(0.0133	)		(0.0001	)		—	^(b)		(0.0117	)		(0.0242	)		(0.0165	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0005	)		(0.0002	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0230	)		(0.0133	)		(0.0006	)		(0.0002	)		(0.0117	)		(0.0242	)		(0.0165	)

Net asset value, end of period	$	0.9999		$	1.0002		$	1.0004		$	1.0007		$	1.0009		$	1.0006		$	1.0003

Total return^(d)		2.29	%		1.32	%		0.03	%		(0.01	)%		1.20	%		2.49	%		1.65	%

Net assets, end of period (in 000’s)	$	6,385		$	1,342		$	3,702		$	2,361		$	2,362		$	34,943		$	34,354

Ratio of net expenses to average net assets		0.21	%^(e)		0.19	%		0.11	%		0.21	%^(e)		0.18	%		0.16	%		0.14	%

Ratio of total expenses to average net assets		0.22	%^(e)		0.22	%		0.22	%		0.22	%^(e)		0.21	%		0.21	%		0.23	%

Ratio of net investment income (loss) to average net assets		4.69	%^(e)		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)

(e)

Annualized.


Financial Square Money Market Fund — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Money Market Fund — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0004		$	1.0004		$	1.0007		$	1.0010		$	1.0005		$	1.0003		$	1.0003

Net investment income^(a)		0.0218			0.0117			0.0001			—	^(b)		0.0094			0.0214			0.0140

Net realized and unrealized gain (loss)		(0.0002	)		—			0.0002			(0.0001	)		0.0007			0.0008			0.0003

Total from investment operations		0.0216			0.0117			0.0003			(0.0001	)		0.0101			0.0222			0.0143

Distributions to shareholders from net investment income		(0.0219	)		(0.0117	)		(0.0001	)		—	^(b)		(0.0096	)		(0.0220	)		(0.0143	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0005	)		(0.0002	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0219	)		(0.0117	)		(0.0006	)		(0.0002	)		(0.0096	)		(0.0220	)		(0.0143	)

Net asset value, end of period	$	1.0001		$	1.0004		$	1.0004		$	1.0007		$	1.0010		$	1.0005		$	1.0003

Total return^(d)		2.17	%		1.18	%		0.03	%		(0.03	)%		1.01	%		2.25	%		1.43	%

Net assets, end of period (in 000’s)	$	2,616		$	2,916		$	1,652		$	4,270		$	4,506		$	4,493		$	3,218

Ratio of net expenses to average net assets		0.43	%^(e)		0.37	%		0.11	%		0.24	%^(e)		0.38	%		0.38	%		0.36	%

Ratio of total expenses to average net assets		0.44	%^(e)		0.44	%		0.44	%		0.44	%^(e)		0.43	%		0.43	%		0.45	%

Ratio of net investment income (loss) to average net assets		4.37	%^(e)		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)

(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 — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Money Market Fund — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0008		$	1.0008		$	0.9999		$	1.0009		$	1.0007		$	1.0004		$	1.0003

Net investment income^(a)		0.0189			0.0098			0.0003			0.0009			0.0097			0.0182			0.0106

Net realized and unrealized gain (loss)		0.0001			—			0.0009			(0.0010	)		(0.0008	)		0.0003			0.0001

Total from investment operations		0.0190			0.0098			0.0012			(0.0001	)		0.0089			0.0185			0.0107

Distributions to shareholders from net investment income		(0.0192	)		(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)		—	^(b)

Total distributions^(c)		(0.0192	)		(0.0098	)		(0.0003	)		(0.0009	)		(0.0087	)		(0.0182	)		(0.0106	)

Net asset value, end of period	$	1.0006		$	1.0008		$	1.0008		$	0.9999		$	1.0009		$	1.0007		$	1.0004

Total return^(d)		1.90	%		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		$	1

Ratio of net expenses to average net assets		0.98	%^(e)		0.63	%		0.11	%		0.18	%^(e)		0.68	%		0.85	%		0.83	%

Ratio of total expenses to average net assets		0.99	%^(e)		0.99	%		0.99	%		0.99	%^(e)		0.98	%		0.98	%		1.00	%

Ratio of net investment income to average net assets		3.89	%^(e)		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


Financial Square Money Market Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Money Market Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0008		$	1.0008		$	1.0000		$	1.0010		$	1.0006		$	1.0004		$	1.0003

Net investment income^(a)		0.0212			0.0118			0.0003			0.0009			0.0115			0.0217			0.0142

Net realized and unrealized gain (loss)		(0.0002	)		—			0.0008			(0.0010	)		(0.0003	)		0.0002			0.0001

Total from investment operations		0.0210			0.0118			0.0011			(0.0001	)		0.0112			0.0219			0.0143

Distributions to shareholders from net investment income		(0.0213	)		(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)		—	^(b)

Total distributions^(c)		(0.0213	)		(0.0118	)		(0.0003	)		(0.0009	)		(0.0108	)		(0.0217	)		(0.0142	)

Net asset value, end of period	$	1.0005		$	1.0008		$	1.0008		$	1.0000		$	1.0010		$	1.0006		$	1.0004

Total return^(d)		2.12	%		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		$	1

Ratio of net expenses to average net assets		0.53	%^(e)		0.42	%		0.11	%		0.18	%^(e)		0.45	%		0.48	%		0.47	%

Ratio of total expenses to average net assets		0.54	%^(e)		0.53	%		0.53	%		0.54	%^(e)		0.53	%		0.53	%		0.55	%

Ratio of net investment income to average net assets		4.26	%^(e)		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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 — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Money Market Fund — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0009		$	1.0008		$	0.9999		$	1.0008		$	1.0006		$	1.0004		$	1.0003

Net investment income^(a)		0.0198			0.0118			0.0003			0.0009			0.0116			0.0217			0.0142

Net realized and unrealized gain (loss)		—	^(b)		0.0001			0.0009			(0.0009	)		(0.0005	)		0.0002			0.0001

Total from investment operations		0.0198			0.0119			0.0012			—	^(b)		0.0111			0.0219			0.0143

Distributions to shareholders from net investment income		(0.0200	)		(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)		—	^(b)

Total distributions^(c)		(0.0200	)		(0.0118	)		(0.0003	)		(0.0009	)		(0.0109	)		(0.0217	)		(0.0142	)

Net asset value, end of period	$	1.0007		$	1.0009		$	1.0008		$	0.9999		$	1.0008		$	1.0006		$	1.0004

Total return^(d)		1.98	%		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		$	1

Ratio of net expenses to average net assets		0.83	%^(e)		0.42	%		0.11	%		0.18	%^(e)		0.45	%		0.49	%		0.47	%

Ratio of total expenses to average net assets		0.84	%^(e)		0.84	%		0.84	%		0.84	%^(e)		0.83	%		0.83	%		0.85	%

Ratio of net investment income to average net assets		4.26	%^(e)		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)

(e)

Annualized. Total returns for periods less than one full year are not 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 Prime Obligations Fund — Institutional Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0010		$	1.0009		$	1.0010		$	1.0013		$	1.0006		$	1.0003		$	1.0003

Net investment income^(a)		0.0230			0.0133			—	^(b)		—	^(b)		0.0130			0.0243			0.0182

Net realized and unrealized gain (loss)		(0.0002	)		0.0001			0.0001			(0.0001	)		(0.0002	)		0.0004			(0.0014	)

Total from investment operations		0.0228			0.0134			0.0001			(0.0001	)		0.0128			0.0247			0.0168

Distributions to shareholders from net investment income		(0.0230	)		(0.0133	)		—	^(b)		—	^(b)		(0.0121	)		(0.0244	)		(0.0168	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0002	)		(0.0002	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0230	)		(0.0133	)		(0.0002	)		(0.0002	)		(0.0121	)		(0.0244	)		(0.0168	)

Net asset value, end of period	$	1.0008		$	1.0010		$	1.0009		$	1.0010		$	1.0013		$	1.0006		$	1.0003

Total return^(d)		2.30	%		1.35	%		0.01	%		(0.01	)%		1.28	%		2.51	%		1.68	%

Net assets, end of period (in 000’s)	$	3,025,042		$	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	%^(e)		0.18	%		0.13	%		0.18	%^(e)		0.16	%		0.13	%		0.11	%

Ratio of total expenses to average net assets		0.19	%^(e)		0.22	%		0.20	%		0.19	%^(e)		0.18	%		0.18	%		0.21	%

Ratio of net investment income to average net assets		4.62	%^(e)		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


Financial Square Prime Obligations Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Prime Obligations Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0008		$	1.0008		$	1.0009		$	1.0012		$	1.0006		$	1.0002		$	1.0003

Net investment income^(a)		0.0222			0.0122			—	^(b)		—	^(b)		0.0108			0.0227			0.0178

Net realized and unrealized gain (loss)		—	^(b)		—			0.0001			(0.0001	)		0.0004			0.0006			(0.0026	)

Total from investment operations		0.0222			0.0122			0.0001			(0.0001	)		0.0112			0.0233			0.0152

Distributions to shareholders from net investment income		(0.0222	)		(0.0122	)		—	^(b)		—	^(b)		(0.0106	)		(0.0229	)		(0.0153	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0002	)		(0.0002	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0222	)		(0.0122	)		(0.0002	)		(0.0002	)		(0.0106	)		(0.0229	)		(0.0153	)

Net asset value, end of period	$	1.0008		$	1.0008		$	1.0008		$	1.0009		$	1.0012		$	1.0006		$	1.0002

Total return^(d)		2.24	%		1.22	%		0.01	%		(0.03	)%		1.12	%		2.35	%		1.53	%

Net assets, end of period (in 000’s)	$	440		$	542		$	911		$	911		$	1,014		$	6,755		$	6,829

Ratio of net expenses to average net assets		0.33	%^(e)		0.28	%		0.14	%		0.23	%^(e)		0.31	%		0.28	%		0.26	%

Ratio of total expenses to average net assets		0.34	%^(e)		0.37	%		0.35	%		0.34	%^(e)		0.33	%		0.33	%		0.36	%

Ratio of net investment income (loss) to average net assets		4.43	%^(e)		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)

(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 — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Prime Obligations Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0011		$	1.0010		$	1.0001		$	1.0004		$	1.0004		$	1.0002		$	1.0003

Net investment income^(a)		0.0206			0.0103			—	^(b)		—	^(b)		0.0167			0.0197			0.0145

Net realized and unrealized gain (loss)		(0.0001	)		0.0001			0.0010			(0.0001	)		(0.0079	)		(0.0001	)		(0.0028	)

Total from investment operations		0.0205			0.0104			0.0010			(0.0001	)		0.0088			0.0196			0.0117

Distributions to shareholders from net investment income		(0.0206	)		(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)		(0.0206	)		(0.0103	)		(0.0001	)		(0.0002	)		(0.0088	)		(0.0194	)		(0.0118	)

Net asset value, end of period	$	1.0010		$	1.0011		$	1.0010		$	1.0001		$	1.0004		$	1.0004		$	1.0002

Total return^(d)		2.05	%		1.00	%		0.11	%		(0.03	)%		0.76	%		2.00	%		1.16	%

Net assets, end of period (in 000’s)	$	1		$	1		$	0		$	9		$	9		$	5,098		$	102

Ratio of net expenses to average net assets		0.68	%^(e)		0.20	%		0.13	%		0.21	%^(e)		0.66	%		0.63	%		0.61	%

Ratio of total expenses to average net assets		0.69	%^(e)		0.72	%		0.69	%		0.69	%^(e)		0.68	%		0.68	%		0.71	%

Ratio of net investment income (loss) to average net assets		3.93	%^(e)		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)

(e)

Annualized.


Financial Square Prime Obligations Fund — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Prime Obligations Fund — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0007		$	1.0007		$	1.0008		$	1.0010		$	1.0004		$	1.0001		$	1.0003

Net investment income^(a)		0.0225			0.0125			(0.0002	)		—	^(b)		0.0111			0.0233			0.0142

Net realized and unrealized gain (loss)		(0.0002	)		—			0.0003			(0.0001	)		0.0006			0.0004			0.0014

Total from investment operations		0.0223			0.0125			0.0001			(0.0001	)		0.0117			0.0237			0.0156

Distributions to shareholders from net investment income		(0.0225	)		(0.0125	)		—			—	^(b)		(0.0111	)		(0.0234	)		(0.0158	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0002	)		(0.0001	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0225	)		(0.0125	)		(0.0002	)		(0.0001	)		(0.0111	)		(0.0234	)		(0.0158	)

Net asset value, end of period	$	1.0005		$	1.0007		$	1.0007		$	1.0008		$	1.0010		$	1.0004		$	1.0001

Total return^(d)		2.25	%		1.26	%		0.01	%		(0.02	)%		1.16	%		2.41	%		1.57	%

Net assets, end of period (in 000’s)	$	12		$	14		$	14		$	3,364		$	3,365		$	2,839		$	2,624

Ratio of net expenses to average net assets		0.28	%^(e)		0.26	%		0.14	%		0.22	%^(e)		0.26	%		0.23	%		0.21	%

Ratio of total expenses to average net assets		0.29	%^(e)		0.32	%		0.30	%		0.29	%^(e)		0.28	%		0.28	%		0.31	%

Ratio of net investment income (loss) to average net assets		4.53	%^(e)		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)

(e)

Annualized.


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 — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Prime Obligations Fund — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0008		$	1.0008		$	1.0010		$	1.0012		$	1.0004		$	1.0002		$	1.0003

Net investment income^(a)		0.0230			0.0131			(0.0001	)		—	^(b)		0.0120			0.0241			0.0181

Net realized and unrealized gain (loss)		(0.0003	)		—			0.0001			—	^(b)		0.0006			0.0002			(0.0017	)

Total from investment operations		0.0227			0.0131			—			—	^(b)		0.0126			0.0243			0.0164

Distributions to shareholders from net investment income		(0.0228	)		(0.0131	)		—			—	^(b)		(0.0118	)		(0.0241	)		(0.0165	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0002	)		(0.0002	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0228	)		(0.0131	)		(0.0002	)		(0.0002	)		(0.0118	)		(0.0241	)		(0.0165	)

Net asset value, end of period	$	1.0007		$	1.0008		$	1.0008		$	1.0010		$	1.0012		$	1.0004		$	1.0002

Total return^(d)		2.29	%		1.31	%		—	%^(e)		(0.01	)%		1.25	%		2.48	%		1.64	%

Net assets, end of period (in 000’s)	$	13,578		$	8,997		$	7,895		$	38,230		$	76,327		$	98,996		$	60,236

Ratio of net expenses to average net assets		0.21	%^(f)		0.21	%		0.14	%		0.20	%^(f)		0.19	%		0.16	%		0.14	%

Ratio of total expenses to average net assets		0.22	%^(f)		0.25	%		0.23	%		0.22	%^(f)		0.21	%		0.21	%		0.24	%

Ratio of net investment income (loss) to average net assets		4.60	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Prime Obligations Fund — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0009		$	1.0008		$	1.0010		$	1.0012		$	1.0005		$	1.0002		$	1.0003

Net investment income^(a)		0.0217			0.0115			(0.0002	)		—	^(b)		0.0121			0.0222			0.0139

Net realized and unrealized gain (loss)		(0.0001	)		0.0001			0.0002			—	^(b)		(0.0017	)		—			0.0003

Total from investment operations		0.0216			0.0116			—			—	^(b)		0.0104			0.0222			0.0142

Distributions to shareholders from net investment income		(0.0217	)		(0.0115	)		—			—	^(b)		(0.0097	)		(0.0219	)		(0.0143	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0002	)		(0.0002	)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.0217	)		(0.0115	)		(0.0002	)		(0.0002	)		(0.0097	)		(0.0219	)		(0.0143	)

Net asset value, end of period	$	1.0008		$	1.0009		$	1.0008		$	1.0010		$	1.0012		$	1.0005		$	1.0002

Total return^(d)		2.18	%		1.16	%		—	%^(e)		(0.02	)%		1.03	%		2.25	%		1.43	%

Net assets, end of period (in 000’s)	$	6,423		$	6,306		$	5,407		$	81,920		$	8,736		$	9,748		$	7,474

Ratio of net expenses to average net assets		0.43	%^(f)		0.37	%		0.14	%		0.21	%^(f)		0.41	%		0.38	%		0.36	%

Ratio of total expenses to average net assets		0.44	%^(f)		0.47	%		0.45	%		0.44	%^(f)		0.43	%		0.43	%		0.46	%

Ratio of net investment income (loss) to average net assets		4.35	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

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 — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0012		$	1.0011		$	1.0000		$	1.0010		$	1.0005		$	1.0002		$	1.0003

Net investment income^(a)		0.0191			0.0097			0.0003			0.0009			0.0087			0.0181			0.0108

Net realized and unrealized gain (loss)		(0.0002	)		0.0001			0.0011			(0.0010	)		0.0004			0.0003			(0.0001	)

Total from investment operations		0.0189			0.0098			0.0014			(0.0001	)		0.0091			0.0184			0.0107

Distributions to shareholders from net investment income		(0.0191	)		(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)		(0.0191	)		(0.0097	)		(0.0003	)		(0.0009	)		(0.0086	)		(0.0181	)		(0.0108	)

Net asset value, end of period	$	1.0010		$	1.0012		$	1.0011		$	1.0000		$	1.0010		$	1.0005		$	1.0002

Total return^(d)		1.89	%		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		$	1

Ratio of net expenses to average net assets		0.98	%^(e)		0.62	%		0.13	%		0.18	%^(e)		0.70	%		0.85	%		0.83	%

Ratio of total expenses to average net assets		0.99	%^(e)		1.02	%		1.00	%		0.99	%^(e)		0.98	%		0.98	%		1.01	%

Ratio of net investment income to average net assets		3.95	%		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


Financial Square Prime Obligations Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Prime Obligations Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0012		$	1.0011		$	1.0000		$	1.0009		$	1.0005		$	1.0002		$	1.0003

Net investment income^(a)		0.0213			0.0122			0.0003			0.0009			0.0115			0.0216			0.0144

Net realized and unrealized gain (loss)		(0.0002	)		0.0001			0.0011			(0.0009	)		(0.0001	)		0.0003			(0.0001	)

Total from investment operations		0.0211			0.0123			0.0014			—			0.0114			0.0219			0.0143

Distributions to shareholders from net investment income		(0.0213	)		(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)		(0.0213	)		(0.0122	)		(0.0003	)		(0.0009	)		(0.0110	)		(0.0216	)		(0.0144	)

Net asset value, end of period	$	1.0010		$	1.0012		$	1.0011		$	1.0000		$	1.0009		$	1.0005		$	1.0002

Total return^(d)		2.12	%		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		$	1

Ratio of net expenses to average net assets		0.53	%^(e)		0.42	%		0.13	%		0.18	%^(e)		0.46	%		0.49	%		0.47	%

Ratio of total expenses to average net assets		0.54	%^(e)		0.57	%		0.55	%		0.54	%^(e)		0.53	%		0.53	%		0.56	%

Ratio of net investment income to average net assets		4.31	%^(e)		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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 — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Prime Obligations Fund — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.0011		$	1.0010		$	1.0000		$	1.0010		$	1.0005		$	1.0002		$	1.0003

Net investment income^(a)		0.0198			0.0118			0.0003			0.0009			0.0106			0.0216			0.0144

Net realized and unrealized gain (loss)		(0.0002	)		0.0001			0.0010			(0.0010	)		0.0008			0.0003			(0.0001	)

Total from investment operations		0.0196			0.0119			0.0013			(0.0001	)		0.0114			0.0219			0.0143

Distributions to shareholders from net investment income		(0.0198	)		(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)		(0.0198	)		(0.0118	)		(0.0003	)		(0.0009	)		(0.0109	)		(0.0216	)		(0.0144	)

Net asset value, end of period	$	1.0009		$	1.0011		$	1.0010		$	1.0000		$	1.0010		$	1.0005		$	1.0002

Total return^(d)		1.97	%		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		$	1

Ratio of net expenses to average net assets		0.83	%^(e)		0.42	%		0.13	%		0.18	%^(e)		0.47	%		0.49	%		0.47	%

Ratio of total expenses to average net assets		0.84	%^(e)		0.87	%		0.85	%		0.84	%^(e)		0.83	%		0.83	%		0.86	%

Ratio of net investment income to average net assets		4.31	%^(e)		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


Financial Square Prime Obligations Fund — Drexel Hamilton Class Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Period Ended August 31, 2020*
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			Period Ended August 31, 2020*
Per Share Data:

Net asset value, beginning of period	$	1.0008		$	1.0008		$	1.0010		$	1.0012		$	1.0006

Net investment income^(a)		0.0230			0.0133			(0.0001	)		—	^(b)		0.0080

Net realized and unrealized gain (loss)		(0.0001	)		—			0.0001			—			0.0042

Total from investment operations		0.0229			0.0133			0.0000			—	^(b)		0.0122

Distributions to shareholders from net investment income		(0.0230	)		(0.0133	)		—	^(b)		—	^(b)		(0.0116	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		(0.0002	)		(0.0002	)		—	^(b)

Total distributions^(c)		(0.0230	)		(0.0133	)		(0.0002	)		(0.0002	)		(0.0116	)

Net asset value, end of period	$	1.0007		$	1.0008		$	1.0008		$	1.0010		$	1.0012

Total return^(d)		2.31	%		1.34	%		—	%^(e)		—	%^(e)		1.22	%

Net assets, end of period (in 000’s)	$	75,103		$	24,870		$	30,880		$	100,884		$	100,044

Ratio of net expenses to average net assets		0.18	%^(f)		0.18	%		0.13	%		0.18	%^(f)		0.16	%^(f)

Ratio of total expenses to average net assets		0.19	%^(f)		0.22	%		0.20	%		0.19	%^(f)		0.18	%^(f)

Ratio of net investment income (loss) to average net assets		4.60	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


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 Treasury Instruments Fund — Class D Shares	Period Ended May 31, 2023* (Unaudited)
Per Share Data:

Net asset value, beginning of period	$	1.00

Net investment income^(a)		0.015

Net realized gain		—	^(b)

Total from investment operations		0.015

Distributions to shareholders from net investment income		(0.015	)

Distributions to shareholders from net realized gains		—	^(b)

Total distributions^(c)		(0.015	)

Net asset value, end of period	$	1.00

Total return^(d)		1.49	%

Net assets, end of period (in 000’s)	$	34,059

Ratio of net expenses to average net assets		0.19	%^(e)

Ratio of total expenses to average net assets		0.19	%^(e)

Ratio of net investment income to average net assets		4.57	%^(e)

Commenced operations on January 31, 2023.

(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)

(e)

Annualized.


Financial Square Treasury Instruments Fund — Institutional Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.011			—	^(b)		—	^(b)		0.007			0.021			0.014

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002			—	^(b)		(0.001	)

Total from investment operations		0.022			0.011			—	^(b)		—	^(b)		0.009			0.021			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.011	)		—	^(b)		—	^(b)		(0.009	)		(0.021	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.18	%		1.14	%		0.01	%		—	%^(e)		0.95	%		2.16	%		1.34	%

Net assets, end of period (in 000’s)	$	83,868,366		$	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		0.19	%^(f)		0.17	%		0.07	%		0.16	%^(f)		0.20	%		0.20	%		0.20	%

Ratio of total expenses to average net assets		0.19	%^(f)		0.20	%		0.20	%		0.20	%^(f)		0.20	%		0.20	%		0.21	%

Ratio of net investment income to average net assets		4.35	%^(f)		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)

(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 — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Instruments Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.010			—	^(b)		—	^(b)		0.009			0.020			0.011

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		(0.001	)		—	^(b)		0.001

Total from investment operations		0.021			0.010			—	^(b)		—	^(b)		0.008			0.020			0.012

Distributions to shareholders from net investment income		(0.021	)		(0.010	)		—	^(b)		—	^(b)		(0.008	)		(0.020	)		(0.012	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.10	%		1.03	%		0.01	%		—	%^(e)		0.82	%		2.01	%		1.19	%

Net assets, end of period (in 000’s)	$	902,903		$	957,608		$	826,871		$	675,659		$	725,405		$	766,401		$	374,831

Ratio of net expenses to average net assets		0.34	%^(f)		0.27	%		0.07	%		0.16	%^(f)		0.33	%		0.35	%		0.35	%

Ratio of total expenses to average net assets		0.34	%^(f)		0.35	%		0.35	%		0.35	%^(f)		0.35	%		0.35	%		0.36	%

Ratio of net investment income to average net assets		4.18	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Instruments Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Instruments Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.019			0.008			—	^(b)		—	^(b)		0.003			0.016			0.008

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.003			—	^(b)		—	^(b)

Total from investment operations		0.019			0.008			—	^(b)		—	^(b)		0.006			0.016			0.008

Distributions to shareholders from net investment income		(0.019	)		(0.008	)		—	^(b)		—	^(b)		(0.006	)		(0.016	)		(0.008	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.019	)		(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		$	1.00

Total return^(d)		1.92	%		0.82	%		0.01	%		—	%^(e)		0.60	%		1.65	%		0.84	%

Net assets, end of period (in 000’s)	$	635,763		$	912,338		$	1,569,931		$	122,542		$	116,172		$	26,723		$	22,063

Ratio of net expenses to average net assets		0.69	%^(f)		0.47	%		0.07	%		0.16	%^(f)		0.41	%		0.70	%		0.70	%

Ratio of total expenses to average net assets		0.69	%^(f)		0.70	%		0.70	%		0.70	%^(f)		0.70	%		0.70	%		0.71	%

Ratio of net investment income to average net assets		3.81	%^(f)		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)

(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 — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.011			—	^(b)		—	^(b)		0.007			0.020			0.012

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002			—	^(b)		—	^(b)

Total from investment operations		0.021			0.011			—	^(b)		—	^(b)		0.009			0.020			0.012

Distributions to shareholders from net investment income		(0.021	)		(0.011	)		—	^(b)		—	^(b)		(0.009	)		(0.020	)		(0.012	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.13	%		1.07	%		0.01	%		—	%^(e)		0.86	%		2.06	%		1.24	%

Net assets, end of period (in 000’s)	$	98,490		$	36,610		$	78,191		$	137,607		$	113,769		$	92,406		$	45,007

Ratio of net expenses to average net assets		0.29	%^(f)		0.24	%		0.07	%		0.16	%^(f)		0.29	%		0.30	%		0.30	%

Ratio of total expenses to average net assets		0.29	%^(f)		0.30	%		0.30	%		0.30	%^(f)		0.30	%		0.30	%		0.31	%

Ratio of net investment income to average net assets		4.34	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Instruments Fund — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Instruments Fund — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.011			—	^(b)		—	^(b)		0.006			0.021			0.015

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.003			—	^(b)		(0.002	)

Total from investment operations		0.022			0.011			—	^(b)		—	^(b)		0.009			0.021			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.011	)		—	^(b)		—	^(b)		(0.009	)		(0.021	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.16	%		1.12	%		0.01	%		—	%^(e)		0.92	%		2.13	%		1.31	%

Net assets, end of period (in 000’s)	$	329,572		$	444,262		$	208,542		$	336,761		$	495,422		$	141,728		$	370,898

Ratio of net expenses to average net assets		0.22	%^(f)		0.19	%		0.07	%		0.16	%^(f)		0.23	%		0.23	%		0.23	%

Ratio of total expenses to average net assets		0.22	%^(f)		0.23	%		0.23	%		0.23	%^(f)		0.23	%		0.23	%		0.24	%

Ratio of net investment income to average net assets		4.29	%^(f)		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)

(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 — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.020			0.010			—	^(b)		—	^(b)		0.008			0.019			0.011

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.020			0.010			—	^(b)		—	^(b)		0.008			0.019			0.011

Distributions to shareholders from net investment income		(0.020	)		(0.010	)		—	^(b)		—	^(b)		(0.008	)		(0.019	)		(0.011	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.020	)		(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		$	1.00

Total return^(d)		2.05	%		0.96	%		0.01	%		—	%^(e)		0.75	%		1.91	%		1.09	%

Net assets, end of period (in 000’s)	$	2,042,234		$	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		0.44	%^(f)		0.34	%		0.07	%		0.16	%^(f)		0.40	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.44	%^(f)		0.45	%		0.45	%		0.45	%^(f)		0.45	%		0.45	%		0.46	%

Ratio of net investment income to average net assets		4.10	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Instruments Fund — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.018			0.007			—	^(b)		—	^(b)		0.004			0.014			0.006

Net realized loss		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		(0.001	)		(0.001	)

Total from investment operations		0.018			0.007			—	^(b)		—	^(b)		0.004			0.013			0.005

Distributions to shareholders from net investment income		(0.018	)		(0.007	)		—	^(b)		—	^(b)		(0.004	)		(0.013	)		(0.005	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—			—	^(b)		—	^(b)

Total distributions^(c)		(0.018	)		(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		$	1.00

Total return^(d)		1.77	%		0.66	%		0.01	%		—	%^(e)		0.43	%		1.35	%		0.54	%

Net assets, end of period (in 000’s)	$	32,119		$	6,964		$	11,716		$	9,744		$	10,781		$	12,515		$	64

Ratio of net expenses to average net assets		0.99	%^(f)		0.54	%		0.07	%		0.16	%^(f)		0.73	%		1.00	%		1.00	%

Ratio of total expenses to average net assets		0.99	%^(f)		1.00	%		1.00	%		1.00	%^(f)		1.00	%		1.00	%		1.01	%

Ratio of net investment income to average net assets		3.60	%^(f)		0.31	%		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)

(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 — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Instruments Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.020			0.009			—	^(b)		—	^(b)		0.007			0.018			0.011

Net realized loss		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		(0.001	)

Total from investment operations		0.020			0.009			—	^(b)		—	^(b)		0.007			0.018			0.010

Distributions to shareholders from net investment income		(0.020	)		(0.009	)		—	^(b)		—	^(b)		(0.007	)		(0.018	)		(0.010	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.020	)		(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		$	1.00

Total return^(d)		2.00	%		0.90	%		0.01	%		—	%^(e)		0.69	%		1.80	%		0.99	%

Net assets, end of period (in 000’s)	$	240,062		$	215,864		$	204,641		$	162,524		$	161,117		$	151,939		$	152,344

Ratio of net expenses to average net assets		0.54	%^(f)		0.39	%		0.07	%		0.16	%^(f)		0.45	%		0.55	%		0.55	%

Ratio of total expenses to average net assets		0.54	%^(f)		0.55	%		0.55	%		0.55	%^(f)		0.55	%		0.55	%		0.56	%

Ratio of net investment income to average net assets		4.00	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Instruments Fund — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.019			0.009			—			0.001			0.003			0.016			0.009

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.003			—	^(b)		—	^(b)

Total from investment operations		0.019			0.009			—	^(b)		0.001			0.006			0.016			0.009

Distributions to shareholders from net investment income		(0.019	)		(0.009	)		—	^(b)		(0.001	)		(0.006	)		(0.016	)		(0.009	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.019	)		(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		$	1.00

Total return^(d)		1.85	%		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		$	1

Ratio of net expenses to average net assets		0.54	%^(f)		0.37	%		0.07	%		0.16	%^(f)		0.41	%		0.56	%		0.55	%

Ratio of total expenses to average net assets		0.85	%^(f)		0.85	%		0.85	%		0.85	%^(f)		0.85	%		0.85	%		0.86	%

Ratio of net investment income to average net assets		4.03	%^(f)		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)

(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 — Loop Class Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended November 30, 2021*
	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended November 30, 2021*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.011			—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.022			0.011			—	^(b)

Distributions to shareholders from net investment income		(0.022	)		(0.011	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(0.011	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00

Total return^(d)		2.18	%		1.14	%		0.01	%

Net assets, end of period (in 000’s)	$	60,432		$	152,101		$	200,012

Ratio of net expenses to average net assets		0.19	%^(e)		0.17	%		0.07	%^(e)

Ratio of total expenses to average net assets		0.19	%^(e)		0.20	%		0.20	%^(e)

Ratio of net investment income to average net assets		4.37	%^(e)		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)

(e)

Annualized.


Financial Square Treasury Instruments Fund — Seelaus Class Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended November 30, 2021*
	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended November 30, 2021*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.011			—	^(b)

Net realized loss		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.022			0.011			—	^(b)

Distributions to shareholders from net investment income		(0.022	)		(0.011	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(0.011	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00

Total return^(d)		2.18	%		1.14	%		0.01	%

Net assets, end of period (in 000’s)	$	10		$	10		$	10

Ratio of net expenses to average net assets		0.19	%^(e)		0.17	%		0.07	%^(e)

Ratio of total expenses to average net assets		0.19	%^(e)		0.20	%		0.20	%^(e)

Ratio of net investment income to average net assets		4.52	%^(e)		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)

(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 Obligations Fund — Institutional Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.007			0.022			0.013

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002			—	^(b)		0.001

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.009			0.022			0.014

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.009	)		(0.022	)		(0.014	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.24	%		1.24	%		0.02	%		—	%^(e)		0.94	%		2.20	%		1.37	%

Net assets, end of period (in 000’s)	$	36,276,616		$	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		0.20	%^(f)		0.18	%		0.07	%		0.15	%^(f)		0.20	%		0.20	%		0.20	%

Ratio of total expenses to average net assets		0.20	%^(f)		0.20	%		0.20	%		0.20	%^(f)		0.20	%		0.20	%		0.21	%

Ratio of net investment income to average net assets		4.46	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Obligations Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Obligations Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.011			—	^(b)		—	^(b)		0.007			0.020			0.012

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		—	^(b)

Total from investment operations		0.022			0.011			—	^(b)		—	^(b)		0.008			0.020			0.012

Distributions to shareholders from net investment income		(0.022	)		(0.011	)		—	^(b)		—	^(b)		(0.008	)		(0.020	)		(0.012	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.16	%		1.13	%		0.02	%		—	%^(e)		0.80	%		2.05	%		1.21	%

Net assets, end of period (in 000’s)	$	820,768		$	743,723		$	371,230		$	330,016		$	372,260		$	390,680		$	299,105

Ratio of net expenses to average net assets		0.35	%^(f)		0.29	%		0.07	%		0.15	%^(f)		0.34	%		0.35	%		0.35	%

Ratio of total expenses to average net assets		0.35	%^(f)		0.35	%		0.35	%		0.35	%^(f)		0.35	%		0.35	%		0.36	%

Ratio of net investment income to average net assets		4.30	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

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 — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Obligations Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.020			0.009			—	^(b)		—	^(b)		0.006			0.017			0.009

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.020			0.009			—	^(b)		—	^(b)		0.006			0.017			0.009

Distributions to shareholders from net investment income		(0.020	)		(0.009	)		—	^(b)		—	^(b)		(0.006	)		(0.017	)		(0.009	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.020	)		(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		$	1.00

Total return^(d)		1.99	%		0.92	%		0.02	%		—	%^(e)		0.59	%		1.69	%		0.86	%

Net assets, end of period (in 000’s)	$	1,579,130		$	1,408,940		$	1,703,918		$	911,413		$	937,649		$	936,398		$	1,342,308

Ratio of net expenses to average net assets		0.70	%^(f)		0.50	%		0.07	%		0.15	%^(f)		0.55	%		0.70	%		0.70	%

Ratio of total expenses to average net assets		0.70	%^(f)		0.70	%		0.70	%		0.70	%^(f)		0.70	%		0.70	%		0.71	%

Ratio of net investment income to average net assets		3.95	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Obligations Fund — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.008			0.021			0.013

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.008			0.021			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.008	)		(0.021	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.19	%		1.17	%		0.02	%		—	%^(e)		0.84	%		2.10	%		1.26	%

Net assets, end of period (in 000’s)	$	928,746		$	682,319		$	500,987		$	440,733		$	771,943		$	461,459		$	173,807

Ratio of net expenses to average net assets		0.30	%^(f)		0.25	%		0.07	%		0.15	%^(f)		0.30	%		0.30	%		0.30	%

Ratio of total expenses to average net assets		0.30	%^(f)		0.30	%		0.30	%		0.30	%^(f)		0.30	%		0.30	%		0.31	%

Ratio of net investment income (loss) to average net assets		4.40	%^(f)		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)

(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 — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Obligations Fund — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.007			0.021			0.015

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002			—	^(b)		(0.002	)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.009			0.021			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.009	)		(0.021	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.22	%		1.22	%		0.02	%		—	%^(e)		0.91	%		2.17	%		1.34	%

Net assets, end of period (in 000’s)	$	54,785		$	163,715		$	87,703		$	213,174		$	178,351		$	50,890		$	134,034

Ratio of net expenses to average net assets		0.23	%^(f)		0.20	%		0.07	%		0.15	%^(f)		0.23	%		0.23	%		0.23	%

Ratio of total expenses to average net assets		0.23	%^(f)		0.23	%		0.23	%		0.23	%^(f)		0.23	%		0.23	%		0.24	%

Ratio of net investment income to average net assets		4.36	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Obligations Fund — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.011			—	^(b)		—	^(b)		0.007			0.019			0.011

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.021			0.011			—	^(b)		—	^(b)		0.007			0.019			0.011

Distributions to shareholders from net investment income		(0.021	)		(0.011	)		—	^(b)		—	^(b)		(0.007	)		(0.019	)		(0.011	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.11	%		1.06	%		0.02	%		—	%^(e)		0.73	%		1.95	%		1.11	%

Net assets, end of period (in 000’s)	$	2,157,298		$	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		0.45	%^(f)		0.36	%		0.07	%		0.15	%^(f)		0.40	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.45	%^(f)		0.45	%		0.45	%		0.45	%^(f)		0.45	%		0.45	%		0.46	%

Ratio of net investment income to average net assets		4.21	%^(f)		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)

(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


Financial Square Treasury Obligations Fund — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.018			0.008			—	^(b)		—	^(b)		0.003			0.013			0.004

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			0.001			0.002

Total from investment operations		0.018			0.008			—	^(b)		—	^(b)		0.004			0.014			0.006

Distributions to shareholders from net investment income		(0.018	)		(0.008	)		—	^(b)		—	^(b)		(0.004	)		(0.014	)		(0.006	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.018	)		(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		$	1.00

Total return^(d)		1.83	%		0.76	%		0.02	%		—	%^(e)		0.43	%		1.39	%		0.56	%

Net assets, end of period (in 000’s)	$	15,073		$	28,115		$	29,933		$	20,187		$	13,015		$	22,364		$	48

Ratio of net expenses to average net assets		1.00	%^(f)		0.63	%		0.07	%		0.15	%^(f)		0.68	%		1.00	%		1.00	%

Ratio of total expenses to average net assets		1.00	%^(f)		1.00	%		1.00	%		1.00	%^(f)		1.00	%		1.00	%		1.01	%

Ratio of net investment income to average net assets		3.60	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Obligations Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Obligations Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.010			—	^(b)		—	^(b)		0.006			0.018			0.013

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		(0.004	)

Total from investment operations		0.021			0.010			—	^(b)		—	^(b)		0.007			0.018			0.009

Distributions to shareholders from net investment income		(0.021	)		(0.010	)		—	^(b)		—	^(b)		(0.007	)		(0.018	)		(0.009	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.06	%		1.00	%		0.02	%		—	%^(e)		0.68	%		1.84	%		1.01	%

Net assets, end of period (in 000’s)	$	13,689		$	42,003		$	13,495		$	13,573		$	17,568		$	17,485		$	16,492

Ratio of net expenses to average net assets		0.55	%^(f)		0.45	%		0.07	%		0.15	%^(f)		0.46	%		0.55	%		0.55	%

Ratio of total expenses to average net assets		0.55	%^(f)		0.55	%		0.55	%		0.55	%^(f)		0.55	%		0.55	%		0.56	%

Ratio of net investment income to average net assets		4.05	%^(f)		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)

(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 — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.019			0.009			—	^(b)		0.001			0.006			0.016			0.008

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.019			0.009			—	^(b)		0.001			0.006			0.016			0.008

Distributions to shareholders from net investment income		(0.019	)		(0.009	)		—	^(b)		(0.001	)		(0.006	)		(0.016	)		(0.008	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.019	)		(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		$	1.00

Total return^(d)		1.91	%		0.83	%		0.02	%		—	%^(e)		0.51	%		1.54	%		0.71	%

Net assets, end of period (in 000’s)	$	54,134		$	1		$	1		$	1		$	1		$	1		$	1

Ratio of net expenses to average net assets		0.85	%^(f)		0.35	%		0.07	%		0.15	%^(f)		0.39	%		0.56	%		0.56	%

Ratio of total expenses to average net assets		0.85	%^(f)		0.85	%		0.85	%		0.85	%^(f)		0.85	%		0.85	%		0.86	%

Ratio of net investment income to average net assets		4.29	%^(f)		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)

(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


Financial Square Treasury Solutions Fund — Institutional Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.007			0.021			0.013

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.003			—	^(b)		—	^(b)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.010			0.021			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.010	)		(0.021	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.24	%		1.24	%		0.01	%		—	%^(e)		0.96	%		2.17	%		1.34	%

Net assets, end of period (in 000’s)	$	14,215,471		$	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		0.20	%^(f)		0.17	%		0.09	%		0.17	%^(f)		0.20	%		0.20	%		0.20	%

Ratio of total expenses to average net assets		0.20	%^(f)		0.20	%		0.20	%		0.20	%^(f)		0.20	%		0.20	%		0.21	%

Ratio of net investment income to average net assets		4.46	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Solutions Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Solutions Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.011			—	^(b)		—	^(b)		0.007			0.020			0.012

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		—	^(b)

Total from investment operations		0.022			0.011			—	^(b)		—	^(b)		0.008			0.020			0.012

Distributions to shareholders from net investment income		(0.022	)		(0.011	)		—	^(b)		—	^(b)		(0.008	)		(0.020	)		(0.012	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.17	%		1.13	%		0.01	%		—	%^(e)		0.83	%		2.02	%		1.19	%

Net assets, end of period (in 000’s)	$	242,400		$	206,167		$	243,876		$	234,344		$	201,227		$	162,212		$	165,645

Ratio of net expenses to average net assets		0.35	%^(f)		0.27	%		0.09	%		0.17	%^(f)		0.32	%		0.35	%		0.35	%

Ratio of total expenses to average net assets		0.35	%^(f)		0.35	%		0.35	%		0.35	%^(f)		0.35	%		0.35	%		0.36	%

Ratio of net investment income to average net assets		4.33	%^(f)		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)

(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 — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Solutions Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.020			0.009			—	^(b)		—	^(b)		0.005			0.016			0.008

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		—	^(b)

Total from investment operations		0.020			0.009			—	^(b)		—	^(b)		0.006			0.016			0.008

Distributions to shareholders from net investment income		(0.020	)		(0.009	)		—	^(b)		—	^(b)		(0.006	)		(0.016	)		(0.008	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.020	)		(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		$	1.00

Total return^(d)		1.99	%		0.91	%		0.01	%		—	%^(e)		0.62	%		1.66	%		0.84	%

Net assets, end of period (in 000’s)	$	127,253		$	158,102		$	233,842		$	240,184		$	208,499		$	124,910		$	155,808

Ratio of net expenses to average net assets		0.70	%^(f)		0.45	%		0.09	%		0.17	%^(f)		0.50	%		0.70	%		0.70	%

Ratio of total expenses to average net assets		0.70	%^(f)		0.70	%		0.70	%		0.70	%^(f)		0.70	%		0.70	%		0.71	%

Ratio of net investment income to average net assets		3.93	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Solutions Fund — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Solutions Fund — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.008			0.020			0.013

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		(0.001	)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.009			0.020			0.012

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.009	)		(0.020	)		(0.012	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.19	%		1.17	%		0.01	%		—	%^(e)		0.87	%		2.07	%		1.24	%

Net assets, end of period (in 000’s)	$	60,895		$	64,568		$	51,188		$	59,340		$	52,791		$	38,419		$	19,545

Ratio of net expenses to average net assets		0.30	%^(f)		0.24	%		0.09	%		0.17	%^(f)		0.29	%		0.30	%		0.30	%

Ratio of total expenses to average net assets		0.30	%^(f)		0.30	%		0.30	%		0.30	%^(f)		0.30	%		0.30	%		0.31	%

Ratio of net investment income to average net assets		4.34	%^(f)		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)

(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


Financial Square Treasury Solutions Fund — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.009			0.021			0.013

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.009			0.021			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—	^(b)		—	^(b)		(0.009	)		(0.021	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.23	%		1.22	%		0.01	%		—	%^(e)		0.93	%		2.14	%		1.31	%

Net assets, end of period (in 000’s)	$	8,284		$	10,533		$	5,519		$	6,547		$	7,067		$	8,325		$	7,439

Ratio of net expenses to average net assets		0.23	%^(f)		0.20	%		0.09	%		0.17	%^(f)		0.23	%		0.23	%		0.23	%

Ratio of total expenses to average net assets		0.23	%^(f)		0.23	%		0.23	%		0.23	%^(f)		0.23	%		0.23	%		0.24	%

Ratio of net investment income to average net assets		4.40	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Solutions Fund — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.011			—	^(b)		—	^(b)		0.006			0.019			0.011

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002			—	^(b)		—	^(b)

Total from investment operations		0.021			0.011			—	^(b)		—	^(b)		0.008			0.019			0.011

Distributions to shareholders from net investment income		(0.021	)		(0.011	)		—	^(b)		—	^(b)		(0.008	)		(0.019	)		(0.011	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.12	%		1.06	%		0.01	%		—	%^(e)		0.77	%		1.92	%		1.09	%

Net assets, end of period (in 000’s)	$	858,922		$	803,909		$	375,220		$	610,539		$	443,470		$	473,937		$	360,817

Ratio of net expenses to average net assets		0.45	%^(f)		0.37	%		0.09	%		0.17	%^(f)		0.38	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.45	%^(f)		0.45	%		0.45	%		0.45	%^(f)		0.45	%		0.45	%		0.46	%

Ratio of net investment income to average net assets		4.21	%^(f)		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)

(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


Financial Square Treasury Solutions Fund — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.018			0.008			—	^(b)		—	^(b)		0.004			0.013			0.005

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.018			0.008			—	^(b)		—	^(b)		0.004			0.013			0.005

Distributions to shareholders from net investment income		(0.018	)		(0.008	)		—	^(b)		—	^(b)		(0.004	)		(0.013	)		(0.005	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.018	)		(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		$	1.00

Total return^(d)		1.84	%		0.76	%		0.01	%		—	%^(e)		0.45	%		1.36	%		0.54	%

Net assets, end of period (in 000’s)	$	351,501		$	320,794		$	371,768		$	262,647		$	272,981		$	223,501		$	23,332

Ratio of net expenses to average net assets		1.00	%^(f)		0.61	%		0.09	%		0.17	%^(f)		0.70	%		1.00	%		1.00	%

Ratio of total expenses to average net assets		1.00	%^(f)		1.00	%		1.00	%		1.00	%^(f)		1.00	%		1.00	%		1.01	%

Ratio of net investment income to average net assets		3.65	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


Financial Square Treasury Solutions Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Financial Square Treasury Solutions Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.010			—	^(b)		—	^(b)		0.006			0.018			0.011

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		(0.001	)

Total from investment operations		0.021			0.010			—	^(b)		—	^(b)		0.007			0.018			0.010

Distributions to shareholders from net investment income		(0.021	)		(0.010	)		—	^(b)		—	^(b)		(0.007	)		(0.018	)		(0.010	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.06	%		1.00	%		0.01	%		—	%^(e)		0.71	%		1.82	%		0.99	%

Net assets, end of period (in 000’s)	$	101,181		$	91,667		$	122,233		$	79,208		$	127,497		$	161,003		$	45,627

Ratio of net expenses to average net assets		0.55	%^(f)		0.39	%		0.09	%		0.17	%^(f)		0.45	%		0.55	%		0.55	%

Ratio of total expenses to average net assets		0.55	%^(f)		0.55	%		0.55	%		0.55	%^(f)		0.55	%		0.55	%		0.56	%

Ratio of net investment income to average net assets		4.11	%^(f)		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)

(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 — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.020			0.009			—			0.001			0.006			0.016			0.008

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.020			0.009			—	^(b)		0.001			0.006			0.016			0.008

Distributions to shareholders from net investment income		(0.020	)		(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)		(0.020	)		(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		$	1.00

Total return^(d)		1.91	%		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		$	1

Ratio of net expenses to average net assets		0.85	%^(f)		0.34	%		0.09	%		0.17	%^(f)		0.40	%		0.56	%		0.55	%

Ratio of total expenses to average net assets		0.85	%^(f)		0.85	%		0.85	%		0.85	%^(f)		0.85	%		0.85	%		0.86	%

Ratio of net investment income to average net assets		3.94	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


The accompanying notes are an integral part of these financial statements.		77

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

May 31, 2023 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-Diversified
Federal Instruments	Class D, 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	Class D, 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). The Institutional Money Market Funds have adopted policies and procedures that allow the Trustees to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.

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

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

approved by the Trustees, GSAM evaluates daily the difference between each Fund’s 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 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, and Shareholder Administration fees and Transfer Agency fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

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.

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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 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 May 31, 2023, 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.

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

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 six months ended May 31, 2023, Goldman Sachs retained $1,384 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 29, 2024, 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.

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

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	^(c)

N/A

— Fees not applicable to respective share class

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)

During the six months ended May 31, 2023, 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 six months ended May 31, 2023, 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
Money Market	$—	$	—	$	—	$	25	$	25
Prime Obligations	—		—		—		73		73

For the six months ended May 31, 2023, the net effective management fee rate was 0.16% for the Financial Square Government Fund, Financial Square Money Market, and Financial Square Prime Obligations, and 0.18% for Financial Square Federal Instruments, Financial Square Treasury Instruments, 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.

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended May 31, 2023, 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)
Government	$	—	$	1,273,773,525	$	(879,875	)
Treasury Instruments		1,499,615,640		—		—
Treasury Obligations		—		208,646,523		(149,822	)
Treasury Solutions		—		16,495,772		(10,979	)

As of May 31, 2023, 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			Premier Shares			Resource Shares			Cash Management Shares			Seelaus Shares
Federal Instruments		100	%		—	%		100	%		—	%		100	%		—	%		—	%		—	%
Money Market		—			—			100			39			100			100			100			—
Prime Obligations		—			9			—			90			100			100			100			—
Treasury Instruments		—			—			—			—			—			100			—			100
Treasury Solutions		—			—			—			—			—			100			—			—

I. Line of Credit Facility — As of May 31, 2023, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended May 31, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, November 30, 2022, the Funds’ capital loss carryforward and certain timing differences on a tax basis were as follows:


	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
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	)

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

5. TAX INFORMATION (continued)

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.

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, 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.

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.

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

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 a Fund has unsettled or open transactions defaults.

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.

9. SUBSEQUENT EVENTS

After the end of the Reporting Period, at a meeting of the Board of Trustees of Goldman Sachs Trust held on June 13-14, 2023, the Trustees approved, on behalf of the Funds, the termination of the Resource, Premier, Select, Capital, Cash Management and Service Share Classes (together, the “Terminated Share Classes”) of the following Funds (the “Termination”):


Fund		Terminated Share Class(es)
Financial Square Money Market Fund		Resource, Capital, Cash Management, Premier
Financial Square Prime Obligations Fund		Resource, Cash Management, Premier, Service
Financial Square Treasury Instruments Fund		Resource
Financial Square Treasury Solutions Fund		Resource
Financial Square Federal Instruments Fund		Premier, Select

The Termination took effect on July 14, 2023.

All other 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.

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Federal Instruments Fund

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022

	Shares			Shares

Class D*
Shares sold		13,144,266			—
Reinvestment of distributions of distributions		148,118			—
Shares redeemed		(1,482,599	)		—
		11,809,785			—
Institutional Shares
Shares sold		10,110,893,567			8,376,812,583
Reinvestment of distributions of distributions		88,272,265			25,024,021
Shares redeemed		(8,154,362,337	)		(7,839,824,900	)
		2,044,803,495			562,011,704
Capital Shares
Shares sold		—			—
Reinvestment of distributions of distributions		2,496			2,765
Shares redeemed		(78,421	)		(400,016	)
		(75,925	)		(397,251	)
Service Shares
Shares sold		28,545,291			4,293,024
Reinvestment of distributions of distributions		341,715			1,139
Shares redeemed		(3,147,863	)		(4,077,082	)
		25,739,143			217,081
Preferred Shares
Shares sold		134,570,057			360,197,598
Reinvestment of distributions of distributions		3,473,492			2,105,271
Shares redeemed		(189,910,913	)		(190,781,440	)
		(51,867,364	)		171,521,429
Select Shares
Shares sold		—			—
Reinvestment of distributions of distributions		1,110			575
Shares redeemed		—			—
		1,110			575
Administration Shares
Shares sold		209,138,917			186,605,628
Reinvestment of distributions of distributions		1,648,698			279,216
Shares redeemed		(149,237,566	)		(171,567,363	)
		61,550,049			15,317,481
Cash Management Shares
Shares sold		34,878,416			107,662,429
Reinvestment of distributions of distributions		219,290			207,209
Shares redeemed		(28,584,825	)		(227,615,035	)
		6,512,881			(119,745,397	)
Premier Shares
Shares sold		—			83
Reinvestment of distributions of distributions		1,079			491
Shares redeemed		—			(83	)
		1,079			491

NET INCREASE IN SHARES		2,098,474,253			628,926,113

Commenced operations on January 31, 2023.

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Government Fund

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022

	Shares			Shares

Class A Shares
Shares sold		1,748,163,013			724,705,532
Reinvestment of distributions		21,986,367			5,053,128
Shares redeemed		(758,466,018	)		(720,906,057	)
		1,011,683,362			8,852,603
Class C Shares
Shares sold		1,676,288			4,391,710
Reinvestment of distributions		102,661			39,610
Shares redeemed		(1,355,881	)		(3,882,126	)
		423,068			549,194
Class D Shares
Shares sold		149,304,391			10,000
Reinvestment of distributions		1,256,291			81
Shares redeemed		(56,498,420	)		—
		94,062,262			10,081
Institutional Shares
Shares sold		953,925,446,888			1,581,734,873,496
Proceeds received in connection with merger		—			2,255,778,831
Reinvestment of distributions		2,695,801,445			1,271,713,322
Shares redeemed		(944,519,554,152	)		(1,550,038,453,745	)
		12,101,694,181			35,223,911,904
Capital Shares
Shares sold		8,743,736,738			23,494,641,775
Reinvestment of distributions		15,324,357			8,757,553
Shares redeemed		(8,890,125,467	)		(22,091,174,929	)
		(131,064,372	)		1,412,224,399
Service Shares
Shares sold		2,527,478,493			3,972,036,209
Reinvestment of distributions		12,275,454			3,360,663
Shares redeemed		(2,260,816,269	)		(3,693,694,567	)
		278,937,678			281,702,305
Preferred Shares
Shares sold		3,316,200,035			5,905,817,775
Reinvestment of distributions		11,197,503			4,239,309
Shares redeemed		(3,261,832,527	)		(5,245,706,644	)
		65,565,011			664,350,440
Select Shares
Shares sold		2,469,465,693			3,701,515,106
Reinvestment of distributions		25,119,380			10,596,026
Shares redeemed		(2,227,116,333	)		(3,774,484,508	)
		267,468,740			(62,373,376	)

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Government Fund (continued)

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022

	Shares			Shares

Administration Shares
Shares sold		19,146,008,141			38,762,005,769
Proceeds received in connection with merger		—			534,947,228
Reinvestment of distributions		47,611,877			22,748,003
Shares redeemed		(19,066,403,585	)		(38,045,281,824	)
		127,216,433			1,274,419,176
Cash Management Shares
Shares sold		1,138,588,715			1,036,588,962
Reinvestment of distributions		4,085,075			1,095,139
Shares redeemed		(996,993,824	)		(1,191,586,499	)
		145,679,966			(153,902,398	)
Premier Shares
Shares sold		140,350,676			11,417,599,618
Reinvestment of distributions		2,396,874			23,886,507
Shares redeemed		(323,217,847	)		(20,998,951,583	)
		(180,470,297	)		(9,557,465,458	)
Resource Shares
Shares sold		500,999			4,351,777
Reinvestment of distributions		165,859			77,483
Shares redeemed		(1,385,286	)		(5,662,329	)
		(718,428	)		(1,233,069	)
Class R6 Shares
Shares sold		423,540,565			840,423,196
Reinvestment of distributions		6,299,766			3,471,948
Shares redeemed		(415,915,702	)		(887,151,587	)
		13,924,629			(43,256,443	)
Drexel Hamilton Class Shares
Shares sold		43,365,086,644			75,435,214,756
Reinvestment of distributions		36,645,116			15,033,426
Shares redeemed		(41,914,869,759	)		(72,834,766,512	)
		1,486,862,001			2,615,481,670
Loop Class Shares
Shares sold		17,309,923,633			40,860,864,440
Reinvestment of distributions		37,164,866			10,538,450
Shares redeemed		(16,624,629,707	)		(39,009,860,182	)
		722,458,792			1,861,542,708
Seelaus Class Shares
Shares sold		1,694,301,742			4,423,909,709
Reinvestment of distributions		24,346,793			9,894,606
Shares redeemed		(2,009,697,740	)		(2,428,526,473	)
		(291,049,205	)		2,005,277,842

NET INCREASE IN SHARES		15,712,673,821			35,530,091,578

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Money Market Fund

	For the Six Months Ended May 31, 2023 (Unaudited)						For the Fiscal Year Ended November 30, 2022

	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		7,496,489,767		$	7,499,940,107			22,557,995,784		$	22,569,045,531
Reinvestment of distributions		65,908,203			65,935,703			47,121,197			47,143,796
Shares redeemed		(9,787,860,740	)		(9,792,252,658	)		(23,680,125,237	)		(23,691,749,089	)
		(2,225,462,770	)		(2,226,376,848	)		(1,075,008,256	)		(1,075,559,762	)
Capital Shares
Shares sold		—			—			—			—
Reinvestment of distributions		24			24			13			13
Shares redeemed		—			—			—			—
		24			24			13			13
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		56			56			26			26
Shares redeemed		—			—			—			—
		56			56			26			26
Preferred Shares
Shares sold		—			—			—			—
Reinvestment of distributions		1,521			1,522			847			847
Shares redeemed		—			—			—			—
		1,521			1,522			847			847
Select Shares
Shares sold		7,549,850			7,550,000			30			30
Reinvestment of distributions		63,839			63,846			19,047			19,052
Shares redeemed		(2,569,497	)		(2,569,565	)		(2,377,841	)		(2,378,953	)
		5,044,192			5,044,281			(2,358,764	)		(2,359,871	)
Administration Shares
Shares sold		574,731			575,001			1,249,425			1,250,000
Reinvestment of distributions		53,918			53,937			25,145			25,156
Shares redeemed		(927,604	)		(928,160	)		(11,332	)		(11,338	)
		(298,955	)		(299,222	)		1,263,238			1,263,818
Cash Management Shares
Shares sold		—			—			—			—
Reinvestment of distributions		20			20			9			9
Shares redeemed		—			—			—			—
		20			20			9			9
Premier Shares
Shares sold		—			—			—			—
Reinvestment of distributions		23			23			11			11
Shares redeemed		—			—			—			—
		23			23			11			11
Resource Shares
Shares sold		—			—			—			—
Reinvestment of distributions		21			21			9			9
Shares redeemed		—			—			—			—
		21			21			9			9

NET DECREASE IN SHARES		(2,220,715,868	)	$	(2,221,630,123	)		(1,076,102,867	)	$	(1,076,654,900	)

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Prime Obligations Fund

	For the Six Months Ended May 31, 2023 (Unaudited)						For the Fiscal Year Ended November 30, 2022

	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		4,025,328,704		$	4,029,479,171			6,492,330,328		$	6,498,649,154
Reinvestment of distributions		53,508,629			53,562,121			17,144,714			17,161,759
Shares redeemed		(3,238,809,088	)		(3,242,144,428	)		(5,436,861,096	)		(5,442,147,698	)
		840,028,245			840,896,864			1,072,613,946			1,073,663,215
Capital Shares
Shares sold		—			—			—			—
Reinvestment of distributions		10,530			10,540			6,569			6,574
Shares redeemed		(112,197	)		(112,299	)		(376,099	)		(376,450	)
		(101,667	)		(101,759	)		(369,530	)		(369,876	)
Service Shares
Shares sold		1			1			3,521,303			3,524,823
Reinvestment of distributions		22			23			10			10
Shares redeemed		(1	)		(1	)		(3,520,386	)		(3,523,906	)
		22			23			927			927
Preferred Shares
Shares sold		1,896,293			1,898,000			—			—
Reinvestment of distributions		15,520			15,532			172			172
Shares redeemed		(1,914,002	)		(1,915,372	)		—			—
		(2,189	)		(1,840	)		172			172
Select Shares
Shares sold		11,286,746			11,297,257			59,763,931			59,817,500
Reinvestment of distributions		285,606			285,856			325,308			325,610
Shares redeemed		(6,993,371	)		(7,000,000	)		(58,987,989	)		(59,041,080	)
		4,578,981			4,583,113			1,101,250			1,102,030
Administration Shares
Shares sold		24,804			24,829			4,332,439			4,336,610
Reinvestment of distributions		114,595			114,707			59,728			59,784
Shares redeemed		(20,884	)		(20,905	)		(3,495,305	)		(3,498,537	)
		118,515			118,631			896,862			897,857
Cash Management Shares
Shares sold		—			—			—			—
Reinvestment of distributions		20			20			9			9
Shares redeemed		—			—			—			—
		20			20			9			9
Premier Shares
Shares sold		—			—			—			—
Reinvestment of distributions		23			23			11			11
Shares redeemed		—			—			—			—
		23			23			11			11
Resource Shares
Shares sold		—			—			—			—
Reinvestment of distributions		20			20			9			9
Shares redeemed		—			—			—			—
		20			20			9			9
Drexel Hamilton Classs Shares
Shares sold		79,942,340			80,001,297			134,183,741			134,300,000
Reinvestment of distributions		72,396			72,453			768			769
Shares redeemed		(29,814,492	)		(29,841,359	)		(140,190,293	)		(140,311,058	)
		50,200,244			50,232,391			(6,005,784	)		(6,010,289	)

NET INCREASE IN SHARES		894,822,214		$	895,727,486			1,068,237,872		$	1,069,284,065

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Treasury Instruments Fund

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022

Class D*
Shares sold		57,267,895			—
Reinvestment of distributions		426,272			—
Shares redeemed		(23,633,278	)		—
		34,060,889			—
Institutional Shares
Shares sold		163,023,659,207			276,028,979,709
Reinvestment of distributions		1,039,366,456			627,519,132
Shares redeemed		(172,250,068,768	)		(285,636,451,134	)
		(8,187,043,105	)		(8,979,952,293	)
Capital Shares
Shares sold		3,779,522,993			8,518,980,927
Reinvestment of distributions		23,332,512			9,363,528
Shares redeemed		(3,857,656,896	)		(8,397,449,709	)
		(54,801,391	)		130,894,746
Service Shares
Shares sold		1,302,768,499			2,226,510,537
Reinvestment of distributions		806,787			77,130
Shares redeemed		(1,580,257,417	)		(2,884,029,181	)
		(276,682,131	)		(657,441,514	)
Preferred Shares
Shares sold		188,857,751			390,915,918
Reinvestment of distributions		1,263,830			563,385
Shares redeemed		(128,241,088	)		(433,054,069	)
		61,880,493			(41,574,766	)
Select Shares
Shares sold		402,118,993			437,811,703
Reinvestment of distributions		7,084,454			4,538,801
Shares redeemed		(523,944,142	)		(206,557,224	)
		(114,740,695	)		235,793,280
Administration Shares
Shares sold		8,208,091,009			12,356,648,253
Reinvestment of distributions		35,071,318			17,237,586
Shares redeemed		(8,389,718,338	)		(12,222,986,338	)
		(146,556,011	)		150,899,501

Commenced operations on January 31, 2023.

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Treasury Instruments Fund (continued)

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022

Cash Management Shares
Shares sold		66,869,686			37,894,834
Reinvestment of distributions		562,193			26,882
Shares redeemed		(42,276,473	)		(42,672,120	)
		25,155,406			(4,750,404	)
Premier Shares
Shares sold		186,005,991			464,166,925
Reinvestment of distributions		21			9
Shares redeemed		(161,827,306	)		(452,908,792	)
		24,178,706			11,258,142
Resource Shares
Shares sold		—			—
Reinvestment of distributions		20			7
Shares redeemed		—			—
		20			7
Loop Class Shares
Shares sold		155,947,715			—
Reinvestment of distributions		3,260,309			2,114,925
Shares redeemed		(250,898,429	)		(50,000,000	)
		(91,690,405	)		(47,885,075	)
Seelaus Class Shares
Shares sold		17,223,346			—
Reinvestment of distributions		220			114
Shares redeemed		(17,223,346	)		—
		220			114

NET DECREASE IN SHARES		(8,726,238,004	)		(9,202,758,262	)

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Treasury Obligations Fund

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022

Institutional Shares
Shares sold		238,343,074,091			306,013,482,808
Reinvestment of distributions		398,463,081			169,356,197
Shares redeemed		(241,498,913,158	)		(288,848,879,958	)
		(2,757,375,986	)		17,333,959,047
Capital Shares
Shares sold		1,567,515,895			2,722,464,229
Reinvestment of distributions		8,456,010			4,756,486
Shares redeemed		(1,498,943,460	)		(2,354,713,522	)
		77,028,445			372,507,193
Service Shares
Shares sold		4,086,445,724			6,301,471,724
Reinvestment of distributions		1,856,395			517,726
Shares redeemed		(3,918,142,795	)		(6,596,944,609	)
		170,159,324			(294,955,159	)
Preferred Shares
Shares sold		2,268,529,100			2,179,770,051
Reinvestment of distributions		5,372,963			1,622,306
Shares redeemed		(2,027,491,286	)		(2,000,048,067	)
		246,410,777			181,344,290
Select Shares
Shares sold		438,523,040			860,944,126
Reinvestment of distributions		3,050,862			1,957,218
Shares redeemed		(550,506,787	)		(786,885,981	)
		(108,932,885	)		76,015,363
Administration Shares
Shares sold		6,277,567,662			13,619,785,414
Reinvestment of distributions		8,642,738			5,064,543
Shares redeemed		(6,115,019,827	)		(14,562,189,898	)
		171,190,573			(937,339,941	)
Cash Management Shares
Shares sold		65,758,286			133,762,722
Reinvestment of distributions		580,530			223,273
Shares redeemed		(79,381,074	)		(135,804,081	)
		(13,042,258	)		(1,818,086	)
Premier Shares
Shares sold		28,659,052			119,494,355
Reinvestment of distributions		321,245			268,195
Shares redeemed		(57,295,768	)		(91,253,878	)
		(28,315,471	)		28,508,672
Resource Shares
Shares sold		68,877,533			—
Reinvestment of distributions		122,375			8
Shares redeemed		(14,867,332	)		—
		54,132,576			8

NET INCREASE (DECREASE) IN SHARES		(2,188,744,905	)		16,758,221,387

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Treasury Solutions Fund

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022

Institutional Shares
Shares sold		32,918,367,932			43,164,435,870
Reinvestment of distributions		160,738,083			84,327,518
Shares redeemed		(33,205,356,216	)		(38,539,289,877	)
		(126,250,201	)		4,709,473,511
Capital Shares
Shares sold		968,534,579			1,899,181,288
Reinvestment of distributions		4,744,672			1,940,570
Shares redeemed		(937,051,294	)		(1,938,824,996	)
		36,227,957			(37,703,138	)
Service Shares
Shares sold		369,864,619			1,727,623,026
Reinvestment of distributions		771,061			410,478
Shares redeemed		(401,487,841	)		(1,803,768,507	)
		(30,852,161	)		(75,735,003	)
Preferred Shares
Shares sold		72,795,620			116,112,861
Reinvestment of distributions		1,019,191			569,014
Shares redeemed		(77,488,762	)		(103,300,980	)
		(3,673,951	)		13,380,895
Select Shares
Shares sold		4,644,000			5,300,151
Reinvestment of distributions		219,317			99,055
Shares redeemed		(7,112,062	)		(385,326	)
		(2,248,745	)		5,013,880
Administration Shares
Shares sold		1,777,639,470			3,627,882,858
Reinvestment of distributions		16,038,665			8,776,988
Shares redeemed		(1,738,685,697	)		(3,207,953,386	)
		54,992,438			428,706,460
Cash Management Shares
Shares sold		584,030,137			907,539,396
Reinvestment of distributions		271,435			240,223
Shares redeemed		(553,602,314	)		(958,745,704	)
		30,699,258			(50,966,085	)
Premier Shares
Shares sold		244,447,558			481,364,793
Reinvestment of distributions		401,488			197,144
Shares redeemed		(235,337,129	)		(512,124,964	)
		9,511,917			(30,563,027	)
Resource Shares
Shares sold		—			—
Reinvestment of distributions		20			8
Shares redeemed		—			—
		20			8

NET INCREASE (DECREASE) IN SHARES		(31,593,468	)		4,961,607,501

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended May 31, 2023 (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, Class D 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 December 1, 2022 through May 31, 2023, which represents a period of 182 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.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended May 31, 2023 (Unaudited) (continued)


	Federal Instruments Fund							Government Fund							Money Market Fund
Share Class	Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*		Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*		Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*
Class A Shares
Actual		—		—			—	$	1,000.00	$	1,021.24		$	2.14		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,022.82	+		2.14		—		—			—
Class C Shares
Actual		—		—			—		1,000.00		1,017.44			5.91		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.08	+		5.91		—		—			—
Class D Shares
Actual	$	1,000.00	$	1,018.31		$	1.03		1,000.00		1,022.50			0.49
Hypothetical 5% return		1,000.00		1,023.92	+		1.03		1,000.00		1,013.35	+		0.49
Institutional Shares
Actual		1,000.00		1,022.37			1.03		1,000.00		1,022.50			0.88	$	1,000.00	$	1,023.01		$	0.93
Hypothetical 5% return		1,000.00		1,023.92	+		1.03		1,000.00		1,024.06	+		0.88		1,000.00		1,024.01	+		0.93
Capital Shares
Actual		1,000.00		1,021.61			1.78		1,000.00		1,021.74			1.64		1,000.00		1,022.14			0.93
Hypothetical 5% return		1,000.00		1,023.17	+		1.79		1,000.00		1,023.31	+		1.64		1,000.00		1,024.01	+		0.93
Service Shares
Actual		1,000.00		1,019.83			3.54		1,000.00		1,019.97			3.40		1,000.00		1,020.57			3.65
Hypothetical 5% return		1,000.00		1,021.42	+		3.55		1,000.00		1,021.57	+		3.40		1,000.00		1,021.32	+		3.65
Preferred Shares
Actual		1,000.00		1,021.86			1.53		1,000.00		1,022.00			1.38		1,000.00		1,022.40			1.43
Hypothetical 5% return		1,000.00		1,023.42	+		1.53		1,000.00		1,023.56	+		1.38		1,000.00		1,023.52	+		1.43
Select Shares
Actual		1,000.00		1,022.22			1.17		1,000.00		1,022.35			1.03		1,000.00		1,022.86			1.08
Hypothetical 5% return		1,000.00		1,023.77	+		1.17		1,000.00		1,023.91	+		1.03		1,000.00		1,023.86	+		1.08
Administration Shares
Actual		1,000.00		1,021.10			2.29		1,000.00		1,021.24			2.14		1,000.00		1,021.74			2.19
Hypothetical 5% return		1,000.00		1,022.67	+		2.29		1,000.00		1,022.82	+		2.14		1,000.00		1,022.77	+		2.19
Cash Management Shares
Actual		1,000.00		1,018.31			5.05		1,000.00		1,018.45			4.90		1,000.00		1,019.05			4.42
Hypothetical 5% return		1,000.00		1,019.93	+		5.06		1,000.00		1,020.07	+		4.91		1,000.00		1,020.55	+		4.43
Premier Shares
Actual		1,000.00		1,020.59			2.79		1,000.00		1,020.73			2.64		1,000.00		1,021.23			2.65
Hypothetical 5% return		1,000.00		1,022.17	+		2.79		1,000.00		1,022.32	+		2.64		1,000.00		1,022.31	+		2.65
Resource Shares
Actual		—		—			—		1,000.00		1,019.21			4.15		1,000.00		1,019.81			2.67
Hypothetical 5% return		—		—			—		1,000.00		1,020.82	+		4.15		1,000.00		1,022.29	+		2.67
Class R6 Shares
Actual		—		—			—		1,000.00		1,022.50			0.88		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.06	+		0.88		—		—			—
Drexel Hamilton Class Shares
Actual		—		—			—		1,000.00		1,022.50			0.88		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.06	+		0.88		—		—			—
Loop Class Shares
Actual		—		—			—		1,000.00		1,022.50			0.88		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.06	+		0.88		—		—			—
Seelaus Class Shares
Actual		—		—			—		1,000.00		1,022.50			0.88		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.06	+		0.88		—		—			—


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 Fund		—			—			0.20	%		0.20	%		0.35	%		0.70	%		0.30	%		0.23	%		0.45	%		1.00	%		0.55	%		—			—			—			—			—
Government Fund		0.42	%		1.17	%		0.17			0.17			0.32			0.67			0.27			0.20			0.42			0.97			0.52			0.82	%		0.17	%		0.17	%		0.17	%		0.17	%
Money Market Fund		—			—			—			0.18			0.33			0.68			0.28			0.21			0.43			0.98			0.53			0.83			—			—			—			—

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.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended May 31, 2023 (Unaudited) (continued)


	Prime Obligations Fund							Treasury Instruments Fund							Treasury Obligations Fund
Share Class	Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*		Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*		Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*
Class D Shares
Actual		—		—			—	$	1,000.00	$	1,021.76		$	0.98		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,023.96	+		0.98		—		—			—
Institutional Shares
Actual	$	1,000.00	$	1,022.95		$	0.93		1,000.00		1,021.76			0.98	$	1,000.00	$	1,022.40		$	0.99
Hypothetical 5% return		1,000.00		1,024.01	+		0.93		1,000.00		1,023.96	+		0.98		1,000.00		1,023.96	+		0.99
Capital Shares
Actual		1,000.00		1,022.40			1.68		1,000.00		1,021.00			1.73		1,000.00		1,021.63			1.74
Hypothetical 5% return		1,000.00		1,023.27	+		1.68		1,000.00		1,023.21	+		1.74		1,000.00		1,023.21	+		1.74
Service Shares
Actual		1,000.00		1,020.52			4.21		1,000.00		1,019.23			3.50		1,000.00		1,019.86			3.50
Hypothetical 5% return		1,000.00		1,020.76	+		4.21		1,000.00		1,021.47	+		3.50		1,000.00		1,021.46	+		3.51
Preferred Shares
Actual		1,000.00		1,022.45			1.43		1,000.00		1,021.25			1.48		1,000.00		1,021.89			1.49
Hypothetical 5% return		1,000.00		1,023.52	+		1.43		1,000.00		1,021.46	+		1.48		1,000.00		1,023.46	+		1.49
Select Shares
Actual		1,000.00		1,022.91			1.08		1,000.00		1,021.61			1.13		1,000.00		1,022.24			1.14
Hypothetical 5% return		1,000.00		1,023.86	+		1.08		1,000.00		1,023.81	+		1.13		1,000.00		1,023.81	+		1.14
Administration Shares
Actual		1,000.00		1,021.79			2.19		1,000.00		1,020.49			2.24		1,000.00		1,021.13			2.25
Hypothetical 5% return		1,000.00		1,022.77	+		2.19		1,000.00		1,022.72	+		2.24		1,000.00		1,022.71	+		2.25
Cash Management Shares
Actual		1,000.00		1,018.90			4.42		1,000.00		1,017.71			5.00		1,000.00		1,018.34			5.01
Hypothetical 5% return		1,000.00		1,020.55	+		4.43		1,000.00		1,019.97	+		5.01		1,000.00		1,019.97	+		5.01
Premier Shares
Actual		1,000.00		1,021.17			2.65		1,000.00		1,019.99			2.74		1,000.00		1,020.62			2.75
Hypothetical 5% return		1,000.00		1,022.31	+		2.65		1,000.00		1,022.22	+		2.74		1,000.00		1,022.21	+		2.75
Resource Shares
Actual		1,000.00		1,019.66			2.67		1,000.00		1,018.47			2.74		1,000.00		1,019.10			4.26
Hypothetical 5% return		1,000.00		1,022.29	+		2.67		1,000.00		1,023.21	+		2.75		1,000.00		1,020.72	+		4.26
Drexel Hamilton Class Shares
Actual		1,000.00		1,023.06			0.93		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,024.01	+		0.93		—		—			—		—		—			—
Loop Class Shares
Actual		—		—			—		1,000.00		1,021.76			0.98		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,023.96	+		0.98		—		—			—
Seelaus Class Shares
Actual		—		—			—		1,000.00		1,021.76			0.98		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,023.96	+		0.98		—		—			—


Fund	Class D Shares			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 Fund		—			0.18	%		0.33	%		0.68	%		0.28	%		0.21	%		0.43	%		0.98	%		0.53	%		0.83	%		0.18	%		—			—
Treasury Instruments Fund		0.19	%		0.19			0.34			0.69			0.29			0.22			0.44			0.99			0.54			0.54			—			0.19	%		0.19	%
Treasury Obligations Fund		—			0.20			0.35			0.70			0.30			0.23			0.45			1.00			0.55			0.85			—			—			—

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.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended May 31, 2023 (Unaudited) (continued)


	Treasury Solutions Fund
Share Class	Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*
Institutional Shares
Actual	$	1,000.00	$	1,022.43		$	1.00
Hypothetical 5% return		1,000.00		1,023.95	+		1.00
Capital Shares
Actual		1,000.00		1,021.66			1.75
Hypothetical 5% return		1,000.00		1,023.20	+		1.75
Service Shares
Actual		1,000.00		1,019.89			3.51
Hypothetical 5% return		1,000.00		1,021.45	+		3.52
Preferred Shares
Actual		1,000.00		1,021.92			1.50
Hypothetical 5% return		1,000.00		1,023.45	+		1.50
Select Shares
Actual		1,000.00		1,022.27			1.15
Hypothetical 5% return		1,000.00		1,023.80	+		1.15
Administration Shares
Actual		1,000.00		1,021.16			2.26
Hypothetical 5% return		1,000.00		1,022.70	+		2.26
Cash Management Shares
Actual		1,000.00		1,018.37			5.02
Hypothetical 5% return		1,000.00		1,019.96	+		5.02
Premier Shares
Actual		1,000.00		1,020.65			2.76
Hypothetical 5% return		1,000.00		1,022.20	+		2.76
Resource Shares
Actual		1,000.00		1,019.13			2.75
Hypothetical 5% return		1,000.00		1,022.20	+		2.76


Fund	Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares
Treasury Solutions Fund		0.20	%		0.35	%		0.70	%		0.30	%		0.23	%		0.45	%		1.00	%		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.

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.

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 Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Mid Cap Growth Fund

∎

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

∎

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

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		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 May 31, 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).

Goldman Sachs Funds



Semi-Annual Report				May 31, 2023

				Investor Funds^SM
				Money Market
				Tax-Exempt Money Market

LOGO

Goldman Sachs Investor Funds

∎

MONEY MARKET

∎

TAX-EXEMPT MONEY MARKET


TABLE OF CONTENTS

Market Review			2

Fund Basics			3

Yield Summary			4

Sector Allocations			5

Schedule of Investments			7

Financial Statements			19

Financial Highlights			22

Money Market			22

Tax-Exempt Money Market			26

Notes to Financial Statements			32

Other Information			42



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

PORTFOLIO RESULTS

INVESTOR MONEY MARKET FUNDS

∎

Money Market

∎

Tax-Exempt Money Market

MARKET REVIEW

Goldman Sachs Investor Funds

The following are highlights both of key factors affecting the taxable and tax-exempt money markets and of any key changes made to the Goldman Sachs Investor Funds (the “Funds”) during the six months ended May 31, 2023 (the “Reporting Period”). A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended November 30, 2023.

Market and Economic Review

•

Federal Reserve (“Fed”) monetary policy most influenced the taxable and tax-exempt money markets during the Reporting Period.

•

Policymakers indicated they were determined to continue their fight to tame inflation and that ongoing rate hikes would likely be “appropriate.”

•

In early May, at their final policy meeting of the Reporting Period, Fed officials raised the fed funds rate by 25 basis points to a range between 5.00% and 5.25%.

•

The taxable and tax-exempt money market yield curves steepened during the Reporting Period, as the Fed raised short-term interest rates.

•

In this environment, the yields of taxable and tax-exempt money market funds increased.

Fund Changes and Highlights

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

FUND BASICS

Investor Funds

as of May 31, 2023


PERFORMANCE REVIEW^1,2

December 1, 2022–May 31, 2023	Fund Total Return (based on NAV)³ Class I Shares			SEC 7-Day Current Yield⁴			iMoneyNet Institutional Average⁵

Investor Money Market		2.32	%		5.06	%		4.25	%⁶
Investor Tax-Exempt Money Market		1.37			3.23			2.61	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.

As of May 31, 2023, the Money Market Fund offers eight separate classes of shares (Class I, Administration, Service, Resource, Cash Management, Class A, Class D Shares 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 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, 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 Fund’s performance does not reflect the deduction of any applicable sales charges.

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

⁵

Source: iMoneyNet, Inc. May 2023. 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. Consists of all funds in the National Tax-Free Retail and State-Specific Retail categories.

YIELD SUMMARY


SUMMARY OF THE CLASS I SHARES AS OF 5/31/23

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		5.07	%		5.19	%		5.03	%		53		91
Investor Tax-Exempt Money Market		3.23			3.28			2.95			21		21

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

⁸

⁹

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

¹²

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.

SECTOR ALLOCATIONS


INVESTOR MONEY MARKET FUND*

As of May 31, 2023

Security Type	% of Net Assets

Certificates of Deposit		1.1	%
Certificates of Deposit — Eurodollar		1.3
Certificates of Deposit — Yankeedollar		4.5
Commercial Paper & Corporate Obligations		14.7
Medium Term Notes		0.3
Repurchase Agreements		23.7
Time Deposits		16.9
U.S. Government Agency Obligations		21.7
U.S. Treasury Obligations		2.6
Variable Rate Municipal Debt Obligations		2.5
Variable Rate Obligations		12.9

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

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.

SECTOR ALLOCATIONS


INVESTOR TAX-EXEMPT MONEY MARKET FUND*

As of May 31, 2023

Security Type	% of Net Assets

Commercial Paper		25.1	%
General Obligation		3.5
Tax Revenue Anticipation Notes		3.4
Variable Rate Obligations		68.3

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

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.

INVESTOR MONEY MARKET FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Commercial Paper and Corporate Obligations – 14.7%
	Adventist Health System Sunbelt Healthcare Corporation
$	37,564,000		5.248	%		07/13/23	$	37,339,179
	Albion Capital LLC
	21,000,000		5.176			06/02/23		20,997,025
	33,389,000		5.297			06/26/23		33,268,428
	15,795,000		5.447			07/20/23		15,681,057
	Antalis
	12,365,000		5.282			07/13/23		12,291,717
	9,043,000		5.477			08/01/23		8,961,329
	15,429,000		5.445			08/02/23		15,288,167
	Atlantic Asset Securitization LLC
	25,813,000		5.746			11/22/23		25,125,557
	Banco Santander, S.A.
	11,779,000		5.081			06/16/23		11,754,804
	Baptist Healthcare System Inc
	25,000,000		5.222			07/13/23		24,851,250
	Barclays Bank UK PLC
	75,600,000		5.182			06/01/23		75,600,000
	Barton Capital S.A.
	27,086,000		5.371			07/24/23		26,877,445
	34,037,000		5.332			08/11/23		33,683,904
	12,967,000		5.481			09/15/23		12,764,261
	BJC Health System
	3,000,000		5.154			06/01/23		3,000,000
	BNP Paribas-New York Branch
	21,392,000		5.387			07/31/23		21,204,820
	Bon Secours Mercy Health, Inc.
	45,000,000		5.191			06/14/23		44,917,125
	35,000,000		5.314			06/28/23		34,862,975
	BPCE
	27,227,000		5.335			09/07/23		26,842,328
	Cafco, LLC
	24,649,000		5.418			09/07/23		24,296,725
	Caisse D’Amortissement De La Dette Sociale
	14,592,000		5.314			08/07/23		14,451,596
	Collateralized Commercial Paper Flex Co., LLC
	14,022,000		5.490			11/17/23		14,022,000
	Cooeperatieve Rabobank U.A.-New York Branch
	37,600,000		5.121			06/01/23		37,600,000
	Credit Industriel Et Commercial
	10,000,000		5.570			06/06/23		10,000,000
	Deaconess Health System, Inc.
	21,007,000		5.181			06/01/23		21,007,000
	District of Columbia Water & Sewer Authority
	16,600,000		4.950			06/05/23		16,600,000
	DNB Bank ASA
	8,486,000		5.214			08/03/23		8,411,302
	DZ Bank Ag Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main
	8,234,000		5.072			07/27/23		8,171,495
	Fairway Finance Company, LLC
	2,929,000		5.214			07/10/23		2,913,103
	Federation Des Caisses Desjardins Du Quebec
	6,145,000		5.570			02/23/24		5,907,780
	FMS Wertmanagement AoR
	35,711,000		5.327	^(a)		07/03/23		35,544,984


Commercial Paper and Corporate Obligations – (continued)
	Gotham Funding Corporation
	10,188,000		5.373			08/08/23		10,087,354
	11,404,000		5.769	^(a)		12/01/23		11,083,636
	6,257,000		5.790	^(a)		12/01/23		6,081,227
	Great Bear Funding LLC
	27,300,000		5.166			06/06/23		27,280,700
	J.P. Morgan Securities LLC
	23,565,000		5.380			10/12/23		23,565,000
	21,331,000		5.750	^(a)		12/01/23		21,331,000
	12,029,000		5.510			01/18/24		12,029,000
	Liberty Street Funding LLC
	10,261,000		5.146			07/18/23		10,194,689
	10,260,000		5.077			07/20/23		10,190,873
	2,725,000		5.514			11/06/23		2,661,853
	Lloyds Bank PLC
	8,155,000		5.308			08/07/23		8,077,899
	LMA-Americas LLC
	8,929,000		5.406			08/10/23		8,837,850
	6,775,000		5.387			09/05/23		6,681,595
	13,254,000		5.479			10/18/23		12,983,795
	11,000,000		5.790			11/28/23		10,694,750
	Matchpoint Finance Public Limited Company
	12,989,000		5.370			08/10/23		12,989,000
	Natixis-New York Branch
	23,053,000		4.952			06/01/23		23,053,000
	Old Line Funding, LLC
	5,000,000		5.784			12/04/23		4,856,883
	Podium Funding Trust
	24,399,000		5.396			08/17/23		24,125,020
	23,116,000		5.402			08/18/23		22,853,055
	Pure Grove Funding
	34,061,000		5.710			11/29/23		33,110,556
	33,610,000		5.794	^(a)		12/05/23		32,641,052
	Ridgefield Funding Company, LLC
	14,112,000		5.200			06/20/23		14,112,000
	7,183,000		5.782			11/20/23		6,992,531
	Sentara Healthcare
	6,000,000		5.100			06/23/23		6,000,000
	Sheffield Receivables Company LLC
	10,362,000		5.425			08/16/23		10,246,498
	Starbird Funding Corporation
	15,266,000		5.364			08/10/23		15,111,644
	17,221,000		5.573			09/01/23		16,982,470
	State of California
	6,050,000		5.220			07/26/23		6,050,000
	Thunder Bay Funding, LLC
	27,021,000		5.748	^(a)		11/20/23		26,308,366
	Versailles Commercial Paper LLC
	12,760,000		5.368			08/15/23		12,621,767

	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	1,134,072,419



Certificates of Deposit – 1.1%
	Bank of America, National Association
$	26,003,000		5.430	%		11/14/23	$	26,003,000


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

INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Certificates of Deposit – (continued)
	Citibank, National Association
$	7,800,000		5.630	%		03/01/24	$	7,800,000
	Truist Bank
	47,812,500		5.200			07/31/23		47,812,500

	TOTAL CERTIFICATES OF DEPOSIT						$	81,615,500



Certificates of Deposit-Eurodollar – 1.3%
	ABN AMRO Bank N.V.
$	19,622,000		5.050	%		08/04/23	$	19,450,153
	Mitsubishi UFJ Trust And Banking Corporation-London Branch
	28,000,000		5.385			08/15/23		27,690,139
	National Westminster Bank Public Limited Company
	19,236,000		5.060			08/04/23		19,067,208
	Sumitomo Mitsui Banking Corporation-Brussels Branch
	35,500,000		5.210			06/15/23		35,429,069

	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR						$	101,636,569



Certificates of Deposit-Yankeedollar – 4.5%
	Credit Agricole Corporate and Investment Bank-New York Branch
$	18,127,000		4.920	%		06/08/23	$	18,127,000
	56,843,000		5.330			08/23/23		56,843,000
	Mizuho Bank, Ltd.-New York Branch
	31,216,000		4.900			06/08/23		31,216,000
	MUFG Bank, Ltd.-New York Branch
	16,243,000		5.530	^(a)		09/05/23		16,243,000
	National Bank of Kuwait-New York Branch
	18,099,000		5.270			06/02/23		18,099,005
	129,200,000		5.090			06/06/23		129,200,179
	26,289,000		5.300			06/15/23		26,289,101
	Sumitomo Mitsui Banking Corporation-New York Branch
	25,650,000		5.440			08/24/23		25,649,962
	Sumitomo Mitsui Trust Bank, Limited-New York Branch
	23,933,000		4.920			06/12/23		23,933,000
	Toronto-Dominion Bank (The)
	6,587,000		5.820			05/23/24		6,587,000

	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	352,187,247



Medium Term Notes – 0.3%
	MUFG Bank, Ltd.
$	5,258,000		6.144	%^(b)		09/09/23	$	5,229,478
	Toyota Motor Credit Corporation
	16,856,000		5.797			07/25/23		16,867,605

	TOTAL MEDIUM TERM NOTES						$	22,097,083



Time Deposits – 16.9%
	Banco Santander, S.A.
$	205,000,000		5.100	%		06/07/23	$	205,000,000
	Canadian Imperial Bank of Commerce
	270,000,000		5.060			06/01/23		270,000,000
	Credit Agricole Corporate and Investment Bank
	73,000,000		5.050			06/01/23		73,000,000
	First Abu Dhabi Bank USA N.V.
	155,000,000		5.070			06/01/23		155,000,000
	National Bank of Canada
	250,000,000		5.060			06/01/23		250,000,000
	National Bank of Kuwait S.A.K.P
	90,000,000		5.070			06/01/23		90,000,000
	Skandinaviska Enskilda Banken AB (Publ)
	260,000,000		5.060			06/01/23		260,000,000

	TOTAL TIME DEPOSIT						$	1,303,000,000



U.S. Government Agency Obligations – 21.7%
	Federal Farm Credit Bank
$	6,100,000		4.947	%		01/12/24	$	5,922,719
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.04%)
	2,400,000		5.407	^(c)		10/23/23		2,399,962
	4,900,000		5.412	^(c)		10/30/23		4,899,938
	Federal Farm Credit Bank (FEDL01 + 0.08%)
	3,800,000		5.162	^(c)		09/13/24		3,796,410
	Federal Farm Credit Bank (FEDL01 + 0.14%)
	2,100,000		5.220	^(c)		09/17/24		2,099,973
	600,000		5.222	^(c)		11/14/24		599,830
	Federal Farm Credit Bank (SOFR + 0.14%)
	6,664,000		5.202	^(c)		11/26/24		6,661,603
	5,998,000		5.203	^(c)		11/26/24		5,994,979
	Federal Farm Credit Bank (SOFR + 0.16%)
	1,100,000		5.215	^(c)		04/05/24		1,099,982
	Federal Farm Credit Bank (SOFR + 0.17%)
	12,600,000		5.225	^(c)		06/27/24		12,599,471
	6,800,000		5.230	^(c)		01/23/25		6,800,000
	Federal Farm Credit Bank (SOFR + 0.18%)
	12,500,000		5.240	^(c)		10/16/24		12,500,000
	8,300,000		5.238	^(c)		12/19/24		8,301,123
	6,570,000		5.240	^(c)		12/19/24		6,570,889
	19,024,000		5.240	^(c)		01/17/25		19,024,000
	12,037,000		5.260	^(a)(c)		03/07/25		12,037,000
	Federal Farm Credit Bank (SOFR + 0.19%)
	7,000,000		5.250	^(c)		11/25/24		7,000,000
	16,900,000		5.250	^(c)		12/27/24		16,900,000
	Federal Farm Credit Bank (SOFR + 0.20%)
	6,185,000		5.275	^(a)(c)		06/02/25		6,185,000
	Federal Farm Credit Banks Funding Corporation (SOFR + 0.11%)
	21,500,000		5.170	^(c)		12/22/23		21,500,000
	Federal Home Loan Bank
	18,600,000		4.881			07/26/23		18,466,442
	25,023,000		5.184			09/19/23		24,642,233
	89,000		5.186			09/22/23		87,609
	14,998,000		5.092			02/08/24		14,496,167
	23,642,000		5.093			02/09/24		22,847,799
	66,555,000		5.340			04/23/24		66,555,000


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

INVESTOR MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank – (continued)
$	38,185,000		5.330	%		04/26/24	$	38,185,000
	70,240,000		5.340			04/26/24		70,240,000
	37,465,000		5.370			05/21/24		37,465,000
	56,340,000		5.300			05/22/24		56,340,000
	23,805,000		5.360			06/11/24		23,805,000
	14,880,000		5.375			06/11/24		14,880,000
	Federal Home Loan Bank (SOFR + 0.08%)
	400,000,000		5.140	^(c)		06/14/23		400,000,000
	Federal Home Loan Bank (SOFR + 0.10%)
	47,630,000		5.160	^(c)		06/22/23		47,630,000
	Federal Home Loan Bank (SOFR + 0.11%)
	47,725,000		5.165	^(c)		07/21/23		47,725,000
	47,725,000		5.170	^(c)		08/18/23		47,725,000
	Federal Home Loan Bank (SOFR + 0.12%)
	80,040,000		5.180	^(c)		09/20/23		80,040,000
	Federal Home Loan Bank (SOFR + 0.15%)
	9,100,000		5.210	^(c)		02/23/24		9,100,000
	Federal Home Loan Bank (SOFR + 0.19%)
	41,900,000		5.250	^(c)		11/22/24		41,900,000
	Federal Home Loan Bank System
	24,065,000		5.000			02/21/24		24,065,000
	35,060,000		5.183			02/21/24		35,002,373
	23,410,000		5.314			02/21/24		23,371,522
	43,880,000		5.165			03/08/24		43,880,000
	51,580,000		5.500			04/01/24		51,580,000
	38,390,000		5.540			04/24/24		38,390,000
	74,725,000		5.300			05/17/24		74,725,000
	112,575,000		5.350			05/20/24		112,575,000
	Federal Home Loan Mortgage Corporation
	9,523,000		5.400			06/11/24		9,523,000
	9,523,000		5.380			06/12/24		9,523,000
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	4,900,000		5.380	^(c)		06/07/23		4,900,000
	807,692		5.380	^(c)		06/07/23		807,693
	3,029,000		5.380	^(c)		06/07/23		3,029,000
	4,000,000		5.350	^(c)		06/07/23		4,000,000
	4,583,333		5.380	^(c)		06/07/23		4,583,333
	U.S. International Development Finance Corporation (3 Mo. U.S. T-Bill + 0.00%)
	2,666,667		5.300	^(c)		06/07/23		2,666,667
	1,636,364		5.380	^(c)		06/07/23		1,636,364

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	1,669,281,081



U.S. Treasury Obligations – 2.6%
	United States Department of The Treasury
$	6,573,500		5.511	%^(a)		11/30/23	$	6,397,699
	79,630,000		4.955			05/16/24		76,033,931
	United States Treasury Bills
	9,620,100		5.447	^(a)		08/31/23		9,491,217
	7,996,200		5.547	^(a)		11/09/23		7,805,237
	25,927,200		4.827			04/18/24		24,876,674


U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	40,526,600		5.541	%^(c)		04/30/25		40,524,310
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.20%)
	38,910,600		5.572	^(c)		01/31/25		38,910,600

	TOTAL U.S. TREASURY OBLIGATIONS						$	204,039,668



Variable Rate Municipal Debt Obligations^(d) – 2.5%
	Arizona Health Facilities Authority, Maricopa County Indl Dev Authority Rev Taxable Bonds Banner Health 2021 B - 1
$	28,860,000		5.100	%		06/07/23	$	28,860,000
	Colorado Housing and Finance Authority
	5,275,000		5.100			06/07/23		5,275,000
	3,040,000		5.100			06/07/23		3,040,000
	2,645,000		5.100			06/07/23		2,645,000
	2,000,000		5.100			06/07/23		2,000,000
	Metropolitan Water District of Southern California (The)
	44,500,000		5.050			06/07/23		44,500,000
	550,000		5.160			06/07/23		550,000
	4,500,000		5.160			06/07/23		4,500,000
	10,000,000		5.160			06/07/23		10,000,000
	Nuveen Credit Strategies Income Fund
	11,000,000		5.240	^(b)		06/07/23		11,000,000
	10,000,000		5.240			06/07/23		10,000,000
	Nuveen Preferred & Income Securities Fund
	13,000,000		5.240	^(b)		06/07/23		13,000,000
	Presbyterian Healthcare Services
	21,720,000		5.080			06/07/23		21,720,000
	Rhode Island Housing and Mortgage Finance Corporation
	7,885,000		5.100			06/07/23		7,885,000
	SSM Health Care Corporation
	16,925,000		5.090			06/07/23		16,925,000
	16,925,000		5.090			06/07/23		16,925,000

	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	198,825,000



Variable Rate Obligations^(c) – 12.9%
	Bank of America, National Association
$	54,962,000		5.530	%		10/10/23	$	54,962,000
	Bank of Montreal
	19,124,000		5.230			10/02/23		19,124,000
	15,657,000		5.230			10/06/23		15,657,000
	20,196,000		5.580			02/14/24		20,196,000
	Bank of Nova Scotia – Houston Branch
	11,209,000		5.510			10/04/23		11,209,000
	13,666,000		5.350			11/20/23		13,666,625
	5,862,000		5.440			02/16/24		5,862,000
	Bank of Nova Scotia (The)
	20,624,000		5.590			06/06/23		20,624,000
	33,000		5.713			07/28/23		33,011
	18,842,000		5.450			02/13/24		18,841,913


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

INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Variable Rate Obligations^(c) – (continued)
	Barclays Bank PLC-New York Branch
$	13,600,000		5.380	%		11/24/23	$	13,600,000
	Barclays US CCP Funding LLC
	19,649,000		5.350			08/10/23		19,649,000
	5,865,000		5.520			11/03/23		5,865,000
	Bedford Row Funding Corp.
	15,000,000		5.280			07/26/23		15,000,000
	BofA Securities, Inc.
	10,000,000		5.780			06/05/23		10,000,000
	BPCE
	18,000,000		5.430			11/01/23		18,000,000
	Collateralized Commercial Paper Flex Co., LLC
	12,523,000		5.260			09/01/23		12,523,000
	30,000,000		5.510			11/27/23		30,000,000
	Commonwealth Bank of Australia
	8,315,000		5.570			06/07/23		8,315,000
	Credit Industriel Et Commercial
	6,000,000		5.390			10/31/23		6,000,000
	ING (U.S.) Funding LLC
	19,476,000		5.210			09/05/23		19,476,000
	49,162,000		5.460			11/27/23		49,162,000
	Matchpoint Finance Public Limited Company
	29,322,000		5.490			11/27/23		29,322,000
	14,427,000		5.520			12/01/23		14,427,000
	Mizuho Bank, Ltd.
	3,993,000		5.660			02/26/24		3,993,000
	MUFG Bank, Ltd.-New York Branch
	21,754,000		5.440			08/22/23		21,754,000
	National Australia Bank Limited
	25,000,000		5.260			12/01/23		25,000,000
	National Bank of Canada
	24,983,000		5.280			08/01/23		24,983,000
	Nordea Bank Abp-New York Branch
	40,169,000		5.160			06/15/23		40,169,000
	Old Line Funding, LLC
	95,000,000		5.470			07/20/23		95,000,000
	5,000,000		5.460			12/18/23		5,000,000
	Oversea-Chinese Banking Corporation Limited
	7,650,000		5.470			06/20/23		7,650,000
	Ridgefield Funding Company, LLC
	26,342,000		5.370			07/21/23		26,342,000
	Skandinaviska Enskilda Banken AB (Publ)
	24,539,000		5.220			08/28/23		24,539,000
	Starbird Funding Corporation
	3,425,000		5.519			06/16/23		3,425,424
	3,157,000		5.499			06/20/23		3,157,471
	State Street Bank and Trust Company
	5,444,000		5.740			07/14/23		5,444,000
	Sumitomo Mitsui Banking Corporation-New York Branch
	19,789,000		5.210			09/08/23		19,789,000
	Sumitomo Mitsui Trust Bank, Limited-New York Branch
	18,328,000		5.200			07/05/23		18,328,000
	Svenska Handelsbanken AB
	9,075,000		5.430			08/04/23		9,075,000
	Svenska Handelsbanken AB-New York Branch
	5,000,000		5.300			09/07/23		5,000,000


Variable Rate Obligations^(c) – (continued)
	Thunder Bay Funding, LLC
	22,763,000		5.560			06/12/23		22,763,000
	8,000,000		5.470			11/06/23		8,000,000
	Toronto-Dominion Bank (The)
	67,674,000		5.540			10/05/23		67,674,000
	35,258,000		5.580			02/28/24		35,258,000
	UBS AG-London Branch
	3,238,000		5.389	^(b)		06/01/23		3,238,000
	10,000,000		5.380			07/20/23		10,000,000
	10,464,000		5.330			08/03/23		10,464,000
	United Overseas Bank Limited
	8,602,000		5.460			06/20/23		8,602,000
	Wells Fargo Bank, National Association
	41,266,000		5.430			12/12/23		41,266,000
	9,257,000		5.480			01/12/24		9,257,000

	TOTAL VARIABLE RATE OBLIGATIONS						$	986,685,444

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	6,053,440,011



Repurchase Agreements^(e) – 23.7%
	BNP Paribas
$	21,000,000		5.140	%		06/01/23	$	21,000,000
	Maturity Value: $21,002,998
	Collateralized by mortgage-backed obligations, 2.093% to 15.888%, due 02/27/24 to 02/25/68, various asset-backed obligations, 5.410% to 7.510%, due 01/18/28 to 01/20/35, various corporate security issuers, 2.875% to 5.875%, due 02/25/24 to 11/15/48 and various sovereign debt security issuers, 0.625% to 1.625%, due 02/09/26 to 01/18/27. The aggregate market value of the collateral, including accrued interest, was $25,101,649.

	BofA Securities, Inc.
	110,000,000		5.140			06/01/23		110,000,000
	Maturity Value: $110,015,706
	Collateralized by various corporate security issuers, 3.500% to 10.500%, due 08/01/24 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $121,000,397.

	Fixed Income Clearing Corporation
	1,000,000,000		5.080			06/01/23		1,000,000,000
	Maturity Value: $1,000,141,111
	Collateralized by U.S. Treasury Notes, 0.750% to 3.875%, due 04/30/28 to 03/31/30. The aggregate market value of the collateral, including accrued interest, was $1,020,000,040.

	Joint Account III
	302,000,000		5.057			06/01/23		302,000,000
	Maturity Value: $302,042,422


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

INVESTOR MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Repurchase Agreements^(e) – (continued)
	Mizuho Securities USA LLC
$	66,000,000		5.160	%		06/01/23	$	66,000,000
	Maturity Value: $66,009,460
	Collateralized by municipal debt obligations, 4.000% to 5.500%, due 10/01/30 to 01/01/55 and various sovereign debt security issuers, 2.780% to 8.875%, due 01/18/24 to 07/28/21. The aggregate market value of the collateral, including accrued interest, was $69,484,468.

	RBC Capital Markets LLC
	155,000,000		5.160			06/01/23		155,000,000
	Maturity Value: $155,022,217
	Collateralized by various corporate security issuers, 0.000% to 10.500%, due 06/21/23 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $162,782,393.

	Societe Generale
	175,000,000		5.180			06/01/23		175,000,000
	Maturity Value: $175,025,181
	Collateralized by various asset-backed obligation, 5.448%, due 08/25/36, various corporate security issuers, 0.000% to 11.250%, due 10/15/24 to perpetual maturity and various sovereign debt security issuers, 1.862% to 7.750%, due 08/10/24 to 01/17/38. The aggregate market value of the collateral, including accrued interest, was $190,412,165.

	TOTAL REPURCHASE AGREEMENTS						$	1,829,000,000

	TOTAL INVESTMENTS – 102.2%						$	7,882,440,011

	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.2)%							(171,339,522	)

	NET ASSETS – 100.0%						$	7,711,100,489



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 May 31, 2023.

(d)		Rate shown is that which is in effect on May 31, 2023. 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 May 31, 2023. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.



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


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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Municipal Debt Obligations – 100.3%
Alabama – 0.6%
	Mobile IDB VRDN PCRB for Alabama Power Co. Barry Plant Project Series 2008 C RMKT^(a)
$	11,500,000		3.680	%		06/07/23	$	11,500,000

Alaska – 4.8%
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Refunding Series 2009 B RMKT (Wells Fargo Bank N.A., SPA)
	7,845,000		3.400			06/07/23		7,845,000
	Alaska Housing Finance Corp. VRDN RB Governmental Purpose Series 2009 B RMKT (FHLB, SPA)
	5,000,000		3.400			06/07/23		5,000,000
	Alaska Housing Finance Corp. VRDN RB Governmental Purpose Series 2009 B RMKT (FHLB, SPA)^(a)
	27,110,000		3.400			06/07/23		27,110,000
	Municipality of Anchorage, Alaska 2023 General Obligation Tax Anticipation Notes
	10,000,000		3.053			12/15/23		10,060,695
	10,000,000		3.073			12/15/23		10,060,695
	5,000,000		3.124			12/15/23		5,030,347
	5,000,000		3.206			12/15/23		5,030,347
	Valdez Alaska marine Term Revenue
	9,000,000		3.850			12/01/33		9,000,000
	13,090,000		3.850			12/01/33		13,090,000

								92,227,084

Arizona – 0.3%
	Arizona State University VRDN RB Refunding Series 2014 A RMKT
	5,000,000		4.910			01/01/24		5,052,680

Arkansas – 0.4%
	State of Arkansas, Arkansas General Obligation Four-Lane Highway Construction and Improvement Bonds Refunding Series 2021
	3,325,000		3.841			06/15/23		3,326,464
	5,000,000		3.843			06/15/23		5,002,201

								8,328,665

California – 2.8%
	California Health Facilities Financing Authority CP Series A-2
	16,000,000		3.200			06/08/23		16,000,000
	City of Los Angeles TRANS 2022
	12,000,000		2.376			06/29/23		12,011,852
	9,325,000		3.074			06/29/23		9,334,210
	Orange County California Muncipal Water District CP Series A
	5,400,000		2.900			07/03/23		5,400,000
	San Diego Unified School District TRANS Series A
	3,500,000		2.001			06/30/23		3,505,451
	State of California Tax-Exempt GO Bonds
	3,800,000		3.007			08/01/23		3,812,425
	University of California CP Series A
	5,000,000		3.150			08/10/23		5,000,000

								55,063,938


Municipal Debt Obligations – (continued)
Colorado – 4.2%
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2006 B RMKT (Barclays Bank PLC, SPA)^(a)
	26,650,000		3.220			06/07/23		26,650,000
	City of Colorado Springs Utilities System VRDN RB Series 2010 C RMKT (Barclays Bank PLC, SPA)^(a)
	12,260,000		3.400			06/07/23		12,260,000
	Colorado Housing & Finance Authority VRDN RB Refunding for Single Family Mortgage Class I Series 2001 AA-2 (Royal Bank of Canada, SPA)^(a)
	9,995,000		3.450			06/07/23		9,995,000
	State of Colorado Education Loan Program Tax and Revenue Anticipation Notes, Series 2022B
	28,950,000		2.466			06/07/23		29,005,300
	University of Colorado Hospital Authority VRDN RB Refunding Series 2017 B-1^(a)
	4,345,000		3.850			06/07/23		4,345,000

								82,255,300

Connecticut – 2.4%
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2012 Subseries B-3 (Royal Bank of Canada, SPA)^(a)
	17,790,000		3.400			06/07/23		17,790,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2013 Subseries B-6 RMKT (Sumitomo Mitsui Banking Corp., SPA)^(a)
	4,200,000		3.460			06/07/23		4,200,000
	State of Connecticut VRDN GO Series 2016 C (Bank of America N.A., SPA)
	23,800,000		3.580			06/07/23		23,800,000

								45,790,000

Delaware – 0.8%
	University of Delaware Variable Rate Demand Revenue Bonds, Series 2005^(a)
	1,650,000		3.900			06/07/23		1,650,000
	University of Delaware VRDN RB Refunding Series 2013 C RMKT (TD Bank N.A., SPA)^(a)
	14,200,000		3.900			06/07/23		14,200,000

								15,850,000

District of Columbia – 1.8%
	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		3.510			06/07/23		17,150,000
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2009 D Subseries D-2 (TD Bank N.A., LOC)^(a)
	11,290,000		3.850			06/01/23		11,290,000
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2010 C Subseries C-2 RMKT (TD Bank N.A., LOC)^(a)
	5,575,000		3.500			06/07/23		5,575,000

								34,015,000


12		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)
Florida – 5.2%
	City of Jacksonville VRDN RB Refunding Baptist Medical Centers Series 2019 D
$	4,245,000		3.410	%		06/07/23	$	4,245,000
	Highlands County Health Facilities Authority Hospital Revenue Refunding VRDN Series 2012 I
	5,950,000		3.390			06/07/23		5,950,000
	Highlands County Health Facilities Authority VRDN RB Adventist Health System Series 2007 A-2
	7,465,000		3.410			06/07/23		7,465,000
	Jacksonville (City of) CP Series 2004 A
	24,600,000		3.250			08/03/23		24,600,000
	Jacksonville Electric Authority Water & Sewer Systems VRDN RB Series 2008 A-2 (Sumitomo Mitsui Banking Corp. LOC)
	16,620,000		3.770			06/07/23		16,620,000
	Miami-Dade County IDA VRDN RB Florida Power & Light Co. Series 2021
	16,285,000		4.100			06/01/23		16,285,000
	Orlando Utilities Commission VRDN RB Water Utility Improvements Series 2008-2 RMKT (TD Bank N.A., SPA)^(a)
	20,000,000		4.050			06/07/23		20,000,000
	Putnam County Development Authority VRDN PCRB Refunding Florida Power & Light Co. Series 1994
	3,700,000		4.150			06/01/23		3,700,000
	State of Florida Department of Transportation Financing Corp. RB Series 2020
	2,907,000		3.067			07/01/23		2,911,543

								101,776,543

Illinois – 3.5%
	Illinois Finance Authority Revenue Refunding Bonds, Series 2021C (Northwestern Memorial Healthcare) (Daily Period Bonds)
	2,000,000		3.970			06/01/23		2,000,000
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries B^(a)
	31,960,000		3.550			06/07/23		31,960,000
	Illinois Finance Authority VRDN RB University of Chicago Series 2008
	2,000,000		3.350			06/07/23		2,000,000
	Illinois Finance Authority VRDN RB University of Chicago Series 2008^(a)
	1,200,000		3.400			06/07/23		1,200,000
	Illinois Financial Authority Revenue Refunding Bonds, Series 2021B and D
	15,000,000		3.950			06/01/23		15,000,000
	Illinois Housing Development Authority VRDN RB Series 2019 B (FHLB, SPA)^(a)
	14,500,000		3.540			06/07/23		14,500,000
	Joliet Regional Port District VRDN Marine Terminal RB Refunding for Exxon Project Series 1989^(a)
	905,000		3.950			06/01/23		905,000

								67,565,000

Indiana – 1.3%
	Indiana Finance Authority Health System Revenue Refunding Bonds Series 2008J (Sisters of St. Francis Health Services, Inc. Obligated Group)
	14,000,000		4.000			06/01/23		14,000,000


Municipal Debt Obligations – (continued)
Indiana – (continued)
	Indiana Finance Authority Hospital Revenue Bonds (Parkview Health System Obligated Group) Series 2009D
	5,000,000		3.850			06/01/23		5,000,000
	Indiana Finance Authority VRDN Health System RB Franciscan Alliance, Inc. Series 2008 F (Barclays Bank PLC, LOC)
	1,500,000		3.420			06/07/23		1,500,000
	Indiana Health Facility Financing Authority Revenue Bonds Ascension Health Credit Group Series 2003E-6 (In)^(a)
	4,250,000		3.750			06/07/23		4,250,000

								24,750,000

Iowa – 0.2%
	Iowa Finance Authority VRDN RB for Archer-Daniels-Midland Co. Project Series 2012 1-A
	4,000,000		3.530			06/07/23		4,000,000

Louisiana – 2.8%
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Series 2011^(a)
	5,900,000		3.950			06/01/23		5,900,000
	Louisiana Public Facilities Authority VRDN RB for Air Products and Chemicals Project Series 2007
	24,000,000		3.900			06/01/23		24,000,000
	Louisiana Public Facilities Authority VRDN RB for Air Products and Chemicals Project Series 2008 C
	19,775,000		3.900			06/01/23		19,775,000
	State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2023 Series A, Series A-1 (La)
	5,000,000		3.900			06/01/23		5,000,000

								54,675,000

Maryland – 1.6%
	Montgomery County BANS CP Series 2010
	9,000,000		3.170			07/24/23		9,000,000
	Washington Suburban Sanitary District (Montgomery and Prince George’S Counties, Maryland) General Obligation Multi- Modal Bond Anticipation Notes Series B
	5,000,000		4.000			06/01/23		5,000,000
	Washington Suburban Sanitary District (Montgomery and Prince George’S Counties, Maryland) General Obligation Multi- Modal Bond Anticipation Notes
	17,000,000		4.000			06/01/23		17,000,000

								31,000,000

Massachusetts – 3.6%
	Massachusetts Bay Transportation Authority Mass Sales Tax BANS CP Series A
	2,000,000		3.100			07/11/23		2,000,000
	Massachusetts Bay Transportation Authority Mass Sales Tax BANS CP Series B
	3,200,000		3.300			07/13/23		3,200,000
	Massachusetts Health & Educational Facilities Authority, Mass General Brigham, Inc. CP Series H-1
	17,090,000		3.050			06/05/23		17,090,000
	Massachusetts Health and Educational Facilities Authority Revenue Bonds, Museum of Fine Arts Issue, Series A-1 (2007)^(a)
	16,350,000		3.990			06/01/23		16,350,000


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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Municipal Debt Obligations – (continued)
Massachusetts – (continued)
	Massachusetts Housing Finance Agency VRDN RB Single Family Housing Refunding Series 200 (UBS AG, SPA)
$	6,000,000		3.450	%		06/07/23	$	6,000,000
	Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue Refunding VRDN Series A-1 (TD Bank N.A., SPA)
	26,000,000		3.520			06/07/23		26,000,000

								70,640,000

Michigan – 4.5%
	Board Trustees Michigan State of university CP Series G
	17,687,000		3.170			07/13/23		17,687,000
	Regents of The University of Michigan General Revenue Bonds Series 2008 A
	10,000,000		3.950			06/07/23		10,000,000
	Regents of The University of Michigan General Revenue Bonds Series 2012D-2^(a)
	10,795,000		3.350			06/07/23		10,795,000
	Regents of The University of Michigan General Revenue Bonds, Series 2012A^(a)
	10,025,000		3.470			06/07/23		10,025,000
	Regents of the University of Michigan VRDN RB GO Series 2008 B^(a)
	12,440,000		3.480			06/07/23		12,440,000
	University of Michigan CP Series L-1
	5,785,000		3.100			06/02/23		5,785,000
	University of Michigan General Revenue CP Series B
	20,000,000		3.100			07/03/23		20,000,000

								86,732,000

Minnesota – 2.3%
	County of Hennepin GO VRDN Refunding Series 2018 B (TD Bank N.A., SPA)
	17,770,000		3.410			06/07/23		17,770,000
	Hennepin City Minn CP Series A
	13,850,000		3.200			07/11/23		13,850,000
	Minnesota Housing Finance Agency VRDN Residential Housing Finance RB Refunding Series 2019 D (GNMA/FNMA/ FHLMC) (Royal Bank of Canada, SPA)^(a)
	4,035,000		3.400			06/07/23		4,035,000
	University of Minnesota CP Notes Series H
	9,900,000		3.150			07/14/23		9,900,000

								45,555,000

Mississippi – 2.8%
	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		3.550			06/07/23		6,300,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Corportation (Chervron U.S.A. Inc. Project) Series 2009 A^(a)
	10,000,000		3.850			06/01/23		10,000,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron U.S.A. Inc. Project) Series 2010I
	17,000,000		3.850			06/01/23		17,000,000


Municipal Debt Obligations – (continued)
Mississippi – (continued)
	Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron U.S.A. Inc. Project), Series 2009F
	12,340,000		3.850			06/01/23		12,340,000
	Mississippi Business Finance Corporation Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron Usa Inc. Project) $350,000,000 Series 2010 A – F Goldman Sachs’ Series: $40,000,000 Series 2010B^(a)
	4,000,000		3.550			06/07/23		4,000,000
	Mississippi Development Bank Special Obligation Bonds Jackson County, Mississippi Industrial Water System Project, Series 2009^(a)
	5,050,000		3.850			06/01/23		5,050,000

								54,690,000

Missouri – 1.3%
	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		3.920			06/01/23		4,240,000
	Missouri Health & Educational Facilities Authority VRDN RB for BJC Healthcare Series 2008 D^(a)
	21,000,000		3.450			06/07/23		21,000,000

								25,240,000

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)
	9,945,000		3.530			06/07/23		9,945,000

Nebraska – 1.9%
	Nebraska Investment Finance Authority Single Family Housing Revenue Bonds 2017 Series C^(a)
	2,000,000		3.150			06/07/23		2,000,000
	Omaha Public Power District NEB Electric Revenue CP Series A
	4,000,000		3.200			06/02/23		4,000,000
	7,400,000		3.150			06/05/23		7,400,000
	14,300,000		2.850			06/07/23		14,300,000
	10,050,000		3.120			08/08/23		10,050,000

								37,750,000

New Mexico – 0.2%
	State of New Mexico Severance Tax Permanent Fund RB Series 2022 A
	4,550,000		1.770			07/01/23		4,561,921

New York – 12.5%
	New York City GO Bonds 2018 Series B Subseries B-4 and B-5 (Barclays Bank PLC, SPA)
	3,000,000		4.000			06/01/23		3,000,000
	New York City GO VRDN Series 2006 I Subseries I-8 (State Street Bank & Trust Co., SPA)^(a)
	200,000		3.950			06/01/23		200,000
	New York City GO VRDN Series 2012 G Subseries G-6 (Mizuho Bank, Ltd., LOC)
	1,850,000		4.050			06/01/23		1,850,000


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)
New York – (continued)
	New York City GO VRDN Series 2017 A Subseries A-6 (JPMorgan Chase Bank N.A., SPA)
$	2,520,000		4.100	%		06/01/23	$	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		3.410			06/07/23		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)
	1,900,000		4.050			06/07/23		1,900,000
	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)
	1,330,000		4.000			06/07/23		1,330,000
	New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds, Adjustable Rate Fiscal 2023 Series Cc
	9,100,000		4.000			06/07/23		9,100,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series A -3
	5,000,000		4.020			06/01/23		5,000,000
	New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds (Adjustable Rate Bonds) Fiscal 2010 Subseries G-6^(a)
	11,000,000		4.000			06/01/23		11,000,000
	New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds (Adjustable Rate Bonds) Fiscal 2011 Subseries A-4
	5,000,000		4.000			06/01/23		5,000,000
	New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds (Adjustable Rate Bonds) Fiscal 2019 Subseries C-4
	1,000,000		4.000			06/01/23		1,000,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1^(a)
	3,400,000		3.200			06/01/23		3,400,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2^(a)
	12,330,000		3.200			06/01/23		12,330,000
	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		3.400			06/01/23		10,765,000
	New York State Dormitory Authority VRDO CP Series 2002 C
	4,450,000		3.000			06/05/23		4,450,000
	5,515,000		3.510			06/07/23		5,515,000
	New York State Housing Finance Agency Affordable Housing Revenue Bonds, 2022 Series G-3 (Variable Rate) (Sustainability Bonds)
	17,500,000		3.440			06/01/23		17,500,000
	New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004 A RMKT (FNMA, LIQ)(FNMA, LOC)^(a)
	9,000,000		3.400			06/07/23		9,000,000


Municipal Debt Obligations – (continued)
New York – (continued)
	New York State Housing Finance Agency VRDN Series 2009^(a)
	31,000,000		3.400			06/07/23		31,000,000
	New York State Power Authority CP Series 2
	8,300,000		3.250			06/07/23		8,300,000
	Rochester Health Care Facilities Mayo Clinic CP Series A-2
	25,000,000		3.170			07/13/23		25,000,000
	The City of New York General Obligation Bonds, Fiscal 2014 Series I Subseries I-2
	2,250,000		4.100			06/01/23		2,250,000
	The City of New York General Obligation Bonds, Fiscal 2015 Series F, Subseries F-5
	13,200,000		4.000			06/01/23		13,200,000
	The City of New York General Obligation Bonds, Fiscal 2019 Series D Subseries D-4 Adjustable Rate Bonds
	8,000,000		4.000			06/01/23		8,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-3 (State Street Bank & Trust Co., LOC)^(a)
	17,425,000		3.980			06/01/23		17,425,000

								242,385,000

North Carolina – 6.5%
	Board Governors university CP
	6,000,000		3.350			07/12/23		6,000,000
	8,000,000		3.300			09/07/23		8,000,000
	Board of Governors of The University of North Carolina University of North Carolina Hospitals At Chapel Hill Revenue Bonds, Series 2001B^(a)
	4,000,000		3.900			06/07/23		4,000,000
	Charlotte-Mecklenburg Hospital Authority (The) VRDN Series 2018 F
	41,950,000		3.550			06/07/23		41,950,000
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 A RMKT (Bank of America N.A., SPA)^(a)
	18,800,000		3.550			06/07/23		18,800,000
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 B RMKT (Bank of America N.A., SPA)^(a)
	5,140,000		3.550			06/07/23		5,140,000
	City of Raleigh VRDN COP for Downtown Improvement Project Series 2004 A (Wells Fargo Bank N.A. SPA)
	33,100,000		3.570			06/07/23		33,100,000
	North Carolina Educational Facilities Finance Agency VRDN RB for Duke University Project Series 1992 A
	6,800,000		3.200			06/07/23		6,800,000
	The Charlotte-Mecklenburg Hospital Authority (North Carolina) Doing Business As Carolinas Healthcare System Variable Rate Health Care Refunding Revenue Bonds Series 2007B
	775,000		4.050			06/07/23		775,000
	The Charlotte-Mecklenburg Hospital Authority (North Carolina) Doing Business As Carolinas Healthcare System Variable Rate Health Care Refunding Revenue Bonds Series 2007C
	655,000		4.050			06/07/23		655,000
	The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care Revenue Bonds Series 2018G and Series 2018H
	1,500,000		4.000			06/07/23		1,500,000

								126,720,000


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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Municipal Debt Obligations – (continued)
Ohio – 6.4%
	County of Franklin, Ohio Hospital Facilities Refunding Revenue Bonds Series 2009B^(a)
$	32,895,000		3.400	%		06/07/23	$	32,895,000
	County of Franklin, Ohio Hospital Facilities Revenue Bonds, Series 2018D Ohiohealth Corporation)
	1,550,000		3.810			06/07/23		1,550,000
	Ohio State University (The) General Receipts VRDN RB Series 2010 E^(a)
	21,900,000		3.500			06/01/23		21,900,000
	State of Ohio (Treasurer of State) Capital Facilities Lease- Appropriation Variable Rate Bonds, Series 2020B (Parks and Recreation Improvement Fund Projects)
	8,100,000		3.350			06/01/23		8,100,000
	State of Ohio Capital Facilities Lease Appropriation VRDN for Adult Correctional Building Series 2021 B
	10,000,000		3.500			06/01/23		10,000,000
	State of Ohio GO VRDN for Common Schools Series 2006 C^(a)
	5,000,000		3.400			06/07/23		5,000,000
	State of Ohio Hospital Revenue Bonds, Series 2008B-4 (Cleveland Clinic Health System Obligated Group)
	9,400,000		3.970			06/01/23		9,400,000
	The Ohio State University Variable Rate Demand General Receipts Bonds (Multiyear Debt Issuance Program Ii) Series 2023 A
	35,000,000		3.400			06/01/23		35,000,000

								123,845,000

Oregon – 0.8%
	Oregon Department of Transportation Highway User Tax Revenue CP Series A-2
	5,000,000		3.200			08/02/23		5,000,000
	State of Oregon Dept. of Veterans Affairs GO VRDN Veterans’ Welfare Bonds Series 110
	9,900,000		4.000			06/01/23		9,900,000

								14,900,000

Pennsylvania – 0.5%
	Pennsylvania Housing Finance Agency Single Family Mortgage Revenue Bonds, Series 2023-141B (Non-Amt) (Variable Rate) (Social Bonds)
	9,000,000		3.400			06/01/23		9,000,000

South Carolina – 0.5%
	City of Columbia Waterworks & Sewer System VRDN RB Series 2009 (Sumitomo Mitsui Banking Corp., LOC)^(a)
	9,230,000		3.400			06/01/23		9,230,000

								9,230,000

Texas – 16.9%
	Board of Regents of The Texas A&M University System CP Series B
	10,300,000		3.100			06/05/23		10,300,000
	City of Austin, Texas Hotel Occupancy Tax VRDN RB Refunding Subordinate Lien Series 2008 B (Sumitomo Mitsui Banking Corp., LOC)^(a)
	16,975,000		3.620			06/07/23		16,975,000
	City of El Paso Texas Water & Sewer System CP Series A
	10,000,000		3.450			06/13/23		10,000,000


Municipal Debt Obligations – (continued)
Texas – (continued)
	City of Houston Combined Utility System VRDN First Lien Refunding RB Series 2004 B-6 (Sumitomo Mitsui Banking Corp., LOC)
	1,900,000		3.430			06/07/23		1,900,000
	City of Houston Combined Utility System VRDN First Lien Refunding RB Series 2018 C (Barclays Bank PLC, LOC)
	2,600,000		3.450			06/07/23		2,600,000
	Gulf Coast Industrial Development Authority (Texas) Revenue Bonds (Exxonmobil Project) Series 2012^(a)
	22,000,000		3.900			06/01/23		22,000,000
	Harris County CP Series D-2
	3,960,000		3.300			06/05/23		3,960,000
	12,600,000		3.600			06/05/23		12,600,000
	Harris County CP Series D-3
	4,030,000		3.300			06/05/23		4,030,000
	9,300,000		3.600			06/05/23		9,300,000
	Harris County Cultural Education Facilities Finance Corp. CP Series C-1
	65,000,000		4.050			06/01/23		65,000,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Memorial Hermann Health System Series 2019 F
	5,500,000		3.860			06/01/23		5,500,000
	Harris County Cultural Education Facilities Finance Corporation Hospital Revenue Bonds (Memorial Hermann Health System) Series 2019E
	15,000,000		3.200			06/01/23		15,000,000
	Harris County Cultural Education Facilities Finance Corporation Revenue Bonds (Houston Methodist) Series 2020B
	1,000,000		4.000			06/01/23		1,000,000
	Harris County Health Facilities Development Corp. VRDN RB Refunding for Methodist Hospital System Series A-1^(a)
	3,000,000		4.000			06/01/23		3,000,000
	Houston Texas CP Series E-1
	18,930,000		3.400			06/01/23		18,930,000
	5,000,000		3.250			07/07/23		5,000,000
	San Antonio Water System CP Series A-2 Subseries A-1 JPMorgan
	2,000,000		3.250			07/05/23		2,000,000
	10,000,000		3.250			08/02/23		10,000,000
	San Antonio Water System Electricity & Gas Revenue Series A
	10,000,000		3.350			09/12/23		10,000,000
	San Antonio Water System Electricity & Gas Revenue Series B
	10,000,000		3.400			09/12/23		10,000,000
	State of Texas Veterans Land Board VRDN Series 2022
	300,000		4.070			06/01/23		300,000
	Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System Revenue Bonds Series 2012B^(a)
	4,875,000		3.750			06/07/23		4,875,000
	Texas Transportation Commission State of Texas Highway Improvement General Obligation Bonds, Series 2014
	25,500,000		3.899			04/01/32		25,677,839
	The University of Texas System CP Series A
	10,100,000		3.050			06/05/23		10,100,000
	20,000,000		3.100			07/07/23		20,000,000
	15,000,000		3.250			09/14/23		15,000,000


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)
Texas – (continued)
	University of North Texas Revenue Financing System CP Series A
$	13,384,000		3.500	%		09/19/23	$	13,384,000

								328,431,839

Utah – 2.4%
	Murray City Utah, Hospital Revenue VRDN Series 2005 A
	3,540,000		4.000			06/01/23		3,540,000
	Murray City Utah, Hospital Revenue VRDN Series 2005 B
	5,200,000		4.000			06/01/23		5,200,000
	Utah Water Finance Agency VRDN Program RB Series B-2 (JPMorgan Chase Bank N.A., SPA)
	36,000,000		3.500			06/01/23		36,000,000
	Utah Water Finance Agency VRDN Tender Option RB Series B-1 (JPMorgan Chase Bank N.A., SPA)
	1,800,000		3.500			06/01/23		1,800,000

								46,540,000

Virginia – 1.2%
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 F^(a)
	7,585,000		3.820			06/07/23		7,585,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2013 A
	15,000,000		3.450			06/01/23		15,000,000

								22,585,000

Washington – 1.2%
	King County GO VRDN RB Refunding Series 2019 B (TD Bank N.A., SPA)
	6,825,000		3.300			06/07/23		6,825,000
	King County Sewer System CP Series A
	4,840,000		3.200			07/12/23		4,840,000
	University of Washington CP Series A
	11,000,000		3.300			07/19/23		11,000,000

								22,665,000

Wisconsin – 1.6%
	Public Finance Authority Health Care System Revenue Refunding Bonds (Cone Health) 2023
	17,000,000		3.950			06/01/23		17,000,000
	Wisconsin Health and Educational Facilities Authority Variable Rate Refunding Revenue Bonds, Series 2021A (Froedtert Health, Inc. Obligated Group)
	9,400,000		3.940			06/01/23		9,400,000
	Wisconsin Housing & Economic Development Authority VRDN Home Ownership RB Series 2019 B (FNMA)(FHLB, SPA)^(a)
	4,600,000		3.400			06/01/23		4,600,000

								31,000,000

	TOTAL INVESTMENTS – 100.3%						$	1,946,264,970

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%							(5,726,149	)

	NET ASSETS – 100.0%						$	1,940,538,821



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 May 31, 2023. 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:
AMT		—Alternative Minimum Tax (subject to)
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
VRDN		—Variable Rate Demand Notes


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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At May 31, 2023, the Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of June 1, 2023, as follows:


Principal Amount	Maturity Value	Collateral Value
$302,000,000	$302,042,422	$311,058,277

REPURCHASE AGREEMENTS — At May 31, 2023, 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.		5.060	%	$	56,625,000
Bank of America, N.A.		5.050			47,187,500
Bank of Montreal		5.060			18,875,000
BofA Securities, Inc.		5.050			47,187,500
Credit Agricole Corporate and Investment Bank		5.060			56,625,000
Wells Fargo Securities, LLC		5.060			75,500,000

TOTAL				$	302,000,000

At May 31, 2023, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		1.500 to 6.500	%		07/01/36 to 06/01/53
Federal National Mortgage Association		1.500 to 7.000			01/01/24 to 06/01/53
Government National Mortgage Association		3.00 to 5.500			03/20/47 to 04/20/53
U.S. Treasury Note		1.25			11/30/26


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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Assets and Liabilities

May 31, 2023 (Unaudited)


	Investor Money Market Fund		Investor Tax-Exempt Money Market Fund
Assets:
Investments, at value (cost $6,053,440,011 and $1,946,264,970)	$	6,053,440,011	$	1,946,264,970
Repurchase agreements, at value (cost $1,829,000,000 and $0)		1,829,000,000		—
Cash		1,170,240		—
Receivables:
Interest		22,087,865		8,340,314
Fund shares sold		21,907,032		357,559
Investments sold		19,909,862		2,000,767
Reimbursement from investment advisor		20,293		15,585
Other assets		576,675		492,378
Total assets		7,948,111,978		1,957,471,573

Liabilities:
Due to custodian (overdraft)		—		11,287,156
Payables:
Investments purchased		206,040,437		—
Fund shares redeemed		28,017,717		1,001,835
Dividend distribution		1,391,873		4,076,101
Management fees		1,036,473		267,171
Distribution and Service fees and Transfer Agency fees		420,615		28,120
Accrued expenses		104,374		272,369
Total liabilities		237,011,489		16,932,752

Net Assets:
Paid-in capital		7,710,804,954		1,940,536,465
Total distributable earnings		295,535		2,356
NET ASSETS	$	7,711,100,489	$	1,940,538,821
Net asset value, offering and redemption price per share		$1.00		$1.00
Net Assets:
Class A Shares	$	1,144,512,851	$	30,633,571
Class C Shares		20,521		39,289
Class D Shares		3,397,500		—
Class I Shares		6,237,607,431		1,901,774,895
Capital Shares		—		1,053
Service Shares		54,596,589		228,811
Preferred Shares		—		236,369
Select Shares		—		1,060
Administration Shares		237,905,714		7,620,090
Cash Management Shares		33,048,905		1,611
Premier Shares		—		1,043
Resource Shares		10,978		1,029
Total Net Assets	$	7,711,100,489	$	1,940,538,821
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A Shares		1,144,509,061		30,633,163
Class C Shares		20,521		39,289
Class D Shares		3,397,489		—
Class I Shares		6,237,586,649		1,901,749,769
Capital Shares		—		1,053
Service Shares		54,596,407		228,808
Preferred Shares		—		236,366
Select Shares		—		1,060
Administration Shares		237,904,923		7,619,990
Cash Management Shares		33,048,795		1,611
Premier Shares		—		1,043
Resource Shares		10,978		1,029


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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Operations

For the Six Months Ended May 31, 2023 (Unaudited)


	Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
Investment Income:

Interest income	$	172,980,420		$	30,496,723

Expenses:
Fund-Level Expenses:

Management fees		5,738,422			1,675,479

Transfer Agency fees		358,684			104,727

Registration fees		296,088			88,600

Custody, accounting and administrative services		131,056			30,840

Professional fees		75,846			39,340

Printing and mailing fees		22,698			27,154

Trustee fees		7,688			4,482

Other		27,586			42,092
Subtotal		6,658,068			2,012,714
Class Specific Expenses:

Distribution and Service fees — Class A Shares		1,047,634			42,423

Administration Share fees		241,998			16,076

Service Share fees		136,576			1,499

Cash Management Share fees		106,052			4

Distribution fees — Cash Management Shares		63,631			2

Distribution fees — Class C Shares		107			116

Resource Share fees		27			2

Distribution fees — Resource Shares		7			—

Preferred Share fees		—			204

Premier Share fees		—			2

Total expenses		8,254,100			2,073,042

Less — expense reductions		(58,854	)		(85,904	)

Net expenses		8,195,246			1,987,138

NET INVESTMENT INCOME	$	164,785,174		$	28,509,585

Net realized gain from investment transactions		396,651			572

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	165,181,825		$	28,510,157


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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Changes in Net Assets


	Investor Money Market Fund						Investor Tax-Exempt Money Market Fund
	For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022			For the Six Months Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022
From operations:
Net investment income	$	164,785,174		$	56,259,369		$	28,509,585		$	15,882,509
Net realized gain (loss) from investment transactions		396,651			(329,369	)		572			1,825
Net increase in net assets resulting from operations		165,181,825			55,930,000			28,510,157			15,884,334

Distributions to shareholders:
From distributable earnings:
Class A Shares		(18,620,531	)		(3,203,361	)		(420,757	)		(106,377	)
Class C Shares		(382	)		(266	)		(211	)		(23	)
Class D Shares		(41,401	)		—			—			—
Class I Shares		(139,910,551	)		(50,850,389	)		(27,921,754	)		(15,652,308	)
Capital Shares		—			—			(15	)		(9	)
Service Shares		(1,123,034	)		(480,687	)		(6,613	)		(3,591	)
Preferred Shares		—			—			(5,193	)		(1,379	)
Select Shares		—			—			(16	)		(9	)
Administration Shares		(4,269,621	)		(1,242,919	)		(154,982	)		(118,779	)
Cash Management Shares		(808,474	)		(262,061	)		(17	)		(20	)
Premier Shares		—			—			(14	)		(7	)
Resource Shares		(216	)		(98	)		(13	)		(7	)
Total distributions to shareholders		(164,774,210	)		(56,039,781	)		(28,509,585	)		(15,882,509	)

From share transactions
Proceeds from sales of shares		6,475,945,705			7,415,513,871			1,503,569,864			2,654,190,941
Proceeds received in connection with merger		—			256,992,995			—			368,765,885
Reinvestment of distributions		156,322,697			51,119,742			5,026,368			2,027,423
Cost of shares redeemed		(4,645,516,593	)		(3,705,151,369	)		(1,658,052,398	)		(2,504,825,606	)
Net increase (decrease) in net assets resulting from share transactions		1,986,751,809			4,018,475,239			(149,456,166	)		520,158,643
NET INCREASE (DECREASE)		1,987,159,424			4,018,365,458			(149,455,594	)		520,160,468

Net assets:
Beginning of period		5,723,941,065			1,705,575,607			2,089,994,415			1,569,833,947
End of period	$	7,711,100,489		$	5,723,941,065		$	1,940,538,821		$	2,089,994,415


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Money Market Fund — Class A Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.009			0.021			0.016

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		(0.003	)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.010			0.021			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—			—	^(b)		(0.010	)		(0.021	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.20	%		1.17	%		0.03	%		—	%^(e)		0.98	%		2.14	%		1.36	%

Net assets, end of period (in 000’s)	$	1,144,513		$	442,390		$	140,297		$	221,008		$	249,228		$	169,451		$	7,933

Ratio of net expenses to average net assets		0.43	%^(f)		0.38	%		0.12	%		0.24	%^(f)		0.42	%		0.43	%		0.43	%

Ratio of total expenses to average net assets		0.44	%^(f)		0.45	%		0.45	%		0.47	%^(f)		0.46	%		0.46	%		0.54	%

Ratio of net investment income (loss) to average net assets		4.45	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Money Market Fund — Class C Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.018			0.007			—	^(b)		—	^(b)		0.003			0.014			0.004

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002			—	^(b)		0.002

Total from investment operations		0.018			0.007			—	^(b)		—	^(b)		0.005			0.014			0.006

Distributions to shareholders from net investment income		(0.018	)		(0.007	)		—			—	^(b)		(0.005	)		(0.014	)		(0.006	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.018	)		(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		$	1.00

Total return^(d)		1.82	%		0.74	%		0.03	%		—	%^(e)		0.46	%		1.38	%		0.60	%

Net assets, end of period (in 000’s)	$	21		$	34		$	39		$	39		$	53		$	10		$	10

Ratio of net expenses to average net assets		1.19	%^(f)		0.79	%		0.12	%		0.24	%^(f)		0.79	%		1.18	%		1.18	%

Ratio of total expenses to average net assets		1.19	%^(f)		1.20	%		1.20	%		1.22	%^(f)		1.21	%		1.21	%		1.29	%

Ratio of net investment income (loss) to average net assets		3.58	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


22		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


Investor Money Market Fund — Class D Shares	Period Ended May 31, 2023* (Unaudited)
Per Share Data:

Net asset value, beginning of period	$	1.00

Net investment income^(a)		0.016

Net realized gain		—	^(b)

Total from investment operations		0.016

Distributions to shareholders from net investment income		(0.016	)

Distributions to shareholders from net realized gains		—	^(b)

Total distributions^(c)		(0.016	)

Net asset value, end of period	$	1.00

Total return^(d)		1.58	%

Net assets, end of period (in 000’s)	$	3,398

Ratio of net expenses to average net assets		0.18	%^(e)

Ratio of total expenses to average net assets		0.19	%^(e)

Ratio of net investment income to average net assets		4.83	%^(e)

Commenced operations on January 31, 2023.

(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)

(e)

Annualized.


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Money Market Fund — Class I Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.023			0.013			—	^(b)		—	^(b)		0.011			0.024			0.017

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		(0.001	)

Total from investment operations		0.023			0.013			—	^(b)		—	^(b)		0.012			0.024			0.016

Distributions to shareholders from net investment income		(0.023	)		(0.013	)		—			—	^(b)		(0.012	)		(0.024	)		(0.016	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.023	)		(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		$	1.00

Total return^(d)		2.32	%		1.35	%		0.04	%		0.02	%		1.22	%		2.40	%		1.61	%

Net assets, end of period (in 000’s)	$	6,237,607		$	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	%^(e)		0.18	%		0.12	%		0.18	%^(e)		0.18	%		0.18	%		0.18	%

Ratio of total expenses to average net assets		0.19	%^(e)		0.20	%		0.20	%		0.22	%^(e)		0.21	%		0.21	%		0.29	%

Ratio of net investment income (loss) to average net assets		4.63	%^(e)		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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Money Market Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.010			—	^(b)		—	^(b)		0.006			0.018			0.009

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002			0.001			0.002

Total from investment operations		0.021			0.010			—	^(b)		—	^(b)		0.008			0.019			0.011

Distributions to shareholders from net investment income		(0.021	)		(0.010	)		—			—	^(b)		(0.008	)		(0.019	)		(0.011	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.021	)		(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		$	1.00

Total return^(d)		2.07	%		1.00	%		0.03	%		—	%^(e)		0.78	%		1.89	%		1.11	%

Net assets, end of period (in 000’s)	$	54,597		$	49,040		$	63,427		$	50,167		$	56,453		$	30,615		$	11

Ratio of net expenses to average net assets		0.68	%^(f)		0.54	%		0.12	%		0.24	%^(f)		0.62	%		0.68	%		0.68	%

Ratio of total expenses to average net assets		0.69	%^(f)		0.70	%		0.70	%		0.72	%^(f)		0.71	%		0.71	%		0.79	%

Ratio of net investment income (loss) to average net assets		4.11	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Money Market Fund — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.022			0.012			—	^(b)		—	^(b)		0.009			0.021			0.014

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		(0.001	)

Total from investment operations		0.022			0.012			—	^(b)		—	^(b)		0.010			0.021			0.013

Distributions to shareholders from net investment income		(0.022	)		(0.012	)		—			—	^(b)		(0.010	)		(0.021	)		(0.013	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.022	)		(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		$	1.00

Total return^(d)		2.20	%		1.17	%		0.03	%		—	%^(e)		0.98	%		2.14	%		1.36	%

Net assets, end of period (in 000’s)	$	237,906		$	130,172		$	40,662		$	31,792		$	33,860		$	31,188		$	132,200

Ratio of net expenses to average net assets		0.43	%^(f)		0.39	%		0.12	%		0.24	%^(f)		0.42	%		0.43	%		0.43	%

Ratio of total expenses to average net assets		0.44	%^(f)		0.45	%		0.45	%		0.47	%^(f)		0.46	%		0.46	%		0.54	%

Ratio of net investment income (loss) to average net assets		4.41	%^(f)		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)

(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


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Money Market Fund — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.019			0.008			—	^(b)		—	^(b)		0.004			0.016			0.009

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002			—	^(b)		(0.001	)

Total from investment operations		0.019			0.008			—	^(b)		—	^(b)		0.006			0.016			0.008

Distributions to shareholders from net investment income		(0.019	)		(0.008	)		—			—	^(b)		(0.006	)		(0.016	)		(0.008	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.019	)		(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		$	1.00

Total return^(d)		1.92	%		0.83	%		0.03	%		—	%^(e)		0.58	%		1.58	%		0.81	%

Net assets, end of period (in 000’s)	$	33,049		$	35,614		$	61,039		$	49,812		$	52,017		$	21,414		$	927

Ratio of net expenses to average net assets		0.98	%^(f)		0.61	%		0.12	%		0.24	%^(f)		0.76	%		0.98	%		0.98	%

Ratio of total expenses to average net assets		0.99	%^(f)		1.00	%		1.00	%		1.02	%^(f)		1.01	%		1.01	%		1.09	%

Ratio of net investment income (loss) to average net assets		3.81	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Money Market Fund — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.020			0.009			—	^(b)		—	^(b)		0.007			0.017			0.008

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002

Total from investment operations		0.020			0.009			—	^(b)		—	^(b)		0.007			0.017			0.010

Distributions to shareholders from net investment income		(0.020	)		(0.009	)		—			—	^(b)		(0.007	)		(0.017	)		(0.010	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.020	)		(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		$	1.00

Total return^(d)		1.99	%		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		$	11

Ratio of net expenses to average net assets		0.82	%^(f)		0.61	%		0.12	%		0.23	%^(f)		0.73	%		0.81	%		0.83	%

Ratio of total expenses to average net assets		0.84	%^(f)		0.85	%		0.85	%		0.87	%^(f)		0.86	%		0.86	%		0.94	%

Ratio of net investment income (loss) to average net assets		3.99	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Class A Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.012			0.006			—	^(b)		—	^(b)		0.005			0.012			0.008

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		—	^(b)

Total from investment operations		0.012			0.006			—	^(b)		—	^(b)		0.006			0.012			0.008

Distributions to shareholders from net investment income		(0.012	)		(0.006	)		—	^(b)		—	^(b)		(0.006	)		(0.012	)		(0.008	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.012	)		(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		$	1.00

Total return^(d)		1.25	%		0.58	%		0.01	%		—	%^(e)		0.55	%		1.16	%		0.78	%

Net assets, end of period (in 000’s)	$	30,634		$	21,573		$	8,728		$	10,756		$	16,678		$	14,846		$	2,296

Ratio of net expenses to average net assets		0.43	%^(f)		0.36	%		0.04	%		0.13	%^(f)		0.36	%		0.43	%		0.43	%

Ratio of total expenses to average net assets		0.44	%^(f)		0.46	%		0.45	%		0.48	%^(f)		0.45	%		0.45	%		0.47	%

Ratio of net investment income to average net assets		2.48	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Class C Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.009			0.003			—			—			0.001			0.004			0.001

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.009			0.003			—	^(b)		—	^(b)		0.001			0.004			0.001

Distributions to shareholders from net investment income		(0.009	)		(0.003	)		—			—	^(b)		(0.001	)		(0.004	)		(0.001	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(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		$	1.00

Total return^(d)		0.87	%		0.25	%		0.01	%		—	%^(e)		0.12	%		0.41	%		0.13	%

Net assets, end of period (in 000’s)	$	39		$	9		$	9		$	29		$	29		$	9		$	9

Ratio of net expenses to average net assets		1.18	%^(f)		0.66	%		0.04	%		0.13	%^(f)		0.55	%		1.19	%		1.06	%

Ratio of total expenses to average net assets		1.19	%^(f)		1.21	%		1.20	%		1.23	%^(f)		1.20	%		1.20	%		1.22	%

Ratio of net investment income to average net assets		1.82	%^(f)		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)

(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


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Class I Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.014			0.008			—	^(b)		—	^(b)		0.007			0.014			0.010

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.014			0.008			—	^(b)		—	^(b)		0.007			0.014			0.010

Distributions to shareholders from net investment income		(0.014	)		(0.008	)		—	^(b)		—	^(b)		(0.007	)		(0.014	)		(0.010	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.014	)		(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		$	1.00

Total return^(d)		1.37	%		0.76	%		0.01	%		—	%^(e)		0.75	%		1.42	%		1.03	%

Net assets, end of period (in 000’s)	$	1,901,775		$	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		0.18	%^(f)		0.16	%		0.04	%		0.13	%^(f)		0.18	%		0.18	%		0.18	%

Ratio of total expenses to average net assets		0.19	%^(f)		0.21	%		0.20	%		0.23	%^(f)		0.20	%		0.20	%		0.22	%

Ratio of net investment income to average net assets		2.73	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Capital Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.015			0.009			—			0.001			0.010			0.017			0.013

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.015			0.009			—	^(b)		0.001			0.010			0.017			0.013

Distributions to shareholders from net investment income		(0.015	)		(0.009	)		—	^(b)		(0.001	)		(0.010	)		(0.017	)		(0.013	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.015	)		(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		$	1.00

Total return^(d)		1.30	%		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		$	1

Ratio of net expenses to average net assets		0.33	%^(f)		0.16	%		0.04	%		0.13	%^(f)		0.18	%		0.18	%		0.18	%

Ratio of total expenses to average net assets		0.34	%^(f)		0.21	%		0.20	%		0.38	%^(f)		0.35	%		0.35	%		0.37	%

Ratio of net investment income to average net assets		2.96	%^(f)		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)

(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


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Service Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.011			0.004			—	^(b)		—	^(b)		0.005			0.009			0.005

Net realized loss		—	^(b)		—	^(b)		—	^(b)		—	^(b)		(0.001	)		—	^(b)		—	^(b)

Total from investment operations		0.011			0.004			—	^(b)		—	^(b)		0.004			0.009			0.005

Distributions to shareholders from net investment income		(0.011	)		(0.004	)		—	^(b)		—	^(b)		(0.004	)		(0.009	)		(0.005	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.011	)		(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		$	1.00

Total return^(d)		1.12	%		0.44	%		0.01	%		—	%^(e)		0.39	%		0.91	%		0.53	%

Net assets, end of period (in 000’s)	$	229		$	821		$	833		$	820		$	818		$	2,102		$	836

Ratio of net expenses to average net assets		0.68	%^(f)		0.48	%		0.04	%		0.13	%^(f)		0.56	%		0.68	%		0.68	%

Ratio of total expenses to average net assets		0.69	%^(f)		0.71	%		0.70	%		0.73	%^(f)		0.70	%		0.70	%		0.72	%

Ratio of net investment income to average net assets		2.21	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Preferred Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.013			0.007			—	^(b)		—	^(b)		0.005			0.013			0.009

Net realized gain (loss)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.002			—	^(b)		—	^(b)

Total from investment operations		0.013			0.007			—	^(b)		—	^(b)		0.007			0.013			0.009

Distributions to shareholders from net investment income		(0.013	)		(0.007	)		—	^(b)		—	^(b)		(0.007	)		(0.013	)		(0.009	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.013	)		(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		$	1.00

Total return^(d)		1.32	%		0.68	%		0.01	%		—	%^(e)		0.66	%		1.32	%		0.93	%

Net assets, end of period (in 000’s)	$	236		$	603		$	109		$	278		$	91		$	61		$	68

Ratio of net expenses to average net assets		0.28	%^(f)		0.24	%		0.04	%		0.13	%^(f)		0.26	%		0.28	%		0.28	%

Ratio of total expenses to average net assets		0.29	%^(f)		0.31	%		0.30	%		0.33	%^(f)		0.30	%		0.30	%		0.32	%

Ratio of net investment income to average net assets		2.55	%^(f)		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)

(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


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Select Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.015			0.009			—			0.001			0.010			0.016			0.009

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001

Total from investment operations		0.015			0.009			—	^(b)		0.001			0.010			0.016			0.010

Distributions to shareholders from net investment income		(0.015	)		(0.009	)		—	^(b)		(0.001	)		(0.010	)		(0.016	)		(0.010	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.015	)		(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		$	1.00

Total return^(d)		1.36	%		0.74	%		0.01	%		—	%^(e)		0.72	%		1.39	%		1.00	%

Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1		$	3

Ratio of net expenses to average net assets		0.21	%^(f)		0.16	%		0.04	%		0.13	%^(f)		0.18	%		0.18	%		0.21	%

Ratio of total expenses to average net assets		0.22	%^(f)		0.21	%		0.20	%		0.26	%^(f)		0.23	%		0.23	%		0.25	%

Ratio of net investment income to average net assets		2.96	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Administration Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.012			0.006			—	^(b)		—	^(b)		0.006			0.012			0.008

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.012			0.006			—	^(b)		—	^(b)		0.006			0.012			0.008

Distributions to shareholders from net investment income		(0.012	)		(0.006	)		—	^(b)		—	^(b)		(0.006	)		(0.012	)		(0.008	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.012	)		(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		$	1.00

Total return^(d)		1.25	%		0.58	%		0.01	%		—	%^(e)		0.55	%		1.16	%		0.78	%

Net assets, end of period (in 000’s)	$	7,620		$	20,022		$	314		$	305		$	305		$	298		$	2

Ratio of net expenses to average net assets		0.43	%^(f)		0.38	%		0.04	%		0.13	%^(f)		0.37	%		0.43	%		0.43	%

Ratio of total expenses to average net assets		0.44	%^(f)		0.46	%		0.45	%		0.48	%^(f)		0.45	%		0.45	%		0.47	%

Ratio of net investment income to average net assets		2.41	%^(f)		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)

(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


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Cash Management Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.010			0.005			—			0.001			0.004			0.010			0.002

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		0.001

Total from investment operations		0.010			0.005			—	^(b)		0.001			0.005			0.010			0.003

Distributions to shareholders from net investment income		(0.010	)		(0.005	)		—	^(b)		(0.001	)		(0.005	)		(0.010	)		(0.003	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.010	)		(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		$	1.00

Total return^(d)		0.97	%		0.31	%		0.01	%		—	%^(e)		0.22	%		0.61	%		0.24	%

Net assets, end of period (in 000’s)	$	2		$	2		$	1		$	1		$	1		$	1		$	1

Ratio of net expenses to average net assets		0.98	%^(f)		0.75	%		0.04	%		0.13	%^(f)		0.66	%		0.90	%		0.96	%

Ratio of total expenses to average net assets		0.99	%^(f)		1.01	%		0.92	%		1.03	%^(f)		1.00	%		1.00	%		1.02	%

Ratio of net investment income to average net assets		2.06	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Premier Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.013			0.007			—			0.001			0.007			0.013			0.010

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)		—	^(b)

Total from investment operations		0.013			0.007			—	^(b)		0.001			0.008			0.013			0.010

Distributions to shareholders from net investment income		(0.013	)		(0.007	)		—	^(b)		(0.001	)		(0.008	)		(0.013	)		(0.010	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.013	)		(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		$	1.00

Total return^(d)		1.20	%		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		$	1

Ratio of net expenses to average net assets		0.53	%^(f)		0.37	%		0.04	%		0.13	%^(f)		0.43	%		0.54	%		0.54	%

Ratio of total expenses to average net assets		0.54	%^(f)		0.55	%		0.56	%		0.58	%^(f)		0.55	%		0.55	%		0.57	%

Ratio of net investment income to average net assets		2.61	%^(f)		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)

(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


	Six Months Ended May 31, 2023 (Unaudited)			Year Ended November 30,						For the Period Ended November 30, 2020^†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Resource Shares	Six Months Ended May 31, 2023 (Unaudited)			2022			2021			For the Period Ended November 30, 2020^†			2020			2019			2018
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.013			0.006			—	^(b)		—	^(b)		0.003			0.008			0.004

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.013			0.006			—	^(b)		—	^(b)		0.003			0.008			0.004

Distributions to shareholders from net investment income		(0.013	)		(0.006	)		—	^(b)		—	^(b)		(0.003	)		(0.008	)		(0.004	)

Distributions to shareholders from net realized gains		—			—			—	^(b)		—			—			—	^(b)		—	^(b)

Total distributions^(c)		(0.013	)		(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		$	1.00

Total return^(d)		1.05	%		0.37	%		0.01	%		—	%^(e)		0.30	%		0.76	%		0.37	%

Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	2,840		$	3,101		$	2,206		$	2,412

Ratio of net expenses to average net assets		0.83	%^(f)		0.37	%		0.04	%		0.13	%^(f)		0.61	%		0.83	%		0.83	%

Ratio of total expenses to average net assets		0.84	%^(f)		0.86	%		0.85	%		0.88	%^(f)		0.85	%		0.85	%		0.87	%

Ratio of net investment income to average net assets		2.62	%^(f)		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)

(e)

Amount is less than 0.005%.

(f)

Annualized.


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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements

May 31, 2023 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-Diversified
Investor Money Market	Class A, Class C, Class D, 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

The Funds have adopted policies and procedures that allow the Trustees to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.

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.

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (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).

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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

As of May 31, 2023, 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.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 six months ended May 31, 2023, 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.

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 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^(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

Class I Shares and Class D Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees.

(a)

Tax-Exempt Money Market Fund only.

(b)

Service (12b-1) fee only.

(c)

Distribution (12b-1) fee only.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

During the six months ended May 31, 2023, 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 period fee waivers and/or expense reimbursements, if any.

For the six months ended May 31, 2023, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):


Fund	Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers			Other Expense Reimbursements		Total Expense Reductions
Investor Money Market	$	—	*	$	59	$	59
Investor Tax-Exempt Money Market		—	*		86		86

Amount less than one thousand.

For the six months ended May 31, 2023, the net effective management fee rate was 0.16% for the Investor Money Market the Investor Tax-Exempt Money Market Funds.


Fund	Purchases		Sales		Net Realized Gain (Loss)
Investor Money Market	$	550,000	$	—	$	—
Investor Tax-Exempt Money Market		1,810,000		—		—

As of May 31, 2023, 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		52	%		—			—			—			—			100	%
Investor Tax-Exempt Money Market		23	%		100	%		100	%		64	%		100	%		100	%

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, November 30, 2022, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Investor Money Market			Investor Tax-Exempt Money Market
Capital loss carryforward: Perpetual Short-Term	$	(253,995	)	$	—
Timing differences (Distribution Payable and Post-October Capital Loss Deferral)	$	(1,159,740	)	$	(2,785,301	)

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.

6. OTHER RISKS

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

6. OTHER RISKS (continued)

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.

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

7. INDEMNIFICATIONS (continued)

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.

9. SUBSEQUENT EVENTS

After the end of the Reporting Period, at a meeting of the Board of Trustees of Goldman Sachs Trust held on June 13-14, 2023, the Trustees approved, on behalf of the Funds, the termination of the Resource Share Class of each Fund. The termination took effect on July 14, 2023.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

May 31, 2023 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE)

Share activity is as follows:


	Investor Money Market Fund
	For the Fiscal Year Ended May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022

Class A Shares
Shares sold		1,140,502,144			471,571,053
Reinvestment of distributions		18,619,974			3,201,475
Shares redeemed		(457,032,414	)		(172,670,483	)
		702,089,704			302,102,045
Class C Shares
Shares sold		—			14,369
Reinvestment of distributions		366			265
Shares redeemed		(13,762	)		(19,708	)
		(13,396	)		(5,074	)
Class D Shares*
Shares sold		6,752,310			—
Reinvestment of distributions		41,405			—
Shares redeemed		(3,396,226	)		—
		3,397,489			—
Class I Shares
Shares sold		4,960,589,951			6,551,206,938
Shares received in connection with merger		—			232,687,767
Reinvestment of distributions		131,871,412			46,141,555
Shares redeemed		(3,921,893,927	)		(3,163,321,977	)
		1,170,567,436			3,666,714,283
Service Shares
Shares sold		64,671,646			96,940,865
Reinvestment of distributions		1,102,111			464,790
Shares redeemed		(60,220,309	)		(111,798,929	)
		5,553,448			(14,393,274	)
Administration Shares
Shares sold		228,275,196			192,681,355
Shares received in connection with merger		—			24,305,228
Reinvestment of distributions		3,911,981			1,061,208
Shares redeemed		(124,463,107	)		(128,535,096	)
		107,724,070			89,512,695
Cash Management Shares
Shares sold		75,154,458			103,123,351
Reinvestment of distributions		775,233			250,352
Shares redeemed		(78,496,848	)		(128,805,176	)
		(2,567,157	)		(25,431,473	)
Resource Shares
Shares sold		—			—
Reinvestment of distributions		215			97
Shares redeemed		—			—
		215			97

NET INCREASE IN SHARES		1,986,751,809			4,018,499,299

Commenced operations on January 31, 2023.

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 May 31, 2023 (Unaudited)			For the Fiscal Year Ended November 30, 2022

Class A Shares
Shares sold		35,779,021			22,024,702
Reinvestment of distributions		420,783			106,368
Shares redeemed		(27,139,528	)		(9,286,152	)
		9,060,276			12,844,918
Class C Shares
Shares sold		30,000			—
Reinvestment of distributions		212			22
Shares redeemed		—			—
		30,212			22
Class I Shares
Shares sold		1,464,156,524			2,624,861,370
Shares received in connection with merger		—			347,176,209
Reinvestment of distributions		4,443,160			1,799,284
Shares redeemed		(1,613,784,972	)		(2,486,687,028	)
		(145,185,288	)		487,149,835
Capital Shares
Shares sold		—			—
Reinvestment of distributions		14			7
Shares redeemed		—			—
		14			7
Service Shares
Shares sold		96,778			90,279
Reinvestment of distributions		3,862			2,322
Shares redeemed		(693,267	)		(103,692	)
		(592,627	)		(11,091	)
Preferred Shares
Shares sold		125,704			805,408
Reinvestment of distributions		3,752			756
Shares redeemed		(496,119	)		(311,954	)
		(366,663	)		494,210
Select Shares
Shares sold		—			—
Reinvestment of distributions		14			8
Shares redeemed		—			—
		14			8
Administration Shares
Shares sold		3,375,837			6,403,785
Shares received in connection with merger		—			21,589,676
Reinvestment of distributions		154,532			118,628
Shares redeemed		(15,932,512	)		(8,404,275	)
		(12,402,143	)		19,707,814
Cash Management Shares
Shares sold		6,000			33,065
Reinvestment of distributions		17			18
Shares redeemed		(6,000	)		(32,501	)
		17			582
Premier Shares
Shares sold		—			—
Reinvestment of distributions		12			6
Shares redeemed		—			—
		12			6
Resource Shares
Shares sold		—			4
Reinvestment of distributions		10			4
Shares redeemed		—			(4	)
		10			4

NET INCREASE (DECREASE) IN SHARES		(149,456,166	)		520,186,315

GOLDMAN SACHS FUNDS — INVESTOR FUNDS



Fund Expenses — Six Month Period Ended May 31, 2023 (Unaudited)

As a shareholder of Class A Shares, Class C Shares, Class D 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, Class C Shares or Class D Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

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.


	Investor Money Market Fund							Investor Tax-Exempt Money Market Fund
Share Class	Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*		Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*
Class A Shares
Actual	$	1,000.00	$	1,021.97		$	2.19	$	1,000.00	$	1,012.48		$	2.18
Hypothetical 5% return		1,000.00		1,022.77	+		2.19		1,000.00		1,022.77	+		2.19
Class C Shares
Actual		1,000.00		1,018.17			5.96		1,000.00		1,008.71			5.92
Hypothetical 5% return		1,000.00		1,019.02	+		5.97		1,000.00		1,019.04	+		5.95
Class D Shares
Actual		1,000.00		1,015.80			0.92		—		—			—
Hypothetical 5% return		1,000.00		1,024.01	+		0.93		—		—			—
Class I Shares
Actual		1,000.00		1,023.24			0.93		1,000.00		1,013.74			0.92
Hypothetical 5% return		1,000.00		1,024.01	+		0.93		1,000.00		1,024.01	+		0.93
Capital Shares
Actual		—		—			—		1,000.00		1,012.99			0.92
Hypothetical 5% return		—		—			—		1,000.00		1,024.01	+		0.93
Service Shares
Actual		1,000.00		1,020.71			3.45		1,000.00		1,011.22			3.43
Hypothetical 5% return		1,000.00		1,021.52	+		3.45		1,000.00		1,021.52	+		3.45
Preferred Shares
Actual		—		—			—		1,000.00		1,013.24			1.43
Hypothetical 5% return		—		—			—		1,000.00		1,023.51	+		1.43
Select Shares
Actual		—		—			—		1,000.00		1,013.59			1.05
Hypothetical 5% return		—		—			—		1,000.00		1,023.88	+		1.06
Administration Shares
Actual		1,000.00		1,021.97			2.19		1,000.00		1,012.48			2.18
Hypothetical 5% return		1,000.00		1,022.77	+		2.19		1,000.00		1,022.77	+		2.19

GOLDMAN SACHS FUNDS — INVESTOR FUNDS



Fund Expenses — Six Month Period Ended May 31, 2023 (Unaudited) (continued)


	Investor Money Market Fund							Investor Tax-Exempt Money Market Fund
Share Class	Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*		Beginning Account Value 12/1/22		Ending Account Value 5/31/23			Expenses Paid for the 6 months ended 5/31/23*
Cash Management Shares
Actual	$	1,000.00	$	1,019.18		$	4.95	$	1,000.00	$	1,009.71		$	4.91
Hypothetical 5% return		1,000.00		1,020.02	+		4.96		1,000.00		1,020.04	+		4.94
Premier Shares
Actual		—		—			—		1,000.00		1,011.98			2.66
Hypothetical 5% return		—		—			—		1,000.00		1,022.29	+		2.67
Resource Shares
Actual		1,000.00		1,019.94			4.15		1,000.00		1,010.47			4.16
Hypothetical 5% return		1,000.00		1,020.83	+		4.15		1,000.00		1,020.79	+		4.18

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 5/31/2023. 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			Class I Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares
Investor Money Market Fund		0.43	%		1.19	%		0.18	%		0.18	%		—			0.68	%		—			—			0.43	%		0.98	%		—			0.82	%

Investor Tax-Exempt Money Market Fund		0.43			1.18			—			0.18			0.33	%		0.68			0.28	%		0.21	%		0.43			0.98			0.53	%		0.83

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.

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.

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 Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Mid Cap Growth Fund

∎

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

∎

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

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		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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 May 31, 2023 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).

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. Kathryn A. Cassidy is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is 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:				July 24, 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:				July 24, 2023

By:				/s/ Joseph F. DiMaria

				Joseph F. DiMaria
				Principal Financial Officer
				Goldman Sachs Trust

Date:				July 24, 2023