0001193125-23-228572.txt : 20230905 0001193125-23-228572.hdr.sgml : 20230905 20230905162844 ACCESSION NUMBER: 0001193125-23-228572 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20231116 FILED AS OF DATE: 20230905 DATE AS OF CHANGE: 20230905 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDMAN SACHS TRUST CENTRAL INDEX KEY: 0000822977 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05349 FILM NUMBER: 231236158 BUSINESS ADDRESS: STREET 1: 71 SOUTH WACKER DRIVE STREET 2: C/O GOLDMAN SACHS & CO CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126554400 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 FORMER COMPANY: FORMER CONFORMED NAME: GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19910711 FORMER COMPANY: FORMER CONFORMED NAME: SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19900104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Goldman Sachs ETF Trust II CENTRAL INDEX KEY: 0001882879 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-23757 FILM NUMBER: 231236160 BUSINESS ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 BUSINESS PHONE: 212-902-1000 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Goldman Sachs Trust II CENTRAL INDEX KEY: 0001557156 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22781 FILM NUMBER: 231236162 BUSINESS ADDRESS: STREET 1: 200 WEST STREET STREET 2: 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10282 BUSINESS PHONE: 212-902-1000 MAIL ADDRESS: STREET 1: 200 WEST STREET STREET 2: 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10282 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDMAN SACHS VARIABLE INSURANCE TRUST CENTRAL INDEX KEY: 0001046292 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-08361 FILM NUMBER: 231236159 BUSINESS ADDRESS: STREET 1: 71 SOUTH WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126554400 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Goldman Sachs ETF Trust CENTRAL INDEX KEY: 0001479026 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-23013 FILM NUMBER: 231236161 BUSINESS ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282-2198 BUSINESS PHONE: (312) 655-4400 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282-2198 0000822977 S000009241 Goldman Sachs Short Duration Tax-Free Fund C000025190 Institutional GSDUX C000025191 Service GSFSX C000025192 Class A GSDTX C000025194 Class C GSTCX C000090755 Investor Shares GDIRX C000195490 Class R6 Shares GDUSX C000202028 Class P Shares GANPX 0000822977 S000009242 Goldman Sachs Financial Square Government Fund C000025196 Institutional Shares FGTXX C000025197 Administration Shares FOAXX C000025198 Service Shares FOSXX C000025199 Preferred Shares GPGXX C000025200 Select Shares GSGXX C000025201 Capital Shares GCGXX C000088802 Cash Management Shares GVCXX C000088803 Premier Shares GGPXX C000088804 Resource Shares GVRXX C000166882 Class A Shares FSOXX C000166883 Class C Shares FSGXX C000167141 Class R6 Shares FGGXX C000214495 Drexel Hamilton Class Shares VETXX C000229774 Seelaus Class Shares WMNXX C000229775 Loop Class Shares LDIXX C000237844 Class D Shares GSAXX 0000822977 S000009243 Goldman Sachs Financial Square Treasury Solutions Fund C000025203 Institutional Shares FEDXX C000025204 Administration Shares FVAXX C000025205 Service Shares FVSXX C000025206 Preferred Shares GPFXX C000025207 Select Shares GSFXX C000025208 Capital Shares GCFXX C000088805 Cash Management Shares GFCXX C000088806 Premier Shares GFPXX C000088807 Resource Shares GFRXX 0000822977 S000009244 Goldman Sachs Investor Tax-Exempt Money Market Fund C000025210 Class I Shares FTXXX C000025211 Administration Shares FEAXX C000025212 Service Shares FESXX C000025213 Preferred Shares GPTXX C000025214 Select Shares GSTXX C000025215 Capital Shares GCXXX C000088808 Cash Management Shares GXCXX C000088809 Premier Shares GXPXX C000088810 Resource Shares GXRXX C000166884 Class A Shares FKIXX C000166885 Class C Shares FCYXX 0000822977 S000009252 Goldman Sachs Dynamic Municipal Income Fund C000025254 Institutional GSMTX C000025255 Service GSMEX C000025256 Class A GSMIX C000025258 Class C GSMUX C000090756 Investor Shares GUIRX C000195491 Class R6 Shares GYISX C000202029 Class P Shares GAJPX 0000822977 S000009255 Goldman Sachs High Yield Municipal Fund C000025270 Institutional GHYIX C000025271 Service C000025272 Class A GHYAX C000025274 Class C GHYCX C000090757 Investor Shares GYIRX C000195492 Class R6 Shares GHYSX C000202030 Class P Shares GGLPX 0000822977 S000009258 Goldman Sachs Financial Square Prime Obligations Fund C000025288 Institutional Shares FPOXX C000025289 Administration Shares FBAXX C000025290 Service Shares FBSXX C000025291 Preferred Shares GPPXX C000025292 Select Shares GSPXX C000025293 Capital Shares GCPXX C000088811 Cash Management Shares GFOXX C000088814 Premier Shares GOPXX C000088815 Resource Shares GBRXX C000214496 Drexel Hamilton Class Shares VTNXX 0000822977 S000009259 Goldman Sachs Financial Square Money Market Fund C000025295 Institutional Shares FSMXX C000025296 Administration Shares FADXX C000025297 Service Shares FSVXX C000025298 Preferred Shares GPMXX C000025299 Select Shares GSMXX C000025300 Capital Shares GCKXX C000088816 Cash Management Shares GSCXX C000088817 Premier Shares GPRXX C000088818 Resource Shares GREXX 0000822977 S000009260 Goldman Sachs Financial Square Treasury Obligations Fund C000025302 Institutional Shares FTOXX C000025303 Administration Shares FGAXX C000025304 Service Shares FYAXX C000025305 Preferred Shares GPOXX C000025306 Select Shares GSOXX C000025307 Capital Shares GCTXX C000088819 Premier Shares GTPXX C000088820 Resource Shares GTRXX C000088821 Cash Management Shares GTOXX 0000822977 S000009261 Goldman Sachs Financial Square Treasury Instruments Fund C000025309 Institutional Shares FTIXX C000025310 Administration Shares FRAXX C000025311 Service Shares FYSXX C000025312 Preferred Shares GPIXX C000025313 Select Shares GSIXX C000025314 Capital Shares GCIXX C000088822 Cash Management Shares GICXX C000088823 Premier Shares GIPXX C000088824 Resource Shares GIRXX C000229776 Seelaus Class Shares WOMXX C000229777 Loop Class Shares LEIXX C000240871 Class D Shares FRDXX 0000822977 S000009300 Goldman Sachs Enhanced Income Fund C000025377 Institutional GEIIX C000025378 Administration GEADX C000025379 Class A GEIAX C000090758 Investor Shares GHIRX C000161283 Class R6 Shares GEIUX C000202031 Class P Shares GAEPX C000231823 Service Shares GESVX 0000822977 S000009301 Goldman Sachs Emerging Markets Debt Fund C000025381 Institutional GSDIX C000025382 Class A GSDAX C000037783 Class C GSCDX C000090759 Investor Shares GSIRX C000161284 Class R6 Shares GSIUX C000202032 Class P Shares GAIPX 0000822977 S000009303 Goldman Sachs Short Duration Government Fund C000025388 Institutional GSTGX C000025389 Service GSDSX C000025390 Class A GSSDX C000025392 Class C GSDCX C000058952 Investor Shares GTDTX C000161286 Class R6 Shares GSTUX C000202034 Class P Shares GMDPX 0000822977 S000009304 Goldman Sachs Government Income Fund C000025394 Institutional GSOIX C000025395 Service GSOSX C000025396 Class A GSGOX C000025398 Class C GSOCX C000058953 Class R GSORX C000058954 Investor Shares GSOTX C000161287 Class R6 Shares GSOUX C000202035 Class P Shares GGTPX 0000822977 S000009305 Goldman Sachs U.S. Mortgages Fund C000025400 Institutional GSUIX C000025401 Separate Account Institutional GSUPX C000025402 Class A GSUAX C000090760 Investor Shares GGIRX C000161288 Class R6 Shares GGIUX C000202036 Class P Shares GSBPX 0000822977 S000009306 Goldman Sachs Core Fixed Income Fund C000025404 Institutional GSFIX C000025405 Service GSCSX C000025406 Class A GCFIX C000025408 Class C GCFCX C000058955 Class R GDFRX C000058956 Investor Shares GDFTX C000161289 Class R6 Shares GCFUX C000202037 Class P Shares GAKPX 0000822977 S000009307 Goldman Sachs Investment Grade Credit Fund C000025410 Institutional GSGDX C000025411 Separate Account Institutional GSCPX C000025412 Class A GSGAX C000090761 Investor Shares GTIRX C000161290 Class R6 Shares GTIUX C000202038 Class P Shares GGBPX 0000822977 S000009308 Goldman Sachs Global Core Fixed Income Fund C000025414 Institutional GSGLX C000025415 Service GGISX C000025416 Class A GSGIX C000025418 Class C GSLCX C000090762 Investor Shares GBIRX C000161291 Class R6 Shares GBIUX C000202039 Class P Shares GGXPX 0000822977 S000009309 Goldman Sachs High Yield Fund C000025420 Institutional GSHIX C000025421 Service GSHSX C000025422 Class A GSHAX C000025424 Class C GSHCX C000058957 Class R GSHRX C000058958 Investor Shares GSHTX C000161292 Class R6 Shares GSHUX C000202040 Class P Shares GGMPX 0000822977 S000009314 Goldman Sachs Balanced Strategy Portfolio C000025447 Institutional GIPIX C000025448 Service GIPSX C000025449 Class A GIPAX C000025451 Class C GIPCX C000058959 Class R GIPRX C000058960 Investor Shares GIPTX C000161531 Class R6 Shares GIPUX C000201783 Class P Shares GAOPX 0000822977 S000009315 Goldman Sachs Large Cap Core Fund C000025453 Institutional GSPIX C000025454 Service GSPSX C000025455 Class A GSCGX C000025457 Class C GSPCX C000055743 Class R GSPRX C000055744 Investor Shares GSPTX C000159652 Class R6 Shares GSPUX C000201801 Class P Shares GGGPX 0000822977 S000009316 Goldman Sachs Equity Income Fund C000025459 Institutional GSIIX C000025460 Service GSGSX C000025461 Class A GSGRX C000025463 Class C GSGCX C000055745 Class R GRGRX C000055746 Investor Shares GRGTX C000159653 Class R6 Shares GRGUX C000201802 Class P Shares GABPX 0000822977 S000009317 Goldman Sachs Large Cap Value Fund C000025465 Institutional GSLIX C000025466 Service GSVSX C000025467 Class A GSLAX C000025469 Class C GSVCX C000055747 Class R GSVRX C000055748 Investor Shares GSVTX C000159654 Class R6 Shares GSVUX C000201803 Class P Shares GMYPX 0000822977 S000009318 Goldman Sachs Strategic Growth Fund C000025471 Institutional GSTIX C000025472 Service GSTSX C000025473 Class A GGRAX C000025475 Class C GGRCX C000055749 Class R GSTRX C000055750 Investor Shares GSTTX C000159655 Class R6 Shares GGRUX C000201804 Class P Shares GSPPX 0000822977 S000009319 Goldman Sachs Concentrated Growth Fund C000025477 Institutional GCRIX C000025479 Class A GCGAX C000025481 Class C GCGCX C000058381 Class R GGCRX C000058382 Investor Shares GGCTX C000159656 Class R6 Shares GCGUX C000201805 Class P Shares GACPX 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C000025505 Class C GSSCX C000055757 Class R GSQRX C000055758 Investor Shares GSQTX C000159658 Class R6 Shares GSSUX C000201807 Class P Shares GSYPX 0000822977 S000009324 Goldman Sachs U.S. Equity Dividend and Premium Fund C000025507 Institutional GSPKX C000025508 Class A GSPAX C000025509 Class C GSPQX C000091963 Investor Shares GVIRX C000200306 Class R6 Shares GIDWX C000201766 Class P Shares GSFPX 0000822977 S000009325 Goldman Sachs Growth and Income Strategy Portfolio C000025511 Institutional GOIIX C000025512 Service GOISX C000025513 Class A GOIAX C000025515 Class C GOICX C000058961 Class R GPIRX C000058962 Investor Shares GPITX C000161532 Class R6 Shares GOIUX C000201784 Class P Shares GGSPX 0000822977 S000009326 Goldman Sachs Large Cap Value Insights Fund C000025517 Institutional GCVIX C000025518 Service GCLSX C000025519 Class A GCVAX C000025521 Class C GCVCX C000058963 Class R GCVRX C000058964 Investor Shares GCVTX C000158455 Class R6 Shares GCVUX C000201736 Class P Shares GMXPX 0000822977 S000009327 Goldman Sachs U.S. Equity Insights Fund C000025523 Institutional GSELX C000025524 Service GSESX C000025525 Class A GSSQX C000025527 Class C GSUSX C000058965 Class R GSURX C000058966 Investor Shares GSUTX C000158456 Class R6 Shares GSEUX C000201737 Class P Shares GSEPX 0000822977 S000009328 Goldman Sachs Large Cap Growth Insights Fund C000025529 Institutional GCGIX C000025530 Service GSCLX C000025531 Class A GLCGX C000025533 Class C GLCCX C000058967 Class R GLCRX C000058968 Investor Shares GLCTX C000158457 Class R6 Shares GLCUX C000201738 Class P Shares GMZPX 0000822977 S000009329 Goldman Sachs Small Cap Equity Insights Fund C000025535 Institutional GCSIX C000025536 Service GCSSX C000025537 Class A GCSAX C000025539 Class C GCSCX C000058969 Class R GDSRX C000058970 Investor Shares GDSTX C000158458 Class R6 Shares GCSUX C000201739 Class P Shares GMAPX 0000822977 S000009330 Goldman Sachs International Equity Insights Fund C000025541 Institutional GCIIX C000025542 Service GCISX C000025543 Class A GCIAX C000025545 Class C GCICX C000058971 Class R GCIRX C000058972 Investor Shares GCITX C000161504 Class R6 Shares GCIUX C000201740 Class P Shares GGFPX 0000822977 S000009331 Goldman Sachs International Equity ESG Fund C000025547 Institutional GSIEX C000025548 Service GSISX C000025549 Class A GSIFX C000025551 Class C GSICX C000091956 Investor Shares GIRNX C000169233 Class R6 GSIWX C000201741 Class P Shares GTFPX 0000822977 S000009335 Goldman Sachs Emerging Markets Equity Fund C000025571 Institutional GEMIX C000025572 Service GEMSX C000025573 Class A GEMAX C000025575 Class C GEMCX C000091958 Investor Shares GIRMX C000161505 Class R6 Shares GEMUX C000201742 Class P Shares GAHPX 0000822977 S000009336 Goldman Sachs Growth Strategy Portfolio C000025577 Institutional GGSIX C000025578 Service GGSSX C000025579 Class A GGSAX C000025581 Class C GGSCX C000058973 Class R GGSRX C000058974 Investor Shares GGSTX C000161533 Class R6 Shares GGSUX C000201785 Class P Shares GGPPX 0000822977 S000009337 Goldman Sachs China Equity Fund C000025583 Institutional GSAIX C000025585 Class A GSAGX C000025587 Class C GSACX C000141341 Investor Shares GSAEX C000198939 Class R6 Shares GSAFX C000201743 Class P Shares GMEPX 0000822977 S000009338 Goldman Sachs Dynamic Global Equity Fund C000025589 Institutional GAPIX C000025590 Service GAPSX C000025591 Class A GAPAX C000025593 Class C GAXCX C000058975 Class R GAPRX C000058976 Investor Shares GAPTX C000161534 Class R6 Shares GAPUX C000201786 Class P Shares GADPX 0000822977 S000009339 Goldman Sachs Technology Opportunities Fund C000025595 Institutional GITIX C000025596 Service GITSX C000025597 Class A GITAX C000025599 Class C GITCX C000092626 Investor Shares GISTX C000196989 Class R6 Shares GTORX C000200235 Class P Shares GSJPX 0000822977 S000009340 Goldman Sachs U.S. Tax-Managed Equity Fund C000025601 Institutional GCTIX C000025602 Service GCTSX C000025603 Class A GCTAX C000025605 Class C GCTCX C000091964 Investor Shares GQIRX C000200307 Class R6 Shares GCTRX C000201767 Class P Shares GSDPX 0000822977 S000009341 Goldman Sachs Real Estate Securities Fund C000025607 Institutional GREIX C000025608 Service GRESX C000025609 Class A GREAX C000025611 Class C GRECX C000058977 Class R GRERX C000058978 Investor Shares GRETX C000161521 Class R6 Shares GREUX C000201768 Class P Shares GMJPX 0000822977 S000009342 Goldman Sachs Income Builder Fund C000025613 Institutional GSBIX C000025615 Class A GSBFX C000025617 Class C GSBCX C000091959 Investor Shares GKIRX C000161511 Class R6 Shares GSBUX C000201720 Class P Shares GGKPX 0000822977 S000013795 Goldman Sachs Bond Fund C000037818 Class A GSFAX C000037819 Class C GSFCX C000037820 Institutional GSNIX C000041010 Service GSNSX C000058984 Class R GSNRX C000058985 Investor Shares GSNTX C000161293 Class R6 Shares GSFUX C000202041 Class P Shares GMVPX 0000822977 S000014928 Goldman Sachs International Equity Income Fund C000040523 Class A GSAKX C000040525 Class C GSCKX C000040526 Institutional GSIKX C000058986 Class R GSRKX C000058987 Investor Shares GSTKX C000169234 Class R6 GSUKX C000201744 Class P Shares GSNPX 0000822977 S000014929 Goldman Sachs Small Cap Value Insights Fund C000040529 Class A GSATX C000040531 Class C GSCTX C000040532 Institutional GSITX C000058988 Class R GTTRX C000058989 Investor Shares GTTTX C000158459 Class R6 Shares GTTUX C000201745 Class P Shares GSXPX 0000822977 S000014930 Goldman Sachs Small Cap Growth Insights Fund C000040533 Class A GSAOX C000040535 Class C GSCOX C000040536 Institutional GSIOX C000058990 Class R GSROX C000058991 Investor Shares GSTOX C000158460 Class R6 Shares GINUX C000201746 Class P Shares GSZPX 0000822977 S000015787 Goldman Sachs Commodity Strategy Fund C000043358 Class A Shares GSCAX C000043359 Class C Shares GSCCX C000043360 Institutional Shares GCCIX C000058992 Class R GCCRX C000058993 Investor Shares GCCTX C000161523 Class R6 Shares GCCUX C000201770 Class P Shares GGRPX 0000822977 S000015982 Goldman Sachs Satellite Strategies Portfolio C000043943 Institutional Shares GXSIX C000043944 Class A GXSAX C000058996 Class R GXSRX C000058997 Investor Shares GXSTX C000065655 Class C GXSCX C000070486 Service GXSSX C000161535 Class R6 Shares GXSUX C000201787 Class P Shares GMFPX 0000822977 S000018298 Goldman Sachs International Tax-Managed Equity Fund C000050443 Institutional GHTMX C000050444 Class A GATMX C000050445 Class C GCTMX C000091965 Investor Shares GITRX C000200308 Class R6 Shares GHTRX C000201771 Class P Shares GGCPX 0000822977 S000018299 Goldman Sachs International Equity Dividend and Premium Fund C000050446 Institutional GIDHX C000050447 Class A GIDAX C000050448 Class C GIDCX C000091966 Investor Shares GIRVX C000200309 Class R6 Shares GIDUX C000201772 Class P Shares GGHPX 0000822977 S000018300 Goldman Sachs International Small Cap Insights Fund C000050449 Institutional GICIX C000050450 Class A GICAX C000050451 Class C GICCX C000091961 Investor Shares GIRLX C000161506 Class R6 Shares GICUX C000201747 Class P Shares GGDPX 0000822977 S000018301 Goldman Sachs Emerging Markets Equity Insights Fund C000050452 Institutional GERIX C000050453 Class A GERAX C000050454 Class C GERCX C000091962 Investor Shares GIRPX C000141554 Class R Shares GRRPX C000161507 Class R6 Shares GERUX C000201748 Class P Shares GAGPX 0000822977 S000018302 Goldman Sachs Tax-Advantaged Global Equity Portfolio C000050455 Institutional TIGGX C000050456 Class A TAGGX C000196982 Class R6 Shares TRGGX C000201702 Class P Shares GSKPX 0000822977 S000018303 Goldman Sachs Enhanced Dividend Global Equity Portfolio C000050457 Institutional GIDGX C000050458 Class A GADGX C000196983 Class R6 Shares GRGDX C000201703 Class P Shares GAFPX 0000822977 S000018567 Goldman Sachs Inflation Protected Securities Fund C000051524 Class A GSAPX C000051525 Class C GSCFX C000051526 Institutional GSIPX C000059010 Class R GSRPX C000059011 Investor Shares GSTPX C000161294 Class R6 Shares GSRUX C000202042 Class P Shares GGJPX 0000822977 S000020098 Goldman Sachs Local Emerging Markets Debt Fund C000056392 Class A GAMDX C000056393 Class C GCMDX C000056394 Institutional GIMDX C000090763 Investor Shares GLIRX C000195493 Class R6 Shares GIMSX C000202043 Class P Shares GMWPX 0000822977 S000020314 Goldman Sachs Absolute Return Tracker Fund C000057076 Class A GARTX C000057077 Class C GCRTX C000057078 Institutional GJRTX C000066743 Class R Shares GRRTX C000066744 Investor Shares GSRTX C000161524 Class R6 Shares GARUX C000201773 Class P Shares GSGPX 0000822977 S000020773 Goldman Sachs Flexible Cap Fund C000058009 Class A Shares GALLX C000058010 Class C Shares GCLLX C000058011 Institutional Shares GILLX C000058012 Class R Shares GRLLX C000058013 Investor Shares GSLLX C000159659 Class R6 Shares GFCUX C000201808 Class P Shares GGZPX 0000822977 S000026933 Goldman Sachs U.S. Equity ESG Fund C000081145 Class A GAGVX C000081146 Class C GCGVX C000081147 Institutional GINGX C000081148 Class R GRGVX C000081149 Investor Shares GIRGX C000161554 Class R6 Shares GDEUX C000201809 Class P Shares GALPX 0000822977 S000029317 Goldman Sachs Strategic Income Fund C000090150 Class A Shares GSZAX C000090151 Class C Shares GSZCX C000090152 Institutional Shares GSZIX C000090153 Investor Shares GZIRX C000090154 Class R Shares GSZRX C000161295 Class R6 Shares GSZUX C000202044 Class P Shares GSOPX 0000822977 S000029320 Goldman Sachs High Yield Floating Rate Fund C000090159 Class A Shares GFRAX C000090160 Class C Shares GFRCX C000090161 Institutional Shares GSFRX C000090162 Investor Shares GFRIX C000090163 Class R Shares GFRRX C000195494 Class R6 Shares GFRSX C000202045 Class P Shares GGNPX 0000822977 S000034856 Goldman Sachs Managed Futures Strategy Fund C000107193 Class A GMSAX C000107194 Class C GMSCX C000107195 Institutional GMSSX C000107196 Class R GFFRX C000107197 Investor Shares GFIRX C000200310 Class R6 Shares GMSWX C000201775 Class P Shares GMQPX 0000822977 S000036119 Goldman Sachs Rising Dividend Growth Fund C000110562 Class A GSRAX C000110563 Class C GSRCX C000110564 Institutional GSRLX C000110565 Investor Shares GSRIX C000110566 Class R GSRRX C000198933 Class R6 Shares GSRFX C000201721 Class P Shares GMHPX 0000822977 S000036259 Goldman Sachs Short Duration Bond Fund C000110983 Class A GDIAX C000110984 Class C GDICX C000110985 Institutional GDFIX C000110986 Investor Shares GSSRX C000110987 Class R GIFRX C000161296 Class R6 Shares GDIUX C000202046 Class P Shares GMCPX 0000822977 S000040184 Goldman Sachs MLP Energy Infrastructure Fund C000124917 Class A Shares GLPAX C000124918 Class C Shares GLPCX C000124919 Institutional Shares GMLPX C000124920 Investor Shares GLPIX C000124921 Class R Shares GLPRX C000199576 Class R6 Shares GLPSX C000201752 Class P Shares GMNPX 0000822977 S000043227 Goldman Sachs Long Short Credit Strategies Fund C000133721 Class A Shares GSAUX C000133722 Class C Shares GSAVX C000133723 Institutional Shares GSAWX C000133724 Investor Shares GSAYX C000133725 Class R Shares GSAZX C000195497 Class R6 Shares GSSAX C000202048 Class P Shares GMUPX 0000822977 S000044015 Goldman Sachs Small/Mid Cap Value Fund C000136623 Class A GMVAX C000136624 Class C GMVCX C000136625 Institutional GSMVX C000136626 Investor Shares GMVIX C000136627 Class R GMVRX C000161556 Class R6 Shares GMCUX C000201810 Class P Shares GSVPX 0000822977 S000044037 Goldman Sachs Short-Term Conservative Income Fund C000136680 Institutional Shares GPPIX C000136681 Administration Shares GPPAX C000174582 Class A Shares GPAPX C000174583 Preferred Shares GPPPX C000195498 Class R6 Shares GPPSX C000202005 Class P Shares GMBPX C000204425 Investor Shares GPPOX 0000822977 S000046190 Goldman Sachs Tactical Tilt Overlay Fund C000144475 Institutional Shares TTIFX C000196984 Class R6 Shares TTRFX C000201713 Class P Shares GSLPX 0000822977 S000048066 Goldman Sachs Global Managed Beta Fund C000151917 Institutional Shares GGMBX 0000822977 S000050285 Goldman Sachs Focused Value Fund C000158768 Class A Shares GFVAX C000158769 Class C Shares GFVCX C000158770 Institutional Shares GFVSX C000158771 Investor Shares GFVIX C000158772 Class R Shares GFVRX C000158773 Class R6 Shares GFVUX C000201811 Class P Shares GGYPX 0000822977 S000050577 Goldman Sachs Global Infrastructure Fund C000159640 Class A Shares GGIAX C000159641 Class C Shares GGICX C000159642 Institutional Shares GGIDX C000159643 Investor Shares GGINX C000159644 Class R Shares GGIEX C000159645 Class R6 Shares GGIJX C000201776 Class P Shares GGWPX 0000822977 S000050578 Goldman Sachs Global Real Estate Securities Fund C000159646 Investor Shares GARJX C000159647 Class R Shares GARHX C000159648 Class R6 Shares GARVX C000159649 Class A Shares GARGX C000159650 Class C Shares GARKX C000159651 Institutional Shares GARSX C000201777 Class P Shares GGUPX 0000822977 S000051190 Goldman Sachs Financial Square Federal Instruments Fund C000161175 Institutional Shares FIRXX C000161176 Administration Shares FIOXX C000161177 Service Shares FILXX C000161178 Preferred Shares FIHXX C000161179 Select Shares FIJXX C000161180 Capital Shares FIKXX C000161181 Premier Shares FIQXX C000161786 Cash Management Shares FIWXX C000240872 Class D Shares FIDXX 0000822977 S000051191 Goldman Sachs Investor Money Market Fund C000161182 Class I Shares FMJXX C000166000 Class A Shares FMEXX C000166001 Class C Shares FMGXX C000166002 Administration Shares FMKXX C000172501 Cash Management Shares FHMXX C000172502 Resource Shares FHRXX C000172503 Service Shares FHSXX C000240873 Class D Shares FMDXX 0000822977 S000054057 Goldman Sachs Strategic Factor Allocation Fund C000169918 Institutional Shares SFAFX C000196986 Class R6 Shares SRAFX C000201707 Class P Shares GSQPX 0000822977 S000057205 Goldman Sachs ESG Emerging Markets Equity Fund C000182038 Class A Shares GEBAX C000182039 Class C Shares GEBCX C000182040 Institutional Shares GEBIX C000182041 Investor Shares GEBNX C000182042 Class R Shares GEBRX C000182043 Class R6 Shares GEBSX C000203335 Class P Shares GEPPX 0000822977 S000058984 Goldman Sachs Energy Infrastructure Fund C000193455 Class A Shares GLEAX C000193456 Class C Shares GLECX C000193457 Institutional Shares GLEPX C000193458 Investor Shares GLEIX C000193459 Class R Shares GLERX C000193460 Class R6 Shares GLESX C000201753 Class P Shares GAMPX 0000822977 S000061413 Goldman Sachs Small Cap Growth Fund C000198881 Class A Shares GSBDX C000198882 Class C Shares GSBAX C000198883 Institutional Shares GSAJX C000198884 Investor Shares GSAHX C000198885 Class R Shares GSANX C000198886 Class R6 Shares GSBEX C000205965 Class P Shares GSADX 0000822977 S000064937 Goldman Sachs Municipal Income Completion Fund C000210248 Separate Account Institutional Shares GSAAX 0000822977 S000067093 Goldman Sachs Income Fund C000215834 Class P Shares GSCUX C000215835 Class R6 Shares GSCRX C000215836 Class R Shares GSCNX C000215837 Class A Shares GSCHX C000215838 Institutional Shares GSNCX C000215839 Class C Shares GSCJX C000215840 Investor Shares GSCMX 0000822977 S000068536 Goldman Sachs Clean Energy Income Fund C000219200 Class P Shares GCEPX C000219201 Class R6 Shares GCEEX C000219202 Class R Shares GCEHX C000219203 Class A Shares GCEBX C000219204 Institutional Shares GCEDX C000219205 Class C Shares GCEGX C000219206 Investor Shares GCEJX 0000822977 S000071304 Goldman Sachs Strategic Volatility Premium Fund C000226252 Institutional Shares SVPFX C000226253 Class P Shares SVPBX 0000822977 S000076129 Goldman Sachs Emerging Markets Equity ex. China Fund C000235590 Class A Shares GEMHX C000238646 Class P Shares GEMPX C000238647 Class R6 Shares GEMWX C000238648 Class C Shares GEMLX C000238649 Investor Shares GEMOX C000238650 Institutional Shares GEMJX C000238651 Class R Shares GEMQX 0001046292 S000009352 Goldman Sachs U.S. Equity Insights Fund C000025633 Institutional C000025634 Service 0001046292 S000009353 Goldman Sachs Core Fixed Income Fund C000025636 Service C000128922 Institutional 0001046292 S000009354 Goldman Sachs Government Money Market Fund C000025638 Service C000133599 Institutional Shares 0001046292 S000009355 Goldman Sachs Small Cap Equity Insights Fund C000025640 Institutional C000025641 Service 0001046292 S000009356 Goldman Sachs Strategic Growth Fund C000025643 Institutional C000025644 Service 0001046292 S000009357 Goldman Sachs Large Cap Value Fund C000025646 Institutional C000025647 Service 0001046292 S000009358 Goldman Sachs Mid Cap Value Fund C000025649 Institutional C000025650 Service 0001046292 S000009359 Goldman Sachs International Equity Insights Fund C000025652 Institutional C000025653 Service 0001046292 S000009360 Goldman Sachs Mid Cap Growth Fund C000025655 Service C000128923 Institutional 0001046292 S000035992 Goldman Sachs Trend Driven Allocation Fund C000110307 Service Shares C000133600 Institutional Shares 0001046292 S000044541 Goldman Sachs Multi-Strategy Alternatives Portfolio C000138559 Institutional Shares C000138560 Service Shares C000141036 Advisor Shares 0001046292 S000077434 Goldman Sachs Buffered S&P 500 Fund - Jan/Jul C000237871 Service Shares C000237872 Institutional Shares 0001046292 S000077435 Goldman Sachs Buffered S&P 500 Fund - Mar/Sep C000237873 Service Shares C000237874 Institutional Shares 0001046292 S000077436 Goldman Sachs Buffered S&P 500 Fund - May/Nov C000237875 Service Shares C000237876 Institutional Shares 0001479026 S000048289 Goldman Sachs ActiveBeta(R) International Equity ETF C000152545 Goldman Sachs ActiveBeta(R) International Equity ETF GSIE 0001479026 S000048292 Goldman Sachs ActiveBeta(R) Emerging Markets Equity ETF C000152548 Goldman Sachs ActiveBeta(R) Emerging Markets Equity ETF GEM 0001479026 S000048293 Goldman Sachs ActiveBeta(R) Europe Equity ETF C000152549 Goldman Sachs ActiveBeta(R) Europe Equity ETF GSEU 0001479026 S000048294 Goldman Sachs ActiveBeta(R) Japan Equity ETF C000152550 Goldman Sachs ActiveBeta(R) Japan Equity ETF GSJY 0001479026 S000048295 Goldman Sachs ActiveBeta(R) U.S. Large Cap Equity ETF C000152551 Goldman Sachs ActiveBeta(R) U.S. Large Cap Equity ETF GSLC 0001479026 S000048296 Goldman Sachs ActiveBeta(R) U.S. Small Cap Equity ETF C000152552 Goldman Sachs ActiveBeta(R) U.S. Small Cap Equity ETF GSSC 0001479026 S000053625 Goldman Sachs Hedge Industry VIP ETF C000168500 Goldman Sachs Hedge Industry VIP ETF GVIP 0001479026 S000054796 Goldman Sachs Access Treasury 0-1 Year ETF C000172210 Goldman Sachs Access Treasury 0-1 Year ETF GBIL 0001479026 S000057838 Goldman Sachs Access Investment Grade Corporate Bond ETF C000186809 Goldman Sachs Access Investment Grade Corporate Bond ETF GIGB 0001479026 S000057842 Goldman Sachs Access High Yield Corporate Bond ETF C000186813 Goldman Sachs Access High Yield Corporate Bond ETF GHYB 0001479026 S000058070 Goldman Sachs Equal Weight U.S. Large Cap Equity ETF C000190083 Goldman Sachs Equal Weight U.S. Large Cap Equity ETF GSEW 0001479026 S000061377 Goldman Sachs JUST U.S. Large Cap Equity ETF C000198662 Goldman Sachs JUST U.S. Large Cap Equity ETF JUST 0001479026 S000062192 Goldman Sachs Access Emerging Markets USD Bond ETF C000201200 Goldman Sachs Access Emerging Markets USD Bond ETF GEMD 0001479026 S000062388 Goldman Sachs Access Inflation Protected USD Bond ETF C000202360 Goldman Sachs Access Inflation Protected USD Bond ETF GTIP 0001479026 S000064104 Goldman Sachs Access Ultra Short Bond ETF C000207250 Goldman Sachs Access Ultra Short Bond ETF GSST 0001479026 S000066532 Goldman Sachs MarketBeta International Equity ETF C000214553 Goldman Sachs MarketBeta International Equity ETF GSID 0001479026 S000066533 Goldman Sachs MarketBeta Emerging Markets Equity ETF C000214554 Goldman Sachs MarketBeta Emerging Markets Equity ETF GSEE 0001479026 S000066535 Goldman Sachs MarketBeta U.S. Equity ETF C000214556 Goldman Sachs MarketBeta U.S. Equity ETF GSUS 0001479026 S000066919 Goldman Sachs Access U.S. Aggregate Bond ETF C000215322 Goldman Sachs Access U.S. Aggregate Bond ETF GCOR 0001479026 S000066921 Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF C000215324 Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF GSIG 0001479026 S000068597 Goldman Sachs Innovate Equity ETF C000219502 Goldman Sachs Innovate Equity ETF GINN 0001479026 S000071430 Goldman Sachs Future Tech Leaders Equity ETF C000226526 Goldman Sachs Future Tech Leaders Equity ETF GTEK 0001479026 S000071688 Goldman Sachs Future Planet Equity ETF C000227134 Goldman Sachs Future Planet Equity ETF GSFP 0001479026 S000072294 Goldman Sachs Future Consumer Equity ETF C000228398 Goldman Sachs Future Consumer Equity ETF GBUY 0001479026 S000072296 Goldman Sachs Future Health Care Equity ETF C000228400 Goldman Sachs Future Health Care Equity ETF GDOC 0001479026 S000072818 Goldman Sachs Future Real Estate and Infrastructure Equity ETF C000229364 Goldman Sachs Future Real Estate and Infrastructure Equity ETF GREI 0001479026 S000074467 Goldman Sachs ActiveBeta(R) Paris-Aligned Climate U.S. Large Cap Equity ETF C000232398 Goldman Sachs ActiveBeta(R) Paris-Aligned Climate U.S. Large Cap Equity ETF GPAL 0001479026 S000074528 Goldman Sachs Bloomberg Clean Energy Equity ETF C000232483 Goldman Sachs Bloomberg Clean Energy Equity ETF GCLN 0001479026 S000075069 Goldman Sachs ActiveBeta(R) World Low Vol Plus Equity ETF C000233873 Goldman Sachs ActiveBeta(R) World Low Vol Plus Equity ETF GLOV 0001479026 S000077725 Goldman Sachs Defensive Equity ETF C000238214 Goldman Sachs Defensive Equity ETF GDEF 0001479026 S000077734 Goldman Sachs Community Municipal Bond ETF C000238223 Goldman Sachs Community Municipal Bond ETF GMUN 0001479026 S000080710 Goldman Sachs North American Pipelines & Power Equity ETF C000243239 Goldman Sachs North American Pipelines & Power Equity ETF GPOW 0001557156 S000040071 Goldman Sachs Multi-Manager Alternatives Fund C000124400 Class A Shares GMAMX C000124401 Class C Shares GMCMX C000124402 Institutional Shares GSMMX C000124403 Investor Shares GIMMX C000124404 Class R Shares GRMMX C000198936 Class R6 Shares GMMFX C000201711 Class P Shares GMMPX 0001557156 S000048067 Goldman Sachs Multi-Manager Non-Core Fixed Income Fund C000151918 Class R6 Shares GNCFX 0001557156 S000049146 Goldman Sachs Multi-Manager Global Equity Fund C000154942 Class R6 Shares GSEQX 0001557156 S000049147 Goldman Sachs Multi-Manager Real Assets Strategy Fund C000154943 Class R6 Shares GRASX 0001557156 S000049850 Multi-Manager International Equity Fund C000157436 Class P Shares MMITX 0001557156 S000051363 Multi-Manager U.S. Small Cap Equity Fund C000161913 Class P Shares MMSMX 0001557156 S000055738 Goldman Sachs GQG Partners International Opportunities Fund C000175541 Class A Shares GSIHX C000175542 Class C Shares GSILX C000175543 Institutional Shares GSIMX C000175544 Investor Shares GSINX C000175545 Class R Shares GSIQX C000175546 Class R6 Shares GSIYX C000201705 Class P Shares GGIPX 0001882879 S000075322 Goldman Sachs MarketBeta(R) U.S. 1000 Equity ETF C000234252 Goldman Sachs MarketBeta(R) U.S. 1000 Equity ETF GUSA 0001882879 S000078890 Goldman Sachs MarketBeta(R) Total International Equity ETF C000239677 Goldman Sachs MarketBeta(R) Total International Equity ETF DEF 14A 1 d538219ddef14a.htm GOLDMAN SACHS ASSET MANAGEMENT Goldman Sachs Asset Management

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.     )

 

 

Filed by the Registrant  ☒

Filed by a party other than the Registrant  ☐

Check the appropriate box:

 

☐

Preliminary Proxy Statement

 

☐

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

 

☒

Definitive Proxy Statement

 

☐

Definitive Additional Materials

 

☐

Soliciting Material under § 240.14a-12

GOLDMAN SACHS ETF TRUST

GOLDMAN SACHS ETF TRUST II

GOLDMAN SACHS REAL ESTATE DIVERSIFIED INCOME FUND

GOLDMAN SACHS TRUST

GOLDMAN SACHS TRUST II

GOLDMAN SACHS VARIABLE INSURANCE TRUST

(Name of Registrant as Specified In Its Charter)

(none)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

 

☒

No fee required.

 

☐

Fee paid previously with preliminary materials.

 

☐

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

 

 

 

GOLDMAN SACHS ETF TRUST

GOLDMAN SACHS ETF TRUST II

GOLDMAN SACHS REAL ESTATE DIVERSIFIED INCOME FUND

GOLDMAN SACHS TRUST

GOLDMAN SACHS TRUST II

GOLDMAN SACHS VARIABLE INSURANCE TRUST

200 West Street

New York, New York 10282

(212) 902-1000

September 5, 2023

Dear Shareholder or Variable Contract Owner:

I am writing to you on an important matter relating to the Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust (collectively, the “Funds”). In July 2023, the Boards of Trustees of the Funds (the “Boards” or “Trustees”) voted to align and consolidate the membership of the Boards (the “Proposal”). The Proposal, which is discussed in greater detail in the accompanying Joint Proxy Statement for Special Joint Meeting of Shareholders (the “Joint Proxy Statement”), is subject to shareholder approval. Accordingly, the Funds will hold a virtual special joint meeting of shareholders on November 16, 2023, at 10:30 a.m. Eastern Time (with any postponements or adjournments, the “Meeting”).

The following matters will be considered and acted upon at the Meeting:

 

  i.

shareholders of the Funds within Goldman Sachs ETF Trust will be asked to elect seven Trustees to the Board of their Funds;

 

  ii.

shareholders of the Funds within Goldman Sachs ETF Trust II will be asked to elect seven Trustees to the Board of their Funds;

 

  iii.

shareholders of the Goldman Sachs Real Estate Diversified Income Fund will be asked to elect seven Trustees to the Board of their Fund;

 

  iv.

shareholders of the Funds within Goldman Sachs Trust will be asked to elect nine Trustees to the Board of their Funds;

 

  v.

shareholders of the Funds within Goldman Sachs Trust II will be asked to elect seven Trustees to the Board of their Funds; and

 

  vi.

shareholders of the Funds within Goldman Sachs Variable Insurance Trust will be asked to elect nine Trustees to the Board of their Funds.

The Board of each of the Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II currently consists of the same six Independent Trustees (i.e., Trustees who are not “interested persons” of the applicable Funds, as defined in the Investment Company Act of 1940) as well as James A. McNamara, an Interested Trustee. The Board of each of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust also currently consists of the same seven Independent Trustees as well as Mr. McNamara, an Interested Trustee. In order to bring the memberships of the Boards into alignment, (i) the Independent Trustees of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust have been nominated for election to the Board of each of the Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II; and (ii) the Independent Trustees of the Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II have been nominated for election to the Board of each of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. In addition, three current Independent Trustees of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust, who were

previously appointed by other Independent Trustees to those Boards rather than elected by shareholders, have been nominated for election to continue to serve as Trustees on those Boards.

The alignment and consolidation of the Boards’ memberships would provide an opportunity to enhance the effectiveness of board oversight and result in other potential benefits as described in the accompanying Joint Proxy Statement. If elected by shareholders, the nominees would begin serving as Trustees of the applicable Board on January 1, 2024.

You are cordially invited to attend the Meeting. The Meeting will be conducted as a virtual meeting hosted by means of a live webcast. Shareholders and variable contract owners will be able to listen and vote from their home or any location with internet connectivity.

You or your proxyholder will be able to attend the Meeting online and vote by visiting www.proxyvote.com and using a control number assigned by Broadridge Financial Solutions, Inc. (“Broadridge”). To register and receive access to the virtual meeting, you will need to follow the instructions provided in the Notice of Special Meeting and Joint Proxy Statement that follow.

WHETHER OR NOT YOU PLAN TO BE PRESENT AT THE MEETING, YOUR VOTE IS VERY IMPORTANT. After careful consideration, the Board of each of the Funds unanimously recommends that you vote “FOR” the election of each applicable nominee. However, before you vote, please read the Joint Proxy Statement for a complete description of the Proposal. If you do not plan to be present at the Meeting, you can vote by signing, dating and returning the enclosed proxy card or voting instruction form promptly or by using the Internet or telephone voting options as described on your proxy card or voting instruction form. If you have any questions regarding the proxy materials, please contact Broadridge at 855-973-0097. Your prompt response will help reduce proxy costs and will also mean that you can avoid receiving follow-up phone calls or mailings.

By Order of the Boards of Trustees of

Goldman Sachs ETF Trust

Goldman Sachs ETF Trust II

Goldman Sachs Real Estate Diversified Income Fund

Goldman Sachs Trust

Goldman Sachs Trust II

Goldman Sachs Variable Insurance Trust

Caroline L. Kraus

Secretary

SEPTEMBER 5, 2023

IMPORTANT INFORMATION

FOR SHAREHOLDERS

For your convenience, the following “Questions and Answers” are a summary of, and are not intended to be as detailed as, the discussion found in the accompanying Joint Proxy Statement for Special Joint Meeting of Shareholders (the “Joint Proxy Statement”). The information in this “Questions and Answers” section is qualified in its entirety by reference to the Joint Proxy Statement. We encourage you to carefully review the information contained in the Joint Proxy Statement.

General

 

Q.

Why am I receiving these proxy materials?

 

A.

You are receiving these proxy materials, which includes the Notice of Special Joint Meeting of Shareholders (“Notice”), the Joint Proxy Statement and your proxy card(s) and/or voting instruction form(s), because you have the right to notice of, and to vote on, an important governance matter concerning the Goldman Sachs ETF Trust (“GSETF Trust”), Goldman Sachs ETF Trust II (“GSETF Trust II”), Goldman Sachs Real Estate Diversified Income Fund (“Real Estate Fund”), Goldman Sachs Trust (“GS Trust”), Goldman Sachs Trust II (“GS Trust II”) and Goldman Sachs Variable Insurance Trust (“GS VIT”) (collectively, the “Funds”). In particular, you are being asked to consider and act upon the Proposal (defined below), which requires shareholder approval.

The Boards of Trustees of the Funds (the “Boards,” and the members thereof, the “Trustees”) separately determined that it is in the best interests of the Fund(s) under their respective oversight to align and consolidate the membership of the Boards so that all of the Funds are overseen by the same Trustees. Accordingly, the Boards have proposed the election of nominees (the “Nominees”) to the Boards (the “Proposal”) as discussed below.

The Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II currently consists of the same six Independent Trustees (i.e., Trustees who are not “interested persons” of each of the applicable Funds, as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “ETF/ETFII/RE/GSTII Independent Trustees”)) as well as James A. McNamara, an Interested Trustee of the applicable Funds. The Board of each of the GS Trust and GS VIT also currently consists of the same seven Independent Trustees (the “GST/GS VIT Independent Trustees”) as well as Mr. McNamara, an Interested Trustee of the applicable Funds.

In order to bring the memberships of the Boards into alignment, (i) the GST/GS VIT Independent Trustees have been nominated for election to the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II; and (ii) the ETF/ETFII/RE/GSTII Independent Trustees have been nominated for election to the Board of each of the GS Trust and GS VIT. In addition, three current GST/GS VIT Independent Trustees, who were previously appointed by other Independent Trustees to those Boards rather than elected by shareholders, have been nominated for election to continue to serve as Trustees on those Boards. Electing these three current GST/GS VIT Independent Trustees would give the applicable Board additional flexibility in the future to appoint a limited number of additional new Trustees, if necessary, without incurring the costs of holding one or more expensive shareholder meetings.

The Boards believe that this alignment and consolidation through the election of all of the Nominees would be beneficial to the Funds and their shareholders. If elected by shareholders, the Nominees would begin serving as Trustees of the applicable Board on January 1, 2024.

 

Q.

Why am I being asked to vote?

 

A.

As of August 21, 2023 (the “Record Date”), the record date fixed by the Boards, you were a shareholder of record of one or more of the Funds within the Goldman Sachs registered fund complex. The Proposal requires the approval of shareholders of the Funds.

Owners, annuitants and beneficiaries of variable life insurance and variable annuity contracts issued by life insurance companies having separate accounts that invest in shares of one or more of the Funds within GS VIT who are entitled to give voting instructions in connection with their variable contracts with respect to the Proposal are referred to herein as “shareholders” with respect to such Fund(s).

After careful consideration, each Board unanimously recommends that shareholders of the Fund(s) under its oversight vote “FOR” the election of each applicable Nominee.

 

Q.

Why am I being asked to elect each of the Nominees as Trustees?

 

A.

Each of the Nominees either currently serves as a GST/GS VIT Independent Trustee or an ETF/ETFII/RE/GSTII Independent Trustee. The election of the Nominees is part of the intended alignment and consolidation of the Boards. If shareholders approve the Proposal, the membership of each of the Boards will be as follows:

 

  •  

the membership of the Board of each of the GS Trust and GS VIT will be expanded to include the six ETF/ETFII/RE/GSTII Independent Trustees; and

 

  •  

the membership of the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II will be expanded to include the seven GST/GS VIT Independent Trustees.

Each Nominee would not be deemed to be an “interested person,” as that term is defined under the 1940 Act, of any of the Funds. Mr. McNamara would be considered an “interested person” of each Fund because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc.

Election of all of the Nominees will bring the membership of the Boards into alignment. This alignment and consolidation would provide an opportunity to enhance the effectiveness of board oversight and result in other potential benefits as described in the accompanying Joint Proxy Statement.

 

Q.

Why have the Boards approved the Proposal (the election of each applicable Nominee)?

 

A.

Each of the Boards unanimously determined that the board realignment and consolidation could provide benefits to shareholders of the Fund(s) under their respective oversight. Each Board has reviewed the qualifications and backgrounds of the Nominees and believes that they are experienced in overseeing investment companies and are familiar with the Goldman Sachs registered fund complex and Goldman Sachs Asset Management, L.P (“GSAM” or the “Investment Adviser”). In addition, the Boards have had the opportunity to meet with GSAM representatives and communicated with each other to consider and develop the Proposal. In particular, the Boards considered:

 

  •  

that each Fund would benefit from the additional experience, insights and oversight from the election of the Nominees that are not currently members of its Board;

 

  •  

that each of the Nominees has significant professional experience and skills, as well as experience overseeing investment companies;

 

  •  

that a single, consolidated Board would reduce GSAM’s administrative and operational efforts in supporting multiple Boards and enable GSAM to focus greater resources and time on providing services to the Funds;

 

  •  

that a single, consolidated Board with increased skill sets, backgrounds and depth of experience with all types of funds within the Goldman Sachs registered fund complex would be better positioned to respond to the increasing complexities of the registered fund business;

 

  •  

that GSAM has agreed to bear a portion of the costs associated with the board realignment and consolidation (up to $2,100,000). Each Fund will be allocated its respective share of the remaining costs associated with the board realignment and consolidation, with fixed costs allocated to the Funds equally and certain variable costs (e.g., costs of printing and mailing) allocated to the Funds on a pro rata basis based on the number of shareholders of each Fund. In addition, for Funds subject to an expense reimbursement arrangement, GSAM will reimburse the costs associated with the board

 

realignment and consolidation to the extent needed to ensure that no Fund’s allocated costs would increase such Fund’s total expense ratio by more than 0.004%. In no event will the allocated costs associated with the board realignment and consolidation increase a Fund’s total expense ratio by more than 0.004%;

 

  •  

that a single, consolidated Board would facilitate succession planning efforts of the Boards and alleviate the costs of identifying and onboarding new Board members in the future, who may have potentially less experience overseeing funds, including those managed by GSAM; and

 

  •  

that a single governance platform would reduce the costs and complexity of potential Fund conversions and reorganizations within the Goldman Sachs registered fund complex overseen by the Boards.

 

Q.

As a shareholder of one or more of the Funds within the GS Trust and GS VIT, why am I being asked to elect three incumbent Nominees as Trustees?

 

A.

While a Board can ordinarily appoint new Trustees without a shareholder vote, the Board cannot do so if, after such appointment, fewer than two-thirds of the Trustees would have been elected by shareholders. By electing the three incumbent Nominees of the GS Trust and GS VIT that were not previously elected by shareholders, the applicable Boards would have additional flexibility in the future to appoint a limited number of additional new Trustees, if necessary, without incurring the costs of holding one or more expensive shareholder meetings. Accordingly, the Boards of the GS Trust and GS VIT believe this is an appropriate time for the incumbent Trustees that were previously appointed (rather than elected) to stand for election.

Voting

 

Q.

Who is asking for my vote?

 

A.

Your vote is being solicited by and on behalf of the Board of your Fund with respect to the special joint meeting of shareholders of the Funds to be held on November 16, 2023 (with any postponements or adjournments, the “Meeting”). As a shareholder of record of any of the Funds as of the close of business on the Record Date, you are entitled to notice of, and to vote at, the Meeting, even if you no longer own Fund shares.

 

Q.

How does the Board of my Fund recommend that I vote?

 

A.

After careful consideration, the Board of your Fund unanimously recommends that shareholders vote “FOR” the Proposal (the election of each applicable Nominee). Please see the section entitled “Summary of the Reasons for the Board Alignment and Consolidation” with respect to the Proposal for a discussion of your Board’s considerations in making such recommendation.

 

Q.

Why am I receiving information about Funds I do not own?

 

A.

The Proposal is similar for each of the Funds, and the Boards have concluded that it is cost-effective to hold the Meeting concurrently for all of the Funds.

 

Q.

What vote is required to approve the Proposal?

 

A.

Each shareholder is entitled to one vote for each share held and a fractional vote proportionate to fractional shares held as of the Record Date.

For each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT, the presence in person or by proxy of shareholders owning shares representing one-third (1/3) or more of the total combined shares entitled to vote at the Meeting shall constitute a quorum at the Meeting.

For each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT, when a quorum is present, an affirmative vote by a plurality of the shares voted shall elect a Nominee as Trustee.

For each of the GSETF Trust, GSETF Trust II, GS Trust, GS Trust II and GS VIT, the Proposal applies on a trust-wide basis, and all series (i.e., the respective Funds) and classes thereof will vote together on the Proposal. However, the vote on the Proposal or the election of a Nominee by the shareholders of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT will not affect the Proposal or the election of a Nominee with respect to the other Funds.

 

Q.

Will my vote make a difference?

 

A.

Yes! Your vote is needed to ensure that the Proposal can be acted upon, and your vote can make a difference in the governance of the Fund(s) that you own. We encourage all shareholders to participate in the governance of their Fund(s). Additionally, your immediate response on the enclosed proxy card or voting instruction form, on the Internet or over the phone will help save the costs of any further solicitations.

 

Q.

If I am a small investor, why should I bother to vote?

 

A.

You should vote because every vote is important. If numerous shareholders just like you do not vote, the Funds may not receive enough votes to go forward with the Meeting. If this happens, the Funds will need to solicit votes again. This may delay the Meeting and the approval of the Proposal and generate unnecessary costs.

 

Q.

How do I place my vote?

 

A.

Shareholders can vote in any one of four ways:

 

  •  

By mailing the enclosed proxy card or voting instruction form after signing and dating;

 

  •  

Over the Internet by going to the website indicated on your proxy card or voting instruction form;

 

  •  

By telephone, with a toll free call to the number on your proxy card or voting instruction form; or

 

  •  

By attending the virtual Meeting and voting during the webcast.

We encourage you to vote over the Internet by going to the website provided on your enclosed proxy card or voting instruction form, or by telephone by calling the toll-free number on your enclosed proxy card or voting instruction form, in each case using the voting control number that appears on your proxy card or voting instruction form. These voting methods will save money. However, whichever method you choose, please take the time to read the Joint Proxy Statement before you vote.

 

Q.

I plan to vote by mail. How should I sign my proxy card or voting instruction form?

 

A.

Please see the instructions at the end of the Notice, which is enclosed.

 

Q.

I plan to vote over the Internet. How does Internet voting work?

 

A.

To vote over the Internet, please log on to the website indicated on your proxy card or voting instruction form and follow the instructions provided on the voting website.

 

Q.

I plan to vote by telephone. How does telephone voting work?

 

A.

To vote by telephone, please call toll free the number on your proxy card or voting instruction form from within the United States and follow the instructions provided during your call.

 

Q.

Whom should I call with questions?

 

A.

If you have any additional questions about the Joint Proxy Statement or the upcoming Meeting, please contact Broadridge Financial Solutions, Inc. (“Broadridge”) at 855-973-0097.

Q:

What is the relationship between the proxy solicitor, Broadridge, and the Funds?

 

A:

The Funds have retained an outside firm, Broadridge, which specializes in proxy solicitation to assist it with the proxy solicitation process, including the mailing of this Joint Proxy Statement, the collection of the proxies, and with any necessary follow-up. A proxy solicitor may contact shareholders on behalf of the Funds, but is not permitted to use personal information about shareholders for other purposes.

THE ATTACHED JOINT PROXY STATEMENT CONTAINS MORE DETAILED INFORMATION ABOUT THE PROPOSAL. PLEASE READ IT CAREFULLY. YOUR VOTE IS IMPORTANT.

GOLDMAN SACHS ETF TRUST

GOLDMAN SACHS ETF TRUST II

GOLDMAN SACHS REAL ESTATE DIVERSIFIED INCOME FUND

GOLDMAN SACHS TRUST

GOLDMAN SACHS TRUST II

GOLDMAN SACHS VARIABLE INSURANCE TRUST

200 West Street

New York, New York 10282

(212) 902-1000

NOTICE OF SPECIAL JOINT MEETING OF SHAREHOLDERS

TO BE HELD ON NOVEMBER 16, 2023

NOTICE IS HEREBY GIVEN THAT A SPECIAL JOINT MEETING OF SHAREHOLDERS of each of the Goldman Sachs ETF Trust (“GSETF Trust”), Goldman Sachs ETF Trust II (“GSETF Trust II”), Goldman Sachs Real Estate Diversified Income Fund (“Real Estate Fund”), Goldman Sachs Trust (“GS Trust”), Goldman Sachs Trust II (“GS Trust II”) and Goldman Sachs Variable Insurance Trust (“GS VIT”) (collectively, the “Funds”) will be held virtually on November 16, 2023, at 10:30 a.m. Eastern Time (with any postponements or adjournments, the “Meeting”).

At the Meeting, and as specified in greater detail in the Joint Proxy Statement for Special Joint Meeting of Shareholders (the “Joint Proxy Statement”) accompanying this Notice, shareholders of the Funds will be asked to consider and act upon the following proposals:

1. To elect nominees (the “Nominees”) to the Board of Trustees (the “Boards,” and the members thereof, the “Trustees”) of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT (the “Proposal”) as follows:

 

  i.

Shareholders of the Funds within the GSETF Trust will be asked to elect the following Trustees to the Board of their Funds:

 

  •  

Gregory G. Weaver

  •  

Dwight L. Bush

  •  

Kathryn A. Cassidy

  •  

John G. Chou

  •  

Joaquin Delgado

  •  

Eileen H. Dowling

  •  

Paul C. Wirth

 

  ii.

Shareholders of the Funds within the GSETF Trust II will be asked to elect the following Trustees to the Board of their Funds:

 

  •  

Gregory G. Weaver

  •  

Dwight L. Bush

  •  

Kathryn A. Cassidy

  •  

John G. Chou

  •  

Joaquin Delgado

  •  

Eileen H. Dowling

  •  

Paul C. Wirth

 

  iii.

Shareholders of the Real Estate Fund will be asked to elect the following Trustees to the Board of their Fund:

 

  •  

Gregory G. Weaver

  •  

Dwight L. Bush

  •  

Kathryn A. Cassidy

  •  

John G. Chou

  •  

Joaquin Delgado

  •  

Eileen H. Dowling

  •  

Paul C. Wirth

 

  iv.

Shareholders of the Funds within the GS Trust will be asked to elect the following Trustees to the Board of their Funds:

 

  •  

Cheryl K. Beebe

  •  

John G. Chou

  •  

Eileen H. Dowling

  •  

Lawrence Hughes

  •  

John F. Killian

  •  

Steven D. Krichmar

  •  

Michael Latham

  •  

Lawrence W. Stranghoener

  •  

Paul C. Wirth

 

  v.

Shareholders of the Funds within the GS Trust II will be asked to elect the following Trustees to the Board of their Funds:

 

  •  

Gregory G. Weaver

  •  

Dwight L. Bush

  •  

Kathryn A. Cassidy

  •  

John G. Chou

  •  

Joaquin Delgado

  •  

Eileen H. Dowling

  •  

Paul C. Wirth

 

  vi.

Shareholders of the Funds within the GS VIT will be asked to elect the following Trustees to the Board of their Funds:

 

  •  

Cheryl K. Beebe

  •  

John G. Chou

  •  

Eileen H. Dowling

  •  

Lawrence Hughes

  •  

John F. Killian

  •  

Steven D. Krichmar

  •  

Michael Latham

  •  

Lawrence W. Stranghoener

  •  

Paul C. Wirth

2. To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.

After careful consideration, the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT unanimously recommends that shareholders vote “FOR” the Proposal (the election of each applicable Nominee).

The matters referred to above are discussed in the Joint Proxy Statement attached to this notice. The Board of your Fund believes that the Proposal is in the best interests of the Fund and its Shareholders.

Owners, annuitants and beneficiaries of variable life insurance and variable annuity contracts (“variable contracts”) issued by life insurance companies (the “Life Companies”) having separate accounts (the “Accounts”) that invest in shares of one or more of the Funds within GS VIT who are entitled to give voting instructions in connection with their variable contracts with respect to the Proposal are referred to herein as “shareholders” with respect to such Fund(s). Goldman Sachs & Co. LLC, Goldman Sachs Asset Management,

L.P. (“GSAM” or the “Investment Adviser”), the Life Companies and the Accounts are the only shareholders of GS VIT. Each Life Company hereby solicits and agrees to vote the shares of a GS VIT Fund at the Meeting, and, as applicable, in accordance with timely instructions received from owners of variable contracts issued by it and having contract values allocated to one of its Accounts invested in such shares.

You will be able to attend the Meeting online and vote your shares electronically. To participate in the Meeting, Shareholders must register in advance by visiting https://www.viewproxy.com/goldmansachs/broadridgevsm/ and submitting the required information to Broadridge Financial Solutions, Inc. (“Broadridge”), the Funds’ proxy solicitor.

Shareholders whose shares are registered directly with a Fund in the shareholder’s name will be asked to submit their name and control number found on the shareholder’s proxy card in order to register to participate in and vote at the Meeting. Shareholders whose shares are held by a broker, bank or other nominee must first obtain a “legal proxy” from the applicable nominee/record holder, who will then provide the shareholder with a newly-issued control number. We note that obtaining a legal proxy may take several days. Requests for registration should be received no later than 5:00 p.m., Eastern Time, on November 14, 2023, but in any event must be received by the scheduled time for commencement of the Meeting. Once a shareholder has obtained a new control number, he or she must visit https://www.viewproxy.com/goldmansachs/broadridgevsm/ and submit his or her name and newly issued control number in order to register to participate in and vote at the Meeting.

After shareholders have submitted their registration information, they will receive an email from Broadridge that confirms that their registration request has been received and is under review by Broadridge. Once a shareholder’s registration request has been accepted, the shareholder will receive (i) an email containing an event link and dial-in information to attend the Meeting, and (ii) an email with a password to enter at the event link in order to access the Meeting. Only shareholders of a Fund present virtually or by proxy will be able to vote, or otherwise exercise the powers of a shareholder, at the Meeting. Shareholders may vote before or during the Meeting at www.proxyvote.com.

The Meeting webcast will begin promptly at 10:30 a.m. Eastern Time. We encourage you to access the Meeting prior to the start time. For additional information on how you can attend and participate in the virtual Meeting, please see the instructions beginning on page 1 of the Joint Proxy Statement that follows. Because the Meeting will be a completely virtual meeting, there will be no physical location for shareholders to attend.

The matters referred to above are discussed in the Joint Proxy Statement attached to this Notice. Shareholders and variable contract owners of record at the close of business on August 21, 2023, the record date for the Meeting, are entitled to receive notice of and to vote, or instruct the Life Company that issued the contract as to the manner in which shares of a GS VIT Fund attributable to the contract should be voted, at the Meeting and at any postponements or adjournments thereof.

If you will not be present at the Meeting, we urge you to sign, date and promptly return the enclosed proxy card or voting instruction form in the envelope provided, which is addressed for your convenience and needs no postage if mailed in the United States. You may also vote easily and quickly by Internet or by telephone. In order to avoid the additional expense to the Funds of further solicitation, we ask your cooperation in returning your proxy or voting instruction promptly.

By Order of the Boards of Trustees of

Goldman Sachs ETF Trust

Goldman Sachs ETF Trust II

Goldman Sachs Real Estate Diversified Income Fund

Goldman Sachs Trust

Goldman Sachs Trust II

Goldman Sachs Variable Insurance Trust

Caroline L. Kraus

Secretary

YOUR VOTE IS IMPORTANT

NO MATTER HOW MANY SHARES YOU OWN

To secure the largest possible representation at the Meeting, please mark your proxy card or voting instruction form, sign it, date it, and return it in the postage paid envelope provided (unless you are voting by Internet or by telephone). If you sign, date and return a proxy card or voting instruction form but give no voting instructions, your shares will be voted “FOR” the proposal indicated on the card. If you prefer, you may instead vote via the Internet or by telephone. To vote in this manner, you should refer to the directions below.

To vote via the Internet, please access the website found on your proxy card or voting instruction form and follow the on-screen instructions on the website.

To vote by telephone from within the United States, please call the toll-free number found on your proxy card or voting instruction form, and follow the recorded instructions. Shareholders outside the United States should vote via the Internet or by submitting a proxy card or voting instruction form instead.

You may revoke your proxy or voting instruction form at any time at or before the Meeting, by submitting to the Secretary of the Funds, c/o Goldman Sachs Funds, Attention: Shareholder Services Media Support, 71 South Wacker Drive, Suite 1200 Chicago, IL 60606, a written notice of revocation or subsequently executed proxy or voting instruction form or by virtually attending and voting at the Meeting.

INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general guidelines for signing proxy cards may be of assistance to you and will help avoid the time and expense to a Fund involved in validating your vote if you fail to sign your proxy card properly.

1. Individual Accounts: Sign your name exactly as it appears in the registration on the proxy card or voting instruction form.

2. Joint Accounts: Either party may sign, but the name of the party signing should conform exactly to the name shown in the registration on the proxy card or voting instruction form.

3. All Other Accounts: The capacity of the individual signing the proxy card or voting instruction form should be indicated unless it is reflected in the form of registration. For example:

 

Registration    Valid Signature

Corporate Accounts

   

(1) ABC Corp.

    ABC Corp.
   John Doe, Treasurer

(2) ABC Corp.

    John Doe, Treasurer

(3) ABC Corp. c/o John Doe, Treasurer

    John Doe

(4) ABC Corp. Profit Sharing Plan

    John Doe, Trustee

Partnership Accounts

   

(1) The XYZ Partnership

    Jane B. Smith, Partner

(2) Smith and Jones, Limited Partnership

    Jane B. Smith, General Partner

Trust Accounts

   

(1) ABC Trust Account

    Jane B. Doe, Trustee

(2) Jane B. Doe, Trustee u/t/d 12/18/98

    Jane B. Doe

Custodial or Estate Accounts

   

(1) John B. Smith, Cust. f/b/o

   

     John B. Smith Jr. UGMA/UTMA

    John B. Smith

(2) Estate of John B. Smith

    John B. Smith, Jr., Executor

 

TABLE OF CONTENTS

 

JOINT PROXY STATEMENT FOR SPECIAL JOINT MEETING OF SHAREHOLDERS

      1  

THE PROPOSAL

      6  

Explanation of the Board Alignment and Consolidation

      7  

Summary of the Reasons for the Board Alignment and Consolidation

      7  

Information Regarding the Nominees

      8  

Independent Trustees

      9  

Additional Information about the Boards and the Nominees

      19  

The Boards’ Leadership Structure

      19  

Standing Board Committees

      19  

Risk Oversight

      21  

Meetings of Trustees and Standing Board Committees

      22  

Nominee/Trustee Ownership of Fund Shares

      23  

Board Compensation

      24  

Additional Information about Officers of the Funds

      28  

Information about the Funds’ Independent Registered Public Accounting Firm

     34  

Required Vote

      39  

The Boards’ Recommendation

      40  

OTHER BUSINESS

      41  

ADDITIONAL INFORMATION

      42  

Shareholder Proposals

      42  

Investment Advisers and Sub-Advisers

     42  

Transfer Agents and Distributors

      45  

Solicitation of Proxies

      46  

APPENDIX A AUDIT COMMITTEE CHARTER

      A-1  

APPENDIX B GOVERNANCE AND NOMINATING COMMITTEE CHARTERS

      B-1  

APPENDIX C OUTSTANDING SHARES OF EACH FUND

      C-1  

APPENDIX D BENEFICIAL OWNERS OF MORE THAN 5% OF A CLASS OF EACH FUND

      D-1  

GOLDMAN SACHS ETF TRUST

GOLDMAN SACHS ETF TRUST II

GOLDMAN SACHS REAL ESTATE DIVERSIFIED INCOME FUND

GOLDMAN SACHS TRUST

GOLDMAN SACHS TRUST II

GOLDMAN SACHS VARIABLE INSURANCE TRUST

200 West Street

New York, New York 10282

(212) 902-1000

JOINT PROXY STATEMENT FOR SPECIAL JOINT MEETING OF SHAREHOLDERS

TO BE HELD ON NOVEMBER 16, 2023

This Joint Proxy Statement and enclosed Notice of Special Joint Meeting of Shareholders (“Notice”) and proxy card are being furnished in connection with the solicitation of proxies by and on behalf of the Boards of Trustees (the “Boards,” and the members thereof, the “Trustees”) of the Goldman Sachs ETF Trust (“GSETF Trust”), Goldman Sachs ETF Trust II (“GSETF Trust II”), Goldman Sachs Real Estate Diversified Income Fund (“Real Estate Fund”), Goldman Sachs Trust (“GS Trust”), Goldman Sachs Trust II (“GS Trust II”) and Goldman Sachs Variable Insurance Trust (“GS VIT”) (collectively, the “Funds”). The proxies are being solicited for use at a virtual special joint meeting of shareholders of each Fund to be held on November 16, 2023, at 10:30 a.m. Eastern Time (with any postponements or adjournments, the “Meeting”).

This Joint Proxy Statement is also being furnished by certain life insurance companies (the “Life Companies”) to owners, annuitants and beneficiaries (“variable contract owners”) of variable life insurance and variable annuity contracts (“variable contracts”) issued by a Life Company and having contract assets on the record date allocated to a separate account of a Life Company that has invested in shares of one or more of the Funds within GS VIT (an “Account”). Shareholders and variable contract owners are referred to herein collectively as “shareholders,” unless otherwise specified.

This Joint Proxy Statement and the accompanying Notice, proxy card and voting instruction form (or, if applicable, the appropriate notice of where to access these materials) are anticipated to be first mailed to shareholders on or about September 7, 2023.

At the Meeting, and as described in this Joint Proxy Statement, shareholders of the Funds will be asked to consider and act upon the following proposals:

1. To elect nominees (the “Nominees”) to the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT (the “Proposal”) as follows:

 

  i.

Shareholders of the Funds within the GSETF Trust will be asked to elect the following Trustees to the Board of their Funds:

 

  •  

Gregory G. Weaver

  •  

Dwight L. Bush

  •  

Kathryn A. Cassidy

  •  

John G. Chou

  •  

Joaquin Delgado

  •  

Eileen H. Dowling

  •  

Paul C. Wirth

 

1

  ii.

Shareholders of the Funds within the GSETF Trust II will be asked to elect the following Trustees to the Board of their Funds:

 

  •  

Gregory G. Weaver

  •  

Dwight L. Bush

  •  

Kathryn A. Cassidy

  •  

John G. Chou

  •  

Joaquin Delgado

  •  

Eileen H. Dowling

  •  

Paul C. Wirth

 

  iii.

Shareholders of the Real Estate Fund will be asked to elect the following Trustees to the Board of their Fund:

 

  •  

Gregory G. Weaver

  •  

Dwight L. Bush

  •  

Kathryn A. Cassidy

  •  

John G. Chou

  •  

Joaquin Delgado

  •  

Eileen H. Dowling

  •  

Paul C. Wirth

 

  iv.

Shareholders of the Funds within the GS Trust will be asked to elect the following Trustees to the Board of their Funds:

 

  •  

Cheryl K. Beebe

  •  

John G. Chou

  •  

Eileen H. Dowling

  •  

Lawrence Hughes

  •  

John F. Killian

  •  

Steven D. Krichmar

  •  

Michael Latham

  •  

Lawrence W. Stranghoener

  •  

Paul C. Wirth

 

  v.

Shareholders of the Funds within the GS Trust II will be asked to elect the following Trustees to the Board of their Funds:

 

  •  

Gregory G. Weaver

  •  

Dwight L. Bush

  •  

Kathryn A. Cassidy

  •  

John G. Chou

  •  

Joaquin Delgado

  •  

Eileen H. Dowling

  •  

Paul C. Wirth

 

  vi.

Variable contract owners of the Funds within the GS VIT will be asked to elect the following Trustees to the Board of their Funds:

 

  •  

Cheryl K. Beebe

  •  

John G. Chou

  •  

Eileen H. Dowling

  •  

Lawrence Hughes

  •  

John F. Killian

  •  

Steven D. Krichmar

  •  

Michael Latham

 

2

  •  

Lawrence W. Stranghoener

  •  

Paul C. Wirth

2. To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.

After careful consideration, the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT unanimously recommends that shareholders vote “FOR” the Proposal (the election of each applicable Nominee). The Proposal will be voted upon separately by each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT. For each of the GSETF Trust, GSETF Trust II, GS Trust, GS Trust II and GS VIT, the Proposal applies on a Trust-wide basis, and all series (i.e., the respective Funds) and classes thereof will vote together on the Proposal.

As further explained below, election of all of the Nominees will bring the membership of the Boards into alignment. This alignment and consolidation would provide the opportunity to enhance the effectiveness of board oversight, and result in other potential benefits, as described below. If elected by shareholders, the Nominees would begin serving as Trustees of the applicable Board on January 1, 2024. The Boards have determined that the use of this Joint Proxy Statement for the Meeting is in the best interests of each Fund and its shareholders because similar matters are being considered and voted on by the shareholders of the other Funds.

The Meeting will be a virtual meeting conducted exclusively via live webcast starting at 10:30 a.m. Eastern Time on November 16, 2023. You will be able to attend the Meeting online and vote your shares electronically. To participate in the Meeting, shareholders must register in advance by visiting https://www.viewproxy.com/goldmansachs/broadridgevsm/and submitting the required information to Broadridge Financial Solutions, Inc. (“Broadridge”), the Funds’ proxy solicitor.

Shareholders whose shares are registered directly with a Fund in the Shareholder’s name will be asked to submit their name and control number found on the Shareholder’s proxy card in order to register to participate in and vote at the Meeting. Shareholders whose shares are held by a broker, bank or other nominee must first obtain a “legal proxy” from the applicable nominee/record holder, who will then provide the shareholder with a newly-issued control number. We note that obtaining a legal proxy may take several days. Requests for registration should be received no later than 5:00 p.m., Eastern Time, on November 14. 2023, but in any event must be received by the scheduled time for commencement of the Meeting. Once shareholders have obtained a new control number, they must visit https://www.viewproxy.com/goldmansachs/broadridgevsm/ and submit their name and newly issued control number in order to register to participate in and vote at the Meeting.

After Shareholders have submitted their registration information, they will receive an email from Broadridge that confirms that their registration request has been received and is under review by Broadridge. Once a Shareholder’s registration request has been accepted, the Shareholder will receive (i) an email containing an event link and dial-in information to attend the Meeting, and (ii) an email with a password to enter at the event link in order to access the Meeting. Shareholders may vote before or during the Meeting at www.proxyvote.com. Only Shareholders of a Fund present virtually or by proxy will be able to vote, or otherwise exercise the powers of a Shareholder, at the Meeting.

The Boards have fixed the close of business on August 21, 2023 as the record date for the determination of shareholders entitled to notice of, and to vote at, the Meeting (the “Record Date”). Shareholders of record of the Funds on the Record Date are entitled to one vote per share at the Meeting. Appendix C to this Joint Proxy Statement sets forth the number of shares of beneficial interest of each Fund outstanding as of the Record Date. Appendix D to this Joint Proxy Statement sets forth the persons who owned beneficially more than 5% of any class of a Fund as of July 31, 2023.

Goldman Sachs & Co. LLC, Goldman Sachs Asset Management, L.P. (“GSAM” or the “Investment Adviser”), the Life Companies and the Accounts are the only shareholders of GS VIT. Each Life Company

 

3

hereby solicits and agrees to vote the shares of one or more Funds within GS VIT at the Meeting, and, as applicable, in accordance with timely instructions received from persons entitled to give voting instructions under variable contracts issued by it and having contract values allocated to one of its Accounts invested in shares of one or more Funds within GS VIT. As a variable contract owner of record at the close of business on the Record Date, you have the right to instruct the Life Company that issued your contract as to the manner in which shares of one or more Funds within GS VIT attributable to your contract should be voted. The Life Companies will vote shares attributable to variable contracts as to which proxy cards or voting instruction forms are neither executed nor returned in proportion (“for” or “withhold authority”) to those shares for which instructions are received. As a result, a small number of variable contract owners could determine the outcome of the vote for the GS VIT if other owners fail to vote. GSAM will vote shares of GS VIT that it owns, if any, in proportion to the votes cast by the Life Companies on behalf of variable contract owners.

The Funds’ officers, and personnel of the Funds’ investment adviser and transfer agents and any authorized proxy solicitation agent, may also solicit proxies by telephone, facsimile, Internet or in person. If the Funds record votes through the Internet or by telephone, it will use procedures designed to authenticate shareholders’ identities, to allow shareholders to authorize the voting of their shares in accordance with their instructions, and to confirm that their identities have been properly recorded.

GSAM has agreed to bear a portion of the costs associated with the board realignment and consolidation (up to $2,100,000). Each Fund will be allocated its respective share of the remaining costs associated with the board realignment and consolidation, with fixed costs allocated to the Funds equally and certain variable costs (e.g., costs of printing and mailing) allocated to the Funds on a pro rata basis based on the number of shareholders of each Fund. In addition, for Funds subject to an expense reimbursement arrangement, GSAM will reimburse the costs associated with the board realignment and consolidation to the extent needed to ensure that no Fund’s allocated costs would increase such Fund’s total expense ratio by more than 0.004%. In no event will the allocated costs associated with the board realignment and consolidation increase a Fund’s total expense ratio by more than 0.004%. The Funds and GSAM have retained Broadridge Financial Solutions (“Broadridge”), a proxy solicitation firm, to assist the solicitation and tabulation of proxies, and Donnelley Financial Solutions (“DFIN”), to assist with the printing of proxy materials. The cost of DFIN’s and Broadridge’s services in connection with the proxy solicitation is approximately $6.6 million.

To vote by mail, sign, date and promptly return the enclosed proxy card or voting instruction form in the accompanying postage pre-paid envelope. To vote by Internet or telephone, please use the control number on your proxy card or voting instruction form and follow the instructions as described on your proxy card or voting instruction form. If you have any questions regarding the proxy materials, please contact Broadridge at 855-973-0097. If the enclosed proxy card or voting instruction form is properly executed and received prior to the Meeting and has not been revoked, the shares represented thereby will be voted in accordance with the instructions marked on the returned proxy card or voting instruction form or, if no instructions are marked on the returned proxy card or voting instruction form, the proxy card or voting instruction form will be voted “FOR” the election of the Nominees described in this Joint Proxy Statement, and in the discretion of the persons named as proxies in connection with any other matter that may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.

Any person giving a proxy may revoke it at any time before it is exercised by submitting to the Secretary of the Funds, c/o Goldman Sachs Funds, Attention: Shareholder Services Media Support, 71 South Wacker Drive, Suite 1200 Chicago, IL 60606, a written notice of revocation or subsequently executed proxy or voting instruction form or by virtually attending and voting at the Meeting.

If (i) you are a member of a household in which multiple shareholders of a Fund share the same address, (ii) your shares are held in “street name” and (iii) your broker or bank has received consent to household material, then your broker or bank may have sent to your household only one copy of this Joint Proxy Statement or the Notice of Internet Availability of Proxy Materials, unless your broker or bank previously received contrary

 

4

instructions from a shareholder in your household. If you are part of a household that has received only one copy of this Joint Proxy Statement or the Notice of Internet Availability of Proxy Materials, your Fund will deliver promptly a separate copy of this Joint Proxy Statement or the Notice of Internet Availability of Proxy Materials to you upon request. To receive a separate copy of this Joint Proxy Statement or the Notice of Internet Availability of Proxy Materials, please contact your Fund by calling toll free 1-800-621-2550 (for institutional shareholders) or 1-800-526-7384 (for retail shareholders) or by mail at such Fund, c/o Goldman Sachs Funds, Attention: Shareholder Services Media Support, 71 South Wacker Drive, Suite 1200 Chicago, IL 60606. If your shares are held with certain banks, trust companies, brokers, dealers, investment advisers and other financial intermediaries (each, an “Authorized Institution”) and you would like to receive a separate copy of future proxy statements, prospectuses or annual reports or you are now receiving multiple copies of these documents and would like to receive a single copy in the future, please contact your Authorized Institution.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE MEETING TO BE HELD ON NOVEMBER 16, 2023

This Joint Proxy Statement is available online at www.proxyvote.com (please have the control number found on your proxy card or voting instruction form ready when you visit this website).

In addition, copies of the Funds’ most recent annual and semi-annual report, including financial statements, have previously been mailed to Shareholders. The Funds will furnish to any shareholder upon request, without charge, an additional copy of the Funds’ most recent annual report and semi-annual report to shareholders. Annual reports and semi-annual reports to Shareholders may be obtained by writing to: the Funds, c/o Goldman Sachs Funds, Attention: Shareholder Services Media Support, 71 South Wacker Drive, Suite 1200 Chicago, IL 60606; or by telephone toll-free at: 1-800-621-2550 (for institutional shareholders) and 1-800-526-7384 (for retail shareholders).

The date of this Joint Proxy Statement is September 5, 2023.

 

5

THE PROPOSAL

ELECTION OF NOMINEES TO THE BOARD OF TRUSTEES OF EACH OF GOLDMAN SACHS ETF TRUST, GOLDMAN SACHS ETF TRUST II, GOLDMAN SACHS REAL ESTATE DIVERSIFIED INCOME FUND, GOLDMAN SACHS TRUST, GOLDMAN SACHS TRUST II AND GOLDMAN SACHS VARIABLE INSURANCE TRUST

ALL FUNDS LISTED IN EXHIBIT C

The Proposal relates to the election of the following Nominees to the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT:

 

Nominees to the Board of the GSETF Trust

 

  •   Gregory G. Weaver
  •   Dwight L. Bush
  •   Kathryn A. Cassidy
  •   John G. Chou
  •   Joaquin Delgado
  •   Eileen H. Dowling
  •   Paul C. Wirth

Nominees to the Board of the GSETF Trust II

 

  •   Gregory G. Weaver
  •   Dwight L. Bush
  •   Kathryn A. Cassidy
  •   John G. Chou
  •   Joaquin Delgado
  •   Eileen H. Dowling
  •   Paul C. Wirth

Nominees to the Board of the Real Estate Fund

 

  •   Gregory G. Weaver
  •   Dwight L. Bush
  •   Kathryn A. Cassidy
  •   John G. Chou
  •   Joaquin Delgado
  •   Eileen H. Dowling
  •   Paul C. Wirth

Nominees to the Board of the GS Trust

  •   Cheryl K. Beebe
  •   John G. Chou
  •   Eileen H. Dowling
  •   Lawrence Hughes
  •   John F. Killian
  •   Steven D. Krichmar
  •   Michael Latham
  •   Lawrence W. Stranghoener
  •   Paul C. Wirth

Nominees to the Board of the GS Trust II

 

  •   Gregory G. Weaver
  •   Dwight L. Bush
  •   Kathryn A. Cassidy
  •   John G. Chou
  •   Joaquin Delgado
  •   Eileen H. Dowling
  •   Paul C. Wirth

Nominees to the Board of the GS Variable Insurance Trust

 

  •   Cheryl K. Beebe
  •   John G. Chou
  •   Eileen H. Dowling
  •   Lawrence Hughes
  •   John F. Killian
  •   Steven D. Krichmar
  •   Michael Latham
  •   Lawrence W. Stranghoener
  •   Paul C. Wirth
 

 

The Board of each of the GS Trust and GS VIT is currently composed of eight Trustees: Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, Paul C. Wirth and James A. McNamara. The Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II is currently composed of seven Trustees: Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and James A. McNamara.

 

6

Each Nominee would not be deemed to be an “interested person,” as that term is defined under the Investment Company Act of 1940 (the “1940 Act”), of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT.

If elected, the applicable Nominees would hold office with respect for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the applicable Declaration of Trust; (c) the termination of the Funds; or (d) his or her retirement (whether pursuant to the applicable retirement policy or otherwise).

These policies may be changed by the Trustees without shareholder approval. The Boards would also be able to fill future vacancies by appointment (subject to the requirement of the 1940 Act that, after such appointment, at least two-thirds of the Trustees holding office must have been elected by shareholders) without incurring the additional expense associated with calling one or more shareholder meetings to fill those vacancies.

Following discussions with GSAM and meetings of the Boards, each Governance and Nominating Committee considered each applicable Nominee (except with respect to Nominees who were appointed and currently serve on the Boards of GS Trust and GS VIT), including his or her qualifications and experience, and selected and recommended, and each Board unanimously nominated, the applicable Nominees for election by shareholders as Trustees of the applicable Boards. The Boards also increased their respective sizes to accommodate the applicable Nominees.

Explanation of the Board Alignment and Consolidation

The Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II currently consists of the same six Independent Trustees (i.e., Trustees who are not “interested persons” of the applicable Funds, as defined in the 1940 Act) as well as Mr. McNamara, an Interested Trustee. The Board of each of the GS Trust and GS VIT also currently consists of the same seven Independent Trustees as well as James A. McNamara, an Interested Trustee. In order to bring the memberships of the Boards into alignment, (i) the GST/GS VIT Independent Trustees have been nominated for election to the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II; and (ii) the ETF/ETFII/RE/GSTII Independent Trustees have been nominated for election to the Board of each of the GS Trust and GS VIT. In addition, three current Independent Trustees of the GS Trust and GS VIT (Mr. Chou, Ms. Dowling and Mr. Wirth), who were previously appointed by other Independent Trustees to the Board rather than elected by shareholders, have been nominated for election to continue to serve as Trustees on the Board.

As further explained below, the election of all of the Nominees will bring the membership of the Boards into alignment. This alignment and consolidation would provide the opportunity to enhance the effectiveness of board oversight and result in other potential benefits as described in the accompanying Joint Proxy Statement.

The Boards separately determined that it is in the best interests of the Fund(s) under their respective oversight to align and consolidate the membership of the Boards so that all of the Funds are overseen by the same Trustees.

Summary of the Reasons for the Board Alignment and Consolidation

The Proposal is the result of an effort on the part of the Boards and GSAM to align and consolidate the membership of the Boards so that the same Trustees serve on each board for the Funds, in order to further enhance the effectiveness of board oversight. The Trustees met with GSAM representatives and communicated with each other to consider and develop the Proposal to align and consolidate the membership of the Boards. The Independent Trustees also met with their independent legal counsel to consider and discuss matters relating to the alignment and consolidation of the Boards.

 

7

In reaching the conclusion that the approval of the Proposal is in the best interests of the Funds and their shareholders, the Boards took into account the recommendation of GSAM, and considered a number of factors, including the following:

 

◾

that each Fund would benefit from the additional experience, insights and oversight from the election of the Nominees that are not currently members of its Board;

 

◾

that each of the Nominees has significant professional experience and skills, as well as experience overseeing investment companies;

 

◾

that a single, consolidated Board would reduce GSAM’s administrative and operational efforts in supporting multiple Boards and enable GSAM to focus greater resources and time on providing services to the Funds;

 

◾

that a single, consolidated Board with increased skill sets, backgrounds and depth of experience with all types of funds within the Goldman Sachs registered fund complex would be better positioned to respond to the increasing complexities of the registered fund business;

 

◾

that GSAM has agreed to bear a portion of the costs associated with the board realignment and consolidation (up to $2,100,000). Each Fund will be allocated its respective share of the remaining costs associated with the board realignment and consolidation, with fixed costs allocated to the Funds equally and certain variable costs (e.g., costs of printing and mailing) allocated to the Funds on a pro rata basis based on the number of shareholders of each Fund. In addition, for Funds subject to an expense reimbursement arrangement, GSAM will reimburse the costs associated with the board realignment and consolidation to the extent needed to ensure that no Fund’s allocated costs would increase such Fund’s total expense ratio by more than 0.004%. In no event will the allocated costs associated with the board realignment and consolidation increase a Fund’s total expense ratio by more than 0.004%;

 

◾

that a single, consolidated Board would facilitate succession planning efforts of the Boards and alleviate the costs of identifying and onboarding new Board members in the future, who may have potentially less experience overseeing funds, including those managed by GSAM; and

 

◾

that a single governance platform would reduce the costs and complexity of potential Fund conversions and reorganizations within the Goldman Sachs registered fund complex overseen by the Boards.

Information concerning the Nominees and other relevant factors is provided below. Using the enclosed proxy card or voting instruction form or voting by the Internet or by telephone, a shareholder may authorize proxies to vote his or her shares for the Nominees or may withhold from the proxies authority to vote his or her shares for one or more of the Nominees. If the enclosed proxy card or voting instruction form is properly executed and received prior to the Meeting (and has not been revoked) but no instructions are marked, the proxies will vote “FOR” the Nominees. Each of the Nominees has consented to his or her nomination and has agreed to serve if elected. If, at the time of the Meeting, for any reason, any Nominee is not available for election or able to serve as a Trustee, the proxies will exercise their voting power in favor of such substitute Nominee, if any, as the Trustees may designate. The Funds have no reason to believe that it will be necessary to designate a substitute Nominee. Each Fund proposes the election by all of its respective shareholders of the Nominees named in the table below to serve as members of its Board.

Information Regarding the Nominees

The following table lists the Nominees and Trustees, their ages, current position(s) held with the Funds length of time served, principal occupations during the past five years, number of funds currently overseen within the Goldman Sachs Fund Complex and other directorships held by the Nominees and Trustees during the past five years, as of September 5, 2023.

 

8

Independent Trustees/Nominees

 

Name,

Address and

Age1

  

Position(s) Held with
the Funds

  

Term of Office and
Length of Time Served

  

Principal Occupation(s)
During Past 5 Years

   Number of
Portfolios
in Fund
Complex
Overseen
by  Trustee2		  

Other Directorships 
Held by Trustee3

Cheryl K. Beebe

Age: 67

   Chair of the Board of Trustees of GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II   Since 2017 (Trustee since 2015) (GS Trust II); Since 2022 (Trustee since 2021) (GSETF Trust, GSETF Trust II and Real Estate Fund);  

Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008–Present); Director, The Mosaic Company (2019–Present); Director, HanesBrands Inc. (2020–Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015–2018); and formerly held the position of Executive Vice President, (2010–2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004–2014).

 

Chair of the Board of Trustees—Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund.

   89   Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company)

Dwight L. Bush

Age: 66

   Trustee of GS Trust and GS VIT   Since 2020  

The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002–2014 and 2017–present); Director of MoneyLion, Inc. (an operator of a data- driven, digital financial platform) (2021– present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014–2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018–2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019–January 2020).

 

Trustee—Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

   102   MoneyLion, Inc. (an operator of a data-driven, digital financial platform)

 

9

Name,

Address and

Age1

  

Position(s) Held with
the Funds

  

Term of Office and
Length of Time Served

  

Principal Occupation(s)
During Past 5 Years

   Number of
Portfolios
in Fund
Complex
Overseen
by  Trustee2		  

Other Directorships 
Held by Trustee3

Kathryn A. Cassidy

Age: 69

   Trustee of GS Trust and GS VIT   Since 2015  

Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021–present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014–December 2014); and Senior Vice President and Treasurer (2008–2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).

 

Trustee—Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

   102   Vertical Aerospace Ltd. (an aerospace and technology company)

John G. Chou

Age: 66

   Trustee of GS Trust and GS VIT   Since 2022  

Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021–2022); Executive Vice President and Chief Legal Officer (2019–2021); Executive Vice President and Chief Legal & Business Officer (2017–2019); and Executive Vice President and General Counsel (2011–2017) of Cencora, Inc. (a pharmaceutical and healthcare company).

 

Trustee—Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

   102   None

Joaquin Delgado

Age: 63

   Trustee of GS Trust and GS VIT   Since 2020  

Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011–present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019–2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019– January 2020).

 

Trustee—Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

   102   Stepan Company (a specialty chemical manufacturer)

 

10

Name,

Address and

Age1

  

Position(s) Held with
the Funds

  

Term of Office and
Length of Time Served

  

Principal Occupation(s)
During Past 5 Years

   Number of
Portfolios
in Fund
Complex
Overseen
by  Trustee2		  

Other Directorships 
Held by Trustee3

Eileen H. Dowling

Age: 60

   Trustee of GS Trust and GS VIT   Since 2021  

Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021–September 2021); and Managing Director (2013–2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017–2021), Multinational Corporations (2019–2021), the Institutional Product Group (2015–2019) and Institutional Marketing (2013–2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee of BlackRock.

 

Trustee—Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

   102   None

Lawrence Hughes

Age: 65

   Trustee of GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II   Since 2016 (GS Trust II); Since 2021 (GSETF Trust, GSETF Trust II and Real Estate Fund);  

Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991–2015), most recently as Chief Executive Officer (2010–2015). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016 – April 2016).

 

Trustee—Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund.

   89   None

 

11

Name,

Address and

Age1

  

Position(s) Held with
the Funds

  

Term of Office and
Length of Time Served

  

Principal Occupation(s)
During Past 5 Years

   Number of
Portfolios
in Fund
Complex
Overseen
by  Trustee2		  

Other Directorships 
Held by Trustee3

John F. Killian

Age: 68

   Trustee of GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II   Since 2015 (GS Trust II); Since 2021 (GSETF Trust, GSETF Trust II and Real Estate Fund);  

Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007–Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011–2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009–2010); and President, Verizon Business, Verizon Communications, Inc. (2005–2009).

 

Trustee—Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund.

   89   Consolidated Edison, Inc. (a utility holding company)

Steven D. Krichmar

Age: 65

   Trustee of Goldman Sachs GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II   Since 2018 (GS Trust II); Since 2021 (GSETF Trust, GSETF Trust II and Real Estate Fund);  

Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001–2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990 – 2001).

 

Trustee—Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund.

   89   None

 

12

Name,

Address and

Age1

  

Position(s) Held with
the Funds

  

Term of Office and
Length of Time Served

  

Principal Occupation(s)
During Past 5 Years

   Number of
Portfolios
in Fund
Complex
Overseen
by  Trustee2		  

Other Directorships 
Held by Trustee3

Michael Latham

Age: 57

   Trustee of GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II   Since 2015 (GSETF Trust); Since 2021 (GSETF Trust II and GS Trust II); Since inception (Real Estate Fund)  

Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011–2014); Global Head (2010–2011); U.S. Head (2007–2010); and Chief Operating Officer (2003–2007).

 

Trustee—Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

   90   None

Lawrence W. Stranghoener

Age: 69

   Trustee of GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II   Since 2015 (GSETF Trust); Since 2021 (GSETF Trust II and GS Trust II); Since inception (Real Estate Fund)  

Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004–2014), Mosaic Company (a fertilizer manufacturing company).

 

Trustee—Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees—Goldman Sachs Credit Income Fund.

   90   Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials)

Gregory G. Weaver

Age: 71

  

Chair of the

Board of Trustees of GS Trust and GS VIT

   Since 2023 (Trustee since 2015)  

Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015–Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001–2005 and 2012–2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006–2012).

 

Chair of the Board of Trustees—Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

   102   Verizon Communications Inc.

 

13

Name,

Address and

Age1

  

Position(s) Held with
the Funds

  

Term of Office and
Length of Time Served

  

Principal Occupation(s)
During Past 5 Years

   Number of
Portfolios
in Fund
Complex
Overseen
by  Trustee2		  

Other Directorships 
Held by Trustee3

Paul C. Wirth

Age: 65

   Trustee of GS Trust and GS VIT   Since 2022  

Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023–present). Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011–2020); Finance Director and Principal Accounting Officer (2010–2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005–2010) of Morgan Stanley.

 

Trustee—Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

   102   None
Interested Trustee

James A. McNamara*

Age: 60

   President and Trustee of GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT  

Since 2007 (GS Trust and GS VIT);

Since 2012 (GS Trust II); Since 2014 (GSETF Trust); Since 2021 (GSETF Trust II); Since inception (Real Estate Fund)

  

Advisory Director, Goldman Sachs (January 2018–Present); Managing Director, Goldman Sachs (January 2000–December 2017); Director of Institutional Fund Sales, GSAM (April 1998–December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993–April 1998).

 

President and Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

   192   None

 

*

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

1

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus.

2

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of September 5, 2023, GSETF Trust consisted of 67 portfolios (32 of which offered shares to the public); GSETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); GS Trust consisted of 87 portfolios; GS Trust II consisted of 18 portfolios (7 of which offered shares to the public); GS VIT consisted of 15 portfolios (11 of which offered shares to the public); and Goldman Sachs Credit Income Fund, Goldman Sachs MLP and Energy Renaissance Fund and Real Estate Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public. The Goldman Sachs Fund Complex also includes an entity organized as a Delaware statutory trust, which has not commenced operations.

 

14

3

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

The significance or relevance of a Nominee’s particular experience, qualifications, attributes and/or skills is considered by the Boards on an individual basis. Experience, qualifications, attributes and/or skills common to all Nominees include the ability to critically review, evaluate and discuss information provided to them and to interact effectively with the other Trustees and with representatives of the investment advisers and sub-advisers and their affiliates, other service providers, legal counsel and the Funds’ independent registered public accounting firm, the capacity to address financial and legal issues and exercise reasonable business judgment, and a commitment to the representation of the interests of the Funds and their Shareholders. The Governance and Nominating Committees’ charters contain certain other factors that are considered by the Governance and Nominating Committees in identifying and evaluating potential nominees to serve as Independent Trustees. Based on each Nominee’s experience, qualifications, attributes and/or skills, considered individually and with respect to the experience, qualifications, attributes and/or skills of other Nominees, the Boards have each concluded that each Nominee should serve as a Trustee. Below is a brief discussion of the experience, qualifications, attributes and/or skills of each individual Nominee as of September 5, 2023 that led the Boards to conclude that such individual should serve as a Trustee.

Cheryl K. Beebe. Ms. Beebe has served as a Trustee of the GS Trust II since 2015 and Chair of the Board of Trustees since 2017 and the GSETF Trust, GSETF Trust II and Real Estate Fund since 2021 and Chair of the Board of Trustees since 2021. Ms. Beebe is retired. She is a member of the Board of Directors of Packaging Corporation of America, a producer of container board, where she serves as Chair of the Audit Committee. She is also a member of the Board of Directors of The Mosaic Company, a producer of phosphate and potash fertilizer, and serves as Chair of the Audit Committee. In addition, Ms. Beebe is a member of the Board of Directors of HanesBrands Inc., a multinational clothing company. Further, she serves on the Board of Trustees of Fairleigh Dickinson University, where she is Chair of the Governance Committee. Ms. Beebe was a member of the Board of Directors of Convergys Corporation, a global leader in customer experience outsourcing, where she served as Chair of the Audit Committee. Previously, she held several senior management positions at Ingredion, Inc. (formerly Corn Products International, Inc.), a leading global ingredient solutions company. Ms. Beebe also worked at Ingredion, Inc. and predecessor companies for 34 years, most recently as Executive Vice President and Chief Financial Officer. In that capacity, she was responsible for overseeing the company’s controller, treasury, tax, investor relations, internal audit, financial planning, corporate communications and global supply chain functions. Based on the foregoing, Ms. Beebe is experienced with financial, accounting and investment matters.

Dwight L. Bush. The Honorable Dwight Bush has served as a Trustee of the GS Trust and GS VIT since 2020. He also serves as President and CEO of D.L. Bush & Associates, a financial advisory and private investment firm, and Director of MoneyLion, Inc., an operator of a data-driven, digital financial platform. From 2014 to 2017, The Honorable Dwight Bush served as U.S. Ambassador to the Kingdom of Morocco. Prior to his service as U.S. Ambassador, he established and served as CEO of Urban Trust Bank and UTB Education Finance, LLC, an integrated provider of education credit services. The Honorable Dwight Bush was previously Vice President of Corporate Development for SLM Corporation (commonly known as Sallie Mae). Formerly, he served as a member of the Board of Directors of Santander Bank, N.A., JER Investors Trust, a specialty real estate finance company, and as Vice Chairman of the Board of Directors of CASI Pharmaceuticals (formerly Entremed, Inc.) where he was Chairman of the Audit Committee. The Honorable Dwight Bush also serves as a member of the Board of Directors for several philanthropic organizations, including the Middle East Investment Initiative and the Meridian International Center, and has served on the executive committee of Cornell University. He previously served on the Trust’s Advisory Board. Based on the foregoing, The Honorable Dwight Bush is experienced with financial and investment matters.

Kathryn A. Cassidy. Ms. Cassidy has served as a Trustee of the GS Trust and GS VIT since 2015. Ms. Cassidy has been designated as the Board’s “audit committee financial expert” given her extensive accounting and finance experience. She is a member of the Board of Directors for Vertical Aerospace Ltd., a

 

15

publicly-traded aerospace and technology company, where she serves as Chair of the Audit Committee. Previously, Ms. Cassidy held several senior management positions at General Electric Company (“GE”) and General Electric Capital Corporation (“GECapital”) and its subsidiaries, where she worked for 35 years, most recently as Advisor to the Chairman of GECapital and Senior Vice President and Treasurer of GE and GECapital. As Senior Vice President and Treasurer, Ms. Cassidy led capital markets and treasury matters of multiple initial public offerings. Ms. Cassidy was responsible for managing global treasury operations, including global funding, hedging, derivative accounting and execution, cash and liquidity management, cash operations and treasury services, and global regulatory compliance and reporting for liquidity, derivatives, market risk and counterparty credit risk. Formerly, Ms. Cassidy served as a Director of buildOn, a not-for-profit organization, where she served as Chair of the Finance Committee. Based on the foregoing, Ms. Cassidy is experienced with financial and investment matters.

John G. Chou. Mr. Chou has served as a Trustee of the GS Trust and GS VIT since 2022. Mr. Chou is retired. Formerly, he held several executive and senior management positions at Cencora, Inc. (“Cencora”) (formerly AmerisourceBergen Corporation) from 2002-2022, including Executive Vice President and Special Advisor to the Chairman and Chief Executive Officer, Executive Vice President and Chief Legal Officer, Executive Vice President and Chief Legal & Business Officer, and Executive Vice President and General Counsel. As Executive Vice President and Chief Legal Officer, Mr. Chou was responsible for managing Cencora’s legal, regulatory, quality, privacy, global business resilience and enterprise risk management functions, among others. In addition, he previously held senior legal positions at Cigna Corporation, ARCO Chemical Europe, and Arco Chemical Company, and also practiced law at various law firms, including most recently as a member of Eckert Seamens Cherin & Mellott, LLC. Mr. Chou currently serves as the President of the Board of Trustees of Episcopal Community Services and as a member of the Board of Directors of the Committee of Seventy. Based on the foregoing, Mr. Chou is experienced with financial and investment matters.

Joaquin Delgado. Dr. Delgado has served as a Trustee of the GS Trust and GS VIT since 2020. Dr. Delgado is a member of the Board of Directors for Stepan Company, a publicly-traded specialty chemical manufacturer. Previously, Dr. Delgado was a member of the Board of Directors for Hexion Inc., a privately held specialty chemical manufacturer, and held several senior management positions at 3M Company, where he worked for over 30 years, most recently as Executive Vice President of 3M Company’s Consumer Business Group. As Executive Vice President, Vice President, and General Manager at 3M Company, Dr. Delgado directed mergers and acquisitions worldwide, and was responsible for managing global operations in specialized markets such as semiconductors, consumer electronics, communications, medical and office supplies and software. Dr. Delgado also serves as a member of the Board of Directors of Ballet Austin, a not-for-profit organization. Additionally, he formerly served as a member of the Board of Directors of MacPhail Center for Music, a not-for-profit organization. Dr. Delgado previously served on the Trust’s Advisory Board. Based on the foregoing, Dr. Delgado is experienced with financial and investment matters.

Eileen H. Dowling. Ms. Dowling has served as a Trustee of the GS Trust and GS VIT since 2021. Ms. Dowling worked at BlackRock for over 10 years, where she was a Managing Director and, most recently, a Senior Advisor. While at BlackRock, Ms. Dowling held several senior management positions responsible for clients, investment products and marketing, including Global Head of Consultant Relations, Global Head of Multinationals, Global Head of the Institutional Product Group and Global Head of Institutional Marketing. She also was a member of BlackRock’s Global Operating Committee and Product Executive Committee. From 2007-2011, Ms. Dowling was a Managing Director and Global Head of Marketing at Credit Suisse Asset Management. Prior to that, over an 18-year period at Merrill Lynch, Ms. Dowling served in several roles in Investment Banking, Capital Markets and Research. Ms. Dowling currently serves as a Member of the Advisory Board and Finance Committee of New York University’s Glucksman Ireland House. Based on the foregoing, Ms. Dowling is experienced with investment, financial and accounting matters.

Lawrence Hughes. Mr. Hughes has served as a Trustee of the GS Trust II since 2016 and the GSETF Trust, GSETF Trust II and Real Estate Fund since 2021. Mr. Hughes is retired. Previously, he held several senior

 

16

management positions at BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation that provides wealth planning, investment management and banking services to individuals, families, family offices and charitable gift programs through a nationwide network of offices. Mr. Hughes worked at BNY Mellon Wealth Management for 24 years, most recently as Chief Executive Officer. In that capacity, he was ultimately responsible for the division’s operations and played an active role in multiple acquisitions. Based on the foregoing, Mr. Hughes is experienced with financial and investment matters.

John F. Killian. Mr. Killian has served as a Trustee of the GS Trust II since 2015 and the GSETF Trust, GSETF Trust II and Real Estate Fund since 2021. Mr. Killian has been designated as the Board’s “audit committee financial expert” given his extensive accounting and finance experience. Mr. Killian is retired. Mr. Killian is a member of the Board of Directors of Consolidated Edison, Inc., a utility holding company, where he serves as Chair of the Audit Committee and as a member of the Corporate Governance and Nominating, and Management Development and Compensation Committees. Formerly, he was a member of the Board of Directors of Houghton Mifflin Harcourt Publishing Company, where he served as Chair of the Audit Committee and a member of the Compensation Committee. Previously, Mr. Killian worked for 31 years at Verizon Communications, Inc. and predecessor companies, most recently as Executive Vice President and Chief Financial Officer. Based on the foregoing, Mr. Killian is experienced with accounting, financial and investment matters.

Steven D. Krichmar. Mr. Krichmar has served as a Trustee of the GS Trust II since 2018 and the GSETF Trust, GSETF Trust II and Real Estate Fund since 2021. Mr. Krichmar is retired. He previously worked for fifteen years at Putnam Investments, LLC, a financial services company. Most recently, he served as Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC. He was also involved in the governance of The Putnam Funds, serving as Principal Financial Officer. Before joining Putnam, Mr. Krichmar worked for PricewaterhouseCoopers LLP and its predecessor company for 20 years, most recently as Audit Partner and Investment Management Industry Leader (Assurance) for the northeast U.S. region. Currently, Mr. Krichmar is a member of the Board of Trustees of Boston Children’s Hospital, where he serves as Chairman of the Audit & Compliance Committee, the Co-Chairman of the Finance Committee, a member of the Executive Committee and the Technology and Innovation Committee, and a member of the Physicians’ Organization Board. He is also a member of the Board of Directors and Audit Committee of The Risk Management Foundation of the Harvard Medical Institutions, a member of the Subscribers Advisory Committee of CRICO (A Reciprocal Risk Retention Group), a member of the Board of Trustees of Boys & Girls Clubs of Boston, and a member of the Board of Advisors of the University of North Carolina Kenan-Flagler Business School. Based on the foregoing, Mr. Krichmar is experienced with accounting, financial and investment matters.

Michael Latham. Mr. Latham has served as a Trustee of the GSETF Trust since 2015, the GSETF Trust II and GS Trust II since 2021 and the Real Estate Fund since inception. Mr. Latham is retired. Previously, Mr. Latham held several senior management positions for 15 years with the iShares exchange-traded fund business owned by BlackRock, Inc. and previously owned by Barclays Global Investors, most recently as Chairman and Global Head of the business. In that capacity he was one of the lead executives responsible for the growth of the business. He was also involved in governance of the iShares funds, serving initially as Principal Financial Officer and later as President and Principal Executive Officer and a member of the Board of Directors. Mr. Latham is a certified public accountant, and before joining Barclays Global Investors, he worked at Ernst and Young for over five years. Based on the foregoing, Mr. Latham is experienced with accounting, financial and investment matters.

Lawrence W. Stranghoener. Mr. Stranghoener has served as a Trustee of the GSETF Trust since 2015, the GSETF Trust II and GS Trust II since 2021 and the Real Estate Fund since inception. Mr. Stranghoener is retired. Mr. Stranghoener is Chairman of the Board of Directors of Kennametal, Inc., a global manufacturer and distributor of tooling and industrial materials. Previously, he was a member of the Board of Directors of Aleris Corporation and Aleris International, Inc., which provided aluminum rolled products and extrusions, aluminum

 

17

recycling, and specification alloy production, where he served as Chair of the Audit Committee and also served on the Compensation Committee. Mr. Stranghoener also held several senior management positions at Mosaic Company, a fertilizer manufacturing company, where he worked for 10 years, most recently as Interim Chief Executive Officer, Executive Vice President and Chief Financial Officer. As Executive Vice President and Chief Financial Officer at Mosaic Company, Mr. Stranghoener implemented public company processes, policies and performance standards to transition the company from private to public ownership and oversaw the company’s controller, treasury, tax, investor relations, strategy and business development, and internal audit functions. He also led the integration of Mosaic Company with IMC Global, Inc. during their merger. Previously, Mr. Stranghoener served for three years as Executive Vice President and Chief Financial Officer for Thrivent Financial, a non-profit, financial services organization and Techies.com, an internet-based professional services company. Mr. Stranghoener also held several senior management positions at Honeywell International, Inc. where he worked for 17 years, most recently as Vice President and Chief Financial Officer. Based on the foregoing, Mr. Stranghoener is experienced with financial and investment matters.

Gregory G. Weaver. Mr. Weaver has served as a Trustee of the GS Trust and GS VIT since 2015 and Chair of the Board since 2023. Mr. Weaver also serves as a Director of Verizon Communications Inc., where he serves as Chair of the Audit Committee. Previously, Mr. Weaver was a partner with Deloitte & Touche LLP for 30 years. He was the firm’s first chairman and chief executive officer from 2001–2005, and was elected to serve a second term (2012–2014). While serving as chairman at Deloitte & Touche LLP, Mr. Weaver led the audit and enterprise risk services practice, overseeing all operations, strategic positioning, audit quality, and talent matters. Mr. Weaver also served as a member of the firm’s Board of Directors for six years where he served on the Governance Committee and Partner Earnings and Benefits Committee and was chairman of the Elected Leaders Committee and Strategic Investment Committee. Mr. Weaver is also a Board member and Audit Committee chair of the YMCA of Westfield, New Jersey. Mr. Weaver has also served as President of the Council of Boy Scouts of America in Long Rivers, Connecticut, President of A Better Chance in Glastonbury, Connecticut, as a member of the Financial Accounting Standards Advisory Council and as a board member of the Stan Ross Department of Accountancy, Baruch College. Based on the foregoing, Mr. Weaver is experienced with accounting, financial and investment matters.

Paul C. Wirth. Mr. Wirth has served as a Trustee of the GS Trust and GS VIT since 2022. Mr. Wirth is an Executive Advisor with My Next Season LLC, a career transition advisory firm. Previously, Mr. Wirth held various senior management positions at Morgan Stanley, where he worked for over 15 years. While with Morgan Stanley, Mr. Wirth served as Deputy Chief Financial Officer and Principal Accounting Officer, Finance Director and Principal Accounting Officer, and Managing Director, Global Controller and Chief Accounting Officer. He also was a member of Morgan Stanley’s Management Committee and Risk Committee. Prior to Morgan Stanley, Mr. Wirth held senior positions at Credit Suisse First Boston, Deloitte & Touche LLP, and KPMG LLP. Mr. Wirth served as a member of the Board of Directors of certain Morgan Stanley subsidiaries, including Morgan Stanley Europe Holding SE, where he also served as Audit Committee Chairman. He is also a member of the St. John’s University Board of Governors since October 2020 and was previously a member of the Peter J. Tobin College of Business Board of Trustees from 2011 to 2017. Mr. Wirth serves as a member of the Board of Advisors for the ARC of Essex County, a not-for-profit organization. He also has served on the Board of Trustees of the Financial Accounting Foundation. Mr. Wirth is a certified public accountant. Based on the foregoing, Mr. Wirth is experienced with accounting, financial and investment matters.

 

18

Additional Information about the Boards and the Nominees

The Boards’ Leadership Structure

The business and affairs of the Funds are managed under the direction of the respective Boards, subject to the laws of the State of Delaware and the applicable Declaration of Trust. Each Board is responsible for deciding matters of overall policy and reviewing the actions of the applicable Funds’ service providers. The officers of the Funds conduct and supervise the Funds’ daily business operations. Trustees who are not deemed to be “interested persons” of the Fund(s) under their oversight as defined in the 1940 Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Fund(s) under their oversight are referred to as “Interested Trustees.” The Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II is currently composed of six Independent Trustees and one Interested Trustee. The Board of each of the GS Trust and GS VIT is currently composed of seven Independent Trustees and one Interested Trustee. Each Board has selected an Independent Trustee to act as Chair, whose duties include presiding at meetings of the Board and acting as a focal point to address significant issues that may arise between regularly scheduled Board and Committee meetings. In the performance of the Chair’s duties, the Chair will consult with the other Independent Trustees and the Funds’ officers and legal counsel, as appropriate. The Chair may perform other functions as requested by his or her Boards from time to time.

The Boards meet as often as necessary to discharge their responsibilities. Currently, the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II conducts regular meetings at least five times a year and the Board of each of the GS Trust and GS VIT conducts regular meetings at least six times a year, and each Board holds special meetings as necessary to address specific issues that require attention prior to the next regularly scheduled meeting. In addition, the Independent Trustees of each Board meet at least annually to review, among other things, investment management agreements and sub-advisory agreements, as applicable, distribution and/or service plans and related agreements, transfer agency agreements and certain other agreements providing for the compensation of Goldman Sachs and/or its affiliates by the Fund(s) under their oversight, and to consider such other matters as they deem appropriate.

The Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II has established five standing committees – Audit, Governance and Nominating, Compliance, Board Valuation and Contract Review Committees. The Board of each of the GS Trust and GS VIT has established four standing committees – Audit, Governance and Nominating, Compliance and Risk Oversight and Contract Review Committees. Each Board may establish other committees, or nominate one or more Trustees to examine particular issues related to such Board’s oversight responsibilities, from time to time. Each Committee meets periodically to perform its delegated oversight functions and reports its findings and recommendations to its Board.

The Trustees of each Board have determined that the leadership structure of their Board is appropriate because it allows the Trustees to effectively perform their oversight responsibilities.

Standing Board Committees

Audit Committee

Each Audit Committee oversees the audit process and provides assistance to its Board with respect to fund accounting, tax compliance and financial statement matters. In performing its responsibilities, each Audit Committee selects and recommends annually to its Board an independent registered public accounting firm to audit the books and records of the Fund(s) under its oversight for the ensuing year, and reviews with the firm the scope and results of each audit. All of the Independent Trustees of each Board serve on the Audit Committee of such Board. Mr. Latham serves as Chair of the Audit Committee and the “audit committee financial expert” of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II and Ms. Cassidy serves as Chair of the Audit Committee and the “audit committee financial expert” of each of the GS Trust and GS VIT.

 

19

Each Audit Committee acts according to its Audit Committee charter. A copy of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II Audit Committee charter is attached hereto as Appendix A.

Governance and Nominating Committee

Each Governance and Nominating Committee has been established to: (i) assist its Board in matters involving mutual fund governance, which includes making recommendations to its Board with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Fund(s) under its oversight and overseeing its management; (ii) select and nominate candidates for appointment or election to serve as Independent Trustees; and (iii) advise its Board on ways to improve its effectiveness. All of the Independent Trustees of each Board serve on the Governance and Nominating Committee of such Board. As stated above, each Trustee holds office for an indefinite term until the occurrence of certain events. In filling Board vacancies, each Governance and Nominating Committee will consider nominees recommended by shareholders. Nominee recommendations should be submitted to the Funds, as applicable, at its mailing address stated in the Funds’ Prospectuses and should be directed to the attention of the Governance and Nominating Committee.

Each Governance and Nominating Committee acts according to its Governance and Nominating Committee charter, a copy of which is attached hereto as Appendix B.

Compliance Committee (GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II)

The Compliance Committee of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II has been established for the purpose of overseeing the compliance processes: (i) of the Fund(s); and (ii) insofar as they relate to services provided to the Fund(s), of the Fund’s Investment Adviser, Distributor, administrator (if any), and Transfer Agent, except that compliance processes relating to the accounting and financial reporting processes, and certain related matters, are overseen by the Audit Committee. In addition, the Compliance Committee provides assistance to its full Board with respect to compliance matters. All of the Independent Trustees of each Board of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II serve on the Compliance Committee of such Board.

Compliance and Risk Oversight Committee (GS Trust and GS VIT)

The Compliance and Risk Oversight Committee of each of the GS Trust and GS VIT has been established for the purpose of overseeing the compliance processes: (i) of the Funds; (ii) the adequacy and effectiveness of the Trusts’ risk management processes; and (iii) insofar as they relate to services provided to the Funds, any investment adviser, sub-adviser, principal underwriter, administrator, and transfer agent to each Fund, except that compliance processes relating to the accounting and financial reporting processes, and certain related matters, are overseen by the Audit Committee. The Compliance and Risk Oversight Committee also oversees the risk management processes administered by management of the Funds and relevant service providers to the Funds including, among other areas investment risk, which includes market, liquidity, counterparty and credit risk, operational risk (including information technology), derivatives risk and other applicable risk areas that are under the purview of the Goldman Sachs Asset Management Global Risk Management group that relate to the Funds. In addition, the Compliance and Risk Oversight Committee provides assistance to its full Board with respect to compliance matters. All of the Independent Trustees of each Board of the GS Trust and GS VIT serve on the Compliance and Risk Oversight Committee of such Board.

Board Valuation Committee (GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II)

The Board Valuation Committee of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II has been established for the purpose of reviewing valuation matters requiring prompt notification from the valuation designee in accordance with the valuation procedures approved by the Trustees. The Board Valuation Committee does not have regular, standing meetings.

 

20

Contract Review Committee

Each Contract Review Committee has been established for the purpose of overseeing the processes of its Board for reviewing and monitoring performance under the investment management and sub-advisory (as applicable), distribution, transfer agency, and certain other agreements with the investment Adviser of the Fund(s) under its oversight and its affiliates. Each Contract Review Committee is also responsible for overseeing its Board’s processes for considering and reviewing performance under the operation of the distribution, service, shareholder administration and other plans of the Fund(s) under its oversight, and any agreements related to the plans, whether or not such plans and agreements are adopted pursuant to Rule 12b-1 under the 1940 Act. Each Contract Review Committee also provides appropriate assistance to its Board in connection with the Board’s approval, oversight and review of the other service providers including, without limitation, the sub-advisers (as applicable), custodian/fund accounting agent, sub-transfer agents, securities lending agents (as applicable), professional (legal and accounting) firms and printing firms of the Fund(s) under its oversight. All of the Independent Trustees of each Board serve on the Contract Review Committee of such Board.

Risk Oversight

Each Board is responsible for the oversight of the activities of the Fund(s), including oversight of risk management. Day-to-day risk management with respect to the Funds is the responsibility of GSAM or other service providers including sub-advisers (depending on the nature of the risk), subject to supervision by GSAM. The risks of the Funds include, but are not limited to, liquidity risk, investment risk, derivatives risk, compliance risk, manager selection risk, operational risk, reputational risk, credit risk and counterparty risk. Each of GSAM and the other service providers, including sub-advisers, have their own independent interest in risk management and their policies and methods of risk management may differ from the Funds and each other’s in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result, the Boards recognize that it is not possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate their occurrence or effects, and that some risks are simply beyond the control of the Funds or GSAM, their respective affiliates or other service providers, including sub-advisers.

Each Board effectuates its oversight role primarily through regular and special meetings of the Board and Board committees. In certain cases, risk management issues are specifically addressed in reports, presentations and discussions. For example, on an annual basis, GSAM (or personnel from GSAM) will provide the Boards with written reports that address the operation, adequacy and effectiveness of each Fund’s liquidity risk management and derivatives risk management programs, which are generally designed to assess and manage liquidity risk, and for Full Compliance Funds (as defined in Rule 18f-4 under the 1940 Act), derivatives risk. In addition, investment risk is discussed in the context of regular presentations to each Board on Fund strategy and performance. Other types of risk are addressed as part of presentations on related topics (e.g., compliance policies) or in the context of presentations focused specifically on one or more risks. The Boards also receive reports from GSAM management on operational risks, reputational risks and counterparty risks relating to the Funds.

Board oversight of risk management is also performed by various Board committees. For example, the Audit Committees meet with both the Funds’ independent registered public accounting firm and GSAM’s internal audit group to review risk controls in place that support the Funds as well as test results, and the Compliance Committees meets with the CCO and representatives of GSAM’s compliance group to review testing results of the Funds’ compliance policies and procedures and other compliance issues. Board oversight of risk is also performed as needed between meetings through communications between the GSAM and each Board. Each Board may, at any time and in its discretion, change the manner in which it conducts risk oversight. Each Board’s oversight role does not make the Board a guarantor of the investments or activities.

 

21

Meetings of Trustees and Standing Board Committees

The numbers of meetings of the Boards and their Committees held during the Funds’ respective most recent fiscal years are set forth below:

 

             
Fiscal Year   Fiscal Year
Ended
March 31,
2023 (GS
Trust only)		   Fiscal Year
Ended
August 31,
2022 (GSETF
Trust,
GSETF Trust
II and GS
Trust only)		   Fiscal Year
Ended
September 30,
2022
(Real
Estate
Fund only)		   Fiscal Year
Ended
October 31,
2022
(GS Trust
and GS Trust
II only)		   Fiscal Year
Ended
November 30,
2022
(GS Trust
only)		  

Fiscal Year
Ended
December 31,
2022 (GSETF
Trust, GS

Trust and GS

VIT only)

             
Board of Trustees Meeting   6   7 (GSETF Trust and GSETF Trust II); 6 (GS Trust)   8   6 (GS Trust); 7 (GS Trust II)   6   8 (GSETF Trust); 6 (GS Trust and GS VIT)
         
Audit Committee Meeting   4   5 (GSETF Trust and GSETF Trust II); 4 (GS Trust)   5   4 (GS Trust); 4 (GS Trust II)   4   5 (GSETF Trust); 4 (GS Trust and GS VIT)
             
Governance and Nominating Committee Meeting   3   3 (GSETF Trust and GSETF Trust II); 4 (GS Trust)   3   3 (GS Trust); 4 (GS Trust II)   3   4 (GSETF Trust); 3 (GS Trust and GS VIT)
         
Compliance Committee Meeting1   6   5 (GSETF Trust and GSETF Trust II); 6 (GS Trust)   5   6 (GS Trust); 5 (GS Trust II)   6   5 (GSETF Trust); 6 (GS Trust and GS VIT)
             
Board
Valuation Committee Meeting2		   N/A   0   0   0   N/A   0
         
Contract Review Committee Meeting   2   3 (GSETF Trust and GSETF Trust II); 2 (GS Trust)   4   2 (GS Trust); 5 (GS Trust II)   2   5 (GSETF Trust); 2 (GS Trust and GS VIT)

 

1 

The Compliance Committee for the GS Trust and GS VIT became the “Compliance and Risk Oversight Committee” on April 18, 2023.

2 

The Board Valuation Committee was established on December 2, 2022 and thus did not meet during the applicable fiscal years.

No Trustee attended fewer than seventy-five percent of the meetings held by his or her Board or by any Committee of which he or she was a member while he or she was a Trustee during the applicable fiscal year.

 

22

Nominee/Trustee Ownership of Fund Shares

The following table shows the dollar range of shares beneficially owned by each Nominee/Trustee in the investment portfolios of the Funds and the Goldman Sachs Fund Complex as of July 31, 2023:

 

Name of Trustee

  

Dollar Range of

Equity Securities in each Fund

   Aggregate Dollar
Range of
Equity Securities
in All
Portfolios in
Fund Complex
Overseen By
Trustee

Cheryl K. Beebe

   Goldman Sachs GQG Partners International Opportunities Fund: Over $100,000   Over $100,000

Dwight L. Bush

  

Goldman Sachs Mid Cap Value Fund: Over $100,000

Goldman Sachs Large Cap Growth Insights Fund: Over $100,000

Goldman Sachs Small Cap Value Fund: Over $100,000

Goldman Sachs GQG Partners International Opportunities Fund: $50,001-$100,000

Goldman Sachs International Equity Insights Fund: $50,001-$100,000

   Over $100,000

Kathryn A. Cassidy

  

Goldman Sachs Absolute Return Tracker Fund: $10,001-$50,000

Goldman Sachs Dynamic Municipal Income Fund: $50,001-$100,000

Goldman Sachs Emerging Markets Equity Insights Fund: $10,001-$50,000

Goldman Sachs Financial Square Money Market Fund: $1-$10,000

Goldman Sachs High Yield Fund: Over $100,000

Goldman Sachs Inflation Protected Securities Fund: $50,001-$100,000

Goldman Sachs International Equity Insights Fund: Over $100,000

Goldman Sachs Mid Cap Value Fund: $50,001-$100,000

Goldman Sachs Small Cap Value Fund: $50,001-$100,000

Goldman Sachs Small/Mid Cap Growth Fund: Over $100,000

Goldman Sachs Tactical Tilt Overlay Fund: $10,001-$50,000

Goldman Sachs U.S. Equity Insights Fund: Over $100,000

   Over $100,000

John G. Chou

   Goldman Sachs International Equity ESG Fund: Over $100,000   Over $100,000

Joaquin Delgado

  

Goldman Sachs Bond Fund: $10,001-$50,000

Goldman Sachs Dynamic Municipal Income Fund: Over $100,000

Goldman Sachs International Equity Insights Fund: Over $100,000

Goldman Sachs International Small Cap Insights Fund: $50,001-$100,000

Goldman Sachs Small Cap Equity Insights Fund: Over $100,000

Goldman Sachs U.S. Equity Insights Fund: Over $100,000

   Over $100,000

Eileen H. Dowling

  

Goldman Sachs Commodity Strategy Fund: $10,001-$50,000

Goldman Sachs Dynamic Municipal Income Fund: $10,001-$50,000

Goldman Sachs High Yield Floating Rate Fund: $10,001-$50,000

Goldman Sachs High Yield Fund: $10,001-$50,000

Goldman Sachs High Yield Municipal Fund: $10,001-$50,000

Goldman Sachs Inflation Protected Securities Fund: $10,001-$50,000

Goldman Sachs International Equity ESG Fund: $10,001-$50,000

Goldman Sachs International Equity Income Fund: $10,001-$50,000

Goldman Sachs Investor Tax-Exempt Money Market Fund: Over $100,000

Goldman Sachs Managed Futures Strategy Fund: $10,001-$50,000

Goldman Sachs Mid Cap Value Fund: $10,001-$50,000

Goldman Sachs Small/Mid Cap Growth Fund: $10,001-$50,000

Goldman Sachs U.S. Equity ESG Fund: $1-$10,000

   Over $100,000

Lawrence Hughes

  

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF: Over $100,000

Goldman Sachs GQG Partners International Opportunities Fund: Over $100,000

Goldman Sachs Multi-Manager Alternatives Fund: Over $100,000

   Over $100,000

 

23

Name of Trustee

  

Dollar Range of

Equity Securities in each Fund

   Aggregate Dollar
Range of
Equity Securities
in All
Portfolios in
Fund Complex
Overseen By
Trustee

John F. Killian

  

Goldman Sachs Financial Square Treasury Obligations Fund: $50,001-$100,000

Goldman Sachs GQG Partners International Opportunities Fund: Over $100,000

   Over $100,000

Steven D. Krichmar

  

Goldman Sachs GQG Partners International Opportunities Fund: Over $100,000

Goldman Sachs MarketBeta® U.S. Equity ETF: Over $100,000

   Over $100,000

Michael Latham

   Goldman Sachs ActiveBeta® International Equity ETF: Over $100,000   Over $100,000

Lawrence W. Stranghoener

  

Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF: Over $100,000

Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF: Over $100,000

  

Over $100,000

Gregory G. Weaver

  

Goldman Sachs Emerging Markets Equity Fund: Over $100,000

Goldman Sachs Income Builder Fund: Over $100,000

Goldman Sachs International Equity Insights Fund: Over $100,000

Goldman Sachs MLP Energy Infrastructure Fund: Over $100,000

Goldman Sachs Small Cap Value Fund: Over $100,000

   Over $100,000

Paul C. Wirth

   Goldman Sachs Income Builder Fund: Over $100,000   Over $100,000

James A. McNamara

  

Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF: Over $100,000

Goldman Sachs Emerging Markets Equity Fund: Over $100,000

Goldman Sachs Financial Square Treasury Solutions Fund: $50,001-$100,000

Goldman Sachs High Yield Fund: Over $100,000

Goldman Sachs Income Builder Fund: Over $100,000

Goldman Sachs International Equity ESG Fund: $50,001-$100,000

Goldman Sachs Multi-Manager Alternatives Fund: Over $100,000

Goldman Sachs Small/Mid Cap Growth Fund: Over $100,000

Goldman Sachs Strategic Income Fund: Over $100,000

Goldman Sachs Tax-Advantaged Global Equity Portfolio: Over $100,000

Goldman Sachs U.S. Equity Dividend and Premium Fund: Over $100,000

  

Over $100,000

As of July 31, 2023, the Nominees, Trustees and Officers of the Funds as a group owned less than 1% of the outstanding shares of beneficial interest of each share class of the Real Estate Fund, and of each share class of each of the Funds within the GSETF Trust, GSETF Trust II, GS Trust, GS Trust II and GS VIT, except for Class P shares of the Goldman Sachs Income Builder Fund. As of July 31, 2023, the Nominees, Trustees and Officers of the Funds as a group owned 1.44% of the outstanding Class P shares of the Goldman Sachs Income Builder Fund.

As of a recent date, none of the Independent Trustees nor any member of their immediate family owned any securities issued by GSAM or a sub-adviser or any other person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with GSAM or a sub-adviser.

Board Compensation

Each Independent Trustee is compensated with a unitary annual fee for his or her services as a Trustee of the applicable Funds and as a member of the applicable Board committees. Each Chair and “audit committee

 

24

financial expert” receive additional compensation for their services. The Independent Trustees are also reimbursed for reasonable travel expenses incurred in connection with attending such meetings. The Funds may also pay the reasonable incidental costs of a Trustee to attend training or other types of conferences relating to the investment company industry.

The following tables set forth certain information with respect to the compensation of each Trustee for the Funds’ respective most recent fiscal years:

Goldman Sachs ETF Trust (Fiscal Years Ended August 31, 2022 and December 31, 2022)

 

Name of Trustee

   Aggregate
Compensation
from Funds with
Fiscal Year Ended
August 31, 2022		   Aggregate
Compensation
from Fund with
Fiscal
Year Ended
December 31,
2022		   Pension or
Retirement
Benefits Accrued as
Part
of the Trust’s
Expenses		     Total
Compensation
From Fund
Complex for
Fiscal Year Ended
August 31, 2022*		     Total
Compensation
From Fund
Complex for
Fiscal Year Ended
December 31,
2022*		  

Cheryl K. Beebe1,2

  $142,922   —       $0       $285,897       $360,394  

Lawrence Hughes2

   $115,561   —       $0       $233,668       $285,788  

John F. Killian2

  $116,932   —       $0       $237,880       $285,788  

Steven D. Krichmar2

  $115,536   —       $0       $233,668       $285,788  

Michael Latham3

  $123,297   —       $0       $243,529       $321,182  
Lawrence W. Stranghoener   $114,468   —       $0       $230,510       $285,788  

James A. McNamara4

  —     —       —         —         —    

 

* 

Represents fees paid to each Trustee during the fiscal years ended August 31, 2022 and December 31, 2022, respectively, from the Goldman Sachs Fund Complex.

1

Includes compensation as Board Chair.

2

Ms. Beebe and Messrs. Hughes, Killian and Krichmar began serving as Trustees of the Trust effective December 3, 2021.

3 

Includes compensation as “audit committee financial expert,” as defined in Item 3 of Form N-CSR.

4 

Mr. McNamara is an Interested Trustee, and as such, receives no compensation from the Funds or the Goldman Sachs Fund Complex.

Goldman Sachs ETF Trust II (Fiscal Year Ended August 31, 2022)

 

Name of Trustee

    Aggregate Compensation
from Funds within
Goldman Sachs ETF
Trust II		      Pension or Retirement
Benefits Accrued as Part
of the Trust’s Expenses		      Total Compensation From
the Fund Complex*		  

Cheryl K. Beebe1,2

     $1,875        $0        $285,897  

Lawrence Hughes2

     $1,484        $0        $233,688  

John F. Killian2

     $1,484        $0        $237,880  

Steven D. Krichmar2

     $1,484        $0        $233,668  

Michael Latham3

     $1,667        $0        $243,529  

Lawrence W. Stranghoener

      $1,484        $0        $230,510  

James A. McNamara4

     —          —          —    

 

* 

Represents fees paid to each Trustee during the fiscal year ended August 31, 2022 from the Goldman Sachs Fund Complex.

1 

Includes compensation as Board Chair.

2

Ms. Beebe and Messrs. Hughes, Killian and Krichmar began serving as Trustees of the Trust effective December 3, 2021.

3 

Includes compensation as “audit committee financial expert,” as defined in Item 3 of Form N-CSR.

4 

Mr. McNamara is an Interested Trustee, and as such, receives no compensation from the Funds or the Goldman Sachs Fund Complex.

 

25

Goldman Sachs Real Estate Diversified Income Fund (Fiscal Year Ended September 30, 2022)

 

Name of Trustee

    Aggregate Compensation
from the Real Estate Fund		      Pension or Retirement
Benefits Accrued as Part
of the Fund’s Expenses		      Total Compensation From
the Fund Complex*		  

Cheryl K. Beebe1,2

     $6,493        $0        $329,647  

Lawrence Hughes2

     $5,191        $0        $263,668  

John F. Killian2

     $5,224        $0        $265,380  

Steven D. Krichmar2

     $5,191        $0        $263,668  

Michael Latham3

     $5,680        $0        $288,217  

Lawrence W. Stranghoener

      $5,167        $0        $262,385  

James A. McNamara4

     —          —          —    

 

* 

Represents fees paid to each Trustee during the fiscal year ended September 30, 2022 from the Goldman Sachs Fund Complex.

1 

Includes compensation as Board Chair.

2

Ms. Beebe and Messrs. Hughes, Killian and Krichmar began serving as Trustees of the Trust effective December 3, 2021.

3 

Includes compensation as “audit committee financial expert,” as defined in Item 3 of Form N-CSR.

4 

Mr. McNamara is an Interested Trustee, and as such, receives no compensation from the Funds or the Goldman Sachs Fund Complex.

Goldman Sachs Trust (Fiscal Years Ended August 31, 2022, October 31, 2022, November 30, 2022, December 31, 2022 and March 31, 2023)

 

Name of Trustee

    Aggregate
Compensation
from
Funds with
Fiscal Year
Ended
August 31,
2022		      Aggregate
Compensation
from
Funds with
Fiscal Year
Ended
October 31,
2022		      Aggregate
Compensation
from
Funds with
Fiscal Year
Ended
November 30,
2022		      Aggregate
Compensation
from
Funds with
Fiscal Year
Ended
December 31,
2022		      Aggregate
Compensation
from
Funds with
Fiscal Year
Ended
March 31,
2023		      Pension or
Retirement
Benefits
Accrued as
Part
of the
Trust’s
Expenses		  

Gregory G. Weaver1,3

     $69,733        $54,412        $117,183        $51,218        $78,144        $0  

Dwight L. Bush

      $59,355        $46,169        $91,214        $43,466        $62,200        $0  

Kathryn A. Cassidy1

     $59,355        $46,169        $99,589        $43,466        $64,916        $0  

John G. Chou2

     $15,529        $23,619        $47,065        $32,736        $62,200        $0  

Joaquin Delgado

      $59,355        $46,169        $99,589        $43,466        $62,200        $0  

Eileen H. Dowling

      $45,095        $46,169        $91,214        $43,466        $62,200        $0  

Paul C. Wirth2

     $15,529        $23,619        $51,380        $32,737        $62,200        $0  

James A. McNamara3

     —          —          —          —          —          —    

 

Name of Trustee

    Total
Compensation
From Fund
Complex for
Fiscal Year
Ended
August 31,
2022*		      Total
Compensation
From Fund
Complex for
Fiscal Year
Ended
October 31,
2022*		      Total
Compensation
From Fund
Complex for
Fiscal Year
Ended
November 30,
2022*		      Total
Compensation
From Fund
Complex for
Fiscal Year
Ended
December 31,
2022*		      Total
Compensation
From Fund
Complex for
Fiscal Year
Ended
March 31,
2023*		  

Gregory G. Weaver1,3

   $ 413,000        $419,500        $419,500        $426,000        $456,750  

Dwight L. Bush

    $ 351,000        $356,000        $356,000        $361,000        $363,000  

Kathryn A. Cassidy1

   $ 351,000        $356,000        $356,000        $361,000        $379,250  

John G. Chou2

   $ 90,250        $180,500        $180,500        $270,750        $363,000  

Joaquin Delgado

    $ 351,000        $356,000        $356,000        $361,000        $363,000  

Eileen H. Dowling

    $ 265,750        $356,000        $356,000        $361,000        $363,000  

Paul C. Wirth2

   $ 90,250        $180,500        $180,500        $270,750        $363,000  

James A. McNamara4

     —          —          —          —          —    

 

26

 

* 

Represents fees paid to each Trustee during the fiscal years ended August 31, 2022, October 31, 2022, November 30, 2022, December 31, 2022 and March 31, 2023, respectively, from the Goldman Sachs Fund Complex.

1 

Includes compensation as “audit committee financial expert,” as defined in Item 3 of Form N-CSR.

2 

Messrs. Chou and Wirth began serving as Trustees effective April 12, 2022.

3 

Includes compensation as Board Chair.

4 

Mr. McNamara is an Interested Trustee, and as such, receives no compensation from the Funds or the Goldman Sachs Fund Complex.

Goldman Sachs Trust II (Fiscal Year Ended October 31, 2022)

 

Name of Trustee

    Aggregate
Compensation from
Funds within
Goldman Sachs
Trust II		      Pension or
Retirement
Benefits Accrued as
Part
of the Trust’s
Expenses		      Total Compensation From the
Fund Complex*		  

Cheryl K. Beebe1,2

     $66,605        $0        $329,647  

Lawrence Hughes2

     $53,332        $0        $263,668  

John F. Killian2

     $53,715        $0        $265,380  

Steven D. Krichmar2

     $53,332        $0        $263,668  

Michael Latham3

     $58,127        $0        $288,217  

Lawrence W. Stranghoener

      $53,045        $0        $262,385  

James A. McNamara4

     —          —          —    

 

* 

Represents fees paid to each Trustee during the fiscal year ended October 31, 2022 from the Goldman Sachs Fund Complex.

1 

Includes compensation as Board Chair.

2

Ms. Beebe and Messrs. Hughes, Killian and Krichmar began serving as Trustees of the Trust effective December 3, 2021.

3 

Includes compensation as “audit committee financial expert,” as defined in Item 3 of Form N-CSR.

4 

Mr. McNamara is an Interested Trustee, and as such, receives no compensation from the Funds or the Goldman Sachs Fund Complex.

Goldman Sachs Variable Insurance Trust (Fiscal Year Ended December 31, 2022)

 

Name of Trustee

    Aggregate
Compensation from
Funds within
Goldman Sachs
Variable Insurance
Trust		      Pension or
Retirement
Benefits Accrued as
Part
of the Trust’s
Expenses		      Total Compensation From the
Fund Complex*		  

Gregory G. Weaver1,3

     $36,076        $0        $426,000  

Dwight L. Bush

      $30,686        $0        $361,000  

Kathryn A. Cassidy1

     $30,686        $0        $361,000  

John G. Chou2

     $23,082        $0        $270,750  

Joaquin Delgado

      $30,686        $0        $361,000  

Eileen H. Dowling

      $30,686        $0        $361,000  

Paul C. Wirth2

     $23,082        $0        $270,750  

James A. McNamara4

     —          —          —    

 

* 

Represents fees paid to each Trustee during the fiscal year ended December 31, 2022 from the Goldman Sachs Fund Complex.

1 

Includes compensation as “audit committee financial expert,” as defined in Item 3 of Form N-CSR.

2 

Messrs. Chou and Wirth began serving as Trustees effective April 12, 2022.

3 

Includes compensation as Board Chair.

4 

Mr. McNamara is an Interested Trustee, and as such, receives no compensation from the Funds or the Goldman Sachs Fund Complex.

 

27

Additional Information about Officers of the Funds

Information pertaining to the officers of the Funds as of September 5, 2023 is set forth below. The Funds’ officers do not receive any compensation from the Funds for serving as such.

 

Name

  

Position(s) Held
with the Funds1

  

Term of Office and
Length of Time
Served2

  

Principal Occupation(s)
During Past 5 Years

James A. McNamara

200 West Street

New York, NY

10282

Age: 60

  

Trustee and

President

   Since 2007 (GS Trust and GS VIT); Since 2012 (GS Trust II); Since 2014 (GSETF Trust); Since 2021 (GSETF Trust II); Since inception (Real Estate Fund)  

Advisory Director, Goldman Sachs (January 2018–Present); Managing Director, Goldman Sachs (January 2000–December 2017); Director of Institutional Fund Sales, GSAM (April 1998–December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993–April 1998).

 

President and Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria

30 Hudson Street

Jersey City, NJ

07302

Age: 55

   Treasurer, Principal Financial Officer and Principal Accounting Officer   Since 2017 (Treasurer and Principal Financial Officer since 2019) (GSETF Trust, GS Trust, GS Trust II and GS VIT); Since 2021 (GSETF Trust II); Since inception (Real Estate Fund)  

Managing Director, Goldman Sachs (November 2015–Present) and Vice President–Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010–October 2015).

 

Treasurer, Principal Financial Officer and Principal Accounting Officer—Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

 

28

Name

  

Position(s) Held
with the Funds1

  

Term of Office and
Length
of Time
Served2

  

Principal Occupation(s)
During Past 5 Years

Julien Yoo

200 West Street

New York, NY

10282

Age: 52

   Chief Compliance Officer   Since 2019 (GS Trust and GS VIT); Since 2018 (GS Trust II); Since 2014 (GSETF Trust); Since 2021 (GSETF Trust II); Since inception (Real Estate Fund)  

Managing Director, Goldman Sachs (January 2020–Present); Vice President, Goldman Sachs (December 2014–December 2019); and Vice President, Morgan Stanley Investment Management (2005–2010).

 

Chief Compliance Officer—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs Middle Market Lending LLC II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Peter W. Fortner
30 Hudson Street Jersey City, NJ

07302

Age: 65

   Assistant Treasurer   Since 2000 (GS Trust and GS VIT); Since 2012 (GS Trust II); Since 2014 (GSETF Trust); Since 2021 (GSETF Trust II); Since inception (Real Estate Fund)  

Vice President, Goldman Sachs (July 2000–Present); Principal Accounting Officer and Treasurer, Commerce Bank Mutual Fund Complex (2008–Present); Treasurer of Goldman Sachs Philanthropy Fund (2019–Present); and Treasurer of Ayco Charitable Foundation (2020–Present).

 

Assistant Treasurer—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Allison Fracchiolla

30 Hudson Street

Jersey City, NJ

07302

Age: 40

   Assistant Treasurer   Since 2014 (GSETF Trust, GS Trust, GS Trust II and GS VIT); Since 2021 (GSETF Trust II and Real Estate Fund)  

Vice President, Goldman Sachs (January 2013–Present).

 

Assistant Treasurer—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

 

29

Name

  

Position(s) Held
with the Funds1

  

Term of Office and
Length of Time
Served2

  

Principal Occupation(s)
During Past 5 Years

Kirsten Frivold Imohiosen

200 West Street

New York, NY

10282

Age: 53

   Assistant Treasurer   Since 2019 (GSETF Trust, GS Trust, GS Trust II and GS VIT); Since 2021 (GSETF Trust II); Since inception (Real Estate Fund)  

Managing Director, Goldman Sachs (January 2018–Present); and Vice President, Goldman Sachs (May 1999–December 2017).

 

Assistant Treasurer—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Steven Z. Indich

30 Hudson Street

Jersey City, NJ

07302

Age: 54

   Assistant Treasurer   Since 2019 (GSETF Trust, GS Trust, GS Trust II and GS VIT); Since 2021 (GSETF Trust II); Since inception (Real Estate Fund)  

Vice President, Goldman Sachs (February 2010–Present).

 

Assistant Treasurer—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Elaine Leung

30 Hudson Street

Jersey City, NJ

07302

  

Assistant

Treasurer of the

GS Trust and GS

VIT

   Since 2023  

Vice President, Goldman Sachs (January 2021–Present); and Associate, Goldman

Sachs (March 2014–December 2020).

 

Assistant Treasurer—Goldman Sachs Trust; and Goldman Sachs Variable Insurance Trust.

 

30

Name

  

Position(s) Held
with the Funds1

  

Term of Office and
Length of Time
Served2

  

Principal Occupation(s)
During Past 5 Years

Carol Liu

30 Hudson Street

Jersey City, NJ

07302

Age: 48

   Assistant Treasurer   Since 2019 (GSETF Trust, GS Trust, GS Trust II and GS VIT); Since 2021 (GSETF Trust II); Since inception (Real Estate Fund)  

Vice President, Goldman Sachs (October 2017–Present); Tax Director, The Raine Group LLC (August 2015–October 2017); and Tax Director, Icon Investments LLC (January 2012–August 2015).

 

Assistant Treasurer—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Christopher Bradford

200 West Street

New York, NY 10282

Age: 41

   Vice President   Since 2020 (GSETF Trust, GS Trust, Real Estate Fund, GS Trust II and GS VIT); Since 2021 (GSETF Trust II)  

Vice President, Goldman Sachs (January 2014–Present).

 

Vice President—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Real Estate Diversified Income Fund; and Goldman Sachs Credit Income Fund.

Kenneth Cawley

71 South Wacker Drive

Chicago, IL

60606

Age: 53

   Vice President of the GS Trust, GS Trust II and GS VIT   Since 2021  

Managing Director, Goldman Sachs (2017–Present), Vice President (December 1999–2017); Associate (December 1996–December 1999); Associate, Discover Financial (August 1994–December 1996).

 

Vice President—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; and Goldman Sachs Trust II.

 

31

Name

  

Position(s) Held
with the Funds1

  

Term of Office and
Length of Time
Served2

  

Principal Occupation(s)
During Past 5 Years

Anney Chi

200 West Street

New York, NY

10282

Age: 40

   Vice President   Since 2022  

Vice President, Goldman Sachs (2014–Present).

 

Vice President—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Michael Crinieri

200 West Street

New York, NY

10282

Age: 58

   Vice President of the GSETF Trust and GSETF Trust II   Since 2014 (GSETF Trust); Since 2021 (GSETF Trust II)  

Managing Director, Goldman Sachs (January 2002–Present); and Vice President, Goldman Sachs (April 2000–January 2002).

 

Vice President—Goldman Sachs ETF Trust; and Goldman Sachs ETF Trust II.

TP Enders

200 West Street

New York, NY

10282

Age: 54

   Vice President   Since 2021  

Managing Director, Goldman Sachs (January 2012–Present); Vice President, Goldman Sachs (April 2004–December 2011)

 

Vice President—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Frank Murphy

200 West Street

New York, NY

10282

Age: 48

   Vice President of the GS Trust and GS VIT   Since 2019  

Managing Director, Goldman Sachs (2015 – Present); Vice President, Goldman Sachs (2003 – 2014); Associate, Goldman Sachs (2001 – 2002); and Analyst, Goldman Sachs (1999 – 2001).

 

Vice President—Goldman Sachs Trust; and Goldman Sachs Variable Insurance Trust.

 

32

Name

  

Position(s) Held
with the Funds1

  

Term of Office and
Length of Time
Served2

  

Principal Occupation(s)
During Past 5 Years

Michael Twohig

200 West Street

New York, NY

10282

Age: 57

   Vice President   Since 2022 (GS Trust, GS Trust II and GS VIT); Since 2019 (GSETF Trust); Since 2021 (GSETF Trust II); Since inception (Real Estate Fund)  

Vice President, Goldman Sachs (2014–Present).

 

Vice President—Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus

200 West Street

New York, NY

10282

Age: 46

   Secretary   Since 2012 (GS Trust, GS Trust II and GS VIT); Since 2014 (GSETF Trust); Since 2021 (GSETF Trust II); Since inception (Real Estate Fund)  

Managing Director, Goldman Sachs (January 2016–Present); Vice President, Goldman Sachs (August 2006–December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012–December 2019); Assistant General Counsel, Goldman Sachs (August 2006–December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002–2006).

 

Secretary—Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Shaun Cullinan

200 West Street

New York, NY

10282

Age: 43

   Assistant Secretary of the GS Trust, GS Trust II and GS VIT   Since 2018  

Managing Director, Goldman Sachs (2018–Present); Vice President, Goldman Sachs (2009–2017); Associate, Goldman Sachs (2006–2008); Analyst, Goldman Sachs (2004–2005).

 

Assistant Secretary—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; and Goldman Sachs Trust II.

 

33

Name

  

Position(s) Held
with the Funds1

  

Term of Office and
Length of Time
Served2

  

Principal Occupation(s)
During Past 5 Years

Robert Griffith

200 West Street

New York, NY

10282

Age: 48

   Assistant Secretary   Since 2022  

Managing Director, Goldman Sachs (September 2022–Present); General Counsel, Exchange Traded Concepts, LLC (October 2021–September 2022); Vice President, Goldman Sachs (August 2011–October 2021); Associate General Counsel, Goldman Sachs (December 2014–Present); Assistant General Counsel, Goldman Sachs (August 2011–December 2014); Vice President and Counsel, Nomura Holding America, Inc. (2010–2011); and Associate, Simpson Thacher & Bartlett LLP (2005–2010).

 

Assistant Secretary—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

 

1 

Unless otherwise indicated, the position is held with respect to each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT.

2 

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

Information about the Funds’ Independent Registered Public Accounting Firm

Each Audit Committee has selected and recommended, and its respective Board, including a majority of the Independent Trustees, has approved, the selection of PricewaterhouseCoopers LLP to act as independent registered public accountant for the Fund(s) under its oversight for the current applicable fiscal years.

Representatives of PricewaterhouseCoopers LLP are expected to be present at the Meeting and will be available to respond to appropriate questions from shareholders if necessary. Representatives of PricewaterhouseCoopers LLP will be given the opportunity to make statements at the Meeting, if they so desire.

Audit Fees

Fees included in the audit fees category are those associated with the annual audits of financial statements and services that are normally provided in connection with statutory and regulatory filings.

The aggregate fees billed by PricewaterhouseCoopers LLP to the Funds for professional services for the audit of the annual financial statements for the Funds’ last two fiscal years are reflected in the tables below.

 

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Audit-Related Fees

Audit-related fees are for any services rendered to the Funds that are reasonably related to the performance of the audits of the financial statements (but not reported as audit fees above). These services include attestation services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

The aggregate audit-related fees billed by PricewaterhouseCoopers LLP to the Funds for the Funds’ last two fiscal years are reflected in the tables below.

The aggregate audit-related fees billed by PricewaterhouseCoopers LLP to GSAM and any entity controlling, controlled by, or under common control with GSAM, that provides ongoing services to the Funds, for engagements directly related to the Funds’ operations and financial reporting for the Funds’ last two fiscal years are reflected in the tables below.

Tax Fees

Fees included in the tax fees category comprise all services performed by professional staff in the independent registered public accountant’s tax division except those services related to the audits. This category comprises fees for tax compliance services provided in connection with the preparation and review of the Fund’s tax returns.

The aggregate fees billed by PricewaterhouseCoopers LLP to the Funds for services rendered to the Funds for tax compliance, tax advice and tax planning for the Funds’ last two fiscal years are reflected in the tables below.

All Other Fees

The aggregate fees billed by PricewaterhouseCoopers LLP to the Funds for products and services provided to the Funds, other than the services reported in “Audit Fees,” “Audit Related Fees,” and “Tax Fees” above, for the Funds’ last two fiscal years are reflected in the tables below.

The aggregate fees billed by PricewaterhouseCoopers LLP to GSAM and any entity controlling, controlled by, or under common control with GSAM, that provides ongoing services to the Funds, for engagements directly related to the Funds’ operations and financial reporting, other than the services reported in “Audit Fees,” “Audit-Related Fees,” and “Tax Fees” above, for the Funds’ last two fiscal years are reflected in the tables below.

Aggregate Non-Audit Fees

The aggregate non-audit fees billed by PricewaterhouseCoopers LLP to the Funds for the Funds’ last two fiscal years are reflected in the tables below.

The aggregate non-audit fees billed by PricewaterhouseCoopers LLP to GSAM and any entity controlling, controlled by, or under common control with GSAM, that provides ongoing services to the Funds, for engagements directly related to the Funds’ operations and financial reporting, for non-audit services for the Funds’ last two fiscal years are reflected in the tables below. These include any non-audit services required to be pre-approved but excludes non-audit services that did not require pre-approval since they did not directly relate to the Funds’ operations or financial reporting.

 

35

The following tables set forth the aggregate fees billed by PricewaterhouseCoopers LLP for professional services rendered to the Funds during the two most recent fiscal years.

Goldman Sachs ETF Trust

 

     
     Fees billed to the Funds   Fees billed to GSAM and any
entity controlling, controlled by,
or under common control with
GSAM
     
Audit Fees   Fiscal Year Ended 08/31/21: $606,900   Fiscal Year Ended 08/31/21: $0
  Fiscal Year Ended 08/31/22: $531,450   Fiscal Year Ended 08/31/22: $0
     
Audit-Related Fees   Fiscal Year Ended 08/31/21: $59,558   Fiscal Year Ended 08/31/21: $1,906,448
  Fiscal Year Ended 08/31/22: $112,000   Fiscal Year Ended 08/31/22: $1,906,448
     
Tax Fees   Fiscal Year Ended 08/31/21: $0   Fiscal Year Ended 08/31/21: $0
  Fiscal Year Ended 08/31/22: $0   Fiscal Year Ended 08/31/22: $0
     
All Other Fees   Fiscal Year Ended 08/31/21: $0   Fiscal Year Ended 08/31/21: $0
  Fiscal Year Ended 08/31/22: $0   Fiscal Year Ended 08/31/22: $0
     
Aggregate Non-Audit Fees   Fiscal Year Ended 08/31/21: $59,558   Fiscal Year Ended 12/31/21: $14.4 million
  Fiscal Year Ended 08/31/22: $112,000   Fiscal Year Ended 12/31/22: $17.1 million

Goldman Sachs ETF Trust II

 

     
     Fees billed to the Funds   Fees billed to GSAM and any
entity controlling, controlled by,
or under common control with
GSAM
     
Audit Fees   Fiscal Year Ended 08/31/21: $0   Fiscal Year Ended 08/31/21: $0
  Fiscal Year Ended 08/31/22: $13,000   Fiscal Year Ended 08/31/22: $0
     
Audit-Related Fees   Fiscal Year Ended 08/31/21: $0   Fiscal Year Ended 08/31/21: $0
  Fiscal Year Ended 08/31/22: $0   Fiscal Year Ended 08/31/22: $1,906,448
     
Tax Fees   Fiscal Year Ended 08/31/21: $0   Fiscal Year Ended 08/31/21: $0
  Fiscal Year Ended 08/31/22: $0   Fiscal Year Ended 08/31/22: $0
     
All Other Fees   Fiscal Year Ended 08/31/21: $0   Fiscal Year Ended 08/31/21: $0
  Fiscal Year Ended 08/31/22: $0   Fiscal Year Ended 08/31/22: $0
     
Aggregate Non-Audit Fees   Fiscal Year Ended 08/31/21: $0   Fiscal Year Ended 12/31/21: $14.4 million
  Fiscal Year Ended 08/31/22: $0   Fiscal Year Ended 12/31/22: $17.1 million

 

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Goldman Sachs Real Estate Diversified Income Fund

 

     
     Fees billed to the Fund   Fees billed to GSAM and any
entity controlling, controlled by,
or under common control with
GSAM
     
Audit Fees   Fiscal Year Ended 09/30/21: $92,000   Fiscal Year Ended 09/30/21: $0
  Fiscal Year Ended 09/30/22: $131,000   Fiscal Year Ended 09/30/22: $0
     
Audit-Related Fees   Fiscal Year Ended 09/30/21: $14,031   Fiscal Year Ended 09/30/21: $1,669,547
  Fiscal Year Ended 09/30/22: $4,000   Fiscal Year Ended 09/30/22: $1,642,982
     
Tax Fees   Fiscal Year Ended 09/30/21: $0   Fiscal Year Ended 09/30/21: $0
  Fiscal Year Ended 09/30/22: $0   Fiscal Year Ended 09/30/22: $0
     
All Other Fees   Fiscal Year Ended 09/30/21: $0   Fiscal Year Ended 09/30/21: $0
  Fiscal Year Ended 09/30/22: $0   Fiscal Year Ended 09/30/22: $0
     
Aggregate Non-Audit Fees   Fiscal Year Ended 09/30/21: $14,031   Fiscal Year Ended 12/31/21: $14.4 million
  Fiscal Year Ended 09/30/22: $4,000   Fiscal Year Ended 12/31/22: $17.1 million

Goldman Sachs Trust

 

     
     Fees billed to the Funds   Fees billed to GSAM and any
entity controlling, controlled by,
or under common control with
GSAM
     
Audit Fees   Fiscal Year Ended 03/31/22: $4,232,122   Fiscal Year Ended 03/31/22: $0
  Fiscal Year Ended 03/31/23: $2,590,218   Fiscal Year Ended 03/31/23: $0
     
Audit-Related Fees   Fiscal Year Ended 03/31/22: $0   Fiscal Year Ended 03/31/22: $1,906,448
  Fiscal Year Ended 03/31/23: $516,600   Fiscal Year Ended 03/31/23: $2,075,449
     
Tax Fees   Fiscal Year Ended 03/31/22: $0   Fiscal Year Ended 03/31/22: $0
  Fiscal Year Ended 03/31/23: $0   Fiscal Year Ended 03/31/23: $0
     
All Other Fees   Fiscal Year Ended 03/31/22: $0   Fiscal Year Ended 03/31/22: $0
  Fiscal Year Ended 03/31/23: $0   Fiscal Year Ended 03/31/23: $0
     
Aggregate Non-Audit Fees   Fiscal Year Ended 03/31/22: $0   Fiscal Year Ended 12/31/21: $14.4 million
  Fiscal Year Ended 03/31/23: $516,600   Fiscal Year Ended 12/31/22: $17.1 million

 

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Goldman Sachs Trust II

 

     
     Fees billed to the Fund   Fees billed to GSAM and
any entity controlling, controlled by,
or under common control with
GSAM
     
Audit Fees   Fiscal Year Ended 10/31/21: $158,900   Fiscal Year Ended 10/31/21: $0
  Fiscal Year Ended 10/31/22: $562,318   Fiscal Year Ended 10/31/22: $0
     
Audit-Related Fees   Fiscal Year Ended 10/31/21: $33,496   Fiscal Year Ended 10/31/21: $1,906,448
  Fiscal Year Ended 10/31/22: $64,000   Fiscal Year Ended 10/31/22: $1,906,448
     
Tax Fees   Fiscal Year Ended 10/31/21: $0   Fiscal Year Ended 10/31/21: $0
  Fiscal Year Ended 10/31/22: $0   Fiscal Year Ended 10/31/22: $0
     
All Other Fees   Fiscal Year Ended 10/31/21: $0   Fiscal Year Ended 10/31/21: $0
  Fiscal Year Ended 10/31/22: $0   Fiscal Year Ended 10/31/22: $0
     
Aggregate Non-Audit Fees   Fiscal Year Ended 10/31/21: $33,496   Fiscal Year Ended 12/31/21: $14.4 million
  Fiscal Year Ended 10/31/22: $64,000   Fiscal Year Ended 12/31/22: $17.1 million

Goldman Sachs Variable Insurance Trust

 

     
     Fees billed to the Fund   Fees billed to GSAM and
any entity controlling, controlled by,
or under common control with
GSAM
     
Audit Fees   Fiscal Year Ended 12/31/21: $499,130   Fiscal Year Ended 12/31/21: $0
  Fiscal Year Ended 12/31/22: $529,199   Fiscal Year Ended 12/31/22: $0
     
Audit-Related Fees   Fiscal Year Ended 12/31/21: $95,166   Fiscal Year Ended 12/31/21: $1,906,448
  Fiscal Year Ended 12/31/22: $38,900   Fiscal Year Ended 12/31/22: $1,906,448
     
Tax Fees   Fiscal Year Ended 12/31/21: $0   Fiscal Year Ended 12/31/21: $0
  Fiscal Year Ended 12/31/22: $0   Fiscal Year Ended 12/31/22: $0
     
All Other Fees   Fiscal Year Ended 12/31/21: $0   Fiscal Year Ended 12/31/21: $0
  Fiscal Year Ended 12/31/22: $0   Fiscal Year Ended 12/31/22: $0
     
Aggregate Non-Audit Fees   Fiscal Year Ended 12/31/21: $95,166   Fiscal Year Ended 12/31/21: $14.4 million
  Fiscal Year Ended 12/31/22: $38,900   Fiscal Year Ended 12/31/22: $17.1 million

Pre-Approval of Audit and Non-Audit Services Provided to the Funds

The Audit and Non-Audit Services Pre-Approval Policies adopted by the Audit Committees of the Boards (the “Policies”) set forth the procedures and the conditions pursuant to which services performed by an independent auditor for the Funds may be pre-approved. Services may be pre-approved specifically by an Audit Committee as a whole or, in certain circumstances, by its Audit Committee Chair or the person designated as the

 

38

audit committee financial expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the applicable Policy. Each Policy provides that the applicable Audit Committee will consider whether the services provided by an independent auditor are consistent with the SEC’s rules on auditor independence. Each Policy provides for periodic review and pre-approval by the applicable Audit Committee of the services that may be provided by the independent auditor.

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

Pre-Approval of  Non-Audit Services Provided to the Funds’ Investment Advisers. The Policies provide that, in addition to requiring pre-approval of audit and non-audit services provided to the Funds, the Audit Committees will pre-approve those non-audit services provided to the Funds’ investment adviser(s) (and entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the Funds) where the engagement relates directly to the operations or financial reporting of the Fund.

Each Audit Committee did not approve any of the audit-related, tax, or other non-audit fees described above pursuant to the “de minimis exceptions” set forth in Rule 2-01(c)(7)(i)(C) and Rule 2-01(c)(7)(ii) of Regulation S-X during the Funds’ two most recent applicable fiscal years. Each Audit Committee considered whether the provision of non-audit services rendered to GSAM and any entity controlling, controlled by, or under common control with GSAM that provides ongoing services to the Fund(s) under its oversight that were not pre-approved by such Audit Committee pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining PricewaterhouseCoopers LLP’s independence.

Required Vote

Each shareholder is entitled to one vote for each share held and a fractional vote proportionate to fractional shares held as of the Record Date.

For each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT, the presence in person or by proxy of shareholders owning shares representing one-third (1/3) or more of the total combined shares entitled to vote at the Meeting shall constitute a quorum at the Meeting.

For each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT, when a quorum is present, a plurality of the shares voted shall elect a Nominee as Trustee.

Cumulative voting is not permitted. If a proxy card is properly executed and returned accompanied by instructions to withhold authority, the shares represented thereby will be considered to be present at the Meeting for purposes of determining the existence of a quorum, but will not be counted in favor of the Proposal.

For each of the GSETF Trust, GSETF Trust II, GS Trust, GS Trust II and GS VIT, the Proposal applies on a Trust-wide basis, and all series (i.e., the respective Funds) and classes thereof will vote together on the Proposal. However, the vote on the Proposal or the election of a Nominee by the shareholders of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT will not affect the Proposal or the election of a Nominee with respect to the other Funds. If elected by shareholders, the Nominees would begin serving as Trustees of the applicable Board on January 1, 2024.

 

39

With respect to GS VIT, Life Companies that use shares of a Fund as funding media for its variable contracts will vote shares of the Fund held by its Accounts in accordance with the instructions received from variable contract holders. The Life Companies will also vote shares attributable to variable contracts as to which proxy cards or voting instruction forms are neither executed nor returned in proportion (“for” or “withhold authority”) to those shares for which instructions are received, even in instances where a broker would be prevented from exercising discretion. As a result, a small number of variable contract holders could determine the outcome of the vote if other variable contract holders fail to vote. A Life Company whose separate account invests in a Fund will vote shares held by its general account and its subsidiaries in the same proportion as other votes cast by its Accounts in the aggregate.

Brokers who hold shares in street name for customers have discretionary authority to vote on “routine” proposals, such as the election of Trustees, when they have not received instructions from the beneficial owners of those shares. Abstentions will be treated as shares that are present, and thereby included for purposes of determining whether a quorum is present at the Meeting, but will not be treated as a vote cast.

If at the time the Meeting is called to order a quorum is not present in person or by proxy, or if a quorum is present but sufficient votes in favor of the Proposal have not been received, the Meeting may be adjourned to a later date by the chair of the meeting, or by a vote of shareholders. In the event of a shareholder vote on adjournment, any such adjournment will require the affirmative vote of a majority of the shares of a Trust or a Fund present in person or by proxy at the session of the Meeting to be adjourned. The persons named as proxies will vote those proxies which they are entitled to vote in favor of the Proposal in favor of such an adjournment, and will vote those proxies required to be voted against the Proposal against any such adjournment. Abstentions effectively will be a vote “against” adjournment. Subject to the foregoing, the Meeting may be adjourned and re-adjourned without further notice to shareholders. However, if, after adjournment, a new record date is fixed for the adjourned meeting, the Secretary or an Assistant Secretary shall give notice of the adjourned meeting to Shareholders of record entitled to vote at such meeting.

If the Nominees are not elected, the Trustees will continue to oversee their respective Funds.

The Boards’ Recommendation

EACH BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS OF THE FUND(S) UNDER ITS OVERIGHT VOTE “FOR” THE PROPOSAL (ELECTION OF EACH NOMINEE)

 

40

OTHER BUSINESS

As of the date of this Joint Proxy Statement, the Trustees knew of no matter to be presented at the Meeting other than as set forth in this Joint Proxy Statement. If other business should properly come before the Meeting, proxies will be voted in accordance with the judgment of the persons named in the accompanying proxy.

 

41

ADDITIONAL INFORMATION

Shareholder Proposals

The Funds are not required and do not intend to hold a meeting of shareholders each year. Instead, meetings will be held only when and if required by law or as otherwise determined by the applicable Board. Any shareholder desiring to present a proposal for consideration at the next meeting of shareholders of his or her respective Fund(s) must submit the Proposal in writing, so that it is received by the appropriate Fund(s) within a reasonable time before any meeting. The proposals should be sent to the applicable Fund(s) at its address stated on the first page of this Joint Proxy Statement.

Investment Advisers and Sub-Advisers

Goldman Sachs Trust II

Investment Adviser

Goldman Sachs Asset Management, L.P.

200 West Street, New York, New York 10282

Sub-Advisers

Algert Global, LLC (Goldman Sachs Multi-Manager Alternatives Fund)

101 California St., Suite 4425, San Francisco, California 94111

Ares Capital Management II LLC (Goldman Sachs Multi-Manager Non-Core Fixed Income Fund)

2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067

Aristotle Pacific Capital, LLC (Goldman Sachs Multi-Manager Non-Core Fixed Income Fund)

840 Newport Center Drive, 7th Floor, Newport Beach, California, 92660

Artisan Partners Limited Partnership (Goldman Sachs Multi-Manager Alternatives Fund)

875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202

Axiom Investors LLC (Goldman Sachs Multi-Manager Global Equity Fund)

33 Benedict Place, Greenwich, Connecticut 06830

Bardin Hill Arbitrage IC Management LP (Goldman Sachs Multi-Manager Alternatives Fund)

299 Park Avenue, 24th Floor, New York, New York 10171

Boston Partners Global Investors, Inc. (Goldman Sachs Multi-Manager Global Equity Fund and Multi-Manager U.S. Small Cap Equity Fund)

One Beacon Street, 30th Floor, Boston, Massachusetts 02108

 

42

Brigade Capital Management, LP (Goldman Sachs Multi-Manager Alternatives Fund and Goldman Sachs Multi-Manager Non-Core Fixed Income Fund)

399 Park Avenue, 16th Floor, New York, New York 10022

Brown Advisory LLC (Multi-Manager U.S. Small Cap Equity Fund)

901 South Bond Street, Suite 400, Baltimore, Maryland 21231

Causeway Capital Management LLC (Goldman Sachs Multi-Manager Global Equity Fund and Multi-Manager International Equity Fund)

11111 Santa Monica Blvd, 15th Floor, Los Angeles, California 90025

Cohen & Steers Capital Management, Inc. (Goldman Sachs Multi-Manager Real Assets Strategy Fund)

280 Park Avenue, New York, New York 10017

Crabel Capital Management, LLC (Goldman Sachs Multi-Manager Alternatives Fund)

1999 Avenue of the Stars, Suite 2550, Los Angeles, California 90067

Diamond Hill Capital Management Inc. (Goldman Sachs Multi-Manager Global Equity Fund)

325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215

GQG Partners LLC (Goldman Sachs GQG Partners International Opportunities Fund and Goldman Sachs Multi-Manager Alternatives Fund)

450 East Las Olas Boulevard, Suite 750, Fort Lauderdale, Florida 33301

GW&K Investment Management, LLC (Goldman Sachs Multi-Manager Global Equity Fund)

222 Berkeley Street, FL 15, Boston, Massachusetts 02116

Lazard Asset Management LLC (Goldman Sachs Multi-Manager International Equity Fund)

30 Rockefeller Plaza, New York, New York 10112

Longfellow Investment Management Co., LLC (Goldman Sachs Multi-Manager Alternatives Fund)

125 High Street, Boston, Massachusetts 02110

Marathon Asset Management, L.P. (Goldman Sachs Multi-Manager Non-Core Fixed Income Fund and Goldman Sachs Multi-Manager Alternatives Fund)

One Bryant Park, 38th Floor, New York, New York 10036

Massachusetts Financial Services Company, d/b/a MFS Investment Management (Goldman Sachs Multi-Manager Global Equity Fund and Multi-Manager International Equity Fund)

111 Huntington Avenue, Boston, Massachusetts 02199

 

43

Nuveen Asset Management LLC (Goldman Sachs Multi-Manager Non-Core Fixed Income Fund)

333 West Wacker Drive, Chicago, Illinois 60606

PGIM Real Estate (Goldman Sachs Multi-Manager Real Assets Strategy Fund)

655 Broad Street, Newark, New Jersey 07102

Principal Global Investors, LLC (Goldman Sachs Multi-Manager Global Equity Fund)

801 Grand Avenue, Des Moines, Iowa 50392

Principal Real Estate Investors, LLC (Goldman Sachs Multi-Manager Real Assets Strategy Fund)

801 Grand Avenue, Des Moines, Iowa 50392

RBC Global Asset Management (UK) Limited d/b/a RBC BlueBay Asset Management (Goldman Sachs Multi-Manager Non-Core Fixed Income Fund)

77 Grosvenor Street, London, W1K 3JR

RBC Global Asset Management (U.S.) Inc. d/b/a RBC Global Asset Management (Goldman Sachs Multi-Manager Non-Core Fixed Income Fund)

50 South Sixth Street, Suite 23450, Minneapolis, Minnesota 55402

RREEF America L.L.C. (Goldman Sachs Multi-Manager Real Assets Strategy Fund)

222 S. Riverside Plaza, 34th Floor, Chicago, Illinois 60606

Russell Investments Commodity Advisor, LLC (Goldman Sachs Multi-Manager Alternatives Fund)

1301 2nd Avenue, 18th Floor, Seattle, Washington 98101

TCW Investment Management Company LLC (Goldman Sachs Multi-Manager Alternatives Fund and Goldman Sachs Multi-Manager Non-Core Fixed Income Fund)

865 South Figueroa Street, Suite 1800, Los Angeles, California 90017

T. Rowe Price Associates, Inc. (Goldman Sachs Multi-Manager Global Equity Fund)

100 East Pratt Street, Baltimore, Maryland 21202

Trium Capital LLP (Goldman Sachs Multi-Manager Alternatives Fund)

60 Gresham Street, London EC2V 7BB, United Kingdom

Vaughan Nelson Investment Management, L.P. (Goldman Sachs Multi-Manager Global Equity Fund)

600 Travis Street, Suite 3800, Houston, Texas 77002

 

44

Victory Capital Management, Inc. (Multi-Manager U.S. Small Cap Equity Fund)

15935 La Cantera Parkway, San Antonio, Texas 78256

Vulcan Value Partners, LLC (Goldman Sachs Multi-Manager Global Equity Fund)

Three Protective Center, 2801 Highway 280 South, Suite 300, Birmingham, Alabama 35223

WCM Investment Management (Goldman Sachs Multi-Manager Global Equity Fund and Multi-Manager International Equity Fund)

281 Brooks Street, Laguna Beach, California 92651

Wellington Management Company LLP (Goldman Sachs Multi-Manager Alternatives Fund and Goldman Sachs Multi-Manager Global Equity Fund)

280 Congress Street, Boston, Massachusetts 02210

Westfield Capital Management Company, L.P. (Multi-Manager U.S. Small Cap Equity Fund)

One Financial Center, Boston, Massachusetts 02111

Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Variable Insurance Trust

Investment Adviser

Goldman Sachs Asset Management, L.P.

200 West Street, New York, New York 10282

Goldman Sachs Trust

Investment Advisers

Goldman Sachs Asset Management, L.P.

200 West Street, New York, New York 10282

Goldman Sachs Asset Management International

Christchurch Court, 10-15 Newgate Street, London, England EC1A 7HD

Transfer Agents and Distributors

Goldman Sachs ETF Trust and Goldman Sachs ETF Trust II

ALPS Distributors, Inc.

Distributors

1290 Broadway, Suite 10000, Denver, Colorado 80203

The Bank of New York Mellon

Transfer Agent

240 Greenwich Street, New York, New York 10286

 

45

Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust

Goldman Sachs & Co. LLC

Distributor

200 West Street, New York, New York 10282

Goldman Sachs & Co. LLC

Transfer Agent

71 South Wacker Drive, Suite 1200, Chicago, Illinois 60606

Solicitation of Proxies

Solicitation of proxies is being made primarily by the mailing of this Notice and Joint Proxy Statement with its enclosures on or about September 7, 2023. Shareholders of the Funds whose shares are held by nominees such as brokers can vote their proxies by contacting their respective nominee. In addition to the solicitation of proxies by mail, employees of GSAM and its affiliates as well as dealers or their representatives may solicit proxies in person or by mail, telephone, telegraph, facsimile or oral communication. The Funds and GSAM have retained Broadridge, a proxy solicitation firm, to assist the solicitation and tabulation of proxies, and DFIN to assist with the printing of proxy materials.

The proxy materials are available to available online at www.proxyvote.com (please have the control number found on your proxy card or voting instruction form ready when you visit this website).

Shareholders who do not expect to be attend the Meeting and who wish to have their shares voted are requested to vote by mail, Internet or telephone. If you choose to vote by mail, please sign and date the enclosed proxy card or voting instruction form and return it in the enclosed envelope. No postage is required if mailed in the United States. If you choose to vote by Internet or telephone, please use the control number on the proxy card or voting instruction form and follow the instructions on the proxy card or voting instruction form. If you have any questions regarding the proxy materials please contact Broadridge at 855-973-0097.

 

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APPENDIX A

AUDIT COMMITTEE CHARTER

Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, and Goldman Sachs Trust II Audit Committee Charter

Organization and Purpose

The Board of Trustees (the “Board”) of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust II (the “Fund”) has established an Audit Committee (the “Committee”), comprised of each of the Funds’ Independent Trustees. Independent Trustees are those Trustees who meet the independence standards set forth in the Funds’ Governance and Nominating Committee Charters and (with respect to Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, and Goldman Sachs MLP and Energy Renaissance Fund) Rule 10A-3(b)(1)(iii)1 under the Securities Exchange Act of 1934, as amended (the “1934 Act”) and other applicable listing exchange rules, and who do not receive, directly or indirectly, any consulting, advisory or other compensatory fee from the Funds except compensation for service as a member of the Board or a committee of the Board.

The Committee has been established by and among the Trustees for the purpose of, among other things as set forth below, assisting the Board with oversight of (1) the integrity of the Funds’ financial statements, (2) the Funds’ compliance with legal and regulatory requirements, (3) the independent auditor’s qualifications and independence, (4) the performance of the Funds’ internal audit function and independent auditor, and (5) (with respect to Goldman Sachs MLP and Energy Renaissance Fund) preparation of the Audit Committee report required to be included in the Fund’s proxy statement.

With respect to Goldman Sachs MLP and Energy Renaissance Fund, each member of the Committee must be financially literate, or become financially literate within a reasonable period of time after his or her appointment to the Committee, as such qualification is interpreted by the Funds’ Board in its business judgment. The Committee’s composition shall meet such other regulatory requirements relating to audit committees established from time to time by the Securities and Exchange Commission (“SEC”) and any other applicable governmental entity or self-regulatory organization or law to which the Funds are subject. The Board, with the assistance of the Committee, shall determine whether any member of the Committee is an “audit committee financial expert” (“ACFE”)2 as defined by the applicable regulations of the SEC, and the Board may presume that the ACFE satisfies the financial literacy requirement. The Committee will select one of its members to be its chair. With respect to Goldman Sachs MLP and Energy Renaissance Fund, if a member simultaneously serves on the audit committees of more than three public companies, the Board must determine that such simultaneous service will not impair the ability of such member to effectively serve on the Committee, and must disclose such determination either on or through the Fund’s website, in its annual proxy statement, or in the Fund’s annual report.3

 

1 

In order to be considered to be independent for purposes of Rule 10A-3(b)(i), a member of an audit committee of a listed issuer that is an investment company may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee:

  •  

Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer or any subsidiary thereof, provided that, unless the rules of the national securities exchange or national securities association provide otherwise, compensatory fees do not include the receipt of fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with the listed issuer (provided that such compensation is not contingent in any way on continued service); or

  •  

Be an “interested person” of the issuer as defined in section 2(a)(19) of the Investment Company Act of 1940.

2 

The Board or the Committee will report its determination to Management so that appropriate disclosure can be included in each Fund’s annual report consistent with Item 3 of Form N-CSR.

3 

For purposes of this requirement, where a Trustee serves on multiple boards in the same fund complex, such service will be counted as one board.

 

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The Committee will set its agenda and the places and times of its meetings. A majority of the Committee shall constitute a quorum. Except as otherwise required by applicable law, the Committee shall act by a vote of a majority of the Committee members at a Committee meeting, including a meeting held by conference telephone, teleconference or other electronic media or communication equipment, or by written consent of a majority of the Committee members without a meeting. Any written consent or waiver may be provided and delivered to the Committee chair by e-mail, facsimile or other similar electronic mechanism.

Statement of Policy

The Committee shall oversee the audit process and provide assistance to the Board in fulfilling its responsibilities in overseeing financial reporting. The Committee will also assist the Board with the oversight of the Funds’ compliance with regulatory requirements that relate to the fund accounting and financial reporting, internal control over financial reporting and independent audits. In so doing, the Committee will endeavor to facilitate free and open means of communication among the Funds’ Trustees, independent registered public accounting firm (the “independent auditor”), and management. A primary objective of the Committee is to help set the “tone at the top” for quality financial reporting and a sound system of internal controls over financial reporting. The Committee will regularly report its activities, observations, and recommendations to the Board. The Committee’s activities and effectiveness will be assessed periodically and reviewed with the Board.

Summary of Responsibilities

The function of the Committee is oversight. Management of the Funds (“Management”) is responsible for the preparation, presentation, and integrity of the Funds’ financial statements. Management draws upon different parts of The Goldman Sachs Group, Inc. (“Goldman Sachs”) corporate structure in fulfilling this role — the Fund Controllers department (within the Finance Division) and the Operations Division (working in conjunction with GSAM Global Fund Services) are responsible for applying appropriate accounting and financial reporting principles and maintaining policies and internal controls and procedures designed to assure compliance with generally accepted accounting principles (GAAP) and applicable laws and regulations. In fulfilling its role under this Charter, Management also delegates certain functions to the Funds’ accounting and tax agents, but remains responsible for those functions. The independent auditor for the Funds is responsible for planning and executing audits consistent with applicable professional standards and in accordance with the terms of the engagement letter(s). The independent auditor will report directly to the Committee. The Committee shall provide for appropriate funding for the payment of compensation to the independent auditor, any other counsel or advisors engaged by the Committee at its discretion, and the ordinary administrative expenses of the Committee as necessary or appropriate in carrying out its duties.

The Committee performs its functions under this Audit Committee Charter on the basis of information provided or representations made to it by the Funds’ independent auditor, Management, and/or other service providers, and/or by legal counsel and/or other experts or consultants. Nothing in this Charter is intended to impose, or should be interpreted as imposing, on any member of the Committee (including any member designated as an ACFE) any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Board member of the Funds under applicable federal and state law.

Subject to regulatory mandates, the policies and procedures of the Committee should remain flexible in order to react to changing conditions and to assist the Committee in providing assurance to the Board and shareholders that the Funds’ accounting and reporting practices are in accordance with applicable requirements.

 

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The following are the duties and responsibilities of the Committee:

Primarily Related to the Independent Auditor

 

  1.

Evaluate and select (subject to ratification by the Board) the Funds’ independent auditor.

 

  2.

Participate in the selection process and approve the new lead audit partner(s).

 

  3.

Be responsible for the appointment, compensation, retention and oversight of the work of the independent auditor engaged (including resolution of disagreements between Management and the auditor regarding financial reporting) for the purpose of rendering or issuing an audit report or performing other audit or attest services for the Funds.

 

  4.

At least annually, obtain and review a report by the independent auditor describing the auditor’s internal quality-control procedures, as well as any material issues raised by the most recent internal quality-control review or peer review of the auditor, or by any inquiry or investigation by governmental or professional authorities, including the Public Company Accounting Oversight Board (“PCAOB”), within the preceding five years, with respect to one or more independent audits carried out by the auditor, and any steps taken to deal with any such issues.

 

  5.

Review and approve the compensation of any advisers employed by the Committee as described herein.

 

  6.

Evaluate the qualifications, performance and independence (including the process to remain independent) of the auditor in light of the report identified in Item 3 above and its work throughout the year, as well as the auditor’s lead partner, and request an annual representation from the independent auditor regarding its independence under applicable professional and regulatory standards. As part of its evaluation of the independence of the auditor, the Committee may inquire into and consider the opinions of Management and Internal Audit (or other personnel responsible for the internal audit function), and may consider such items as: (1) the audit and non-audit services performed by the auditor and related fees; (2) the hiring of partners or employees or former partners or employees of the auditor by the Funds and its affiliates; (3) whether any non-audit services provided by the auditor to the Funds’ investment adviser(s) or any adviser affiliate that provides ongoing services to the Funds are compatible with maintaining the auditor’s independence; (4) the rotation of the auditor’s partners who participate in providing auditing services to the Funds and (5) other relationships, if any, between the Funds and the auditor that may bear on the independence or objectivity of the auditor.

 

  7.

With respect to Goldman Sachs MLP and Energy Renaissance Fund, set policies governing the hiring by entities within the Funds’ Investment Company Complex4 of any current or former employee of the Funds’ independent auditor, and to assess compliance with these policies. These policies provide, among other things, that no former employee of the independent auditor who was a member of the Funds’ audit engagement team may undertake any financial reporting role at the Funds within one year of the date of the commencement of procedures for a review or audit.

 

4 

“Investment company complex” includes:

  •  

the Funds and their investment adviser or sponsor;

  •  

any entity controlling, controlled by or under common control with the investment adviser or sponsor, if the entity: (i) is an investment adviser or sponsor; or (ii) is engaged in the business of providing administrative, custodian, underwriting or transfer agent services to any investment company, investment adviser or sponsor; and

  •  

any investment company, hedge fund or unregistered fund that has an investment adviser included in the definition set forth in either of the two bullet points above.

An investment adviser, for these purposes, does not include a sub-adviser whose role is primarily portfolio management and that is subcontracted with or overseen by another investment adviser. Sponsor refers to the sponsor of a unit investment trust.

 

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  8.

Meet with the independent auditor and financial and accounting personnel of the Funds to review the scope of the proposed audits for the current year, the audit procedures to be utilized, and the key risk considerations, and at the conclusion thereof, review the results of such audit, including the independent auditor’s opinions on the Funds’ financial statements and any management letters, comments, or recommendations of the independent auditor and consider Management’s response to such.

 

  9.

Meet, periodically (or more frequently if circumstances dictate), with Management and with the independent auditor and at least annually with the independent auditor (or more frequently if circumstances dictate) alone and outside the presence of Management personnel in executive session, to discuss any problems or difficulties the independent auditor encountered in the course of the audit work, including any restrictions on the scope of the independent auditor’s activities or access to requested information and any significant disagreements with Management, as well as any other matters that individually or in the aggregate could be significant to the Funds’ financial statements, the effectiveness of internal controls, including internal controls over financial reporting and the audit report(s) of the independent auditor, whether or not satisfactorily resolved, and Management’s response.

 

  10.

With respect to Goldman Sachs MLP and Energy Renaissance Fund, review and discuss with Management and the Fund’s independent auditor the Fund’s audited annual financial statements, including the Fund’s disclosure of management’s discussion of Fund performance and the effect of regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Fund. Review and discuss with Management the Fund’s unaudited semi-annual financial statements, including the Fund’s disclosure of management’s discussion of Fund performance.

 

  11.

With respect to Goldman Sachs MLP and Energy Renaissance Fund, oversee the preparation of the Audit Committee report required to be included in the Fund’s proxy statement for its annual meeting of shareholders (if such meeting is required by law). The report shall indicate whether the Committee has (i) reviewed and discussed the financial statements with Management; (ii) discussed with the independent auditor the matters required to be discussed by the PCAOB Standard No. 16, as modified or supplemented; and (iii) received written disclosures and the letter from the independent auditor required by applicable requirements of the PCAOB Ethics and Independence Rule 3526 regarding the independent auditor’s communications with the Committee concerning independence, and has discussed with the independent auditor the auditor’s independence. The Committee’s report should also indicate whether the Committee, based on its review and its discussions with Management and the independent auditor, recommends to the Board that the financial statements be included in the Fund’s annual report for the last fiscal year.

 

  12.

Review and discuss with Management and the Funds’ independent auditor any major issues regarding accounting principles and financial statement presentations, including any significant changes in the Funds’ selection or application of accounting principles, and major issues as to the adequacy of the Funds’ internal controls over financial reporting and any special audit steps adopted in light of material control deficiencies.

 

  13.

With respect to Goldman Sachs MLP and Energy Renaissance Fund, consider and, if appropriate, recommend to the Board the publication of the Fund’s annual audited financial statements in the Fund’s annual report in advance of the printing and publication of the annual report, based on its review and discussions of such annual report with the independent auditor and Management.

 

  14.

Meet (as circumstances dictate) with any certified public accountant and audit firm rendering reports to the Committee or the Board.

 

  15.

Receive from the Funds’ independent auditor timely communications discussing any matters of concern relating to the Funds’ financial statements, including any adjustments to such statements recommended by the auditor, or other results of said audit(s), including matters required to be discussed under the PCAOB Standard No. 16.

 

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  16.

Review with financial and accounting personnel and the independent auditor the quality, not just the acceptability, of accounting principles and financial disclosure practices used or proposed to be used by the Funds.

 

  17.

Review with the independent auditor and financial and accounting personnel the adequacy and effectiveness of the accounting and financial controls of the Funds, and consider any recommendations for the improvement of the Funds’ internal control procedures or particular areas where new or more detailed controls or procedures are desirable.

 

  18.

Review with the independent auditor and financial and accounting personnel the risk of fraud and the adequacy of internal controls to identify any payments, transactions or procedures that might be deemed fraudulent, illegal or otherwise improper.

 

  19.

Review with the independent auditor and financial and accounting personnel, issues arising under the valuation and compliance procedures used for the Funds.

Primarily Related to Management and/or Internal Audit

 

  20.

Review with the financial and accounting personnel the performance of the fund accounting and tax agents in providing accounting and financial reporting services to the Funds.

 

  21.

Review and discuss with Internal Audit the internal audit function and responsibilities and any scope restrictions encountered during the execution of internal audit responsibilities, normally on at least an annual basis.

 

  22.

Discuss with representatives of Internal Audit the scope and staffing of the internal audit plan to be performed by Internal Audit as it relates to the Funds’ control environment. After the conclusion of these audits, discuss the significant results of the audits and Management’s responses thereto.

 

  23.

With respect to Goldman Sachs MLP and Energy Renaissance Fund, discuss with Management earnings press releases and review generally the type and presentation of information to be included in earnings press releases. Review any financial information and earnings guidance provided to analysts and rating agencies; however, the Committee need not discuss in advance each instance in which a listed company may provide earnings guidance.

 

  24.

Review and discuss with Internal Audit its Charter, normally on an annual basis.

 

  25.

Review and discuss with Internal Audit the adequacy of the Funds’ internal controls (including the fraud risk), at least on an annual basis.

 

  26.

Meet with representatives of Internal Audit at least annually in executive session, or more frequently as circumstances dictate.

 

  27.

Meet at least annually with the Funds’ principal financial officer in executive session, or more frequently as circumstances dictate.

 

  28.

Receive, in accordance with applicable regulations, communications from the Funds’ principal executive officer and principal financial officer, based on their periodic evaluations, regarding: (a) any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves Management or other employees who have a significant role in the Funds’ internal control over financial reporting.

 

  29.

Review analyses prepared by Management and/or the independent auditor setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative GAAP methods on the financial statements.

 

  30.

Review with Management (and if necessary, the independent auditor) periodically any tax matters or developments that could affect the Funds.

 

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  31.

Review Management’s periodic reports concerning any organizational or personnel changes that could affect the nature or quality of the Funds’ accounting, financial reporting and internal controls.

 

  32.

As the Committee deems appropriate, inquire into the internal control over financial reporting of the Funds’ service providers.

Other

 

  33.

Investigate any circumstance that comes to the attention of the Committee that indicates that any officer, director or Board member of the Funds or its investment adviser or principal underwriter or distributor, or any person acting under their direction, may have violated applicable regulatory provisions prohibiting: (a) materially false or misleading statements or omissions in connection with any audit of the Funds’ financial statements or the preparation of any document or report required to be filed with a regulatory body; or (b) actions to fraudulently influence, coerce, manipulate or mislead the Funds’ independent auditor in connection with their opining on the Funds’ financial statements.

 

  34.

Review periodically the procedures for the receipt, retention, and treatment of complaints regarding: (a) accounting, internal controls, or auditing matters relating to the Funds; (b) other legal, compliance, and ethical issues relating to the Funds; and (c) instances of suspected financial statement or other fraud relating to the Funds. The Committee shall confirm annually whether the procedures provide for the confidential, anonymous submission of concerns regarding questionable accounting or auditing matters by officers and Trustees of the Funds, employees of The Goldman Sachs Group, Inc. and its affiliates and, as applicable, other persons covered by the procedures.

 

  35.

Confirm that the Board is engaged in periodic discussions regarding policies with respect to risk assessment and risk management and guidelines and policies to govern the process by which the Funds’ exposure to risk is assessed and managed as well as the Funds’ major financial risk exposures and the steps management has taken to monitor and control such exposures.

 

  36.

Submit the minutes of all meetings of the Committee to, or discuss the matters discussed at each Committee meeting with, the Board.

 

  37.

Review with the Board any issues that arise with respect to the quality or integrity of the Funds’ financial statements, the Funds’ compliance with legal or regulatory requirements, the performance and independence of the independent auditor, or the performance of the Internal Audit function.

 

  38.

Evaluate the performance of the Committee at least annually, or more frequently if circumstances dictate. Such evaluation should include a comparison of the performance of the Committee with the requirements of this Charter.

 

  39.

Review the provisions of this Audit Committee Charter at least annually, or more frequently if circumstances dictate. This Charter may be amended by a majority of the Independent Trustees.

Pre-Approval of Audit and Non-Audit Services

 

  40.

The Committee will pre-approve, pursuant to pre-approval policies established from time to time by the Committee, all engagements of the Funds’ independent auditor that are required to be pre-approved under federal securities regulations, subject to any de minimis or other exceptions permitted by such regulations.

 

  41.

The Committee will review with the independent auditor, and financial, accounting and appropriate GSAM personnel, the controls applied by the independent auditor and Management to assure that all items requiring pre-approval by the Committee are identified and referred to the Committee in a timely fashion.

 

  42.

The Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services rendered by the Funds’ independent auditor, to a

 

A-6

  subcommittee of one or more members. Any decision of the subcommittee, including pre-approvals, shall be presented to the full Committee at its next regularly scheduled meeting. The Committee shall communicate any pre-approval made by it or a delegate to Management, who will ensure that the appropriate disclosure is made in the Funds’ periodic reports required by Section 13(a) of the Securities Exchange Act of 1934, as amended, and other documents as required under the federal securities laws.

Additional Matters

 

  43.

The Committee is authorized to investigate any matter brought to its attention within the scope of its duties, and is authorized to meet with the internal audit or compliance personnel of Management as the Committee deems appropriate in connection with the performance of its responsibilities.

 

  44.

The Committee may request to meet with internal legal and compliance personnel, including the Funds’ chief compliance officer. The Committee may also request to meet with entities that provide significant accounting or administrative services to the Funds.

 

  45.

The Committee is authorized to engage independent counsel and other advisers as it deems necessary to carry out its duties.

 

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APPENDIX B

GOVERNANCE AND NOMINATING COMMITTEE CHARTERS

Goldman Sachs ETF Trust and Goldman Sachs ETF Trust II Governance and Nominating Committee Charter

Organization and Purpose

The Board of Trustees (the “Board”) of each of the Goldman Sachs ETF Trust and Goldman Sachs ETF Trust II (together the “Trusts,” and the series thereof, the “Funds”) has established a Governance and Nominating Committee (the “Committee”), comprising all of the Trusts’ Independent Trustees. “Independent Trustees” are those Trustees who: (a) are independent of the management of Goldman Sachs & Co. LLC; (b) are not “interested persons” of the Funds or any investment adviser or principal underwriter of the Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”); and (c) do not accept any consulting, advisory or other compensatory fee from the Funds except in their capacities as members of the Board or committees thereof (Board and committee members serving the Trusts in additional capacities, e.g., as Chairman of the Board or as Audit Committee Financial Expert, may receive additional compensation). The Committee has been established for the following purposes: (1) assisting the Board in matters involving fund governance and industry best practices; (2) with respect to the selection and nomination of Independent Trustees, satisfying certain regulatory requirements adopted by the Securities and Exchange Commission (the “SEC”); and (3) advising the Board from time to time on ways to improve its effectiveness.

Statement of Policy

The mission of the Board is to represent and protect the interests of the Funds and their shareholders. In doing so, the Board has the legal responsibility for overseeing the affairs of the Funds. It is the policy of the Board that in fulfilling its mission and meeting its responsibilities, the Trustees will seek high standards of integrity, commitment and independence of thought and judgment in a manner that is consistent with best practices of fund governance.

Summary of Responsibilities

The Committee will have the following responsibilities:

 

  1.

Making recommendations to the Board with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Funds and overseeing their management.

 

  2.

Monitoring the governance policies set forth in the Trustee Charter adopted by the Board, and recommending such changes to those policies as the Committee deems appropriate from time to time.

 

  3.

Making recommendations to the Board regarding its size, structure and composition as well as qualifications for Board membership.

 

  4.

Making recommendations to the Board with respect to the Board’s committee structure, committee membership and chairmanship.

 

  5.

Monitoring the Trusts’ standards of Trustee independence.

 

  6.

Overseeing and reviewing the Board and committee evaluations performed from time to time in accordance with the Trustee Charter and, based on its review, recommending such actions as the Committee deems appropriate.

 

  7.

Keeping informed of regulatory changes and industry practices relating to fund governance and recommending such changes as the Committee deems appropriate.

 

  8.

Overseeing the process for setting Independent Trustee compensation.

 

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  9.

Overseeing the continuing education of incumbent and new Independent Trustees.

 

  10.

Reviewing periodically the investments made by the Trustees in the Funds pursuant to the policies set forth in the Trustee Charter.

 

  11.

Selecting and nominating candidates for election or appointment as non-interested members of the Board and the retention of such members, as discussed below.

In carrying out its responsibilities under this Governance and Nominating Committee Charter (the “Charter”), the policies and procedures of the Committee should remain flexible in order to best react to changing conditions and to provide assurance to the full Board and shareholders that the Trusts’ governance practices are in accordance with applicable requirements and are of the highest quality.

The Committee performs its functions under this Charter on the basis of information or advice provided or representations made to it by the management of the Funds, or by service providers, or by legal counsel or other experts or consultants, without independent verification. Nothing in this Charter is intended to impose, or should be interpreted as imposing, on any member of the Committee any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Trustee of the Trusts under applicable federal and state law.

Selection, Nomination and Retention of Independent Trustees

The Committee will be responsible for the selection and nomination of the candidates for election or appointment as Independent Trustees of the Trusts. In connection with the selection and nomination of candidates to the Board, the Committee will evaluate the qualifications of candidates for Board membership and their independence from the Funds’ investment adviser, principal underwriter(s), and other principal service providers. Persons selected must be independent under the provisions of the 1940 Act. The Committee will also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (for example, business, financial or family relationships with the investment adviser or other service providers). Candidates should have the capacity to address financial and legal issues and to exercise reasonable business judgment. Without limiting the foregoing, the Committee will also consider, among other criteria, a candidate’s:

 

  (a)

experience in business, financial or investment matters or in other fields of endeavor,

 

  (b)

reputation;

 

  (c)

ability to attend scheduled Board and Committee meetings;

 

  (d)

general availability to attend to Board business on short notice;

 

  (e)

actual or potential business, family or other conflicts bearing on either the candidate’s independence or the business of the Trusts;

 

  (f)

length of potential service;

 

  (g)

commitment to the representation of the interests of the Funds and their shareholders;

 

  (h)

commitment to maintaining and improving Trustee skills and education; and

 

  (i)

experience in corporate governance and best business practices.

The Committee will also consider the diversity of the Board’s composition as part of the selection and nomination process.

In considering the selection and nomination of Independent Trustee candidates, it is expected that the Committee will consult with the interested Trustees and Officers of the Trusts and such other persons as the Committee deems appropriate.

 

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In addition, the Committee shall work to retain high performing Independent Trustees, once elected or appointed as the case may be.

While the Committee is solely responsible for the selection and nomination of the Trusts’ Trustees, the Committee shall review and consider nominations for the office of Trustee made by management and by Trust shareholders who have sent nominations (which include the biographical information and qualifications of the proposed nominee) to the Secretary of the Trusts, as the Trustees deem appropriate.

Additional Matters

 

  12.

The Committee will meet at such times as it deems appropriate. The Committee will set its agenda and the places of its meetings. The Committee may meet alone and outside the presence of management personnel.

 

  13.

The Committee will submit the minutes of all of its meetings to, or discuss the matters discussed at each Committee meeting with, the full Board.

 

  14.

The Committee may delegate any portion of its authority to a subcommittee of one or more members. Any decision of the subcommittee shall be presented to the full Committee at its next regularly scheduled meeting.

 

  15.

The Committee is authorized to investigate any matter brought to its attention within the scope of its duties, and is authorized to meet with the compliance personnel of management as the Committee deems appropriate in connection with the performance of its responsibilities.

 

  16.

The Committee is authorized to engage independent counsel and other advisers as it deems necessary to carry out its duties.

 

  17.

The Committee shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any advisers employed by the Committee as described above.

 

  18.

Except as otherwise provided by the Board or required by applicable law, the Committee shall act by a vote of a majority of the Committee members at a Committee meeting, including a meeting held by conference telephone, teleconference or other electronic media or communication equipment, or by written consent of all of the Committee members without a meeting. Any written consent or waiver may be provided and delivered to the Committee chair by e-mail, facsimile or other similar electronic mechanism.

 

  19.

The Committee will periodically review the provisions of this Governance and Nominating Committee Charter.

 

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Goldman Sachs Real Estate Diversified Income Fund Governance and Nominating Committee Charter

Organization and Purpose

The Board of Trustees (the “Board”) of the Goldman Sachs Real Estate Diversified Income Fund (the “Fund”) has established a Governance and Nominating Committee (the “Committee”), comprising all of the Fund’s Independent Trustees. “Independent Trustees” are those Trustees who: (a) are independent of the management of Goldman Sachs & Co. LLC; (b) are not “interested persons” of the Fund or any investment adviser or principal underwriter of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”); and (c) do not accept any consulting, advisory or other compensatory fee from the Fund except in their capacities as members of the Board or committees thereof (Board and committee members serving the Fund in additional capacities, e.g., as Chair of the Board or as Audit Committee Financial Expert, may receive additional compensation). The Committee has been established for the following purposes: (1) assisting the Board in matters involving fund governance and industry best practices; (2) with respect to the selection and nomination of Independent Trustees, satisfying certain regulatory requirements adopted by the Securities and Exchange Commission (the “SEC”); and (3) advising the Board from time to time on ways to improve its effectiveness.

Statement of Policy

The mission of the Board is to represent and protect the interests of the Fund and its shareholders. In doing so, the Board has the legal responsibility for overseeing the affairs of the Fund. It is the policy of the Board that in fulfilling its mission and meeting its responsibilities, the Trustees will seek high standards of integrity, commitment and independence of thought and judgment in a manner that is consistent with best practices of corporate governance.

Summary of Responsibilities

The Committee will have the following responsibilities:

 

  1.

Making recommendations to the Board with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Fund and overseeing its management.

 

  2.

Monitoring the governance policies set forth in the Trustee Charter adopted by the Board, and recommending such changes to those policies as the Committee deems appropriate from time to time.

 

  3.

Making recommendations to the Board regarding its size, structure and composition as well as qualifications for Board membership.

 

  4.

Making recommendations to the Board with respect to the Board’s committee structure, committee membership and chairmanship.

 

  5.

Monitoring the Fund’s standards of Trustee independence.

 

  6.

Overseeing and reviewing the Board and committee evaluations performed from time to time in accordance with the Trustee Charter and, based on its review, recommending such actions as the Committee deems appropriate.

 

  7.

Keeping informed of regulatory changes and industry practices relating to fund governance and recommending such changes as the Committee deems appropriate.

 

  8.

Overseeing the continuing education of incumbent and new Independent Trustees.

 

  9.

Reviewing periodically the investments made by the Trustees in the Fund pursuant to the policies set forth in the Trustee Charter.

 

  10.

Selecting and nominating candidates for election or appointment as non-interested members of the Board and the retention of such members, as discussed below.

 

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In carrying out its responsibilities under this Governance and Nominating Committee Charter (the “Charter”), the policies and procedures of the Committee should remain flexible in order to best react to changing conditions and to provide assurance to the full Board and shareholders that the Fund’s governance practices are in accordance with applicable requirements and are of the highest quality.

The Committee performs its functions under this Charter on the basis of information or advice provided or representations made to it by the management of the Fund, or by service providers, or by legal counsel or other experts or consultants, without independent verification. Nothing in this Charter is intended to impose, or should be interpreted as imposing, on any member of the Committee any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Trustee of the Fund under applicable federal and state law.

Selection, Nomination and Retention of Independent Trustees

The Committee will be responsible for the selection and nomination of the candidates for election or appointment as Independent Trustees of the Fund. In connection with the selection and nomination of candidates to the Board, the Committee will evaluate the qualifications of candidates for Board membership and their independence from the Fund’s respective investment adviser, principal underwriter(s), and other principal service providers. Persons selected must be independent under the provisions of the 1940 Act. The Committee will also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (for example, business, financial or family relationships with the investment adviser or other service providers). Candidates should have the capacity to address financial and legal issues and to exercise reasonable business judgment. Without limiting the foregoing, the Committee will also consider, among other criteria, a candidate’s:

 

  (a)

experience in business, financial or investment matters or in other fields of endeavor;

 

  (b)

financial literacy and/or whether he or she is an “audit committee financial expert” as defined in Item 3 of Form N-CSR;

 

  (c)

reputation;

 

  (d)

ability to attend scheduled Board and Committee meetings;

 

  (e)

general availability to attend to Board business on short notice;

 

  (f)

actual or potential business, family or other conflicts bearing on either the candidate’s independence or the business of the Fund;

 

  (g)

length of potential service;

 

  (h)

commitment to the representation of the interests of the Fund and its shareholders;

 

  (i)

commitment to maintaining and improving Trustee skills and education; and

 

  (j)

experience in corporate governance and best business practices.

The Committee will also consider the diversity of the Board’s composition as part of the selection and nomination process.

In considering the selection and nomination of Independent Trustee candidates, it is expected that the Committee will consult with the interested Trustees and Officers of the Fund and such other persons as the Committee deems appropriate.

In addition, the Committee shall work to retain high performing Independent Trustees, once elected or appointed as the case may be.

While the Committee is solely responsible for the selection and nomination of the Fund’s Trustees, the Committee shall review and consider nominations for the office of Trustee made by management and by Fund

 

B-5

shareholders who have sent nominations (which includes the biographical information and qualifications of the proposed nominee) to the Secretary of the Fund, as the Trustees deem appropriate.

Additional Matters

 

  1.

The Committee will meet at such times as it deems appropriate. The Committee will set its agenda and the places of its meetings. The Committee may meet alone and outside the presence of management personnel.

 

  2.

The Committee will submit the minutes of all of its meetings to, or discuss the matters discussed at each Committee meeting with, the full Board.

 

  3.

The Committee may delegate any portion of its authority to a subcommittee of one or more members. Any decision of the subcommittee shall be presented to the full Committee at its next regularly scheduled meeting.

 

  4.

The Committee is authorized to investigate any matter brought to its attention within the scope of its duties, and is authorized to meet with the compliance personnel of management as the Committee deems appropriate in connection with the performance of its responsibilities.

 

  5.

The Committee is authorized to engage independent counsel and other advisers as it deems necessary to carry out its duties.

 

  6.

The Committee shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any advisers employed by the Committee as described above. The Committee shall have the sole authority to retain and terminate any search firm to be used to identify Trustee candidates, including sole authority to approve the search firm’s fees and other retention terms.

 

  7.

Except as otherwise provided by the Board or required by applicable law, the Committee shall act by a vote of a majority of the Committee members at a Committee meeting, including a meeting held by conference telephone, teleconference or other electronic media or communication equipment, or by written consent of all of the Committee members without a meeting. Any written consent or waiver may be provided and delivered to the Committee chair by e-mail, facsimile or other similar electronic mechanism.

 

  8.

The Committee will periodically review the provisions of this Governance and Nominating Committee Charter.

 

B-6

Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust Governance and Nominating Committee Charter

Organization and Purpose

The Trustees of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (together the “Trusts” and the series thereof, the “Funds”) have established a Governance and Nominating Committee (the “Committee”), comprising all of the Independent Trustees. “Independent Trustees” are those Trustees who: (a) are independent of the management of Goldman, Sachs & Co. LLC; (b) are not “interested persons” of the Funds or any investment adviser or principal underwriter of the Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940 (the “1940 Act”); and (c) do not accept any consulting, advisory or other compensatory fee from the Funds except in their capacities as members of the Board of Trustees or committees thereof (Board and committee members serving the Trusts in additional capacities, e.g., as Chairman of the Board or as Audit Committee Financial Expert, may receive additional compensation). The Committee has been established for the following purposes: (1) assisting the Board of Trustees in matters involving mutual fund governance and industry best practices; (2) with respect to the selection and nomination of Independent Trustees, satisfying certain regulatory requirements adopted by the Securities and Exchange Commission (the “SEC”); and (3) advising the Board of Trustees from time to time on ways to improve its effectiveness.

Statement of Policy

The mission of the Board of Trustees is to represent and protect the interests of the Funds and their shareholders. In doing so, the Board has the legal responsibility for overseeing the affairs of the Funds. It is the policy of the Board of Trustees that in fulfilling its mission and meeting its responsibilities, the Trustees will seek high standards of integrity, commitment and independence of thought and judgment in a manner that is consistent with best practices of mutual fund governance.

Summary of Responsibilities

The Committee will have the following responsibilities:

 

  •  

Making recommendations to the Board of Trustees with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Funds and overseeing their management.

 

  •  

Monitoring the governance policies set forth in the Trustee Charter adopted by the Board of Trustees, and recommending such changes to those policies as the Committee deems appropriate from time to time.

 

  •  

Making recommendations to the Board of Trustees regarding its size, structure and composition as well as qualifications for Board membership.

 

  •  

Making recommendations to the Board of Trustees with respect to the Board’s committee structure, committee membership and chairmanship.

 

  •  

Monitoring the Trusts’ standards of Trustee independence.

 

  •  

Overseeing and reviewing the Board and committee evaluations performed from time to time in accordance with the Trustee Charter and, based on its review, recommending such actions as the Committee deems appropriate.

 

  •  

Keeping informed of regulatory changes and industry practices relating to mutual fund governance and recommending such changes as the Committee deems appropriate.

 

  •  

Overseeing the process for setting Independent Trustee compensation.

 

  •  

Overseeing the continuing education of incumbent and new Independent Trustees.

 

  •  

Reviewing periodically the investments made by the Trustees in the Funds pursuant to the policies set forth in the Trustee Charter.

 

B-7

  •  

Selecting and nominating candidates for election or appointment as non-interested members of the Board of Trustees and the retention of such members, as discussed below.

In carrying out its responsibilities under this Governance and Nominating Committee Charter (the “Charter”), the policies and procedures of the Committee should remain flexible in order to best react to changing conditions and to provide assurance to the full Board of Trustees and shareholders that the Trusts’ governance practices are in accordance with applicable requirements and are of the highest quality.

The Committee performs its functions under this Charter on the basis of information and advice provided or representations made to it by the management of the Funds, or by service providers, or by legal counsel or other experts or consultants, without independent verification. Nothing in this charter is intended to impose, or should be interpreted as imposing, on any member of the Committee any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Trustee of the Trusts under applicable federal and state law.

Selection, Nomination and Retention of Independent Trustees

The Committee will be responsible for the selection and nomination of the candidates for election or appointment as Independent Trustees of the Trusts. In connection with the selection and nomination of candidates to the Board of Trustees, the Committee will evaluate the qualifications of candidates for Board membership and their independence from the Trusts’ investment advisers, principal underwriter(s), and other principal service providers. Persons selected must be independent under the provisions of the 1940 Act. The Committee will also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (for example, business, financial or family relationships with the investment advisers or other service providers). Candidates should have the capacity to address financial and legal issues and to exercise reasonable business judgment. Without limiting the foregoing, the Committee will also consider, among other criteria, a candidate’s:

 

  (a)

experience in business, financial or investment matters or in other fields of endeavor;

 

  (b)

reputation;

 

  (c)

ability to attend scheduled Board and Committee meetings;

 

  (d)

general availability to attend to Board business on short notice;

 

  (e)

actual or potential business, family or other conflicts bearing on either the candidate’s independence or the business of the Trusts;

 

  (f)

length of potential service;

 

  (g)

commitment to the representation of the interests of the Funds and their shareholders;

 

  (h)

commitment to maintaining and improving Trustee skills and education; and

 

  (i)

experience in corporate governance and best business practices.

The Committee will also consider the diversity of the Board’s composition as part of the selection and nomination process.

In considering the selection and nomination of Independent Trustee candidates, it is expected that the Committee will consult with the interested Trustees and Officers of the Trusts and such other persons as the Committee deems appropriate.

In addition, the Committee shall work to retain high performing Independent Trustees, once elected or appointed as the case may be.

 

B-8

Additional Matters

 

  •  

The Committee will meet at such times as it deems appropriate. The Committee will set its agenda and the places of its meetings. The Committee may meet alone and outside the presence of management personnel.

 

  •  

The Committee will submit the minutes of all meetings of the Committee to, or discuss the matters discussed at each Committee meeting with, the full Board of Trustees.

 

  •  

The Committee may delegate any portion of its authority to a subcommittee of one or more members. Any decision of the subcommittee shall be presented to the full Committee at its next regularly scheduled meeting.

 

  •  

The Committee is authorized to investigate any matter brought to its attention within the scope of its duties, and is authorized to meet with the compliance personnel of management as the committee deems appropriate in connection with the performance of its responsibilities.

 

  •  

The Committee is authorized to engage independent counsel and other advisers as it deems necessary to carry out its duties.

 

  •  

The Funds will provide for appropriate funding, as determined by the Committee, for payment of compensation to any advisers employed by the Committee as described above.

 

  •  

Except as otherwise provided by the Board of Trustees or required by applicable law, the Committee shall act by a vote of a majority of the Committee members at a Committee meeting, including a meeting held by conference telephone, teleconference or other electronic media or communication equipment, or by written consent of a majority of Committee members without a meeting. Any written consent or waiver may be provided and delivered to the Committee by e-mail, facsimile or other similar electronic mechanism.

 

  •  

The Committee will periodically review the provisions of this Governance and Nominating Committee Charter.

 

B-9

Goldman Sachs Trust II Governance and Nominating Committee Charter

Organization and Purpose

The Board of Trustees (the “Board”) of Goldman Sachs Trust II (the “Trust” and the series thereof, the “Funds”) has established a Governance and Nominating Committee (the “Committee”), comprising all of the Funds’ Independent Trustees. “Independent Trustees” are those Trustees who: (a) are independent of the management of Goldman, Sachs & Co. LLC; (b) are not “interested persons” of the Funds or any investment adviser or principal underwriter of the Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”); and (c) do not accept any consulting, advisory or other compensatory fee from the Funds except in their capacities as members of the Board or committees thereof (Board and committee members serving the Funds in additional capacities, e.g., as Chairman of the Board or as Audit Committee Financial Expert, may receive additional compensation). The Committee has been established for the following purposes: (1) assisting the Board in matters involving fund governance and industry best practices; (2) with respect to the selection and nomination of Independent Trustees, satisfying certain regulatory requirements adopted by the Securities and Exchange Commission (the “SEC”); and (3) advising the Board from time to time on ways to improve its effectiveness.

Statement of Policy

The mission of the Board is to represent and protect the interests of the Funds and their shareholders. In doing so, the Board has the legal responsibility for overseeing the affairs of the Funds. It is the policy of the Board that in fulfilling its mission and meeting its responsibilities, the Trustees will seek high standards of integrity, commitment and independence of thought and judgment in a manner that is consistent with best practices of mutual fund governance.

Summary of Responsibilities

The Committee will have the following responsibilities:

 

  1.

Making recommendations to the Board with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Funds and overseeing their management.

 

  2.

Monitoring the governance policies set forth in the Trustee Charter adopted by the Board, and recommending such changes to those policies as the Committee deems appropriate from time to time.

 

  3.

Making recommendations to the Board regarding its size, structure and composition as well as qualifications for Board membership.

 

  4.

Making recommendations to the Board with respect to the Board’s committee structure, committee membership and chairmanship.

 

  5.

Monitoring the Trust’s standards of Trustee independence.

 

  6.

Overseeing and reviewing the Board and committee evaluations performed from time to time in accordance with the Trustee Charter and, based on its review, recommending such actions as the Committee deems appropriate.

 

  7.

Keeping informed of regulatory changes and industry practices relating to fund governance and recommending such changes as the Committee deems appropriate.

 

  8.

Overseeing the process for setting Independent Trustee compensation.

 

  9.

Overseeing the continuing education of incumbent and new Independent Trustees.

 

  10.

Reviewing periodically the investments made by the Trustees in the Funds pursuant to the policies set forth in the Trustee Charter.

 

  11.

Selecting and nominating candidates for election or appointment as non-interested members of the Board and the retention of such members, as discussed below.

 

B-10

In carrying out its responsibilities under this Charter, the policies and procedures of the Committee should remain flexible in order to best react to changing conditions and to provide assurance to the full Board and shareholders that the Funds’ governance practices are in accordance with applicable requirements and are of the highest quality.

The Committee performs its functions under this Governance and Nominating Committee Charter (the “Charter”) on the basis of information or advice provided or representations made to it by the management of the Funds, or by service providers, or by legal counsel or other experts or consultants, without independent verification. Nothing in this Charter is intended to impose, or should be interpreted as imposing, on any member of the Committee any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Trustee of the Funds under applicable federal and state law.

Selection, Nomination and Retention of Independent Trustees

The Committee will be responsible for the selection and nomination of the candidates for election or appointment as Independent Trustees of the Funds. In connection with the selection and nomination of candidates to the Board, the Committee will evaluate the qualifications of candidates for Board membership and their independence from each Fund’s respective investment adviser, principal underwriter(s), and other principal service providers. Persons selected must be independent under the provisions of the 1940 Act. The Committee will also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (for example, business, financial or family relationships with the investment adviser or other service providers). Candidates should have the capacity to address financial and legal issues and to exercise reasonable business judgment. Without limiting the foregoing, the Committee will also consider, among other criteria, a candidate’s:

 

  (a)

experience in business, financial or investment matters or in other fields of endeavor;

 

  (b)

reputation;

 

  (c)

ability to attend scheduled Board and Committee meetings;

 

  (d)

general availability to attend to Board business on short notice;

 

  (e)

actual or potential business, family or other conflicts bearing on either the candidate’s independence or the business of the Funds;

 

  (f)

length of potential service;

 

  (g)

commitment to the representation of the interests of the Funds and their shareholders;

 

  (h)

commitment to maintaining and improving Trustee skills and education; and

 

  (i)

experience in corporate governance and best business practices.

The Committee will also consider the diversity of the Board’s composition as part of the selection and nomination process.

In considering the selection and nomination of Independent Trustee candidates, it is expected that the Committee will consult with the interested Trustees and Officers of the Funds and such other persons as the Committee deems appropriate.

In addition, the Committee shall work to retain high performing Independent Trustees, once elected or appointed as the case may be.

While the Committee is solely responsible for the selection and nomination of the Funds’ Trustees, the Committee shall review and consider nominations for the office of Trustee made by management and by Trust shareholders who have sent nominations (which includes the biographical information and qualifications of the proposed nominee) to the Secretary of the Funds, as the Trustees deem appropriate.

 

B-11

Additional Matters

 

  12.

The Committee will meet at such times as it deems appropriate. The Committee will set its agenda and the places of its meetings. The Committee may meet alone and outside the presence of management personnel.

 

  13.

The Committee will submit the minutes of all of its meetings to, or discuss the matters discussed at each Committee meeting with, the full Board.

 

  14.

The Committee may delegate any portion of its authority to a subcommittee of one or more members. Any decision of the subcommittee shall be presented to the full Committee at its next regularly scheduled meeting.

 

  15.

The Committee is authorized to investigate any matter brought to its attention within the scope of its duties, and is authorized to meet with the compliance personnel of management as the Committee deems appropriate in connection with the performance of its responsibilities.

 

  16.

The Committee is authorized to engage independent counsel and other advisers as it deems necessary to carry out its duties.

 

  17.

The Committee shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any advisers employed by the Committee as described above.

 

  18.

Except as otherwise provided by the Board or required by applicable law, the Committee shall act by a vote of a majority of the Committee members at a Committee meeting, including a meeting held by conference telephone, teleconference or other electronic media or communication equipment, or by written consent of all of the Committee members without a meeting. Any written consent or waiver may be provided and delivered to the Committee chair by e-mail, facsimile or other similar electronic mechanism.

 

  19.

The Committee will periodically review the provisions of this Governance and Nominating Committee Charter.

 

B-12

APPENDIX C

OUTSTANDING SHARES OF EACH FUND

Each Fund’s Shares outstanding as of August 21, 2023 (the Record Date) is set forth in the table below.

Goldman Sachs ETF Trust

 

Fund

    Outstanding Shares  

Goldman Sachs Access Emerging Markets USD Bond ETF

      1,300,000  

Goldman Sachs Access High Yield Corporate Bond ETF

      2,250,000  

Goldman Sachs Access Inflation Protected USD Bond ETF

      2,300,000  

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

      200,000  

Goldman Sachs Access Investment Grade Corporate Bond ETF

      14,000,000  

Goldman Sachs Access Treasury 0-1 Year ETF

      58,890,000  

Goldman Sachs Access U.S. Aggregate Bond ETF

      11,900,000  

Goldman Sachs Access Ultra Short Bond ETF

      11,675,000  

Goldman Sachs ActiveBeta® Emerging Markets Equity ETF

      32,750,000  

Goldman Sachs ActiveBeta® Europe Equity ETF

      350,000  

Goldman Sachs ActiveBeta® International Equity ETF

      103,500,000  

Goldman Sachs ActiveBeta® Japan Equity ETF

      400,000  

Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF

      200,000  

Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF

      129,302,500  

Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF

      8,200,000  

Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF

      17,500,000  

Goldman Sachs Bloomberg Clean Energy Equity ETF

      250,000  

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

      7,400,000  

Goldman Sachs Hedge Industry VIP ETF

      1,800,000  

Goldman Sachs Innovate Equity ETF

      6,750,000  

Goldman Sachs JUST U.S. Large Cap Equity ETF

      4,325,000  

Goldman Sachs Future Consumer Equity ETF

      5,750,000  

Goldman Sachs Future Health Care Equity ETF

      3,450,000  

Goldman Sachs Future Planet Equity ETF

      4,725,000  

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

      725,000  

Goldman Sachs Future Tech Leaders Equity ETF

      10,200,000  

Goldman Sachs MarketBetaTM Emerging Markets Equity ETF

      650,000  

Goldman Sachs MarketBetaTM International Equity ETF

      8,600,000  

Goldman Sachs MarketBetaTM U.S. Equity ETF

      16,450,000  

Goldman Sachs Community Municipal Bond ETF

      400,000  

Goldman Sachs Defensive Equity ETF

      152,572  

Goldman Sachs North American Pipelines & Power Equity ETF

      200,000  

Goldman Sachs ETF Trust II

 

Fund

    Outstanding Shares  

Goldman Sachs MarketBetaTM U.S. 1000 Equity ETF

      35,837,538  

Goldman Sachs MarketBetaTM Total International Equity ETF

      9,935,415  

 

C-1

Goldman Sachs Goldman Sachs Real Estate Diversified Income Fund

 

Fund

    Outstanding Shares  

Goldman Sachs Real Estate Diversified Income Fund

      52,298,894  

Goldman Sachs Trust

 

Fund

    Outstanding Shares  

Goldman Sachs Absolute Return Tracker Fund

      407,090,447  

Goldman Sachs Balanced Strategy Portfolio

      46,732,898  

Goldman Sachs Bond Fund

      38,008,867  

Goldman Sachs China Equity Fund

      2,638,901  

Goldman Sachs Clean Energy Income Fund

      20,222,500  

Goldman Sachs Commodity Strategy Fund

      84,783,621  

Goldman Sachs Concentrated Growth Fund

      7,829,533  

Goldman Sachs Core Fixed Income Fund

      192,934,717  

Goldman Sachs Dynamic Global Equity Fund

      15,957,324  

Goldman Sachs Dynamic Municipal Income Fund

      563,486,331  

Goldman Sachs Emerging Markets Debt Fund

      59,325,381  

Goldman Sachs Emerging Markets Equity ex. China Fund

      802,885  

Goldman Sachs Emerging Markets Equity Fund

      140,432,808  

Goldman Sachs Emerging Markets Equity Insights Fund

      235,168,979  

Goldman Sachs Energy Infrastructure Fund

      34,619,189  

Goldman Sachs Enhanced Dividend Global Equity Portfolio

      33,455,698  

Goldman Sachs Enhanced Income Fund

      63,436,279  

Goldman Sachs Equity Income Fund

      9,495,124  

Goldman Sachs ESG Emerging Markets Equity Fund

      3,135,043  

Goldman Sachs Financial Square Federal Instruments Fund

      5,364,543,764  

Goldman Sachs Financial Square Government Fund

      267,766,249,650  

Goldman Sachs Financial Square Money Market Fund

      2,764,840,904  

Goldman Sachs Financial Square Prime Obligations Fund

      2,672,347,678  

Goldman Sachs Financial Square Treasury Instruments Fund

      84,075,890,747  

Goldman Sachs Financial Square Treasury Obligations Fund

      42,113,275,312  

Goldman Sachs Financial Square Treasury Solutions Fund

      14,938,227,317  

Goldman Sachs Flexible Cap Fund

      4,106,000  

Goldman Sachs Focused Value Fund

      3,513,871  

Goldman Sachs Global Core Fixed Income Fund

      53,053,644  

Goldman Sachs Global Infrastructure Fund

      17,478,170  

Goldman Sachs Global Managed Beta Fund

      169,214,513  

Goldman Sachs Global Real Estate Securities Fund

      13,429,338  

Goldman Sachs Government Income Fund

      10,825,871  

Goldman Sachs Growth and Income Strategy Portfolio

      57,972,836  

Goldman Sachs Growth Strategy Portfolio

      48,121,919  

Goldman Sachs High Yield Floating Rate Fund

      239,346,609  

Goldman Sachs High Yield Fund

      318,410,024  

Goldman Sachs High Yield Municipal Fund

      1,091,972,692  

Goldman Sachs Income Builder Fund

      96,718,662  

Goldman Sachs Income Fund

      7,478,823  

Goldman Sachs Inflation Protected Securities Fund

      31,439,339  

Goldman Sachs International Equity Dividend and Premium Fund

      22,051,494  

Goldman Sachs International Equity ESG Fund

      37,813,213  

 

C-2

Fund

    Outstanding Shares  

Goldman Sachs International Equity Income Fund

      68,785,939  

Goldman Sachs International Equity Insights Fund

      125,169,380  

Goldman Sachs International Small Cap Insights Fund

      271,770,792  

Goldman Sachs International Tax-Managed Equity Fund

      65,745,093  

Goldman Sachs Investment Grade Credit Fund

      83,024,085  

Goldman Sachs Investor Money Market Fund

      7,887,704,308  

Goldman Sachs Investor Tax-Exempt Money Market Fund

      2,105,561,596  

Goldman Sachs Large Cap Core Fund

      41,400,407  

Goldman Sachs Large Cap Growth Insights Fund

      37,911,758  

Goldman Sachs Large Cap Value Fund

      27,495,676  

Goldman Sachs Large Cap Value Insights Fund

      14,823,222  

Goldman Sachs Local Emerging Markets Debt Fund

      14,628,995  

Goldman Sachs Long Short Credit Strategies Fund

      6,402,375  

Goldman Sachs Managed Futures Strategy Fund

      40,084,309  

Goldman Sachs Mid Cap Growth Fund

      63,277,952  

Goldman Sachs Mid Cap Value Fund

      34,207,423  

Goldman Sachs MLP Energy Infrastructure Fund

      50,129,806  

Goldman Sachs Municipal Income Completion Fund

      18,527,215  

Goldman Sachs Real Estate Securities Fund

      9,565,779  

Goldman Sachs Rising Dividend Growth Fund

      41,258,570  

Goldman Sachs Satellite Strategies Portfolio

      9,564,400  

Goldman Sachs Short Duration Bond Fund

      153,084,107  

Goldman Sachs Short Duration Government Fund

      55,421,802  

Goldman Sachs Short Duration Tax-Free Fund

      580,515,444  

Goldman Sachs Short-Term Conservative Income Fund

      200,267,321  

Goldman Sachs Small Cap Equity Insights Fund

      15,511,098  

Goldman Sachs Small Cap Growth Fund

      3,341,437  

Goldman Sachs Small Cap Growth Insights Fund

      6,557,615  

Goldman Sachs Small Cap Value Fund

      43,159,002  

Goldman Sachs Small Cap Value Insights Fund

      21,314,312  

Goldman Sachs Small/Mid Cap Growth Fund

      96,658,766  

Goldman Sachs Small/Mid Cap Value Fund

      15,191,995  

Goldman Sachs Strategic Factor Allocation Fund

      206,773,523  

Goldman Sachs Strategic Growth Fund

      14,787,669  

Goldman Sachs Strategic Income Fund

      68,817,513  

Goldman Sachs Strategic Volatility Premium Fund

      45,735,688  

Goldman Sachs Tactical Tilt Overlay Fund

      451,264,743  

Goldman Sachs Tax-Advantaged Global Equity Portfolio

      179,638,242  

Goldman Sachs Technology Opportunities Fund

      28,821,294  

Goldman Sachs U.S. Equity Dividend and Premium Fund

      202,571,830  

Goldman Sachs U.S. Equity ESG Fund

      1,348,748  

Goldman Sachs U.S. Equity Insights Fund

      16,724,937  

Goldman Sachs U.S. Mortgages Fund

      24,372,950  

Goldman Sachs U.S. Tax-Managed Equity Fund

      72,644,297  

 

C-3

Goldman Sachs Trust II

 

Fund

    Outstanding Shares  

Goldman Sachs GQG Partners International Opportunities Fund

      1,611,276,187  

Goldman Sachs Multi-Manager Alternatives Fund

      11,570,149  

Goldman Sachs Multi-Manager Global Equity Fund

      65,120,677  

Goldman Sachs Multi-Manager Non-Core Fixed Income Fund

      148,653,874  

Goldman Sachs Multi-Manager Real Assets Strategy Fund

      58,443,055  

Multi-Manager International Equity Fund

      97,978,232  

Multi-Manager U.S. Small Cap Equity Fund

      61,125,276  

Goldman Sachs Variable Insurance Trust

 

Fund

    Outstanding Shares  

Goldman Sachs Buffered S&P 500 Fund – Jan/Jul

      500,000  

Goldman Sachs Buffered S&P 500 Fund – Mar/Sep

      500,000  

Goldman Sachs Buffered S&P 500 Fund – May/Nov

      500,000  

Goldman Sachs Core Fixed Income Fund

      13,191,580  

Goldman Sachs Government Money Market Fund

      2,396,450,716  

Goldman Sachs International Equity Insights Fund

      12,042,424  

Goldman Sachs Large Cap Value Fund

      42,966,512  

Goldman Sachs Mid Cap Growth Fund

      6,196,251  

Goldman Sachs Mid Cap Value Fund

      27,852,541  

Goldman Sachs Multi-Strategy Alternatives Portfolio

      4,112,987  

Goldman Sachs Small Cap Equity Insights Fund

      10,372,953  

Goldman Sachs Strategic Growth Fund

      29,561,222  

Goldman Sachs Trend Driven Allocation Fund

      25,266,777  

Goldman Sachs U.S. Equity Insights Fund

      17,166,336  

 

C-4

APPENDIX D

BENEFICIAL OWNERS OF MORE THAN 5% OF A CLASS OF EACH FUND

As of July 31, 2023, the following persons or entities owned beneficially or of record more than 5% of the outstanding shares of any class, as applicable, of each Fund. For purposes of this Appendix D, refer to the below table for the full name and address of certain 5% owners who are listed for certain Funds in the tables for this Appendix D.

Name and Address of Owner

 

 
American Enterprise Investment SVC, FBO 41999970, 707 2nd Ave S., Minneapolis, MN 55402-2405
 
American United Life Insurance Co., Attn: Separate Accounts, P.O. Box 368, Indianapolis, IN 46282-0002.
 
Apex Clearing Corporation, 350 North St. Paul Street, Suite 1300, Dallas, TX 75201
 
Ascensus Trust Company FBO, P.O. Box 10758, Fargo, ND 58106-0758
 
Charles Schwab & Co, Inc., Special Custody AC FBO Customers; Attn: Mutual Funds, 211 Main St., San Francisco, CA 94105-1901
 
Charles Schwab & Co., Inc., 101 Montgomery Street, San Francisco, CA 94104
 
Commonwealth Annuity & Life, Attn: Separate Accounts S-291, 440 Lincoln, St., Worcester, MA 01653-0002
 
Edward D. Jones & Co., For the Benefit of the Customers, 12555 Manchester Rd., St. Louis, MO 63131-3710
 
Empower Financial Services, Inc., 8515 E Orchard Rd 2T2, Greenwood Village, CO 80111-5002
 
Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282
 
Goldman Sachs & Co., FBO Omnibus 6600, Co/O Mutual Fund OPS, 222 S. Main St., Salt Lake City, UT 84101-2199
 
Goldman Sachs Trust, C/O Fund Management Team, 200 West St., New York, NY 10282-2102
 
GS PWM INSTL Class, Goldman, Sachs & Co., C/O Mutual Fund Ops, 200 West St., New York, NY 10282-2198
 
GSAM Holdings LLC Comp Hedge, Crystal Downs, FL 3, Embassy Gold Links Business Park, Bengaluru, India 560071
 
GSAM Holdings LLC Seed Account, Attn: AMD-India-SAOD, Helios Business Park, 150 Outer Ring Rd., Kadubeesanahalli, Bangaluru 560 103, India
 
GWFS Equities Inc., 8515 E Orchard Rd., 2T2, Greenwood Village, CO 80111-5002
 
Hand Securities, Inc., 6 Rhoads Dr., Ste. 7, Utica, NY 13502-6317
 
Hare & Co., Attn: Stif Operations, P.O. Box 223910, Pittsburgh, Pa 15121-2910
 
Horseshoe Re II Limited, P.O Box HM3352, Hamilton, Bermuda HM PX
 
JP Morgan Securities, LLC, 383 Madison Ave., New York, NY 10179
 
JP Morgan Securities, LLC, FEBO Customers, Mutual Fund Dept., 3 Chase Metrotech Center, Fl 3, Brooklyn, NY 11245-0001
 
LPL Financial LLC, 4707 Executive Drive, San Diego, CA 92121
 
Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds, 4800 Deer Lake Drive East, 3rd Fl., Jacksonville, FL 32246-6484
 
Merrill Lynch, Pierce, Fenner & Smith, Inc., 250 Vesey St., New York, NY 10281
 
Mid Atlantic Trust Company, 1251 Waterfront Place, Suite 525, Pittsburgh, PA 15222-4228

 

D-1

 
Morgan Stanley Smith Barney LLC, 1 Harborside Financial Center, Plaza II, Jersey City, NJ 07311
 
Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers, 1 New York Plz, Fl. 12, New York, NY 10004-1965
 
National Financial Services LLC, 245 Summer Street, Boston, MA 02210
 
National Financial Services LLC, FEBO Customers Mutual Funds, Attn: Mutual Funder Dept 4th Fl., 499 Washington Blvd., Jersey City, NJ 07310-1995
 
Nationwide Investment Services, C/O IPO Portfolio Accounting, PO Box 182029, Columbus, OH 43218-2029
 
Ohio National Life Insurance, Co., 1 Financial Way, Cincinnati, OH 45242-5800
 
Pershing LLC, 1 Pershing Plz., Jersey City, NJ 07399
 
Pershing LLC, FBO Customers, 1 Pershing Plz., Jersey City, NJ 07399
 
Pershing LLC, PO Box 2052, Jersey City, NJ 07303-2052
 
Principal Securities Inc., DCGT as TTEE and/or CUST, FBO PLIC Various Retirement Plans Omnibus, Attn: NPIO Trade Desk, 711 High St., Des Moines, IA 50392-0001
 
Protective Life Insurance, Co., Protective Var Annuity Sep Account, Attn: annuity Operational Accounting, 2801 Highway 280 S., Birmingham, Al 35223-2479
 
Raymond James, 880 Carillon Parkway, St. Petersburg, FL 33716
 
Raymond James, 92500015, Omnibus for Mutual Funds, Attn: Courtney Waller, 880 Carillon Parkway, St. Petersburg, FL 33716-1102
 
RBC Capital Markets Corporation, Mutual Business Omnibus Processing, Attn: Mutual Fund Ops Manager, 60 S 6th St., Ste. 700 # P08, Minneapolis, MN 55402-4413
 
SEI Private Trust Company, 1 Freedom Vally Dr., Oaks, PA 19456-9989
 
State Street Bank & Trust Co., One Lincoln Street, Boston, MA 02111
 
State Street Bank and TR TTEE/Cust, FBO ADP Access Product, 1 Lincoln St., Boston, MA 02111-2901
 
Stifel Nicolaus & Co., Exclusive Benefit of Customers, 501 N. Broadway, St. Louis, MO 63102-2188
 
TCA Trustcorp America, 5301 Washington Ave NW, Ste. 450, Washington, DC 20015-2047
 
TD Ameritrade, 200 S 108th Avenue, Omaha, NE 68154
 
TD Ameritrade Clearing Inc., TD Ameritrade Inc. FBO our clients, PO Box 2226, Omaha, NE 68103-2226
 
The Bank of New York Mellon, 240 Greenwich St., 13 Fl East, New York, NY 10286
 
The Hartford Life Insurance Company, Separate Account 401, Attn: David Broeck, 1 Griffin Rd., Windsor, CT 06095-1515
 
UBS WM USA, 0O0 11011 6100, Omni Account M/F, Spec Cdy A/C EBOC UBSFSI, 1000 Harbor Blvd., Weehawken, NJ 07086-6761
 
Voya Financial Partners LLC, Voya Retirement Insurance & Annuity Company, 1 Orange Way, Windsor, CT 06095-4773
 
Wells Fargo Bank NA, Account FEBO Customers, Attn: Money Funds, 1525 W WT Harris Blvd., MSC D1109-010, Charlotte, NC 28288-1076
 
Wells Fargo Clearing Services, LLC, 1 North Jefferson Ave., St. Louis, MO 63103
 
Wells Fargo Clearing Services, LLC, Special Custody Acct for the Exclusive Benefit of Customer, 2801 Market St., St. Louis, MO 63103-2523

 

D-2

Goldman Sachs ETF Trust

 

Fund Name   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Access Emerging Markets USD Bond ETF   LPL Financial LLC     455,156     36.41%
  Apex Clearing Corporation     246,839     19.75%
  National Financial Services LLC     142,581     11.41%
  Pershing LLC     135,736     10.86%
  TD Ameritrade     86,170     6.89%
Goldman Sachs Access High Yield Corporate Bond ETF   National Financial Services LLC     473,662     21.05%
  Goldman Sachs & Co. LLC     400,062     17.78%
  Raymond James     238,995     10.62%
  Charles Schwab & Co., Inc.     213,376     9.48%
  Apex Clearing Corporation     161,774     7.19%
  TD Ameritrade     137,414     6.11%
  Pershing LLC     118,555     5.27%
Goldman Sachs Access Inflation Protected USD Bond ETF   LPL Financial LLC     379,804     16.69%
  National Financial Services LLC     341,687     15.02%
  Raymond James     264,670     11.63%
  Charles Schwab & Co., Inc.     225,827     9.93%
  Pershing LLC     162,165     7.13%
  TD Ameritrade     158,205     6.95%
  The Bank of New York Mellon     154,997     6.81%
  Merrill Lynch, Pierce, Fenner & Smith, Inc.     119,043     5.23%
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF   LPL Financial LLC     94,847     47.42%
  Merrill Lynch, Pierce, Fenner & Smith, Inc.     23,475     11.74%
  JP Morgan Securities, LLC     21,123     10.56%
  Reliance Trust Company, 1100 Abernathy Road NE Ste 400, Atlanta, GA 30328-5634     19,960     9.98%
Goldman Sachs Access Investment Grade Corporate Bond ETF   State Street Bank & Trust Co.     3,147,610     22.64%
  Reliance Trust Company/FIS Global Plus, 20117th Street NW Ste 1000, Atlanta, GS 30363     1,804,658     12.98%
  National Financial Services LLC     1,694,917     12.19%
  Pershing LLC     1,381,523     9.94%
  TD Ameritrade     1,272,656     9.16%
  Charles Schwab & Co., Inc.     1,038,893     7.47%
  The Bank of New York Mellon     739,694     5.32%
Goldman Sachs Access Treasury 0-1 Year ETF   Charles Schwab & Co., Inc.     8,045,742     14.76%
  Morgan Stanley Smith Barney LLC     6,880,945     12.62%
  Apex Clearing Corporation     5,404,902     9.91%
  National Financial Services LLC     5,309,185     9.74%
  TD Ameritrade     4,241,353     7.78%
  Merrill Lynch, Pierce, Fenner & Smith, Inc.     4,240,361     7.78%
  Wells Fargo Clearing Services, LLC     3,959,770     7.26%

 

D-3

Fund Name   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Access U.S. Aggregate Bond ETF   LPL Financial LLC     4,823,495     40.88%
  National Financial Services LLC     1,576,724     13.36%
  Pershing LLC     1,382,063     11.71%
  TD Ameritrade     781,781     6.63%
  Charles Schwab & Co., Inc.     734,922     6.23%
  Apex Clearing Corporation     713,813     6.05%
Goldman Sachs Access Ultra Short Bond ETF   Charles Schwab & Co., Inc.     2,749,086     23.75%
  Goldman Sachs & Co. LLC     2,651,018     22.90%
  TD Ameritrade     1,798,048     15.53%
  Morgan Stanley Smith Barney LLC     951,654     8.22%
  Pershing LLC     861,049     7.44%
  Wells Fargo Clearing Services, LLC     707,803     6.11%
  National Financial Services LLC     672,227     5.81%
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF   Wells Fargo Clearing Services, LLC     5,649,510     17.25%
  Charles Schwab & Co., Inc.     4,357,728     13.31%
  State Street Bank & Trust Co.     2,840,377     8.67%
  Raymond James     2,232,015     6.82%
  LPL Financial LLC     2,106,182     6.43%
  National Financial Services LLC     2,021,699     6.17%
Goldman Sachs ActiveBeta® Europe Equity ETF   LPL Financial LLC     78,642     22.47%
  Morgan Stanley Smith Barney LLC     59,013     16.86%
  Goldman Sachs & Co. LLC     44,718     12.78%
  Charles Schwab & Co., Inc.     34,836     9.95%
  JP Morgan Securities, LLC     32,905     9.40%
  TD Ameritrade     18,251     5.21%
Goldman Sachs ActiveBeta® International Equity ETF   Charles Schwab & Co., Inc.     19,011,684     18.62%
  Wells Fargo Clearing Services, LLC     12,964,623     12.70%
  Wells Fargo Bank, N.A., 420 Montgomery Street, San Francisco, CA 94104     10,784,766     10.56%
  National Financial Services LLC     10,632,859     10.41%
  LPL Financial LLC     6,721,587     6.58%
  Apex Clearing Corporation     6,480,353     6.35%
  Pershing LLC     6,473,634     6.34%
  TD Ameritrade     6,115,678     5.99%
Goldman Sachs ActiveBeta® Japan Equity ETF   JP Morgan Securities, LLC     139,043     34.76%
  Charles Schwab & Co., Inc.     66,939     16.73%
  National Financial Services LLC     31,403     7.85%
  TD Ameritrade     25,808     6.45%
  Pershing LLC     21,762     5.44%
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF   Goldman Sachs & Co. LLC     194,688     97.34%
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF   Wells Fargo Clearing Services, LLC     26,734,992     20.66%
  Charles Schwab & Co., Inc.     16,698,251     12.90%

 

D-4

Fund Name   Name/Address*   Number of
Shares		     Percentage
of Class
    Pershing LLC     15,026,277     11.61%
  National Financial Services LLC     8,954,187     6.92%
  Wells Fargo Bank, N.A., 420 Montgomery Street, San Francisco, CA 94104     8,111,561     6.27%
  State Street Bank & Trust Co.     7,744,910     5.99%
  Morgan Stanley Smith Barney LLC     6,513,307     5.03%
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF   Charles Schwab & Co., Inc.     1,736,033     21.57%
  National Financial Services LLC     1,052,764     13.08%
  Apex Clearing Corporation     1,011,198     12.56%
  LPL Financial LLC     746,109     9.27%
  TD Ameritrade     559,439     6.95%
  Raymond James     541,423     6.73%
  Fifth Third Bank, N.A., 38 Fountain Square Plaza, Cincinnati, OH 45263     537,028     6.67%
  Pershing LLC     493,132     6.13%
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF   CDS Clearing and Depository Services Inc., 100 Adelaide St W, Toronto, ON M5H 1S3     15,830,716     90.98%
Goldman Sachs Bloomberg Clean Energy Equity ETF   Goldman Sachs & Co. LLC     163,675     65.47%
  JP Morgan Securities, LLC     41,140     16.46%
  Charles Schwab & Co., Inc.     12,724     5.09%
  Vanguard Marketing Corporation, 100 Vanguard Blvd., Malvern, PA 19355     12,492     5.00%
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF   Charles Schwab & Co., Inc.     2,659,293     35.94%
  National Financial Services LLC     1,373,362     18.56%
  Morgan Stanley Smith Barney LLC     525,431     7.10%
  Raymond James     484,680     6.55%
Goldman Sachs Hedge Fund Industry VIP ETF   Merrill Lynch, Pierce, Fenner & Smith, Inc.     200,111     12.51%
  Charles Schwab & Co., Inc.     197,417     12.34%
  National Financial Services LLC     195,680     12.23%
  TD Ameritrade     173,975     10.87%
  Citibank, 390 Greenwich St, New York, NY 10013     165,403     10.34%
  Morgan Stanley Smith Barney LLC     143,351     8.96%
  Goldman Sachs & Co. LLC     94,977     5.94%
Goldman Sachs Innovate Equity ETF   Goldman Sachs & Co. LLC     2,529,578     36.66%
  Northern Trust Corporation, 50 S La Salle Street, Chicago, IL 60603     1,528,043     22.15%
  Charles Schwab & Co., Inc.     660,558     9.57%
  TD Ameritrade     627,063     9.09%
  National Financial Services LLC     559,323     8.11%
Goldman Sachs JUST U.S. Large Cap Equity ETF   Charles Schwab & Co., Inc.     1,030,667     23.69%
  Goldman Sachs & Co. LLC     1,022,248     23.50%
    National Financial Services LLC     511,136     11.75%
  Pershing LLC     296,166     6.81%

 

D-5

Fund Name   Name/Address*   Number of
Shares		     Percentage
of Class
    Morgan Stanley Smith Barney LLC     289,815     6.66%
  Merrill Lynch, Pierce, Fenner & Smith, Inc.     253,760     5.83%
Goldman Sachs Future Consumer Equity ETF   The Bank of New York Mellon     3,487,998     60.93%
  TD Ameritrade     1,677,920     29.31%
  Goldman Sachs & Co. LLC     443,807     7.75%
Goldman Sachs Future Health Care Equity ETF   The Bank of New York Mellon     2,619,332     75.92%
  Goldman Sachs & Co. LLC     638,953     18.52%
Goldman Sachs Future Planet Equity ETF   The Bank of New York Mellon     3,175,907     67.21%
  Goldman Sachs & Co. LLC     894,536     18.93%
  SEI Private Trust Company, One Freedom Valley Drive, Oaks, PA 19456-9989     468,172     9.91%
Goldman Sachs Future Real Estate and Infrastructure Equity ETF   Goldman Sachs & Co. LLC     571,253     78.79%
  National Financial Services LLC     44,770     6.18%
  Charles Schwab & Co., Inc.     43,112     5.95%
Goldman Sachs Future Tech Leaders Equity ETF   The Bank of New York Mellon     3,951,118     38.74%
  Goldman Sachs & Co. LLC     2,844,241     27.88%
  National Financial Services LLC     693,886     6.80%
  Charles Schwab & Co., Inc.     596,312     5.85%
Goldman Sachs MarketBetaTM Emerging Markets Equity ETF   State Street Bank & Trust Co.     585,460     90.07%
  JP Morgan Securities, LLC     51,072     7.86%
Goldman Sachs MarketBetaTM International Equity ETF   State Street Bank & Trust Co.     7,626,873     89.73%
  The Bank of New York Mellon     548,549     6.45%
Goldman Sachs MarketBetaTM U.S. Equity ETF   State Street Bank & Trust Co.     6,147,629     38.54%
  LPL Financial LLC     3,899,458     24.45%
  National Financial Services LLC     1,187,056     7.44%
  The Bank of New York Mellon     1,093,126     6.85%
  Pershing LLC     1,082,499     6.79%
Goldman Sachs Community Municipal Bond ETF   JP Morgan Securities, LLC     181,547     45.39%
  Goldman Sachs & Co. LLC     100,147     25.04%
  BOFA Securities, Inc., 200 N College Street, 3rd Fl North, Charlotte, NC 28202     97,289     24.32%
Goldman Sachs Defensive Equity ETF   BOFA Securities, Inc., 200 N College Street, 3rd Fl North, Charlotte, NC 28202     16,568     43.84%
  Pershing LLC     12,332     32.63%
  National Financial Services LLC     3,965     10.49%
  Goldman Sachs & Co. LLC     3,443     9.11%
Goldman Sachs North American Pipelines & Power Equity ETF   Virtu Americas LLC, 1 Liberty Plaza , New York, NY 10006     100,590     50.30%
  Citigroup Global Markets Inc., 390 Greenwich St, New York, NY 10013     50,000     25.00%
  RBC Capital Markets, 200 Vesey St., FL 9, New York, NY 10281     48,900     24.45%

 

D-6

Goldman Sachs ETF Trust II

 

Fund Name   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs MarketBetaTM Total International Equity ETF   Goldman Sachs & Co. LLC     6,356,821     63.98%
  National Financial Services LLC     3,578,594     36.02%
Goldman Sachs MarketBetaTM U.S. 1000 ETF   JP Morgan Chase Bank NA, 270 Park Ave., New York, NY     31,183,182     87.02%
  National Financial Services LLC     4,602,635     12.84%

Goldman Sachs Real Estate Diversified Income Fund

 

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Real Estate Diversified Income Fund   Class A   LPL Financial     1,215,097     15.82%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     470,402     6.13%
  Class C   LPL Financial     287,631     6.60%
  Class I   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     3,428,013     28.13%
  Class I   LPL Financial     2,358,710     19.35%
  Class L   Pershing LLC, Chris J Termini, Janet Termini JT Ten, 188 Bache Ave, Staten Island, NY 10306-3014     28,889     5.61%
  Class L   LPL Financial     61,426     11.94%
  Class W   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     524,627     16.22%
  Class W   National Financial Services LLC, FEBO Customers Mutual Funds     251,573     7.78%

Goldman Sachs Trust

 

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Absolute Return Tracker Fund   Class A   Charles Schwab & Co. Inc., Special Custody Acct for Benefit of Customers, Attn: Mutual Funds     1,152,879     25.14%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     1,152,155     25.12%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     406,159     8.86%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     361,720     7.89%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     355,902     7.76%

 

D-7

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   Raymond James, 92500015, Omnibus for Mutual Funds     305,807     6.67%
  Class A   American Enterprise Investment SVC     298,174     6.50%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     194,528     31.49%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     86,597     14.02%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     84,250     13.64%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     70,918     11.48%
  Class C   American Enterprise Investment SVC     69,864     11.31%
  Class C   LPL Financial     46,903     7.59%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     83,273,655     32.65%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     39,430,647     15.46%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     34,456,067     13.51%
  Investor   American Enterprise Investment SVC     32,489,552     69.18%
  Investor   LPL Financial     7,930,125     16.89%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     3,209,101     6.83%
  Class R   Hartford Life Insurance Company     36,938     39.40%
  Class R   National Financial Services LLC, FEBO Customers Mutual Funds     16,474     17.57%
  Class R   GWFS Equities, Inc., Massachusetts Mutual Life Insurance, 1295 State St. MIP M200-INVST, Springfield, MA 01111-0001     12,607     13.45%
  Class R   National Financial Services, LLC, 100 Magellan Way, Covington, KY 41015-1987     10,649     11.36%
  Class R   GWFS Equities, Inc., Empower Trust FBO, 8515 E Orchard Rd. 2T2. Greenwood Vlg., Co 8011-5002     8,280     8.83%
  Class R   GWFS Equities, Inc., Capital Bank & Trust Company TTEE F, 8515 E Orchard Rd., 2T2, Greenwood Vlg., CO 80111-5002     4,767     5.08%
  Class R6   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     53,544,188     77.66%
  Class R6   Saxon & Co., PO Box 94597, Cleveland, OH 44101-4597     9,844,184     14.28%

 

D-8

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class		  
    Class P   Goldman Sachs & Co., FBO Omnibus 6600     23,936,415       99.99%  
Goldman Sachs Balanced Strategy Portfolio   Class A   Edward D. Jones & Co.     2,800,443       34.98%  
  Class A   State Street Bank and TR TTEE/Cust     604,671       7.55%  
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     604,567       7.55%  
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     433,342       5.41%  
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     55,476       18.09%  
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     46,086       15.03%  
  Class C   The O N Equity Sales Co., Acensus Trust Compan, FBO ECM 401(K0/ Profit Sharing Plan 19623, PO Box 10758, Fargo, ND 58106-0758     37,559       12.25%  
  Class C   LPL Financial     23,400       7.63%  
  Class C   Pershing, LLC     20,457       6.67%  
  Class C   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     16,209       5.29%  
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     32,025,302       98.19%  
  Service   TCA Trustcorp America     28,754       96.04%  
  Investor   State Street Bank and TR TTEE/Cust     106,950       41.06%  
  Investor   LPL Financial     66,731       25.62%  
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     48,822       18.75%  
  Investor   UBS WM USA     25,881       9.94%  
  Class R   The Strategic Financial Alliance, Tapia Quality Products 401(K) Plan & Defined Benefit Plan, 1291 Thurston Ave., Los Altos, CA 94024-6865     376,386       42.26%  
  Class R   State Street Bank and TR TTEE/Cust     341,194       38.31%  
  Class R   The Strategic Financial Alliance, Joseph H. De Vore TTEE, De Vore Packaging Inc. Defined Benefit Pension Plan, FBO Susan E. De Vore, 1010 Calle Cordillera, Ste. 107, San Clemente, CA 92673-6243     149,745       16.81%  
  Class R6   State Street Bank Trustee and/or Cust     59,089       29.75%  
  Class R6   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     56,577       28.48%  
  Class R6   Reliance Trust Company FBO Mission Tool, PO Box 78446. Atlanta, GA 30357     35,488       17.87%  

 

D-9

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class		  
    Class R6   Voya Financial Partners, LLC     18,697       9.41%  
  Class R6   Devenir LLC, Matrix Trust Company Cust. FBO HAS Bank – HSG, 717 17th St., Suite 1300, Denver, CO. 80202-3304     18,165       9.14%  
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     4,442,536       99.98%  
Goldman Sachs Bond Fund   Class A   Edward D. Jones & Co.     1,828,593       32.97%  
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     958,421       17.28%  
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     341,041       6.15%  
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     331,442       5.98%  
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     72,199       21.40%  
  Class C   American Enterprise Investment SVC     49,862       14.78%  
  Class C   LPL Financial     28,845       8.55%  
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     28,238       8.37%  
  Class C   Pershing, LLC     28,450       8.43%  
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     24,056       7.13%  
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     19,639       5.82%  
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     20,987       6.22%  
  Class C   UBS WM USA     17,413       5.16%  
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     2,158,042       20.42%  
  Institutional   Voya Institutional Plan Services LLC, Voya Institutional TR Co as TTEE, Custodian for Core Market Solutions, 30 Braintree Hill Office Park, Braintree, MA 02184     2,043,022       19.33%  
  Institutional   Pershing LLC, PO Box 2052     1,854,516       17.55%  
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     903,784       8.55%  
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     725,011       6.86%  
  Service   MSCS Financial Services, LLC, PAI Trust Company, Inc., 1300 Enterprise Dr., De Pere, WI 54115-4934     10,551       85.45%  

 

D-10

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Service   GSAM Holdings LLC Seed Account     1,796     14.55%
  Investor   American Enterprise Investment SVC     2,494,693     51.46%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     1,485,816     30.65%
  Investor   GWFS Equities, Inc., 8525 E Orchard Rd., Greenwood Vlg., CO 80111-5002     524,202     10.81%
  Investor   LPL Financial     249,216     5.14%
  Class R   GWFS Equities, Inc., 1295 State St. MIP M200-INVST, Springfield, MA 01111-0001     162,729     56.20%
  Class R   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     43,684     15.09%
  Class R   Mid Atlantic Trust Company     23,895     8.25%
  Class R   Principal Securities Inc.     20,435     7.06%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     2,386,390     31.87%
  Class R6   Empower Financial Services, Inc.     976,241     13.04%
  Class R6   Prudential PIMS/Retirement, as Nominee for the TTEE/CUST Pl 106, Profit Sharing and Salary, PO Box 5788, Portland, OR 97228-5788     498,608     6.66%
  Class R6   Valic Financial Advisors, Inc., VRSCO FBO AIGFSB Cust TTEE FBO Coop School District of Greater St. Louis 403B, 2727-A Allen Parkway, 4-D1, Houston, TX 77019-2107     510,571     6.82%
  Class R6   Valic Financial Advisors, Inc., VRSCO FBO AIGFSB Cust TTEE FBO Minneaspolis Public Schools 403B, 2727-A Allen Parkway, 4-D1, Houston, TX 77019-2107     464,206     6.20%
  Class R6   Edward D. Jones & Co.     379,595     5.07%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     9,445,562     99.88%
Goldman Sachs China Equity Fund   Class A   Edward D. Jones & Co.     140,089     26.91%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     65,223     12.53%
  Class A   Pershing LLC, PO Box 2052     61,829     11.88%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     55,582     10.68%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     37,899     7.28%
  Class C   Stifel Nicolaus     28,530     50.50%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     15,103     26.73%

 

D-11

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     3,060     5.42%
  Institutional   Pershing LLC, PO Box 2052     118,260     31.78%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     94,033     25.27%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     39,615     10.65%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     29,839     8.02%
  Institutional   Stifel Nicolaus & Co.     22,438     6.03%
  Investor   American Enterprise Investment SVC     6,524     45.65%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     5,313     37.17%
  Investor   LPL Financial     2,148     15.03%
  Class R6   Edward D. Jones & Co.     39,696     97.44%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     1,678,532     98.84%
Goldman Sachs Clean Energy Income Fund   Class A   National Financial Services LLC, FEBO Customers Mutual Funds     229,679     66.22%
  Class A   Stiefel Nicolaus & Co     35,220     10.15%
  Class A   Pershing LLC, PO Box 2052     31,607     9.11%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     19,964     5.76%
  Class C   American Enterprise Investment SVC     35,308     68.01%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     8,294     15.97%
  Class C   Pershing LLC, PO Box 2052     7,345     14.15%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     514,129     65.13%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     137,118     17.37%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     60,847     7.71%
  Investor   American Enterprise Investment SVC     151,007     50.76%
  Investor   LPL Financial     94,418     31.74%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     30,074     10.11%
  Class R6   GSAM Holdings LLC Seed Account     5,565     62.45%
  Class R6   Pershing LLC, PO Box 2052     1,811     20.32%
  Class R6   Voya Financial Partners, LLC     1,306     14.66%
Goldman Sachs Commodity Strategy Fund   Class A   Edward D. Jones & Co.     1,083,417     36.95%
  Class A   Pershing LLC, PO Box 2052     394,490     13.45%

 

D-12

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   National Financial Services LLC, FEBO Customers Mutual Funds     247,998     8.46%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     218,326     7.45%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     171,217     5.84%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     425,023     69.30%
  Class C   Edward D. Jones & Co.     47,377     7.73%
  Class C   Principal Securities Inc.     30,682     5.00%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     18,862,614     57.39%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     6,572,555     20.00%
  Investor   American Enterprise Investment SVC     2,454,950     47.90%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     1,322,738     25.81%
  Investor   LPL Financial     1,168,818     22.81%
  Class R   Principal Securities Inc.     70,343     18.21%
  Class R   GWFS Equities Inc., 1295 State St. MIP M200-INVST, Springfield, MA 01111-0001     59,742     15.46%
  Class R   Securities America, Inc., Ascensus Trust Company, PO Box 10758, Fargo, ND 58706-0758     49,902     12.92%
  Class R   GWFS Equities Inc., 8515 E Orchard Rd. 2T2, Greenwood Vlg., CO 80111-5002     29,689     7.68%
  Class R   GWFS Equities Inc., 8515 E Orchard Rd. 2T2, Greenwood Vlg., CO 80111-5002     20,752     5.37%
  Class R6   Edward D. Jones & Co.     8,042,591     50.06%
  Class R6   Wells Fargo Bank NA FBO Omnibus Cash, PO Box 1533, Minneapolis, MN 55480-1533     6,934,125     43.16%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     30,561,090     99.99%
Goldman Sachs Concentrated Growth Fund   Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     118,980     22.38%
  Class A   Edward D. Jones & Co.     84,944     15.98%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     47,445     8.92%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     44,686     8.40%

 

D-13

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   LPL Financial     34,617     6.51%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     29,931     5.63%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     29,294     5.51%
  Class C   Pershing LLC     37,089     59.68%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     12,345     19.86%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     6,318     10.17%
  Institutional   MSCS Financial Services, LLC, SEI Private Trust Company, C/O Principal Financial ID 636, Attn: Mutual Fund Administrator, 1 Freedom Valley, Dr., Oaks PA 19456-9989     133,706     25.15%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     214,652     40.38%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     133,706     25.15%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     30,078     5.66%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     265,917     99.44%
  Class R6   Edward D. Jones & Co.     83,677     84.08%
  Class R6   MSCS Financial Services, LLC, PAI Trust Company, Inc., Smith Communication Partners, Inc., 1300 Enterprise Dr., De Pere, WI 54115-4934     14,650     14.72%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     265,917     99.44%
Goldman Sachs Core Fixed Income Fund   Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     6,832,692     51.72%
  Class A   Edward D. Jones & Co.     2,645,466     20.02%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     173,975     20.91%
  Class C   American Enterprise Investment SVC     168,662     20.27%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     68,279     8.20%
  Class C   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     51,133     6.14%

 

D-14

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Raymond James, 92500015, Omnibus for Mutual Funds     48,027     5.77%
  Class C   Western International Sec, Inc., Smelly Mels Plumbing Inc., Goldman Sachs/ADP 401(K) Plan, 123 Manor Dr., Pacifica, CA 94044-1953     42,657     5.13%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     24,382,520     45.33%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     5,441,795     10.12%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     4,090,261     7.60%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     3,560,376     6.62%
  Institutional   TD Ameritrade Clearing Inc.     3,062,240     5.69%
  Institutional   Mitra & CO FBO Z7 DC, C/O Reliance Trust Company WI, 4900 W Brown Deer Rd., Milwaukee, WI 53223-2422     2,980,415     5.54%
  Service   TCA Trustcorp America     79,918     80.23%
  Service   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     13,717     13.77%
  Investor   American Enterprise Investment SVC     14,761,931     51.50%
  Investor   LPL Financial     8,594,905     29.98%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     4,629,337     16.15%
  Class R   State Street Bank and TR TTEE/Cust     355,453     85.12%
  Class R   Ascensus Trust Company FBO, Envirotrac Ltd 401K Plan 197093,     21,631     5.18%
  Class R6   Goldman Sachs Asset Management LP, US Bank TT&SS Alternative Investments Custody FBO Childrens Health Foundation, 601 Childrens LN., Norfolk, VA 23507-1910     14,273,012     43.35%
  Class R6   Goldman Sachs Direct Accts, Mac & Co A/C 470338 FBO GS 529 Plan Mutual Fund Operations, 500 Grant St., Room 151-1010, Pittsburgh, PA 15219-2502     13,300,480     40.40%
  Class R6   Goldman Sachs Trust     1,860,766     5.65%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     73,439,523     99.59%
Goldman Sachs Dynamic Global Equity Fund   Class A   Edward D. Jones & Co.     1,163,121     14.95%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     861,322     11.07%

 

D-15

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     713,649     9.17%
  Class A   State Street Bank and TR TTEE/Cust     580,683     7.46%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     574,488     7.39%
  Class C   Sweeney & Associates, Inc., 38730 Sky Canyon Dr., Ste. C, Murrieta, CA 92563-2560     82,566     22.76%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     29,376     8.10%
  Class C   Acensus Trust Company FBO, Sato- American Metal 401(K) Plan 19375     22,597     6.23%
  Institutional   Pershing LLC, PO Box 2052     305,238     36.27%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     139,714     16.60%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     133,836     15.90%
  Institutional   TD Ameritrade Clearing Inc.     61,390     7.29%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     50,078     5.95%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     5,296     37.28%
  Service   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     3,015     21.22%
  Service   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     2,264     15.94%
  Service   Principal Securities Inc.     2,238     15.76%
  Service   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     949     6.68%
  Investor   State Street Bank and TR TTEE/Cust     189,217     70.65%
  Investor   LPL Financial     36,863     13.76%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     31,138     11.63%
  Class R   State Street Bank and TR TTEE/Cust     308,840     98.97%
  Class R6   Voya Financial Partners, LLC     113,458     68.45%
  Class R6   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     26,160     15.78%
  Class R6   State Street Bank Trustee and or Custodian     15,055     9.08%
  Class R6   Edward D. Jones & Co.     10,164     6.13%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     6,100,377     96.46%

 

D-16

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Dynamic Municipal Income Fund   Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     13,541,691     21.36%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     9,060,651     14.29%
  Class A   Edward D. Jones & Co.     8,504,652     13.41%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     6,120,983     9.65%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     5,946,302     9.38%
  Class A   American Enterprise Investment SVC     4,067,334     6.42%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     3,197,532     5.04%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,803,066     25.07%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     1,243,413     17.29%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,062,083     14.76%
  Class C   American Enterprise Investment SVC     942,836     13.11%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     737,293     10.25%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     59,144,025     22.01%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     51,603,126     19.20%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     34,769,332     12.94%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     34,223,949     12.73%
  Institutional   UBS WM USA     19,367,221     7.21%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     18,744,615     6.97%
  Institutional   Pershing LLC, PO Box 2052     17,373,814     6.46%
  Service   TCA Trustcorp America     1,285     83.48%
  Service   GSAM Holdings LLC Seed Account     254     16.52%
  Investor   American Enterprise Investment SVC     40,581,237     41.85%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     26,417,629     27.24%
  Investor   LPL Financial     24,442,942     25.21%

 

D-17

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   Edward D. Jones & Co.     6,511,616     72.60%
  Class R6   Laciba & Co Cash/Cash, C/O Lake City Bank, 114 E Market St., Warsaw, IN 46580-2806     1,559,029     17.38%
  Class R6   JP Morgan Securities, LLC, FEBO Customers, Mutual Fund Dept.     684,759     7.64%
  Class P   Goldman Sachs & CO.,     112,191,269     99.19%
Goldman Sachs Emerging Markets Debt Fund   Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,094,959     40.99%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     365,933     13.70%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     301,347     11.28%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     286,076     10.71%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     268,219     52.02%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     74,146     14.38%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     45,563     8.84%
  Class C   Pershing LLC, PO Box 2052     28,024     5.43%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     6,794,242     18.10%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     6,823,432     18.18%
  Institutional   UBS WM USA     3,838,377     10.23%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     3,549,399     9.46%
  Institutional   Goldman Sachs Trust     3,168,474     8.44%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     3,118,433     8.31%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     2,832,532     7.55%
  Institutional   Pershing LLC, PO Box 2052     2,012,562     5.36%
  Investor   American Enterprise Investment SVC     786,959     52.10%
  Investor   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     333,214     22.06%
  Investor   LPL Financial     156,026     10.33%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     152,893     10.12%

 

D-18

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   Goldman Sachs Trust     3,847,960     25.18%
  Class R6   Goldman Sachs Trust     3,295,603     21.57%
  Class R6   Empower Financial Services, Inc.     2,266,194     14.83%
  Class R6   Goldman Sachs Trust     1,791,171     11.72%
  Class R6   Goldman Sachs Direct Accounts, Mac & Co A/C 47034, 500 Grant Street, Room 151-1010, Pittsburgh, PA 15219-2502     978,319     6.40%
  Class R6   Goldman Sachs Trust     955,446     6.25%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     3,438,605     99.31%
Goldman Sachs Emerging Markets Equity ex. China Fund   Class A   GSAM Holdings LLC Seed Account     5,013     91.01%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     495     8.99%
  Class C   GSAM Holdings LLC Seed Account     5,013     100.00%
  Institutional   GSAM Holdings LLC Seed Account     471,211     94.18%
  Institutional   Pershing LLC, PO Box 2052     28,599     5.72%
  Investor   GSAM Holdings LLC Seed Account     5,012     100.00%
  Class R   GSAM Holdings LLC Seed Account     5,013     100.00%
  Class R6   GSAM Holdings LLC Seed Account     5,014     100.00%
  Class P   Goldman Sach & Co., C/O Mutual Fund Ops, 295 Chipeta Way, Salt Lake City, UT 84108-1285     122,822     96.08%
Goldman Sachs Emerging Markets Equity Fund   Class A   National Financial Services LLC, FEBO Customers Mutual Funds     1,873,409     33.34%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     546,378     9.72%
  Class A   Edward D. Jones & Co.     488,134     8.69%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     448,060     7.97%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     416,131     7.41%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     326,032     5.80%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     288,416     30.71%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     221,905     23.63%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     69,677     7.42%
  Class C   American Enterprise Investment SVC     52,249     5.56%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     28,994,491     29.66%

 

D-19

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     27,478,409     28.11%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     8,980,237     9.19%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     7,359,927     7.53%
  Service   UMB Bank NA, 1 SW Security Benefit Pl., Topeka, KS 66636-1000     739,513     74.19%
  Service   UMB Bank NA, 1 SW Security Benefit Pl., Topeka, KS 66636-1000     158,194     15.87%
  Investor   American Enterprise Investment SVC     3,405,134     54.78%
  Investor   LPL Financial     1,510,945     24.31%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     806,726     12.98%
  Class R6   SEI Private Trust Company, C/O GWP US Advisors, 1 Freedom Valley Dr., Oaks, PA 19456-9989     1,686,720     22.21%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     1,329,376     17.51%
  Class R6   Empower Financial Services, Inc.     594,149     7.82%
  Class R6   Edward D. Jones & Co.     522,032     6.87%
  Class R6   JP Morgan Securities, LLC, FEBO Customers, Mutual Fund Dept.     498,292     6.56%
  Class R6   Reliance Trust Company, PO Box 78446, Atlanta, GA 84108-1285     452,490     5.96%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     22,680,005     98.63%
Goldman Sachs Emerging Markets Equity Insights Fund   Class A   State Street Bank and TR TTEE/Cust     1,090,267     28.29%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     388,832     10.09%
  Class C   Stifel Nicolaus & Co.     156,028     33.96%
  Class C   Pershing LLC, PO Box 2052     57,162     12.44%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     55,189     12.01%
  Class C   LPL Financial     53,175     11.57%
  Class C   American Enterprise Investment SVC     48,662     10.59%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     39,288     8.55%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     48,610,314     33.45%
  Institutional   Pershing LLC, PO Box 2052     26,163,238     18.00%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     23,408,365     16.11%

 

D-20

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   SEI Private Trust Company, C/O First Interstate Bank     8,211,948     5.65%
  Investor   American Enterprise Investment SVC     3,174,175     40.94%
  Investor   LPL Financial     2,723,954     35.14%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     947,355     12.22%
  Class R   State Street Bank and TR TTEE/Cust     2,304,395     85.37%
  Class R   Minnesota Life Insurance Company, 400 Robert St. N. Ste A, St. Paul, MN 55101-2099     242,352     8.98%
  Class R6   GS Tax-Adv Global Equity Portfolio, C/O Fund Management Team, 200 West St. Fl 29, New York, NY 10282-2198     11,440,705     17.07%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     11,076,017     16.53%
  Class R6   Goldman Sachs Trust     8,154,030     12.17%
  Class R6   Goldman Sachs Trust     5,646,429     8.43%
  Class R6   Vallee & CO FBO FCB, C/O Reliance Trust Company WI, 4900 W Brown Deer Rd., Milwaukee, WI 53223-2422     5,493,591     8.20%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     8,926,443     100.00%
Goldman Sachs Energy Infrastructure Fund   Class A   National Financial Services LLC, FEBO Customers Mutual Funds     150,049     69.62%
  Class A   Pershing LLC, PO Box 2052     56,152     26.05%
  Class C   Pershing LLC, PO Box 2052     44,844     100.00%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     2,304,395     85.37%
  Institutional   LPL Financial     947,355     12.22%
  Investor   GSAM Holdings LLC Seed Account     6,715     96.65%
  Class R   GSAM Holdings LLC Seed Account     6,531     62.93%
  Class R   Matrix Trust Company as Agent for Advisor Trust Inc, 717 17th St. Ste. 1300, Denver, CO 80202-3304     3,848     37.07%
  Class R6   Goldman Sachs Trust     6,961,783     88.57%
  Class R6   Goldman Sachs Trust     511,913     6.51%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     25,992,762     99.28%
Goldman Sachs Enhanced Dividend Global Equity Portfolio   Class A   National Financial Services LLC, FEBO Customers Mutual Funds     105,009     45.98%
  Class A   Pershing LLC, PO Box 2052     28,673     12.56%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     14,724     6.45%
  Class A   TD Ameritrade Clearing Inc.     14,049     6.15%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     12,318     5.39%

 

D-21

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     294,509     42.71%
  Institutional   TD Ameritrade Clearing Inc.     182,329     26.44%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     41,154     5.97%
  Class R6   GSAM Holdings LLC Seed Account     1,127     100.00%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     32,172,741     98.48%
Goldman Sachs Enhanced Income Fund   Class A   National Financial Services LLC, FEBO Customers Mutual Funds     373,482     27.62%
  Class A   Edward D. Jones & Co.     169,738     12.55%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     143,813     10.63%
  Class A   LPL Financial     114,924     8.50%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     83,130     6.15%
  Administration   Pershing LLC     578,354     99.36%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     8,357,173     33.56%
  Institutional   National grid Insurance USA, Ltd., 1 Metrotech Center, Brooklyn, NY 11201-3948     6,008,399     24.12%
  Institutional   Rutgers the State University, 33 Knightsbridge Rd., Fl 2 West, Piscataway, NJ 08854-3987     5,533,550     22.22%
  Institutional   Penchecks, Inc., 8580 La Mesa Blvd., Ste 100, La Mesa, CA 91942-9539     1,743,750     7.00%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     28,834     96.32%
  Investor   LPL Financial     685,889     81.58%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     98,423     11.71%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     263,816     51.12%
  Class R6   Edward D. Jones & Co.     240,928     46.68%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     29,320,356     82.85%
  Class P   National Financial Services LLC, FEBO Customers Mutual Funds     3,578,978     10.11%
  Class P   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     2,485,430     7.02%
Goldman Sachs Equity Income Fund   Class A   Edward D. Jones & Co.     3,752,065     53.44%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     23,434     20.57%
  Class C   Mid Atlantic Trust Company     10,147     8.91%

 

D-22

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Pershing LLC, PO Box 2052     9,865     8.66%
  Class C   Ascensus Trust Company FBO, Family Medicine Associates 401(K)/P 036155     9,360     8.22%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     6,361     5.58%
  Institutional   Matrix Trust Company Custodian FBO Flushing Savings Bank, PO Box 52129, Phoenix, AZ 85072-2129     174,992     29.06%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     114,843     19.07%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     54,768     9.09%
  Institutional   Reliance Trust Co, 201 17th NW Ste. 1000, Atlanta, GA 30363-1195     48,728     8.09%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     1,390     63.78%
  Service   Edward D. Jones & Co. Attn: Mutual Fund Shareholder Accounting, 201 Progress Pkwy, Maryland Hts., MO 63043-3042     355     16.26%
  Service   Vanguard Brokerage Services, A/C 8249-3614, PO Box 982901, El Paso, TX 79998-2901     217     9.94%
  Service   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     185     8.49%
  Investor   American Enterprise Investment SVC     35,221     33.92%
  Investor   LPL Financial     33,195     31.97%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     32,252     31.06%
  Class R   Pam O’ FBO Meadlist Golf Inc, 327 Dahlonega St., Ste 1005, Cumming, GA 300408210     9,944     62.09%
  Class R   Mid Atlantic Clearing and Settlement, William Grischo FBO Explore Communications Inc. 401(K) P, 3213 Zuni St., Denver, Co., 80211-3355     2,083     13.01%
  Class R   National Financial Service, 100 Magellan Way, Covington, KY 41015-1987     1,090     6.80%
  Class R6   Edward D. Jones & Co.     146,032     98.07%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     1,589,028     99.33%
Goldman Sachs ESG Emerging Markets Equity Fund   Class A   TD Ameritrade Clearing Inc.     65,330     29.15%
  Class A   American Enterprise Investment SVC     40,413     18.03%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     21,352     9.53%

 

D-23

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   UBS WM USA     14,348     6.40%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     14,025     6.26%
  Class A   LPL Financial     13,603     6.07%
  Class A   Pershing LLC, PO Box 2052     12,794     5.71%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     11,818     5.27%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     11,749     5.24%
  Class C   RBC Capital Markets Corporation     7,616     80.91%
  Class C   GSAM Holdings LLC Seed Account     805     8.55%
  Institutional   Charles Schwab & Co.,     1,594,226     79.18%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     263,080     13.07%
  Investor   American Enterprise Investment SVC     35,022     62.62%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     14,038     25.10%
  Investor   LPL Financial     4,435     7.93%
  Class R   Matrix Trust Company as Agent for Advisor Trust, Inc., 717 17th St., Ste 1300, Denver, CO 80202-3304     14,624     57.65%
  Class R   Matrix Trust Company as Agent for Advisor Trust, Inc., 717 17th St., Ste 1300, Denver, CO 80202-3304     7,667     30.23%
  Class R   Matrix Trust Company as Agent for Advisor Trust, Inc., 717 17th St., Ste 1300, Denver, CO 80202-3304     1,806     7.12%
  Class R6   Empower Financial Services, LLC     1,014     50.35%
  Class R6   GSAM Holdings LLC Seed Account     795     39.47%
  Class P   Goldman Sachs & Co., C/O Mutual Funds OPS, 295 Chipeta Way, Salt Lake City, UT 84108-1285     1,529,550     99.89%
Goldman Sachs Financial Square Federal Instruments Fund   Administration   American Enterprise Investment SVC     56,548,409     37.91%
  Administration   Amalgamated Bank of Chicago, Attn: Debra Outlaw, 30 N. Lasalle St. 38th Fl., Chicago, IL 60602-2590     47,232,313     31.66%
  Administration   Pershing LLC, FBO Customers     18,191,262     12.19%
  Administration   Goldman Sachs & Co. LLC, FBO ANHE, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     9,637,866     6.46%
  Administration   Goldman Sachs & Co. LLC, FBO AWAJ, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     8,339,562     5.59%
  Capital   GSAM Holdings LLC Seed Account     54,202     100.00%

 

D-24

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Cash Management   Pershing LLC, FBO Customers     15,103,934     99.65%
  Class D   UBS WM USA     12,015,944     99.92%
  Institutional   Goldman Sachs & Co., 295 Chipeta Way, FL 4, Salt Lake City, UT 84108-1285     3,127,915,347     56.99%
  Institutional   Wells Fargo Bank NA     375,695,223     6.85%
  Institutional   BOFA Securities, Inc., 200 N. College St., 3rd Floor North, Charlotte, NC 28202-2191     276,726,519     5.04%
  Service   TMI Trust Company, 1215 N. West Shore Blvd., Ste. 750, Tampa, FL 33607-3924     26,146,417     72.16%
  Service   Amalgamated Bank of Chicago, Attn: Debra Outlaw, 30 N. Lasalle St. 38th Fl., Chicago, IL 60602-2590     9,191,742     25.37%
  Class P   Pershing LLC, FBO Customers     132,501,125     99.96%
Goldman Sachs Financial Square Government Fund   Class A   Edward D. Jones & Co., Attn: Mutual Fund Shareholder Accounting, 12555 Manchester Rd., Maryland Hts., MO 63043     1,296,142,575     71.23%
  Class A   RBC Capital Markets Corporation     307,190,168     16.88%
  Class A   Pershing LLC, PO Box 2052     115,311,324     6.34%
  Administration   Hanco, C/O Hancock Whitney Bank Trust Div, 2285 Lakeshore Dr., Bldg 4, New Orleans, LA 70122-3533     2,169,354,833     23.57%
  Administration   Mori & Co, Commerce Bank of Kansas City, Attn: Trust Operations, 911 Main St., Ste 201, Kansas City, MO 64105-5304     2,169,354,833     20.10%
  Administration   M&T Bank, Tice & Co., C/O M&T Trust Co, PO Box 1377, Buffalo, NY 14240-1377     645,577,359     7.02%
  Administration   Amalgamated Bank of Chicago, Attn: Debra Outlaw, 30 N. Lasalle St. 38th Fl., Chicago, IL 60602-2590     488,725,960     5.31%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,548,466     30.13%
  Class C   Western International Sec, Inc., Smelly Mels Plumbing Inc., Goldman Sachs/ADP 401(K) Plan, 123 Manor Dr., Pacifica, CA 94044-1953     431,624     8.40%
  Class C   Goldman Sachs Direct EX DLR Accts, Rocky Run Family Medicine, Goldman Sachs/ADP 401K Plan, ADP Plan #100645, 5645 Stone Rd., Centreville, VA 20120-1618     420,816     8.19%
  Class C   Morgan Stanley Smith Barney LLC, Garrod Trust, ADP Plan #100504, Goldman Sachs/ADP 401K Plan, 22600 Eden Rd., Saratoga, CA 95070-9758     409,733     7.97%

 

D-25

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Goldman Sachs Direct EX DLR Accts., Stracq Inc DBA Stryka Botanics, Goldman Sachs/ADP 401K Plan, ADP Plan #170019, 239 Homestead Rd., Hillsborough, NJ 08844-1913     257,681     5.01%
  Capital   TD Banknorth NA, Attn: Deposit Accounting ME091-31N, PO Box 1377, Lewiston, ME 04243-1377     963,488,537     32.68%
  Capital   Maril & Co., FBO Synovus Trust Co., 4900 W Brown Deer Rd., Milwaukee, WI 53223-2422     494,826,113     16.78%
  Capital   Hanco, C/O Hancock Whitney Bank Trust Div, 2285 Lakeshore Dr., Bldg 4, New Orleans, LA 70122-3533     312,254,753     10.59%
  Capital   MSCS Financial Services, LLC, Statevest & Co., PO Box 2499, Brattleboro, VT 05303-2499     206,127,100     6.99%
  Capital   SEI Private Trust Company, C/O Regions Bank     196,741,424     6.67%
  Capital   Parkside Financial Bank & Trust, 8112 Maryland Ave., Ste 101, St. Louis, MO 63105-3700     179,161,664     6.08%
  Cash Management   Pershing LLC, FBO Customers     334,262,685     99.41%
  Class D   UBS WM USA     92,829,895     99.99%
  Drexel Hamilton   JP Morgan Securities LLC – Chase Processing 28521, JPMS IB 352, FBO 7528075117075, FBO Facebook, Inc., 4 Chase Metrotech Center, 7th Fl., Brooklyn, NY 11245-0001     4,335,000,000     41.37%
  Drexel Hamilton   Microsoft Capital Group LLC, Attn: Treasury Department, One Microsoft Way, Redmond, WA 98052-8300     2,335,000,000     22.29%
  Drexel Hamilton   Nasdaq, Inc. Attn: Treasury Services, 151 W 42nd St., New York, NY 10036-6563     599,192,059     5.72%
  Institutional   Hare & Co.     15,389,071,413     7.01%
  Institutional   Wells Fargo Bank NA     14,084,483,035     6.42%
  Service   MSCS Financial Services, LLC, Statevest & Co., PO Box 2499, Brattleboro, VT 05303-2499     340,269,085     23.19%
  Service   SEI Private Trust Company. C/O Regions Bank     184,054,890     12.55%
  Service   MSCS Financial Services, LLC, Matrix Trust Company as Agent for Newport Trust Company, NTC Individual Retirement Account, 35 Iron Point Circle, Suite 330, Folsom, CA 95630-8589     138,605,989     9.45%

 

D-26

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Service   TMI Trust Company, 1215 N. West Shore Blvd., Ste. 750, Tampa, FL 33607-3924     90,361,504     6.16%
  Preferred   M&T Bank, Tice & Co., C/O M&T Trust Co, PO Box 1377, Buffalo, NY 14240-1377     1,139,323,047     59.50%
  Preferred   Pershing LLC, FBO Customers     183,167,834     9.57%
  Preferred   Mori & Co, Commerce Bank of Kansas City, Attn: Trust Operations, 911 Main St., Ste 201, Kansas City, MO 64105-5304     105,355,786     5.50%
  Premier   Bank of Oklahoma, PO Box 2180, Tulsa, OK 74101-2180     74,305,696     42.96%
  Premier   LPL Financial     62,665,217     36.23%
  Resource   American United Life Insurance Co     4,329,916     52.06%
  Resource   American United Life Insurance Co     3,985,585     47.92%
  Class R6   Goldman Sachs Trust, Tactical Exposure Fund, Attn: Gordon Lui     144,117,458     50.32%
  Class R6   Principal Securities Inc.     37,209,098     12.99%
  Class R6   Goldman Sachs Trust, GS Multi-Manager Global Equity Fund     19,099,586     6.67%
  Class R6   American United Life Insurance Co     17,060,611     5.96%
  Class R6   American United Life Insurance Co     15,080,609     5.27%
  Select   BOKF, NA., Muscogee Creek Nation Invest Savings Ops., Attn: Patricia Kilian, PO Box 580, Okmulgee, OK 74447-0580     160,280,971     10.91%
  Select   Cachematrix Holdings, LLC, Citizens Bank NA., Attn: Commercial Banking, Treasury Solutions Product, One Citizens Plaza, Providence, RI 02903-1345     159,013,370     10.82%
  Select   Wells Fargo Bank NA     126,403,818     8.60%
  Select   LPL Financial LLC as Agent for the Exclusive Benefit for its Customers, Attn: Cinthya Leite     79,715,353     5.43%
  Select   Hanco, C/O Hancock Whitney Bank Trust Div, 2285 Lakeshore Dr., Bldg 4, New Orleans, LA 70122-3533     77,112,000     5.25%
  Loop   Microsoft Capital Group LLC, Attn: Treasury Department, One Microsoft Way, Redmond, WA 98052-8300     2,250,000,000     40.77%
  Loop   Google LLC, 1600 Amphitheatre Pkwy, Mountain View, CA 94043-1351     2,231,149,570     40.43%
  Seelaus   Activision Publishing Inc. Attn: Corporate Treasury, 3100 Ocean Park Blvd., Santa Monica, CA 90405-3032     622,461,546     27.97%
  Seelaus   Dowdupont Inc., 974 Centre Rd., Blg 730, Wilmington, DE 19805-1269     900,000,000     40.44%

 

D-27

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Seelaus   Anthropic PBC., 548 Market St., OMB 90375, San Francisco, CA 94104-5401     236,629,613     10.63%
  Seelaus   The Walt Disney Company, 500 S. Buena Vista St., Burbank, CA 91521-0001     150,856,460     6.78%
Goldman Sachs Financial Square Money Market Fund   Administration   Citibank NA, FBO 124556, Attn: Johaira Rivera, 480 Washington Blvd., Fl 30, Jersey City, NJ 07310-2053     2,474,903     87.56%
  Administration   Band & CO Institutional Trust, C/O US Bank NA, 1555 N Rivercenter Dr. Ste 203, Milwaukee, WI 532123958     154,546     5.47%
  Institutional   BOFA Securities Inc., for the Benefit of its Customers, 200 N College St., 3rd Flr North, Charlotte, NC 28202-2191     389,138,067     16.97%
  Institutional   Spotify USA Inc., Attn: Treasury, 4 World Trade Center, New York, NY 10007-0042     251,853,688     10.98%
  Institutional   JP Morgan Chase Bank NA, FBO Its Customers Third Party Indy Sweep Non Disclosed, 10410 Highland Manor Dr., Fl 3, Tampa, Fl 33610-9128     219,833,622     9.59%
  Institutional   Cachematrix Holdings, LLC, 2000 Purchase St., Purchase, NY 10577-2509     136,076,214     5.93%
  Institutional   Cachematrix Holdings, LLC, C/O 40/86 Advisors Inc., 535 N. College Dr., Camel, IN 46032-5622     128,953,283     5.62%
  Service   Goldman Sachs Direct Ex DLR Accts, James Leonard Chapman, Brenda Chapman, 30 Moreno Point Rd., PH 701C, Destin, FL 32541-3186     1,143     41.59%
  Service   GSAM Holdings LLC Seed Account     1,081     39.33%
  Service   One Bank & Trust NA, Threadway Properties Building Fund, Attn: Melanie Ellis, 300 W Capitol Ave., Little Rock, AR 722101-3544     522     19.01%
  Preferred   Bank Leumi USA, Eyal Arad, 425 E 58th St., Apt 16D, New York, NY 10022-2379     63,468     92.65%
  Preferred   Goldman Sachs Direct Ex DLR Accts, Hamilton Engineering & Surveying Inc., Attn: Jack S Hamilton Jr., 3409 W Lemon St., Tampa, Fl 33609-1433     3,934     5.74%
  Select   Wells Fargo Bank NA     3,025,674     66.80%
  Select   BOKF, NA., Bonray Investments, LLC, 1313 E 45th St., Shawnee, OK 74804-2214     905,765     20.00%
  Select   BOKF, NA., HBH Enterprises Limited Partnership, Attn: Philip Day VP, 1313 45th St., Shawnee, OK 74804-2214     598,112     13.20%

 

D-28

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Financial Square Prime Obligations Fund   Administration   Citibank NA, FBO Escrow Concentration A/C 122089, Attn: Joyce Glencamp, 480 Washington Blvd., Fl 30, Jersey City, NJ 07310-2053     5,185,366     80.42%
  Administration   Greatbanc Trust Company, Anbee & CP, C/O Greatbanc Trust Company, 801 Warrenville Rd., St 500, Lisle, IL 60532-4347     1,072,764     16.64%
  Capital   BOKF, NA., Actus Holdings, LLC, 3100 Norge Rd., Chickasha, OK 73018-6169     332,275     79.81%
  Capital   BOKF, NA., BBJ, LLC., PO Box 18298, Oklahoma City, OK 73154-0298     53,877     12.94%
  Capital   BOKF, NA., Mackellar, Inc., PO Box 18298, Oklahoma City, OK 73154-0298     28,687     6.89%
  Drexel Hamilton   Drexel Hamilton LLC, BKV Corporation, 1200 17th St., Ste 2100, Denver, CO 80202-5829     9,993,005     99.70%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,253,460,769     39.97%
  Institutional   LPL Financial     776,774,133     24.77%
  Institutional   Wells Fargo Bank NA     469,706,551     14.98%
  Preferred   BOKF, NA., Simergent LLC, 11Ne 11th St., Oklahoma City, OK 73104-1417     10,573     90.56%
  Preferred   GSAM Holdings LLC Seed Account     1,101     9.43%
  Select   BOKF, NA., Darden Resources, Inc., 6305 E 120th CT. Unit K8, Tulsa, OK 74137-8810     7,735,272     50.14%
  Select   BOKF, NA., Noah Corporation, 7667 E 46th Pl., Tulsa, OK 74145-6307     1,988,990     12.89%
  Select   BOKF, NA., Doris J. Darden Trust, 6305 E 120th Ct., Unit K8, Tulsa, OK 74137-8810     1,835,666     11.90%
  Select   BOKF, NA., Everest Railcar Services, Inc., Attn: Steven Hendricks, PO Box 979, Bentonville, AR 72712-0979     1,769,204     11.47%
  Select   BOKF, NA., Strat Land Exploration Co., 6305 E 120th Ct., Unit K8, Tulsa, OK 74137-8810     1,382,257     8.96%
Goldman Sachs Financial Square Treasury Instruments Fund   Administration   Hare & Co.     320,576,684     15.84%
  Administration   Bank of Oklahoma, PO Box 2180, Tulsa, OK 74101-2180     201,246,666     9.94%
  Administration   Jefferies LLC, FBO Brightline Capital Partners LP, 101 Hudson, St., Fl 11, Jersey City, NJ 07302-3915     139,829,412     6.91%

 

D-29

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Administration   BMO Harris Bank NA, 320 Canal St., Fl 14, Chicago, IL 60606-5707     127,720,988     6.31%
  Administration   Goldman Sachs & Co. LLC, FBO ATJM, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     126,747,584     6.26%
  Administration   Goldman Sachs & Co. LLC, FBO 7NVM, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     119,162,364     5.89%
  Capital   Goldman Sachs & Co. LLC, FBO AL03, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     170,390,950     22.82%
  Capital   Goldman Sachs & Co. LLC, FBO 4ZJX, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     100,472,979     13.46%
  Capital   Goldman Sachs & Co. LLC, FBO AMJY, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     71,853,032     9.62%
  Capital   Goldman Sachs & Co. LLC, FBO AVK4, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     64,756,834     8.67%
  Capital   Goldman Sachs & Co. LLC, FBO ALYX, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     58,405,535     7.82%
  Capital   Goldman Sachs & Co. LLC, FBO AA49, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     52,212,027     6.99%
  Cash Management   Pershing LLC, FBO Customers     20,015,056     74.86%
  Cash Management   Commerce Bank – Lenexa, Robert L Bayless Procuder LLC, Attn: Robert Bayless, 621 17th St., Ste 2300, Denver, Co 80293-2023     6,720,323     25.14%
  Class D   UBS WM USA     47,465,182     99.98%
  Institutional   Goldman Sachs & Co, 295 Chipeta Way, Fl 4, Salt Lake City, UT 84108-1285     16,706,029,868     20.86%
  Institutional   Hare & Co.     15,041,800,669     18.78%
  Institutional   Hare & Co.     8,748,953,505     10.92%
  Service   UMB Bank NA, 928 Grand Blvd. MS1010405, Kansas City, MO 64106-2008     517,877,455     84.51%
  Service   Flagstar Bank NA, 1400 Broadway, FL 6, New York, NY 10018-0728     81,854,607     13.36%
  Loop   Presidents & Fellows of Harvard College-Gen Operating AC, C/O Harvard Management Co., 600 Atlantic Ave., Boston, MA 02210-2211     60,538,258     56.12%

 

D-30

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Loop   Tapestry Inc., Attn: Treasury, 10 Hudson Yards, Fl 18, New York, NY 10001-2158     44,000,145     40.79%
  Preferred   Pershing LLC, FBO Customers     99,311,739     88.28%
  Preferred   Deutsche Bank Trust CO, Burgess Biopower LLC, Revenue Account, 1 Cate St., Ste 100, Portsmouth, NH 03801-7107     6,190,252     5.50%
  Premier   Bank of Oklahoma, PO Box 2180, Tulsa, OK 74101-2180     528,110,596     100.00%
  Seelaus   Microsoft Capital Group LLC, Attn: Treasury Department, One Microsoft Way, Redmond, WA 98052-8300     2,000,000,000     97.46%
  Select   Horseshoe RE II Limited, Nectaris RE LC1300     86,459,918     16.00%
  Select   First National Capital Markets, Inc., One Earth Energy LLC, 202 North Jordan Dr., Gibson City, IL 60936-2203     59,553,582     11.02%
  Select   Horseshoe RE II Limited, HRE II MS Amlin Underwriting LC1200     59,361,818     10.99%
  Select   Horseshoe RE II Limited, HRE II MS Amlin Underwriting LC5200     43,767,010     8.10%
  Select   Horseshoe RE II Limited, HRE II MS Amlin Underwriting LC1200     42,293,473     7.83%
  Select   Horseshoe RE II Limited, MS Amlin AG LC2200     31,904,414     5.91%
  Select   Horseshoe RE II Limited, Amlin Underwriting LC2200     27,921,823     5.17%
  Select   First National Capital Markets, Inc., Nugen Energy LLC, 27283 447Th Ave., Marion, SD 57043-5100     30,160,219     5.58%
  Select   Horseshoe RE II Limited, Nectaris RE CF5300     29,715,044     5.50%
Goldman Sachs Financial Square Treasury Obligations Fund   Administration   Reliance trust Co., Attn: Joe White, PO Box 78446, Atlanta, GA 30357     461,299,310     21.11%
  Administration   MSCS Financial Services, LLC, Statevest & Co., PO Box 2499, Brattleboro, VT 05303-2499     402,999,782     18.44%
  Administration   Hanco, C/O Hancock Whitney Bank Trust Div, 2285 Lakeshore Dr., Bldg 4, New Orleans, LA 70122-3533     394,265,931     18.04%
  Administration   MSCS Financial Services, LLC, Fulton Financial Advisors, 1 Penn Sq, Ste 1, Lancaster, PA 17602-2853     209,929,105     9.61%
  Capital   TD Banknorth NA, Attn: Deposit Accounting ME091-31N, PO Box 1377, Lewiston, ME 04243-1377     580,432,154     62.52%

 

D-31

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Capital   Goldman Sachs & Co. LLC, FBO AVNJ, 30 Hudson St. Fl 5, Jersey City, NJ 073024699     108,531,102     11.69%
  Capital   Commerce Bank – Lenexa, Construction Industry Laborers Pension Fund, Attn: Sandy Bell-Holladay, PO Box 909500, Kansas City, MO 64190-9500     69,202,451     7.45%
  Cash Management   Pershing LLC, FBO Customers     11,427,982     97.07%
  Institutional   Hare & Co.     4,651,307,035     13.88%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     3,973,137,550     11.85%
  Institutional   Wells Fargo Bank NA     2,474,967,587     7.38%
  Institutional   Band & CO Institutional Trust, C/O US Bank NA, 1555 N Rivercenter Dr. Ste 203, Milwaukee, WI 532123958     1,793,564,361     5.35%
  Service   SEI Private Trust Company, C/O Regions Bank     704,951,576     44.24%
  Service   MSCS Financial Services, LLC, Statevest & Co., PO Box 2499, Brattleboro, VT 05303-2499     316,786,303     19.88%
  Service   Hare & Co.     177,194,213     11.12%
  Service   BBC Partnership, 1401 Avenue Q, Lubbock, Texas 79401-3819     142,825,849     8.96%
  Preferred   M&T Bank, Tice & Co., C/O M&T Trust Co, PO Box 1377, Buffalo, NY 14240-1377     494,402,055     51.86%
  Preferred   Pershing LLC, PO Box 2052     240,560,253     25.23%
  Preferred   BBC Partnership, 1401 Avenue Q, Lubbock, Texas 79401-3819     87,306,616     9.16%
  Preferred   Union Bank & Trust, Co., Industricorp & Co. C/O Trust Operations, 312 Central Ave. SE, Ste. 200, Minneaspolis, MN 55414-1025     51,933,751     5.45%
  Premier   Commerce Bank – Lenexa, Cement Masons and Plasterers Local, 518 Health Care Fund Holding Acct., PO Box 26237, Salt Lake City, UT 84126-0237     2,247,942     19.19%
  Premier   Commerce Bank – Lenexa, Class Ltd., Attn: Cyndie Howell, 1200 Merle Evans Dr., PO Box 266, Columbus, KS 66725-0266     1,870,907     15.97%
  Premier   Commerce Bank – Lenexa, Oklahoma Center for Nonprofits Inc., Attn: Marion Taylor President, 720 W Wilshire Blvd., Ste 115, Oklahoma City, OK 73116-7737     882,255     7.53%

 

D-32

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Premier   Commerce Bank – Lenexa, Construction and General Laborers Local 264, Attn: Reggie Thomas, 1101 East 87th St., Kansas City, MO 64131-3099     878,445     7.50%
  Premier   Commerce Bank – Lenexa, KC Cement Masons Pension Fund, Admin Account, Attn: Dawnette Butterworth, PO Box 26237, Salt Lake City, UT 84126-0237     816,155     6.97%
  Premier   Commerce Bank – SE MO, The Oasis Institute, Attn: Marcia Kerz, 11780 Borman Dr., Saint Louis, MO 63146-4135     804,359     6.87%
  Resource   Delaware Trust Company, CSC Trust Company of Delaware, 251 Little Falls Dr., Wilmington, DE 19808-1674     11,154,124     99.99%
  Select   BOKF, NA., Texas Oncology PA, Attn: Jason Shook, 12221 Merit Dr., Ste 500, Dallas, Tx 75251-3100     38,245,356     61.15%
  Select   BOKF, NA., Otoe-Missouria Tribe, 8151 Highway 177, Red Rock, OK 74651-0348     10,204,318     16.32%
  Select   JPMorgan Chase Bank NA, FBO its Customers, Third Party TS Link, 10410 Highland Manor Dr., Fl 3, Tampa, FL 33610-9128     5,000,000     7.99%
Goldman Sachs Financial Square Treasury Solutions Fund   Administration   First Hawaiian Bank, Attn: Wealth Management, 999 Bishop St., Fl 3, Honolulu, HI 96813-4424     240,683,235     34.64%
  Administration   Jefferies LLC, FBO Cota Growth Fund LP, 101 Hudson, St., Fl 11, Jersey City, NJ 07302-3915     73,600,168     10.59%
  Administration   Jefferies LLC, FBO Venrock Healthcare Capital, 101 Hudson, St., Fl 11, Jersey City, NJ 07302-3915     72,485,417     10.43%
  Administration   The Oakmark Funds, Attn: Mutual Fund Operations, C/O Harris Associates, 111 S. Wacker Dr., Ste. 4600, Chicago, IL 60606-4319     61,012,308     8.78%
  Administration   Mori & Co, Commerce Bank of Kansas City, Attn: Trust Operations, 911 Main St., Ste 201, Kansas City, MO 64105-5304     35,935,973     5.17%
  Capital   Commerce Bank – Lenexa, BDK LLP, Main Firm Account, Attn: Betty Hunter, PO Box 1900, Springfield, MO 65801-1900     49,445,532     29.82%
  Capital   Commerce Bank – Lenexa, IPHFHA, Ad Comm, Attn: Dana Carr, 7829 E Rockhill St., Ste 201, Wichita, KS 67206-3918     18,375,883     11.08%

 

D-33

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Capital   Commerce Bank – Lenexa, Ridewell Corporation, Attn: Steve Montgomery, PO Box 4586, Springfield, MO 65808-4586     12,025,554     7.25%
  Capital   Commerce Bank – Lenexa, BKD Capital Advisors LLC, Attn: Betty Hunter Controller, 910 E Saint Louis St., Ste 400, Springfield, MO 65806-2570     9,006,019     5.43%
  Cash Management   MSCS Financial Services, LLC, Statevest & Co., PO Box 2499, Brattleboro, VT 05303-2499     236,841,007     96.60%
  Institutional   Goldman Sachs & Co, 295 Chipeta Way, Fl 4, Salt Lake City, UT 84108-1285     3,039,092,034     23.10%
  Institutional   Hare & Co.     1,007,931,714     7.66%
  Institutional   Purdue Pharma, LP, Attn: Accounting Service, 1 Stamford Forum, Stamford, CT 06901-3516     939,003,655     7.14%
  Institutional   Raymond James, 92500015, Omnibus for Mutual Funds     735,264,634     5.59%
  Service   Flagstar Bank NA, 1400 Broadway, Fl 6, New York, NY 10018-0728     101,509,083     43.09%
  Service   Mori & Co.     6,892,249     12.87%
  Service   Haws & Co., 6295 Greenwood Plaza Blvd., Greenwood Vlg., CO 80111-4908     26,326,795     11.18%
  Service   MidAmerica National Bank, Po Box 1300, Macomb, IL 61455-5600     20,214,447     8.58%
  Preferred   Pershing LLC, FBO Customers     37,167,637     69.41%
  Preferred   Band & CO Institutional Trust, C/O US Bank NA, 1555 N Rivercenter Dr. Ste 203, Milwaukee, WI 532123958     9,172,434     17.13%
  Preferred   Mori & Co, Commerce Bank of Kansas City, Attn: Trust Operations, 911 Main St., Ste 201, Kansas City, MO 64105-5304     6,892,249     12.87%
Goldman Sachs Flexible Cap Fund   Class A   National Financial Services LLC, FEBO Customers Mutual Funds     592,045     49.39%
  Class A   Edward D. Jones & Co.     180,636     15.07%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     81,934     6.83%
  Class C   Pershing LLC, PO Box 2052     27,846     32.82%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     26,792     31.58%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     10,930     12.88%
  Class C   LPL Financial     6,663     7.85%
  Class C   American Enterprise Investment SVC     6,497     7.66%

 

D-34

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     474,316     66.47%
  Institutional   RBC Capital Markets Corporation     87,366     12.24%
  Institutional   TD Ameritrade Clearing Inc.     42,367     5.94%
  Investor   LPL Financial     177,326     74.28%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     45,088     18.89%
  Investor   American Enterprise Investment SVC     13,305     5.57%
  Class R   National Financial Services LLC, FIIOC FBO, Vergason Technology Inc., Retirement Plan, 100 Magellan way (KW1C), Covington , KY 41015-1987     6,835     87.86%
  Class R   GSAM Holdings LLC Seed Account     712     9.15%
  Class R6   Edward D. Jones & Co.     271,352     99.48%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     1,310,129     94.13%
  Class P   JP Morgan Securities, LLC, FEBO Customers, Mutual Fund Dept.     80,608     5.79%
Goldman Sachs Focused Value Fund   Class A   Pershing LLC, PO Box 2052     24,993     83.36%
  Class A   Cadaret Grant & Co. Inc., Theresa M. Manzuk Cust., FBO Ella T. Amarante Utma NY, 9703 Versailles Rd., Angola, NY 14006-9519     1,517     5.06%
  Class C   Pershing LLC, PO Box 2052     15,282     93.57%
  Class C   GSAM Holdings LLC Seed Account     1,050     6.43%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     143,126     84.74%
  Investor   GSAM Holdings LLC Seed Account     1,049     100.00%
  Class R   Oppenheimer & Co. Inc., FBO Raymond Wrobleski CPA PS Plan, Raymond F Wrobleski TTEE, 116 Kingsbury Rd., Garden City, NY 11530-3110     2,390     69.49%
  Class R   GSAM Holdings LLC Seed Account     1,049     30.51%
  Class R6   GSAM Holdings LLC Seed Account     1,053     100.00%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     3,277,776     99.65%
Goldman Sachs Global Core Fixed Income Fund   Class A   Edward D. Jones & Co.     458,127     18.43%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     411,772     16.56%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     340,870     13.71%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     305,428     12.28%
  Class A   American Enterprise Investment SVC     169,806     6.83%

 

D-35

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     27,470     20.00%
  Class C   American Enterprise Investment SVC     27,273     19.86%
  Class C   UBS WM USA     15,224     11.09%
  Class C   Pershing LLC, PO Box 2052     11,807     8.60%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     10,480     7.63%
  Class C   LPL Financial     9,554     6.96%
  Class C   Acensus Trust Company FBO, Seoil USA Industrial, Inc. 401(K) P 590757     7,810     5.69%
  Class C   Principal Securities Inc.     7,080     5.16%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     11,529,250     62.46%
  Institutional   Pershing LLC, PO Box 2052     2,889,680     15.66%
  Institutional   Charles Schwab & CO.     1,485,434     8.05%
  Investor   American Enterprise Investment SVC     1,985,629     49.89%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     1,036,586     26.04%
  Investor   LPL Financial     520,211     13.07%
  Class R6   Goldman Sachs Trust, GS Balanced Strategy Portfolio     13,971,352     51.51%
  Class R6   Goldman Sachs Trust, GS Growth and Income Strategy Portfolio     10,855,031     40.02%
  Service   Principal Securities Inc.     38,339     97.12%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     653,766     99.85%
Goldman Sachs Global Infrastructure Fund   Class A   Raymond James, 92500015, Omnibus for Mutual Funds     6,825     36.35%
  Class A   Goldman Sachs Direct Accts., Ascensus Trust Company, FBO Alpha Business Solutions 687427, PO Box 10758, Fargo, ND 58106-0758     3,537     18.84%
  Class A   Pershing LLC, PO Box 2052     1,981     10.55%
  Class A   JP Morgan Securities LLC, FEBO Customers, Mutual Fund Dept.     1,950     10.39%
  Class A   Royal Alliance, UMB Bank NA, Cust Roth IRA FBO David S Phillip, 24944 W Lake Forrest Ln, Shorewood, IL 60404-8212     1,111     5.92%
  Class A   Lincoln Financial Advisors, UMB Bank NA, Cust IRA FBO, Perli Lubelski, 33 Dubon Ct., Ste A, Farmingdale, NY 11735-1074     1,011     5.38%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     21,482     83.35%

 

D-36

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Pershing LLC, PO Box 2052     2,740     10.63%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     555,100     89.84%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     130,215     97.81%
  Class R6   Goldman Sachs & Co LLC, GS Tax-Adv Global Equity Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     582,823     6.80%
  Class R6   Goldman Sachs & Co LLC, GS Tax-Adv Global Equity Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     4,769,734     55.66%
  Class R6   Goldman Sachs Trust, GS Satellite Strategies Portfolio     1,081,316     12.62%
  Class R6   Goldman Sachs Trust, GS Growth Strategy Portfolio     677,959     7.91%
  Class R6   Goldman Sachs Trust, GS Growth and Income Strategy Portfolio     672,208     7.84%
  Class R6   Goldman Sachs & Co LLC, GS Enhanced Div Global EQ Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     582,823     6.80%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     8,205,012     99.77%
Goldman Sachs Global Managed Beta Fund   Institutional   Goldman Sachs Asset Management LP, Christian School Pension TR Fund, 2969 Prairie St. SW, Ste 102, Grandville, MI 49418-2008     22,895,050     14.33%
  Institutional   Goldman Sachs Asset Management LP, Sprint Master Trust, 6200 Sprint Pkwy # HF0202-2BDTX, Overland Park, KS 66251-6117     15,600,795     9.77%
  Institutional   Goldman Sachs Asset Management LP, KPMG Pension Plan, 3 Chestnut Ridge Rd., Montvale, NJ 07645-1842     11,454,775     7.17%
  Institutional   Goldman Sachs Direct Accts., Mac & Co A/C 47034, FBO GS 529 Plan, Mutual Fund Operations, 500 Grant Street, Room 151-1010, Pittsburgh, PA 15219-2502     8,148,296     5.10%
  Institutional   Goldman Sachs Asset Management LP, Christian School Pension TR Fund, 2969 Prairie St. SW, Ste 102, Grandville, MI 49418-2008     22,895,050     14.33%
Goldman Sachs Global Real Estate Securities Fund   Class A   Edward D. Jones & Co.     27,611     22.42%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     19,334     15.70%

 

D-37

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   MSCS Financial Services, LLC, Advisor Trust, Inc., Cayman’s Clothiers, Inc. 401K Plan, 717 17th St., Ste 1300, Denver, CO 80202-3304     12,044     9.78%
  Class A   Commonwealth Annuity & Life, Annuity Co to Commonwealth Annuity and Life Ins Co.     11,519     9.35%
  Class A   TD Ameritrade Clearing Inc.     7,702     6.25%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     7,437     6.04%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     6,510     5.29%
  Class C   GSAM Holdings LLC Seed Account     3,071     54.19%
  Class C   TD Ameritrade Clearing Inc.     2,080     36.71%
  Class C   Goldman Sachs Direct Ex DLR Accts, UMB Bank NA, Cust Roth IRA FBO Kristine M. Sierakowski, 2720 White Barn Rd., Aurora, IL 60502-6332     516     9.10%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     40,917     32.82%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     27,285     21.89%
  Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2021     12,218     9.80%
  Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2020     12,163     9.76%
  Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2022     9,136     7.33%
  Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2023     7,578     6.08%
  Investor   LPL Financial     17,342     70.72%
  Investor   GSAM Holdings LLC Seed Account     3,294     13.43%
  Investor   MSCS Financial Services, LLC, Advisor Trust, Inc., Graham and Jensen, LLP, 717 17th St., Ste 1300, Denver, CO 80202-3304     2,727     11.12%
  Class R6   Goldman Sachs Trust, GS Tax-Advantaged Global Equity Portfolio     6,487,768     81.64%
  Class R6   Goldman Sachs & Co LLC, GS Enhanced Div Global EQ Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     802,321     10.10%
  Class R6   Goldman Sachs Trust, GS Satellite Strategies Portfolio     479,951     6.04%

 

D-38

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Government Income Fund   Class A   Hartford Life Insurance Company     637,265     18.84%
  Class A   Edward D. Jones & Co.     299,634     8.86%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     195,560     5.78%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     25,696     43.86%
  Class C   American Enterprise Investment SVC     4,980     8.50%
  Class C   Principal Securities Inc.     3,838     6.55%
  Class C   Mid Atlantic Trust Company     3,012     5.14%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     530,091     16.11%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     419,858     12.76%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     413,280     12.56%
  Institutional   Principal Securities Inc.     364,958     11.09%
  Institutional   Reliance trust Co., BBL Companies, 201 17th St. NW< Ste 1000, Atlanta, GA 30363-1195     269,220     8.18%
  Institutional   TIAA Trust, N.A. as CUST/TTEE of Retirement Plans Recordkept by TIAA, Attn: Fund Operations, 8500 Andrew Carnegie Blvd., Charlotte, NC 28262-5800     249,304     7.58%
  Institutional   Reliance trust Co., Pentegra Omnibus, 201 17th St. NW< Ste 1000, Atlanta, GA 30363-1195     197,425     6.00%
  Service   Security Benefit Life Insurance Co., UMB Bank NA, FBO Fiduciary for Tax Deferred Accts., 1 SW Security Benefit Pl., Topeka, KS 66636-1000     792,543     49.23%
  Investor   American Enterprise Investment SVC     1,055,611     92.11%
  Class R   Hartford Life Insurance Company     521,336     71.06%
  Class R   GWFS Equities Inc., Empower Trust, FBO Empower Benefit Grand Fathered Plan     153,158     20.88%
  Class R   GWFS Equities Inc., Massachusetts Mutual Life Insurance, 1295 State Street, MIP M200-INVST, Springfield, MA 01111-0001     41,791     5.70%
  Class R6   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     97,862     18.33%
  Class R6   Empower Financial Services, Inc.     130,412     24.43%

 

D-39

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   Hartford Life Insurance Company, The Hartford, 1 Hartford Plz., Hartford, CT 06155-0001     61,517     11.52%
  Class R6   Mid Atlantic Trust Company     54,339     10.18%
  Class R6   Edward D. Jones & Co.     52,029     9.75%
  Class R6   MSCS Financial Services, LLC, Matrix Trust Company as Agent for Newport Trust Company, Medallion Instrumentation Systems, LLC Employee 401K Plan, 35 Iron Point Circle, Suite 330, Folsom, CA 95630-8589     34,952     6.55%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     579,853     99.86%
Goldman Sachs Growth and Income Strategy Portfolio   Class A   Edward D. Jones & Co.     6,057,892     36.01%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,566,537     9.31%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,028,234     6.11%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     981,274     5.83%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     92,217     19.75%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     23,354     5.00%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     22,146,963     95.33%
  Service   TCA Trustcorp America     110,486     84.31%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     14,762     11.26%
  Investor   LPL Financial     162,974     28.36%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     133,881     23.30%
  Investor   American Enterprise Investment SVC     57,340     9.98%
  Class R   State Street Bank and TR TTEE/Cust     283,970     95.81%
  Class R6   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     47,131     30.29%
  Class R6   State Street Bank and Trust as Trustee and/or Custodian     32,199     20.69%
  Class R6   Devenir LLC, Matirx Trust Company Cust. FBO HAS Bank – HSG, 717 17th Street, Suite 1300, Denver, CO 80202-3304     27,798     17.86%

 

D-40

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   MSCS Financial Services LLC, Matrix Trust Company agent for TRP RPS RK FBO 401K, GARvin Construction Products, 300 Mystic Ave, Medford, MA 02155-6305     23,297     14.97%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     16,413,383     98.74%
Goldman Sachs Growth Strategy Portfolio   Class A   Edward D. Jones & Co.     3,460,879     18.70%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,938,185     10.47%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     1,409,254     7.62%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,380,571     7.46%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     1,287,903     6.96%
  Class A   American Enterprise Investment SVC     1,085,525     5.87%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     175,805     22.62%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     92,667     11.92%
  Class C   RBC Capital Markets Corporation     47,335     6.09%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     10,328,311     86.22%
  Service   TCA Trustcorp America     78,910     57.59%
  Service   American United Life Insurance Co     33,691     24.59%
  Service   American United Life Insurance Co     10,801     7.88%
  Service   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     6,985     5.10%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     455,939     44.24%
  Investor   American Enterprise Investment SVC     324,264     31.46%
  Investor   LPL Financial     151,902     14.74%
  Investor   State Street Bank and TR TTEE/Cust     85,297     8.28%
  Class R   State Street Bank and TR TTEE/Cust     311,011     84.86%
  Class R6   Voya Financial Partners, LLC, Voya Institutional Trust Company, 1 Orange Way, Windsor, CT 06095-4773     105,772     23.05%
  Class R6   State Street Bank and Trust as Trustee and/or Custodian     104,498     22.78%
  Class R6   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     78,393     17.09%

 

D-41

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   Voya Financial Partners, LLC, Voya Retirement Insurance And     55,977     12.20%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     14,889,787     99.71%
Goldman Sachs High Yield Floating Rate Fund   Class A   Raymond James, 92500015, Omnibus for Mutual Funds     138,908     34.39%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     113,639     28.14%
  Class A   Pershing LLC     41,751     10.34%
  Class A   American Enterprise Investment SVC     33,395     8.27%
  Class C   Pershing LLC, PO Box 2052     30,931     39.99%
  Class C   RBC Capital Markets Corporation     18,969     24.53%
  Class C   Stifel Nicolaus & Co     11,911     15.40%
  Class C   LPL Financial     6,734     8.71%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     5,317     6.88%
  Class R   GSAM Holdings LLC Seed Account     1,603     5.32%
  Class R   Empower Trust FBO     5,625     18.66%
  Class R   Anthony Siracusa & Maureen Siracusa     22,639     75.10%
  Class R6   State Street Bank and Trust as Trustee and/or Custodian     231,931     11.64%
  Class R6   Voya Financial Partners, LLC     538,794     27.05%
  Class R6   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     967,195     48.55%
  Class R6   Voya Financial Partners, LLC     252,786     12.69%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     12,320,090     84.38%
  Institutional   Charles Schwab & Co Inc     1,589,218     10.88%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     537,824     70.99%
  Investor   LPL Financial     122,209     16.13%
  Investor   American Enterprise Investment SVC     90,670     11.97%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     221,140,125     99.85%
Goldman Sachs High Yield Fund   Class A   Edward D. Jones & Co.     3,865,843     23.07%
  Class A   Pershing LLC, PO Box 2052     1,375,037     8.20%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,330,611     7.94%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     1,154,839     6.89%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     916,104     5.47%
  Class A   American Enterprise Investment SVC     861,591     5.14%

 

D-42

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Raymond James, 92500015, Omnibus for Mutual Funds     147,120     22.90%
  Class C   Pershing LLC, PO Box 2052     86,271     13.43%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     76,001     11.83%
  Class C   LPL Financial     55,761     8.68%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     51,708     8.05%
  Class C   American Enterprise Investment SVC     48,373     7.53%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     12,698,478     41.07%
  Institutional   Factory Mutual Insurance Company     7,090,767     22.93%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     873,916     59.03%
  Investor   LPL Financial     423,488     28.60%
  Investor   American Enterprise Investment SVC     93,372     6.31%
  Class R   Hartford Life Insurance Company     519,132     69.02%
  Class R   GWFS Equities Inc., Massachusetts Mutual Life Insurance, 1295 State St., MIP M200-INVST, Springfield, MA 01111-0001     110,868     14.74%
  Class R   GWFS Equities Inc., Empower Trust, FBO Empower Benefit Grand Fathered Plane     68,000     9.04%
Goldman Sachs High Yield Municipal Fund   Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     7,209,052     15.04%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     7,169,007     14.96%
  Class A   Edward D Jones & Co     5,267,639     10.99%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     4,935,522     10.30%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     4,907,119     10.24%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     3,593,705     7.50%
  Class A   Pershing LLC, PO Box 2052     2,742,864     5.72%
  Class A   LPL Financial     2,675,793     5.58%
  Class A   American Enterprise Investment SVC     2,614,914     5.46%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     2,555,262     5.33%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,939,884     30.33%

 

D-43

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Raymond James, 92500015, Omnibus for Mutual Funds     631,037     9.87%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     627,965     9.82%
  Class C   American Enterprise Investment SVC     624,740     9.77%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     528,212     8.26%
  Class C   LPL Financial     514,964     8.05%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     50,001,108     26.61%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     30,645,202     16.31%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     19,243,552     10.24%
  Institutional   Pershing LLC, PO Box 2052     18,495,476     9.84%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     15,896,912     8.46%
  Institutional   MSCS Financial Services LLC, Zions First National Bank, PO Box 30880, Salt Lake City, UT 84130-0880     10,767,564     5.73%
  Institutional   UBS WM USA     3,192,488     5.08%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     331,772     46.65%
  Service   Hartford Life Insurance Company     283,395     39.85%
  Service   Empower Trust FBO     52,637     7.40%
  Investor   American Enterprise Investment SVC     22,719,683     36.15%
  Investor   LPL Financial     19,254,870     30.64%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     14,939,999     23.77%
  Investor   Pershing LLC, PO Box 2052     3,192,488     5.08%
  Class R6   JP Morgan Securities, LLC, FEBO Customers, Mutual Fund Dept.     1,123,344     56.07%
  Class R6   Edward D. Jones & Co.     753,650     37.62%
  Class R6   Vallee & CO FBO 50     124,942     6.24%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     761,121,308     99.30%
Goldman Sachs Income Builder Fund   Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     4,260,608     17.36%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     3,334,135     13.58%
  Class A   Edward D. Jones & Co.     3,122,608     12.72%
  Class A   American Enterprise Investment SVC     2,685,684     10.94%

 

D-44

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     2,399,674     9.77%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     2,163,731     8.81%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     1,341,385     5.46%
  Class A   LPL Financial     1,261,021     5.14%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     3,480,770     37.89%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     1,215,405     13.23%
  Class C   American Enterprise Investment SVC     1,043,273     11.36%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     655,891     7.14%
  Class C   LPL Financial     587,772     6.40%
  Class C   Pershing LLC, PO Box 2052     587,200     6.39%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     8,540,328     19.78%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     7,298,461     16.91%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     6,979,384     16.17%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     6,296,689     14.59%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     2,501,565     5.79%
  Institutional   UBS WM USA     2,417,988     5.60%
  Institutional   Pershing LLC, PO Box 2052     2,201,704     5.10%
  Investor   American Enterprise Investment SVC     7,981,350     47.08%
  Investor   LPL Financial     4,687,699     27.65%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     3,794,299     22.38%
  Class R6   Edward D. Jones & Co.     1,307,714     75.01%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     283,506     16.26%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     1,401,219     99.96%
Goldman Sachs Income Fund   Class A   RBC Capital Markets Corporation     31,422     40.17%
  Class A   Pershing LLC, PO Box 2052     17,118     21.88%

 

D-45

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   American Enterprise Investment SVC     11,970     15.30%
  Class A   GSAM Holdings LLC Seed Account     5,979     7.64%
  Class A   LPL Financial     4,702     6.01%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     4,522     5.78%
  Class C   American Enterprise Investment SVC     18,847     47.63%
  Class C   Pershing LLC, PO Box 2052     14,904     37.66%
  Class C   GSAM Holdings LLC Seed Account     5,821     14.71%
  Institutional   GSAM Holdings LLC Seed Account     1,182,149     76.43%
  Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2021     137,310     8.88%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     201,900     48.47%
  Investor   LPL Financial     170,530     40.94%
  Investor   American Enterprise Investment SVC     38,058     9.14%
  Class R6   GSAM Holdings LLC Seed Account     6,052     100.00%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     5,358,498     99.88%
Goldman Sachs Inflation Protected Securities Fund   Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     829,384     21.14%
  Class A   Edward D. Jones & Co.     748,309     19.07%
  Class A   State Street Bank and TR TTEE/Cust     603,233     15.37%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     94,596     27.90%
  Class C   Pershing LLC, PO Box 2052     87,072     25.68%
  Class C   LPL Financial     48,470     14.30%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     45,889     13.53%
  Class C   American Enterprise Investment SVC     33,833     9.98%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     2,162,811     28.67%
  Institutional   Reliance trust Co., Huntington National Bank, PO Box 78446, Atlanta, GA 30357     745,949     9.89%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     645,374     8.56%
  Institutional   MSCS Financial Services LLC, Matrix Cash Reinv 03, 42 McClurg, Rd., Youngstown, OH 44512-6700     536,064     7.11%
  Institutional   UBS WM USA     518,579     6.88%
  Investor   American Enterprise Investment SVC     990,499     32.93%

 

D-46

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Investor   National Financial Services LLC, FEBO Customers Mutual Funds     715,298     23.78%
  Investor   LPL Financial     643,372     21.39%
  Investor   MSCS Financial Services, LLC, Matrix Trust Company as Agent for Newport Trust Company, Texas Roadhouse Management Corp Def., 35 Iron Point Circle, Suite 330, Folsom, CA 95630-8589     363,860     12.10%
  Class R6   State Street Bank and Trust as Trustee and/or Custodian     5,487,436     39.23%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     2,999,330     21.44%
  Class R6   Edward D. Jones & Co.     1,829,474     13.08%
  Class R6   Goldman Sachs Trust, GS Satellite Strategies Portfolio     931,271     6.66%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     2,082,018     99.93%
Goldman Sachs International Equity Dividend and Premium Fund   Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     49,906     20.19%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     30,360     12.28%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     26,465     10.71%
  Class A   American Enterprise Investment SVC     26,413     10.69%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     18,865     7.63%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     16,767     6.78%
  Class A   LPL Financial     16,058     6.50%
  Class A   Lincoln Investment Planning, Lincoln Investment Planning LLC, FBO Lincoln Customers, 601 Office Center Dr., Ste 300, Ft. Washington, PA 19034-3275%     14,282     5.78%
  Class A   Ausdal Financial Partners, Inc., UMB Bank NA, 36360 Woodward Ave., Bloomfield, MI 48304-0905     12,402     5.02%
  Class C   LPL Financial     5,678     22.45%
  Class C   Acensus Trust Company FBO, Dr. Jason M. Cohen 401(K) 214194     5,277     20.86%
  Class C   Stifel Nicolaus & Co.     4,532     17.92%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     3,636     14.37%

 

D-47

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Lincoln Investment Planning, UMB Bank, NA C/F, Kevin T, Kester, IRA, 330 Cocoa Ave, Hershey, PA 17033-1429     2,190     8.66%
  Class C   Pershing LLC, PO Box 2052     1,885     7.45%
  Institutional   MSCS Financial Services LLC, SEI Private Trust Company, C/O First Horizon ID 683, 1 Freedom Valley Dr., Oaks, PA 19456-9989     184,779     28.96%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     178,298     27.94%
  Institutional   MSCS Financial Services LLC, Mori & Co., 922 Walnut St., Mailstop TBTS 2, Kansas City, MO 64106-1802     67,944     10.65%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     38,771     6.08%
  Investor   LPL Financial     100,367     35.88%
  Investor   American Enterprise Investment SVC     100,075     35.78%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     78,715     28.14%
  Class R6   Goldman Sachs & Co LLC, GS Enhanced Div Global EQ Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     11,024,255     99.97%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     9,693,383     98.65%
Goldman Sachs International Equity ESG Fund   Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,153,049     25.39%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     764,336     16.83%
  Class A   Edward D. Jones & Co.     547,917     12.07%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     441,944     9.73%
  Class A   TD Ameritrade Clearing Inc.     269,421     5.93%
  Class C   UBS WM USA     85,786     23.53%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     45,111     12.37%
  Class C   Stifel Nicolaus & Co.     30,380     8.33%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     30,216     8.29%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     30,194     8.28%

 

D-48

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   American Enterprise Investment SVC     28,642     7.86%
  Class C   LPL Financial     21,727     5.96%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     5,762,885     30.14%
  Institutional   Pershing LLC, PO Box 2052     4,674,626     24.45%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     4,609,826     24.11%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     1,949,272     10.20%
  Service   Hand Securities, Inc., CBNA as Custodian FBO Mackenzie-Childs 401(K) Plan     18,105     52.52%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     5,572     16.16%
  Service   Empower Financial Services, Inc.     4,980     14.45%
  Investor   American Enterprise Investment SVC     1,947,712     46.04%
  Investor   LPL Financial     991,052     23.43%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     972,355     22.99%
  Class R6   Edward D. Jones & Co.     1,550,567     45.66%
  Class R6   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     327,482     9.64%
  Class R6   Empower Financial Services, Inc.     318,807     9.39%
  Class R6   Voya Financial Partners, LLC     297,500     8.76%
  Class R6   Empower Financial Services, Inc.     201,705     5.94%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     3,968,530     98.85%
Goldman Sachs International Equity Income Fund   Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     1,622,082     34.35%
  Class A   TD Ameritrade Clearing Inc.     676,327     14.32%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     672,612     14.24%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     68,055     23.04%
  Class C   Stifel Nicolaus & Co.     52,591     17.80%
  Class C   American Enterprise Investment SVC     35,390     11.98%
  Class C   Acensus Trust Company FBO, Family Medicine Associates 401(K)/P 036155     31,690     10.73%
  Class C   Pershing LLC, PO Box 2052     24,340     8.24%
  Class C   LPL Financial     23,966     8.11%

 

D-49

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     16,276,744     43.90%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     10,248,969     27.64%
  Institutional   Pershing LLC, PO Box 2052     3,812,664     10.28%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     3,457,020     9.32%
  Investor   LPL Financial     7,615,459     44.55%
  Investor   American Enterprise Investment SVC     4,439,013     25.97%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     4,130,377     24.16%
  Class R   GWFS Equities Inc., Capital Bank & Trust CO, FBO, CO FA Score Signum Architecture LLP 401K PSP     27,023     59.42%
  Class R   GWFS Equities Inc., Capital Bank & Trust CO, FBO Joe W Morgan Inc 401K PSP. C/O Empower     6,593     14.50%
  Class R   National Financial Services LLC, FIIOC FBO George A Sanchez DMD, 401K Profit Sharing Plan, 100 Magellan way (KW1C), Covington , KY 41015-1987     5,396     11.86%
  R6   Edward D. Jones & Co.     2,405,292     76.70%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     3,173,439     99.60%
Goldman Sachs International Equity Insights Fund   Class A   Edward D. Jones & Co.     1,115,188     19.38%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     742,568     12.91%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     564,483     9.81%
  Class A   State Street Bank and TR TTEE/Cust.     457,195     7.95%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     379,512     6.60%
  Class C   American Enterprise Investment SVC     137,649     22.09%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     87,217     14.00%
  Class C   LPL Financial     83,068     13.33%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     66,064     10.60%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     64,728     10.39%

 

D-50

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Stifel Nicolaus & Co.     40,939     6.57%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     36,272     5.82%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     12,032,743     22.39%
  Service   American United Life Insurance Co     78,771     44.89%
  Service   American United Life Insurance Co     28,606     16.30%
  Service   Lincoln Financial Advisors, Lincoln Financial Group Trust Co., FBO Rollover SS IRA Plan, PO Box 21008, Greensboro, NC 27420-1008     15,186     8.66%
  Service   Empower Financial Services, Inc.     10,946     6.24%
  Service   TCA Trustcorp America     10,235     5.83%
  Investor   American Enterprise Investment SVC     2,620,320     50.90%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     1,641,040     31.87%
  Class R   State Street Bank and TR TTEE/Cust.     261,275     58.96%
  Class R   Acensus Trust Company FBO, Mission Driven Research 401(K) Plan 229768     42,041     9.49%
  Class R   Acensus Trust Company FBO, Summit Software 401(K) Plan 132086     38,931     8.79%
  Class R   National Financial Services LLC, FIIOC FBO, Team Velocity Marketing LLC, 401K Plan,100 Magellan way (KW1C), Covington , KY 41015-1987     23,036     5.20%
  Class R6   Goldman Sachs Trust, GS Growth Strategy Portfolio     8,925,768     28.50%
  Class R6   Goldman Sachs Trust, GS Growth and Income Strategy Portfolio     6,398,927     20.43%
  Class R6   Goldman Sachs Trust, GS Balanced Strategy Portfolio     2,307,003     7.37%
  Class R6   Goldman Sachs Trust, GS Dynamic Global Equity Fund     1,922,760     6.14%
  Class R6   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,847,778     5.90%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     26,698,013     95.60%
Goldman Sachs International Small Cap Insights Fund   Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     1,695,426     27.69%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     742,631     12.13%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     543,799     8.88%

 

D-51

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     501,887     8.20%
  Class A   American Enterprise Investment SVC     409,048     6.68%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     258,859     24.59%
  Class C   American Enterprise Investment SVC     255,388     24.26%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     111,640     10.60%
  Class C   Stifel Nicolaus & Co.     99,817     9.48%
  Class C   LPL Financial     99,408     9.44%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     60,929     5.79%
  Class C   Pershing LLC, PO Box 2052     52,993     5.03%
  Institutional   Pershing LLC, PO Box 2052     149,415,999     71.99%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     23,407,279     11.28%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     10,653,628     5.13%
  Investor   American Enterprise Investment SVC     3,322,668     46.16%
  Investor   LPL Financial     1,815,717     25.22%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     664,762     9.23%
  ClassR6   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     12,673,068     28.20%
  Class R6   Goldman Sachs & Co LLC, GS Tax-Adv Global Equity Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     9,817,829     21.85%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     5,907,037     13.14%
  Class R6   Goldman Sachs Trust, GS Growth Strategy Portfolio     2,741,743     6.10%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     3,288,497     97.91%
Goldman Sachs International Tax-Managed Equity Fund   Class A   Edward D. Jones & Co.     139,923     28.65%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     65,892     13.49%
  Class A   American Enterprise Investment SVC     56,858     11.64%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     51,729     10.59%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     43,184     8.84%
  Class A   LPL Financial     25,441     5.21%

 

D-52

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   Pershing LLC, PO Box 2052     24,569     5.03%
  Class C   Stifel Nicolaus & Co.     21,054     33.33%
  Class C   American Enterprise Investment SVC     14,187     22.46%
  Class C   Pershing LLC, PO Box 2052     5,027     7.96%
  Class C   LPL Financial Corporation, Matrix Trust Company as Agent for Julia Hallquist 403B, 717 17th St., Ste 1300, Denver Co., 80202-3304     4,580     7.25%
  Class C   Lincoln Investment Planning, Gerald W Houseweart II, 4388 Red Rock Rd., Benton, PA 17814-7605     4,505     7.13%
  Class C   LPL Financial Corporation, Thomas Berarducci & Chiwan Kim TTEES, Berarducci Kim Trust Agreement, US DTD 02/18/2014, 8500 Willow Gate Ct., Granite Bay, CA 95746-6135     4,296     6.80%
  Class C   RBC Capital Markets Corporation     3,797     6.01%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     320,288     31.37%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     288,594     28.26%
  Institutional   UBS WM USA     87,484     8.57%
  Institutional   Pershing LLC, PO Box 2052     82,993     8.13%
  Investor   American Enterprise Investment SVC     635,123     71.09%
  Investor   LPL Financial     128,277     14.36%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     70,590     7.90%
  R6   Goldman Sachs & Co LLC, GS Tax-Adv Global Equity Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     57,181,709     99.58%
  P   Goldman Sachs & Co., FBO Omnibus 6600     5,670,177     98.39%
Goldman Sachs Investment Grade Credit Fund   Class A   American Enterprise Investment SVC     118,157     15.35%
  Class A   Edward D. Jones & Co.     274,275     35.64%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     109,142     14.18%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     7,090,697     81.86%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     778,218     8.98%
  Investor   American Enterprise Investment SVC     968,564     81.79%
  Investor   LPL Financial     156,302     13.20%

 

D-53

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Separate Account Institutional   GS PWM INSTL Class, FBO Acct# 021117601     2,187,130     18.40%
  Separate Account Institutional   GS PWM INSTL Class, FBO Acct# 021117726     1,570,523     13.22%
  Separate Account Institutional   GS PWM INSTL Class, FBO Acct# 054043385     1,109,360     9.34%
  Separate Account Institutional   GS PWM INSTL Class, FBO Acct# 021113246     973,854     8.19%
  Separate Account Institutional   GS PWM INSTL Class, FBO Acct# 021094826     873,877     7.35%
  Class R6   Goldman Sachs Asset Management LP, DLRT-GSAM IG Credit, 200 West St., Fl 29, New York, NY 10282-2198     25,996,437     68.83%
  Class R6   Goldman Sachs Asset Management LP, US Bank TT&SS Alternative, Investments Custody FBO Childrens Health Foundation, 601 Childrens Ln, Norfolk, VA 23507-1910     8,168,911     21.63%
  Class R6   Goldman Sachs Asset Management LP, US Bank GS Investment Grade Credit Fund FBO GFS, 1300 Gezon Pkwy SW, Wyoming, MI 49509-9300     3,300,690     8.74%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     22,672,754     99.98%
Goldman Sachs Investor Money Market Fund   Class A   Edward D. Jones & Co.     1,008,312,844     78.13%
  Class A   RBC Capital Markets Corporation     217,594,881     16.86%
  Administration   American Enterprise Investment SVC     174,574,054     65.06%
  Administration   Pershing LLC, FBO Customers     54,270,388     20.23%
  Administration   Pershing LLC, PO Box 2052     19,724,013     7.35%
  Class C   GSAM Holdings LLC Seed Account     10,689     51.91%
  Class C   Stifel Nicolaus & Co.     9,896     48.06%
  Cash Management   Pershing LLC, FBO Customers     23,205,369     99.95%
  Class D   UBS WM USA     5,258,079     99.81%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,916,050,966     31.15%
  Institutional   Raymond James, 92500015, Omnibus for Mutual Funds     1,565,607,498     25.46%

 

D-54

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     998,041,757     16.23%
  Institutional   LPL Financial, P.O Box 509046, San Diego, CA 92150-9046     833,846,213     13.56%
  Institutional   American Enterprise Investment SVC     324,070,506     5.27%
  Service   Pershing LLC, FBO Customers     22,672,754     99.98%
Goldman Sachs Investor Tax-Exempt Money Market Fund   Class A   Edward D. Jones & Co.     24,703,686     72.41%
  Class A   RBC Capital Markets Corporation     7,917,595     23.21%
  Administration   LPL Financial     4,009,138     57.31%
  Administration   BMO Harris Bank NA, 320 Canal St., Fl 14, Chicago, IL 60606-5707     1,582,400     22.62%
  Administration   Goldman Sachs Direct Ex DLR Accts, Mary Jane Spence Tod, Raymond E Spence, 19979 Smith Cir, Ashburn, VA 20147-2509     850,000     12.15%
  Class C   GSAM Holdings LLC Seed Account     9,173     100%
  Capital   GSAM Holdings LLC Seed Account     1,055     100%
  Cash Management   GSAM Holdings LLC Seed Account     1,027     63.61%
  Cash Management   Pershing LLC, FBO Customers     587     36.39%
  Service   SEI Private Trust Company, C/O City National Bank     226,432     97.00%
  Class I   The Glenmede Trust Company NA, 1650 Market St., Ste. 1200, Philadelphia, PA 19103-7391     1,073,215,253     55.14%
  Class I   SEI Private Trust Company, C/O BMO Harris SWP     291,862,585     15.00%
  Class I   First Premier Bank, Unifalls & Co., C/O First Premier Bank, PO Box 2640, Sioux Falls, SD 57101-2640     138,138,401     7.10%
  Class I   LPL Financial     136,268,400     7.00%
  Preferred   Band & CO Institutional Trust, C/O US Bank NA, 1555 N Rivercenter Dr. Ste 203, Milwaukee, WI 532123958     128,773     60.90%
  Preferred   Pershing LLC, FBO Customers     81,625     38.60%
  Premier   GSAM Holdings LLC Seed Account     1,046     100%
  Select   GSAM Holdings LLC Seed Account     1,062     99.97%
Goldman Sachs Large Cap Core Fund   Class A   Edward D. Jones & Co.     3,757,474     12.85%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     1,942,183     6.64%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     168,900     13.71%

 

D-55

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     111,729     9.07%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     89,009     7.22%
  Class C   Stifel Nicolaus & Co.     71,309     5.79%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     810,027     27.15%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     422,751     14.17%
  Institutional   Pershing LLC, PO Box 2052     223,811     7.50%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     189,595     6.36%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     158,949     5.33%
  Service   Empower Financial Services, Inc.     13,549     35.13%
  Service   Empower Financial Services, Inc.     7,972     20.67%
  Service   Mid Atlantic Trust Company     7,814     20.26%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     4,872     12.63%
  Service   MSCS Financial Services LLC, Essa Bank and Trust, 744 Main St., Ste 1, Stroudsburg, PA 18360-2268     2,089     5.42%
  Service   TCA Trustcorp America     1,947     5.05%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     1,947     60.53%
  Investor   American Enterprise Investment SVC     180,175     19.80%
  Investor   LPL Financial     51,578     5.67%
  Class R   State Street Bank and TR TTEE/Cust.     274,998     83.80%
  Class R6   Empower Financial Services, Inc.     1,702,039     64.67%
  Class R6   Empower Financial Services, Inc.     354,501     13.47%
  Class R6   Edward D. Jones & Co.     251,000     9.54%
  Class R6   Empower Financial Services, Inc.     151,306     5.75%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     3,493,410     98.38%
Goldman Sachs Large Cap Growth Insights Fund   Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     422,751     14.17%
  Class A   Edward D. Jones & Co.     693,556     9.00%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     572,035     7.42%

 

D-56

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   National Financial Services LLC, FEBO Customers Mutual Funds     540,716     7.02%
  Class A   State Street Bank and TR TTEE/Cust.     436,665     5.67%
  Class A   American Enterprise Investment SVC     402,583     5.23%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     269,430     21.54%
  Class C   Pershing LLC, PO Box 2052     262,331     20.98%
  Class C   American Enterprise Investment SVC     184,253     14.73%
  Class C   LPL Financial     127,223     11.25%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     109,240     8.73%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     64,505     5.16%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     1,758,429     19.54%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     1,682,438     18.69%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     861,925     9.58%
  Institutional   TD Ameritrade Clearing Inc.     545,055     6.06%
  Institutional   Empower Financial Services, Inc.     489,128     5.43%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     478,684     5.32%
  Institutional   MSCS Financial Services LLC, Matrix Cash Reinv 03, 42 McClurg Rd., Youngstown, OH 44512-6700     472,848     5.25%
  Service   Devon Bank, 6445 N Western Ave., Ste 300, Chicago, IL 60645-5452     554,988     58.85%
  Service   American United Life Insurance Co     310,213     32.90%
  Investor   American Enterprise Investment SVC     2,427,955     43.03%
  Investor   LPL Financial     959,750     17.01%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     846,432     15.00%
  Investor   American United Life Insurance Co., 1 American Sq., Indianapolis, IN 46282-0002.     737,883     13.08%
  Class R   State Street Bank and TR TTEE/Cust.     127,223     11.23%
  Class R6   Goldman Sachs Direct Accts., Mac & Co A/C 47034, FBO GS 529 Plan, Mutual Fund Operations, 500 Grant Street, Room 151-1010, Pittsburgh, PA 15219-2502     1,721,612     16.14%

 

D-57

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     1,228,167     11.51%
  Class R6   Goldman Sachs Trust, GS Dynamic Global Equity Fund     920,248     8.63%
  Class R6   Principal Securities Inc.     897,087     8.41%
  Class R6   American United Life Insurance Co     876,901     8.22%
  Class R6   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     805,207     7.55%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     1,816,068     97.67%
Goldman Sachs Large Cap Value Fund   Class A   Edward D. Jones & Co.     1,624,579     30.94%
  Class A   UBS WM USA     631,244     12.02%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     351,225     6.69%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     302,145     5.75%
  Class C   UBS WM USA     343,324     58.25%
  Class C   LPL Financial     69,758     11.84%
  Investor   LPL Financial     294,248     64.28%
  Investor   American Enterprise Investment SVC     113,167     24.72%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     29,551     6.46%
  Class R   Hartford Life Insurance Company     209,340     73.54%
  Class R   GWFS Equities Inc., Massachusetts Mutual Life Insurance, 1295 State St., MIP M200-INVST, Springfield, MA 01111-0001     28,094     9.87%
  Class R   Principal Securities Inc.     26,768     9.40%
Goldman Sachs Large Cap Value Insights Fund   Class A   American Enterprise Investment SVC     172,658     7.29%
  Class A   Edward D. Jones & Co.     444,415     18.77%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     269,505     11.38%
  Class A   TD Ameritrade Clearing Inc.     203,705     8.60%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     170,520     7.20%
  Class A   State Street Bank and TR TTEE/Cust.     151,970     6.42%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     151,430     6.40%
  Class C   LPL Financial     83,606     22.52%

 

D-58

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     70,059     18.87%
  Class C   UBS WM USA     21,634     5.83%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     20,547     5.54%
  Class C   American Enterprise Investment SVC     33,278     8.97%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     1,419,075     37.59%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     1,027,686     27.22%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     303,010     8.03%
  Institutional   UBS WM USA     242,907     6.43%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     85,456     86.99%
  Service   Empower Financial Services, Inc.     9,242     9.41%
  Investor   LPL Financial     1,444,719     51.97%
  Investor   American Enterprise Investment SVC     1,135,325     40.84%
  Class R   State Street Bank and TR TTEE/Cust.     146,005     88.45%
  Class R   TIAA Trust, N.A. as CUST/TTEE of Retirement Plans Recordkept by TIAA, Attn: Fund Operations, 8500 Andrew Carnegie Blvd., Charlotte, NC 28262-5800     9,180     5.56%
  Class R6   Goldman Sachs Trust, Dynamic Global Equity Fund     1,383,711     41.82%
  Class R6   Goldman Sachs Trust, GS Balanced Strategy Portfolio     580,409     17.54%
  Class R6   Goldman Sachs Trust, GS Growth and Income Strategy Portfolio     499,562     15.10%
  Class R6   Goldman Sachs Trust, GS Balanced Strategy Portfolio     240,992     7.28%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     2,082,042     98.86%
Goldman Sachs Local Emerging Markets Debt Fund   Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     196,938     32.51%
  Class A   LPL Financial     159,543     26.34%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     45,072     7.44%
  Class A   American Enterprise Investment SVC     37,238     6.15%
  Class A   Edward D. Jones & Co.     30,539     5.04%
  Class C   LPL Financial     333,255     91.07%

 

D-59

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   MSCS Financial Services LLC, Naidot & Co., FBO Pineone trust Custody Account, C/O Bessemer Trust Co., 100 Woodbridge Center Dr., Woodbridge, NJ 07095-1162     223,945     16.00%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     659,974     47.16%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     136,772     9.77%
  Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2021     89,147     6.37%
  Investor   American Enterprise Investment SVC     1,538,420     51.88%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     764,829     25.79%
  Investor   LPL Financial     621,227     20.95%
  Class R6   Goldman Sachs Trust, GS Growth and Income Strategy Portfolio     2,008,299     33.49%
  Class R6   Goldman Sachs Trust, GS Trust Growth Strategy Portfolio     1,984,946     33.10%
  Class R6   Goldman Sachs Trust, GS Trust Balanced Strategy Portfolio     1,284,377     21.42%
  Class R6   Goldman Sachs Trust, GS Satellite Strategies Portfolio     716,681     11.95%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     2,977,964     85.85%
  Class P   GS PWM INSTL Class, FBO Acct# 021961289     342,295     9.87%
Goldman Sachs Long Short Credit Strategies Fund   Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     21,801     27.73%
  Class A   Pershing LLC, PO Box 2052     20,155     25.64%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     14,857     18.90%
  Class A   TD Ameritrade Clearing Inc.     10,765     13.69%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     4,794     6.10%
  Class C   Pershing LLC, PO Box 2052     4,731     40.08%
  Class C   GSAM Holdings LLC Seed Account     3,248     27.52%
  Class C   RBC Capital Markets Corporation     2,651     22.46%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     1,174     9.94%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     649,288     48.85%
  Institutional   UBS WM USA     159,389     11.99%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     132,984     10.01%

 

D-60

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2020     108,581     8.17%
  Institutional   Pershing LLC, PO Box 2052     97,611     7.34%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     83,994     6.32%
  Investor   LPL Financial     141,042     78.12%
  Investor   TD Ameritrade Clearing Inc.     30,814     17.07%
  Class R   GSAM Holdings LLC Seed Account     3,401     96.51%
  Class R6   Goldman Sachs & Co LLC, GS VIT GS Multi-Strat Alt Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     874,782     99.84%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     3,950,844     99.96%
Goldman Sachs Managed Futures Strategy Fund   Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     1,056,352     58.29%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     336,618     18.58%
  Class A   American Enterprise Investment SVC     122,617     6.77%
  Class C   American Enterprise Investment SVC     496,242     79.17%
  Class C   Stifel Nicolaus & Co.     83,846     13.38%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     3,147,247     44.08%
  Institutional   Pershing LLC, PO Box 2052     1,420,417     19.90%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     1,398,743     19.59%
  Institutional   TD Ameritrade Clearing Inc.     559,675     7.84%
  Investor   American Enterprise Investment SVC     19,665,274     82.30%
  Investor   LPL Financial     3,898,515     16.32%
  Class R   State Street Bank and TR TTEE/Cust.     19,349     29.35%
  Class R   PAI Trust Company Inc., Barnes Pipe & Steel Supply 401K P, 1300 Enterprise Dr., De Pere, WI 54115-4934     15,091     22.89%
  Class R   Crown Capital Securities LP, Matrix Trust Company Cust. FBO Barth Calderon 401K Plan, 717 17th St, Suite 1300, Denver, CO 80202-3304     8,075     12.25%
  Class R   MSCS Financial Services, LLC, Mark C Tasi MD 401K Plan, 717 17th St., Ste 1300, Denver, CO 80202-3304     7,708     11.69%
  Class R   National Financial Services LLC, FIIOC FBO, Team Velocity Marketing LLC, 401K Plan, 100 Magellan way (KW1C), Covington , KY 41015-1987     7,152     10.85%

 

D-61

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R   Ascensus Trust Company FBO GRP Engineering Inc., 401(k) Plan 230479,     3,884     5.89%
  Class R6   Goldman Sachs Trust, GS Growth and Income Strategy Portfolio     1,994,761     30.67%
  Class R6   Goldman Sachs Trust, GS Balanced Strategy Portfolio     1,508,403     23.19%
  Class R6   Goldman Sachs Trust, GS Growth Strategy Portfolio     1,488,845     22.89%
  Class R6   Goldman Sachs Direct Accts., Mac & Co A/C 47034, FBO GS 529 Plan, Mutual Fund Operations, 500 Grant Street, Room 151-1010, Pittsburgh, PA 15219-2502     936,306     14.39%
  Class R6   Goldman Sachs & Co LLC, GS VIT GS Multi-Strat Alt Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     557,648     8.57%
  Class P   GSAM Holdings LLC Seed Account     1,328     100.00%
Goldman Sachs Mid Cap Growth Fund   Class A   State Street Bank and TR TTEE/Cust.     1,888,509     8.29%
  Class A   Edward D. Jones & Co.     3,254,345     14.29%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     1,835,197     8.06%
  Class A   GWFS Equities Inc., Wells Fargo Bank NA Trustee, City of Tallahassee Matched Annuity, C/O Fascore LLC     1,652,470     7.26%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     1,620,656     7.12%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,570,686     6.90%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,140,971     5.01%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     107,831     17.99%
  Class C   Stifel Nicolaus & Co.     41,072     6.85%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     38,103     6.36%
  Class C   Goldman Sachs Direct EX DLR Accts, Rocky Run Family Medicine, Goldman Sachs/ADP 401K Plan, ADP Plan #100645, 5645 Stone Rd., Centreville, VA 20120-1618     30,351     5.06%
  Class C   Pershing LLC, PO Box 2052     30,066     5.02%

 

D-62

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     3,548,367     22.60%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     2,866,228     18.26%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,556,697     9.92%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     815,645     5.20%
  Institutional   UBS WM USA     1,140,971     5.01%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     1,872,258     77.48%
  Service   Empower Financial Services, Inc.     173,338     7.17%
  Investor   Principal Securities Inc.     2,500,385     45.61%
  Investor   National Financial Services LLC, FEBO Customers Mutual Funds     626,829     11.43%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     510,946     9.32%
  Investor   LPL Financial     418,504     7.63%
  Investor   American Enterprise Investment SVC     357,744     6.53%
  Class R   Hartford Life Insurance Company     1,452,595     40.75%
  Class R   State Street Bank and TR TTEE/Cust.     1,130,742     31.72%
  Class R6   MSCS Financial Services LLC, Associated Trust Company, PO Box 22037, Green Bay, WI 54305-2037     2,444,007     22.67%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     1,634,809     15.16%
  Class R6   MSCS Financial Services LLC, Associated Trust Company, PO Box 22037, Green Bay, WI 54305-2037     701,869     6.51%
  Class R6   Principal Securities Inc.     625,586     5.80%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     2,422,433     99.36%
Goldman Sachs Mid Cap Value Fund   Class A   Edward D. Jones & Co.     4,273,056     32.46%
  Class A   Hartford Life Insurance Company     795,143     6.04%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     680,248     5.17%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     67,496     27.15%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     26,865     10.81%

 

D-63

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     24,299     9.77%
  Class C   Pershing LLC, PO Box 2052     20,854     8.39%
  Class C   American Enterprise Investment SVC     18,630     7.49%
  Class C   LPL Financial     15,859     6.38%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     2,261,836     24.31%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     1,478,020     15.89%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     727,696     7.82%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     716,273     7.70%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     62,850     7.40%
  Institutional   Pershing LLC, PO Box 2052     572,847     6.16%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     467,201     55.02%
  Service   American United Life Insurance Co     86,862     10.23%
  Service   Hartford Life Insurance Company, Separate Account, 200 Hopmeadow St., Weatogue, CT 06089-9793     62,850     7.40%
  Service   Empower Financial Services, Inc.     52,672     6.20%
  Service   American United Life Insurance Co     51,434     6.06%
  Investor   American Enterprise Investment SVC     1,226,537     53.94%
  Investor   LPL Financial     402,783     17.71%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     328,353     14.44%
  Class R   Hartford Life Insurance Company     197,630     32.30%
  Class R   State Street Bank and TR TTEE/Cust.     157,972     25.82%
  Class R   GWFS Equities Inc., Massachusetts Mutual Life Insurance, 1295 State St., MIP M200-INVST, Springfield, MA 01111-0001     61,979     10.13%
  Class R6   Edward D. Jones & Co.     1,367,955     52.84%
  Class R6   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     229,955     8.88%
  Class R6   American United Life Insurance Co     178,844     6.91%
  Class R6   Empower Financial Services, Inc.     147,585     5.70%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     5,179,724     99.17%

 

D-64

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs MLP Energy Infrastructure Fund   Class A   American Enterprise Investment SVC     208,211     10.99%
  Class A   Morgan Stanley Smith Barney LLC, U.S. Bank FBO, SISC GASB 45 Trust A, 1555 N. Rivercenter Dr., Ste 302, Milwaukee, WI 53212-3958     369,544     19.50%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     337,077     17.79%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     282,028     14.88%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     176,599     9.32%
  Class A   LPL Financial     108,572     5.73%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     147,826     23.58%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     117,103     18.68%
  Class C   LPL Financial     102,971     16.43%
  Class C   American Enterprise Investment SVC     71,234     11.36%
  Class C   UBS WM USA     50,918     8.12%
  Class C   Pershing LLC     47,231     7.53%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     41,502     6.62%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     1,090,091     17.19%
  Institutional   MSCS Financial Services LLC, SEI Private Trust Company, C/O Rockland SWP, 1 Freedom Valley Dr., Oaks, PA 19456-9989     913,418     14.40%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     858,568     13.54%
  Institutional   Pershing LLC     783,729     12.36%
  Institutional   UBS WM USA     619,058     9.76%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     589,736     9.30%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     513,034     8.09%
  Institutional   TD Ameritrade Clearing Inc.     383,709     6.05%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     708,118     43.00%
  Investor   LPL Financial     444,147     26.97%
 

Investor

   American Enterprise Investment SVC     436,469     26.50%

 

D-65

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
   

Class R

   Ascensus Trust Company FBO, Rankin & Rankin, Inc. 401(K) Plan 90687     12,188     35.97%
 

Class R

   Ascensus Trust Company FBO, Modern Glass, Paomt & Tile Company 213261     5,110     15.08%
 

Class R

   National Financial Services LLC, FIIOC FBO, Northland Truss Systems Inc., 401K Plan, 100 Magellan way (KW1C), Covington , KY 41015-1987     3,592     10.60%
  Class R   GWFS Equities Inc., Captial Bank & Trust CO TTEE FBO Northern Clearing 401K Plan, C/O Fascore LLC     2,679     7.91%
  Class R   Crown Capital Securities LP, Matrix Trust Company Cust. FBO Barth Calderon 401K Plan, 717 17th St, Suite 1300, Denver, CO 80202-3304     2,219     6.55%
  Class R   Ascensus Trust Company FBO, Stiegler Chiropractic 401(K) Plan 90687     2,190     6.46%
  Class R   Ascensus Trust Company FBO, Roseville Motor Express Inc 401(K) Cash Defer Plan 590731     2,055     6.07%
 

Class R6

   Goldman Sachs & Co LLC, GS Tax-Adv Global Equity Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     2,045,932     56.51%
 

Class R6

   Goldman Sachs Trust, GS Income Builder Fund     1,054,073     29.11%
 

Class R6

   Goldman Sachs & Co LLC, GS Enhanced Div Global EQ Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     242,581     6.70%
 

Class P

   Goldman Sachs & Co., FBO Omnibus 6600     35,624,893     98.91%
Goldman Sachs Municipal Income Completion Fund   SEP ACCT   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     1,917,490     10.44%
Goldman Sachs Real Estate Securities Fund   Class A   Edward D. Jones & Co.     283,381     22.19%
  Class A   State Street Bank and TR TTEE/Cust.     134,475     10.53%
  Class A   American Enterprise Investment SVC     104,646     8.19%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     76,721     6.01%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     69,738     5.46%
  Class C   Acensus Trust Company FBO, Seoil USA Industrial, Inc. 401(K) P 590757     11,486     15.09%

 

D-66

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Pershing LLC, PO Box 2052     11,353     14.91%
  Class C   Mid Atlantic Trust Company     9,256     12.16%
  Class C   Sage Point Financial Inc., Mid Atlantic Trust Company FBO, Trees 360 Degrees 401(K) Profit SHA, 1251 Waterfront PL., Ste 525, Pittsburgh, PA 15222-4228     5,514     7.24%
  Class C   LPL Financial     4,065     5.34%
  Institutional   Goldman Sachs Foundation, Attn: GS Foundation Team, 200 West St., Fl 29, New York, NY 10282-2198     1,436,005     63.98%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     296,301     13.20%
  Institutional   St. Treasurer/Nebr. Invest. Council, State of Nebraska, Nebraska Investment Council, 1526 K St., Ste 420, Lincoln, NE 68508-2734     180,222     8.03%
  Service   Empower Financial Services, Inc.     8,749     27.76%
  Service   Empower Financial Services, Inc.     7,290     23.12%
  Service   Empower Financial Services, Inc.     4,021     12.75%
  Service   Empower Financial Services, Inc.     2,949     9.35%
  Service   Empower Financial Services, Inc.     2,400     7.61%
  Service   Empower Financial Services, Inc.     2,293     7.27%
  Investor   American Enterprise Investment SVC     26,005     32.30%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     19,079     23.70%
  Investor   LPL Financial     10,926     13.57%
  Investor   Pershing LLC, PO Box 2052     9,528     11.84%
  Investor   National Financial Services LLC, FIIOC FBO, Tireco Inc. 401K Profit Sharing Plan, 100 Magellan way (KW1C), Covington , KY 41015-1987     8,005     9.94%
  Investor   Cetera Advisor Networks, LLC, Mid Atlantic Trust Company, FBO Stealth Components, 1251 Waterfront Pl., Ste 525, Pittsburgh, PA 15222-4228     4,943     6.14%
  Class R   GWFS Equities Inc, Empower Trust Company LLCC TTEEF Employee Benefits Clients 401K     19,547     43.16%
  Class R   GWFS Equities Inc, David Lair & Brian Trueman TTEE FBO, Hankin Special Elevators Inc 401K     9,436     20.83%
  Class R   Mid Atlantic Trust Company     2,613     5.77%

 

D-67

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   Goldman Sachs Direct Accts., Mac & Co A/C 47034, FBO GS 529 Plan, Mutual Fund Operations, 500 Grant Street, Room 151-1010, Pittsburgh, PA 15219-2502     197,361     91.89%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     5,385,628     95.42%
Goldman Sachs Rising Dividend Growth Fund   Class A   American Enterprise Investment SVC     2,791,287     12.73%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     3,225,342     14.71%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     3,144,905     14.35%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     2,718,003     12.40%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,522,000     6.94%
  Class A   Edward D. Jones & Co.     1,421,089     6.48%
  Class A   LPL Financial     1,197,038     5.46%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     857,847     35.28%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     479,680     19.72%
  Class C   American Enterprise Investment SVC     307,888     12.66%
  Class C   Pershing LLC, PO Box 2052     138,774     5.71%
  Class C   LPL Financial     137,904     5.67%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     2,090,658     22.18%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     1,853,095     19.66%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,649,859     17.50%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     1,056,751     11.21%
  Institutional   UBS WM USA     703,598     7.47%
  Investor   American Enterprise Investment SVC     2,945,219     49.95%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     1,536,730     26.06%
  Investor   LPL Financial     962,318     16.32%
  Class R   GWFS Equities Inc., Michael Ryan Jeffery Walln & Ron, C/O fascore LLC, Wallin TTEE FBO P&L Gen CNTCTRs Inc.     16,116     14.71%

 

D-68

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R   GWFS Equities Inc, Marshall & Robert Hendrian TTEE FBO, JW Allen Co, Inc., C/O fascore LLC     15,916     14.53%
  Class R   MSCS Financial Services, LLC, Mark C Tasi MD 401K Plan, 717 17th St., Ste 1300, Denver, CO 80202-3304     14,049     12.83%
  Class R   MSCS Financial Services, LLC, Advisor Trust, Inc., Chester Cusd #139 403(B) Plan, 717 17th St., Ste 1300, Denver, CO 80202-3304     10,829     9.89%
  Class R   Raymond James, 92500015, Omnibus for Mutual Funds     10,493     9.58%
  Class R   Goldman Sachs Direct Accts., Ascensus Trust Company, FBO My Plastic Surgery Group-Sando & AK 630060, PO Box 10758, Fargo, ND 58106-0758     9,721     8.87%
  Class R   National Financial Services LLC, FIIOC FBO, D A Hoerr & Sons Inc., 401K Savings Plan, 100 Magellan way (KW1C), Covington , KY 41015-1987     5,634     5.14%
  Class R6   Edward D. Jones & Co.     199,655     30.89%
  Class R6   Hand Securities, Inc., CBNA as Custodian FBO AGC of SD 401(K) PSP Omnibus     130,907     20.25%
  Class R6   Hand Securities, Inc., CBNA as Custodian FBO Golden West Technologies Retmt Plan     59,262     9.17%
  Class R6   Hand Securities, Inc., CBNA as Custodian FBO SDACBHS Retirement Omnibus     42,260     6.54%
  Class R6   Hand Securities, Inc., CBNA as Custodian FBO Suds & Duds, Inc. 401(K) PS Plan     34,731     5.37%
  Class P   Goldman Sachs & Co, 295 Chipeta Way, Fl 4, Salt Lake City, UT 84108-1285     1,119,325     99.87%
Goldman Sachs Satellite Strategies Portfolio   Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     917,173     23.54%
  Class A   Edward D. Jones & Co.     647,408     16.62%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     411,720     10.57%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     383,207     9.84%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     315,741     8.10%
  Class A   LPL Financial     248,367     6.38%
  Class A   Pershing LLC, PO Box 2052     211,756     5.44%

 

D-69

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     27,686     25.20%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     23,575     21.45%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     16,804     15.29%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     7,388     6.72%
  Class C   LPL Financial     7,076     6.44%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     6,230     5.67%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     1,279,690     31.56%
  Institutional   Pershing LLC, PO Box 2052     710,310     17.52%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     501,601     12.37%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     389,913     9.62%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     247,225     6.10%
  Service   MSCS Financial Services LLC, BankPlus Wealth Management Group 1, 1200 Eastover Dr., Ste 300, Jackson, MS 39211-6325     6,702     42.69%
  Service   Pershing LLC, PO Box 2052     6,230     39.68%
  Service   American United Life Insurance Co     2,767     17.63%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     766,013     64.81%
  Investor   LPL Financial     372,118     31.48%
  Class R   National Financial Services LLC, FEBO Customers Mutual Funds     36,926     73.01%
  Class R   GWFS Equities Inc, Massachusetts Mutual Life Insurance, 1295 State St., MIP M200-INVST, Springfield, MA 01111-0001     3,926     7.76%
  Class R   HARTFORD LIFE INSURANCE COMPANY     7,795     15.41%
  Class R6   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     134,214     60.87%
  Class R6   Edward D. Jones & Co.     45,566     20.67%
  Class R6   State Street Bank and TR TTEE/Cust.     19,682     8.93%

 

D-70

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Short Duration Bond Fund   Class A   National Financial Services LLC, FEBO Customers Mutual Funds     2,901,514     58.47%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     690,899     13.92%
  Class A   Edward D. Jones & Co.     659,086     13.28%
  Class C   LPL Financial     89,600     33.54%
  Class C   American Enterprise Investment SVC     64,402     24.11%
  Class C   Pershing LLC, PO Box 2052     44,169     16.54%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     27,318     10.23%
  Class C   Stifel Nicolaus & Co.     19,018     7.12%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     6,217,951     42.64%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     2,415,283     16.56%
  Institutional   Pershing LLC, PO Box 2052     1,820,274     12.48%
  Institutional   SEI Private Trust Company, Attn: Mutual Funds, C/O ID 261     794,707     5.45%
  Investor   American Enterprise Investment SVC     4,088,935     67.00%
  Investor   LPL Financial     1,109,862     18.19%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     837,099     13.72%
  Class R   GSAM Holdings LLC Seed Account     1,197     56.09%
  Class R   Acensus Trust Company FBO, MTW Aerospace 401(K) Plan 685488     638     29.88%
  Class R   GWFS Equities Inc, Captial Bank & Trust CO FBO, C/O Fascore, Plantation Management Company 401K     275     12.87%
  Class R6   Goldman Sachs Trust, State Street Bank & TR CO Cust, FBO Goldman Sachs Growth and Income, GS Inflation Protected Securities, C/O State Street Corporation, 2 Avenue DE Lafayette, Fl 6, Boston, MA 0211-1888     3,041,671     35.12%
  Class R6   Goldman Sachs Trust, State Street Bank & TR CO Cust, FBO Goldman Sachs Growth Strategy, GS Short Duration Bond, C/O State Street Corporation, 2 Avenue DE Lafayette, Fl 6, Boston, MA 0211-1888     3,036,683     35.06%
  Class R6   Goldman Sachs Trust, State Street Bank & TR CO Cust, FBO Goldman Sachs Balanced Strategy, GS Short Duration Bond, C/O State Street Corporation, 2 Avenue DE Lafayette, Fl 6, Boston, MA 0211-1888     1,917,287     22.14%

 

D-71

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class P   Goldman Sachs & Co., FBO Omnibus 6600     114,525,917     99.68%
Goldman Sachs Short Duration Government Fund   Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,504,485     24.45%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     567,986     9.23%
  Class A   Edward D. Jones & Co.     518,007     8.42%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     485,615     7.89%
  Class A   Nationwide Investment Services     419,711     6.82%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     329,572     5.36%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     86,849     16.44%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     68,827     13.03%
  Class C   American Enterprise Investment SVC     60,073     11.37%
  Class C   LPL Financial     33,292     6.30%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     6,503,120     26.87%
  Institutional   Wells Fargo Clearing Services LLC     5,268,241     21.77%
  Institutional   Pershing LLC, PO Box 2052     2,738,499     11.32%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,751,493     7.24%
  Institutional   John Hancock Trust Company LLC, 200 Berkeley St., Ste 7, Boston, MA 02116-5038     1,442,784     5.96%
  Service   Devon Bank, 6445 N Western Ave., Ste 300, Chicago, IL 60645-5452     1,073,889     55.09%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     787,907     40.42%
  Investor   National Financial Services LLC, FEBO Customers Mutual Funds     1,136,420     32.08%
  Investor   American Enterprise Investment SVC     953,726     26.93%
  Investor   Principal Securities Inc.     897,819     25.35%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     233,650     6.60%
  Class R6   Edward D. Jones & Co.     639,185     38.98%
  Class R6   Principal Securities Inc.     309,875     18.90%

 

D-72

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     208,865     12.74%
  Class R6   Mid Atlantic Trust Company     114,519     6.98%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     17,127,623     96.28%
Goldman Sachs Short Duration Tax-Free Fund   Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     3,603,570     28.04%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     2,166,091     16.86%
  Class A   Edward D. Jones & Co.     1,899,318     14.78%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     1,414,884     11.01%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     211,600     24.53%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     188,337     21.83%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     148,946     17.26%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     78,200     9.06%
  Class C   American Enterprise Investment SVC     76,323     8.85%
  Class C   LPL Financial     45,174     5.24%
  Institution   National Financial Services LLC, FEBO Customers Mutual Funds     26,025,404     33.94%
  Institution   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     9,414,597     12.28%
  Institution   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     9,284,078     12.11%
  Institution   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     8,395,489     10.95%
  Institution   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     7,938,093     10.35%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     10,868     95.93%
  Investor   LPL Financial     4,285,527     45.02%
  Investor   American Enterprise Investment SVC     4,087,131     42.93%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     842,803     8.85%

 

D-73

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     35,312,342     63.15%
  Class R6   MSCS Financial Services LLC, C/O Truist Bank ID 866, Atttn: Mutual Fund Admin, PO Box 22037, Green Bay, WI 54305-2037     17,190,606     30.74%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     423,464,995     99.22%
Goldman Sachs Short-Term Conservative Income Fund   Class A   American Enterprise Investment SVC     1,584,346     48.72%
  Class A   LPL Financial     10,667,066     40.50%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     339,841     10.45%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     208,596     6.41%
  Class A   Stifel Nicolaus & Co.     206,289     6.34%
  Administration   GSAM Holdings LLC Seed Account     2,809     100.00%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     31,575,469     32.43%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     12,122,330     12.45%
  Institutional   Lingand Pharmaceuticals Incorporated, 3911 Sorrento Valley Blvd, Ste 110, San Diego, CA 92121-1457     8,263,961     8.49%
  Institutional   BOKF, NA., Chickasaw Holding Company, Attn: Larry Jones, PO Box 460, Sulphur, OK 73086-0460     7,235,779     7.43%
  Institutional   BOFA Securities, Inc., The Patrick J. McGovern Foundation Inc., PO Box 171536, Boston, MA 02117-3375     5,475,836     5.62%
  Investor   American Enterprise Investment SVC     14,279,784     54.22%
  Investor   LPL Financial     613,530     18.87%
  Preferred   GSAM Holdings LLC Seed Account     2,799     100.00%
  Class R6   Goldman Sachs Trust, GS CT Tactical Exposure Fund     7,307,247     99.91%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     68,427,177     99.83%
Goldman Sachs Small Cap Equity Insights Fund   Class A   Edward D. Jones & Co.     216,079     18.32%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     84,339     7.15%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     76,102     6.45%
  Class A   Pershing LLC, PO Box 2052     74,031     6.28%

 

D-74

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   American Enterprise Investment SVC     67,535     5.73%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     65,272     5.53%
  Class A   State Street Bank and TR TTEE/Cust.     63,934     5.42%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     63,020     5.34%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     60,948     5.17%
  Class C   Pershing LLC, PO Box 2052     50,116     20.62%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     27,585     11.35%
  Class C   Stifel Nicolaus & Co.     19,303     7.94%
  Class C   American Enterprise Investment SVC     17,927     7.38%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     15,271     6.28%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     2,809,666     60.89%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     337,896     7.32%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     331,987     7.19%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     255,266     5.53%
  Institutional   Pershing LLC, PO Box 2052     249,765     5.41%
  Service   MSCS Financial Services, LLC, Trustees of Pima Federal Credit Uni, 717 17th St., Ste 1300, Denver, CO 80202-3304     60,947     64.59%
  Service   Empower Financial Services, Inc.     8,125     8.61%
  Investor   LPL Financial     847,065     61.21%
  Investor   American Enterprise Investment SVC     429,756     31.05%
  Class R   State Street Bank and TR TTEE/Cust.     74,611     47.63%
  Class R   Acensus Trust Company FBO, Dakom Service, Inc. 401(K) Plan 21834     14,748     9.42%
  Class R   GWFS Equities Inc, Ellen Meyer & Joseph Nocilla TTEE F, C/O Fascore, Plaza Family Care PC 401K Plan     11,064     7.06%
  Class R6   Goldman Sachs & Co LLC, GS Enhanced Div Global EQ Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     1,297,539     41.49%
  Class R6   Principal Securities Inc.     320,580     10.25%

 

D-75

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   Goldman Sachs Trust, GS Dynamic Global Equity Fund     289,692     9.26%
  Class R6   Goldman Sachs Trust, GS Growth Strategy Portfolio     180,996     5.79%
  Class R6   Goldman Sachs Trust, GS Growth and Income Strategy Portfolio     165,706     5.30%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     4,817,917     99.05%
Goldman Sachs Small Cap Growth Fund   Class A   National Financial Services LLC, FEBO Customers Mutual Funds     68,798     75.96%
  Class A   LPL Financial     11,866     13.10%
  Class A   Pershing LLC, PO Box 2052     5,342     5.90%
  Class C   GSAM Holdings LLC Seed Account     5,988     62.22%
  Class C   LPL Financial     2,991     31.09%
  Class C   TD Ameritrade Clearing Inc.     488     5.07%
  Institution   Pershing LLC, PO Box 2052     788,551     43.89%
  Institution   National Financial Services LLC, FEBO Customers Mutual Funds     674,333     37.54%
  Institution   GSAM Holdings LLC Seed Account     277,259     15.43%
  Investor   LPL Financial     410,348     98.56%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     68,798     75.96%
  Class A   LPL Financial     11,866     13.10%
  Class A   Pershing LLC, PO Box 2052     5,342     5.90%
  Class R6   GSAM Holdings LLC Seed Account     5,992     91.60%
  Class R6   Acensus Trust Company FBO, Runyon Design, LLC 401(K) Plan 27069     549     8.40%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     1,042,229     99.43%
Goldman Sachs Small Cap Growth Insights Fund   Class A   LPL Financial     121,267     5.02%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     121,483     5.03%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     15,855     9.74%
  Class C   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     14,215     8.73%
  Class C   LPL Financial     13,152     8.08%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     12,499     7.68%
  Class C   UBS WM USA     11,417     7.01%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     8,530     5.24%

 

D-76

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institution   MSCS Financial Services LLC, Matrix Trust Company Custodian FBO, Flushing Savings Bank NQ Plans Mast, PO Box 52129, Phoenix, AZ 85072-2129     281,576     14.75%
  Institution   National Financial Services LLC, FEBO Customers Mutual Funds     494,253     25.90%
  Institution   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     336,338     17.62%
  Institution   TD Ameritrade Clearing Inc.     149,418     7.83%
  Investor   LPL Financial     801,980     62.58%
  Investor   American Enterprise Investment SVC     325,345     25.39%
  Class R   GWFS Equities Inc, Pediatric Assoc of Lancaster TTEE F, C/O Fascore     24,758     7.66%
  Class R   Kestra Investment Services, Mid Atlantic Trust Company FBO, CS2 Design Group LLC 401K Profit, 1251 Waterfront Pl, Ste 525, Pittsburgh, PA 15222-4228     21,767     6.74%
  Class R   State Street Bank and TR TTEE/Cust.     180,494     55.86%
  Class R6   Principal Securities Inc.     66,044     17.97%
  Class R6   State Street Bank and TR TTEE/Cust.     54,140     14.73%
  Class R6   Edward D. Jones & Co.     53,737     14.62%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     47,076     12.81%
  Class R6   Empower Financial Services, Inc.     39,028     10.62%
  Class R6   Empower Financial Services, Inc.     22,159     6.03%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     262,258     100.00%
Goldman Sachs Small Cap Value Fund   Class A   Edward D. Jones & Co.     1,693,748     25.33%
  Class A   State Street Bank and TR TTEE/Cust.     795,093     11.89%
  Class A   Hartford Life Insurance Company     696,070     10.41%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     397,649     5.95%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     376,206     5.63%
  Class C   UBS WM USA     7,539     13.84%
  Class C   Principal Securities Inc.     6,194     11.37%
  Class C   Pershing LLC, PO Box 2052     5,603     10.29%
  Class C   American Enterprise Investment SVC     5,585     10.25%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     5,169     9.49%

 

D-77

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Raymond James, 92500015, Omnibus for Mutual Funds, Acensus Trust Company FBO YMCA of Huntington WV Retirement Plan 218534, PO Box 10758, Fargo, ND 58106-0758     3,569     6.55%
  Class C   Centaurus Financial Inc., Ascensus Trust Company FBO, Law Office of Warren A Forstall, LLC, Po Box 10758, Fargo, ND 58106-0758     3,552     6.52%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     3,194     5.86%
  Class C   Acensus Trust Company FBO, Kidd Plumbing 401(K) Plan 231980     3,013     5.53%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     5,318,913     30.82%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     4,089,585     23.70%
  Institutional   Principal Securities Inc.     1,160,365     6.72%
  Service   American United Life Insurance Co     154,906     37.55%
  Service   American United Life Insurance Co     43,821     10.62%
  Service   Empower Financial Services, Inc.     37,267     9.03%
  Investor   TIAA Trust, N.A. as CUST/TTEE of Retirement Plans Recordkept by TIAA, Attn: Fund Operations, 8500 Andrew Carnegie Blvd., Charlotte, NC 28262-5800     597,936     31.51%
  Investor   John Hancock Trust Company LLC, 200 Berkeley St., Ste 7, Boston, MA 02116-5038     329,418     17.36%
  Investor   GWFS Equities Inc, Empower Trust FBO, Employee Benefits Clients 401K     113,636     5.99%
  Investor   National Financial Services LLC, FEBO Customers Mutual Funds     103,190     5.44%
  Investor   State Street Bank and TR TTEE/Cust.     103,738     5.47%
  Class R   Hartford Life Insurance Company     372,984     37.63%
  Class R   State Street Bank and TR TTEE/Cust.     249,402     25.16%
  Class R   GWFS Equities Inc, Massachusetts Mutual Life Insurance, 1295 State St., MIP M200-INVST, Springfield, MA 01111-0001     154,285     15.57%
  Class R   Principal Securities Inc.     53,759     5.42%
  Class R6   Edward D. Jones & Co.     2,469,945     22.08%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     2,116,205     18.92%
  Class R6   JP Morgan Securities, LLC, FEBO Customers, Mutual Fund Dept.     1,545,130     13.81%

 

D-78

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   TIAA Trust, N.A. as CUST/TTEE of Retirement Plans Recordkept by TIAA, Attn: Fund Operations, 8500 Andrew Carnegie Blvd., Charlotte, NC 28262-5800     982,690     8.78%
  Class R6   MSCS Financial Services LLC, Matrix Trust Company as Agent for Newport Trust Company, The sisters of the Third Order of St. Francis Employees Ret Svgs Plan, 35 Iron point Circle, Folsom, CA 95630-8587     729,389     6.52%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     5,926,657     98.69%
Goldman Sachs Small Cap Value Insights Fund   Class A   National Financial Services LLC, FEBO Customers Mutual Funds     256,836     7.62%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     225,230     6.68%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     216,874     6.44%
  Class A   Pershing LLC, PO Box 2052     188,397     5.59%
  Class C   American Enterprise Investment SVC     33,033     18.14%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     27,245     14.96%
  Class C   LPL Financial     19,513     10.72%
  Class C   Stifel Nicolaus & Co.     18,760     10.30%
  Class C   Fortune Financial SVC Inc., Mark Mathieu, 22 Brighton A, Boca Raton, Fl 33434-2985     12,195     6.70%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     12,178     6.69%
  Class C   Pershing LLC, PO Box 2052     11,539     6.34%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     9,526     5.23%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     2,303,353     38.59%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     589,433     9.87%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     529,901     8.88%
  Institutional   Pershing LLC, PO Box 2052     326,532     6.18%

 

D-79

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   MSCS Financial Services LLC, SEI Private Trust Company, C/O Franklin St Trust ID 701, Attn: Mutual Fund Admin, 1 Freedom Valley Dr., Oaks, PA 19456-9989     350,034     5.86%
  Investor   American Enterprise Investment SVC     3,433,661     65.00%
  Investor   LPL Financial     357,610     6.77%
  Investor   Pershing LLC, PO Box 2052     326,532     6.18%
  Class R   State Street Bank and TR TTEE/Cust.     58,425     10.26%
  Class R6   T Rowe Price Retirement Plan Svcs, Reliance Trust Company, FBO T Rowe Price Retirement Plan Clients, PO Box 78446, Atlanta, GA 30357     983,918     18.49%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     832,203     15.69%
  Class R6   Principal Securities Inc.     568,886     10.69%
  Class R6   Empower Financial Services, Inc.     367,613     6.91%
  Class R6   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     356,289     6.70%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     770,575     99.68%
Goldman Sachs Small/Mid Cap Growth Fund   Class A   Edward D. Jones & Co.     2,062,812     14.39%
  Class A   American Enterprise Investment SVC     1,364,138     9.51%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,348,305     9.40%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     1,235,551     8.62%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,028,163     7.17%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     1,009,285     7.04%
  Class A   Morgan Stanley Smith Barney LLC, U.S. Bank FBO, SISC GASB 45 Trust A, 1555 N. Rivercenter Dr., Ste 302, Milwaukee, WI 53212-3958     868,691     6.06%
  Class A   UBS WM USA     866,872     6.05%
  Class A   LPL Financial     786,267     5.48%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     722,844     5.04%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     2,225,158     46.19%

 

D-80

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   American Enterprise Investment SVC     580,918     12.06%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     550,109     11.42%
  Class C   UBS WM USA     323,290     6.71%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     252,005     5.23%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     9,014,748     24.14%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     7,170,039     19.20%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     3,859,279     10.33%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     3,346,411     8.96%
  Institutional   UBS WM USA     2,566,970     6.87%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     2,421,896     6.49%
  Institutional   TD Ameritrade Clearing Inc.     2,138,408     5.73%
  Service   Empower Financial Services, Inc.     14,132     19.46%
  Service   Devon Bank, 6445 N Western Ave., Ste 300, Chicago, IL 60645-5452     13,495     18.58%
  Service   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     13,266     18.26%
  Service   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     8,066     11.11%
  Service   Empower Financial Services, Inc.     6,915     9.52%
  Service   TCA Trustcorp America     3,730     5.14%
  Investor   American Enterprise Investment SVC     9,498,253     53.42%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     3,434,163     19.31%
  Investor   LPL Financial     2,423,826     13.63%
  Investor   National Financial Services LLC, FEBO Customers Mutual Funds     1,447,643     8.14%
  Class R   Hartford Life Insurance Company     151,526     28.57%
  Class R   State Street Bank and TR TTEE/Cust.     28,868     5.44%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     2,810,195     38.70%
  Class R6   Edward D. Jones & Co.     616,889     8.49%

 

D-81

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   Prudential PIMS/Retirement, as Nominee for the TTEE/CUST PL 719, SIKA Corporation 401(K), 201 Polito Ave., Lyndhurst, NJ 07071-3601     611,316     8.42%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     15,261,494     98.97%
Goldman Sachs Small/Mid Cap Value Fund   Class A   American Enterprise Investment SVC     55,062     34.05%
  Class A   Stifel Nicolaus & Co.     20,339     12.58%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     12,138     7.51%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     10,439     6.46%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     8,431     5.21%
  Class C   American Enterprise Investment SVC     29,304     43.79%
  Class C   Stifel Nicolaus & Co.     17,260     25.79%
  Class C   LPL Financial     14,107     21.08%
  Institutional   TD Ameritrade Clearing Inc.     575,522     35.17%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     449,389     27.47%
  Institutional   MSCS Financial Services LLC, SEI Private Trust Company, C/O Principal Financial ID 636, Attn: Mutual Fund Administrator, 1 Freedom Valley Dr., Oaks, PA 19456-9989     287,805     17.59%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     129,388     7.91%
  Investor   American Enterprise Investment SVC     412,939     66.57%
  Investor   LPL Financial     152,829     24.64%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     53,918     8.69%
  Class R   Pai Trust Company Inc., River Falls Eye Surgery & Laser Center, 1300 Enterprise Dr., De Pere, WI 54115-4934     4,048     54.26%
  Class R   GWFS Equities Inc, BRN Burden Emrik Nero SCHZ Bibbey S, Yellowstone Pathology 401K PSP, C/O Fascore LLC     1,303     17.47%
  Class R   State Street Bank and TR TTEE/Cust.     957     12.83%
  Class R   GSAM Holdings LLC Seed Account     669     8.97%
  Class R6   Voya Institutional Plan Services LLC, 1 Heritage Dr., North Quincy, MA 02171-2105     4,563,870     73.13%
  Class R6   Vanguard Fiduciary Trust Company, Attn: Outside Funds K22, PO Box 2600, Valley Forge, PA 19482-2600     1,589,857     25.47%

 

D-82

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class P   Goldman Sachs & Co., FBO Omnibus 6600     6,364,234     99.94%
Goldman Sachs Strategic Factor Allocation Fund   Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     1,317,873     98.41%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     206,368,547     100.00%
Goldman Sachs Strategic Growth Fund   Class A   National Financial Services LLC, FIIOC FBO, F J Neil + Inter-Mares Trading Co., Profit Sharing & 401K Plan, 100 Magellan way (KW1C), Covington , KY 41015-1987     283,771     6.88%
  Class A   Edward D. Jones & Co.     709,308     17.19%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     643,215     15.59%
  Class A   Pershing LLC, PO Box 2052     283,224     6.86%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     280,092     6.79%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     271,591     6.58%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     260,965     6.32%
  Class C   Equitable Advisors LLC, UMB Bank NA, Cust Non DFI Simple FBO Charles Russell, 108 Lotus St., Oceanside, CA 92054-3730     10,675     5.42%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     63,394     32.19%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     24,847     12.62%
  Class C   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     22,350     11.35%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     15,643     7.94%
  Class C   American Enterprise Investment SVC     14,461     7.34%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     2,588,155     67.28%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     316,343     8.22%
  Institutional   UBS WM USA     264,626     6.88%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     230,657     6.00%

 

D-83

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Service   Lincoln Financial Advisors, Lincoln Financial Group Trust Co., FBO Rollover IRA Plan, PO Box 21008, Greensboro, NC 27420-1008     35,906     33.85%
  Service   Lincoln Financial Advisors, Lincoln Financial Group Trust Co., FBO Traditional IRA Plan, PO Box 21008, Greensboro, NC 27420-1008     22,203     20.93%
  Service   Lincoln Financial Advisors, Lincoln Financial Group Trust Co., FBO Rollover SS IRA Plan, PO Box 21008, Greensboro, NC 27420-1008     5,963     5.62%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     33,555     31.64%
  Investor   American Enterprise Investment SVC     443,850     84.18%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     51,915     9.85%
  Class R   GWFS Equities Inc, Alejandro Onofrio TTEE FBO, Ocasa Inc 401K, C/O Fascore     18,923     73.45%
  Class R   State Street Bank and TR TTEE/Cust.     4,641     18.01%
  Class R   GSAM Holdings LLC Seed Account     2,201     8.54%
  Class R6   Empower Financial Services, Inc.     340,800     86.99%
  Class R6   Edward D. Jones & Co.     34,941     8.92%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     5,551,455     98.24%
Goldman Sachs Strategic Income Fund   Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     2,520,175     19.60%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     1,946,330     15.13%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     1,621,241     12.61%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,260,225     9.80%
  Class A   TD Ameritrade Clearing Inc.     981,944     7.64%
  Class A   American Enterprise Investment SVC     743,238     5.78%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     746,053     5.80%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     189,226     26.63%
  Class C   LPL Financial     135,761     19.11%
  Class C   UBS WM USA     98,868     13.91%

 

D-84

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     69,507     9.78%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     60,127     8.46%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     37,312     5.25%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     6,637,547     20.27%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     5,792,928     17.69%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     4,619,344     14.10%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     4,433,872     13.54%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     2,795,779     8.54%
  Institutional   Pershing LLC, PO Box 2052     2,187,730     6.68%
  Institutional   TD Ameritrade Clearing Inc.     1,637,813     5.00%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     607,288     38.91%
  Investor   LPL Financial     486,220     31.15%
  Investor   American Enterprise Investment SVC     123,404     7.91%
  Class R   GWFS Equities Inc, Massachusetts Mutual Life Insurance, 1295 State St., MIP M200-INVST, Springfield, MA 01111-0001     53,846     16.36%
  Class R   Pershing LLC, PO Box 2052     91,562     27.83%
  Class R   The Hartford Plz., Hartford Ct 06155-0001     70,677     21.48%
  Class R   Ascensus Trust Company     38,476     11.69%
  Class R   Principal Securities Inc.     28,698     8.72%
  Class R6   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     2,137,496     55.24%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     1,417,037     36.62%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     16,878,839     99.75%
Goldman Sachs Strategic Volatility Premium Fund   Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2022     5,778     17.75%
  Institutional   GSAM Holdings LLC Seed Account, The Goldman Sachs Group LP, ILA Money Market CM Seed Account, Attn: IMD-INDIA-SAOS, Helios Business Park, 150 Outer Ring Rd., Kadubeesanahalli     5,057     15.54%

 

D-85

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2023     2,850     8.76%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     18,867     57.96%
  Class P   Goldman Sachs & Co, 295 Chipeta Way, Fl 4, Salt Lake City, UT 84108-1285     45,559,128     100.00%
Goldman Sachs Tactical Tilt Overlay Fund   Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     1,648,272     68.42%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     681,215     28.28%
  Class R6   Goldman Sachs Asset Management LP, Deloitte Pension Plan for Partners, Multi Asset Class, 695 E main St., Stamford, CT 06901-2141     10,293,115     18.38%
  Class R6   Goldman Sachs Asset Management LP, KPMG Partner Pension Plan, 3 Chestnut Ridge Rd., Montvale, NJ 07645-1842     8,407,254     15.01%
  Class R6   Goldman Sachs Asset Management LP, KPMG Partner Pension Plan, 3 Chestnut Ridge Rd., Montvale, NJ 07645-1842     6,655,718     11.88%
  Class R6   Goldman Sachs Asset Management LP, Deloitte Pension Plan for Partners, Princ and Dir Multi Asset Class, Attn: Chris Mattoni, Senior Mgr Total Rewards COE Talent, 695 E main St., Stamford, CT 06901-2141     6,290,765     11.23%
  Class R6   Goldman Sachs Asset Management LP, Cargill SUP Goldman Sachs Tactical Tilt Overlay Fund 332215, 9320 Excelsior Blvd., MS 15-6-9320, Hopkins, MN 55343-9469     4,682,982     8.36%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     395,197,611     100.00%
Goldman Sachs Tax-Advantaged Global Equity Portfolio   Class A   Band & CO Institutional Trust, C/O US Bank NA, 1555 N Rivercenter Dr. Ste 203, Milwaukee, WI 532123958     15,363     52.12%
  Class A   Stifel Nicolaus & Co.     6,586     22.35%
  Class A   TD Ameritrade Clearing Inc.     6,293     21.35%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     875,017     44.53%
  Institutional   UBS WM USA     470,866     23.96%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     173,601     8.84%
  Institutional   Pershing LLC     151,989     7.74%

 

D-86

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     102,984     5.24%
  Class R6   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     407,544     99.83%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     172,719,862     97.63%
Goldman Sachs Technology Opportunities Fund   Class A   National Financial Services LLC, FEBO Customers Mutual Funds     2,806,616     16.40%
  Class A   TD Ameritrade Clearing Inc.     1,448,883     8.46%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,298,736     7.59%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,098,851     6.42%
  Class A   American Enterprise Investment SVC     921,798     5.39%
  Class A   State Street Bank and TR TTEE/Cust.     874,600     5.11%
  Class C   Pershing LLC, PO Box 2052     293,949     18.69%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     232,129     14.76%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     187,219     11.90%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     138,349     8.80%
  Class C   American Enterprise Investment SVC     94,823     6.03%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     837,659     24.05%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     402,318     11.55%
  Institutional   American United Life Insurance Co     354,564     10.18%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     200,407     5.75%
  Institutional   American United Life Insurance Co     194,410     5.58%
  Institutional   TD Ameritrade Clearing Inc.     177,622     5.10%
  Service   MSCS Financial Services LLC, Vantagepoint Traditional IRA, C/O Missionsquare Retirement, 777 North Capital Street, NE, Washington, DC 20002-4239     116,240     23.78%

 

D-87

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Service   MSCS Financial Services LLC, Vantagepoint Roth IRA, C/O Missionsquare Retirement, 777 North Capital Street, NE, Washington, DC 20002-4239     93,767     19.18%
  Service   American United Life Insurance Co     82,048     16.79%
  Service   American United Life Insurance Co     55,022     11.26%
  Investor   American Enterprise Investment SVC     475,927     50.19%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     244,292     25.76%
  Investor   LPL Financial     131,238     13.84%
  Class R6   Goldman Sachs Direct Accts., Mac & Co A/C 47034, FBO GS 529 Plan, Mutual Fund Operations, 500 Grant Street, Room 151-1010, Pittsburgh, PA 15219-2502     2,190,223     90.08%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     2,801,667     98.80%
Goldman Sachs U.S. Equity Dividend and Premium Fund   Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     2,021,713     17.97%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     1,364,433     12.13%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,226,314     10.90%
  Class A   American Enterprise Investment SVC     1,217,304     10.82%
  Class A   LPL Financial     973,646     8.66%
  Class A   Pershing LLC, PO Box 2052     826,974     7.35%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     687,591     6.11%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     619,270     5.51%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     1,117,481     22.35%
  Class C   American Enterprise Investment SVC     891,846     17.84%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     669,623     13.39%
  Class C   Pershing LLC, PO Box 2052     426,665     8.53%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     387,648     7.75%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     366,799     7.34%

 

D-88

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   LPL Financial     320,106     6.40%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     280,554     5.61%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     22,181,057     25.68%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     12,442,053     14.40%
  Institutional   TD Ameritrade Clearing Inc.     12,208,705     14.13%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     10,434,338     12.08%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     8,363,422     9.68%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     5,963,999     6.90%
  Institutional   Pershing LLC, PO Box 2052     5,136,380     5.95%
  Investor   American Enterprise Investment SVC     15,616,101     49.35%
  Investor   LPL Financial     10,254,837     32.41%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     4,698,194     14.85%
  Class R6   Goldman Sachs & Co LLC, GS Enhanced Div Global EQ Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     14,906,717     67.33%
  Class R6   Saxon & Co., PO Box 94597, Cleveland, OH 44101-4597     4,963,767     22.42%
  Class R6   Wells Fargo Bank NA FBO Omnibus Cash, PO Box 1533, Minneapolis, MN 55480-1533     1,112,172     5.02%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     45,261,588     97.17%
Goldman Sachs U.S. Equity ESG Fund   Class A   Edward D. Jones & Co.     180,887     40.43%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     96,831     21.65%
  Class A   LPL Financial     35,203     7.87%
  Class C   LPL Financial     20,576     33.22%
  Class C   Stifel Nicolaus & Co.     6,969     11.25%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     25,038     40.43%
  Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2022     13,658     13.71%
  Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2021     9,638     9.67%

 

D-89

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   GSAM Holdings LLC Comp Hedge, Attn IMD-INDA-SAOS-2023     6,532     6.56%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     24,264     24.35%
  Institutional   Pershing LLC, PO Box 2052     17,212     17.28%
  Institutional   TD Ameritrade Clearing Inc.     16,230     16.29%
  Investor   MSCS Financial Services LLC, Attn: Mutual Funds, C/O ID 337, SEI Private Trust Company, 1 Freedom Valley Dr., Oaks, PA 19456-9989     13,545     33.84%
  Investor   MSCS Financial Services LLC, Matrix Trust Company as Agent for TD Ameritrade Clearing Inc. Trust Company TDARP, Pegasus Elite Aviation 401K Plan, PO Box 17749, Denver, CO 80217-0749     2,025     5.06%
  Investor   LPL Financial     19,221     48.02%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     4,684     11.70%
  Class R   GWFS Equities Inc, Charles Hermes & Nancy Lyons TTEES, C/O Fascore, Clockwork Active Media Systems 401K     12,660     75.48%
  Class R   GWFS Equities Inc, Kym Harrington TTEE FBO, C/O Fascore, Salesedge LLC 401K Profit Sharing P     2,109     12.58%
  Class R   GSAM Holdings LLC Seed Account     1,654     9.86%
  Class R6   Edward D. Jones & Co.     71,508     98.96%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     593,376     99.83%
Goldman Sachs U.S. Equity Insights Fund   Class A   Edward D. Jones & Co.     935,532     16.73%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     526,413     9.41%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     302,844     5.42%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     94,116     31.84%
  Class C   American Enterprise Investment SVC     29,948     10.13%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     17,115     5.79%
  Class C   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     16,744     5.66%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     3,519,736     76.94%

 

D-90

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Service   Empower Financial Services, Inc.     41,121     41.08%
  Service   Empower Financial Services, Inc.     18,986     18.97%
  Service   Empower Financial Services, Inc.     14,871     14.86%
  Service   American United Life Insurance Co     8,405     8.40%
  Investor   LPL Financial     540,344     42.25%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     247,721     19.37%
  Investor   American Enterprise Investment SVC     237,205     18.55%
  Investor   American United Life Insurance Co     129,229     10.10%
  Class R   State Street Bank and TR TTEE/Cust.     46,699     32.66%
  Class R   The Hartford., 1 Hartford Plz., Hartford, CT 06155-0001     22,953     16.05%
  Class R   GWFS Equities Inc, Jason Dorris TTEE FBO, Dorris & Assoc International 401K &, C/O Fascore LLC     12,469     8.72%
  Class R   Mid Atlantic Trust Company     10,530     7.36%
  Class R6   Empower Financial Services, Inc.     88,671     20.30%
  Class R6   Empower Trust     51,991     11.90%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     47,547     10.89%
  Class R6   Charles Schwab Trust Bank. TTEE, Safariland LLC 401(K) Ret. Plan 106062, 2423 E Lincoln Dr. Phoenix, AZ 85016-1215     45,306     10.37%
  Class R6   Charles Schwab Trust Bank. Trust, Rothschild & Co North America, Inc. 401(K) and Profit SHA 101903, 2423 E. Lincoln Dr. Phoenix, AZ 85016-1215     42,219     9.67%
  Class R6   Edward D. Jones & Co.     32,909     7.53%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     4,587,272     98.22%
Goldman Sachs U.S. Mortgages Fund   Class A   Pershing LLC, PO Box 2052     442,060     27.04%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     163,088     9.98%
  Class A   Wright – Falcon International Bank, 19230 Stone Oak Parkway, San Antonio, Tx 78258-3282     174,155     10.65%
  Class A   First National Huntsville Company, 1300 11th Street, Huntsville, TX 77340-3802     145,588     8.91%
  Class A   State Street Bank and TR TTEE/Cust.     145,198     8.88%
  Class A   Wright Investors’ SVC Distributors, Essa Bank and Trust, 744 Main St. Ste. 1, Stroudsburg, PA 18360-2268     112,186     6.86%
  Class A   TD Ameritrade Clearing Inc.     83,662     5.12%

 

D-91

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Investor   American Enterprise Investment SVC     2,231,374     76.31%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     259,888     8.89%
  Investor   State Street Bank and TR TTEE/Cust.     147,460     5.04%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     3,720,697     55.89%
  Institutional   Empower Financial Services, Inc.     1,125,351     16.90%
  Institutional   MSCS Financial Services LLC, Attn: Mutual Funds, C/O ID 861, SEI Private Trust Company, 1 Freedom Valley Dr., Oaks, PA 19456-9989     672,889     10.11%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     971,632     55.18%
  Class R6   Edward D. Jones & Co.     230,144     13.07%
  Class R6   State Street Bank and TR TTEE/Cust.     210,375     11.95%
  Class R6   Empower Financial Services, Inc.     208,567     11.84%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     764,172     99.85%
  Separate Account   GS PWM INSTL Class, FBO Acct# 021117601     2,002,833     19.10%
  Separate Account   GS PWM INSTL Class, FBO Acct# 021117726     1,454,318     13.87%
  Separate Account   GS PWM INSTL Class, FBO Acct# 054043385     1,023,898     9.77%
  Separate Account   GS PWM INSTL Class, FBO Acct# 021113246     908,438     8.67%
  Separate Account   GS PWM INSTL Class, FBO Acct# 021094826     805,459     7.68%
Goldman Sachs U.S. Tax-Managed Equity Fund   Class A   Edward D. Jones & Co.     499,436     21.00%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     302,834     12.74%
  Class A   Pershing LLC, PO Box 2052     278,855     11.73%
  Class A   American Enterprise Investment SVC     242,131     10.18%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     174,283     7.33%
  Class A   LPL Financial     163,995     6.90%
  Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     141,145     5.94%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     126,993     5.34%

 

D-92

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     185,322     37.83%
  Class C   American Enterprise Investment SVC     96,631     19.73%
  Class C   Stifel Nicolaus & Co.     94,237     19.24%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     35,017     7.15%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     296,129     19.27%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     264,136     17.19%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     217,497     14.16%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     164,553     10.71%
  Institutional   Pershing LLC, PO Box 2052     106,066     6.90%
  Institutional   MSCS Financial Services LLC, Zeel & Co., Attn: Trust Ops, 141 E 8th St., Holland, MI 49423-3503     98,168     6.39%
  Service   National Financial Services LLC, FEBO Customers Mutual Funds     90,172     100.00%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     243,175     47.58%
  Investor   American Enterprise Investment SVC     149,875     29.32%
  Investor   LPL Financial     97,631     19.10%
  Class R6   Goldman Sachs & Co LLC, GS Tax-Adv Global Equity Portfolio, C/O Fund Management, 200 West St., 37th Floor, New York, NY 10282-2102     61,972,400     99.94%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     5,497,525     97.15%

Goldman Sachs Trust II

 

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs GQG Partners International Opportunities Fund   Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     5,440,829     24.05%
  Class A   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     3,083,146     13.63%
  Class A   National Financial Services LLC, FEBO Customers Mutual Funds     2,779,050     12.28%

 

D-93

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     2,112,801     9.34%
  Class A   TD Ameritrade Clearing Inc.     2,087,852     9.23%
  Class A   Raymond James, 92500015, Omnibus for Mutual Funds     1,721,766     7.61%
  Class A   American Enterprise Investment SVC     1,133,273     5.01%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     1,041,275     19.17%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     1,003,989     18.48%
  Class C   American Enterprise Investment SVC     741,778     13.66%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     711,894     13.11%
  Class C   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     533,065     9.81%
  Class C   LPL Financial     471,978     8.69%
  Class C   National Financial Services LLC, FEBO Customers Mutual Funds     290,852     5.35%
  Class C   Stifel Nicolaus & Co.     273,681     5.04%
  Institutional   Pershing LLC, PO Box 2052     53,459,835     5.29%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     215,554,783     21.35%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     213,007,884     21.10%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     144,837,887     14.34%
  Institutional   Merrill Lynch Pierce Fenner & Smith, For the Sole Benefit of its Customers, Goldman Sachs Funds     129,312,468     12.81%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     53,386,141     5.29%
  Investor   American Enterprise Investment SVC     139,262,737     41.70%
  Investor   LPL Financial     118,062,446     35.35%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     63,194,923     18.92%
  Class R   Pershing LLC, PO Box 2052     71,079     36.82%
  Class R   State Street Bank and TR TTEE/Cust     44,976     23.30%
    Class R   GWFS Equities Inc., Empower Trust Company LLC, TTEE F Employee Benefits Clients 401K     30,792     15.95%

 

D-94

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R   Lincoln Financial Advisors, Lincoln Retirement Services Company, FBO Life University 401(K) Savings, PO BOX 7876, Fort Wayne, IN 46801-7876     29,943     15.51%
  Class R6   National Financial Services LLC, FEBO Customers Mutual Funds     10,939,291     14.25%
  Class R6   MSCS Financial Services, The Trust Company of Tennessee, 4823 Old Kingston Pike, Ste 100, Knoxville, TN 37919-6499     7,814,161     10.18%
  Class R6   Wells Fargo Bank NA FBO Omnibus Cash, PO Box 1533, Minneapolis, MN 55480-1533     8,044,987     10.48%
  Class R6   Nationwide Investment Services     6,805,665     8.86%
  Class R6   TIAA Trust, N.A. as CUST/TTEE of Retirement Plans Recordkept by TIAA, Attn: Fund Operations, 8500 Andrew Carnegie Blvd., Charlotte, NC 28262-5800     4,561,657     5.94%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     142,387,718     98.77%
Goldman Sachs Multi-Manager Alternatives Fund   Class A   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     193,369     27.35%
  Class A   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     93,129     13.17%
  Class A   American Enterprise Investment SVC     78,877     11.16%
  Class A   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     73,963     10.46%
  Class A   UBS WM USA     71,001     10.04%
  Class A   TD Ameritrade Clearing Inc.     41,670     5.89%
  Class C   Raymond James, 92500015, Omnibus for Mutual Funds     33,916     42.41%
  Class C   American Enterprise Investment SVC     12,745     15.93%
  Class C   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     9,908     12.38%
  Class C   UBS WM USA     6,274     7.84%
  Class C   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     5,626     7.03%
  Institutional   National Financial Services LLC, FEBO Customers Mutual Funds     507,320     20.18%
  Institutional   Wells Fargo Clearing Services, LLC., Special Custody Acct for the Exclusive Benefit of Customer     453,863     18.05%
  Institutional   Morgan Stanley Smith Barney LLC, For the Exclusive Benefit of its Customers     351,042     13.96%

 

D-95

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   RBC Capital Markets Corporation     319,719     12.71%
  Institutional   Charles Schwab & Co, Inc., Special Custody AC FBO Customers     236,451     9.40%
  Institutional   UBS WM USA     227,072     9.03%
  Investor   American Enterprise Investment SVC     259,831     53.58%
  Investor   Raymond James, 92500015, Omnibus for Mutual Funds     128,660     26.53%
  Investor   LPL Financial     75,258     15.52%
  Class R   GSAM Holdings LLC Seed Account     2,600     99.03%
  Class R6   JP Morgan Securities, LLC, FEBO Customers, Mutual Fund Dept.     2,235     69.22%
  Class R6   GSAM Holdings LLC Seed Account     994     30.78%
  Class P   Goldman Sachs & Co., FBO Omnibus 6600     7,782,602     98.56%
Goldman Sachs Multi-Manager Global Equity
Fund		   Class R6   Goldman Sachs Asset Management LP, Motorola Solutions Retirement Trust, 2000 Progress Pkwy, Schaumburg, IL 60196-4000     18,313,869     32.29%
  Class R6   Goldman Sachs Asset Management LP, Bombardier Trust US Master Trust, 1 Learjet Way, Wichita, KS 67209-2924     10,183,756     17.95%
  Class R6   Goldman Sachs Asset Management LP, The Timkensteel Corporation, Bargaining Unit Pension Plan, 1835 Dueber Ave SW, Canton, OH 44706-2728     4,502,857     7.94%
  Class R6   Goldman Sachs Asset Management LP, Chick-fil-a Inc., Amended and Restated Defined Benefit Pension Plan Trust, 5200 Buffington Rd., Atlanta, GA 30349-2945     3,819,968     6.73%
  Class R6   Goldman Sachs Asset Management LP, Star Tribune Retirement Plans, Master Trust, 650 3rd Ave., S Ste 1300, Minneapolis, MN 55402-1947     3,630,816     6.40%
  Class R6   Goldman Sachs Asset Management LP, Christian School Pension TR Fund, 2969 Prairie St. SW, Ste 102, Grandville, MI 49418-2008     313,3907     5.53%
Goldman Sachs Multi-Manager Non-Core Fixed Income Fund   Class R6   Goldman Sachs Asset Management LP, Motorola Solutions Retirement Trust, 2000 Progress Pkwy, Schaumburg, IL 60196-4000     22,261,536     16.46%
  Class R6   Goldman Sachs Asset Management LP, Thomson Reuters Group Pension Plan, 610 Opperman Dr., Eagan, MN 55123-1340     12,167,961     9.00%

 

D-96

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Class R6   Goldman Sachs Asset Management LP, Cargill Sup Goldman Sachs Multi-Manager Non Core Fixed Income Fund 332214, 9230 Excelsior Blvd, MS 15-6-9320, Hopkins, MN 55343-9469     11,500,819     8.50%
  Class R6   Goldman Sachs Asset Management LP, Christian School Pension Tr Fund, 2969 Prairie St. SW, Ste 102, Grandville, MI 49418-2008     10,914,879     8.07%
  Class R6   Goldman Sachs Asset Management LP, Whirlpool Corp and Subsidiary, Employees Retirement Trust, 2000 N M 63, Benton Harbor, MI 49022-2692     7,129,532     5.27%
Goldman Sachs Multi-Manager Real Assets Strategy Fund   Class R6   Goldman Sachs Asset Management LP, Motorola Solutions Retirement Trust, 2000 Progress Pkwy, Schaumburg, IL 10112-0015     11,282,644     20.03%
  Class R6   Goldman Sachs Asset Management LP, Sprint Master Trust, 6200 Sprint Pkwy #HF0202-2BDTX, Overland Park, KS 66251-6117     8,418,939     14.95%
  Class R6   Goldman Sachs Asset Management LP, Christian School Pension TR Fund, 2969 Prairie St. SW, Ste 102, Grandville, MI 49418-2008     4,983,408     8.85%
  Class R6   Goldman Sachs Asset Management LP, Deloitte LLP Master Pension Trust, 30 Rockefeller Plaza, New York, NY 10112-0015     4,512,120     8.01%
  Class R6   Goldman Sachs Asset Management LP, Deloitte Pension Plan for Partners, Prin and Dir Multi Asset Class, 30 Rockefeller Plaza, New York, NY 10112-0015     3,926,940     6.97%
Multi-Manager International Equity Fund   Class P   Goldman Sachs & Co, 295 Chipeta Way, Fl 4, Salt Lake City, UT 84108-1285     97,387,686     100.00%
Multi-Manager U.S. Small Cap Equity Fund   Class P   Goldman Sachs & Co, 295 Chipeta Way, Fl 4, Salt Lake City, UT 84108-1285     60,546,762     100.00%

Goldman Sachs Variable Insurance Trust

 

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Buffered S&P 500 Fund – Jan/Jul,   Institutional   GSAM Holdings LLC Seed Account     495,000     100%
  Service   GSAM Holdings LLC Seed Account     5,000     100%

 

D-97

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Buffered S&P 500 Fund – Mar/Sep   Institutional   GSAM Holdings LLC Seed Account     495,000     100%
  Service   GSAM Holdings LLC Seed Account     5,000     100%
Goldman Sachs Buffered S&P 500 Fund – May/Nov   Institutional   GSAM Holdings LLC Seed Account     495,000     100%
  Service   GSAM Holdings LLC Seed Account     5,000     100%
Goldman Sachs Core Fixed Income Fund   Institutional   Lombard International Life Assurance Company, One Liberty Place, 1650 Market St., 53th Fl., 1 Liberty Place, Fl 54, Philadelphia, PA 19103-4201     2,535,349     56.05%
  Institutional   Protective Life Insurance, Co.     1,384,768     30.61%
  Institutional   AIG Life Insurance Co., 27 Richmond, Rd., PO Box HM 152, Hamilton HM, AX, Bermuda     313,130     6.92%
  Service   Thrivent Financial for Lutherans, 600 Portland Ave, Ste. 100, Minneapolis, MN 55415-4402     4,859,140     56.98%
  Service   Protective Life Insurance, Co.     2,816,343     33.02%
Goldman Sachs Government Money Market Fund   Institutional   Valic Financial Advisors, Inc., Variable Annuity Life Insurance Co, 2727-A Allen Parkway, 4-D1, Houston, TX 77019-2107     537,303,612     33.01%
  Institutional   Nationwide Investment Services, Nationwide Insurance Co., Cust FBO NWPP     432,360,209     26.56%
  Institutional   Nationwide Investment Services     357,196,758     21.95%
  Service   American General Life Insurance CO., 2727A Allen Pkwy., # -D1 MSC 4, Houston, TX 77019-2107     360,656,026     45.49%
  Service   Commonwealth Annuity & Life, Annuity Company to Commonwealth Annuity and Life Ins. Co     194,697,103     24.56%
  Service   Life of Virginia, GE Life & Annuity Assurance Co., Attn: Variable Accounting, 6620 W Broad St., Bldg 2, Richmond, VA 23230-1721     144,751,904     18.26%
Goldman Sachs International Equity Insights Fund   Institutional   Lombard International Life Assurance Company, One Liberty Place, 1650 Market St., 53th Fl., 1 Liberty Place, Fl 54, Philadelphia, PA 19103-4201     1,700,781     21.99%
  Institutional   Kemper Inv Life Insurance Co., Zurich American Life Ins Co., Separate Accounts, 2801 Highway 280 S, Birmingham, AL 35223-2479     1,070,236     13.84%
  Institutional   Protective Life Insurance, Co.     2,053,244     26.54%
  Institutional   Providence Life Assurance Company Bermuda Ltd., 7 Par-La-Ville Rd., Hamilton HM 11, Bermuda     847,656     10.96%

 

D-98

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   Protective Life Insurance, Co.     778,985     10.07%
  Institutional   AIG Life Insurance Co., 27 Richmond, Rd., PO Box HM 152, Hamilton HM, AX, Bermuda     569,046     7.36%
  Service   Protective Life Insurance, Co.     3,683,079     83.81%
  Service   Protective Life Insurance, Co.     337,050     7.67%
  Service   Commonwealth Annuity & Life, First Allmerica Financial Life Insurance Company     286,017     6.51%
Goldman Sachs Large Cap Value Fund   Institutional   Ohio National Life Insurance, Co.     7,412,640     46.06%
  Institutional   Protective Life Insurance, Co.     3,520,859     21.88%
  Institutional   Protective Life Insurance, Co.     1,588,371     9.87%
  Institutional   Lombard International Life Assurance Company, One Liberty Place, 1650 Market St., 53th Fl., 1 Liberty Place, Fl 54, Philadelphia, PA 19103-4201     1,159,440     7.20%
  Service   The Lincoln National Life Ins. Co., 1300 S. Clinton St., Fort Wayne, IN 46802-3506     12,730,120     46.62%
  Service   Protective Life Insurance, Co.     9,245,266     33.86%
  Service   Ohio National Life Insurance, Co.     4,167,195     15.26%
Goldman Sachs Mid Cap Growth Fund   Institutional   Lombard International Life Assurance Company, 1 Liberty Place, Fl 54, Philadelphia, PA 19103-4201     10,6216     83.44%
  Institutional   Prudential Investment Management Services, LLC, Atten: Separate Accounts Trade Confirms, 213 Washington St. Fl. 7, Newark, NJ 07102-2917     7,630     5.99%
  Institutional   Kemper Inv Life Insuranc Co., Zurich American Life Ins Co., Attn: Paul Narsingh, 165 Broadway, 21st Fl, New York, NY 10006-1454     6,731     5.29%
  Institutional   GSAM Holdings LLC Seed Account     6,712     5.27%
  Service   Protective Life Insurance, Co.     4,704,691     76.75%
  Service   Commonwealth Annuity & Life, First Allmerica Financial Life Insurance Company     608,984     9.94%
Goldman Sachs Mid Cap Value Fund   Institutional   Riversource Life Insurance CO of NY, A/C 1 Investment Acctg – Managed Assets, 1646 AXP Financial Ctr, Minneapolis, MN 55474-0001     12,186,810     60.56%
  Institutional   Life of Virginia, GE Life & Annuity Assurance Co., Attn: Variable Accounting, 6620 W Broad St., Bldg 2, Richmond, VA 23230-1721     1,875,380     9.32%
  Service   Protective Life Insurance, Co.     6,449,491     82.41%
  Service   Protective Life Insurance, Co.     449,730     5.75%

 

D-99

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
Goldman Sachs Multi-Strategy Alternatives Portfolio   Advisor   Riversource Life Insurance CO of NY, A/C 1 Investment Acctg – Managed Assets, 1646 AXP Financial Ctr, Minneapolis, MN 55474-0001     1,245,571     47.59%
  Advisor   Nationwide Investment Services, Jefferson National Life Insurance     710,372     27.14%
  Advisor   The Lincoln National Life Ins. Co., 1300 S. Clinton St., Fort Wayne, IN 46802-3506     365,503     13.97%
  Institutional   The Lincoln National Life Ins. Co., 1300 S. Clinton St., Fort Wayne, IN 46802-3506     177,796     83.43%
  Institutional   Lombard International Life Assurance Company, One Liberty Place, 1650 Market St., 53th Fl., 1 Liberty Place, Fl 54, Philadelphia, PA 19103-4201     2,8261     13.26%
  Service   Nationwide Investment Services     782,878     61.57%
  Service   Nationwide Investment Services     198,750     15.63%
  Service   Riversource Life Insurance CO of NY, 1646 AXP Financial Ctr, Minneapolis, MN 55474-0001     92,124     7.25%
  Service   Principal Securities Inc.     66,031     5.19%
Goldman Sachs Small Cap Equity Insights Fund   Institutional   Protective Life Insurance, Co.     1,532,751     18.70%
  Institutional   Riversource Life Insurance CO of NY, A/C 1 Investment Acctg – Managed Assets, 1646 AXP Financial Ctr, Minneapolis, MN 55474-0001     907,098     11.07%
  Institutional   Protective Life Insurance, Co.     782,230     9.54%
  Institutional   Mid Atlantic Trust Company     747,849     9.12%
  Institutional   Providence Life Assurance Company Bermuda Ltd., 7 Par-La-Ville Rd., Hamilton HM 11, Bermuda     575,428     7.02%
  Institutional   Prudential Investment Management Services, LLC, Atten: Separate Accounts Trade Confirms, 213 Washington St. Fl. 7, Newark, NJ 07102-2917     563,111     6.87%
  Institutional   Mid Atlantic Trust Company     431,076     5.26%
  Institutional   Midland National Life Insurance Co., 1 Midland Plz, Sioux Falls, SD 57193-0001     429,896     5.24%
  Service   Protective Life Insurance, Co.     885,016     39.56%
  Service   Thrivent Financial for Lutherans, 600 Portland Ave, Ste. 100, Minneapolis, MN 55415-4402     874,115     39.07%
Goldman Sachs Strategic Growth Fund   Institutional   Protective Life Insurance, Co.     2,467,596     19.39%
  Institutional   Farmers New World Life – Vul, Attn: Heather Smith, 3120 139th Ave. SE, Ste 300, Bellevue, WA 98005-4491     2,212,901     17.39%
  Institutional   Protective Life Insurance, Co.     1,381,550     10.86%

 

D-100

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Institutional   Ohio National Life Insurance, Co.     1,128,811     8.87%
  Institutional   The Lincoln National Life Ins. Co., 1300 S. Clinton St., Fort Wayne, IN 46802-3506     1,030,174     8.10%
  Institutional   Mass Mutual Life Insurance, Attn: RS Fund Operations, 1295 State St., MIP C105, Springfield, MA 01111-0001     923,951     7.26%
  Institutional   Metlife Insurance Company of Connecticut, Attn: Shareholder Accounting, PO Box 990027, Hartford, CT 06199-0027     716,936     5.63%
  Service   Protective Life Insurance, Co.     12,899,260     74.99%
  Service   Ohio National Life Insurance, Co.     1,859,171     10.81%
  Service   Commonwealth Annuity & Life, First Allmerica Financial Life Insurance Company     1,267,305     7.37%
Goldman Sachs Trend Driven Allocation Fund   Institutional   Lombard International Life Assurance Company, 1 Liberty Place, Fl 54, Philadelphia, PA 19103-4201     23,669     61.25%
  Institutional   Pacific Life Insurance Company, 700 Newport Center Dr., Newport Beach, CA 92660-6307     11,800     30.54%
  Institutional   GSAM Holdings LLC Seed Account     3,172     8.21%
  Service   Securian Financial Services Inc., Minnesota Life Insurance Company, 400 Robert St. N Ste A, Saint Paul, MN 55101-2099     14,121,172     55.75%
  Service   Ohio National Life Insurance, Co.     9,030,146     35.65%
Goldman Sachs U.S. Equity Insights Fund   Institutional   Riversource Life Insurance CO of NY, A/C 1 Investment Acctg – Managed Assets, 1646 AXP Financial Ctr, Minneapolis, MN 55474-0001     7,963,958     53.33%
  Institutional   Protective Life Insurance, Co.     1,278,277     8.56%
  Institutional   Ohio National Life Insurance, Co.     1,109,509     7.43%
  Institutional   Lombard International Life Assurance Company, One Liberty Place, 1650 Market St., 53th Fl., 1 Liberty Place, Fl 54, Philadelphia, PA 19103-4201     976,066     6.54%
  Service   Commonwealth Annuity & Life, Annuity Company to Commonwealth Annuity and Life Insurance Company     1,048,145     44.00%
  Service   Ohio National Life Insurance, Co.     518,586     21.77%
  Service   Commonwealth Annuity & Life, First Allmerica Financial Life Insurance     272,068     11.42%
  Service   Delaware Life Insurance Company, 1601 Trapelo Rd., Ste 30, Waltham, MA 02451-7360     12,8821     5.41%

 

D-101

Fund Name   Class   Name/Address*   Number of
Shares		     Percentage
of Class
    Service   Forethought Life Insurance Co, 10 W Market St., Ste 2300, Indianapolis, IN 46204-2954     149,782     6.29%

 

*

The entities set forth in this column for each table are the shareholders of record and may be deemed to be the beneficial owners of certain of the shares listed for certain purposes under the securities laws. However, these entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

 

D-102

GSFUNDS2023PROXY

[Form of Proxy]

 

GOLDMAN SACHS

71 SOUTH WACKER DRIVE

SUITE 1200

CHICAGO, IL 60606

LOGO

 

LOGO

 

To vote by Internet

 

 

1)

   Read the Joint Proxy Statement and have the proxy card below at hand.
 

2)

   Go to website www.proxyvote.com or scan the QR Barcode above
 

3)

   Follow the instructions provided on the website.
 

4)

   To attend and vote at the meeting, please register by going to Virtual Shareholder Meeting at https://www.viewproxy.com/
goldmansachs/broadridgevsm/.

LOGO

 

To vote by Telephone

 

 

1)

  

 

Read the Joint Proxy Statement and have the proxy card below at hand.

 

2)

   Call 1-800-690-6903
 

3)

   Follow the instructions.

LOGO

 

To vote by Mail

 

 

1)

   Read the Joint Proxy Statement.
 

2)

   Check the appropriate box on the proxy card below.
 

3)

   Sign and date the proxy card.
 

4)

   Return the proxy card in the envelope provided.
 

If you vote by Telephone or Internet, you do not need to mail your proxy.

 

 

 

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:

V21872-S72456-S72457                    KEEP THIS PORTION FOR YOUR RECORDS

— — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — 

DETACH AND RETURN THIS PORTION ONLY

 

 

                   
                       
     

For

All

  

Withhold

All

  

For All      

Except      

  

To withhold authority to vote for any individual

nominee(s), mark “For All Except” and write the name(s) of the nominee(s) on the line below.

        
   

The Board of Trustees unanimously recommends a vote FOR each nominee

            
                                         
   

1.   To Elect 9 nominees to the Board of Trustees of the Trust

   ☐   ☐   ☐                        
   

              Nominees:

 

                  
                  01)   Cheryl K. Beebe       06)   Steven D. Krichmar            
                  02)   John G. Chou       07)   Michael Latham                
                  03)   Eileen H. Dowling       08)   Lawrence W. Stranghoener          
   

              04)   Lawrence Hughes

              05)   John F. Killian

       09)   Paul C. Wirth                
         
 

2.   To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.

    
         
         
 

YOUR VOTE IS IMPORTANT

Please complete, sign and return this card as soon as possible.

        
 

Please sign this proxy exactly as your name appears on the books of the Trust. Joint owners should each sign personally. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.

 

        
       
                                  

                    

                                                 
    Signature [PLEASE SIGN WITHIN BOX]    Date          Signature [Joint Owners]    Date      

 

[Form of Proxy]

Important Notice Regarding the Availability of Proxy Materials for the Special Joint Meeting of Shareholders:

The Notice of Special Joint Meeting of Shareholders and Joint Proxy Statement are available at www.proxyvote.com.

 

 

— — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — —

 

V21873-S72456-S72457

   

 

 

 

GOLDMAN SACHS TRUST

PROXY FOR A SPECIAL JOINT MEETING OF SHAREHOLDERS

    

ON NOVEMBER 16, 2023

 

This proxy is solicited by the Board of Trustees of Goldman Sachs Trust for use at a Special Joint Meeting to be held at 10:30 a.m. Eastern Time, on November 16, 2023. The Special Joint Meeting will be conducted as a virtual meeting hosted by means of a live webcast at the following website: https://www.viewproxy.com/goldmansachs/broadridgevsm/.

 

The undersigned hereby appoints Joseph F. DiMaria, Treasurer, Principal Financial Officer and Principal Accounting Officer, Caroline L. Kraus, Secretary, and Robert Griffith, Assistant Secretary, and each of them separately, with full power of substitution to each, as proxies of the undersigned, to represent the undersigned, and to vote, as designated on the reverse side of this proxy card, at the above-stated Special Joint Meeting and at any and all adjournments and postponements thereof, all shares of the Fund that the undersigned is entitled to vote at the Special Joint Meeting, and at any and all adjournments and postponements thereof, on the matter listed on the reverse side of this proxy card and in their discretion on any other matter which may come before the Special Joint Meeting, and at any and all adjournments and postponements thereof. In a case where the undersigned fails to designate a choice on the matter listed on the reverse side of this proxy card, the proxies will vote in favor of the matter at the Special Joint Meeting, and at any and all adjournments and postponements thereof.

 

PLEASE VOTE, SIGN AND DATE THIS PROXY AND RETURN IT IN THE ENCLOSED POSTAGE-PAID ENVELOPE

 

 

   

[Form of Notice of Internet Availability of Proxy Materials]

 

LOGO

You invested in GOLDMAN SACHS TRUST and it’s time to vote!

You have the right to vote on proposals being presented at the Special Joint Meeting. This is an important notice regarding the availability of proxy material for the shareholder meeting to be held on November 16, 2023.

Get informed before you vote

View the Joint Proxy Statement online OR you can receive a free paper or email copy of the material(s) by requesting prior to November 2, 2023. If you would like to request a copy of the material(s) for this and/or future shareholder meetings, you may (1) visit www.ProxyVote.com, (2) call 1-800-579-1639 or (3) send an email to sendmaterial@proxyvote.com. If sending an email, please include your control number (indicated below) in the subject line. Unless requested, you will not otherwise receive a paper or email copy.

 

LOGO

 

 

Smartphone users

 

       LOGO   

Vote Virtually at the Meeting*

  Point your camera here and       November 16, 2023
  vote without entering a       10:30 a.m., Eastern Time
  control number      

LOGO                                 

 

 

 

      

 

Virtually at:

https://viewproxy.com/goldmansachs/broadridgevsm/

 

 

 

  *

Please check the meeting materials for any special requirements for meeting attendance.

V1.2

[Form of Notice of Internet Availability of Proxy Materials]

Vote at www.ProxyVote.com                        

 

 

 

THIS IS NOT A VOTABLE BALLOT

 

This is an overview of the proposals being presented at the

upcoming shareholder meeting. Please follow the instructions on

the reverse side to vote these important matters.

  

    

 

  
    
    
    
    
    
    
    

 

 Voting Items  

Board

Recommends

 

1.

   To Elect 9 nominees to the Board of Trustees of the Trust  
 
   

Nominees:

 

01)     Cheryl K. Beebe                 06)     Steven D. Krichmar

02)     John G. Chou                     07)     Michael Latham

03)     Eileen H. Dowling               08)     Lawrence W. Stranghoener

04)     Lawrence Hughes              09)     Paul C. Wirth

05)     John F. Killian                 

   LOGO  For 
      

2.

   To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.    
      
          
      
      
      

 

Prefer to receive an email instead? While voting on www.ProxyVote.com, be sure to click “Delivery Settings”.

V21891-S72456-S72457

[Form of Voting Instruction Card]

 

GOLDMAN SACHS

71 SOUTH WACKER DRIVE

SUITE 1200

CHICAGO, IL 60606

LOGO

THREE EASY WAYS TO VOTE YOUR

VOTING INSTRUCTION CARD

 

LOGO

 

To vote by Internet

 

 

1)

   Read the Joint Proxy Statement and have the Voting Instruction Card below at hand.
 

2)

   Go to website www.proxyvote.com or scan the QR Barcode above
 

3)

   Follow the instructions provided on the website.
   

LOGO

 

To vote by Telephone

 

 

1)

  

 

Read the Joint Proxy Statement and have the Voting Instruction Card below at hand.

 

2)

   Call 1-800-690-6903
 

3)

   Follow the instructions.

LOGO

 

To vote by Mail

 

 

1)

   Read the Joint Proxy Statement.
 

2)

   Check the appropriate box on the Voting Instruction Card below.
 

3)

   Sign and date the Voting Instruction Card.
 

4)

   Return the Voting Instruction Card in the envelope provided.
 

 

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:

V22771-Z86041                    KEEP THIS PORTION FOR YOUR RECORDS

— — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — 

DETACH AND RETURN THIS PORTION ONLY

 

 

                   
                       
     

For

All

  

Withhold

All

  

For All      

Except      

  

To withhold authority to vote for any individual

nominee(s), mark “For All Except” and write the name(s) of the nominee(s) on the line below.

        
   

The Board of Trustees unanimously recommends a vote FOR each nominee

            
                                         
   

1.   To Elect 9 nominees to the Board of Trustees of the Trust

   ☐   ☐   ☐                        
   

              Nominees:

 

                  
                  01)   Cheryl K. Beebe       06)   Steven D. Krichmar            
                  02)   John G. Chou       07)   Michael Latham                
                  03)   Eileen H. Dowling       08)   Lawrence W. Stranghoener          
   

              04)   Lawrence Hughes

              05)   John F. Killian

       09)   Paul C. Wirth                
         
 

2.   To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.

    
         
         
 

YOUR VOTE IS IMPORTANT

Please complete, sign and return this card as soon as possible.

        
 

Signature(s) should be exactly as name or names appear(s) on this Voting Instruction Card. If shares are held jointly, each shareholder is requested to sign, but only one Signature is required. If signing is by attorney, executor, administrator, trustee or guardian, please give full title. By signing this Voting Instruction Card, receipt of the accompanying Notice of Special Joint Meeting of Shareholders and Proxy Statement is acknowledged.

 

        
       
                                  

                    

                                                 
    Signature [PLEASE SIGN WITHIN BOX]    Date          Signature [Joint Owners]    Date      

 

[Form of Voting Instruction Card]

Important Notice Regarding the Availability of Proxy Materials for the Special Joint Meeting of Shareholders:

The Notice of Special Joint Meeting of Shareholders and Joint Proxy Statement are available at www.proxyvote.com.

 

 

— — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — —

 

V22772-Z86041

   

 

 

 

GOLDMAN SACHS TRUST

VOTING INSTRUCTION CARD FOR A SPECIAL JOINT MEETING OF SHAREHOLDERS

ON NOVEMBER 16, 2023

 

The undersigned hereby appoints the Company mentioned on the reverse side of this Voting Instruction Card and hereby authorizes them to represent and to vote, as designated on the reverse, at the Special Joint Meeting of Shareholders to be held on November 16, 2023, and at any and all adjournments and postponements thereof, all shares of the Fund attributable to his or her contract or interest therein as directed on the reverse side of this Card. IF THIS VOTING INSTRUCTION CARD IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” THE PROPOSAL.

 

If you fail to return this Voting Instruction Card, depending on the separate account, the Company will either not vote all shares attributable to the account value, or will vote all shares attributable to the account value in proportion to all voting instructions for the Fund actually received from contract holders in the separate account.

 

PLEASE DATE AND SIGN NAME OR NAMES AS PRINTED ON THE REVERSE SIDE TO AUTHORIZE THE VOTING OF THE SHARES AS INDICATED. IF SIGNING AS A REPRESENTATIVE, PLEASE INCLUDE CAPACITY.

 

PLEASE SIGN AND DATE ON THE REVERSE SIDE

 

 

   

[Form of Underlying Company Notice of Internet Availability of Proxy Materials]

 

GOLDMAN SACHS

71 SOUTH WACKER DRIVE SUITE 1200

CHICAGO, IL 60606

V22764-Z86055

 

LOGO

LOGO

 

 

You invested in GOLDMAN SACHS TRUST and it’s time to vote!

You have the right to vote on proposals being presented at the Special Joint Meeting. This is an important notice regarding the availability of proxy material for the shareholder meeting to be held on November 16, 2023.

Get informed before you vote

View the Joint Proxy Statement online OR you can receive a free paper or email copy of the material(s) by requesting prior to November 2, 2023. If you would like to request a copy of the material(s) for this and/or future shareholder meetings, you may (1) visit www.ProxyVote.com, (2) call 1-800-579-1639 or (3) send an email to sendmaterial@proxyvote.com. If sending an email, please include your control number (indicated below) in the subject line. Unless requested, you will not otherwise receive a paper or email copy.

 

LOGO

 

 

Smartphone users

 

       LOGO   

Vote Virtually at the Meeting*

  Point your camera here and       November 16, 2023
  vote without entering a       10:30 a.m., Eastern Time
  control number      

LOGO                                 

 

 

 

      

 

Virtually at:

https://www.viewproxy.com/goldmansachs/broadridgevsm/

 

 

 

  *

Please check the meeting materials for any special requirements for meeting attendance.

V1.2

[Form of Underlying Company Notice of Internet Availability of Proxy Materials]

Vote at www.ProxyVote.com                         

 

 

 

THIS IS NOT A VOTABLE BALLOT

 

This is an overview of the proposals being presented at the

upcoming shareholder meeting. Please follow the instructions on

the reverse side to vote these important matters.

  

    

 

  
    
    
    
    
    
    
    

 

 Voting Items  

Board

Recommends

 

1.

   To Elect 9 nominees to the Board of Trustees of the Trust  
 
   

Nominees:

 

01)     Cheryl K. Beebe                 06)     Steven D. Krichmar

02)     John G. Chou                     07)     Michael Latham

03)     Eileen H. Dowling               08)     Lawrence W. Stranghoener

04)     Lawrence Hughes              09)     Paul C. Wirth

05)     John F. Killian                 

   LOGO  For 
     

2.

   To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.    
      
          
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

 

Prefer to receive an email instead? While voting on www.ProxyVote.com, be sure to click “Delivery Settings”.

V22765-Z86055

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