N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 29, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

  The Semi-Annual Report to Shareholders is filed herewith.

 

 

 

 

Goldman Sachs Fundamental Equity Growth Funds

∎   CONCENTRATED GROWTH

∎   ENHANCED CORE EQUITY

∎   LARGE CAP CORE

∎   MID CAP GROWTH

∎   SMALL CAP GROWTH

∎   SMALL/MID CAP GROWTH

∎   STRATEGIC GROWTH

∎   TECHNOLOGY OPPORTUNITIES

∎   U.S. EQUITY ESG

TABLE OF CONTENTS

Market and Economic Review	1
Fund Basics	5
Schedules of Investments	23
Financial Statements	41
Financial Highlights
Concentrated Growth	53
Enhanced Core Equity	59
Large Cap Core	66
Mid Cap Growth	74
Small Cap Growth	82
Small/Mid Cap Growth	88
Strategic Growth	96
Technology Opportunities	104
U.S. Equity ESG	111
Notes to Financial Statements	118
Other Information	145

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET AND ECONOMIC REVIEW

 

 

Fundamental Equity Growth Funds

The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Fundamental Equity Growth Funds (the “Funds”) during the six months ended February 29, 2024 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to the Funds’ shareholders, per new SEC requirements with a compliance date of July 24, 2024.

Market and Economic Review

• Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500^® Index”) ended the Reporting Period with a return of 13.93%. The Russell 3000^® Index generated a return of 13.76%.

• Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership.

• The Reporting Period began in September 2023 with a sharp pullback.

• Although economic activity remained resilient, the S&P 500^® Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment.

• The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25%-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors.

• During the fourth quarter of 2023, the S&P 500^® Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003.

• The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023.

• U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime.

• The market then shifted direction in November.

• November saw the most significant easing in financial conditions of any month in more than four decades.

• Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes.

• The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards.

• Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

• U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years.

 

  1

MARKET AND ECONOMIC REVIEW

 

 

 

 

 

 

 

• Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks.

• The S&P 500^® Index rose in January 2024, albeit modestly.

• Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors.

• Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy.

• The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again.

• Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500^® Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative.

• In February 2024, the S&P 500^® Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven,” the group of high-performing and influential companies that drove U.S. equity performance for much of 2023.

• U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.)

• The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact.

• Economic data remained robust, which helped ease concerns of a hard landing.

• Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024.

• Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors.

• During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000^® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap^® Index and Russell 2000^® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

• The best performing sectors within the S&P 500^® Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples.

Fund Changes and Highlights

Goldman Sachs Concentrated Growth Fund

• Effective February 16, 2024, the Board of Trustees of the Goldman Sachs Trust (“Board”) approved an Agreement and Plan of Reorganization which contemplates the reorganization of the Fund (the “Acquired Fund”) with and into the Goldman Sachs Enhanced Core Equity Fund (the “Surviving Fund” and together, the “Funds”).

• The reorganization was recommended by the Funds’ investment adviser, Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) because it believes that the reorganization: (i) would rationalize Funds that have the same investment objectives and similar investment strategies (albeit with some notable differences); (ii) may provide enhanced opportunities to realize greater efficiencies in the form of lower total operating expenses over time; and (iii) would enable the combined Fund to be better positioned for asset growth.

  

2  

MARKET AND ECONOMIC REVIEW

 

 

 

 

 

 

 

• The reorganization is expected to close on or about April 26, 2024, or on such other date as the parties to the reorganization shall agree.

• As of the close of business on February 26, 2024, the Acquired Fund may depart from its stated investment objectives and policies as it prepares to reorganize with and into the Surviving Fund.

• After the close of business on March 22, 2024, the Acquired Fund will close to new shareholders. Existing shareholders of the Acquired Fund as of the close of business on March 22, 2024 may continue to purchase shares of, or exchange into, the Acquired Fund. Additionally, existing shareholders of the Acquired Fund as of the close of business on March 22, 2024 may continue to reinvest dividends and distributions, if any.

• Between February 16, 2024 and the effective time of the reorganization, the Investment Adviser has agreed to waive the management fees it receives from the Acquired Fund.

Goldman Sachs Flexible Cap Fund

• Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.

• This change did not affect the Fund’s investment objective, principal investment strategy or current portfolio holdings.

Goldman Sachs Small Cap Growth Fund

• Effective February 22, 2024, the Fund’s principal strategy changed such that the Fund now invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in small-cap issuers.

• Small-cap issuers are companies with relatively small market capitalizations.

• As of December 31, 2023, small-cap issuers generally have public stock market capitalizations between $100 million and $16 billion; however, this capitalization range will change over time and with market conditions.

• The Fund may also invest in securities outside of the then-existing small-cap issuer capitalization range at the time of investment.

• The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth.

• Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies.

• The Fund may also invest in privately held companies and companies that only recently began to trade publicly.

Goldman Sachs Small/Mid Cap Growth Fund

• The Fund posted double-digit positive absolute returns that significantly outperformed its benchmark, the Russell 2500^® Growth Index, during the Reporting Period.

• At a macro level, catalysts for the Fund’s performance during the Reporting Period included high return dispersion, a measure of the range of returns for a group of stocks, as well as strong performance by profitable stocks, which created a favorable backdrop to the Fund’s quality-oriented growth approach.

• More specifically, stock selection overall contributed most positively to the Fund’s performance during the Reporting Period, especially in the consumer discretionary, consumer staples and industrials sectors. Only partially offsetting these positive contributors was stock selection in the health care and information technology sectors, which detracted.

• Sector allocation decisions as a whole added value to the Fund’s relative results during the Reporting Period.

• Having an underweighted allocation to energy, which was the weakest sector in the Russell 2500^® Growth Index during the Reporting Period, especially boosted relative results.

  

  3

MARKET AND ECONOMIC REVIEW

 

 

 

 

 

 

 

• Having a position in cash, though modest, during a Reporting Period when the Russell 2500^® Growth Index rallied, dampened relative results.

• From an industry perspective, stock selection in the hotels, restaurants & leisure industry helped most within the consumer discretionary sector. In consumer staples, stock selection in the personal care products and beverages industries proved most beneficial. In industrials, stock selection in the electrical equipment industry was particularly effective.

• Among individual holdings, overweight positions in restaurant operator and franchiser Wingstop, data analytics and search company Elastic and cosmetics and skin care products provider e.l.f. Beauty contributed most positively during the Reporting Period. Those individual holdings that detracted most included an underweight position in high performance server and storage solutions developer Super Micro Computer and overweight positions in molecular diagnostics company Exact Sciences and semiconductor manufacturer Allegro MicroSystems.

Goldman Sachs Technology Opportunities Fund

• The Fund posted double-digit positive absolute returns that significantly outperformed its benchmark, the NASDAQ Composite Total Return Index, during the Reporting Period.

• Stock selection overall contributed most positively to the Fund’s performance during the Reporting Period, especially in the information technology and consumer discretionary sectors. This was only partially offset by stock selection in the communication services sector, which detracted.

• Sector allocation decisions as a whole boosted the Fund’s relative results during the Reporting Period.

• Having an overweighted allocation to information technology relative to the NASDAQ Composite Total Return Index, buoyed results most.

• Having an overweighted allocation to real estate, which lagged the NASDAQ Composite Total Return Index during the Reporting Period, dampened results.

• Among individual holdings, an underweight position in information technology giant Apple, an overweight position in semiconductor company Advanced Micro Devices and an out-of-benchmark position in customer relationship management cloud-based software company Salesforce contributed most positively during the Reporting Period. Those individual holdings that detracted most included overweight positions in Google parent company Alphabet (Class C) and digital payments platform PayPal Holdings and an out-of-benchmark position in database management company Oracle. We sold the Fund’s position in PayPal Holdings by the end of the Reporting Period.

  

4  

FUND BASICS

 

 

Concentrated Growth Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV1)	Russell 1000® Growth Index2
Class A	16.41%	18.20%
Class C	15.98	18.20
Institutional	16.59	18.20
Investor	16.54	18.20
Class R6	16.64	18.20
Class P	16.59	18.20

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

²  The Russell 1000^® Growth Index is an unmanaged index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets	Line of Business
Microsoft Corp.	10.6%	Software
NVIDIA Corp.	7.8	Semiconductors & Semiconductor Equipment
Apple, Inc.	7.3	Technology Hardware, Storage & Peripherals
Amazon.com, Inc.	5.7	Broadline Retail
Meta Platforms, Inc., Class A	5.4	Interactive Media & Services
Eli Lilly & Co.	4.5	Pharmaceuticals
Mastercard, Inc., Class A	4.3	IT Services
Marvell Technology, Inc.	3.0	Semiconductors & Semiconductor Equipment
Salesforce, Inc.	2.9	Software
Accenture PLC, Class A	2.8	IT Services

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  5

FUND BASICS

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

6  

FUND BASICS

 

 

Enhanced Core Equity Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	S&P 500® Index2
Class A	13.64%	13.93%
Class C	13.26	13.93
Institutional	13.91	13.93
Investor	13.82	13.93
Class R6	13.89	13.93
Class R	13.59	13.93
Class P	13.88	13.93

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

²  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The S&P 500^® Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets		Line of Business
Microsoft Corp.	7.6%		Information Technology
Apple, Inc.	5.7		Information Technology
NVIDIA Corp.	4.0		Information Technology
Amazon.com, Inc.	3.2		Consumer Discretionary
Alphabet, Inc., Class A	2.2		Communication Services
Meta Platforms, Inc., Class A	2.0		Communication Services
Alphabet, Inc., Class C	1.9		Communication Services
JPMorgan Chase & Co.	1.8		Financials
Visa, Inc., Class A	1.5		Financials
Procter & Gamble Co. (The)	1.5		Consumer Staples

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  7

FUND BASICS

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

8  

FUND BASICS

 

 

Large Cap Core Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell 1000® Index2
Class A	12.99%	14.03%
Class C	12.53	14.03
Institutional	13.18	14.03
Service	12.89	14.03
Investor	13.15	14.03
Class R6	13.15	14.03
Class R	12.82	14.03
Class P	13.19	14.03

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

²  The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000 Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets		Line of Business
Microsoft Corp.	6.7%		Information Technology
Apple, Inc.	5.2		Information Technology
Amazon.com, Inc.	3.2		Consumer Discretionary
NVIDIA Corp.	2.9		Information Technology
Alphabet, Inc., Class A	2.1		Communication Services
JPMorgan Chase & Co.	1.9		Financials
Alphabet, Inc., Class C	1.8		Communication Services
Danaher Corp.	1.6		Health Care
Procter & Gamble Co. (The)	1.5		Consumer Staples
Accenture PLC, Class A	1.3		Information Technology

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  9

FUND BASICS

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

10  

FUND BASICS

 

 

Mid Cap Growth Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell Midcap® Growth Index2
Class A	12.82%	16.53%
Class C	12.42	16.53
Institutional	12.97	16.53
Service	12.74	16.53
Investor	12.94	16.53
Class R6	13.06	16.53
Class R	12.62	16.53
Class P	12.99	16.53

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

²  The Russell Midcap^® Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets	Line of Business
Crowdstrike Holdings, Inc., Class A	2.9%	Software
Ross Stores, Inc.	2.8	Specialty Retail
Rockwell Automation, Inc.	2.6	Electrical Equipment
Cencora, Inc.	2.4	Health Care Providers & Services
Trade Desk, Inc. (The), Class A	2.2	Media
MSCI, Inc.	2.1	Capital Markets
Amphenol Corp., Class A	2.1	Electronic Equipment, Instruments & Components
Old Dominion Freight Line, Inc.	2.0	Road & Rail
Trane Technologies PLC	2.0	Building Products
IDEXX Laboratories, Inc.	2.0	Health Care Equipment & Supplies

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  11

FUND BASICS

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

12  

FUND BASICS

 

 

Small Cap Growth Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell 2000® Growth Index2
Class A	13.07%	10.21%
Class C	12.68	10.21
Institutional	13.23	10.21
Investor	13.19	10.21
Class R6	13.22	10.21
Class P	13.23	10.21

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

²  The Russell 2000^® Growth Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets		Line of Business
AAON, Inc.	2.4%		Industrials
SPX Technologies, Inc.	2.2		Industrials
Watts Water Technologies, Inc., Class A	2.2		Industrials
Badger Meter, Inc.	2.0		Information Technology
RBC Bearings, Inc.	2.0		Industrials
Federal Signal Corp.	1.9		Industrials
Moog, Inc., Class A	1.9		Industrials
elf Beauty, Inc.	1.8		Consumer Staples
Ashland, Inc.	1.8		Materials
Varonis Systems, Inc.	1.7		Information Technology

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  13

FUND BASICS

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

14  

FUND BASICS

 

 

Small/Mid Cap Growth Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell 2500® Growth Index2
Class A	15.96%	11.80%
Class C	15.59	11.80
Institutional	16.14	11.80
Service	15.88	11.80
Investor	16.14	11.80
Class R6	16.12	11.80
Class R	15.78	11.80
Class P	16.16	11.80

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

²  The Russell 2500^® Growth Index is an unmanaged index that measures the performance of the small to mid-cap growth segment of the US equity universe. The Russell 2500^® Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate small- to mid-cap growth manager’s opportunity set. The Russell 2500^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets		Line of Business
Deckers Outdoor Corp.	2.5%		Consumer Discretionary
elf Beauty, Inc.	2.1		Consumer Staples
Lincoln Electric Holdings, Inc.	2.0		Industrials
Kinsale Capital Group, Inc.	2.0		Financials
EMCOR Group, Inc.	2.0		Industrials
Wingstop, Inc.	1.8		Consumer Discretionary
Tetra Tech, Inc.	1.7		Industrials
Pure Storage, Inc., Class A	1.7		Information Technology
Novanta, Inc.	1.7		Information Technology
Celsius Holdings, Inc.	1.7		Consumer Staples

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  15

FUND BASICS

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

16  

FUND BASICS

 

 

Strategic Growth Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell 1000® Growth Index2
Class A	14.26%	18.20%
Class C	13.72	18.20
Institutional	14.41	18.20
Service	14.15	18.20
Investor	14.25	18.20
Class R6	14.36	18.20
Class R	13.94	18.20
Class P	14.38	18.20

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

²  The Russell 1000^® Growth Index is an unmanaged index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets		Line of Business
Microsoft Corp.	12.5%		Information Technology
Apple, Inc.	10.8		Information Technology
Amazon.com, Inc.	6.8		Consumer Discretionary
NVIDIA Corp.	6.8		Information Technology
Alphabet, Inc., Class A	4.9		Communication Services
Eli Lilly & Co.	3.5		Health Care
Mastercard, Inc., Class A	3.5		Information Technology
Alphabet, Inc., Class C	2.5		Communication Services
Advanced Micro Devices, Inc.	2.2		Information Technology
Salesforce, Inc.	2.0		Information Technology

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  17

FUND BASICS

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

18  

FUND BASICS

 

 

Technology Opportunities Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	NASDAQ Composite Total Return Index2
Class A	22.22%	15.09%
Class C	21.82	15.09
Institutional	22.35	15.09
Service	22.07	15.09
Investor	22.36	15.09
Class R6	22.36	15.09
Class P	22.41	15.09

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

²  The NASDAQ Composite Index includes all domestic and international based common type stocks listed on The NASDAQ Stock Market. The NASDAQ Composite Index is a broad based Index. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets	Line of Business
Microsoft Corp.	10.2%	Software
Alphabet, Inc., Class C	7.9	Interactive Media & Services
Amazon.com, Inc.	7.5	Broadline Retail
NVIDIA Corp.	6.9	Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.	3.9	Semiconductors & Semiconductor Equipment
Marvell Technology, Inc.	3.7	Semiconductors & Semiconductor Equipment
Salesforce, Inc.	3.5	Software
Equinix, Inc. REIT	3.2	Equity Real Estate Investment Trusts (REITs)
KLA Corp.	3.1	Semiconductors & Semiconductor Equipment
Accenture PLC, Class A	2.8	IT Services

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  19

FUND BASICS

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

20  

FUND BASICS

 

 

U.S. Equity ESG Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	S&P 500® Index2
Class A	10.82%	13.93%
Class C	10.46	13.93
Institutional	11.08	13.93
Investor	10.94	13.93
Class R6	11.08	13.93
Class R	10.70	13.93
Class P	11.09	13.93

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

²  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The S&P 500^® Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets	Line of Business
Microsoft Corp.	9.5%	Software
Apple, Inc.	5.4	Technology Hardware, Storage & Peripherals
Alphabet, Inc., Class A	5.1	Interactive Media & Services
NVIDIA Corp.	3.9	Semiconductors & Semiconductor Equipment
JPMorgan Chase & Co.	3.9	Banks
Eli Lilly & Co.	3.1	Pharmaceuticals
Procter & Gamble Co. (The)	3.1	Household Products
McDonald’s Corp.	2.9	Hotels, Restaurants & Leisure
Cisco Systems, Inc.	2.6	Communications Equipment
Accenture PLC, Class A	2.5	IT Services

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  21

FUND BASICS

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

22  

GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 97.0%
Biotechnology – 1.3%
7,666	Alnylam Pharmaceuticals, Inc.*	$	1,158,256
3,517	Argenx SE ADR (Netherlands)*		1,336,495
			2,494,751
Broadline Retail – 5.7%
60,051	Amazon.com, Inc.*		10,614,615
Capital Markets – 2.7%
35,811	Charles Schwab Corp. (The)		2,391,459
4,520	MSCI, Inc.		2,535,584
			4,927,043
Chemicals – 3.5%
5,941	Linde PLC		2,666,440
11,504	Sherwin-Williams Co. (The)		3,819,673
			6,486,113
Commercial Services & Supplies – 1.5%
16,263	Waste Connections, Inc.		2,706,814
Electrical Equipment – 1.1%
7,430	Rockwell Automation, Inc.		2,118,144
Financial Services – 4.3%
16,813	Mastercard, Inc., Class A		7,982,140
Ground Transportation – 1.3%
5,457	Old Dominion Freight Line, Inc.		2,414,613
Health Care Equipment & Supplies – 4.4%
48,995	Boston Scientific Corp.*		3,243,959
12,680	Insulet Corp.*		2,079,520
7,372	Intuitive Surgical, Inc.*		2,842,643
			8,166,122
Hotels, Restaurants & Leisure – 1.2%
7,373	McDonald’s Corp.		2,154,980
Interactive Media & Services – 10.9%
34,082	Alphabet, Inc., Class A*		4,718,994
25,739	Alphabet, Inc., Class C*		3,597,797
20,566	Meta Platforms, Inc., Class A		10,080,014
159,427	Snap, Inc., Class A*		1,756,885
			20,153,690
IT Services – 4.4%
13,764	Accenture PLC, Class A		5,158,472
15,311	Snowflake, Inc., Class A*		2,882,755
			8,041,227
Oil, Gas & Consumable Fuels – 1.4%
17,076	Cheniere Energy, Inc.		2,650,195
Personal Care Products – 1.2%
14,770	Estee Lauder Cos., Inc. (The), Class A		2,194,527
Pharmaceuticals – 6.1%
46,295	AstraZeneca PLC ADR (United Kingdom)		2,970,287
11,156	Eli Lilly & Co.		8,408,054
			11,378,341

Shares	Description	Value
Common Stocks – (continued)
Real Estate Management & Development – 1.3%
27,660	CoStar Group, Inc.*	$	2,407,250
Semiconductors & Semiconductor Equipment – 13.4%
12,234	Enphase Energy, Inc.*		1,553,840
78,454	Marvell Technology, Inc.		5,622,014
18,230	NVIDIA Corp.		14,422,118
19,524	Texas Instruments, Inc.		3,266,951
			24,864,923
Software – 16.2%
7,450	Intuit, Inc.		4,938,531
47,591	Microsoft Corp.		19,685,541
17,316	Salesforce, Inc.*		5,347,527
			29,971,599
Specialized REITs – 1.5%
14,230	American Tower Corp. REIT		2,829,778
Specialty Retail – 3.8%
14,561	Lowe’s Cos., Inc.		3,504,396
23,456	Ross Stores, Inc.		3,494,006
			6,998,402
Technology Hardware, Storage & Peripherals – 7.3%
74,399	Apple, Inc.		13,447,619
Textiles, Apparel & Luxury Goods – 2.5%
5,393	Lululemon Athletica, Inc.*		2,519,016
21,007	NIKE, Inc., Class B		2,183,258
			4,702,274
TOTAL COMMON STOCKS (Cost $85,703,592)			179,705,160
Shares	Dividend Rate	Value
Investment Company – 1.3%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
2,319,672	5.219%		2,319,672
(Cost $2,319,672)
TOTAL INVESTMENTS – 98.3% (Cost $88,023,264)		$	182,024,832
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7%			3,184,418
NET ASSETS – 100.0%		$	185,209,250

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS ENHANCED CORE EQUITY FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 99.4%
Air Freight & Logistics – 0.8%
7,695	United Parcel Service, Inc., Class B	$	1,140,861
Automobile Components – 0.7%
12,623	Aptiv PLC*		1,003,402
Automobiles – 1.3%
23,192	General Motors Co.		950,408
4,942	Tesla, Inc.*		997,691
			1,948,099
Banks – 4.4%
48,974	Bank of America Corp.		1,690,583
10,773	East West Bancorp, Inc.		784,921
62,554	Huntington Bancshares, Inc.		815,704
14,421	JPMorgan Chase & Co.		2,683,171
3,979	M&T Bank Corp.		556,025
			6,530,404
Beverages – 1.1%
9,858	Coca-Cola Europacific Partners PLC (United Kingdom)		676,554
3,878	Constellation Brands, Inc., Class A		963,761
			1,640,315
Biotechnology – 2.3%
2,517	AbbVie, Inc.		443,118
4,804	Amgen, Inc.		1,315,479
3,834	Biogen, Inc.*		831,940
2,930	BioMarin Pharmaceutical, Inc.*		252,801
4,016	Neurocrine Biosciences, Inc.*		523,686
			3,367,024
Broadline Retail – 3.2%
26,690	Amazon.com, Inc.*		4,717,724
Building Products – 1.0%
5,904	Allegion PLC		754,945
3,984	Builders FirstSource, Inc.*		777,597
			1,532,542
Capital Markets – 1.1%
1,128	MSCI, Inc.		632,774
16,942	Nasdaq, Inc.		952,140
			1,584,914
Chemicals – 2.3%
6,544	Celanese Corp.		994,492
3,463	Linde PLC		1,554,264
2,479	Sherwin-Williams Co. (The)		823,102
			3,371,858
Consumer Finance – 0.9%
5,872	American Express Co.		1,288,434
Consumer Staples Distribution & Retail – 0.6%
7,325	Performance Food Group Co.*		562,340
6,510	Walmart, Inc.		381,551
			943,891

Shares	Description	Value
Common Stocks – (continued)
Containers & Packaging – 0.7%
4,588	Avery Dennison Corp.	$	993,440
Diversified Telecommunication Services – 0.9%
78,642	AT&T, Inc.		1,331,409
Electric Utilities – 1.3%
27,083	FirstEnergy Corp.		991,509
17,890	Xcel Energy, Inc.		942,624
			1,934,133
Electrical Equipment – 0.4%
1,900	Rockwell Automation, Inc.		541,652
Electronic Equipment, Instruments & Components – 1.1%
2,663	CDW Corp.		655,657
6,681	Keysight Technologies, Inc.*		1,030,878
			1,686,535
Entertainment – 0.5%
5,860	Electronic Arts, Inc.		817,353
Financial Services – 4.5%
3,977	Berkshire Hathaway, Inc., Class B*		1,628,184
16,332	Fidelity National Information Services, Inc.		1,130,011
8,099	Fiserv, Inc.*		1,208,938
973	Mastercard, Inc., Class A		461,941
8,016	Visa, Inc., Class A		2,265,642
			6,694,716
Food Products – 0.6%
13,777	McCormick & Co., Inc.		948,684
Ground Transportation – 1.0%
1,595	Old Dominion Freight Line, Inc.		705,756
1,266	Saia, Inc.*		728,456
			1,434,212
Health Care Equipment & Supplies – 1.3%
2,892	Align Technology, Inc.*		874,598
1,528	Cooper Cos., Inc. (The)		143,021
7,402	Zimmer Biomet Holdings, Inc.		920,513
			1,938,132
Health Care Providers & Services – 2.7%
3,913	Cencora, Inc.		921,903
16,182	CVS Health Corp.		1,203,455
2,749	Humana, Inc.		963,030
1,931	UnitedHealth Group, Inc.		953,141
			4,041,529
Health Care REITs – 0.3%
9,961	Ventas, Inc. REIT		421,251
Hotels, Restaurants & Leisure – 2.0%
1,438	Domino’s Pizza, Inc.		644,727
4,550	Expedia Group, Inc.*		622,531
3,757	McDonald’s Corp.		1,098,096
5,007	Yum! Brands, Inc.		693,069
			3,058,423

  

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

GOLDMAN SACHS ENHANCED CORE EQUITY FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Household Durables – 0.6%
5,924	Lennar Corp., Class A	$	939,013
Household Products – 2.2%
12,670	Colgate-Palmolive Co.		1,096,209
13,561	Procter & Gamble Co. (The)		2,155,385
			3,251,594
Industrial Conglomerates – 0.7%
6,816	General Electric Co.		1,069,362
Insurance – 3.8%
6,110	Allstate Corp. (The)		974,667
7,392	American Financial Group, Inc.		943,737
7,841	Arch Capital Group Ltd.*		686,793
7,287	Globe Life, Inc.		924,939
6,092	Marsh & McLennan Cos., Inc.		1,232,229
17,723	Unum Group		876,402
			5,638,767
Interactive Media & Services – 6.3%
23,209	Alphabet, Inc., Class A*		3,213,518
19,693	Alphabet, Inc., Class C*		2,752,688
14,468	Match Group, Inc.*		521,427
5,925	Meta Platforms, Inc., Class A		2,904,020
			9,391,653
IT Services – 0.9%
3,617	Accenture PLC, Class A		1,355,579
Life Sciences Tools & Services – 2.3%
4,661	Agilent Technologies, Inc.		640,235
5,716	Danaher Corp.		1,446,948
780	Mettler-Toledo International, Inc.*		972,832
1,158	West Pharmaceutical Services, Inc.		414,981
			3,474,996
Machinery – 3.9%
4,257	Caterpillar, Inc.		1,421,668
3,722	Cummins, Inc.		999,766
7,507	Fortive Corp.		639,071
3,903	Illinois Tool Works, Inc.		1,023,171
3,871	ITT, Inc.		488,288
9,788	Stanley Black & Decker, Inc.		873,971
2,634	Xylem, Inc.		334,650
			5,780,585
Metals & Mining – 0.6%
6,438	Steel Dynamics, Inc.		861,533
Multi-Utilities – 1.3%
34,315	NiSource, Inc.		894,249
12,914	WEC Energy Group, Inc.		1,013,620
			1,907,869
Office REITs – 0.3%
3,237	Alexandria Real Estate Equities, Inc. REIT		403,751
Oil, Gas & Consumable Fuels – 4.1%
9,265	Chesapeake Energy Corp.		766,957
5,966	Chevron Corp.		906,892

Shares	Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
13,990	Exxon Mobil Corp.	$	1,462,235
13,723	HF Sinclair Corp.		761,626
41,453	Marathon Oil Corp.		1,005,235
6,805	Marathon Petroleum Corp.		1,151,610
			6,054,555
Personal Care Products – 0.7%
52,222	Kenvue, Inc.		992,218
Pharmaceuticals – 3.4%
8,592	AstraZeneca PLC ADR (United Kingdom)		551,263
24,472	Bristol-Myers Squibb Co.		1,241,954
2,755	Eli Lilly & Co.		2,076,388
4,637	Johnson & Johnson		748,319
3,497	Merck & Co., Inc.		444,644
			5,062,568
Residential REITs – 0.6%
5,388	AvalonBay Communities, Inc. REIT		953,838
Semiconductors & Semiconductor Equipment – 8.4%
865	Advanced Micro Devices, Inc.*		166,538
7,437	Applied Materials, Inc.		1,499,448
735	Broadcom, Inc.		955,860
6,852	Enphase Energy, Inc.*		870,273
1,513	KLA Corp.		1,032,320
8,317	Marvell Technology, Inc.		595,996
7,783	MKS Instruments, Inc.		955,441
7,527	NVIDIA Corp.		5,954,760
3,065	Texas Instruments, Inc.		512,867
			12,543,503
Software – 12.1%
14,508	AppLovin Corp., Class A*		866,418
8,046	Dynatrace, Inc.*		398,679
355	Fair Isaac Corp.*		450,818
1,814	Intuit, Inc.		1,202,483
27,268	Microsoft Corp.		11,279,136
7,988	Oracle Corp.		892,100
2,598	Palo Alto Networks, Inc.*		806,809
5,620	Salesforce, Inc.*		1,735,568
1,199	Workday, Inc., Class A*		353,297
			17,985,308
Specialized REITs – 0.6%
4,611	American Tower Corp. REIT		916,943
Specialty Retail – 2.2%
1,687	Home Depot, Inc. (The)		642,089
5,377	Lowe’s Cos., Inc.		1,294,083
4,731	Ross Stores, Inc.		704,730
1,213	Ulta Beauty, Inc.*		665,403
			3,306,305
Technology Hardware, Storage & Peripherals – 6.3%
46,865	Apple, Inc.		8,470,849
9,447	Dell Technologies, Inc., Class C		894,253
			9,365,102

  

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

GOLDMAN SACHS ENHANCED CORE EQUITY FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – 0.6%
9,028	NIKE, Inc., Class B	$	938,280
Trading Companies & Distributors – 0.5%
9,524	Fastenal Co.		695,347
TOTAL COMMON STOCKS (Cost $119,196,264)			147,799,606
Shares	Dividend Rate	Value
Investment Company – 0.6%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
826,031	5.219%		826,031
(Cost $826,031)
TOTAL INVESTMENTS – 100.0% (Cost $120,022,295)		$	148,625,637
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%			(35,106	)
NET ASSETS – 100.0%		$	148,590,531

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 99.1%
Aerospace & Defense – 0.4%
10,779	L3Harris Technologies, Inc.	$	2,281,483
7,279	Northrop Grumman Corp.		3,355,765
			5,637,248
Air Freight & Logistics – 0.5%
41,645	United Parcel Service, Inc., Class B		6,174,288
Automobile Components – 0.2%
20,445	Aptiv PLC*		1,625,173
57,915	Mobileye Global, Inc., Class A (Israel)*		1,475,095
			3,100,268
Automobiles – 1.4%
296,894	General Motors Co.		12,166,716
34,878	Tesla, Inc.*		7,041,171
			19,207,887
Banks – 3.9%
379,367	Bank of America Corp.		13,095,749
49,841	East West Bancorp, Inc.		3,631,415
239,746	Huntington Bancshares, Inc.		3,126,288
137,512	JPMorgan Chase & Co.		25,585,483
27,551	M&T Bank Corp.		3,849,977
35,820	Pinnacle Financial Partners, Inc.		2,963,030
			52,251,942
Beverages – 1.0%
76,607	Coca-Cola Europacific Partners PLC (United Kingdom)		5,257,539
32,012	Constellation Brands, Inc., Class A		7,955,622
			13,213,161
Biotechnology – 1.7%
6,637	Alnylam Pharmaceuticals, Inc.*		1,002,785
15,794	Amgen, Inc.		4,324,871
3,905	Argenx SE ADR (Netherlands)*		1,483,939
35,188	Biogen, Inc.*		7,635,444
25,818	BioMarin Pharmaceutical, Inc.*		2,227,577
43,528	Exact Sciences Corp.*		2,504,166
40,903	Gilead Sciences, Inc.		2,949,106
			22,127,888
Broadline Retail – 3.2%
238,879	Amazon.com, Inc.*		42,224,252
Building Products – 0.4%
10,981	Builders FirstSource, Inc.*		2,143,272
11,861	Trane Technologies PLC		3,344,446
			5,487,718
Capital Markets – 2.2%
5,671	BlackRock, Inc.		4,601,109
18,862	Blackstone, Inc.		2,410,941
98,340	Charles Schwab Corp. (The)		6,567,145
79,245	KKR & Co., Inc.		7,786,614
4,868	MSCI, Inc.		2,730,802
8,958	S&P Global, Inc.		3,837,428
12,369	Tradeweb Markets, Inc., Class A		1,308,887
			29,242,926

Shares	Description	Value
Common Stocks – (continued)
Chemicals – 2.5%
16,954	Ashland, Inc.	$	1,587,573
15,447	Celanese Corp.		2,347,481
35,266	Linde PLC		15,828,086
42,746	Sherwin-Williams Co. (The)		14,192,954
			33,956,094
Commercial Services & Supplies – 0.2%
15,453	Waste Connections, Inc.		2,571,997
Communications Equipment – 1.1%
11,865	Arista Networks, Inc.*		3,293,012
148,749	Cisco Systems, Inc.		7,194,989
11,967	Motorola Solutions, Inc.		3,953,777
			14,441,778
Construction Materials – 0.6%
13,431	Martin Marietta Materials, Inc.		7,759,223
Consumer Finance – 0.8%
49,846	American Express Co.		10,937,209
Consumer Staples Distribution & Retail – 0.4%
16,639	Dollar Tree, Inc.*		2,440,608
42,729	Walmart, Inc.		2,504,347
			4,944,955
Containers & Packaging – 0.8%
10,473	Avery Dennison Corp.		2,267,718
140,291	Ball Corp.		8,981,430
			11,249,148
Diversified Telecommunication Services – 1.3%
988,154	AT&T, Inc.		16,729,447
Electric Utilities – 1.9%
150,503	Eversource Energy		8,834,526
58,729	Exelon Corp.		2,104,847
152,020	FirstEnergy Corp.		5,565,452
103,483	NextEra Energy, Inc.		5,711,227
48,839	Xcel Energy, Inc.		2,573,327
			24,789,379
Electrical Equipment – 2.0%
14,726	AMETEK, Inc.		2,653,331
41,732	Eaton Corp. PLC		12,060,548
43,803	Rockwell Automation, Inc.		12,487,359
			27,201,238
Electronic Equipment, Instruments & Components – 0.4%
12,453	CDW Corp.		3,066,053
14,141	Keysight Technologies, Inc.*		2,181,956
			5,248,009
Energy Equipment & Services – 0.2%
50,678	Schlumberger NV		2,449,268
Entertainment – 1.0%
16,067	Electronic Arts, Inc.		2,241,025
41,944	Live Nation Entertainment, Inc.*		4,067,729
5,785	Netflix, Inc.*		3,487,893
8,032	Spotify Technology SA*		2,059,485
18,076	Walt Disney Co. (The)		2,016,920
			13,873,052

  

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

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Financial Services – 2.8%
34,269	Berkshire Hathaway, Inc., Class B*	$	14,029,729
41,122	Fiserv, Inc.*		6,138,281
30,424	Mr Cooper Group, Inc.*		2,168,623
51,844	Visa, Inc., Class A		14,653,188
			36,989,821
Food Products – 1.3%
144,760	McCormick & Co., Inc.		9,968,173
98,012	Mondelez International, Inc., Class A		7,161,737
			17,129,910
Ground Transportation – 1.4%
39,452	Norfolk Southern Corp.		9,996,348
7,828	Old Dominion Freight Line, Inc.		3,463,733
58,449	Uber Technologies, Inc.*		4,646,696
			18,106,777
Health Care Equipment & Supplies – 3.7%
31,868	Align Technology, Inc.*		9,637,520
183,360	Boston Scientific Corp.*		12,140,266
26,824	Cooper Cos., Inc. (The)		2,510,726
19,285	Dexcom, Inc.*		2,219,125
22,992	Insulet Corp.*		3,770,688
12,647	Intuitive Surgical, Inc.*		4,876,683
111,524	Zimmer Biomet Holdings, Inc.		13,869,125
			49,024,133
Health Care Providers & Services – 1.8%
177,521	CVS Health Corp.		13,202,237
16,947	Humana, Inc.		5,936,873
10,837	UnitedHealth Group, Inc.		5,349,143
			24,488,253
Hotels, Restaurants & Leisure – 2.4%
22,186	Domino’s Pizza, Inc.		9,947,093
18,473	DoorDash, Inc., Class A*		2,301,182
36,324	DraftKings, Inc., Class A*		1,573,556
48,506	Las Vegas Sands Corp.		2,644,547
35,526	McDonald’s Corp.		10,383,539
22,500	Royal Caribbean Cruises Ltd.*		2,775,375
18,856	Yum! Brands, Inc.		2,610,048
			32,235,340
Household Products – 2.7%
182,106	Colgate-Palmolive Co.		15,755,811
129,096	Procter & Gamble Co. (The)		20,518,518
			36,274,329
Industrial Conglomerates – 1.5%
45,555	General Electric Co.		7,147,124
62,130	Honeywell International, Inc.		12,347,095
			19,494,219
Industrial REITs – 0.1%
78,400	Americold Realty Trust, Inc. REIT		1,983,520
Insurance – 1.3%
15,584	Allstate Corp. (The)		2,485,960
21,609	Arch Capital Group Ltd.*		1,892,732

Shares	Description	Value
Common Stocks – (continued)
Insurance – (continued)
12,408	Chubb Ltd.	$	3,122,722
16,369	Globe Life, Inc.		2,077,717
21,096	Marsh & McLennan Cos., Inc.		4,267,088
13,238	Progressive Corp. (The)		2,509,395
30,700	Unum Group		1,518,115
			17,873,729
Interactive Media & Services – 5.6%
204,667	Alphabet, Inc., Class A*		28,338,193
171,831	Alphabet, Inc., Class C*		24,018,537
32,392	Meta Platforms, Inc., Class A		15,876,291
623,484	Snap, Inc., Class A*		6,870,794
			75,103,815
IT Services – 2.6%
47,323	Accenture PLC, Class A		17,735,714
66,168	International Business Machines Corp.		12,243,065
25,200	Shopify, Inc., Class A (Canada)*		1,924,524
19,267	Snowflake, Inc., Class A*		3,627,591
			35,530,894
Life Sciences Tools & Services – 2.7%
81,827	Danaher Corp.		20,713,687
17,047	Illumina, Inc.*		2,383,682
7,486	Mettler-Toledo International, Inc.*		9,336,689
9,189	West Pharmaceutical Services, Inc.		3,292,970
			35,727,028
Machinery – 2.8%
42,396	Caterpillar, Inc.		14,158,568
61,250	Illinois Tool Works, Inc.		16,056,687
54,547	Stanley Black & Decker, Inc.		4,870,502
14,303	Xylem, Inc.		1,817,196
			36,902,953
Media – 0.2%
30,508	Omnicom Group, Inc.		2,696,602
Metals & Mining – 1.0%
55,719	Freeport-McMoRan, Inc.		2,106,736
85,587	Steel Dynamics, Inc.		11,453,252
			13,559,988
Multi-Utilities – 0.4%
81,843	CMS Energy Corp.		4,695,333
Office REITs – 0.4%
39,561	Alexandria Real Estate Equities, Inc. REIT		4,934,443
Oil, Gas & Consumable Fuels – 4.5%
9,726	Cheniere Energy, Inc.		1,509,475
82,647	Chesapeake Energy Corp.		6,841,519
89,092	Chevron Corp.		13,542,875
10,980	ConocoPhillips		1,235,689
43,978	Diamondback Energy, Inc.		8,026,865
15,797	DT Midstream, Inc.		910,381
73,935	Exxon Mobil Corp.		7,727,686
9,984	Hess Corp.		1,455,168

  

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

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
13,436	HF Sinclair Corp.	$	745,698
105,656	Marathon Oil Corp.		2,562,158
13,760	Marathon Petroleum Corp.		2,328,605
13,442	Pioneer Natural Resources Co.		3,161,424
108,556	Targa Resources Corp.		10,664,541
			60,712,084
Passenger Airlines – 0.1%
32,815	United Airlines Holdings, Inc.*		1,492,754
Personal Care Products – 0.2%
139,932	Kenvue, Inc.		2,658,708
Pharmaceuticals – 2.8%
38,609	AstraZeneca PLC ADR (United Kingdom)		2,477,154
258,404	Bristol-Myers Squibb Co.		13,114,003
19,318	Eli Lilly & Co.		14,559,590
21,252	Intra-Cellular Therapies, Inc.*		1,477,439
27,722	Zoetis, Inc.		5,498,104
			37,126,290
Professional Services – 0.1%
5,614	Equifax, Inc.		1,535,934
2,495	Verisk Analytics, Inc.		603,540
			2,139,474
Real Estate Management & Development – 0.9%
132,892	CoStar Group, Inc.*		11,565,591
Residential REITs – 0.4%
13,568	AvalonBay Communities, Inc. REIT		2,401,943
35,925	Equity LifeStyle Properties, Inc. REIT		2,418,471
			4,820,414
Semiconductors & Semiconductor Equipment – 8.0%
54,148	Advanced Micro Devices, Inc.*		10,425,114
28,157	Applied Materials, Inc.		5,677,014
12,863	Enphase Energy, Inc.*		1,633,730
12,781	KLA Corp.		8,720,476
235,033	Marvell Technology, Inc.		16,842,465
118,189	Micron Technology, Inc.		10,709,105
48,763	NVIDIA Corp.		38,577,385
81,072	Texas Instruments, Inc.		13,565,778
			106,151,067
Software – 9.6%
10,830	Adobe, Inc.*		6,067,832
9,501	Cadence Design Systems, Inc.*		2,891,914
20,442	Dynatrace, Inc.*		1,012,901
4,916	HubSpot, Inc.*		3,042,070
214,658	Microsoft Corp.		88,791,135
39,788	Oracle Corp.		4,443,524
12,414	Palo Alto Networks, Inc.*		3,855,168
30,305	Salesforce, Inc.*		9,358,790
52,879	Samsara, Inc., Class A*		1,826,970
12,797	Workday, Inc., Class A*		3,770,764
15,137	Zscaler, Inc.*		3,662,700
			128,723,768

Shares	Description	Value
Common Stocks – (continued)
Specialized REITs – 0.8%
16,534	American Tower Corp. REIT	$	3,287,951
2,507	Equinix, Inc. REIT		2,228,272
18,763	Extra Space Storage, Inc. REIT		2,645,020
93,021	VICI Properties, Inc. REIT		2,784,119
			10,945,362
Specialty Retail – 1.9%
5,383	Home Depot, Inc. (The)		2,048,824
21,673	Lowe’s Cos., Inc.		5,216,041
20,244	RH*		5,554,954
67,185	Ross Stores, Inc.		10,007,877
5,408	Ulta Beauty, Inc.*		2,966,612
			25,794,308
Technology Hardware, Storage & Peripherals – 6.2%
385,840	Apple, Inc.		69,740,580
130,412	Dell Technologies, Inc., Class C		12,344,800
			82,085,380
Textiles, Apparel & Luxury Goods – 0.8%
12,587	Lululemon Athletica, Inc.*		5,879,262
44,622	NIKE, Inc., Class B		4,637,564
			10,516,826
TOTAL INVESTMENTS – 99.1% (Cost $804,055,976)		$	1,322,301,488
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%			11,966,576
NET ASSETS – 100.0%		$	1,334,268,064

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS MID CAP GROWTH FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 96.8%
Aerospace & Defense – 0.7%
45,317	Woodward, Inc.	$	6,411,902
Automobile Components – 0.6%
216,489	Mobileye Global, Inc., Class A (Israel)*		5,513,975
Biotechnology – 3.9%
40,911	Alnylam Pharmaceuticals, Inc.*		6,181,243
36,023	Biogen, Inc.*		7,816,631
90,161	BioMarin Pharmaceutical, Inc.*		7,779,091
103,225	Exact Sciences Corp.*		5,938,534
70,629	Neurocrine Biosciences, Inc.*		9,210,022
			36,925,521
Building Products – 2.0%
68,672	Trane Technologies PLC		19,363,444
Capital Markets – 4.2%
133,304	KKR & Co., Inc.		13,098,451
35,781	MSCI, Inc.		20,072,067
68,651	Tradeweb Markets, Inc., Class A		7,264,649
			40,435,167
Chemicals – 1.4%
138,703	Ashland, Inc.		12,988,149
Communications Equipment – 1.0%
33,488	Arista Networks, Inc.*		9,294,259
Construction Materials – 1.7%
28,914	Martin Marietta Materials, Inc.		16,703,907
Containers & Packaging – 1.7%
252,162	Ball Corp.		16,143,411
Electrical Equipment – 4.1%
78,581	AMETEK, Inc.		14,158,725
87,889	Rockwell Automation, Inc.		25,055,396
			39,214,121
Electronic Equipment, Instruments & Components – 2.1%
180,077	Amphenol Corp., Class A		19,671,611
Entertainment – 0.9%
92,822	Live Nation Entertainment, Inc.*		9,001,878
Financial Services – 1.1%
74,978	Fidelity National Information Services, Inc.		5,187,728
34,949	Jack Henry & Associates, Inc.		6,073,087
			11,260,815
Food Products – 0.5%
71,652	McCormick & Co., Inc.		4,933,957
Ground Transportation – 3.0%
43,790	Old Dominion Freight Line, Inc.		19,376,199
16,522	Saia, Inc.*		9,506,759
			28,882,958
Health Care Equipment & Supplies – 8.8%
31,914	Align Technology, Inc.*		9,651,432
95,332	Cooper Cos., Inc. (The)		8,923,075
129,381	Dexcom, Inc.*		14,887,871
33,073	IDEXX Laboratories, Inc.*		19,024,582

Shares	Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
97,719	Insulet Corp.*	$	16,025,916
122,647	Zimmer Biomet Holdings, Inc.		15,252,381
			83,765,257
Health Care Providers & Services – 2.4%
96,699	Cencora, Inc.		22,782,284
Hotel & Resort REITs – 1.0%
85,124	Ryman Hospitality Properties, Inc. REIT		10,085,492
Hotels, Restaurants & Leisure – 6.7%
99,154	Cava Group, Inc.*		5,791,585
36,985	Domino’s Pizza, Inc.		16,582,225
112,594	DoorDash, Inc., Class A*		14,025,835
68,421	Expedia Group, Inc.*		9,361,361
128,987	Yum! Brands, Inc.		17,854,381
			63,615,387
Interactive Media & Services – 0.5%
420,529	Snap, Inc., Class A*		4,634,230
IT Services – 1.6%
34,172	Cloudflare, Inc., Class A*		3,367,309
24,738	MongoDB, Inc.*		11,072,234
			14,439,543
Life Sciences Tools & Services – 4.9%
121,863	Agilent Technologies, Inc.		16,739,102
13,267	Mettler-Toledo International, Inc.*		16,546,868
38,715	West Pharmaceutical Services, Inc.		13,873,907
			47,159,877
Machinery – 4.8%
51,815	Chart Industries, Inc.*		7,402,291
139,840	Fortive Corp.		11,904,579
80,555	ITT, Inc.		10,161,208
125,509	Xylem, Inc.		15,945,918
			45,413,996
Media – 2.2%
247,388	Trade Desk, Inc. (The), Class A*		21,134,357
Oil, Gas & Consumable Fuels – 3.1%
75,858	Cheniere Energy, Inc.		11,773,161
42,765	Chesapeake Energy Corp.		3,540,087
25,775	Hess Corp.		3,756,706
107,536	Targa Resources Corp.		10,564,337
			29,634,291
Personal Care Products – 0.6%
28,783	elf Beauty, Inc.*		6,002,119
Pharmaceuticals – 0.5%
68,353	Intra-Cellular Therapies, Inc.*		4,751,901
Professional Services – 2.5%
61,615	Equifax, Inc.		16,857,248
37,869	Paycom Software, Inc.		6,906,927
			23,764,175

  

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

GOLDMAN SACHS MID CAP GROWTH FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Real Estate Management & Development – 1.9%
212,280	CoStar Group, Inc.*	$	18,474,728
Semiconductors & Semiconductor Equipment – 4.3%
80,461	Enphase Energy, Inc.*		10,219,351
45,887	Entegris, Inc.		6,165,377
40,688	Lattice Semiconductor Corp.*		3,117,108
236,142	Marvell Technology, Inc.		16,921,936
37,851	MKS Instruments, Inc.		4,646,589
			41,070,361
Software – 14.3%
71,423	AppLovin Corp., Class A*		4,265,382
86,159	Crowdstrike Holdings, Inc., Class A*		27,928,440
133,208	Datadog, Inc., Class A*		17,511,524
175,801	Dynatrace, Inc.*		8,710,939
14,200	Fair Isaac Corp.*		18,032,722
22,498	HubSpot, Inc.*		13,921,987
109,779	Klaviyo, Inc., Class A*(a)		2,909,143
49,996	Manhattan Associates, Inc.*		12,665,487
28,063	Monday.com Ltd.*		6,258,330
279,028	Palantir Technologies, Inc., Class A*		6,998,022
115,966	Samsara, Inc., Class A*		4,006,625
52,345	Zscaler, Inc.*		12,665,920
			135,874,521
Specialty Retail – 4.3%
176,319	Ross Stores, Inc.		26,264,478
27,109	Ulta Beauty, Inc.*		14,870,913
			41,135,391
Textiles, Apparel & Luxury Goods – 1.0%
19,824	Lululemon Athletica, Inc.*		9,259,592
Trading Companies & Distributors – 2.5%
194,527	Fastenal Co.		14,202,416
13,981	United Rentals, Inc.		9,692,608
			23,895,024
TOTAL COMMON STOCKS (Cost $679,080,638)			923,637,601
Shares	Dividend Rate	Value
Investment Company – 3.2%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
30,402,926	5.219%		30,402,926
(Cost $30,402,926)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $709,483,564)			954,040,527

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.3%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
2,729,160	5.219%	$	2,729,160
(Cost $2,729,160)
TOTAL INVESTMENTS – 100.3% (Cost $712,212,724)		$	956,769,687
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(2,958,445	)
NET ASSETS – 100.0%		$	953,811,242

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 99.2%
Aerospace & Defense – 1.5%
149,633	HEICO Corp.	$	28,939,022
Beverages – 1.6%
394,690	Celsius Holdings, Inc.*		32,214,598
Biotechnology – 8.4%
150,107	Apellis Pharmaceuticals, Inc.*		9,302,131
138,241	BioMarin Pharmaceutical, Inc.*		11,927,434
133,138	Blueprint Medicines Corp.*		12,451,066
99,696	Crinetics Pharmaceuticals, Inc.*		4,081,554
300,063	Exact Sciences Corp.*		17,262,624
368,417	Exelixis, Inc.*		8,068,332
52,812	Krystal Biotech, Inc.*		8,421,930
344,556	Natera, Inc.*		29,800,648
144,786	Neurocrine Biosciences, Inc.*		18,880,094
824,775	Roivant Sciences Ltd.*		9,435,426
96,694	Sarepta Therapeutics, Inc.*		12,367,163
199,909	Ultragenyx Pharmaceutical, Inc.*		10,339,293
154,675	Vaxcyte, Inc.*		11,418,109
			163,755,804
Building Products – 3.2%
367,689	AAON, Inc.		30,878,522
247,037	Allegion PLC		31,588,621
			62,467,143
Capital Markets – 2.1%
108,899	Hamilton Lane, Inc., Class A		12,507,050
110,217	Houlihan Lokey, Inc.		14,180,519
51,097	LPL Financial Holdings, Inc.		13,688,376
			40,375,945
Chemicals – 2.9%
341,095	Ashland, Inc.		31,940,136
220,560	RPM International, Inc.		25,441,596
			57,381,732
Commercial Services & Supplies – 1.7%
190,506	Tetra Tech, Inc.		33,780,524
Construction & Engineering – 1.9%
121,663	EMCOR Group, Inc.		38,143,784
Consumer Staples Distribution & Retail – 2.3%
376,865	BJ’s Wholesale Club Holdings, Inc.*		27,526,220
59,402	Casey’s General Stores, Inc.		18,087,315
			45,613,535
Containers & Packaging – 2.0%
89,160	Avery Dennison Corp.		19,305,815
316,100	Ball Corp.		20,236,722
			39,542,537
Distributors – 1.1%
56,047	Pool Corp.		22,313,432
Electrical Equipment – 2.6%
83,994	Hubbell, Inc.		31,973,996
292,624	nVent Electric PLC		19,699,448
			51,673,444

Shares	Description	Value
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – 2.5%
102,080	Badger Meter, Inc.	$	16,199,075
187,448	Novanta, Inc.*		32,417,257
			48,616,332
Energy Equipment & Services – 1.1%
121,812	ChampionX Corp.		3,783,481
292,160	Noble Corp. PLC		12,215,209
44,536	Weatherford International PLC*		4,569,839
			20,568,529
Entertainment – 1.0%
261,092	Liberty Media Corp.-Liberty Formula One, Class C*		18,997,054
Financial Services – 1.6%
188,783	Shift4 Payments, Inc., Class A*		15,521,738
67,874	WEX, Inc.*		14,913,954
			30,435,692
Health Care Equipment & Supplies – 3.0%
235,746	Cooper Cos., Inc. (The)		22,065,826
67,558	Inspire Medical Systems, Inc.*		12,095,584
98,413	Shockwave Medical, Inc.*		25,672,999
			59,834,409
Health Care Providers & Services – 0.8%
507,129	Surgery Partners, Inc.*		15,736,213
Health Care Technology – 0.7%
401,713	Evolent Health, Inc., Class A*		13,622,088
Hotels, Restaurants & Leisure – 4.9%
64,905	Domino’s Pizza, Inc.		29,100,157
210,825	Texas Roadhouse, Inc.		31,490,930
98,887	Wingstop, Inc.		34,714,281
			95,305,368
Household Durables – 0.7%
35,413	TopBuild Corp.*		14,249,483
Insurance – 2.0%
74,045	Kinsale Capital Group, Inc.		38,220,548
Life Sciences Tools & Services – 6.4%
332,056	Bio-Techne Corp.		24,429,360
367,917	Bruker Corp.		31,839,537
34,978	Medpace Holdings, Inc.*		13,904,455
10,687	Mettler-Toledo International, Inc.*		13,329,040
124,820	Repligen Corp.*		24,213,832
506,442	Stevanato Group SpA (Italy)		16,788,552
			124,504,776
Machinery – 7.3%
129,318	IDEX Corp.		30,506,116
149,478	Lincoln Electric Holdings, Inc.		38,356,055
112,080	Nordson Corp.		29,774,052
58,258	RBC Bearings, Inc.*		15,894,530
139,505	Watts Water Technologies, Inc., Class A		28,452,045
			142,982,798

  

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – 0.8%
149,607	Antero Resources Corp.*	$	3,844,900
52,836	Chesapeake Energy Corp.		4,373,764
497,628	Permian Resources Corp.		7,743,092
			15,961,756
Personal Care Products – 2.1%
192,967	elf Beauty, Inc.*		40,239,408
Pharmaceuticals – 0.5%
135,276	Intra-Cellular Therapies, Inc.*		9,404,387
Semiconductors & Semiconductor Equipment – 5.0%
566,567	Allegro MicroSystems, Inc. (Japan)*		17,841,195
334,071	Lattice Semiconductor Corp.*		25,593,179
312,762	MACOM Technology Solutions Holdings, Inc.*		27,626,267
156,804	MKS Instruments, Inc.		19,249,259
130,170	Rambus, Inc.*		7,711,271
			98,021,171
Software – 14.2%
90,184	CyberArk Software Ltd.*		23,786,932
492,406	DoubleVerify Holdings, Inc.*		15,210,421
576,234	Dynatrace, Inc.*		28,552,395
208,580	Elastic NV*		27,910,090
131,780	Guidewire Software, Inc.*		15,726,625
449,936	Klaviyo, Inc., Class A*(a)		11,923,304
123,065	Manhattan Associates, Inc.*		31,176,056
91,678	Monday.com Ltd.*		20,445,111
282,488	Nutanix, Inc., Class A*		17,841,942
293,084	Procore Technologies, Inc.*		22,869,344
483,083	Samsara, Inc., Class A*		16,690,518
498,357	SentinelOne, Inc., Class A*		14,038,717
349,552	Smartsheet, Inc., Class A*		14,754,590
751,519	UiPath, Inc., Class A*		17,848,576
			278,774,621
Specialty Retail – 2.8%
135,569	Five Below, Inc.*		27,205,987
223,128	Floor & Decor Holdings, Inc., Class A*		27,025,263
			54,231,250
Technology Hardware, Storage & Peripherals – 2.3%
640,722	Pure Storage, Inc., Class A*		33,734,013
13,742	Super Micro Computer, Inc.*		11,902,221
			45,636,234
Textiles, Apparel & Luxury Goods – 4.8%
219,742	Birkenstock Holding PLC (Luxembourg)*(a)		10,989,297
176,659	Crocs, Inc.*		21,596,563
53,523	Deckers Outdoor Corp.*		47,934,664
408,042	On Holding AG, Class A (Switzerland)*		14,289,631
			94,810,155
Trading Companies & Distributors – 3.4%
559,427	Core & Main, Inc., Class A*		26,701,451
99,212	SiteOne Landscape Supply, Inc.*		16,715,238

Shares	Description	Value
Common Stocks – (continued)
Trading Companies & Distributors – (continued)
57,101	Watsco, Inc.	$	22,504,646
			65,921,335
TOTAL COMMON STOCKS (Cost $1,373,478,404)			1,942,275,107
Shares	Dividend Rate	Value
Investment Company – 1.1%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
20,768,867	5.219%		20,768,867
(Cost $20,768,867)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,394,247,271)			1,963,043,974
Securities Lending Reinvestment Vehicle – 0.8%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
15,230,491	5.219%		15,230,491
(Cost $15,230,491)
TOTAL INVESTMENTS – 101.1% (Cost $1,409,477,762)		$	1,978,274,465
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.1)%			(20,715,332	)
NET ASSETS – 100.0%		$	1,957,559,133

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company

  

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 100.1%
Aerospace & Defense – 1.9%
7,875	Moog, Inc., Class A	$	1,180,856
Automobile Components – 1.0%
6,921	Dorman Products, Inc.*		652,097
Beverages – 0.7%
5,147	MGP Ingredients, Inc.		438,421
Biotechnology – 8.8%
17,330	Alkermes PLC*		514,528
3,329	Apellis Pharmaceuticals, Inc.*		206,298
10,190	Arrowhead Pharmaceuticals, Inc.*		327,099
7,606	Biohaven Ltd.*		366,153
5,478	Blueprint Medicines Corp.*		512,303
10,094	CG oncology, Inc.*		451,303
4,971	Crinetics Pharmaceuticals, Inc.*		203,513
21,238	Dynavax Technologies Corp.*		269,085
11,647	Dyne Therapeutics, Inc.*		313,304
1,906	Krystal Biotech, Inc.*		303,950
6,827	Natera, Inc.*		590,467
17,701	Syndax Pharmaceuticals, Inc.*		414,911
6,035	Ultragenyx Pharmaceutical, Inc.*		312,130
6,912	Vaxcyte, Inc.*		510,244
6,363	Xenon Pharmaceuticals, Inc. (Canada)*		300,334
			5,595,622
Broadline Retail – 1.5%
7,249	Ollie’s Bargain Outlet Holdings, Inc.*		581,152
19,037	Savers Value Village, Inc.*		385,309
			966,461
Building Products – 2.4%
17,872	AAON, Inc.		1,500,891
Capital Markets – 4.0%
5,830	Hamilton Lane, Inc., Class A		669,575
2,871	Houlihan Lokey, Inc.		369,383
3,787	Piper Sandler Cos.		712,978
6,961	PJT Partners, Inc., Class A		733,689
			2,485,625
Chemicals – 3.2%
12,143	Ashland, Inc.		1,137,071
5,799	Balchem Corp.		911,545
			2,048,616
Commercial Services & Supplies – 0.9%
6,226	Casella Waste Systems, Inc., Class A*		560,963
Communications Equipment – 0.7%
45,060	Viavi Solutions, Inc.*		430,323
Construction & Engineering – 3.0%
2,485	EMCOR Group, Inc.		779,097
4,240	MYR Group, Inc.*		688,830
4,023	Sterling Infrastructure, Inc.*		429,013
			1,896,940

Shares	Description	Value
Common Stocks – (continued)
Diversified Consumer Services – 0.8%
4,273	Bright Horizons Family Solutions, Inc.*	$	490,797
Electrical Equipment – 1.1%
9,913	nVent Electric PLC		667,343
Electronic Equipment, Instruments & Components – 4.5%
8,033	Badger Meter, Inc.		1,274,757
5,566	Novanta, Inc.*		962,584
14,607	Vontier Corp.		628,101
			2,865,442
Energy Equipment & Services – 1.1%
2,898	Cactus, Inc., Class A		133,018
6,658	Kodiak Gas Services, Inc.		169,779
5,681	Noble Corp. PLC		237,523
1,047	Weatherford International PLC*		107,433
			647,753
Food Products – 0.7%
13,254	Simply Good Foods Co. (The)*		470,252
Health Care Equipment & Supplies – 4.8%
4,374	Axonics, Inc.*		297,170
12,223	Inari Medical, Inc.*		563,725
8,527	iRhythm Technologies, Inc.*		1,011,729
11,682	PROCEPT BioRobotics Corp.*		564,708
2,252	Shockwave Medical, Inc.*		587,479
			3,024,811
Health Care Providers & Services – 0.9%
3,587	Acadia Healthcare Co., Inc.*		299,335
15,853	NeoGenomics, Inc.*		247,307
			546,642
Health Care Technology – 1.2%
23,072	Evolent Health, Inc., Class A*		782,372
Hotels, Restaurants & Leisure – 5.4%
9,830	Cava Group, Inc.*		574,170
15,402	Dutch Bros, Inc., Class A*		448,660
36,346	First Watch Restaurant Group, Inc.*		910,467
5,728	Shake Shack, Inc., Class A*		609,001
2,386	Texas Roadhouse, Inc.		356,397
1,493	Wingstop, Inc.		524,118
			3,422,813
Household Durables – 1.9%
3,064	Installed Building Products, Inc.		732,082
8,590	SharkNinja, Inc.		463,860
			1,195,942
Insurance – 1.9%
9,064	Goosehead Insurance, Inc., Class A*		685,692
6,544	Palomar Holdings, Inc.*		498,260
			1,183,952
IT Services – 1.5%
15,627	DigitalOcean Holdings, Inc.*		592,576
24,794	Fastly, Inc., Class A*		352,571
			945,147

  

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Life Sciences Tools & Services – 1.5%
38,765	Maravai LifeSciences Holdings, Inc., Class A*	$	299,653
1,590	Medpace Holdings, Inc.*		632,057
			931,710
Machinery – 12.9%
8,016	Esab Corp.		794,546
14,819	Federal Signal Corp.		1,213,824
7,802	Franklin Electric Co., Inc.		811,096
4,660	RBC Bearings, Inc.*		1,271,388
11,822	SPX Technologies, Inc.*		1,385,420
2,785	Standex International Corp.		481,805
8,943	Timken Co. (The)		751,123
6,755	Watts Water Technologies, Inc., Class A		1,377,682
			8,086,884
Media – 0.6%
37,691	Integral Ad Science Holding Corp.*		390,479
Oil, Gas & Consumable Fuels – 1.2%
34,289	Kosmos Energy Ltd. (Ghana)*		210,534
3,156	Matador Resources Co.		199,301
25,026	Permian Resources Corp.		389,405
			799,240
Personal Care Products – 2.2%
5,516	elf Beauty, Inc.*		1,150,251
5,715	Oddity Tech Ltd., Class A (Israel)*		241,059
			1,391,310
Pharmaceuticals – 1.5%
23,465	Amylyx Pharmaceuticals, Inc.*		442,315
6,840	Intra-Cellular Therapies, Inc.*		475,517
			917,832
Professional Services – 0.8%
6,046	Maximus, Inc.		505,808
Semiconductors & Semiconductor Equipment – 6.2%
4,893	Axcelis Technologies, Inc.*		551,294
14,568	Cohu, Inc.*		468,070
29,394	Credo Technology Group Holding Ltd.*		633,147
13,308	FormFactor, Inc.*		572,643
4,756	Onto Innovation, Inc.*		875,865
7,868	Power Integrations, Inc.		562,247
2,740	Synaptics, Inc.*		274,274
			3,937,540
Software – 13.0%
23,776	Alkami Technology, Inc.*		593,211
10,541	Braze, Inc., Class A*		599,783
24,174	Clearwater Analytics Holdings, Inc., Class A*		416,276
18,322	Confluent, Inc., Class A*		620,566
39,972	Freshworks, Inc., Class A*		817,028
17,510	Instructure Holdings, Inc.*		401,329
18,601	JFrog Ltd. (Israel)*		833,139

Shares	Description	Value
Common Stocks – (continued)
Software – (continued)
8,693	Sprout Social, Inc., Class A*	$	537,401
3,246	SPS Commerce, Inc.*		601,029
15,662	Tenable Holdings, Inc.*		754,282
20,948	Varonis Systems, Inc.*		1,064,158
16,995	Vertex, Inc., Class A*		570,692
6,137	Workiva, Inc.*		528,518
			8,337,412
Specialty Retail – 2.5%
48,415	Arhaus, Inc.*		640,046
10,380	Boot Barn Holdings, Inc.*		960,150
			1,600,196
Technology Hardware, Storage & Peripherals – 0.5%
375	Super Micro Computer, Inc.*		324,795
Textiles, Apparel & Luxury Goods – 1.7%
4,787	Crocs, Inc.*		585,211
8,467	Kontoor Brands, Inc.		500,484
			1,085,695
Trading Companies & Distributors – 1.6%
21,493	Core & Main, Inc., Class A*		1,025,861
TOTAL COMMON STOCKS (Cost $49,930,230)			63,334,843
Shares	Dividend Rate	Value
Investment Company – 1.3%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
804,951	5.219%		804,951
(Cost $804,951)
TOTAL INVESTMENTS – 101.4% (Cost $50,735,181)		$	64,139,794
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.4)%			(897,040	)
NET ASSETS – 100.0%		$	63,242,754

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

Investment Abbreviations:
PLC	—Public Limited Company

  

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 99.4%
Automobiles – 1.6%
12,817	Tesla, Inc.*	$	2,587,496
Biotechnology – 1.6%
2,505	Alnylam Pharmaceuticals, Inc.*		378,480
2,083	Argenx SE ADR (Netherlands)*		791,561
4,715	Biogen, Inc.*		1,023,108
9,447	Exact Sciences Corp.*		543,486
			2,736,635
Broadline Retail – 6.8%
63,696	Amazon.com, Inc.*		11,258,905
Capital Markets – 1.9%
25,409	Charles Schwab Corp. (The)		1,696,813
2,715	MSCI, Inc.		1,523,034
			3,219,847
Chemicals – 2.3%
3,756	Linde PLC		1,685,768
6,290	Sherwin-Williams Co. (The)		2,088,469
			3,774,237
Commercial Services & Supplies – 1.0%
10,032	Waste Connections, Inc.		1,669,726
Construction Materials – 0.6%
1,852	Martin Marietta Materials, Inc.		1,069,919
Electrical Equipment – 0.7%
4,214	Rockwell Automation, Inc.		1,201,327
Financial Services – 4.7%
12,214	Mastercard, Inc., Class A		5,798,719
6,861	Visa, Inc., Class A		1,939,193
			7,737,912
Food Products – 0.5%
12,477	McCormick & Co., Inc.		859,166
Ground Transportation – 0.9%
3,494	Old Dominion Freight Line, Inc.		1,546,025
Health Care Equipment & Supplies – 3.2%
3,340	Align Technology, Inc.*		1,010,083
23,678	Boston Scientific Corp.*		1,567,720
6,323	Insulet Corp.*		1,036,972
4,467	Intuitive Surgical, Inc.*		1,722,475
			5,337,250
Hotels, Restaurants & Leisure – 2.1%
14,339	Cava Group, Inc.*		837,541
6,688	DoorDash, Inc., Class A*		833,124
15,093	DraftKings, Inc., Class A*		653,829
4,297	McDonald’s Corp.		1,255,927
			3,580,421
Household Products – 0.5%
5,069	Procter & Gamble Co. (The)		805,667
Interactive Media & Services – 9.4%
58,646	Alphabet, Inc., Class A*		8,120,125
29,551	Alphabet, Inc., Class C*		4,130,639
5,129	Meta Platforms, Inc., Class A		2,513,877

Shares	Description	Value
Common Stocks – (continued)
Interactive Media & Services – (continued)
72,686	Snap, Inc., Class A*	$	800,999
			15,565,640
IT Services – 2.8%
8,817	Accenture PLC, Class A		3,304,435
6,988	Snowflake, Inc., Class A*		1,315,701
			4,620,136
Life Sciences Tools & Services – 0.5%
2,378	West Pharmaceutical Services, Inc.		852,180
Machinery – 0.5%
6,546	Xylem, Inc.		831,669
Oil, Gas & Consumable Fuels – 1.1%
11,370	Cheniere Energy, Inc.		1,764,624
Personal Care Products – 0.8%
8,592	Estee Lauder Cos., Inc. (The), Class A		1,276,599
Pharmaceuticals – 4.6%
27,924	AstraZeneca PLC ADR (United Kingdom)		1,791,604
7,716	Eli Lilly & Co.		5,815,395
			7,606,999
Professional Services – 0.8%
5,023	Equifax, Inc.		1,374,243
Real Estate Management & Development – 0.7%
12,840	CoStar Group, Inc.*		1,117,465
Semiconductors & Semiconductor Equipment – 13.3%
19,357	Advanced Micro Devices, Inc.*		3,726,803
5,128	Enphase Energy, Inc.*		651,307
1,594	KLA Corp.		1,087,586
44,418	Marvell Technology, Inc.		3,182,994
14,172	NVIDIA Corp.		11,211,753
13,766	Texas Instruments, Inc.		2,303,465
			22,163,908
Software – 19.3%
860	Adobe, Inc.*		481,841
724	Fair Isaac Corp.*		919,415
4,567	Intuit, Inc.		3,027,419
50,055	Microsoft Corp.		20,704,750
19,232	Oracle Corp.		2,147,830
10,897	Salesforce, Inc.*		3,365,211
4,848	Workday, Inc., Class A*		1,428,512
			32,074,978
Specialized REITs – 1.5%
6,423	American Tower Corp. REIT		1,277,278
1,397	Equinix, Inc. REIT		1,241,681
			2,518,959
Specialty Retail – 2.7%
9,852	Lowe’s Cos., Inc.		2,371,081
14,634	Ross Stores, Inc.		2,179,881
			4,550,962

  

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 10.8%
98,988	Apple, Inc.	$	17,892,081
Textiles, Apparel & Luxury Goods – 2.2%
3,706	Lululemon Athletica, Inc.*		1,731,035
18,206	NIKE, Inc., Class B		1,892,150
			3,623,185
TOTAL COMMON STOCKS (Cost $67,413,253)			165,218,161
Shares	Dividend Rate	Value
Investment Company – 0.4%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
610,315	5.219%		610,315
(Cost $610,315)
TOTAL INVESTMENTS – 99.8% (Cost $68,023,568)		$	165,828,476
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			268,920
NET ASSETS – 100.0%		$	166,097,396

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 98.8%
Broadline Retail – 8.5%
314,994	Amazon.com, Inc.*	$	55,678,339
5,395	MercadoLibre, Inc. (Brazil)*		8,606,644
			64,284,983
Communications Equipment – 2.5%
32,837	Arista Networks, Inc.*		9,113,581
29,692	Motorola Solutions, Inc.		9,809,940
			18,923,521
Financial Services – 6.0%
177,969	Fidelity National Information Services, Inc.		12,313,675
26,659	Mastercard, Inc., Class A		12,656,627
70,531	Visa, Inc., Class A		19,934,882
			44,905,184
Interactive Media & Services – 8.7%
419,586	Alphabet, Inc., Class C*		58,649,731
546,890	Snap, Inc., Class A*		6,026,728
			64,676,459
IT Services – 4.2%
55,718	Accenture PLC, Class A		20,881,992
53,826	Snowflake, Inc., Class A*		10,134,359
			31,016,351
Semiconductors & Semiconductor Equipment – 26.7%
149,139	Advanced Micro Devices, Inc.*		28,713,732
85,695	Applied Materials, Inc.		17,277,826
15,953	ASML Holding NV (Netherlands)		15,182,151
33,832	KLA Corp.		23,083,574
380,667	Marvell Technology, Inc.		27,278,597
186,592	Micron Technology, Inc.		16,907,101
65,077	NVIDIA Corp.		51,483,716
117,312	Texas Instruments, Inc.		19,629,817
			199,556,514
Software – 34.4%
37,140	Adobe, Inc.*		20,808,799
58,904	Autodesk, Inc.*		15,207,246
117,875	Datadog, Inc., Class A*		15,495,848
29,062	HubSpot, Inc.*		17,983,856
29,914	Intuit, Inc.		19,829,691
184,136	Microsoft Corp.		76,166,015
134,058	Oracle Corp.		14,971,597
46,010	Palo Alto Networks, Inc.*		14,288,405
83,490	Salesforce, Inc.*		25,783,382
54,306	UiPath, Inc., Class A*		1,289,768
66,951	Workday, Inc., Class A*		19,727,782
62,193	Zscaler, Inc.*		15,048,840
			256,601,229
Specialized REITs – 5.2%
73,608	American Tower Corp. REIT		14,637,687
26,901	Equinix, Inc. REIT		23,910,147
			38,547,834

Shares	Description	Value
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 2.6%
107,694	Apple, Inc.	$	19,465,690
TOTAL COMMON STOCKS (Cost $351,910,845)			737,977,765
Shares	Dividend Rate	Value
Investment Company – 1.9%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
14,279,635	5.219%		14,279,635
(Cost $14,279,635)
TOTAL INVESTMENTS – 100.7% (Cost $366,190,480)		$	752,257,400
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%			(5,594,978	)
NET ASSETS – 100.0%		$	746,662,422

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

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 99.6%
Air Freight & Logistics – 1.5%
2,683	United Parcel Service, Inc., Class B	$	397,781
Banks – 3.9%
5,521	JPMorgan Chase & Co.		1,027,237
Capital Markets – 4.3%
629	BlackRock, Inc.		510,333
7,445	Morgan Stanley		640,568
			1,150,901
Chemicals – 2.1%
1,235	Linde PLC		554,293
Commercial Services & Supplies – 1.5%
2,476	Waste Connections, Inc.		412,105
Communications Equipment – 2.5%
14,029	Cisco Systems, Inc.		678,583
Consumer Finance – 2.4%
2,955	American Express Co.		648,386
Containers & Packaging – 2.0%
8,464	Ball Corp.		541,865
Diversified Telecommunication Services – 2.3%
36,274	AT&T, Inc.		614,119
Electric Utilities – 1.7%
8,009	NextEra Energy, Inc.		442,017
Electrical Equipment – 2.7%
1,403	Eaton Corp. PLC		405,467
1,123	Rockwell Automation, Inc.		320,145
			725,612
Food Products – 1.5%
5,643	McCormick & Co., Inc.		388,577
Health Care Equipment & Supplies – 4.4%
5,404	Cooper Cos., Inc. (The)		505,814
2,196	Dexcom, Inc.*		252,694
1,095	Intuitive Surgical, Inc.*		422,232
			1,180,740
Health Care Providers & Services – 2.0%
3,412	CVS Health Corp.		253,750
758	Humana, Inc.		265,543
			519,293

Shares	Description	Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – 2.9%
2,629	McDonald’s Corp.	$	768,404
Household Products – 3.1%
5,144	Procter & Gamble Co. (The)		817,587
Industrial Conglomerates – 1.4%
2,392	General Electric Co.		375,281
Interactive Media & Services – 5.1%
9,740	Alphabet, Inc., Class A*		1,348,600
IT Services – 2.5%
1,745	Accenture PLC, Class A		653,991
Life Sciences Tools & Services – 2.2%
2,340	Danaher Corp.		592,347
Machinery – 4.3%
1,463	Caterpillar, Inc.		488,584
5,083	Xylem, Inc.		645,795
			1,134,379
Metals & Mining – 2.3%
4,613	Steel Dynamics, Inc.		617,312
Pharmaceuticals – 5.4%
12,120	Bristol-Myers Squibb Co.		615,090
1,102	Eli Lilly & Co.		830,555
			1,445,645
Semiconductors & Semiconductor Equipment – 8.6%
1,752	Advanced Micro Devices, Inc.*		337,313
1,552	Enphase Energy, Inc.*		197,120
3,256	Marvell Technology, Inc.		233,325
1,309	NVIDIA Corp.		1,035,576
2,844	Texas Instruments, Inc.		475,886
			2,279,220
Software – 11.7%
6,105	Microsoft Corp.		2,525,272
1,922	Salesforce, Inc.*		593,552
			3,118,824
Specialized REITs – 2.2%
3,001	American Tower Corp. REIT		596,779
Specialty Retail – 4.2%
1,940	Lowe’s Cos., Inc.		466,900
4,303	Ross Stores, Inc.		640,975
			1,107,875
Technology Hardware, Storage & Peripherals – 5.3%
7,869	Apple, Inc.		1,422,322
Textiles, Apparel & Luxury Goods – 2.2%
5,560	NIKE, Inc., Class B		577,851
Water Utilities – 1.4%
3,033	American Water Works Co., Inc.		359,532
TOTAL COMMON STOCKS (Cost $18,793,554)			26,497,458

  

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Dividend Rate	Value
Investment Company – 0.6%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
162,460	5.219%	$	162,460
(Cost $162,460)
TOTAL INVESTMENTS – 100.2% (Cost $18,956,014)		$	26,659,918
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%			(56,468	)
NET ASSETS – 100.0%		$	26,603,450

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

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

 

	Concentrated Growth Fund		Enhanced Core Equity Fund		Large Cap Core Fund
Assets:
Investments in unaffiliated issuers, at value (cost $85,703,592, $119,196,264 and $804,055,976, respectively)	$	179,705,160	$	147,799,606	$	1,322,301,488
Investments in affiliated issuers, at value (cost $2,319,672, $826,031 and $–, respectively)		2,319,672		826,031		—
Cash		548,669		429,105		8,137,242
Receivables:
Fund shares sold		2,667,729		439,151		4,562,945
Investments sold		500,098		—		1,633,457
Dividends		148,637		179,447		1,388,915
Reimbursement from investment adviser		79,522		27,424		71,961
Securities lending income		—		—		2,205
Other assets		22,337		45,731		29,665
Total assets		185,991,824		149,746,495		1,338,127,878
Liabilities:
Payables:
Investments purchased		550,059		943,527		1,644,313
Management fees		107,485		63,289		716,693
Fund shares redeemed		44,985		90,122		966,002
Distribution and Service fees and Transfer Agency fees		7,645		11,793		270,558
Accrued expenses		72,400		47,233		262,248
Total liabilities		782,574		1,155,964		3,859,814
Net Assets:
Paid-in capital		87,637,278		119,986,129		777,124,047
Total distributable earnings (loss)		97,571,972		28,604,402		557,144,017
NET ASSETS	$	185,209,250	$	148,590,531	$	1,334,268,064
Net Assets:
Class A	$	10,793,016	$	15,873,185	$	896,113,733
Class C		854,437		2,278,631		18,419,626
Institutional		13,780,338		29,724,474		122,425,353
Service		—		—		797,780
Investor		8,008,333		16,394,002		49,548,110
Class R6		2,279,762		17,549,140		98,154,336
Class R		—		425,988		9,519,507
Class P		149,493,364		66,345,111		139,289,619
Total Net Assets	$	185,209,250	$	148,590,531	$	1,334,268,064
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		499,857		886,075		28,384,460
Class C		61,825		157,142		1,206,266
Institutional		559,357		1,499,324		3,222,962
Service		—		—		27,140
Investor		354,757		847,971		1,522,877
Class R6		92,833		887,325		2,588,148
Class R		—		25,304		327,112
Class P		6,089,326		3,351,707		3,674,281
Net asset value, offering and redemption price per share:(a)
Class A	$	21.59	$	17.91	$	31.57
Class C		13.82		14.50		15.27
Institutional		24.64		19.83		37.99
Service		—		—		29.40
Investor		22.57		19.33		32.54
Class R6		24.56		19.78		37.92
Class R		—		16.84		29.10
Class P		24.55		19.79		37.91

(a) Maximum public offering price per share for Class A Shares of the Concentrated Growth, Enhanced Core Equity and Large Cap Core is $22.85, $18.95 and $33.41, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

	Mid Cap Growth Fund		Small Cap Growth Fund		Small/Mid Cap Growth Fund
Assets:
Investments in unaffiliated issuers, at value (cost $679,080,638, $49,930,230 and $1,373,478,404, respectively)(a)	$	923,637,601	$	63,334,843	$	1,942,275,107
Investments in affiliated issuers, at value (cost $30,402,926, $804,951 and $20,768,867, respectively)		30,402,926		804,951		20,768,867
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		2,729,160		—		15,230,491
Cash		690,349		421,156		360,109
Receivables:
Dividends		486,717		16,359		577,332
Fund shares sold		463,002		130,036		716,708
Reimbursement from investment adviser		29,181		25,491		—
Securities lending income		1,267		—		44,729
Investments sold		—		192,359		9,848,029
Other assets		21,033		1,257		31,296
Total assets		958,461,236		64,926,452		1,989,852,668
Liabilities:
Payables:
Payable upon return of securities loaned		2,729,160		—		15,230,491
Fund shares redeemed		967,321		655,248		2,143,843
Management fees		598,981		38,190		1,265,972
Distribution and Service fees and Transfer Agency fees		125,365		2,960		188,372
Investments purchased		—		933,704		13,099,185
Accrued expenses		229,167		53,596		365,672
Total liabilities		4,649,994		1,683,698		32,293,535
Net Assets:
Paid-in capital		719,133,870		55,854,040		1,588,859,410
Total distributable earnings (loss)		234,677,372		7,388,714		368,699,723
NET ASSETS	$	953,811,242	$	63,242,754	$	1,957,559,133
Net Assets:
Class A	$	260,572,977	$	574,616	$	272,714,083
Class C		10,499,920		149,239		54,453,749
Institutional		278,126,244		22,848,684		810,367,052
Service		23,436,970		—		1,546,296
Investor		94,793,992		26,413,292		327,123,931
Class R6		208,380,306		90,132		149,355,222
Class R		32,735,798		—		9,127,999
Class P		45,265,035		13,166,791		332,870,801
Total Net Assets	$	953,811,242	$	63,242,754	$	1,957,559,133
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		21,306,351		42,349		13,039,422
Class C		539,578		11,358		3,749,194
Institutional		13,882,525		1,658,375		33,425,715
Service		2,303,368		—		78,780
Investor		6,540,611		1,924,340		14,346,261
Class R6		10,379,045		6,541		6,151,218
Class R		3,218,190		—		476,666
Class P		2,253,148		955,861		13,706,314
Net asset value, offering and redemption price per share:(b)
Class A	$	12.23	$	13.57	$	20.91
Class C		19.46		13.14		14.52
Institutional		20.03		13.78		24.24
Service		10.18		—		19.63
Investor		14.49		13.73		22.80
Class R6		20.08		13.78		24.28
Class R		10.17		—		19.15
Class P		20.09		13.77		24.29

(a) Includes loaned securities having a market value of $2,537,640, $– and $14,416,778 for Mid Cap Growth Fund, Small Cap Growth Fund and Small/Mid Cap Growth Fund, respectively.

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

(b) Maximum public offering price per share for Class A Shares of the Mid Cap Growth, Small Cap Growth and Small/Mid Cap Growth is $12.94, $14.36 and $22.13, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

	Strategic Growth Fund		Technology Opportunities Fund		U.S. Equity ESG Fund
Assets:
Investments in unaffiliated issuers, at value (cost $67,413,253, $351,910,845 and $18,793,554, respectively)	$	165,218,161	$	737,977,765	$	26,497,458
Investments in affiliated issuers, at value (cost $610,315, $14,279,635 and $162,460, respectively)		610,315		14,279,635		162,460
Cash		370,283		573,930		50,097
Receivables:
Dividends		114,786		365,855		21,537
Reimbursement from investment adviser		25,573		77,800		24,484
Fund shares sold		18,470		578,975		4,705
Securities lending income		126		5,289		35
Investments sold		—		3,623,657		775,569
Other assets		19,979		42,765		5,545
Total assets		166,377,693		757,525,671		27,541,890
Liabilities:
Payables:
Management fees		91,756		542,938		11,327
Fund shares redeemed		81,483		327,416		5,869
Distribution and Service fees and Transfer Agency fees		15,879		126,788		4,019
Investments purchased		—		9,675,793		855,110
Accrued expenses		91,179		190,314		62,115
Total liabilities		280,297		10,863,249		938,440
Net Assets:
Paid-in capital		63,147,543		391,077,884		20,398,000
Total distributable earnings (loss)		102,949,853		355,584,538		6,205,450
NET ASSETS	$	166,097,396	$	746,662,422	$	26,603,450
Net Assets:
Class A	$	37,108,026	$	388,859,979	$	8,468,136
Class C		2,704,510		19,477,192		797,823
Institutional		47,333,877		112,686,597		1,979,264
Service		1,260,356		11,209,327		—
Investor		7,873,442		26,379,424		741,249
Class R6		4,994,810		77,284,814		1,415,248
Class R		237,827		—		343,009
Class P		64,584,548		110,765,089		12,858,721
Total Net Assets	$	166,097,396	$	746,662,422	$	26,603,450
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		3,982,730		15,746,022		437,248
Class C		211,472		1,472,713		44,445
Institutional		4,050,364		3,567,153		100,838
Service		141,666		484,774		—
Investor		680,632		865,267		37,711
Class R6		428,585		2,443,206		72,062
Class R		28,134		—		17,597
Class P		5,555,766		3,502,123		655,113
Net asset value, offering and redemption price per share:(a)
Class A	$	9.32	$	24.70	$	19.37
Class C		12.79		13.23		17.95
Institutional		11.69		31.59		19.63
Service		8.90		23.12		—
Investor		11.57		30.48		19.66
Class R6		11.65		31.63		19.64
Class R		8.45		—		19.49
Class P		11.62		31.63		19.63

(a) Maximum public offering price per share for Class A Shares of the Strategic Growth, Technology Opportunities and U.S. Equity ESG is $9.86, $26.14 and $20.50, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

 

	Concentrated Growth Fund			Enhanced Core Equity Fund			Large Cap Core Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,408, $– and $1,436, respectively)	$	568,227		$	679,819		$	8,316,087
Dividends — affiliated issuers		35,379			31,000			—
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		3,682			6			23,194
Total Investment Income		607,288			710,825			8,339,281
Expenses:
Management fees		612,790			271,781			4,211,070
Registration fees		67,891			68,783			90,380
Professional fees		49,122			48,959			48,133
Transfer Agency fees(a)		33,343			32,473			719,095
Printing and mailing costs		20,725			19,405			56,450
Distribution and/or Service (12b-1) fees(a)		15,890			27,520			1,109,590
Custody, accounting and administrative services		12,313			8,325			86,719
Trustee fees		10,557			10,495			11,232
Service fees — Class C		—			2,052			20,847
Shareholder Administration fees — Service Shares		—			—			1,146
Other		6,761			4,032			13,456
Total expenses		829,392			493,825			6,368,118
Less — expense reductions		(252,960	)		(165,792	)		(694,506	)
Net expenses		576,432			328,033			5,673,612
NET INVESTMENT INCOME		30,856			382,792			2,665,669
Realized and Unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		7,929,628			131,620			49,772,064
Foreign currency transactions		27			(243	)		(2,983	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		17,690,298			15,031,888			101,593,411
Foreign currency translations		(12	)		—			(11	)
Net realized and unrealized gain		25,619,941			15,163,265			151,362,481
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,650,797		$	15,546,057		$	154,028,150

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Concentrated Growth Fund		$12,050		$3,840		$–		$–		$7,230		$576		$2,303		$–		$2,915		$310		$–		$20,009
Enhanced Core Equity Fund		20,792		6,156		–		572		12,475		1,231		3,929		–		6,954		1,683		172		6,029
Large Cap Core Fund		1,024,282		62,542		1,146		21,620		614,574		12,508		21,579		183		32,168		13,402		6,486		18,195

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Operations (continued)

For the Six Months Ended February 29, 2024 (Unaudited)

 

	Mid Cap Growth Fund			Small Cap Growth Fund			Small/Mid Cap Growth Fund
Investment income:
Dividends — unaffiliated issuers	$	2,530,963		$	77,172		$	4,043,646
Dividends — affiliated issuers		367,683			12,790			421,435
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		23,939			5,350			—
Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		—			—			264,697
Total Investment Income		2,922,585			95,312			4,729,778
Expenses:
Management fees		3,942,724			176,461			7,562,068
Distribution and/or Service (12b-1) fees(a)		433,372			936			519,481
Transfer Agency fees(a)		353,388			12,188			673,752
Registration fees		103,774			88,357			105,887
Professional fees		51,227			48,468			50,433
Custody, accounting and administrative services		43,176			7,736			82,281
Printing and mailing costs		25,294			18,024			57,659
Shareholder Administration fees — Service Shares		21,185			—			1,623
Service fees — Class C		12,328			144			64,594
Trustee fees		11,007			10,429			11,630
Other		9,925			4,560			26,807
Total expenses		5,007,400			367,303			9,156,215
Less — expense reductions		(815,274	)		(175,401	)		(136,039	)
Net expenses		4,192,126			191,902			9,020,176
NET INVESTMENT LOSS		(1,269,541	)		(96,590	)		(4,290,398	)
Realized and Unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		17,279,613			232,652			8,637,824
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		92,027,846			6,144,336			267,289,192
Net realized and unrealized gain		109,307,459			6,376,988			275,927,016
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	108,037,918		$	6,280,398		$	271,636,618

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Mid Cap Growth Fund		$298,810		$36,985		$21,185		$76,392		$179,288		$7,397		$51,283		$3,389		$54,333		$28,590		$22,918		$6,190
Small Cap Growth Fund		504		432		–		–		302		86		4,286		–		5,722		12		–		1,780
Small/Mid Cap Growth Fund		303,848		193,776		1,623		20,234		182,310		38,756		144,035		260		236,336		21,061		6,070		44,924

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Operations (continued)

For the Six Months Ended February 29, 2024 (Unaudited)

 

	Strategic Growth Fund			Technology Opportunities Fund			U.S. Equity ESG Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $862, $7,375 and $279, respectively)	$	507,943		$	1,914,089		$	184,948
Dividends — affiliated issuers		16,475			207,534			4,808
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		1,511			23,157			236
Total Investment Income		525,929			2,144,780			189,992
Expenses:
Management fees		527,914			3,044,056			65,993
Registration fees		93,185			70,272			92,514
Distribution and/or Service (12b-1) fees(a)		53,419			513,675			13,833
Transfer Agency fees(a)		50,059			336,856			9,516
Professional fees		49,266			48,974			48,907
Printing and mailing costs		25,974			13,136			16,491
Custody, accounting and administrative services		13,030			34,037			6,476
Trustee fees		10,549			10,875			10,460
Service fees — Class C		2,942			21,655			1,093
Shareholder Administration fees — Service Shares		1,273			11,567			—
Other		7,814			26,977			3,672
Total expenses		835,425			4,132,080			268,955
Less — expense reductions		(214,531	)		(717,380	)		(168,575	)
Net expenses		620,894			3,414,700			100,380
NET INVESTMENT INCOME (LOSS)		(94,965	)		(1,269,920	)		89,612
Realized and Unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		5,972,887			20,893,997			546,265
Foreign currency transactions		16			—			4
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		14,739,800			116,173,363			2,011,499
Foreign currency translations		(7	)		—			—
Net realized and unrealized gain		20,712,696			137,067,360			2,557,768
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,617,731		$	135,797,440		$	2,647,380

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Strategic Growth Fund		$42,801		$8,825		$1,273		$520		$25,681		$1,765		$8,481		$204		$4,373		$646		$156		$8,753
Technology Opportunities Fund		437,144		64,965		11,567		–		262,288		12,993		19,277		1,851		17,746		9,938		–		12,763
U.S. Equity ESG Fund		9,791		3,278		–		764		5,875		656		356		–		523		196		229		1,681

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Changes in Net Assets

 

	Concentrated Growth Fund						Enhanced Core Equity Fund
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income (loss)	$	30,856		$	(108,318	)	$	382,792		$	386,509
Net realized gain		7,929,655			4,730,627			131,377			722,759
Net change in unrealized gain		17,690,286			25,849,784			15,031,888			7,278,864
Net increase in net assets resulting from operations		25,650,797			30,472,093			15,546,057			8,388,132
Distributions to shareholders:
From distributable earnings:
Class A Shares		(49,870	)		(775,270	)		(131,977	)		(320,512	)
Class C Shares		(6,309	)		(76,137	)		(19,266	)		(37,776	)
Institutional Shares		(51,893	)		(880,809	)		(226,373	)		(438,747	)
Investor Shares		(12,846	)		(16,742	)		(134,118	)		(3,084	)
Class R6 Shares		(9,417	)		(83,124	)		(141,949	)		(72,502	)
Class R Shares		–			–			(1,705	)		(460	)
Class P Shares		(598,997	)		(11,191,640	)		(601,291	)		(977,357	)
Total distributions to shareholders		(729,332	)		(13,027,192	)		(1,256,679	)		(1,850,438	)
From share transactions:
Proceeds from sales of shares		9,471,866			18,219,063			84,696,542			34,903,216
Reinvestment of distributions		724,905			12,957,126			1,256,679			1,850,439
Cost of shares redeemed		(13,069,670	)		(31,760,889	)		(22,377,501	)		(13,486,154	)
Net increase (decrease) in net assets resulting from share transactions		(2,872,899	)		(584,700	)		63,575,720			23,267,501
TOTAL INCREASE		22,048,566			16,860,201			77,865,098			29,805,195
Net Assets:
Beginning of period	$	163,160,684		$	146,300,483		$	70,725,433		$	40,920,238
End of period	$	185,209,250		$	163,160,684		$	148,590,531		$	70,725,433

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

	Large Cap Core Fund						Mid Cap Growth Fund
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income (loss)	$	2,665,669		$	4,815,078		$	(1,269,541	)	$	(2,982,155	)
Net realized gain		49,769,081			18,950,640			17,279,613			27,254,816
Net change in unrealized gain		101,593,400			144,453,280			92,027,846			42,926,374
Net increase in net assets resulting from operations		154,028,150			168,218,998			108,037,918			67,199,035
Distributions to shareholders:
From distributable earnings:
Class A Shares		(3,930,731	)		(58,898,160	)		–			(23,026,495	)
Class C Shares		(100,707	)		(2,333,506	)		–			(619,512	)
Institutional Shares		(715,425	)		(6,566,206	)		–			(16,642,501	)
Service Shares		(3,118	)		(41,453	)		–			(2,215,669	)
Investor Shares		(329,410	)		(2,864,034	)		–			(5,328,564	)
Class R6 Shares		(596,827	)		(5,472,703	)		–			(11,376,499	)
Class R Shares		(26,377	)		(695,499	)		–			(3,449,738	)
Class P Shares		(809,996	)		(7,579,703	)		–			(2,336,037	)
Total distributions to shareholders		(6,512,591	)		(84,451,264	)		–			(64,995,015	)
From share transactions:
Proceeds from sales of shares		46,357,105			75,870,461			77,755,200			117,079,662
Reinvestment of distributions		6,253,622			80,510,834			–			61,006,885
Cost of shares redeemed		(62,179,294	)		(144,152,160	)		(120,482,202	)		(256,259,283	)
Net increase (decrease) in net assets resulting from share transactions		(9,568,567	)		12,229,135			(42,727,002	)		(78,172,736	)
TOTAL INCREASE		137,946,992			95,996,869			65,310,916			75,968,716
Net Assets:
Beginning of period	$	1,196,321,072		$	1,100,324,203		$	888,500,326		$	964,469,042
End of period	$	1,334,268,064		$	1,196,321,072		$	953,811,242		$	888,500,326

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

	Small Cap Growth Fund						Small/Mid Cap Growth Fund
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment loss	$	(96,590	)	$	(164,771	)	$	(4,290,398	)	$	(9,245,553	)
Net realized gain (loss)		232,652			(3,903,590	)		8,637,824			(148,761,986	)
Net change in unrealized gain		6,144,336			6,530,426			267,289,192			267,486,781
Net increase in net assets resulting from operations		6,280,398			2,462,065			271,636,618			109,479,242
From share transactions:
Proceeds from sales of shares		28,430,276			20,340,089			135,085,277			335,106,863
Cost of shares redeemed		(12,207,174	)		(12,989,107	)		(351,367,755	)		(660,406,639	)
Net increase (decrease) in net assets resulting from share transactions		16,223,102			7,350,982			(216,282,478	)		(325,299,776	)
TOTAL INCREASE (DECREASE)		22,503,500			9,813,047			55,354,140			(215,820,534	)
Net Assets:
Beginning of period	$	40,739,254		$	30,926,207		$	1,902,204,993		$	2,118,025,527
End of period	$	63,242,754		$	40,739,254		$	1,957,559,133		$	1,902,204,993

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

	Strategic Growth Fund						Technology Opportunities Fund
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment loss	$	(94,965	)	$	(161,344	)	$	(1,269,920	)	$	(2,221,215	)
Net realized gain (loss)		5,972,903			11,617,939			20,893,997			(14,584,246	)
Net change in unrealized gain		14,739,793			15,586,018			116,173,363			121,447,287
Net increase in net assets resulting from operations		20,617,731			27,042,613			135,797,440			104,641,826
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,914,375	)		(3,688,064	)		–			(59,073,390	)
Class C Shares		(98,698	)		(178,463	)		–			(4,679,796	)
Institutional Shares		(1,938,741	)		(3,310,008	)		–			(13,244,082	)
Service Shares		(59,705	)		(65,953	)		–			(1,511,457	)
Investor Shares		(251,168	)		(206,704	)		–			(3,799,155	)
Class R6 Shares		(194,619	)		(356,083	)		–			(8,037,564	)
Class R Shares		(12,914	)		(22,119	)		–			–
Class P Shares		(2,650,500	)		(5,415,754	)		–			(10,285,667	)
Total distributions to shareholders		(7,120,720	)		(13,243,148	)		–			(100,631,111	)
From share transactions:
Proceeds from sales of shares		10,961,400			21,797,412			64,316,036			84,245,348
Reinvestment of distributions		6,985,316			12,981,568			–			95,426,778
Cost of shares redeemed		(13,950,049	)		(43,883,299	)		(80,116,736	)		(175,464,516	)
Net increase (decrease) in net assets resulting from share transactions		3,996,667			(9,104,319	)		(15,800,700	)		4,207,610
TOTAL INCREASE		17,493,678			4,695,146			119,996,740			8,218,325
Net Assets:
Beginning of period	$	148,603,718		$	143,908,572		$	626,665,682		$	618,447,357
End of period	$	166,097,396		$	148,603,718		$	746,662,422		$	626,665,682

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

	U.S. Equity ESG Fund
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income	$	89,611		$	150,357
Net realized gain (loss)		546,269			(298,709	)
Net change in unrealized gain		2,011,499			3,581,902
Net increase in net assets resulting from operations		2,647,379			3,433,550
Distributions to shareholders:
From distributable earnings:
Class A Shares		(37,573	)		(27,866	)
Institutional Shares		(14,398	)		(10,348	)
Investor Shares		(4,859	)		(3,657	)
Class R6 Shares		(10,833	)		(8,673	)
Class R Shares		(261	)		(624	)
Class P Shares		(91,767	)		(69,687	)
Total distributions to shareholders		(159,691	)		(120,855	)
From share transactions:
Proceeds from sales of shares		2,162,117			6,071,106
Reinvestment of distributions		159,163			120,853
Cost of shares redeemed		(2,039,822	)		(3,992,055	)
Net increase in net assets resulting from share transactions		281,458			2,199,904
TOTAL INCREASE		2,769,146			5,512,599
Net Assets:
Beginning of period	$	23,834,304		$	18,321,705
End of period	$	26,603,450		$	23,834,304

  

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

			Concentrated Growth
			Class A Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023			2022			2021			2020			2019
	Per Share Data
	Net asset value, beginning of period		$	18.64		$	16.72		$	27.55		$	22.91		$	17.55		$	19.33
	Net investment loss(a)			(0.02	)		(0.06	)		(0.14	)		(0.15	)		(0.08	)		(0.03	)
	Net realized and unrealized gain (loss)			3.07			3.74			(5.96	)		6.24			6.92			0.35
	Total from investment operations			3.05			3.68			(6.10	)		6.09			6.84			0.32
	Distributions to shareholders from net realized gains			(0.10	)		(1.76	)		(4.73	)		(1.45	)		(1.48	)		(2.10	)
	Net asset value, end of period		$	21.59		$	18.64		$	16.72		$	27.55		$	22.91		$	17.55
	Total Return(b)			16.41	%		24.58	%		(26.54	)%		28.17	%		41.52	%		3.58	%
	Net assets, end of period (in 000’s)		$	10,793		$	9,602		$	7,778		$	11,575		$	9,302		$	6,735
	Ratio of net expenses to average net assets			0.98	%(c)		1.07	%		1.10	%		1.11	%		1.16	%		1.16	%
	Ratio of total expenses to average net assets			1.37	%(c)		1.38	%		1.31	%		1.32	%		1.37	%		1.45	%
	Ratio of net investment loss to average net assets			(0.23	)%(c)		(0.36	)%		(0.66	)%		(0.63	)%		(0.44	)%		(0.18	)%
	Portfolio turnover rate(d)			17	%		32	%		29	%		37	%		36	%		40	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

			Concentrated Growth
			Class C Shares
		Six Months Ended February 29, 2024 (Unaudited)					Year Ended August 31,
							2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period			$	12.01			$	11.47			$	20.54			$	17.56			$	13.87			$	15.88
	Net investment loss(a)				(0.06	)			(0.12	)			(0.21	)			(0.24	)			(0.17	)			(0.13	)
	Net realized and unrealized gain (loss)				1.97				2.42				(4.13	)			4.67				5.34				0.22
	Total from investment operations				1.91				2.30				(4.34	)			4.43				5.17				0.09
	Distributions to shareholders from net realized gains				(0.10	)			(1.76	)			(4.73	)			(1.45	)			(1.48	)			(2.10	)
	Net asset value, end of period			$	13.82			$	12.01			$	11.47			$	20.54			$	17.56			$	13.87
	Total Return(b)				15.98	%			23.69	%			(27.13	)%			27.24	%			40.47	%			2.81	%
	Net assets, end of period (in 000’s)			$	854			$	747			$	570			$	1,008			$	1,162			$	823
	Ratio of net expenses to average net assets				1.73	%(c)			1.82	%			1.85	%			1.86	%			1.91	%			1.91	%
	Ratio of total expenses to average net assets				2.12	%(c)			2.13	%			2.06	%			2.07	%			2.10	%			2.21	%
	Ratio of net investment loss to average net assets				(0.98	)%(c)			(1.10	)%			(1.42	)%			(1.38	)%			(1.23	)%			(0.98	)%
	Portfolio turnover rate(d)				17	%			32	%			29	%			37	%			36	%			40	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

			Concentrated Growth
			Institutional Shares
		Six Months Ended February 29, 2024 (Unaudited)					Year Ended August 31,
							2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period			$	21.22			$	18.74			$	30.22			$	24.92			$	18.93			$	20.61
	Net investment income (loss)(a)				0.01				(0.01	)			(0.09	)			(0.08	)			(0.01	)			0.03
	Net realized and unrealized gain (loss)				3.51				4.25				(6.66	)			6.83				7.50				0.41
	Total from investment operations				3.52				4.24				(6.75	)			6.75				7.49				0.44
	Distributions to shareholders from net investment income				–				–				–				–				(0.02	)			(0.02	)
	Distributions to shareholders from net realized gains				(0.10	)			(1.76	)			(4.73	)			(1.45	)			(1.48	)			(2.10	)
	Total distributions				(0.10	)			(1.76	)			(4.73	)			(1.45	)			(1.50	)			(2.12	)
	Net asset value, end of period			$	24.64			$	21.22			$	18.74			$	30.22			$	24.92			$	18.93
	Total Return(b)				16.59	%			24.94	%			(26.32	)%			28.56	%			41.98	%			3.98	%
	Net assets, end of period (in 000’s)			$	13,780			$	11,282			$	9,676			$	16,789			$	13,744			$	12,497
	Ratio of net expenses to average net assets				0.70	%(c)			0.78	%			0.80	%			0.80	%			0.81	%			0.80	%
	Ratio of total expenses to average net assets				1.01	%(c)			1.01	%			0.94	%			0.95	%			1.01	%			1.07	%
	Ratio of net investment income (loss) to average net assets				0.07	%(c)			(0.06	)%			(0.37	)%			(0.32	)%			(0.07	)%			0.17	%
	Portfolio turnover rate(d)				17	%			32	%			29	%			37	%			36	%			40	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

			Concentrated Growth
			Investor Shares
		Six Months Ended February 29, 2024 (Unaudited)					Year Ended August 31,
							2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period			$	19.46			$	17.34			$	28.33			$	23.46			$	17.90			$	19.66
	Net investment income (loss)(a)				0.01				(0.01	)			(0.09	)			(0.09	)			(0.03	)			0.01
	Net realized and unrealized gain (loss)				3.20				3.89				(6.17	)			6.41				7.07				0.36
	Total from investment operations				3.21				3.88				(6.26	)			6.32				7.04				0.37
	Distributions to shareholders from net investment income				–				–				–				–				–	(b)			(0.03	)
	Distributions to shareholders from net realized gains				(0.10	)			(1.76	)			(4.73	)			(1.45	)			(1.48	)			(2.10	)
	Total distributions				(0.10	)			(1.67	)			(4.73	)			(1.45	)			(1.48	)			(2.13	)
	Net asset value, end of period			$	22.57			$	19.46			$	17.34			$	28.33			$	23.46			$	17.90
	Total Return(c)				16.54	%			24.88	%			(26.35	)%			28.50	%			41.87	%			3.83	%
	Net assets, end of period (in 000’s)			$	8,008			$	5,173			$	163			$	296			$	189			$	133
	Ratio of net expenses to average net assets				0.71	%(d)			0.80	%			0.85	%			0.86	%			0.91	%			0.91	%
	Ratio of total expenses to average net assets				1.12	%(d)			1.12	%			1.06	%			1.07	%			1.11	%			1.22	%
	Ratio of net investment income (loss) to average net assets				0.07	%(d)			(0.06	)%			(0.42	)%			(0.39	)%			(0.18	)%			0.03	%
	Portfolio turnover rate(e)				17	%			32	%			29	%			37	%			36	%			40	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

			Concentrated Growth
			Class R6 Shares
		Six Months Ended February 29, 2024 (Unaudited)					Year Ended August 31,
							2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period			$	21.15			$	18.69			$	30.15			$	24.86			$	18.88			$	20.60
	Net investment income (loss)(a)				0.01				(0.01	)			(0.09	)			(0.08	)			(0.01	)			0.04
	Net realized and unrealized gain (loss)				3.50				4.23				(6.64	)			6.82				7.49				0.39
	Total from investment operations				3.51				4.22				(6.73	)			6.74				7.48				0.43
	Distributions to shareholders from net investment income				–				–				–				–				(0.02	)			(0.05	)
	Distributions to shareholders from net realized gains				(0.10	)			(1.76	)			(4.73	)			(1.45	)			(1.48	)			(2.10	)
	Total distributions				(0.10	)			(1.76	)			(4.73	)			(1.45	)			(1.50	)			(2.15	)
	Net asset value, end of period			$	24.56			$	21.15			$	18.69			$	30.15			$	24.86			$	18.88
	Total Return(b)				16.64	%			24.90	%			(26.31	)%			28.59	%			42.05	%			4.00	%
	Net assets, end of period (in 000’s)			$	2,280			$	2,087			$	780			$	1,497			$	806			$	538
	Ratio of net expenses to average net assets				0.69	%(c)			0.76	%			0.79	%			0.79	%			0.80	%			0.79	%
	Ratio of total expenses to average net assets				1.00	%(c)			1.00	%			0.93	%			0.94	%			0.98	%			1.04	%
	Ratio of net investment income (loss) to average net assets				0.06	%(c)			(0.05	)%			(0.36	)%			(0.30	)%			(0.07	)%			0.22	%
	Portfolio turnover rate(d)				17	%			32	%			29	%			37	%			36	%			40	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

			Concentrated Growth
			Class P Shares
		Six Months Ended February 29, 2024 (Unaudited)					Year Ended August 31,
							2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period			$	21.15			$	18.68			$	30.14			$	24.85			$	18.88			$	20.60
	Net investment income (loss)(a)				0.01				(0.01	)			(0.08	)			(0.08	)			(0.01	)			0.03
	Net realized and unrealized gain (loss)				3.49				4.24				(6.65	)			6.82				7.48				0.40
	Total from investment operations				3.50				4.23				(6.73	)			6.74				7.47				0.43
	Distributions to shareholders from net investment income				–				–				–				–				(0.02	)			(0.05	)
	Distributions to shareholders from net realized gains				(0.10	)			(1.76	)			(4.73	)			(1.45	)			(1.48	)			(2.10	)
	Total distributions				(0.10	)			(1.76	)			(4.73	)			(1.45	)			(1.50	)			(2.15	)
	Net asset value, end of period			$	24.55			$	21.15			$	18.68			$	30.14			$	24.85			$	18.88
	Total Return(b)				16.59	%			24.97	%			(26.32	)%			28.60	%			42.00	%			4.01	%
	Net assets, end of period (in 000’s)			$	149,493			$	134,270			$	127,302			$	190,213			$	160,582			$	128,289
	Ratio of net expenses to average net assets				0.69	%(c)			0.77	%			0.79	%			0.79	%			0.80	%			0.79	%
	Ratio of total expenses to average net assets				1.00	%(c)			1.00	%			0.93	%			0.94	%			0.99	%			1.06	%
	Ratio of net investment income (loss) to average net assets				0.06	%(c)			(0.06	)%			(0.35	)%			(0.31	)%			(0.06	)%			0.18	%
	Portfolio turnover rate(d)				17	%			32	%			29	%			37	%			36	%			40	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ENHANCED CORE EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

			Enhanced Core Equity
			Class A Shares
		Six Months Ended February 29, 2024 (Unaudited)					Year Ended August 31,
							2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period			$	15.91			$	14.09			$	16.94			$	13.78			$	11.93			$	12.66
	Net investment income(a)				0.04				0.08				0.06				0.03				0.07				0.09
	Net realized and unrealized gain (loss)				2.11				2.35				(1.85	)			3.93				2.48				0.15
	Total from investment operations				2.15				2.43				(1.79	)			3.96				2.55				0.24
	Distributions to shareholders from net investment income				(0.01	)			(0.08	)			(0.03	)			(0.06	)			(0.08	)			(0.10	)
	Distributions to shareholders from net realized gains				(0.14	)			(0.53	)			(1.03	)			(0.74	)			(0.62	)			(0.87	)
	Total distributions				(0.15	)			(0.61	)			(1.06	)			(0.80	)			(0.70	)			(0.97	)
	Net asset value, end of period			$	17.91			$	15.91			$	14.09			$	16.94			$	13.78			$	11.93
	Total Return(b)				13.64	%			17.92	%			(11.46	)%			30.12	%			22.18	%			3.07	%
	Net assets, end of period (in 000’s)			$	15,873			$	19,760			$	6,820			$	7,359			$	5,843			$	5,383
	Ratio of net expenses to average net assets				0.94	%(c)			0.96	%			0.96	%			0.96	%			1.00	%			0.97	%
	Ratio of total expenses to average net assets				1.32	%(c)			1.54	%			1.60	%			2.00	%			2.47	%			2.88	%
	Ratio of net investment income to average net assets				0.48	%(c)			0.52	%			0.37	%			0.21	%			0.58	%			0.74	%
	Portfolio turnover rate(d)				47	%			63	%			49	%			43	%			69	%			50	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ENHANCED CORE EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Enhanced Core Equity
		Class C Shares
		Six Months Ended   February 29, 2024  (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	12.94			$	11.57			$	14.17			$	11.67			$	10.23			$	11.00
	Net investment loss(a)			(0.02	)			(0.02	)			(0.05	)			(0.07	)			(0.02	)			–	(b)
	Net realized and unrealized gain (loss)			1.72				1.92				(1.52	)			3.31				2.10				0.13
	Total from investment operations			1.70				1.90				(1.57	)			3.24				2.08				0.13
	Distributions to shareholders from net investment income			–				–				–				–				(0.02	)			(0.03	)
	Distributions to shareholders from net realized gains			(0.14	)			(0.53	)			(1.03	)			(0.74	)			(0.62	)			(0.87	)
	Total distributions			(0.14	)			(0.53	)			(1.03	)			(0.74	)			(0.64	)			(0.90	)
	Net asset value, end of period		$	14.50			$	12.94			$	11.57			$	14.17			$	11.67			$	10.23
	Total Return(c)			13.26	%			17.02	%			(12.07	)%			29.19	%			21.16	%			2.30	%
	Net assets, end of period (in 000’s)		$	2,279			$	1,271			$	890			$	1,354			$	1,516			$	1,288
	Ratio of net expenses to average net assets			1.69	%(d)			1.71	%			1.71	%			1.71	%			1.75	%			1.72	%
	Ratio of total expenses to average net assets			2.04	%(d)			2.30	%			2.35	%			2.76	%			3.19	%			3.63	%
	Ratio of net investment loss to average net assets			(0.25	)%(d)			(0.21	)%			(0.39	)%			(0.54	)%			(0.16	)%			0.00	%(e)
	Portfolio turnover rate(f)			47	%			63	%			49	%			43	%			69	%			50	%

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

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

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

(d) Annualized.

(e) Amount is less than 0.005%.

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

  

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

GOLDMAN SACHS ENHANCED CORE EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Enhanced Core Equity
		Institutional Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.62			$	15.53			$	18.56			$	15.01			$	12.94			$	13.61
	Net investment income(a)			0.08				0.15				0.13				0.09				0.12				0.13
	Net realized and unrealized gain (loss)			2.35				2.59				(2.04	)			4.31				2.70				0.19
	Total from investment operations			2.43				2.74				(1.91	)			4.40				2.82				0.32
	Distributions to shareholders from net investment income			(0.08	)			(0.12	)			(0.09	)			(0.11	)			(0.13	)			(0.12	)
	Distributions to shareholders from net realized gains			(0.14	)			(0.53	)			(1.03	)			(0.74	)			(0.62	)			(0.87	)
	Total distributions			(0.22	)			(0.65	)			(1.12	)			(0.85	)			(0.75	)			(0.99	)
	Net asset value, end of period		$	19.83			$	17.62			$	15.53			$	18.56			$	15.01			$	12.94
	Total Return(b)			13.91	%			18.30	%			(11.10	)%			30.62	%			22.53	%			3.47	%
	Net assets, end of period (in 000’s)		$	29,724			$	12,776			$	8,832			$	4,514			$	594			$	587
	Ratio of net expenses to average net assets			0.58	%(c)			0.59	%			0.59	%			0.59	%			0.62	%			0.59	%
	Ratio of total expenses to average net assets			0.90	%(c)			1.18	%			1.24	%			1.46	%			2.11	%			2.41	%
	Ratio of net investment income to average net assets			0.86	%(c)			0.91	%			0.78	%			0.54	%			0.95	%			1.08	%
	Portfolio turnover rate(d)			47	%			63	%			49	%			43	%			69	%			50	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS ENHANCED CORE EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Enhanced Core Equity
		Investor Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.19			$	15.12			$	18.09			$	14.66			$	12.65			$	13.35
	Net investment income(a)			0.07				0.13				0.14				0.07				0.10				0.12
	Net realized and unrealized gain (loss)			2.28				2.52				(2.01	)			4.19				2.64				0.18
	Total from investment operations			2.35				2.65				(1.87	)			4.26				2.74				0.30
	Distributions to shareholders from net investment income			(0.07	)			(0.05	)			(0.07	)			(0.09	)			(0.11	)			(0.13	)
	Distributions to shareholders from net realized gains			(0.14	)			(0.53	)			(1.03	)			(0.74	)			(0.62	)			(0.87	)
	Total distributions			(0.21	)			(0.58	)			(1.10	)			(0.83	)			(0.73	)			(1.00	)
	Net asset value, end of period		$	19.33			$	17.19			$	15.12			$	18.09			$	14.66			$	12.65
	Total Return(b)			13.82	%			18.14	%			(11.21	)%			30.39	%			22.43	%			3.40	%
	Net assets, end of period (in 000’s)		$	16,394			$	5,055			$	66			$	52			$	38			$	70
	Ratio of net expenses to average net assets			0.69	%(c)			0.72	%			0.71	%			0.71	%			0.76	%			0.72	%
	Ratio of total expenses to average net assets			1.01	%(c)			1.22	%			1.42	%			1.74	%			2.66	%			2.63	%
	Ratio of net investment income to average net assets			0.78	%(c)			0.77	%			0.91	%			0.46	%			0.78	%			0.99	%
	Portfolio turnover rate(d)			47	%			63	%			49	%			43	%			69	%			50	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS ENHANCED CORE EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Enhanced Core Equity
		Class R6 Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.58			$	15.50			$	18.52			$	14.98			$	12.91			$	13.61
	Net investment income(a)			0.08				0.15				0.15				0.10				0.13				0.14
	Net realized and unrealized gain (loss)			2.34				2.59				(2.05	)			4.29				2.69				0.18
	Total from investment operations			2.42				2.74				(1.90	)			4.39				2.82				0.32
	Distributions to shareholders from net investment income			(0.08	)			(0.13	)			(0.09	)			(0.11	)			(0.13	)			(0.15	)
	Distributions to shareholders from net realized gains			(0.14	)			(0.53	)			(1.03	)			(0.74	)			(0.62	)			(0.87	)
	Total distributions			(0.22	)			(0.66	)			(1.12	)			(0.85	)			(0.75	)			(1.02	)
	Net asset value, end of period		$	19.78			$	17.58			$	15.50			$	18.52			$	14.98			$	12.91
	Total Return(b)			13.89	%			18.36	%			(11.12	)%			30.64	%			22.60	%			3.47	%
	Net assets, end of period (in 000’s)		$	17,549			$	7,236			$	2,061			$	334			$	226			$	202
	Ratio of net expenses to average net assets			0.57	%(c)			0.59	%			0.58	%			0.58	%			0.61	%			0.59	%
	Ratio of total expenses to average net assets			0.91	%(c)			1.16	%			1.26	%			1.61	%			2.10	%			2.59	%
	Ratio of net investment income to average net assets			0.89	%(c)			0.92	%			0.92	%			0.59	%			0.96	%			1.17	%
	Portfolio turnover rate(d)			47	%			63	%			49	%			43	%			69	%			50	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS ENHANCED CORE EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Enhanced Core Equity
		Class R Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	15.00			$	13.32			$	16.08			$	13.13			$	11.40			$	12.14
	Net investment income (loss)(a)			0.02				0.03				–	(b)			(0.01	)			0.04				0.05
	Net realized and unrealized gain (loss)			2.00				2.23				(1.73	)			3.74				2.36				0.16
	Total from investment operations			2.02				2.26				(1.73	)			3.73				2.40				0.21
	Distributions to shareholders from net investment income			(0.04	)			(0.05	)			–				(0.04	)			(0.05	)			(0.08	)
	Distributions to shareholders from net realized gains			(0.14	)			(0.53	)			(1.03	)			(0.74	)			(0.62	)			(0.87	)
	Total distributions			(0.18	)			(0.58	)			(1.03	)			(0.78	)			(0.67	)			(0.95	)
	Net asset value, end of period		$	16.84			$	15.00			$	13.32			$	16.08			$	13.13			$	11.40
	Total Return(c)			13.59	%			17.62	%			(11.68	)%			29.78	%			21.78	%			2.89	%
	Net assets, end of period (in 000’s)		$	426			$	118			$	10			$	46			$	49			$	39
	Ratio of net expenses to average net assets			1.19	%(d)			1.21	%			1.21	%			1.21	%			1.25	%			1.22	%
	Ratio of total expenses to average net assets			1.50	%(d)			1.75	%			1.89	%			2.23	%			2.63	%			3.13	%
	Ratio of net investment income (loss) to average net assets			0.25	%(d)			0.22	%			0.01	%			(0.04	)%			0.33	%			0.49	%
	Portfolio turnover rate(e)			47	%			63	%			49	%			43	%			69	%			50	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENHANCED CORE EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Enhanced Core Equity
		Class P Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.59			$	15.51			$	18.52			$	14.99			$	12.92			$	13.61
	Net investment income(a)			0.08				0.15				0.13				0.10				0.13				0.14
	Net realized and unrealized gain (loss)			2.34				2.58				(2.02	)			4.28				2.69				0.19
	Total from investment operations			2.42				2.73				(1.89	)			4.38				2.82				0.33
	Distributions to shareholders from net investment income			(0.08	)			(0.12	)			(0.09	)			(0.11	)			(0.13	)			(0.15	)
	Distributions to shareholders from net realized gains			(0.14	)			(0.53	)			(1.03	)			(0.74	)			(0.62	)			(0.87	)
	Total distributions			(0.22	)			(0.65	)			(1.12	)			(0.85	)			(0.75	)			(1.02	)
	Net asset value, end of period		$	19.79			$	17.59			$	15.51			$	18.52			$	14.99			$	12.92
	Total Return(b)			13.88	%			18.34	%			(11.07	)%			30.55	%			22.58	%			3.56	%
	Net assets, end of period (in 000’s)		$	66,345			$	24,509			$	22,240			$	24,713			$	15,263			$	11,110
	Ratio of net expenses to average net assets			0.57	%(c)			0.58	%			0.58	%			0.58	%			0.61	%			0.58	%
	Ratio of total expenses to average net assets			0.89	%(c)			1.18	%			1.22	%			1.59	%			1.94	%			2.47	%
	Ratio of net investment income to average net assets			0.87	%(c)			0.92	%			0.75	%			0.59	%			0.96	%			1.13	%
	Portfolio turnover rate(d)			47	%			63	%			49	%			43	%			69	%			50	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Core
		Class A Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	28.07			$	26.18			$	34.35			$	26.94			$	22.93			$	32.46
	Net investment income (loss)(a)			0.05				0.09				0.04				(0.05	)			0.05				0.08
	Net realized and unrealized gain (loss)			3.59				3.87				(4.79	)			8.52				4.93				(0.28	)
	Total from investment operations			3.64				3.96				(4.75	)			8.47				4.98				(0.20	)
	Distributions to shareholders from net investment income			(0.11	)			(0.08	)			–				(0.06	)			(0.08	)			–	(b)
	Distributions to shareholders from net realized gains			(0.03	)			(1.99	)			(3.42	)			(1.00	)			(0.89	)			(9.33	)
	Total distributions			(0.14	)			(2.07	)			(3.42	)			(1.06	)			(0.97	)			(9.33	)
	Net asset value, end of period		$	31.57			$	28.07			$	26.18			$	34.35			$	26.94			$	22.93
	Total Return(c)			12.99	%			16.13	%			(15.37	)%			32.38	%			22.26	%			3.72	%
	Net assets, end of period (in 000’s)		$	896,114			$	816,621			$	756,801			$	961,786			$	776,919			$	708,827
	Ratio of net expenses to average net assets			1.02	%(d)			1.04	%			1.07	%			1.11	%			1.14	%			1.14	%
	Ratio of total expenses to average net assets			1.15	%(d)			1.17	%			1.15	%			1.17	%			1.22	%			1.22	%
	Ratio of net investment income (loss) to average net assets			0.36	%(d)			0.35	%			0.14	%			(0.17	)%			0.23	%			0.36	%
	Portfolio turnover rate(e)			24	%			42	%			63	%			46	%			47	%			55	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Core
		Class C Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.65			$	13.81			$	19.86			$	16.05			$	14.05			$	24.01
	Net investment loss(a)			(0.03	)			(0.05	)			(0.10	)			(0.16	)			(0.06	)			(0.07	)
	Net realized and unrealized gain (loss)			1.73				1.91				(2.53	)			4.97				2.95				(0.56	)
	Total from investment operations			1.70				1.86				(2.63	)			4.81				2.89				(0.63	)
	Distributions to shareholders from net investment income			(0.05	)			(0.03	)			–				–				–				–
	Distributions to shareholders from net realized gains			(0.03	)			(1.99	)			(3.42	)			(1.00	)			(0.89	)			(9.33	)
	Total distributions			(0.08	)			(2.02	)			(3.42	)			(1.00	)			(0.89	)			(9.33	)
	Net asset value, end of period		$	15.27			$	13.65			$	13.81			$	19.86			$	16.05			$	14.05
	Total Return(b)			12.53	%			15.32	%			(16.04	)%			31.41	%			21.37	%			3.01	%
	Net assets, end of period (in 000’s)		$	18,420			$	16,921			$	16,518			$	21,144			$	16,596			$	18,674
	Ratio of net expenses to average net assets			1.77	%(c)			1.79	%			1.82	%			1.86	%			1.89	%			1.89	%
	Ratio of total expenses to average net assets			1.90	%(c)			1.92	%			1.90	%			1.92	%			1.97	%			1.97	%
	Ratio of net investment loss to average net assets			(0.39	)%(c)			(0.40	)%			(0.61	)%			(0.92	)%			(0.45	)%			(0.41	)%
	Portfolio turnover rate(d)			24	%			42	%			63	%			46	%			47	%			55	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 67

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Core
		Institutional Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	33.78			$	31.09			$	40.01			$	31.19			$	26.39			$	35.76
	Net investment income(a)			0.12				0.21				0.17				0.07				0.16				0.20
	Net realized and unrealized gain (loss)			4.32				4.64				(5.67	)			9.90				5.70				(0.17	)
	Total from investment operations			4.44				4.85				(5.50	)			9.97				5.86				0.03
	Distributions to shareholders from net investment income			(0.20	)			(0.17	)			–				(0.15	)			(0.17	)			(0.07	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.99	)			(3.42	)			(1.00	)			(0.89	)			(9.33	)
	Total distributions			(0.23	)			(2.16	)			(3.42	)			(1.15	)			(1.06	)			(9.40	)
	Net asset value, end of period		$	37.99			$	33.78			$	31.09			$	40.01			$	31.19			$	26.39
	Total Return(b)			13.18	%			16.54	%			(15.08	)%			32.86	%			22.71	%			4.14	%
	Net assets, end of period (in 000’s)		$	122,425			$	104,217			$	93,741			$	118,823			$	64,708			$	60,169
	Ratio of net expenses to average net assets			0.70	%(c)			0.71	%			0.72	%			0.74	%			0.76	%			0.75	%
	Ratio of total expenses to average net assets			0.79	%(c)			0.80	%			0.78	%			0.80	%			0.84	%			0.83	%
	Ratio of net investment income to average net assets			0.68	%(c)			0.69	%			0.49	%			0.20	%			0.58	%			0.74	%
	Portfolio turnover rate(d)			24	%			42	%			63	%			46	%			47	%			55	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Core
		Service Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	26.13			$	24.51			$	32.41			$	25.46			$	21.73			$	31.33
	Net investment income (loss)(a)			0.02				0.05				(0.03	)			(0.08	)			0.03				0.06
	Net realized and unrealized gain (loss)			3.34				3.60				(4.45	)			8.04				4.66				(0.33	)
	Total from investment operations			3.36				3.65				(4.48	)			7.96				4.69				(0.27	)
	Distributions to shareholders from net investment income			(0.06	)			(0.04	)			–				(0.01	)			(0.07	)			–
	Distributions to shareholders from net realized gains			(0.03	)			(1.99	)			(3.42	)			(1.00	)			(0.89	)			(9.33	)
	Total distributions			(0.09	)			(2.03	)			(3.42	)			(1.01	)			(0.96	)			(9.33	)
	Net asset value, end of period		$	29.40			$	26.13			$	24.51			$	32.41			$	25.46			$	21.73
	Total Return(b)			12.89	%			15.99	%			(15.50	)%			32.21	%			22.12	%			3.57	%
	Net assets, end of period (in 000’s)		$	798			$	960			$	486			$	2,151			$	1,814			$	1,546
	Ratio of net expenses to average net assets			1.20	%(c)			1.21	%			1.23	%			1.24	%			1.26	%			1.25	%
	Ratio of total expenses to average net assets			1.29	%(c)			1.30	%			1.28	%			1.30	%			1.34	%			1.33	%
	Ratio of net investment income (loss) to average net assets			0.17	%(c)			0.20	%			(0.11	)%			(0.30	)%			0.13	%			0.25	%
	Portfolio turnover rate(d)			24	%			42	%			63	%			46	%			47	%			55	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 69

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Core
		Investor Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	28.96			$	26.96			$	35.18			$	27.56			$	23.43			$	32.94
	Net investment income(a)			0.09				0.16				0.13				0.02				0.11				0.15
	Net realized and unrealized gain (loss)			3.70				3.98				(4.93	)			8.73				5.05				(0.28	)
	Total from investment operations			3.79				4.14				(4.80	)			8.75				5.16				(0.13	)
	Distributions to shareholders from net investment income			(0.18	)			(0.15	)			–				(0.13	)			(0.14	)			(0.05	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.99	)			(3.42	)			(1.00	)			(0.89	)			(9.33	)
	Total distributions			(0.21	)			(2.14	)			(3.42	)			(1.13	)			(1.03	)			(9.38	)
	Net asset value, end of period		$	32.54			$	28.96			$	26.96			$	35.18			$	27.56			$	23.43
	Total Return(b)			13.15	%			16.43	%			(15.16	)%			32.71	%			22.56	%			3.96	%
	Net assets, end of period (in 000’s)		$	49,548			$	40,556			$	36,346			$	21,889			$	8,703			$	6,649
	Ratio of net expenses to average net assets			0.77	%(c)			0.79	%			0.81	%			0.86	%			0.89	%			0.89	%
	Ratio of total expenses to average net assets			0.90	%(c)			0.92	%			0.90	%			0.92	%			0.96	%			0.97	%
	Ratio of net investment income to average net assets			0.60	%(c)			0.61	%			0.44	%			0.08	%			0.46	%			0.60	%
	Portfolio turnover rate(d)			24	%			42	%			63	%			46	%			47	%			55	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Core
		Class R6 Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	33.72			$	31.04			$	39.96			$	31.14			$	26.35			$	35.75
	Net investment income(a)			0.12				0.22				0.19				0.07				0.16				0.19
	Net realized and unrealized gain (loss)			4.31				4.62				(5.69	)			9.90				5.69				(0.17	)
	Total from investment operations			4.43				4.84				(5.50	)			9.97				5.85				0.02
	Distributions to shareholders from net investment income			(0.20	)			(0.17	)			–				(0.15	)			(0.17	)			(0.09	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.99	)			(3.42	)			(1.00	)			(0.89	)			(9.33	)
	Total distributions			(0.23	)			(2.16	)			(3.42	)			(1.15	)			(1.06	)			(9.42	)
	Net asset value, end of period		$	37.92			$	33.72			$	31.04			$	39.96			$	31.14			$	26.35
	Total Return(b)			13.15	%			16.55	%			(15.07	)%			32.92	%			22.71	%			4.12	%
	Net assets, end of period (in 000’s)		$	98,154			$	88,467			$	78,897			$	8,707			$	2,454			$	2,313
	Ratio of net expenses to average net assets			0.69	%(c)			0.70	%			0.70	%			0.73	%			0.75	%			0.74	%
	Ratio of total expenses to average net assets			0.78	%(c)			0.79	%			0.77	%			0.78	%			0.83	%			0.83	%
	Ratio of net investment income to average net assets			0.69	%(c)			0.70	%			0.56	%			0.21	%			0.59	%			0.75	%
	Portfolio turnover rate(d)			24	%			42	%			63	%			46	%			47	%			55	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 71

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Core
		Class R Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	25.86			$	24.29			$	32.19			$	25.32			$	21.63			$	31.26
	Net investment income (loss)(a)			0.01				0.02				(0.03	)			(0.12	)			–	(b)			0.02
	Net realized and unrealized gain (loss)			3.31				3.57				(4.45	)			8.01				4.62				(0.32	)
	Total from investment operations			3.32				3.59				(4.48	)			7.89				4.62				(0.30	)
	Distributions to shareholders from net investment income			(0.05	)			(0.03	)			–				(0.02	)			(0.04	)			–
	Distributions to shareholders from net realized gains			(0.03	)			(1.99	)			(3.42	)			(1.00	)			(0.89	)			(9.33	)
	Total distributions			(0.08	)			(2.02	)			(3.42	)			(1.02	)			(0.93	)			(9.33	)
	Net asset value, end of period		$	29.10			$	25.86			$	24.29			$	32.19			$	25.32			$	21.63
	Total Return(c)			12.82	%			15.85	%			(15.58	)%			32.09	%			21.90	%			3.47	%
	Net assets, end of period (in 000’s)		$	9,520			$	8,577			$	8,186			$	12,608			$	10,097			$	8,559
	Ratio of net expenses to average net assets			1.27	%(d)			1.29	%			1.32	%			1.36	%			1.39	%			1.39	%
	Ratio of total expenses to average net assets			1.40	%(d)			1.42	%			1.40	%			1.42	%			1.47	%			1.47	%
	Ratio of net investment income (loss) to average net assets			0.11	%(d)			0.10	%			(0.12	)%			(0.42	)%			0.01	%			0.11	%
	Portfolio turnover rate(e)			24	%			42	%			63	%			46	%			47	%			55	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP CORE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Core
		Class P Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	33.71			$	31.03			$	39.94			$	31.13			$	26.34			$	35.74
	Net investment income(a)			0.12				0.22				0.18				0.07				0.16				0.20
	Net realized and unrealized gain (loss)			4.31				4.62				(5.67	)			9.89				5.69				(0.18	)
	Total from investment operations			4.43				4.84				(5.49	)			9.96				5.85				0.02
	Distributions to shareholders from net investment income			(0.20	)			(0.17	)			–				(0.15	)			(0.17	)			(0.09	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.99	)			(3.42	)			(1.00	)			(0.89	)			(9.33	)
	Total distributions			(0.23	)			(2.16	)			(3.42	)			(1.15	)			(1.06	)			(9.42	)
	Net asset value, end of period		$	37.91			$	33.71			$	31.03			$	39.94			$	31.13			$	26.34
	Total Return(b)			13.19	%			16.56	%			(15.08	)%			32.90	%			22.73	%			4.13	%
	Net assets, end of period (in 000’s)		$	139,290			$	120,003			$	109,347			$	132,700			$	95,182			$	85,422
	Ratio of net expenses to average net assets			0.69	%(c)			0.70	%			0.71	%			0.73	%			0.75	%			0.74	%
	Ratio of total expenses to average net assets			0.78	%(c)			0.79	%			0.77	%			0.79	%			0.83	%			0.82	%
	Ratio of net investment income to average net assets			0.69	%(c)			0.70	%			0.50	%			0.21	%			0.59	%			0.75	%
	Portfolio turnover rate(d)			24	%			42	%			63	%			46	%			47	%			55	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 73

GOLDMAN SACHS MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Growth
		Class A Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.84			$	11.03			$	18.20			$	17.14			$	18.14			$	23.42
	Net investment loss(a)			(0.03	)			(0.05	)			(0.10	)			(0.15	)			(0.10	)			(0.09	)
	Net realized and unrealized gain (loss)			1.42				0.86				(3.93	)			5.26				4.13				0.69
	Total from investment operations			1.39				0.81				(4.03	)			5.11				4.03				0.60
	Distributions to shareholders from net realized gains			–				(1.00	)			(3.14	)			(4.05	)			(5.03	)			(5.88	)
	Net asset value, end of period		$	12.23			$	10.84			$	11.03			$	18.20			$	17.14			$	18.14
	Total Return(b)			12.82	%			7.76	%			(25.93	)%			33.85	%			28.84	%			8.00	%
	Net assets, end of period (in 000’s)		$	260,573			$	244,602			$	262,404			$	404,921			$	347,644			$	331,433
	Ratio of net expenses to average net assets			1.15	%(c)			1.19	%			1.24	%			1.24	%			1.25	%			1.27	%
	Ratio of total expenses to average net assets			1.38	%(c)			1.39	%			1.37	%			1.37	%			1.41	%			1.39	%
	Ratio of net investment loss to average net assets			(0.47	)%(c)			(0.51	)%			(0.73	)%			(0.87	)%			(0.64	)%			(0.51	)%
	Portfolio turnover rate(d)			27	%			43	%			50	%			57	%			65	%			69	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Growth
		Class C Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.31			$	17.15			$	102.96			$	162.72			$	243.84			$	386.64
	Net investment loss(a)			(0.11	)			(0.21	)			(0.48	)			(1.68	)			(2.16	)			(3.12	)
	Net realized and unrealized gain (loss)			2.26				1.37				(9.97	)			39.12				41.76				1.44
	Total from investment operations			2.15				1.16				(10.45	)			37.44				39.60				(1.68	)
	Distributions to shareholders from net realized gains			–				(1.00	)			(75.36	)			(97.20	)			(120.72	)			(141.12	)
	Net asset value, end of period		$	19.46			$	17.31			$	17.15			$	102.96			$	162.72			$	243.84
	Total Return(b)			12.42	%			7.00	%			(26.40	)%			32.89	%			27.86	%			7.24	%
	Net assets, end of period (in 000’s)		$	10,500			$	10,235			$	13,261			$	23,337			$	28,894			$	40,072
	Ratio of net expenses to average net assets			1.90	%(c)			1.94	%			1.99	%			1.99	%			2.00	%			2.02	%
	Ratio of total expenses to average net assets			2.13	%(c)			2.14	%			2.12	%			2.12	%			2.16	%			2.14	%
	Ratio of net investment loss to average net assets			(1.22	)%(c)			(1.26	)%			(1.48	)%			(1.62	)%			(1.38	)%			(1.25	)%
	Portfolio turnover rate(d)			27	%			43	%			50	%			57	%			65	%			69	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 75

GOLDMAN SACHS MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Growth
		Institutional Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.73			$	17.37			$	26.68			$	23.41			$	22.93			$	27.78
	Net investment loss(a)			(0.02	)			(0.03	)			(0.08	)			(0.13	)			(0.06	)			(0.04	)
	Net realized and unrealized gain (loss)			2.32				1.39				(6.09	)			7.45				5.57				1.07
	Total from investment operations			2.30				1.36				(6.17	)			7.32				5.51				1.03
	Distributions to shareholders from net realized gains			–				(1.00	)			(3.14	)			(4.05	)			(5.03	)			(5.88	)
	Net asset value, end of period		$	20.03			$	17.73			$	17.37			$	26.68			$	23.41			$	22.93
	Total Return(b)			12.97	%			8.11	%			(25.69	)%			34.27	%			29.33	%			8.34	%
	Net assets, end of period (in 000’s)		$	278,126			$	275,045			$	313,137			$	478,127			$	442,693			$	491,659
	Ratio of net expenses to average net assets			0.85	%(c)			0.87	%			0.90	%			0.90	%			0.91	%			0.93	%
	Ratio of total expenses to average net assets			1.02	%(c)			1.02	%			1.00	%			1.00	%			1.03	%			1.01	%
	Ratio of net investment loss to average net assets			(0.17	)%(c)			(0.20	)%			(0.39	)%			(0.53	)%			(0.29	)%			(0.17	)%
	Portfolio turnover rate(d)			27	%			43	%			50	%			57	%			65	%			69	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Growth
		Service Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	9.03			$	9.36			$	15.97			$	15.50			$	16.89			$	22.29
	Net investment loss(a)			(0.03	)			(0.06	)			(0.10	)			(0.16	)			(0.11	)			(0.11	)
	Net realized and unrealized gain (loss)			1.18				0.73				(3.37	)			4.68				3.75				0.59
	Total from investment operations			1.15				0.67				(3.47	)			4.52				3.64				0.48
	Distributions to shareholders from net realized gains			–				(1.00	)			(3.14	)			(4.05	)			(5.03	)			(5.88	)
	Net asset value, end of period		$	10.18			$	9.03			$	9.36			$	15.97			$	15.50			$	16.89
	Total Return(b)			12.74	%			7.64	%			(26.06	)%			33.59	%			28.64	%			7.82	%
	Net assets, end of period (in 000’s)		$	23,437			$	21,916			$	21,107			$	33,114			$	27,723			$	27,094
	Ratio of net expenses to average net assets			1.35	%(c)			1.37	%			1.40	%			1.40	%			1.41	%			1.43	%
	Ratio of total expenses to average net assets			1.52	%(c)			1.52	%			1.50	%			1.50	%			1.53	%			1.51	%
	Ratio of net investment loss to average net assets			(0.65	)%(c)			(0.70	)%			(0.90	)%			(1.03	)%			(0.79	)%			(0.67	)%
	Portfolio turnover rate(d)			27	%			43	%			50	%			57	%			65	%			69	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 77

GOLDMAN SACHS MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Growth
		Investor Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	12.83			$	12.84			$	20.61			$	18.90			$	19.47			$	24.59
	Net investment loss(a)			(0.01	)			(0.03	)			(0.07	)			(0.12	)			(0.07	)			(0.05	)
	Net realized and unrealized gain (loss)			1.67				1.02				(4.56	)			5.88				4.53				0.81
	Total from investment operations			1.66				0.99				(4.63	)			5.76				4.46				0.76
	Distributions to shareholders from net realized gains			–				(1.00	)			(3.14	)			(4.05	)			(5.03	)			(5.88	)
	Net asset value, end of period		$	14.49			$	12.83			$	12.84			$	20.61			$	18.90			$	19.47
	Total Return(b)			12.94	%			8.09	%			(25.79	)%			34.19	%			29.15	%			8.33	%
	Net assets, end of period (in 000’s)		$	94,794			$	69,632			$	70,759			$	105,878			$	81,928			$	77,012
	Ratio of net expenses to average net assets			0.90	%(c)			0.93	%			0.99	%			0.99	%			1.00	%			1.01	%
	Ratio of total expenses to average net assets			1.13	%(c)			1.14	%			1.12	%			1.12	%			1.16	%			1.15	%
	Ratio of net investment loss to average net assets			(0.22	)%(c)			(0.26	)%			(0.48	)%			(0.62	)%			(0.39	)%			(0.25	)%
	Portfolio turnover rate(d)			27	%			43	%			50	%			57	%			65	%			69	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Growth
		Class R6 Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.76			$	17.40			$	26.72			$	23.44			$	22.95			$	27.80
	Net investment loss(a)			(0.01	)			(0.03	)			(0.08	)			(0.13	)			(0.06	)			(0.04	)
	Net realized and unrealized gain (loss)			2.33				1.39				(6.10	)			7.46				5.58				1.07
	Total from investment operations			2.32				1.36				(6.18	)			7.33				5.52				1.03
	Distributions to shareholders from net realized gains			–				(1.00	)			(3.14	)			(4.05	)			(5.03	)			(5.88	)
	Net asset value, end of period		$	20.08			$	17.76			$	17.40			$	26.72			$	23.44			$	22.95
	Total Return(b)			13.06	%			8.10	%			(25.69	)%			34.27	%			29.35	%			8.35	%
	Net assets, end of period (in 000’s)		$	208,380			$	192,601			$	199,472			$	283,233			$	211,480			$	181,988
	Ratio of net expenses to average net assets			0.84	%(c)			0.86	%			0.89	%			0.89	%			0.90	%			0.92	%
	Ratio of total expenses to average net assets			1.01	%(c)			1.01	%			0.99	%			0.99	%			1.02	%			1.00	%
	Ratio of net investment loss to average net assets			(0.11	)%(c)			(0.18	)%			(0.38	)%			(0.53	)%			(0.28	)%			(0.16	)%
	Portfolio turnover rate(d)			27	%			43	%			50	%			57	%			65	%			69	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 79

GOLDMAN SACHS MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Growth
		Class R Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	9.03			$	9.37			$	15.99			$	15.53			$	16.92			$	22.33
	Net investment loss(a)			(0.03	)			(0.07	)			(0.11	)			(0.17	)			(0.12	)			(0.13	)
	Net realized and unrealized gain (loss)			1.17				0.73				(3.37	)			4.68				3.76				0.60
	Total from investment operations			1.14				0.66				(3.48	)			4.51				3.64				0.47
	Distributions to shareholders from net realized gains			–				(1.00	)			(3.14	)			(4.05	)			(5.03	)			(5.88	)
	Net asset value, end of period		$	10.17			$	9.03			$	9.37			$	15.99			$	15.53			$	16.92
	Total Return(b)			12.62	%			7.53	%			(26.10	)%			33.44	%			28.58	%			7.75	%
	Net assets, end of period (in 000’s)		$	32,736			$	31,403			$	33,397			$	54,987			$	48,780			$	45,005
	Ratio of net expenses to average net assets			1.40	%(c)			1.43	%			1.49	%			1.49	%			1.50	%			1.51	%
	Ratio of total expenses to average net assets			1.63	%(c)			1.64	%			1.62	%			1.62	%			1.66	%			1.64	%
	Ratio of net investment loss to average net assets			(0.72	)%(c)			(0.76	)%			(0.98	)%			(1.12	)%			(0.89	)%			(0.76	)%
	Portfolio turnover rate(d)			27	%			43	%			50	%			57	%			65	%			69	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Growth
		Class P Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.78			$	17.41			$	26.74			$	23.45			$	22.96			$	27.80
	Net investment loss(a)			(0.01	)			(0.03	)			(0.08	)			(0.13	)			(0.06	)			(0.04	)
	Net realized and unrealized gain (loss)			2.32				1.40				(6.11	)			7.47				5.58				1.08
	Total from investment operations			2.31				1.37				(6.19	)			7.34				5.52				1.04
	Distributions to shareholders from net realized gains			–				(1.00	)			(3.14	)			(4.05	)			(5.03	)			(5.88	)
	Net asset value, end of period		$	20.09			$	17.78			$	17.41			$	26.74			$	23.45			$	22.96
	Total Return(b)			12.99	%			8.15	%			(25.68	)%			34.26	%			29.34	%			8.38	%
	Net assets, end of period (in 000’s)		$	45,265			$	43,066			$	50,932			$	90,649			$	69,989			$	69,893
	Ratio of net expenses to average net assets			0.84	%(c)			0.86	%			0.89	%			0.89	%			0.90	%			0.92	%
	Ratio of total expenses to average net assets			1.01	%(c)			1.01	%			0.99	%			0.99	%			1.02	%			1.00	%
	Ratio of net investment loss to average net assets			(0.16	)%(c)			(0.19	)%			(0.40	)%			(0.53	)%			(0.28	)%			(0.16	)%
	Portfolio turnover rate(d)			27	%			43	%			50	%			57	%			65	%			69	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 81

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth
		Class A Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,												Period Ended August 31, 2020(a)
						2023				2022				2021
	Per Share Data
	Net asset value, beginning of period		$	12.01			$	11.16			$	16.89			$	12.81			$	10.00
	Net investment loss(b)			(0.05	)			(0.10	)			(0.10	)(c)			(0.16	)(d)			(0.09	)
	Net realized and unrealized gain (loss)			1.61				0.95				(4.04	)			5.36				2.92
	Total from investment operations			1.56				0.85				(4.14	)			5.20				2.83
	Distributions to shareholders from net investment income			–				–				–				(0.02	)			(0.02	)
	Distributions to shareholders from net realized gains			–				–				(1.59	)			(1.10	)			–
	Total distributions			–				–				(1.59	)			(1.12	)			(0.02	)
	Net asset value, end of period		$	13.57			$	12.01			$	11.16			$	16.89			$	12.81
	Total Return(e)			13.07	%			7.62	%			(26.55	)%			41.87	%			28.30	%
	Net assets, end of period (in 000’s)		$	575			$	561			$	451			$	669			$	175
	Ratio of net expenses to average net assets			1.22	%(f)			1.24	%			1.28	%			1.28	%			1.30	%(f)
	Ratio of total expenses to average net assets			2.12	%(f)			2.09	%			2.16	%			3.50	%			8.30	%(f)
	Ratio of net investment loss to average net assets			(0.77	)%(f)			(0.85	)%			(0.74	)%(c)			(1.01	)%(d)			(0.94	)%(f)
	Portfolio turnover rate(g)			51	%			87	%			81	%			101	%			70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

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

(f) Annualized.

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

  

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth
		Class C Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,												Period Ended August 31, 2020(a)
						2023				2022				2021
	Per Share Data
	Net asset value, beginning of period		$	11.67			$	10.93			$	16.69			$	12.74			$	10.00
	Net investment loss(b)			(0.09	)			(0.17	)			(0.20	)(c)			(0.27	)(d)			(0.15	)
	Net realized and unrealized gain (loss)			1.56				0.91				(3.97	)			5.32				2.89
	Total from investment operations			1.47				0.74				(4.17	)			5.05				2.74
	Distributions to shareholders from net realized gains			–				–				(1.59	)			(1.10	)			–
	Net asset value, end of period		$	13.14			$	11.67			$	10.93			$	16.69			$	12.74
	Total Return(e)			12.68	%			6.77	%			(27.08	)%			40.86	%			27.44	%
	Net assets, end of period (in 000’s)		$	149			$	112			$	72			$	119			$	91
	Ratio of net expenses to average net assets			1.97	%(f)			2.00	%			2.03	%			2.03	%			2.06	%(f)
	Ratio of total expenses to average net assets			2.87	%(f)			2.84	%			2.92	%			4.09	%			9.80	%(f)
	Ratio of net investment loss to average net assets			(1.52	)%(f)			(1.58	)%			(1.48	)%(c)			(1.78	)%(d)			(1.70	)%(f)
	Portfolio turnover rate(g)			51	%			87	%			81	%			101	%			70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

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

(f) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 83

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth
		Institutional Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,												Period Ended August 31, 2020(a)
						2023				2022				2021
	Per Share Data
	Net asset value, beginning of period		$	12.17			$	11.28			$	16.98			$	12.84			$	10.00
	Net investment loss(b)			(0.03	)			(0.06	)			(0.04	)(c)			(0.10	)(d)			(0.05	)
	Net realized and unrealized gain (loss)			1.64				0.95				(4.07	)			5.37				2.91
	Total from investment operations			1.61				0.89				(4.11	)			5.27				2.86
	Distributions to shareholders from net investment income			–				–				–				(0.03	)			(0.02	)
	Distributions to shareholders from net realized gains			–				–				(1.59	)			(1.10	)			–
	Total distributions			–				–				(1.59	)			(1.13	)			(0.02	)
	Net asset value, end of period		$	13.78			$	12.17			$	11.28			$	16.98			$	12.84
	Total Return(e)			13.23	%			7.89	%			(26.21	)%			42.36	%			28.68	%
	Net assets, end of period (in 000’s)		$	22,849			$	22,012			$	18,661			$	14,313			$	10,516
	Ratio of net expenses to average net assets			0.91	%(f)			0.91	%			0.91	%			0.91	%			0.93	%(f)
	Ratio of total expenses to average net assets			1.77	%(f)			1.73	%			1.75	%			2.93	%			8.24	%(f)
	Ratio of net investment loss to average net assets			(0.46	)%(f)			(0.49	)%			(0.34	)%(c)			(0.66	)%(d)			(0.58	)%(f)
	Portfolio turnover rate(g)			51	%			87	%			81	%			101	%			70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

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

(f) Annualized.

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

  

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth
		Investor Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,												Period Ended August 31, 2020(a)
						2023				2022				2021
	Per Share Data
	Net asset value, beginning of period		$	12.13			$	11.24			$	16.96			$	12.83			$	10.00
	Net investment loss(b)			(0.03	)			(0.08	)			(0.06	)(c)			(0.12	)(d)			(0.06	)
	Net realized and unrealized gain (loss)			1.63				0.97				(4.07	)			5.37				2.91
	Total from investment operations			1.60				0.89				(4.13	)			5.25				2.85
	Distributions to shareholders from net investment income			–				–				–				(0.02	)			(0.02	)
	Distributions to shareholders from net realized gains			–				–				(1.59	)			(1.10	)			–
	Total distributions			–				–				(1.59	)			(1.12	)			(0.02	)
	Net asset value, end of period		$	13.73			$	12.13			$	11.24			$	16.96			$	12.83
	Total Return(e)			13.19	%			7.92	%			(26.37	)%			42.21	%			28.55	%
	Net assets, end of period (in 000’s)		$	26,413			$	5,116			$	67			$	91			$	64
	Ratio of net expenses to average net assets			0.97	%(f)			0.98	%			1.03	%			1.03	%			1.06	%(f)
	Ratio of total expenses to average net assets			1.77	%(f)			1.77	%			1.90	%			3.13	%			9.22	%(f)
	Ratio of net investment loss to average net assets			(0.48	)%(f)			(0.63	)%			(0.48	)%(c)			(0.78	)%(d)			(0.69	)%(f)
	Portfolio turnover rate(g)			51	%			87	%			81	%			101	%			70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

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

(f) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 85

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

		Small Cap Growth
		Class R6 Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,												Period Ended August 31, 2020(a)
						2023				2022				2021
	Per Share Data
	Net asset value, beginning of period		$	12.18			$	11.28			$	16.99			$	12.84			$	10.00
	Net investment loss(b)			(0.03	)			(0.06	)			(0.05	)(c)			(0.10	)(d)			(0.05	)
	Net realized and unrealized gain (loss)			1.63				0.96				(4.07	)			5.38				2.91
	Total from investment operations			1.60				0.90				(4.12	)			5.28				2.86
	Distributions to shareholders from net investment income			–				–				–				(0.03	)			(0.02	)
	Distributions to shareholders from net realized gains			–				–				(1.59	)			(1.10	)			–
	Total distributions			–				–				(1.59	)			(1.13	)			(0.02	)
	Net asset value, end of period		$	13.78			$	12.18			$	11.28			$	16.99			$	12.84
	Total Return(e)			13.22	%			7.98	%			(26.25	)%			42.44	%			28.68	%
	Net assets, end of period (in 000’s)		$	90			$	80			$	68			$	92			$	64
	Ratio of net expenses to average net assets			0.90	%(f)			0.90	%			0.90	%			0.90	%			0.93	%(f)
	Ratio of total expenses to average net assets			1.76	%(f)			1.72	%			1.77	%			3.00	%			9.08	%(f)
	Ratio of net investment loss to average net assets			(0.44	)%(f)			(0.49	)%			(0.35	)%(c)			(0.65	)%(d)			(0.55	)%(f)
	Portfolio turnover rate(g)			51	%			87	%			81	%			101	%			70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

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

(f) Annualized.

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

  

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth
		Class P Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,												Period Ended August 31, 2020(a)
						2023				2022				2021
	Per Share Data
	Net asset value, beginning of period		$	12.17			$	11.27			$	16.98			$	12.84			$	10.00
	Net investment loss(b)			(0.03	)			(0.06	)			(0.04	)(c)			(0.10	)(d)			(0.05	)
	Net realized and unrealized gain (loss)			1.63				0.96				(4.08	)			5.37				2.91
	Total from investment operations			1.60				0.90				(4.12	)			5.27				2.86
	Distributions to shareholders from net investment income			–				–				–				(0.03	)			(0.02	)
	Distributions to shareholders from net realized gains			–				–				(1.59	)			(1.10	)			–
	Total distributions			–				–				(1.59	)			(1.13	)			(0.02	)
	Net asset value, end of period		$	13.77			$	12.17			$	11.27			$	16.98			$	12.84
	Total Return(e)			13.23	%			7.99	%			(26.27	)%			42.38	%			28.68	%
	Net assets, end of period (in 000’s)		$	13,167			$	12,859			$	11,540			$	5,349			$	2,831
	Ratio of net expenses to average net assets			0.90	%(f)			0.90	%			0.90	%			0.90	%			0.90	%(f)
	Ratio of total expenses to average net assets			1.76	%(f)			1.72	%			1.75	%			3.00	%			6.73	%(f)
	Ratio of net investment loss to average net assets			(0.44	)%(f)			(0.49	)%			(0.35	)%(c)			(0.64	)%(d)			(0.55	)%(f)
	Portfolio turnover rate(g)			51	%			87	%			81	%			101	%			70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

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

(f) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 87

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Growth
		Class A Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	18.04			$	17.06			$	28.31			$	23.56			$	20.53			$	23.94
	Net investment loss(a)			(0.06	)			(0.12	)			(0.17	)			(0.25	)			(0.15	)			(0.12	)(b)
	Net realized and unrealized gain (loss)			2.93				1.10				(7.31	)			8.84				6.20				0.36
	Total from investment operations			2.87				0.98				(7.48	)			8.59				6.05				0.24
	Distributions to shareholders from net realized gains			–				–				(3.74	)			(3.84	)			(3.02	)			(3.65	)
	Distributions to shareholders from return of capital			–				–				(0.03	)			–				–				–
	Total distributions			–				–				(3.77	)			(3.84	)			(3.02	)			(3.65	)
	Net asset value, end of period		$	20.91			$	18.04			$	17.06			$	28.31			$	23.56			$	20.53
	Total Return(c)			15.96	%			5.74	%			(29.64	)%			39.05	%			33.09	%			4.33	%
	Net assets, end of period (in 000’s)		$	272,714			$	255,118			$	276,714			$	470,941			$	309,715			$	295,072
	Ratio of net expenses to average net assets			1.25	%(d)			1.26	%			1.22	%			1.21	%			1.27	%			1.26	%
	Ratio of total expenses to average net assets			1.29	%(d)			1.30	%			1.27	%			1.26	%			1.32	%			1.32	%
	Ratio of net investment loss to average net assets			(0.72	)%			(0.70	)%			(0.79	)%			(0.94	)%			(0.74	)%			(0.59	)%
	Portfolio turnover rate(e)			30	%			62	%			65	%			60	%			76	%			76	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

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

(d) Annualized.

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

  

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Growth
		Class C Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	12.57			$	11.98			$	21.23			$	18.59			$	16.90			$	20.60
	Net investment loss(a)			(0.09	)			(0.18	)			(0.24	)			(0.34	)			(0.25	)			(0.22	)(b)
	Net realized and unrealized gain (loss)			2.04				0.77				(5.24	)			6.82				4.96				0.17
	Total from investment operations			1.95				0.59				(5.48	)			6.48				4.71				(0.05	)
	Distributions to shareholders from net realized gains			–				–				(3.74	)			(3.84	)			(3.02	)			(3.65	)
	Distributions to shareholders from return of capital			–				–				(0.03	)			–				–				–
	Total distributions			–				–				(3.77	)			(3.84	)			(3.02	)			(3.65	)
	Net asset value, end of period		$	14.52			$	12.57			$	11.98			$	21.23			$	18.59			$	16.90
	Total Return(c)			15.59	%			4.92	%			(30.18	)%			38.00	%			32.18	%			3.50	%
	Net assets, end of period (in 000’s)		$	54,454			$	59,508			$	76,089			$	145,721			$	153,835			$	166,172
	Ratio of net expenses to average net assets			2.00	%(d)			2.01	%			1.97	%			1.96	%			2.02	%			2.01	%
	Ratio of total expenses to average net assets			2.04	%(d)			2.05	%			2.02	%			2.01	%			2.08	%			2.07	%
	Ratio of net investment loss to average net assets			(1.46	)%			(1.45	)%			(1.54	)%			(1.69	)%			(1.55	)%			(1.35	)%
	Portfolio turnover rate(e)			30	%			62	%			65	%			60	%			76	%			76	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

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

(d) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 89

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Growth
		Institutional Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.88			$	19.68			$	31.94			$	26.09			$	22.36			$	25.63
	Net investment loss(a)			(0.04	)			(0.07	)			(0.11	)			(0.18	)			(0.09	)			(0.06	)(b)
	Net realized and unrealized gain (loss)			3.40				1.27				(8.38	)			9.87				6.84				0.44
	Total from investment operations			3.36				1.20				(8.49	)			9.69				6.75				0.38
	Distributions to shareholders from net realized gains			–				–				(3.74	)			(3.84	)			(3.02	)			(3.65	)
	Distributions to shareholders from return of capital			–				–				(0.03	)			–				–				–
	Total distributions			–				–				(3.77	)			(3.84	)			(3.02	)			(3.65	)
	Net asset value, end of period		$	24.24			$	20.88			$	19.68			$	31.94			$	26.09			$	22.36
	Total Return(c)			16.14	%			6.10	%			(29.42	)%			39.51	%			33.55	%			4.62	%
	Net assets, end of period (in 000’s)		$	810,367			$	759,588			$	824,359			$	1,303,226			$	921,412			$	853,375
	Ratio of net expenses to average net assets			0.93	%(d)			0.93	%			0.90	%			0.89	%			0.94	%			0.93	%
	Ratio of total expenses to average net assets			0.93	%(d)			0.93	%			0.90	%			0.89	%			0.95	%			0.93	%
	Ratio of net investment loss to average net assets			(0.37	)%(d)			(0.37	)%			(0.47	)%			(0.63	)%			(0.39	)%			(0.26	)%
	Portfolio turnover rate(e)			30	%			62	%			65	%			60	%			76	%			76	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

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

(d) Annualized.

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

  

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Growth
		Service Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	16.94			$	16.05			$	26.92			$	22.60			$	19.84			$	23.32
	Net investment loss(a)			(0.07	)			(0.14	)			(0.27	)			(0.27	)			(0.18	)			(0.15	)(b)
	Net realized and unrealized gain (loss)			2.76				1.03				(6.83	)			8.43				5.96				0.32
	Total from investment operations			2.69				0.89				(7.10	)			8.16				5.78				0.17
	Distributions to shareholders from net realized gains			–				–				(3.74	)			(3.84	)			(3.02	)			(3.65	)
	Distributions to shareholders from return of capital			–				–				(0.03	)			–				–				–
	Total distributions			–				–				(3.77	)			(3.84	)			(3.02	)			(3.65	)
	Net asset value, end of period		$	19.63			$	16.94			$	16.05			$	26.92			$	22.60			$	19.84
	Total Return(c)			15.88	%			5.55	%			(29.78	)%			38.78	%			32.87	%			4.13	%
	Net assets, end of period (in 000’s)		$	1,546			$	1,206			$	1,267			$	22,781			$	32,215			$	18,395
	Ratio of net expenses to average net assets			1.43	%(d)			1.43	%			1.39	%			1.39	%			1.44	%			1.43	%
	Ratio of total expenses to average net assets			1.43	%(d)			1.43	%			1.39	%			1.40	%			1.45	%			1.44	%
	Ratio of net investment income (loss) to average net assets			(0.90	)%(d)			(0.87	)%			(1.10	)%			1.12	%			0.92	%			0.75	%
	Portfolio turnover rate(e)			30	%			62	%			65	%			60	%			76	%			76	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

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

(d) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 91

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Growth
		Investor Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	19.64			$	18.53			$	30.33			$	24.96			$	21.53			$	24.85
	Net investment loss(a)			(0.05	)			(0.09	)			(0.13	)			(0.19	)			(0.10	)			(0.07	)(b)
	Net realized and unrealized gain (loss)			3.21				1.20				(7.90	)			9.40				6.55				0.40
	Total from investment operations			3.16				1.11				(8.03	)			9.21				6.45				0.33
	Distributions to shareholders from net realized gains			–				–				(3.74	)			(3.84	)			(3.02	)			(3.65	)
	Distributions to shareholders from return of capital			–				–				(0.03	)			–				–				–
	Total distributions			–				–				(3.77	)			(3.84	)			(3.02	)			(3.65	)
	Net asset value, end of period		$	22.80			$	19.64			$	18.53			$	30.33			$	24.96			$	21.53
	Total Return(c)			16.14	%			5.99	%			(29.47	)%			39.37	%			33.44	%			4.57	%
	Net assets, end of period (in 000’s)		$	327,124			$	344,304			$	428,149			$	815,104			$	495,629			$	409,019
	Ratio of net expenses to average net assets			1.00	%(d)			1.01	%			0.97	%			0.96	%			1.02	%			1.01	%
	Ratio of total expenses to average net assets			1.04	%(d)			1.05	%			1.02	%			1.01	%			1.07	%			1.07	%
	Ratio of net investment loss to average net assets			(0.45	)%(d)			(0.45	)%			(0.55	)%			(0.69	)%			(0.47	)%			(0.34	)%
	Portfolio turnover rate(e)			30	%			62	%			65	%			60	%			76	%			76	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

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

(d) Annualized.

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

  

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Growth
		Class R6 Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.91			$	19.71			$	31.98			$	26.12			$	22.38			$	25.64
	Net investment loss(a)			(0.04	)			(0.07	)			(0.10	)			(0.18	)			(0.08	)			(0.05	)(b)
	Net realized and unrealized gain (loss)			3.41				1.27				(8.40	)			9.88				6.84				0.44
	Total from investment operations			3.37				1.20				(8.50	)			9.70				6.76				0.39
	Distributions to shareholders from net realized gains			–				–				(3.74	)			(3.84	)			(3.02	)			(3.65	)
	Distributions to shareholders from return of capital			–				–				(0.03	)			–				–				–
	Total distributions			–				–				(3.77	)			(3.84	)			(3.02	)			(3.65	)
	Net asset value, end of period		$	24.28			$	20.91			$	19.71			$	31.98			$	26.12			$	22.38
	Total Return(c)			16.12	%			6.09	%			(29.41	)%			39.51	%			33.56	%			4.67	%
	Net assets, end of period (in 000’s)		$	149,355			$	150,699			$	156,599			$	139,453			$	73,863			$	54,916
	Ratio of net expenses to average net assets			0.92	%(d)			0.92	%			0.89	%			0.88	%			0.93	%			0.92	%
	Ratio of total expenses to average net assets			0.92	%(d)			0.92	%			0.89	%			0.88	%			0.94	%			0.93	%
	Ratio of net investment loss to average net assets			(0.36	)%(d)			(0.36	)%			(0.43	)%			(0.61	)%			(0.38	)%			(0.23	)%
	Portfolio turnover rate(e)			30	%			62	%			65	%			60	%			76	%			76	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

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

(d) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Growth
		Class R Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	16.54			$	15.68			$	26.41			$	22.24			$	19.58			$	23.08
	Net investment loss(a)			(0.08	)			(0.15	)			(0.20	)			(0.29	)			(0.19	)			(0.16	)(b)
	Net realized and unrealized gain (loss)			2.69				1.01				(6.76	)			8.30				5.87				0.31
	Total from investment operations			2.61				0.86				(6.96	)			8.01				5.68				0.15
	Distributions to shareholders from net realized gains			–				–				(3.74	)			(3.84	)			(3.02	)			(3.65	)
	Distributions to shareholders from return of capital			–				–				(0.03	)			–				–				–
	Total distributions			–				–				(3.77	)			(3.84	)			(3.02	)			(3.65	)
	Net asset value, end of period		$	19.15			$	16.54			$	15.68			$	26.41			$	22.24			$	19.58
	Total Return(c)			15.78	%			5.48	%			(29.82	)%			38.72	%			32.78	%			4.07	%
	Net assets, end of period (in 000’s)		$	9,128			$	8,576			$	9,301			$	14,818			$	13,209			$	15,856
	Ratio of net expenses to average net assets			1.50	%(d)			1.51	%			1.47	%			1.46	%			1.52	%			1.51	%
	Ratio of total expenses to average net assets			1.54	%(d)			1.55	%			1.52	%			1.51	%			1.57	%			1.61	%
	Ratio of net investment loss to average net assets			(0.96	)%(d)			(0.95	)%			(1.04	)%			(1.20	)%			(1.00	)%			(0.85	)%
	Portfolio turnover rate(e)			30	%			62	%			65	%			60	%			76	%			76	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

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

(d) Annualized.

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

  

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Growth
		Class P Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.91			$	19.71			$	31.98			$	26.12			$	22.38			$	25.64
	Net investment loss(a)			(0.04	)			(0.07	)			(0.11	)			(0.18	)			(0.08	)			(0.05	)(b)
	Net realized and unrealized gain (loss)			3.42				1.27				(8.39	)			9.88				6.84				0.44
	Total from investment operations			3.38				1.20				(8.50	)			9.70				6.76				0.39
	Distributions to shareholders from net realized gains			–				–				(3.74	)			(3.84	)			(3.02	)			(3.65	)
	Distributions to shareholders from return of capital			–				–				(0.03	)			–				–				–
	Total distributions			–				–				(3.77	)			(3.84	)			(3.02	)			(3.65	)
	Net asset value, end of period		$	24.29			$	20.91			$	–			$	–			$	–			$	–
	Total Return(c)			16.16	%			6.09	%			(29.41	)%			39.51	%			33.56	%			4.67	%
	Net assets, end of period (in 000’s)		$	332,871			$	323,206			$	345,549			$	601,794			$	285,307			$	188,657
	Ratio of net expenses to average net assets			0.92	%(d)			0.92	%			0.89	%			0.88	%			0.93	%			0.92	%
	Ratio of total expenses to average net assets			0.92	%(d)			0.92	%			0.89	%			0.88	%			0.94	%			0.92	%
	Ratio of net investment loss to average net assets			(0.39	)%			(0.36	)%			(0.46	)%			(0.61	)%			(0.38	)%			(0.25	)%
	Portfolio turnover rate(e)			30	%			62	%			65	%			60	%			76	%			76	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

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

(d) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 95

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Strategic Growth
		Class A Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	8.63			$	8.06			$	12.32			$	11.24			$	9.25			$	13.83
	Net investment loss(a)			(0.01	)			(0.03	)			(0.06	)			(0.07	)			(0.03	)			(0.01	)
	Net realized and unrealized gain (loss)			1.20				1.58				(2.69	)			2.92				3.58				(0.30	)
	Total from investment operations			1.19				1.55				(2.75	)			2.85				3.55				(0.31	)
	Distributions to shareholders from net realized gains			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.56	)			(4.27	)
	Net asset value, end of period		$	9.32			$	8.63			$	8.06			$	12.32			$	11.24			$	9.25
	Total Return(b)			14.26	%			22.18	%			(25.42	)%			29.11	%			43.98	%			2.86	%
	Net assets, end of period (in 000’s)		$	37,108			$	35,059			$	33,996			$	63,591			$	36,688			$	28,311
	Ratio of net expenses to average net assets			1.03	%(c)			1.06	%			1.11	%			1.12	%			1.14	%			1.14	%
	Ratio of total expenses to average net assets			1.38	%(c)			1.36	%			1.29	%			1.30	%			1.35	%			1.40	%
	Ratio of net investment loss to average net assets			(0.33	)%(c)			(0.34	)%			(0.63	)%			(0.60	)%			(0.35	)%			(0.07	)%
	Portfolio turnover rate(d)			17	%			33	%			24	%			31	%			39	%			28	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Strategic Growth
		Class C Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	11.73			$	10.67			$	18.96			$	19.89			$	18.27			$	32.43
	Net investment loss(a)			(0.06	)			(0.11	)			(0.21	)			(0.24	)			(0.21	)			(0.18	)
	Net realized and unrealized gain (loss)			1.62				2.15				(3.55	)			4.62				6.51				(1.17	)
	Total from investment operations			1.56				2.04				(3.76	)			4.38				6.30				(1.35	)
	Distributions to shareholders from net realized gains			(0.50	)			(0.98	)			(4.53	)			(5.31	)			(4.68	)			(12.81	)
	Net asset value, end of period		$	12.79			$	11.73			$	10.67			$	18.96			$	19.89			$	18.27
	Total Return(b)			13.72	%			21.30	%			(25.97	)%			28.22	%			42.88	%			2.07	%
	Net assets, end of period (in 000’s)		$	2,705			$	2,353			$	2,153			$	3,901			$	4,522			$	4,142
	Ratio of net expenses to average net assets			1.78	%(c)			1.81	%			1.86	%			1.87	%			1.89	%			1.89	%
	Ratio of total expenses to average net assets			2.13	%(c)			2.11	%			2.04	%			2.05	%			2.11	%			2.14	%
	Ratio of net investment loss to average net assets			(1.08	)%(c)			(1.09	)%			(1.37	)%			(1.34	)%			(1.25	)%			(0.83	)%
	Portfolio turnover rate(d)			17	%			33	%			24	%			31	%			39	%			28	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 97

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Strategic Growth
		Institutional Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.69			$	9.72			$	14.50			$	12.88			$	10.39			$	14.92
	Net investment income (loss)(a)			–	(b)			–	(b)			(0.03	)			(0.03	)			0.01				0.03
	Net realized and unrealized gain (loss)			1.50				1.95				(3.24	)			3.42				4.07				(0.26	)
	Total from investment operations			1.50				1.95				(3.27	)			3.39				4.08				(0.23	)
	Distributions to shareholders from net investment income			–				–				–				–	(b)			(0.03	)			(0.03	)
	Distributions to shareholders from net realized gains			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.56	)			(4.27	)
	Total distributions			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.59	)			(4.30	)
	Net asset value, end of period		$	11.69			$	10.69			$	9.72			$	14.50			$	12.88			$	10.39
	Total Return(c)			14.41	%			22.54	%			(25.16	)%			29.65	%			44.36	%			3.31	%
	Net assets, end of period (in 000’s)		$	47,334			$	40,849			$	39,300			$	62,894			$	60,474			$	52,461
	Ratio of net expenses to average net assets			0.75	%(d)			0.76	%			0.75	%			0.75	%			0.76	%			0.75	%
	Ratio of total expenses to average net assets			1.02	%(d)			1.00	%			0.92	%			0.93	%			0.98	%			1.00	%
	Ratio of net investment income (loss) to average net assets			(0.04	)%(d)			(0.03	)%			(0.25	)%			(0.23	)%			0.10	%			0.32	%
	Portfolio turnover rate(e)			17	%			33	%			24	%			31	%			39	%			28	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Strategic Growth
		Service Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	8.27			$	7.78			$	11.97			$	10.97			$	9.08			$	13.67
	Net investment loss(a)			(0.02	)			(0.04	)			(0.07	)			(0.08	)			(0.04	)			(0.01	)
	Net realized and unrealized gain (loss)			1.15				(1.51	)			(2.61	)			2.85				3.49				(0.31	)
	Total from investment operations			1.13				1.47				(2.68	)			2.77				3.45				(0.32	)
	Distributions to shareholders from net realized gains			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.56	)			(4.27	)
	Net asset value, end of period		$	8.90			$	8.27			$	7.78			$	11.97			$	10.97			$	9.08
	Total Return(b)			14.15	%			21.93	%			(25.59	)%			29.09	%			43.67	%			2.79	%
	Net assets, end of period (in 000’s)		$	1,260			$	990			$	536			$	623			$	505			$	622
	Ratio of net expenses to average net assets			1.25	%(c)			1.26	%			1.25	%			1.25	%			1.26	%			1.25	%
	Ratio of total expenses to average net assets			1.52	%(c)			1.49	%			1.42	%			1.43	%			1.53	%			1.53	%
	Ratio of net investment loss to average net assets			(0.54	)%(c)			(0.53	)%			(0.75	)%			(0.72	)%			(0.47	)%			(0.14	)%
	Portfolio turnover rate(d)			17	%			33	%			24	%			31	%			39	%			28	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 99

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Strategic Growth
		Investor Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.60			$	9.65			$	14.41			$	12.83			$	10.34			$	14.89
	Net investment income (loss)(a)			–	(b)			(0.01	)			(0.04	)			(0.04	)			(0.01	)			0.02
	Net realized and unrealized gain (loss)			1.47				1.94				(3.21	)			3.39				4.07				(0.27	)
	Total from investment operations			1.47				1.93				(3.25	)			3.35				4.06				(0.25	)
	Distributions to shareholders from net investment income			–				–				–				–				(0.01	)			(0.03	)
	Distributions to shareholders from net realized gains			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.56	)			(4.27	)
	Total distributions			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.57	)			(4.30	)
	Net asset value, end of period		$	11.57			$	10.60			$	9.65			$	14.41			$	12.83			$	10.34
	Total Return(c)			14.25	%			22.50	%			(25.18	)%			29.42	%			44.28	%			3.14	%
	Net assets, end of period (in 000’s)		$	7,873			$	5,364			$	3,304			$	3,232			$	2,758			$	1,533
	Ratio of net expenses to average net assets			0.78	%(d)			0.81	%			0.86	%			0.87	%			0.89	%			0.89	%
	Ratio of total expenses to average net assets			1.13	%(d)			1.10	%			1.04	%			1.05	%			1.06	%			1.14	%
	Ratio of net investment income (loss) to average net assets			(0.06	)%(d)			(0.07	)%			(0.34	)%			(0.35	)%			(0.09	)%			0.16	%
	Portfolio turnover rate(e)			17	%			33	%			24	%			31	%			39	%			28	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Strategic Growth
		Class R6 Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.66			$	9.70			$	14.46			$	12.86			$	10.37			$	14.91
	Net investment income (loss)(a)			–	(b)			–	(b)			(0.02	)			(0.03	)			0.01				0.04
	Net realized and unrealized gain (loss)			1.49				1.94				(3.23	)			3.40				4.07				(0.27	)
	Total from investment operations			1.49				1.94				(3.25	)			3.37				4.08				(0.23	)
	Distributions to shareholders from net investment income			–				–				–				–	(b)			(0.03	)			(0.04	)
	Distributions to shareholders from net realized gains			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.56	)			(4.27	)
	Total distributions			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.59	)			(4.31	)
	Net asset value, end of period		$	11.65			$	10.66			$	9.70			$	14.46			$	12.86			$	10.37
	Total Return(c)			14.36	%			22.48	%			(25.09	)%			29.57	%			44.49	%			3.33	%
	Net assets, end of period (in 000’s)		$	4,995			$	4,197			$	3,846			$	789			$	509			$	477
	Ratio of net expenses to average net assets			0.74	%(d)			0.75	%			0.74	%			0.74	%			0.75	%			0.74	%
	Ratio of total expenses to average net assets			1.01	%(d)			0.99	%			0.92	%			0.92	%			0.99	%			1.03	%
	Ratio of net investment income (loss) to average net assets			(0.03	)%(d)			(0.03	)%			(0.18	)%			(0.22	)%			0.10	%			0.40	%
	Portfolio turnover rate(e)			17	%			33	%			24	%			31	%			39	%			28	%

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

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

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

(d) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 101

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Strategic Growth
		Class R Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	7.89			$	7.47			$	11.55			$	10.67			$	8.88			$	13.49
	Net investment loss(a)			(0.02	)			(0.04	)			(0.08	)			(0.09	)			(0.06	)			(0.03	)
	Net realized and unrealized gain (loss)			1.08				1.44				(2.49	)			2.74				3.41				(0.31	)
	Total from investment operations			1.06				1.40				(2.57	)			2.65				3.35				(0.34	)
	Distributions to shareholders from net realized gains			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.56	)			(4.27	)
	Net asset value, end of period		$	8.45			$	7.89			$	7.47			$	11.55			$	10.67			$	8.88
	Total Return(b)			13.94	%			21.92	%			(25.57	)%			28.74	%			43.52	%			2.67	%
	Net assets, end of period (in 000’s)		$	238			$	205			$	170			$	213			$	66			$	292
	Ratio of net expenses to average net assets			1.28	%(c)			1.31	%			1.36	%			1.37	%			1.40	%			1.39	%
	Ratio of total expenses to average net assets			1.63	%(c)			1.61	%			1.54	%			1.55	%			1.75	%			1.65	%
	Ratio of net investment loss to average net assets			(0.58	)%(c)			(0.59	)%			(0.85	)%			(0.85	)%			(0.66	)%			(0.31	)%
	Portfolio turnover rate(d)			17	%			33	%			24	%			31	%			39	%			28	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Strategic Growth
		Class P Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.64			$	9.68			$	14.44			$	12.84			$	10.35			$	14.90
	Net investment income (loss)(a)			–	(b)			–	(b)			(0.03	)			(0.03	)			0.01				0.04
	Net realized and unrealized gain (loss)			1.48				1.94				(3.22	)			3.40				4.07				(0.28	)
	Total from investment operations			1.48				1.94				(3.25	)			3.37				4.08				(0.24	)
	Distributions to shareholders from net investment income			–				–				–				–	(b)			(0.03	)			(0.04	)
	Distributions to shareholders from net realized gains			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.56	)			(4.27	)
	Total distributions			(0.50	)			(0.98	)			(1.51	)			(1.77	)			(1.59	)			(4.31	)
	Net asset value, end of period		$	11.62			$	10.64			$	9.68			$	14.44			$	12.84			$	10.35
	Total Return(c)			14.38	%			22.53	%			(25.12	)%			29.61	%			44.56	%			3.26	%
	Net assets, end of period (in 000’s)		$	64,585			$	59,587			$	60,603			$	90,823			$	78,539			$	73,132
	Ratio of net expenses to average net assets			0.74	%(d)			0.75	%			0.74	%			0.74	%			0.75	%			0.74	%
	Ratio of total expenses to average net assets			1.01	%(d)			0.99	%			0.91	%			0.92	%			0.98	%			0.99	%
	Ratio of net investment income (loss) to average net assets			(0.04	)%(d)			(0.02	)%			(0.24	)%			(0.22	)%			0.12	%			0.32	%
	Portfolio turnover rate(e)			17	%			33	%			24	%			31	%			39	%			28	%

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

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

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

(d) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 103

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

		Technology Opportunities
		Class A Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.21			$	20.84			$	35.07			$	29.76			$	23.17			$	27.91
	Net investment loss(a)			(0.05	)			(0.09	)			(0.18	)			(0.22	)			(0.13	)			(0.12	)
	Net realized and unrealized gain (loss)			4.54				3.45				(8.75	)			8.18				10.43				0.44
	Total from investment operations			4.49				3.36				(8.93	)			7.96				10.30				0.32
	Distributions to shareholders from net realized gains			–				(3.99	)			(5.30	)			(2.65	)			(3.71	)			(5.06	)
	Net asset value, end of period		$	24.70			$	20.21			$	20.84			$	35.07			$	29.76			$	23.17
	Total Return(b)			22.22	%			22.04	%			(29.60	)%			29.05	%			51.05	%			4.73	%
	Net assets, end of period (in 000’s)		$	388,860			$	348,621			$	324,628			$	503,553			$	429,267			$	305,666
	Ratio of net expenses to average net assets			1.15	%(c)			1.22	%			1.25	%			1.26	%			1.28	%			1.34	%
	Ratio of total expenses to average net assets			1.40	%(c)			1.42	%			1.41	%			1.41	%			1.46	%			1.48	%
	Ratio of net investment loss to average net assets			(0.49	)%(c)			(0.50	)%			(0.67	)%			(0.72	)%			(0.55	)%			(0.53	)%
	Portfolio turnover rate(d)			15	%			36	%			51	%			41	%			41	%			27	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Technology Opportunities
		Class C Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.86			$	13.26			$	24.46			$	21.68			$	17.94			$	23.05
	Net investment loss(a)			(0.07	)			(0.12	)			(0.25	)			(0.31	)			(0.23	)			(0.24	)
	Net realized and unrealized gain (loss)			2.44				1.71				(5.65	)			5.74				7.68				0.19
	Total from investment operations			2.37				1.59				(5.90	)			5.43				7.45				(0.05	)
	Distributions to shareholders from net realized gains			–				(3.99	)			(5.30	)			(2.65	)			(3.71	)			(5.06	)
	Net asset value, end of period		$	13.23			$	10.86			$	13.26			$	24.46			$	21.68			$	17.94
	Total Return(b)			21.82	%			21.09	%			(30.13	)%			28.13	%			49.93	%			3.97	%
	Net assets, end of period (in 000’s)		$	19,477			$	17,229			$	16,950			$	27,866			$	30,011			$	24,948
	Ratio of net expenses to average net assets			1.90	%(c)			1.97	%			2.00	%			2.01	%			2.03	%			2.10	%
	Ratio of total expenses to average net assets			2.16	%(c)			2.17	%			2.16	%			2.16	%			2.21	%			2.23	%
	Ratio of net investment loss to average net assets			(1.24	)%(c)			(1.25	)%			(1.43	)%			(1.47	)%			(1.32	)%			(1.31	)%
	Portfolio turnover rate(d)			15	%			36	%			51	%			41	%			41	%			27	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 105

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

		Technology Opportunities
		Institutional Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	25.82			$	25.38			$	41.40			$	34.57			$	26.28			$	30.78
	Net investment loss(a)			(0.03	)			(0.05	)			(0.13	)			(0.16	)			(0.07	)			(0.04	)
	Net realized and unrealized gain (loss)			5.80				4.48				(10.59	)			9.64				12.07				0.60
	Total from investment operations			5.77				4.43				(10.72	)			9.48				12.00				0.56
	Distributions to shareholders from net realized gains			–				(3.99	)			(5.30	)			(2.65	)			(3.71	)			(5.06	)
	Net asset value, end of period		$	31.59			$	25.82			$	25.38			$	41.40			$	34.57			$	26.28
	Total Return(b)			22.35	%			22.37	%			(29.38	)%			29.42	%			51.49	%			5.12	%
	Net assets, end of period (in 000’s)		$	112,687			$	91,673			$	97,095			$	190,705			$	157,267			$	74,728
	Ratio of net expenses to average net assets			0.87	%(c)			0.93	%			0.97	%			0.98	%			0.99	%			0.98	%
	Ratio of total expenses to average net assets			1.04	%(c)			1.06	%			1.04	%			1.04	%			1.08	%			1.09	%
	Ratio of net investment loss to average net assets			(0.21	)%(c)			(0.22	)%			(0.40	)%			(0.44	)%			(0.27	)%			(0.17	)%
	Portfolio turnover rate(d)			15	%			36	%			51	%			41	%			41	%			27	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Technology Opportunities
		Service Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	18.94			$	19.84			$	33.72			$	28.77			$	22.56			$	27.35
	Net investment loss(a)			(0.07	)			(0.12	)			(0.25	)			(0.27	)			(0.17	)			(0.15	)
	Net realized and unrealized gain (loss)			4.25				3.21				(8.33	)			7.87				10.09				0.42
	Total from investment operations			4.18				3.09				(8.58	)			7.60				9.92				0.27
	Distributions to shareholders from net realized gains			–				(3.99	)			(5.30	)			(2.65	)			(3.71	)			(5.06	)
	Net asset value, end of period		$	23.12			$	18.94			$	19.84			$	33.72			$	28.77			$	22.56
	Total Return(b)			22.07	%			21.76	%			(29.76	)%			28.78	%			50.71	%			4.62	%
	Net assets, end of period (in 000’s)		$	11,209			$	8,899			$	8,259			$	38,670			$	41,024			$	29,084
	Ratio of net expenses to average net assets			1.37	%(c)			1.43	%			1.47	%			1.48	%			1.49	%			1.48	%
	Ratio of total expenses to average net assets			1.54	%(c)			1.56	%			1.54	%			1.54	%			1.58	%			1.59	%
	Ratio of net investment loss to average net assets			(0.71	)%(c)			(0.71	)%			(0.93	)%			(0.94	)%			(0.77	)%			(0.67	)%
	Portfolio turnover rate(d)			15	%			36	%			51	%			41	%			41	%			27	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 107

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

		Technology Opportunities
		Investor Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	24.91			$	24.65			$	40.39			$	33.79			$	25.78			$	30.33
	Net investment loss(a)			(0.03	)			(0.05	)			(0.13	)			(0.16	)			(0.08	)			(0.07	)
	Net realized and unrealized gain (loss)			5.61				4.30				(10.31	)			9.41				11.80				0.58
	Total from investment operations			5.58				4.25				(10.44	)			9.25				11.72				0.51
	Distributions to shareholders from net realized gains			–				(3.99	)			(5.30	)			(2.65	)			(3.71	)			(5.06	)
	Net asset value, end of period		$	30.49			$	24.91			$	24.65			$	40.39			$	33.79			$	25.78
	Total Return(b)			22.36	%			22.29	%			(29.42	)%			29.42	%			51.40	%			5.01	%
	Net assets, end of period (in 000’s)		$	26,379			$	23,450			$	26,044			$	41,403			$	48,387			$	19,207
	Ratio of net expenses to average net assets			0.90	%(c)			0.97	%			1.00	%			1.01	%			1.02	%			1.09	%
	Ratio of total expenses to average net assets			1.15	%(c)			1.17	%			1.16	%			1.16	%			1.21	%			1.23	%
	Ratio of net investment loss to average net assets			(0.24	)%(c)			(0.25	)%			(0.42	)%			(0.47	)%			(0.31	)%			(0.29	)%
	Portfolio turnover rate(d)			15	%			36	%			51	%			41	%			41	%			27	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Technology Opportunities
		Class R6 Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	25.85			$	25.40			$	41.43			$	34.59			$	26.29			$	30.78
	Net investment loss(a)			(0.03	)			(0.05	)			(0.06	)			(0.15	)			(0.08	)			(0.02	)
	Net realized and unrealized gain (loss)			5.81				4.49				(10.67	)			9.64				12.09				0.59
	Total from investment operations			5.78				4.44				(10.73	)			9.49				12.01				0.57
	Distributions to shareholders from net realized gains			–				(3.99	)			(5.30	)			(2.65	)			(3.71	)			(5.06	)
	Net asset value, end of period		$	31.63			$	25.85			$	25.40			$	41.43			$	34.59			$	26.29
	Total Return(b)			22.36	%			22.38	%			(29.38	)%			29.44	%			51.51	%			5.15	%
	Net assets, end of period (in 000’s)		$	77,285			$	63,365			$	50,264			$	3,134			$	1,330			$	138
	Ratio of net expenses to average net assets			0.86	%(c)			0.92	%			0.94	%			0.97	%			0.97	%			0.97	%
	Ratio of total expenses to average net assets			1.03	%(c)			1.05	%			1.04	%			1.03	%			1.06	%			1.09	%
	Ratio of net investment loss to average net assets			(0.20	)%(c)			(0.20	)%			(0.23	)%			(0.43	)%			(0.28	)%			(0.07	)%
	Portfolio turnover rate(d)			15	%			36	%			51	%			41	%			41	%			27	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 109

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

		Technology Opportunities
		Class P Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	25.84			$	25.40			$	41.43			$	34.59			$	26.29			$	30.79
	Net investment loss(a)			(0.03	)			(0.05	)			(0.12	)			(0.15	)			(0.07	)			(0.04	)
	Net realized and unrealized gain (loss)			5.82				4.48				(10.61	)			9.64				12.08				0.60
	Total from investment operations			5.79				4.43				(10.73	)			9.49				12.01				0.56
	Distributions to shareholders from net realized gains			–				(3.99	)			(5.30	)			(2.65	)			(3.71	)			(5.06	)
	Net asset value, end of period		$	31.63			$	25.84			$	25.40			$	41.43			$	34.59			$	26.29
	Total Return(b)			22.41	%			22.35	%			(29.38	)%			29.44	%			51.51	%			5.11	%
	Net assets, end of period (in 000’s)		$	110,765			$	73,429			$	95,207			$	145,094			$	63,555			$	24,396
	Ratio of net expenses to average net assets			0.86	%(c)			0.92	%			0.95	%			0.97	%			0.98	%			0.97	%
	Ratio of total expenses to average net assets			1.03	%(c)			1.05	%			1.03	%			1.03	%			1.07	%			1.08	%
	Ratio of net investment loss to average net assets			(0.20	)%(c)			(0.20	)%			(0.38	)%			(0.43	)%			(0.25	)%			(0.16	)%
	Portfolio turnover rate(d)			15	%			36	%			51	%			41	%			41	%			27	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity ESG
		Class A Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.55			$	15.13			$	18.89			$	15.63			$	13.59			$	14.00
	Net investment income(a)			0.05				0.08				0.05				0.04				0.09				0.12
	Net realized and unrealized gain (loss)			1.85				2.40				(3.46	)			4.91				2.56				0.64
	Total from investment operations			1.90				2.48				(3.41	)			4.95				2.65				0.76
	Distributions to shareholders from net investment income			(0.08	)			(0.06	)			–				(0.07	)			(0.15	)			(0.08	)
	Distributions to shareholders from net realized gains			–				–				(0.35	)			(1.62	)			(0.46	)			(1.09	)
	Total distributions			(0.08	)			(0.06	)			(0.35	)			(1.69	)			(0.61	)			(1.17	)
	Net asset value, end of period		$	19.37			$	17.55			$	15.13			$	18.89			$	15.63			$	13.59
	Total Return(b)			10.82	%			16.46	%			(18.42	)%			34.66	%			19.93	%			6.80	%
	Net assets, end of period (in 000’s)		$	8,468			$	7,855			$	6,597			$	7,354			$	5,448			$	3,878
	Ratio of net expenses to average net assets			1.03	%(c)			1.04	%			1.03	%			1.01	%			1.05	%			1.03	%
	Ratio of total expenses to average net assets			2.44	%(c)			2.25	%			2.23	%			3.73	%			3.30	%			4.26	%
	Ratio of net investment income to average net assets			0.55	%(c)			0.51	%			0.31	%			0.26	%			0.64	%			0.90	%
	Portfolio turnover rate(d)			23	%			34	%			114	%			31	%			65	%			47	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 111

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

		U.S. Equity ESG
		Class C Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	16.25			$	14.06			$	17.71			$	14.79			$	12.91			$	13.40
	Net investment income (loss)(a)			(0.02	)			(0.04	)			(0.08	)			(0.08	)			(0.01	)			0.02
	Net realized and unrealized gain (loss)			1.72				2.23				(3.22	)			4.62				2.41				0.62
	Total from investment operations			1.70				2.19				(3.30	)			4.54				2.40				0.64
	Distributions to shareholders from net investment income			–				–				–				–				(0.06	)			(0.04	)
	Distributions to shareholders from net realized gains			–				–				(0.35	)			(1.62	)			(0.46	)			(1.09	)
	Total distributions			–				–				(0.35	)			(1.62	)			(0.52	)			(1.13	)
	Net asset value, end of period		$	17.95			$	16.25			$	14.06			$	17.71			$	14.79			$	12.91
	Total Return(b)			10.46	%			15.58	%			(19.04	)%			33.65	%			18.97	%			6.04	%
	Net assets, end of period (in 000’s)		$	798			$	1,007			$	1,402			$	2,430			$	1,985			$	1,487
	Ratio of net expenses to average net assets			1.78	%(c)			1.79	%			1.78	%			1.76	%			1.80	%			1.78	%
	Ratio of total expenses to average net assets			3.19	%(c)			3.03	%			2.94	%			4.46	%			4.07	%			4.97	%
	Ratio of net investment income (loss) to average net assets			(0.22	)%(c)			(0.24	)%			(0.47	)%			(0.49	)%			(0.11	)%			0.18	%
	Portfolio turnover rate(d)			23	%			34	%			114	%			31	%			65	%			47	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity ESG
		Institutional Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.81			$	15.35			$	19.13			$	15.80			$	13.73			$	14.10
	Net investment income(a)			0.08				0.14				0.14				0.10				0.14				0.16
	Net realized and unrealized gain (loss)			1.88				2.43				(3.53	)			4.97				2.58				0.67
	Total from investment operations			1.96				2.57				(3.39	)			5.07				2.72				0.83
	Distributions to shareholders from net investment income			(0.14	)			(0.11	)			(0.04	)			(0.12	)			(0.19	)			(0.11	)
	Distributions to shareholders from net realized gains			–				–				(0.35	)			(1.62	)			(0.46	)			(1.09	)
	Total distributions			(0.14	)			(0.11	)			(0.39	)			(1.74	)			(0.65	)			(1.20	)
	Net asset value, end of period		$	19.63			$	17.81			$	15.35			$	19.13			$	15.80			$	13.73
	Total Return(b)			11.08	%			16.87	%			(18.13	)%			35.11	%			20.29	%			7.27	%
	Net assets, end of period (in 000’s)		$	1,979			$	1,770			$	1,425			$	1,921			$	1,009			$	791
	Ratio of net expenses to average net assets			0.67	%(c)			0.68	%			0.67	%			0.67	%			0.70	%			0.67	%
	Ratio of total expenses to average net assets			2.08	%(c)			1.88	%			1.51	%			3.39	%			2.99	%			3.97	%
	Ratio of net investment income to average net assets			0.91	%(c)			0.88	%			0.74	%			0.60	%			0.99	%			1.22	%
	Portfolio turnover rate(d)			23	%			34	%			114	%			31	%			65	%			47	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 113

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

		U.S. Equity ESG
		Investor Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.83			$	15.35			$	19.14			$	15.81			$	13.72			$	14.11
	Net investment income(a)			0.07				0.12				0.10				0.09				0.11				0.15
	Net realized and unrealized gain (loss)			1.88				2.44				(3.51	)			4.96				2.60				0.65
	Total from investment operations			1.95				2.56				(3.41	)			5.05				2.71				0.80
	Distributions to shareholders from net investment income			(0.12	)			(0.08	)			(0.03	)			(0.10	)			(0.16	)			(0.10	)
	Distributions to shareholders from net realized gains			–				–				(0.35	)			(1.62	)			(0.46	)			(1.09	)
	Total distributions			(0.12	)			(0.08	)			(0.38	)			(1.72	)			(0.62	)			(1.19	)
	Net asset value, end of period		$	19.66			$	17.83			$	15.35			$	19.14			$	15.81			$	13.72
	Total Return(b)			10.94	%			16.76	%			(18.22	)%			34.99	%			20.23	%			7.05	%
	Net assets, end of period (in 000’s)		$	741			$	673			$	1,175			$	878			$	344			$	1,064
	Ratio of net expenses to average net assets			0.78	%(c)			0.79	%			0.78	%			0.76	%			0.85	%			0.78	%
	Ratio of total expenses to average net assets			2.19	%(c)			2.05	%			1.96	%			3.79	%			3.75	%			4.06	%
	Ratio of net investment income to average net assets			0.81	%(c)			0.77	%			0.57	%			0.52	%			0.76	%			1.16	%
	Portfolio turnover rate(d)			23	%			34	%			114	%			31	%			65	%			47	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity ESG
		Class R6 Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.82			$	15.36			$	19.14			$	15.81			$	13.73			$	14.11
	Net investment income(a)			0.08				0.15				0.12				0.10				0.13				0.17
	Net realized and unrealized gain (loss)			1.89				2.43				(3.51	)			4.96				2.60				0.65
	Total from investment operations			1.97				2.58				(3.39	)			5.06				2.73				0.82
	Distributions to shareholders from net investment income			(0.15	)			(0.12	)			(0.04	)			(0.11	)			(0.19	)			(0.11	)
	Distributions to shareholders from net realized gains			–				–				(0.35	)			(1.62	)			(0.46	)			(1.09	)
	Total distributions			(0.15	)			(0.12	)			(0.39	)			(1.73	)			(0.65	)			(1.20	)
	Net asset value, end of period		$	19.64			$	17.82			$	15.36			$	19.14			$	15.81			$	13.73
	Total Return(b)			11.08	%			16.90	%			(18.13	)%			35.09	%			20.37	%			7.20	%
	Net assets, end of period (in 000’s)		$	1,415			$	1,293			$	1,173			$	1,199			$	1,325			$	3,229
	Ratio of net expenses to average net assets			0.66	%(c)			0.67	%			0.66	%			0.66	%			0.71	%			0.66	%
	Ratio of total expenses to average net assets			2.07	%(c)			1.88	%			1.85	%			3.30	%			3.84	%			3.76	%
	Ratio of net investment income to average net assets			0.92	%(c)			0.89	%			0.68	%			0.60	%			0.96	%			1.31	%
	Portfolio turnover rate(d)			23	%			34	%			114	%			31	%			65	%			47	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 115

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

		U.S. Equity ESG
		Class R Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.62			$	15.19			$	19.01			$	15.72			$	13.67			$	14.07
	Net investment income(a)			0.03				0.04				0.01				0.03				0.05				0.08
	Net realized and unrealized gain (loss)			1.86				2.41				(3.48	)			4.92				2.57				0.67
	Total from investment operations			1.89				2.45				(3.47	)			4.95				2.62				0.75
	Distributions to shareholders from net investment income			(0.02	)			(0.02	)			–				(0.04	)			(0.11	)			(0.06	)
	Distributions to shareholders from net realized gains			–				–				(0.35	)			(1.62	)			(0.46	)			(1.09	)
	Total distributions			(0.02	)			(0.02	)			(0.35	)			(1.66	)			(0.57	)			(1.15	)
	Net asset value, end of period		$	19.49			$	17.62			$	15.19			$	19.01			$	15.72			$	13.67
	Total Return(b)			10.70	%			16.17	%			(18.62	)%			34.35	%			19.56	%			6.58	%
	Net assets, end of period (in 000’s)		$	343			$	298			$	408			$	482			$	23			$	20
	Ratio of net expenses to average net assets			1.28	%(c)			1.29	%			1.28	%			1.26	%			1.30	%			1.27	%
	Ratio of total expenses to average net assets			2.69	%(c)			2.51	%			2.48	%			5.23	%			3.68	%			4.53	%
	Ratio of net investment income to average net assets			0.30	%(c)			0.28	%			0.06	%			0.15	%			0.39	%			0.64	%
	Portfolio turnover rate(d)			23	%			34	%			114	%			31	%			65	%			47	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity ESG
		Class P Shares
		Six Months Ended  February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.81			$	15.35			$	19.13			$	15.80			$	13.73			$	14.11
	Net investment income(a)			0.08				0.15				0.12				0.11				0.14				0.17
	Net realized and unrealized gain (loss)			1.89				2.43				(3.51	)			4.95				2.58				0.65
	Total from investment operations			1.97				2.58				(3.39	)			5.06				2.72				0.82
	Distributions to shareholders from net investment income			(0.15	)			(0.12	)			(0.04	)			(0.11	)			(0.19	)			(0.11	)
	Distributions to shareholders from net realized gains			–				–				(0.35	)			(1.62	)			(0.46	)			(1.09	)
	Total distributions			(0.15	)			(0.12	)			(0.39	)			(1.73	)			(0.65	)			(1.20	)
	Net asset value, end of period		$	19.63			$	17.81			$	15.35			$	19.13			$	15.80			$	13.73
	Total Return(b)			11.09	%			16.93	%			(18.14	)%			35.11	%			20.30	%			7.22	%
	Net assets, end of period (in 000’s)		$	12,859			$	10,938			$	6,141			$	2,963			$	830			$	2,135
	Ratio of net expenses to average net assets			0.66	%(c)			0.67	%			0.66	%			0.66	%			0.71	%			0.66	%
	Ratio of total expenses to average net assets			2.07	%(c)			1.85	%			1.85	%			3.70	%			3.98	%			3.88	%
	Ratio of net investment income to average net assets			0.92	%(c)			0.89	%			0.72	%			0.63	%			0.98	%			1.26	%
	Portfolio turnover rate(d)			23	%			34	%			114	%			31	%			65	%			47	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 117

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Notes to Financial Statements

February 29, 2024 (Unaudited)

 

 

 

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
Concentrated Growth	A, C, Institutional, Investor, R6 and P	Diversified
Enhanced Core Equity	A, C, Institutional, Investor, R6, R and P	Diversified
Large Cap Core	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Mid Cap Growth	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Small Cap Growth	A, C, Institutional, Investor, R6 and P	Diversified
Small/Mid Cap Growth	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Strategic Growth	A, C, Institutional, Service, Investor, R6, R and P	Non-diversified
Technology Opportunities	A, C, Institutional, Service, Investor, R6 and P	Diversified
U.S. Equity ESG	A, C, Institutional, Investor, R6, R and P	Diversified

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may

  

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

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

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 29, 2024:

  

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Concentrated Growth Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	4,306,782	$	—	$	—
North America		175,398,378		—		—
Investment Company		2,319,672		—		—
Total	$	182,024,832	$	—	$	—
Enhanced Core Equity Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	1,227,817	$	—	$	—
North America		146,571,789		—		—
Investment Company		826,031		—		—
Total	$	148,625,637	$	—	$	—
Large Cap Core Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,475,095	$	—	$	—
Europe		9,218,632		—		—
North America		1,311,607,761		—		—
Total	$	1,322,301,488	$	—	$	—
Mid Cap Growth Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	5,513,975	$	—	$	—
North America		918,123,626		—		—
Investment Company		30,402,926		—		—
Securities Lending Reinvestment Vehicle		2,729,160		—		—
Total	$	956,769,687	$	—	$	—
Small Cap Growth Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	210,534	$	—	$	—
Asia		1,074,198		—		—
North America		62,050,111		—		—
Investment Company		804,951		—		—
Total	$	64,139,794	$	—	$	—

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Small/Mid Cap Growth Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	17,841,195	$	—	$	—
Europe		42,067,480		—		—
North America		1,882,366,432		—		—
Investment Company		20,768,867		—		—
Securities Lending Reinvestment Vehicle		15,230,491		—		—
Total	$	1,978,274,465	$	—	$	—
Strategic Growth Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,583,165	$	—	$	—
North America		162,634,996		—		—
Investment Company		610,315		—		—
Total	$	165,828,476	$	—	$	—
Technology Opportunities Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	15,182,151	$	—	$	—
North America		714,188,970		—		—
South America		8,606,644		—		—
Investment Company		14,279,635		—		—
Total	$	752,257,400	$	—	$	—
U.S. Equity ESG Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	26,497,458	$	—	$	—
Investment Company		162,460		—		—
Total	$	26,659,918	$	—	$	—

^(a)  Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

  

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended February 29, 2024, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Concentrated Growth		0.76	%		0.68	%		0.65	%		0.64	%		0.62	%		0.76	%		0.66%#
Enhanced Core Equity		0.55			0.50			0.47			0.46			0.45			0.55			0.53 *
Large Cap Core		0.71			0.64			0.61			0.61			0.61			0.70			0.66 *
Mid Cap Growth		0.92			0.92			0.83			0.79			0.77			0.92			0.81 *
Small Cap Growth		0.85			0.85			0.77			0.73			0.71			0.85			0.85
Small/Mid Cap Growth		0.85			0.85			0.77			0.73			0.71			0.85			0.85
Strategic Growth		0.71			0.64			0.61			0.59			0.58			0.71			0.71
Technology Opportunities		0.94			0.85			0.80			0.79			0.77			0.94			0.83 *
U.S. Equity ESG		0.55			0.50			0.47			0.46			0.45			0.55			0.55

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

# The Investment Adviser agreed to waive its management fee in order to achieve an effective net management fee rate of 0.00% as an annual percentage rate of the Concentrated Growth Fund. This arrangement will remain in effect through April 26, 2024. Prior to February 16, 2024, the effective net management fee rate for the Concentrated Growth Fund was 0.72%.

* The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.52% as an annual percentage of the Enhanced Core Equity Fund, 0.66% as an annual percentage of the Large Cap Core Fund, 0.81% as an annual percentage rate of the Mid Cap Growth Fund and 0.85% as an annual percentage rate of the Technology Opportunities Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2024. Prior to December 29, 2023, the Enhanced Core Equity Fund did not have management fee waivers.

The Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the six months ended February 29, 2024 the management fee waived by GSAM for each Fund was as follows:

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund	Management Fee Waived
Concentrated Growth	$	1,018
Enhanced Core Equity		805
Large Cap Core		6,274
Mid Cap Growth		1,026
Small Cap Growth		776
Small/Mid Cap Growth		12,444
Strategic Growth		637
Technology Opportunities		6,007
U.S. Equity ESG		141

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

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

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

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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended February 29, 2024, Goldman Sachs retained the following amounts:

  

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Large Cap Core		$ 10,432		$   386
Mid Cap Growth		2,625		554
Small Cap Growth		3		—
Small/Mid Cap Growth		8,798		—
Strategic Growth		1,432		—
Technology Opportunities		5,201		490
U.S. Equity ESG		297		—

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

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

For the six months ended February 29, 2024, the transfer agency fee waivers were as follows:

	Concentrated Growth	Enhanced Core Equity	Large Cap Core	Mid Cap Growth	Small Cap Growth
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)*	0.08%	–%	0.06%**	0.06%	0.05%

* These arrangements will remain in effect through at least December 29, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees.

** Prior to December 29, 2023, the rate for Class A, Class C, Investor and Class R Shares was 0.03% for the Large Cap Core Fund.

	Small/Mid Cap Growth	Strategic Growth	Technology Opportunities	U.S. Equity ESG
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)*	0.04%	0.08%	0.08%	–%

* These arrangements will remain in effect through at least December 29, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Concentrated Growth, Enhanced Core Equity, Large Cap Core, Mid Cap Growth,

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Small Cap Growth, Small/Mid Cap Growth, Strategic Growth, Technology Opportunities, and U.S. Equity ESG Funds are 0.004%, 0.004%, 0.004%, 0.004%, 0.024%, 0.044%, 0.004%, 0.004%, and 0.084%, respectively. These Other Expense limitations will remain in place through at least December 29, 2024, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended February 29, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense  Reductions
Concentrated Growth		$ 83,100		$  5,718		$  164,142		$  252,960
Enhanced Core Equity		7,771		–		158,021		165,792
Large Cap Core		230,445		181,854		282,207		694,506
Mid Cap Growth		482,555		105,273		227,2446		815,024
Small Cap Growth		776		2,037		172,588		175,401
Small/Mid Cap Growth		12,444		123,595		—		136,039
Strategic Growth		637		17,053		196,841		214,531
Technology Opportunities		369,792		156,281		191,307		717,380
U.S. Equity ESG		141		–		168,434		168,575

G. Line of Credit Facility — As of February 29, 2024, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 29, 2024, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the six months ended February 29, 2024, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:

	Technology Opportunities	Small/Mid Cap Growth	Mid Cap Growth	Concentrated Growth
Brokerage commissions paid	$13,846	$21,008	$38,155	$183

	Large Cap Core	Strategic Growth
Brokerage commissions paid	$7,123	$166

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares for the six months ended six months:

  

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Concentrated Growth Fund
Underlying Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
	$	1,245,843	$	9,562,308	$	(8,488,479	)	$	2,319,672		2,319,672	$	35,379
Enhanced Core Equity Fund
Underlying Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		346,974		33,327,556		(32,848,499	)		826,031		826,031		31,000
Large Cap Core Fund
Underlying Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		5,257,679		37,133,885		(42,391,564	)		–		–		–
Mid Cap Growth Fund
Underlying Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		13,928,891		126,191,244		(109,717,209	)		30,402,926		30,402,926		367,683
Small Cap Growth Fund
Underlying Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		1,120,998		26,111,019		(26,427,066	)		804,951		804,951		12,790
Small/Mid Cap Growth Fund
Underlying Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		6,074,506		272,720,059		(258,025,698	)		20,768,867		20,768,867		421,435
Strategic Growth Fund
Underlying Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		–		10,529,137		(9,918,822	)		610,315		610,315		16,475

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Technology Opportunities Fund
Underlying Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
	$	9,421,313	$	68,072,617	$	(63,214,295	)	$	14,279,635		14,279,635	$	207,534
U.S. Equity ESG Fund
Underlying Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		142,769		1,370,427		(1,350,736	)		162,460		162,460		4,808

As of February 29, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding shares of the following Funds:

Fund	Class C	Class R	Class R6
Small Cap Growth	53%	–%	92%
U.S. Equity ESG	–	9	–%

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 29, 2024, were as follows:

Fund	Purchases		Sales
Concentrated Growth	$	27,223,012	$	34,530,482
Enhanced Core Equity		110,519,990		47,808,923
Large Cap Core		291,569,244		303,038,623
Mid Cap Growth		231,221,754		292,686,008
Small Cap Growth		38,327,146		21,257,423
Small/Mid Cap Growth		528,987,566		738,433,849
Strategic Growth		24,581,288		28,344,997
Technology Opportunities		96,733,433		112,770,200
U.S. Equity ESG		5,753,015		5,472,575

6. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of

  

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6. SECURITIES LENDING (continued)

the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (the “Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 29, 2024, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 29, 2024.

Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as  of February 29, 2024
Concentrated Growth Fund	$	—	$	4,960,790	$	(4,960,790	)	$	—
Enhanced Core Equity Fund		—		424,000		(424,000	)		—
Large Cap Core Fund		—		30,557,208		(30,557,208	)		—
Mid Cap Growth Fund		—		31,406,874		(28,677,714	)		2,729,160
Small Cap Growth Fund		242,183		929,189		(1,171,372	)		—
Small/Mid Cap Growth Fund		—		61,208,289		(45,977,798	)		15,230,491
Strategic Growth Fund		—		2,471,887		(2,471,887	)		—
Technology Opportunities Fund		—		52,435,763		(52,435,763	)		—
U.S. Equity ESG Fund		—		307,775		(307,775	)		—

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

7. TAX INFORMATION

As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:

	Concentrated Growth			Enhanced Core Equity			Large Cap Core			Mid Cap Growth			Small Cap Growth
Capital loss carryforwards:
Perpetual Short-Term	$	(1,338,300	)	$	—		$	(2,134,380	)	$	(10,985,241	)	$	(2,985,863)
Perpetual Long-Term		—			—			—			—			(206,591)
Total capital loss carryforwards		(1,338,300	)		—			(2,134,380	)		(10,985,241	)		(3,192,454)
Timing differences — (Qualified Late Year Loss Deferral and Post October Losses)		(47,338	)		—			(22	)		(12,655,249	)		(2,159,524)
				Small/Mid Cap Growth			Strategic Growth			Technology Opportunities			U.S. Equity ESG
Capital loss carryforwards:
Perpetual Short-Term				$	(101,351,870	)	$	—		$	(33,611,543	)	$	(1,496,583)
Timing differences — (Qualified Late Year Loss Deferral and Post October Losses)					(98,902,023	)		(119,070	)		(3,670,790	)		(155,220)

As of February 29, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Concentrated Growth			Enhanced Core Equity			Large Cap Core			Mid Cap Growth			Small Cap Growth
Tax Cost	$	90,298,389		$	120,345,059		$	812,226,044		$	714,461,897		$	51,535,164
Gross unrealized gain		93,090,118			29,352,543			533,599,537			261,209,287			13,272,204
Gross unrealized loss		(1,363,675	)		(1,071,965	)		(23,524,093	)		(18,901,497	)		(667,574)
Net unrealized gain (loss)	$	91,726,443		$	28,280,578		$	510,075,444		$	242,307,790		$	12,604,630
				Small/Mid Cap Growth			Strategic Growth			Technology Opportunities			U.S. Equity ESG
Tax Cost				$	1,413,668,275		$	68,636,446		$	379,014,606		$	19,391,444
Gross unrealized gain					592,433,454			98,253,976			376,025,549			7,652,368
Gross unrealized loss					(27,827,264	)		(1,061,946	)		(2,782,755	)		(383,894)
Net unrealized gain (loss)				$	564,606,190		$	97,192,030		$	373,242,794		$	7,268,474

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales.

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

8. OTHER RISKS

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

  

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8. OTHER RISKS (continued)

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

Industry Concentration Risk — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.

Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase.

Issuer Concentration Risk — Under normal circumstances, the Concentrated Growth Fund and the U.S. Equity ESG Fund intend to invest in up to approximately 40 and 50 companies, respectively. As a result of the relatively small number of issuers in which a Fund generally invests, it may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by a Fund may affect the overall value of the Fund more than it would affect a mutual fund that holds more investments. In particular, a Fund may be more susceptible to adverse developments affecting any single issuer in the Fund and may be susceptible to greater losses because of these developments.

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

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

8. OTHER RISKS (continued)

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

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with 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 II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. Messrs. Chou and Wirth and Ms. Dowling were serving as Trustees of the Trust at the time of their nominations. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024. Each of Messrs. Chou and Wirth and Ms. Dowling was also elected at the meeting and continue to serve as Trustees of the Trust.

Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund’s name changed to “Goldman Sachs Enhanced Core Equity Fund”.

11. SUBSEQUENT EVENTS

At a meeting held on February 13-14, 2024, the Board of Trustees of Goldman Sachs Trust (the “Board”) approved an Agreement and Plan of Reorganization (the “Plan”) which contemplates the reorganization of the Goldman Sachs Concentrated Growth Fund (the “Acquired Fund”) with and into the Goldman Sachs Enhanced Core Equity Fund (the “Surviving Fund”). After careful

  

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11. SUBSEQUENT EVENTS (continued)

consideration, the Board, including a majority of the Trustees who are not “interested persons,” as that term is defined in under the 1940 Act, unanimously approved the Plan and concluded that: (i) the reorganization is in the best interests of each Fund; and (ii) the interests of the shareholders of each Fund will not be diluted as a result of the reorganization. The reorganization is expected to close on or about April 26, 2024, or on such other date as the parties to the reorganization shall agree (“Closing Date”). On the Closing Date, shareholders of each class of shares of the Acquired Fund will receive the corresponding class of the Surviving Fund. The reorganization is intended to qualify as a tax-free reorganization for Federal income tax purposes.

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

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Concentrated Growth
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		34,939		$	684,459			126,946		$	2,100,082
Reinvestment of distributions		2,394			46,785			48,464			727,930
Shares redeemed		(52,680	)		(1,020,866	)		(125,431	)		(2,022,450)
		(15,347	)		(289,622	)		49,979			805,562
Class C Shares
Shares sold		2,775			33,796			42,491			501,629
Reinvestment of distributions		503			6,309			7,825			76,137
Shares redeemed		(3,644	)		(47,043	)		(37,803	)		(392,610)
		(366	)		(6,938	)		12,513			185,156
Institutional Shares
Shares sold		42,030			996,708			17,908			326,516
Reinvestment of distributions		2,269			50,551			50,269			858,083
Shares redeemed		(16,577	)		(361,200	)		(52,821	)		(954,958)
		27,722			686,059			15,356			229,641
Investor Shares
Shares sold		232,141			4,963,244			273,528			4,736,761
Reinvestment of distributions		629			12,846			1,070			16,742
Shares redeemed		(143,850	)		(2,668,704	)		(18,176	)		(327,730)
		88,920			2,307,386			256,422			4,425,773
Class R6 Shares
Shares sold		3,006			63,797			67,454			1,240,757
Reinvestment of distributions		424			9,417			4,887			83,124
Shares redeemed		(9,253	)		(201,668	)		(15,431	)		(291,111)
		(5,823	)		(128,454	)		56,910			1,032,770

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Concentrated Growth
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class P Shares
Shares sold		120,291		$	2,729,863			473,712		$	9,313,318
Reinvestment of distributions		26,970			598,997			657,945			11,191,640
Shares redeemed		(407,365	)		(8,770,189	)		(1,597,111	)		(27,733,970)
		(260,104	)		(5,441,329	)		(465,454	)		(7,229,012)
NET DECREASE IN SHARES		(164,998	)	$	(2,872,898	)		(76,241	)	$	(584,700)
	Enhanced Core Equity
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		200,478		$	3,232,755			843,738		$	12,409,214
Reinvestment of distributions		7,959			131,977			23,089			320,512
Shares redeemed		(564,588	)		(8,972,679	)		(108,814	)		(1,584,569)
		(356,151	)		(5,607,947	)		758,013			11,145,157
Class C Shares
Shares sold		74,157			976,181			42,180			527,861
Reinvestment of distributions		1,436			19,266			3,325			37,776
Shares redeemed		(16,715	)		(219,344	)		(24,137	)		(283,704)
		58,878			776,103			21,368			281,933
Institutional Shares
Shares sold		1,179,836			21,803,543			537,497			8,519,739
Reinvestment of distributions		12,286			226,373			28,628			438,748
Shares redeemed		(417,886	)		(7,908,249	)		(409,710	)		(6,418,090)
		774,236			14,121,667			156,415			2,540,397
Investor Shares
Shares sold		729,321			12,720,471			299,781			5,019,672
Reinvestment of distributions		7,469			134,117			206			3,084
Shares redeemed		(182,913	)		(3,183,666	)		(10,291	)		(167,411)
		553,877			9,670,923			289,696			4,855,345
Class R6 Shares
Shares sold		554,482			10,093,922			366,119			6,151,144
Reinvestment of distributions		7,728			141,950			4,742			72,502
Shares redeemed		(86,565	)		(1,588,845	)		(92,148	)		(1,445,441)
		475,645			8,647,027			278,713			4,778,205
Class R Shares
Shares sold		17,690			277,461			7,048			95,975
Reinvestment of distributions		109			1,705			35			460
Shares redeemed		(350	)		(5,070	)		(2	)		(25)
		17,449			274,096			7,081			96,410

  

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Enhanced Core Equity
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class P Shares
Shares sold		1,952,259		$	35,592,209			137,552		$	2,179,611
Reinvestment of distributions		32,711			601,291			63,896			977,357
Shares redeemed		(26,695	)		(499,648	)		(242,398	)		(3,586,914)
		1,958,275			35,693,852			(40,950	)		(429,946)
NET INCREASE IN SHARES		3,482,209		$	63,575,720			1,470,336		$	23,267,501
	Large Cap Core
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		346,080		$	9,869,994			598,659		$	15,501,905
Reinvestment of distributions		127,060			3,750,614			2,255,272			56,134,192
Shares redeemed		(1,181,425	)		(33,908,014	)		(2,664,917	)		(68,519,802)
		(708,285	)		(20,287,406	)		189,014			3,116,295
Class C Shares
Shares sold		113,315			1,593,081			195,403			2,479,859
Reinvestment of distributions		6,946			99,253			187,167			2,277,760
Shares redeemed		(154,090	)		(2,132,390	)		(338,778	)		(4,309,165)
		(33,829	)		(440,056	)		43,792			448,454
Institutional Shares
Shares sold		372,015			12,911,092			710,332			22,066,254
Reinvestment of distributions		18,223			647,206			184,800			5,524,687
Shares redeemed		(252,639	)		(8,775,153	)		(825,370	)		(25,317,985)
		137,599			4,783,145			69,762			2,272,956
Service Shares
Shares sold		1,150			31,240			18,402			411,362
Reinvestment of distributions		103			2,826			1,610			37,336
Shares redeemed		(10,853	)		(304,771	)		(3,102	)		(79,217)
		(9,600	)		(270,705	)		16,910			369,481
Investor Shares
Shares sold		319,596			9,444,661			769,807			21,876,661
Reinvestment of distributions		10,825			329,411			111,603			2,864,034
Shares redeemed		(207,988	)		(6,136,204	)		(829,362	)		(21,770,606)
		122,433			3,637,868			52,048			2,970,089
Class R6 Shares
Shares sold		115,513			4,004,915			236,578			7,328,876
Reinvestment of distributions		16,599			588,710			181,282			5,409,816
Shares redeemed		(167,149	)		(5,825,474	)		(336,410	)		(10,379,420)
		(35,037	)		(1,231,849	)		81,450			2,359,272

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Core
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class R Shares
Shares sold		29,577		$	796,080			40,837		$	975,554
Reinvestment of distributions		942			25,606			29,757			683,306
Shares redeemed		(35,038	)		(939,210	)		(75,965	)		(1,775,346)
		(4,519	)		(117,524	)		(5,371	)		(116,486)
Class P Shares
Shares sold		212,623			7,706,042			174,926			5,229,990
Reinvestment of distributions		22,850			809,996			254,067			7,579,703
Shares redeemed		(120,884	)		(4,158,078	)		(393,322	)		(12,000,619)
		114,589			4,357,960			35,671			809,074
NET INCREASE (DECREASE) IN SHARES		(416,649	)	$	(9,568,567	)		483,276		$	12,229,135
	Mid Cap Growth
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		908,472		$	9,745,775			2,194,971		$	23,239,944
Reinvestment of distributions		—			—			2,082,022			21,528,113
Shares redeemed		(2,170,703	)		(23,861,828	)		(5,505,296	)		(57,901,918)
		(1,262,231	)		(14,116,053	)		(1,228,303	)		(13,133,861)
Class C Shares
Shares sold		37,858			657,828			83,219			1,381,779
Reinvestment of distributions		—			—			36,639			608,206
Shares redeemed		(89,598	)		(1,591,172	)		(301,568	)		(5,031,162)
		(51,740	)		(933,344	)		(181,170	)		(3,041,177)
Institutional Shares
Shares sold		1,024,554			18,407,418			2,110,692			35,711,131
Reinvestment of distributions		—			—			896,983			15,132,108
Shares redeemed		(2,656,668	)		(47,086,841	)		(5,523,469	)		(94,241,708)
		(1,632,114	)		(28,679,423	)		(2,515,794	)		(43,398,469)
Service Shares
Shares sold		822,066			7,994,645			322,700			2,821,775
Reinvestment of distributions		—			—			251,465			2,167,628
Shares redeemed		(946,801	)		(8,366,842	)		(400,695	)		(3,512,490)
		(124,735	)		(372,197	)		173,470			1,476,913
Investor Shares
Shares sold		1,732,242			23,685,345			818,901			10,191,197
Reinvestment of distributions		—			—			436,410			5,328,564
Shares redeemed		(619,888	)		(7,992,983	)		(1,336,771	)		(16,471,411)
		1,112,354			15,692,362			(81,460	)		(951,650)

  

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Mid Cap Growth
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class R6 Shares
Shares sold		844,109		$	14,983,249			2,035,299		$	34,451,427
Reinvestment of distributions		—			—			618,862			10,458,767
Shares redeemed		(1,306,675	)		(23,978,178	)		(3,276,613	)		(54,232,479)
		(462,566	)		(8,994,929	)		(622,452	)		(9,322,285)
Class R Shares
Shares sold		224,787			2,029,493			451,512			3,979,734
Reinvestment of distributions		—			—			399,938			3,447,462
Shares redeemed		(485,821	)		(4,457,286	)		(937,376	)		(8,266,468)
		(261,034	)		(2,427,793	)		(85,926	)		(839,272)
Class P Shares
Shares sold		14,234			251,448			325,041			5,302,675
Reinvestment of distributions		—			—			138,145			2,336,037
Shares redeemed		(183,800	)		(3,147,071	)		(965,908	)		(16,601,647)
		(169,566	)		(2,895,623	)		(502,722	)		(8,962,935)
NET DECREASE IN SHARES		(2,851,632	)	$	(42,727,000	)		(5,044,897	)	$	(78,172,736)
	Small Cap Growth
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		12,376		$	156,043			58,537		$	706,438
Shares redeemed		(16,706	)		(194,743	)		(52,282	)		(619,357)
		(4,330	)		(38,700	)		6,255			87,081
Class C Shares
Shares sold		1,733			20,765			3,944			45,019
Shares redeemed		—			—			(951	)		(9,943)
		1,733			20,765			2,993			35,076
Institutional Shares
Shares sold		391,084			4,585,363			616,396			6,953,831
Shares redeemed		(540,774	)		(6,406,339	)		(463,206	)		(5,148,825)
		(149,690	)		(1,820,976	)		153,190			1,805,006
Investor Shares
Shares sold		1,509,633			19,378,732			416,252			5,000,039
Shares redeemed		(6,960	)		(92,083	)		(573	)		(7,040)
		1,502,673			19,286,649			415,679			4,992,999
Class R6 Shares
Shares sold		—			—			554			6,077
Shares redeemed		(1	)		(17	)		(4	)		(45)
		(1	)		(17	)		550			6,032

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Growth
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class P Shares
Shares sold		356,861		$	4,289,374			680,601		$	7,628,685
Shares redeemed		(457,368	)		(5,513,992	)		(647,812	)		(7,131,670)
		(100,507	)		(1,224,618	)		32,789			497,015
NET INCREASE IN SHARES		1,249,878		$	16,223,103			605,743		$	7,354,103
	Small/Mid Cap Growth
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		764,534		$	13,792,214			1,710,722		$	29,535,985
Shares redeemed		(1,867,850	)		(33,520,007	)		(3,786,236	)		(65,178,159)
		(1,103,316	)		(19,727,793	)		(2,075,514	)		(35,642,174)
Class C Shares
Shares sold		67,774			856,415			342,229			4,133,974
Shares redeemed		(1,051,238	)		(13,166,499	)		(1,959,542	)		(23,637,550)
		(983,464	)		(12,310,084	)		(1,617,313	)		(19,503,576)
Institutional Shares
Shares sold		3,144,866			65,023,880			6,666,890			132,515,782
Shares redeemed		(6,103,0258	)		(127,363,832	)		(12,167,338	)		(241,397,817)
		(2,958,162	)		(62,339,952	)		(5,500,448	)		(108,882,035)
Service Shares
Shares sold		17,602			271,787			12,602			209,145
Shares redeemed		(10,021	)		(160,988	)		(20,301	)		(340,149)
		7,581			110,799			(7,699	)		(131,004)
Investor Shares
Shares sold		1,332,597			26,161,701			4,144,372			77,758,694
Shares redeemed		(4,515,047	)		(89,510,643	)		(9,717,900	)		(182,799,915)
		(3,182,450	)		(63,348,942	)		(5,573,528	)		(105,041,221)
Class R6 Shares
Shares sold		493,610			10,224,045			1,374,923			27,675,512
Shares redeemed		(1,550,116	)		(33,134,127	)		(2,112,790	)		(42,295,451)
		(1,056,506	)		(22,910,082	)		(737,867	)		(14,619,939)
Class R Shares
Shares sold		52,691			866,939			127,033			2,042,036
Shares redeemed		(94,606	)		(1,587,988	)		(201,612	)		(3,227,010)
		(41,915	)		(721,049	)		(74,579	)		(1,184,974)
Class P Shares
Shares sold		842,212			17,888,296			3,073,051			61,235,735
Shares redeemed		(2,591,329	)		(52,923,671	)		(5,146,665	)		(101,530,588)
		(1,749,117	)		(35,035,375	)		(2,073,614	)		(40,294,853)

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

 

 

 

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small/Mid Cap Growth
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
NET DECREASE IN SHARES		(11,067,349	)	$	(216,282,478	)		(17,677,306	)	$	(325,522,830)
	Strategic Growth
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		167,902		$	1,451,757			322,158		$	2,412,093
Reinvestment of distributions		209,259			1,791,257			498,747			3,451,328
Shares redeemed		(456,192	)		(3,921,237	)		(974,825	)		(7,441,585)
		(79,031	)		(678,223	)		(153,920	)		(1,578,164)
Class C Shares
Shares sold		28,644			342,309			33,157			347,038
Reinvestment of distributions		8,378			98,698			18,885			178,463
Shares redeemed		(26,160	)		(306,072	)		(53,123	)		(534,528)
		10,862			134,935			(1,081	)		(9,027)
Institutional Shares
Shares sold		485,961			5,153,263			1,103,806			9,656,953
Reinvestment of distributions		180,126			1,932,748			385,457			3,295,656
Shares redeemed		(436,109	)		(4,649,817	)		(1,710,461	)		(15,689,694)
		229,978			2,436,194			(221,198	)		(2,737,085)
Service Shares
Shares sold		16,240			140,851			64,325			510,634
Reinvestment of distributions		7,299			59,705			9,933			65,953
Shares redeemed		(1,587	)		(13,466	)		(23,463	)		(165,647)
		21,952			187,090			50,795			410,940
Investor Shares
Shares sold		207,477			2,256,972			367,583			3,472,809
Reinvestment of distributions		23,628			251,168			24,375			206,704
Shares redeemed		(56,687	)		(602,881	)		(228,216	)		(2,170,730)
		174,418			1,905,259			163,742			1,508,783
Class R6 Shares
Shares sold		33,415			365,138			33,887			312,753
Reinvestment of distributions		17,600			188,326			40,515			345,591
Shares redeemed		(16,000	)		(171,137	)		(77,324	)		(713,994)
		35,015			382,327			(2,922	)		(55,650)
Class R Shares
Shares sold		1,107			8,685			2,000			13,753
Reinvestment of distributions		1,662			12,914			3,494			22,119
Shares redeemed		(582	)		(4,380	)		(2,326	)		(15,478)
		2,187			17,219			3,168			20,394

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Growth
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class P Shares
Shares sold		112,894		$	1,242,426			585,456		$	5,071,379
Reinvestment of distributions		248,174			2,650,501			636,399			5,415,754
Shares redeemed		(406,875	)		(4,281,060	)		(1,882,177	)		(17,151,643)
		(45,807	)		(388,133	)		(660,322	)		(6,664,510)
NET INCREASE (DECREASE) IN SHARES		349,574		$	3,996,668			(821,738	)	$	(9,104,319)
	Technology Opportunities
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		673,377		$	14,772,063			1,913,042		$	33,536,147
Reinvestment of distributions		—			—			3,552,465			54,779,008
Shares redeemed		(2,177,752	)		(46,538,700	)		(3,789,907	)		(65,364,768)
		(1,504,375	)		(31,766,637	)		1,675,600			22,950,387
Class C Shares
Shares sold		76,767			876,321			165,415			1,711,923
Reinvestment of distributions		—			—			560,074			4,665,417
Shares redeemed		(190,085	)		(2,172,082	)		(417,571	)		(4,297,788)
		(113,318	)		(1,295,761	)		307,918			2,079,552
Institutional Shares
Shares sold		703,403			19,691,461			903,875			20,273,907
Reinvestment of distributions		—			—			628,475			12,349,543
Shares redeemed		(687,345	)		(19,154,691	)		(1,807,617	)		(39,213,652)
		16,058			536,770			(275,267	)		(6,590,202)
Service Shares
Shares sold		90,914			1,887,303			128,332			2,177,721
Reinvestment of distributions		—			—			104,455			1,511,457
Shares redeemed		(75,928	)		(1,523,396	)		(179,205	)		(3,081,215)
		14,986			363,907			53,582			607,963
Investor Shares
Shares sold		58,683			1,598,015			217,621			4,637,208
Reinvestment of distributions		—			—			200,217			3,798,122
Shares redeemed		(134,649	)		(3,610,383	)		(533,249	)		(11,276,734)
		(75,966	)		(2,012,368	)		(115,411	)		(2,841,404)
Class R6 Shares
Shares sold		106,374			2,980,201			261,517			6,203,937
Reinvestment of distributions		—			—			408,413			8,037,564
Shares redeemed		(114,561	)		(3,170,892	)		(197,512	)		(4,235,913)
		(8,187	)		(190,691	)		472,418			10,005,588

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

 

 

 

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Technology Opportunities
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class P Shares
Shares sold		809,829		$	22,510,672			726,632		$	15,704,505
Reinvestment of distributions		—			—			522,911			10,285,667
Shares redeemed		(148,874	)		(3,946,592	)		(2,156,999	)		(47,994,446)
		660,955			18,564,080			(907,456	)		(22,004,274)
NET INCREASE (DECREASE) IN SHARES		(1,009,847	)	$	(15,800,700	)		1,211,384		$	4,207,610
	U.S. Equity ESG
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		27,690		$	491,778			63,036		$	1,006,562
Reinvestment of distributions		2,067			37,570			1,820			27,864
Shares redeemed		(40,063	)		(720,169	)		(53,326	)		(866,250)
		(10,306	)		(190,821	)		11,530			168,176
Class C Shares
Shares sold		357			6,050			3,591			53,271
Shares redeemed		(17,842	)		(298,766	)		(41,358	)		(600,664)
		(17,485	)		(292,716	)		(37,767	)		(547,393)
Institutional Shares
Shares sold		8,429			153,765			17,941			301,021
Reinvestment of distributions		754			13,873			667			10,348
Shares redeemed		(7,704	)		(142,861	)		(12,106	)		(196,979)
		1,479			24,777			6,503			114,390
Investor Shares
Shares sold		1,870			32,382			3,356			56,997
Reinvestment of distributions		264			4,859			236			3,657
Shares redeemed		(2,185	)		(41,600	)		(42,375	)		(670,197)
		(51	)		(4,359	)		(38,783	)		(609,543)
Class R6 Shares
Shares sold		9,114			156,911			18,023			293,189
Reinvestment of distributions		588			10,833			559			8,673
Shares redeemed		(10,203	)		(184,206	)		(22,364	)		(359,651)
		(501	)		(16,462	)		(3,782	)		(57,789)
Class R Shares
Shares sold		737			13,024			4,058			67,039
Reinvestment of distributions		14			261			41			624
Shares redeemed		(93	)		(1,785	)		(14,051	)		(239,108)
		658			11,500			(9,952	)		(171,445)

  

  141

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Equity ESG
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class P Shares
Shares sold		71,499		$	1,308,208			273,158		$	4,293,027
Reinvestment of distributions		4,985			91,767			4,496			69,687
Shares redeemed		(35,371	)		(650,434	)		(63,635	)		(1,059,206)
		41,113			749,541			214,019			3,303,508
NET INCREASE IN SHARES		14,907		$	281,460			141,768		$	2,199,904

  

142

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal  Election of Trustees	For			Withheld
Cheryl K. Beebe		169,452,067,796			5,900,273,020
John G. Chou		173,279,757,273			2,072,583,543
Eileen H. Dowling		173,287,456,218			2,064,884,598
Lawrence Hughes		173,486,691,901			1,865,648,915
John F. Killian		173,511,167,174			1,841,173,642
Steven D. Krichmar		173,484,256,228			1,868,084,588
Michael Latham		173,498,020,286			1,854,320,530
Lawrence W. Stranghoener		173,455,949,165			1,896,391,651
Paul C. Wirth		173,324,070,424			2,028,270,391

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

 

Liquidity Risk Management Program

February 29, 2024

 

 

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

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

At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 29, 2024 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2023 through February 29, 2024, which represents a period of 182 days in a 366 day year.

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

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

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

	Concentrated Growth Fund			Enhanced Core Equity Fund			Large Cap Core Fund			Mid Cap Growth Fund
Share Class	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*
Class A
Actual	$1,000.00	$1,164.14	$5.27	$1,000.00	$1,136.39	$4.99	$1,000.00	$1,055.47	$5.21	$1,000.00	$1,128.23	$6.09
Hypothetical 5% return	1,000.00	1,019.99+	4.92	1,000.00	1,020.19+	4.72	1,000.00	1,019.79+	5.12	1,000.00	1,019.14+	5.77
Class C
Actual	1,000.00	1,159.81	9.29	1,000.00	1,132.57	8.96	1,000.00	1,051.41	9.03	1,000.00	1,124.21	10.03
Hypothetical 5% return	1,000.00	1,016.26+	8.67	1,000.00	1,016.46+	8.47	1,000.00	1,016.06+	8.87	1,000.00	1,015.42+	9.52
Institutional
Actual	1,000.00	1,165.86	3.77	1,000.00	1,139.12	3.08	1,000.00	1,057.17	3.58	1,000.00	1,129.72	4.50
Hypothetical 5% return	1,000.00	1,021.38+	3.52	1,000.00	1,021.98+	2.92	1,000.00	1,021.38+	3.52	1,000.00	1,020.64+	4.27
Service
Actual	N/A	N/A	N/A	N/A	N/A	N/A	1,000.00	1,054.49	6.13	1,000.00	1,127.35	7.14
Hypothetical 5% return	N/A	N/A	N/A	N/A	N/A	N/A	1,000.00	1,018.90+	6.02	1,000.00	1,018.15+	6.77
Investor
Actual	1,000.00	1,165.44	3.82	1,000.00	1,138.22	3.67	1,000.00	1,056.72	3.94	1,000.00	1,129.38	4.76
Hypothetical 5% return	1,000.00	1,021.33+	3.57	1,000.00	1,021.43+	3.47	1,000.00	1,021.03+	3.87	1,000.00	1,020.39+	4.52
Class R6
Actual	1,000.00	1,166.41	3.72	1,000.00	1,138.90	3.03	1,000.00	1,057.04	3.53	1,000.00	1,130.63	4.45
Hypothetical 5% return	1,000.00	1,021.43+	3.47	1,000.00	1,022.03+	2.87	1,000.00	1,021.43+	3.47	1,000.00	1,020.69+	4.22
Class R
Actual	N/A	N/A	N/A	1,000.00	1,135.87	6.32	1,000.00	1,053.85	6.49	1,000.00	1,126.25	7.40
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,018.95+	5.97	1,000.00	1,018.55+	6.37	1,000.00	1,017.90+	7.02
Class P
Actual	1,000.00	1,165.94	3.72	1,000.00	1,138.80	3.03	1,000.00	1,057.37	3.53	1,000.00	1,129.92	4.45
Hypothetical 5% return	1,000.00	1,021.43+	3.47	1,000.00	1,022.03+	2.87	1,000.00	1,021.43+	3.47	1,000.00	1,020.69+	4.22

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 29, 2024 (Unaudited) (continued)

	Small Cap Growth Fund			Small/Mid Cap Growth Fund			Strategic Growth Fund			Technology Opportunities Fund
Share Class	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*
Class A
Actual	$1,000.00	$1,130.72	$6.46	$1,000.00	$1,159.65	$6.71	$1,000.00	$1,142.57	$5.49	$1,000.00	$1,222.17	$6.35
Hypothetical 5% return	1,000.00	1,018.80+	6.12	1,000.00	1,018.65+	6.27	1,000.00	1,019.74+	5.17	1,000.00	1,019.14+	5.77
Class C
Actual	1,000.00	1,126.82	10.42	1,000.00	1,155.93	10.72	1,000.00	1,137.19	9.46	1,000.00	1,218.23	10.48
Hypothetical 5% return	1,000.00	1,015.07+	9.87	1,000.00	1,014.92+	10.02	1,000.00	1,016.01+	8.92	1,000.00	1,015.42+	9.52
Institutional
Actual	1,000.00	1,132.29	4.82	1,000.00	1,161.40	5.00	1,000.00	1,144.13	4.00	1,000.00	1,223.47	4.81
Hypothetical 5% return	1,000.00	1,020.34+	4.57	1,000.00	1,020.24+	4.67	1,000.00	1,021.13+	3.77	1,000.00	1,020.54+	4.37
Service
Actual	N/A	N/A	N/A	1,000.00	1,158.80	7.68	1,000.00	1,141.47	6.66	1,000.00	1,220.70	7.56
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,017.75+	7.17	1,000.00	1,018.65+	6.27	1,000.00	1,018.05+	6.87
Investor
Actual	1,000.00	1,131.90	5.14	1,000.00	1,161.41	5.37	1,000.00	1,142.47	4.15	1,000.00	1,223.61	4.98
Hypothetical 5% return	1,000.00	1,020.04+	4.87	1,000.00	1,019.89+	5.02	1,000.00	1,020.98+	3.92	1,000.00	1,020.39+	4.52
Class R6
Actual	1,000.00	1,132.18	4.77	1,000.00	1,161.17	4.94	1,000.00	1,143.56	3.94	1,000.00	1,223.60	4.75
Hypothetical 5% return	1,000.00	1,020.39+	4.52	1,000.00	1,020.29+	4.62	1,000.00	1,021.18+	3.72	1,000.00	1,020.59+	4.32
Class R
Actual	N/A	N/A	N/A	1,000.00	1,157.80	8.05	1,000.00	1,139.38	6.81	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,017.40+	7.52	1,000.00	1,018.50+	6.42	N/A	N/A	N/A
Class P
Actual	1,000.00	1,132.29	4.77	1,000.00	1,161.65	4.94	1,000.00	1,143.84	3.94	1,000.00	1,224.07	4.76
Hypothetical 5% return	1,000.00	1,020.39+	4.52	1,000.00	1,020.29+	4.62	1,000.00	1,021.18+	3.72	1,000.00	1,020.59+	4.32

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

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

	U.S. Equity ESG Fund
Share Class	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*
Class A
Actual	$1,000.00	$1,108.17	$5.40
Hypothetical 5% return	1,000.00	1,019.74+	5.17
Class C
Actual	1,000.00	1,104.62	9.31
Hypothetical 5% return	1,000.00	1,016.01+	8.92
Institutional
Actual	1,000.00	1,110.80	3.52
Hypothetical 5% return	1,000.00	1,021.53+	3.37
Investor
Actual	1,000.00	1,109.42	4.09
Hypothetical 5% return	1,000.00	1,020.98+	3.92
Class R6
Actual	1,000.00	1,110.84	3.46
Hypothetical 5% return	1,000.00	1,021.58+	3.32
Class R
Actual	1,000.00	1,107.04	6.71
Hypothetical 5% return	1,000.00	1,018.50+	6.42
Class P
Actual	1,000.00	1,110.90	3.46
Hypothetical 5% return	1,000.00	1,021.58+	3.32

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 29, 2024 (Unaudited) (continued)

The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R
Concentrated Growth Fund		0.98	%		1.73	%		0.70	%		N/A			0.71	%		0.69	%		N/A
Enhanced Core Equity Fund		0.94			1.69			0.58			N/A			0.69			0.57			1.19	%
Large Cap Core Fund		1.02			1.77			0.70			1.20	%		0.77			0.69			1.27
Mid Cap Growth Fund		1.15			1.90			0.85			1.35			0.90			0.84			1.40
Small Cap Growth Fund		1.22			1.97			0.91			N/A			0.97			0.90			N/A
Small/Mid Cap Growth Fund		1.25			2.00			0.93			1.43			1.00			0.92			1.50
Strategic Growth Fund		1.03			1.78			0.75			1.25			0.78			0.74			1.28
Technology Opportunities Fund		1.15			1.90			0.87			1.37			0.90			0.86			N/A
U.S. Equity ESG Fund		1.03			1.78			0.67			N/A			0.78			0.66			1.28
The annualized net expense ratios for the period were as follows:
Fund																			Class P
Concentrated Growth Fund																				0.69	%
Enhanced Core Equity Fund																				0.57
Large Cap Core Fund																				0.69
Mid Cap Growth Fund																				0.84
Small Cap Growth Fund																				0.90
Small/Mid Cap Growth Fund																				0.92
Strategic Growth Fund																				0.74
Technology Opportunities Fund																				0.86
U.S. Equity ESG Fund																				0.66

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FUNDS PROFILE

 

 

 

Goldman Sachs Funds

 February 29, 2024

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.54 trillion in assets under supervision as of December 31, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

∎ U.S. Mortgages Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Emerging Markets Credit Fund⁴

Fixed Income Alternatives

∎ Short Duration High Yield Fund⁵

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Enhanced Core Equity Fund⁶

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Strategy Alternatives Fund⁷

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ GQG Partners International Opportunities Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

⁴  Effective after the close of business on October 31, 2023, the Goldman Sachs Local Emerging Markets Debt Fund was renamed the Goldman Sachs Emerging Markets Credit Fund.

⁵  Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁶  Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.

⁷  Effective after the close of business on September 22, 2023, the Goldman Sachs Multi-Manager Alternatives Fund was renamed the Goldman Sachs Multi-Strategy Alternatives Fund.

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

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

  

  149

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair James A. McNamara Cheryl K. Beebe Lawrence W. Stranghoener Dwight L. Bush Paul C. Wirth Kathryn A. Cassidy John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary Michael Latham GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission ("SEC") website at http://www.sec.gov/. The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC's website at http://www.sec.gov/. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Goldman Sachs & Co. LLC (''Goldman Sachs'') does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's®, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). © 2024 Goldman Sachs. All rights reserved. 365394-OTU-04/2024 EQGRWSAR-24

 

 

 

 

Goldman Sachs Fundamental Equity Value Funds

∎	EQUITY INCOME
∎	FOCUSED VALUE
∎	LARGE CAP VALUE
∎	MID CAP VALUE
∎	SMALL CAP VALUE
∎	SMALL/MID CAP VALUE

TABLE OF CONTENTS

Market Review	1
Fund Basics	4
Schedules of Investments	16
Financial Statements	29
Financial Highlights	38
Equity Income	38
Focused Value	46
Large Cap Value	53
Mid Cap Value	61
Small Cap Value	69
Small/Mid Cap Value	77
Notes to Financial Statements	84
Other Information	106

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET REVIEW

 

 

Fundamental Equity Value Funds

February 29, 2024

 

 

The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Fundamental Equity Value Funds (the “Funds”) during the six months ended February 29, 2024 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to the Funds’ shareholders, per new SEC requirements with a compliance date of July 24, 2024.

Market and Economic Review

• Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500^® Index”) ended the Reporting Period with a return of 13.93%. The Russell 3000^® Index generated a return of 13.76%.

• Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership.

• The Reporting Period began in September 2023 with a sharp pullback.

• Although economic activity remained resilient, the S&P 500^® Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment.

• The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25%-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors.

• During the fourth quarter of 2023, the S&P 500^® Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003.

• The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023.

• U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime.

• The market then shifted direction in November.

• November saw the most significant easing in financial conditions of any month in more than four decades.

• Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes.

• The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards.

• Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

• U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years.

  

1

MARKET REVIEW

 

 

 

 

 

 

 

• Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks.

• The S&P 500^® Index rose in January 2024, albeit modestly.

• Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors.

• Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy.

• The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again.

• Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500^® Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative.

• In February 2024, the S&P 500^® Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven.”

• U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.)

• The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact.

• Economic data remained robust, which helped ease concerns of a hard landing.

• Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024.

• Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors.

• During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000^® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap^® Index and Russell 2000^® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

• The best performing sectors within the S&P 500^® Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples.

Fund Changes and Highlights

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

Goldman Sachs Large Cap Value Fund

• The Fund posted double-digit positive absolute returns that significantly outperformed its benchmark, the Russell 1000^® Value Index, during the Reporting Period.

• Stock selection overall contributed positively to the Fund’s performance during the Reporting Period, especially in the information technology, materials and financials sectors. Only partially offsetting these positive contributors was stock selection in the utilities and energy sectors, which detracted. More specifically, stock selection overall contributed most positively to the Fund’s performance during the Reporting Period, especially in the consumer discretionary, consumer staples and industrials sectors. Only partially offsetting these positive contributors was stock selection in the health care and information technology sectors, which detracted.

  

2  

MARKET REVIEW

 

 

 

 

 

 

 

• Sector allocation decisions as a whole added value to the Fund’s relative results during the Reporting Period.

• From an industry perspective, stock selection in semiconductors & semiconductor equipment and the technology hardware storage & peripherals industries within the information technology sector added value. Within materials, stock selection in the chemicals industry helped most. In financials, positioning in the insurance, consumer finance and capital markets industries proved most beneficial.

• Among individual holdings, overweight positions in information technology infrastructure manufacturer Dell Technologies, investment firm KKR & Co. and insurance company Allstate contributed most positively during the Reporting Period. Those individual holdings that detracted most included overweight positions in consumer health company Kenvue, pharmaceuticals company Bristol-Myers Squibb and auto parts technology supplier Aptiv. We sold the Fund’s position in Aptiv by the end of the Reporting Period.

  

  3

FUND BASICS

 

 

Equity Income Fund

as of February 29, 2024

 

 

 

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell 1000®  Value Index2
Class A	9.58%	9.27%
Class C	9.17	9.27
Institutional	9.73	9.27
Service	9.47	9.27
Investor	9.72	9.27
Class R6	9.76	9.27
Class R	9.45	9.27
Class P	9.76	9.27

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

²  The unmanaged Russell 1000^® Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000^® Value Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets	Line of Business
JPMorgan Chase & Co.	3.9%	Financials
Exxon Mobil Corp.	3.1	Energy
Linde PLC	2.6	Materials
Walmart, Inc.	2.3	Consumer Staples
Republic Services, Inc.	2.2	Industrials
Eaton Corp. PLC	2.1	Industrials
Procter & Gamble Co. (The)	2.1	Consumer Staples
Bank of America Corp.	2.1	Financials
Bristol-Myers Squibb Co.	2.0	Health Care
Amgen, Inc.	1.9	Health Care

³  The top 10 holdings may not be representative of the Fund’s future investments.

  

4

FUND BASICS

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Investments in the securities lending reinvestment vehicle represented 0.09% of the Fund’s net assets as of February 29, 2024. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

  5

FUND BASICS

 

 

Focused Value Fund

as of February 29, 2024

 

 

 

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell 1000®  Value Index2
Class A	12.07%	9.27%
Class C	11.67	9.27
Institutional	12.29	9.27
Investor	12.25	9.27
Class R6	12.25	9.27
Class R	11.93	9.27
Class P	12.25	9.27

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

²  The unmanaged Russell 1000^® Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000^® Value Index figures do not reflect any deduction of fees, expenses, or taxes. It is not possible to invest directly in an unmanaged index. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets	Line of Business
Exxon Mobil Corp.	5.4%	Energy
Danaher Corp.	5.0	Health Care
Salesforce, Inc.	4.7	Information Technology
Colgate-Palmolive Co.	4.5	Consumer Staples
Marvell Technology, Inc.	4.2	Information Technology
Bank of America Corp.	4.1	Financials
Lowe’s Cos., Inc.	4.1	Consumer Discretionary
Bristol-Myers Squibb Co.	4.0	Health Care
Zimmer Biomet Holdings, Inc.	3.9	Health Care
Ameren Corp.	3.9	Utilities

³  The top 10 holdings may not be representative of the Fund’s future investments.

  

6

FUND BASICS

 

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

  7

FUND BASICS

 

 

Large Cap Value Fund

as of February 29, 2024

 

 

 

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell 1000®  Value Index2
Class A	12.90%	9.27%
Class C	12.41	9.27
Institutional	13.02	9.27
Service	12.68	9.27
Investor	12.92	9.27
Class R6	13.01	9.27
Class R	12.72	9.27
Class P	13.01	9.27

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

²  The unmanaged Russell 1000^® Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000^® Value Index figures do not reflect any deduction of fees, expenses, or taxes. It is not possible to invest directly in an unmanaged index. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets	Line of Business
Exxon Mobil Corp.	3.6%	Energy
JPMorgan Chase & Co.	3.3	Financials
Johnson & Johnson	2.5	Health Care
Walmart, Inc.	2.3	Consumer Staples
Danaher Corp.	2.3	Health Care
General Electric Co.	2.2	Industrials
Berkshire Hathaway, Inc., Class B	2.2	Financials
Eaton Corp. PLC	2.1	Industrials
Bristol-Myers Squibb Co.	2.0	Health Care
BlackRock, Inc.	1.9	Financials

³  The top 10 holdings may not be representative of the Fund’s future investments.

  

8

FUND BASICS

 

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

  9

FUND BASICS

 

 

Mid Cap Value Fund

as of February 29, 2024

 

 

 

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell  Midcap® Value  Index2
Class A	10.61%	9.49%
Class C	10.19	9.49
Institutional	10.81	9.49
Service	10.51	9.49
Investor	10.78	9.49
Class R6	10.81	9.49
Class R	10.47	9.49
Class P	10.80	9.49

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

²  The Russell Midcap Value^® Index is an unmanaged index of common stock prices that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Value^® Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets	Line of Business
Marvell Technology, Inc.	2.8%	Information Technology
Martin Marietta Materials, Inc.	2.1	Materials
Fidelity National Information Services, Inc.	2.0	Financials
Steel Dynamics, Inc.	2.0	Materials
Zimmer Biomet Holdings, Inc.	2.0	Health Care
United Rentals, Inc.	2.0	Industrials
AMETEK, Inc.	1.8	Industrials
Fortive Corp.	1.8	Industrials
Lennar Corp., Class A	1.7	Consumer Discretionary
VICI Properties, Inc. REIT	1.6	Real Estate

³  The top 10 holdings may not be representative of the Fund’s future investments.

  

10

FUND BASICS

 

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund’s net assets as of February 29, 2024. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

  11

FUND BASICS

 

 

Small Cap Value Fund

as of February 29, 2024

 

 

 

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell 2000®  Value Index2
Class A	4.82%	7.70%
Class C	4.39	7.70
Institutional	4.96	7.70
Service	4.69	7.70
Investor	4.94	7.70
Class R6	4.97	7.70
Class R	4.69	7.70
Class P	4.97	7.70

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

²  The Russell 2000^® Value Index is an unmanaged index of common stock prices that measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets	Line of Business	Country
Meritage Homes Corp.	1.5%	Household Durables	United States
ASGN, Inc.	1.4	Professional Services	United States
SPX Technologies, Inc.	1.3	Machinery	United States
SITE Centers Corp. REIT	1.2	Equity Real Estate Investment Trusts (REITs)	United States
Arcosa, Inc.	1.1	Construction & Engineering	United States
Acadia Realty Trust REIT	1.0	Equity Real Estate Investment Trusts (REITs)	United States
iShares Russell 2000 Value ETF	1.0	Exchange-Traded Fund	United States
Moog, Inc., Class A	1.0	Aerospace & Defense	United States
Terreno Realty Corp. REIT	1.0	Industrial REITs	United States
RLJ Lodging Trust REIT	1.0	Equity Real Estate Investment Trusts (REITs)	United States

¹  The top 10 holdings may not be representative of the Fund’s future investments.

  

12

FUND BASICS

 

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS¹

As of February 29, 2024

¹  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. Percentages may not sum to 100% due to rounding.

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

  

  13

FUND BASICS

 

 

Small/Mid Cap Value Fund

as of February 29, 2024

 

 

 

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)1	Russell 2500®  Value Index2
Class A	8.40%	8.84%
Class C	8.01	8.84
Institutional	8.61	8.84
Investor	8.54	8.84
Class R6	8.57	8.84
Class R	8.28	8.84
Class P	8.64	8.84

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

²  The Russell 2500^® Value is composed of the smallest 2,500 of the 3,000 largest U.S. companies based on total market capitalization with lower price-to-book ratios and lower forecast growth values. It is calculated by Frank Russell Company, and reflects reinvestment of all dividends and capital gains. The Russell 2500^® Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

TOP TEN HOLDINGS AS OF 2/29/24³

Holding	% of Net Assets	Line of Business
Saia, Inc.	1.7%	Industrials
Curtiss-Wright Corp.	1.6	Industrials
Ciena Corp.	1.5	Information Technology
Tenet Healthcare Corp.	1.5	Health Care
Entegris, Inc.	1.5	Information Technology
Regal Rexnord Corp.	1.4	Industrials
KBR, Inc.	1.4	Industrials
SPX Technologies, Inc.	1.4	Industrials
AECOM	1.4	Industrials
Regency Centers Corp. REIT	1.2	Real Estate

³  The top 10 holdings may not be representative of the Fund’s future investments.

  

14

FUND BASICS

 

 

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 29, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

  15

GOLDMAN SACHS EQUITY INCOME FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 99.6%
Aerospace & Defense – 1.0%
17,613	L3Harris Technologies, Inc.	$	3,727,968
Air Freight & Logistics – 1.0%
24,697	United Parcel Service, Inc., Class B		3,661,577
Banks – 7.9%
223,636	Bank of America Corp.		7,719,915
68,491	Citigroup, Inc.		3,800,565
78,116	JPMorgan Chase & Co.		14,534,263
107,967	Truist Financial Corp.		3,776,686
			29,831,429
Beverages – 2.6%
103,010	Coca-Cola Co. (The)		6,182,660
49,964	Coca-Cola Europacific Partners PLC (United Kingdom)		3,429,029
			9,611,689
Biotechnology – 1.9%
26,182	Amgen, Inc.		7,169,417
Capital Markets – 5.7%
48,143	Blackstone, Inc.		6,153,638
53,439	KKR & Co., Inc.		5,250,916
42,001	Morgan Stanley		3,613,766
74,659	Nasdaq, Inc.		4,195,836
20,414	Singapore Exchange Ltd. ADR (Singapore)		2,154,086
			21,368,242
Chemicals – 2.6%
21,612	Linde PLC		9,699,898
Commercial Services & Supplies – 2.2%
44,494	Republic Services, Inc.		8,169,098
Communications Equipment – 1.8%
142,895	Cisco Systems, Inc.		6,911,831
Construction & Engineering – 0.6%
75,734	Vinci SA ADR (France)(a)		2,423,488
Consumer Finance – 1.6%
27,492	American Express Co.		6,032,295
Consumer Staples Distribution & Retail – 2.2%
144,105	Walmart, Inc.		8,445,994
Diversified Telecommunication Services – 1.5%
324,518	AT&T, Inc.		5,494,090
Electric Utilities – 1.4%
48,441	NextEra Energy, Inc.		2,673,459
50,711	Xcel Energy, Inc.		2,671,962
			5,345,421
Electrical Equipment – 2.1%
27,382	Eaton Corp. PLC		7,913,398
Financial Services – 1.1%
15,012	Visa, Inc., Class A		4,242,992
Food Products – 1.4%
37,402	General Mills, Inc.		2,400,460

Shares	Description	Value
Common Stocks – (continued)
Food Products – (continued)
83,707	Kraft Heinz Co. (The)	$	2,953,183
			5,353,643
Ground Transportation – 1.0%
14,790	Norfolk Southern Corp.		3,747,490
Health Care Equipment & Supplies – 2.6%
51,011	Abbott Laboratories		6,051,945
30,112	Zimmer Biomet Holdings, Inc.		3,744,728
			9,796,673
Health Care Providers & Services – 1.0%
50,229	CVS Health Corp.		3,735,531
Health Care REITs – 0.7%
161,380	Healthpeak Properties, Inc. REIT		2,703,115
Hotels, Restaurants & Leisure – 1.2%
15,968	McDonald’s Corp.		4,667,127
Household Products – 2.1%
49,377	Procter & Gamble Co. (The)		7,847,980
Industrial Conglomerates – 1.5%
28,771	Honeywell International, Inc.		5,717,661
Insurance – 4.3%
40,525	Allstate Corp. (The)		6,464,548
24,724	Marsh & McLennan Cos., Inc.		5,000,924
25,595	Progressive Corp. (The)		4,851,788
			16,317,260
Interactive Media & Services – 1.0%
7,899	Meta Platforms, Inc., Class A		3,871,537
IT Services – 1.2%
11,594	Accenture PLC, Class A		4,345,199
Life Sciences Tools & Services – 1.5%
22,829	Danaher Corp.		5,778,933
Machinery – 3.6%
18,283	Caterpillar, Inc.		6,105,791
16,956	Illinois Tool Works, Inc.		4,445,015
31,416	Stanley Black & Decker, Inc.		2,805,135
			13,355,941
Media – 2.0%
49,562	Comcast Corp., Class A		2,123,732
58,024	New York Times Co. (The), Class A		2,569,303
33,352	Omnicom Group, Inc.		2,947,983
			7,641,018
Metals & Mining – 1.2%
67,436	Rio Tinto PLC ADR (Australia)		4,351,645
Multi-Utilities – 3.2%
48,915	Ameren Corp.		3,482,259
57,500	CMS Energy Corp.		3,298,775
39,023	Dominion Energy, Inc.		1,866,470
48,255	National Grid PLC ADR (United Kingdom)(a)		3,216,678
			11,864,182

  

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

GOLDMAN SACHS EQUITY INCOME FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – 6.6%
58,721	ConocoPhillips	$	6,608,461
37,666	EOG Resources, Inc.		4,311,251
109,994	Exxon Mobil Corp.		11,496,573
40,422	Shell PLC ADR (Netherlands)		2,539,714
			24,955,999
Personal Care Products – 1.0%
205,490	Kenvue, Inc.		3,904,310
Pharmaceuticals – 6.4%
109,667	AstraZeneca PLC ADR (United Kingdom)		7,036,235
150,354	Bristol-Myers Squibb Co.		7,630,465
7,196	Eli Lilly & Co.		5,423,481
23,447	Johnson & Johnson		3,783,877
			23,874,058
Residential REITs – 1.0%
21,153	AvalonBay Communities, Inc. REIT		3,744,716
Retail REITs – 0.7%
42,359	Regency Centers Corp. REIT		2,624,140
Semiconductors & Semiconductor Equipment – 3.5%
4,408	KLA Corp.		3,007,578
82,103	Marvell Technology, Inc.		5,883,501
25,263	Texas Instruments, Inc.		4,227,258
			13,118,337
Software – 3.6%
5,823	Intuit, Inc.		3,860,008
10,460	Microsoft Corp.		4,326,674
48,289	Oracle Corp.		5,392,916
			13,579,598
Specialized REITs – 2.3%
16,085	American Tower Corp. REIT		3,198,663
36,480	Digital Realty Trust, Inc. REIT		5,355,629
			8,554,292
Specialty Retail – 2.2%
16,996	Lowe’s Cos., Inc.		4,090,427
28,838	Ross Stores, Inc.		4,295,709
			8,386,136
Technology Hardware, Storage & Peripherals – 1.9%
75,620	Dell Technologies, Inc., Class C		7,158,189
Textiles, Apparel & Luxury Goods – 1.3%
45,447	NIKE, Inc., Class B		4,723,307
Trading Companies & Distributors – 1.7%
87,673	Fastenal Co.		6,401,006
Water Utilities – 0.7%
21,921	American Water Works Co., Inc.		2,598,515
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $288,265,791)			374,766,365

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.9%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
3,209,853	5.219%	$	3,209,853
(Cost $3,209,853)
TOTAL INVESTMENTS – 100.5% (Cost $291,475,644)		$	377,976,218
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%			(1,970,447)
NET ASSETS – 100.0%		$	376,005,771

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS FOCUSED VALUE FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 98.8%
Air Freight & Logistics – 2.8%
9,270	United Parcel Service, Inc., Class B	$	1,374,370
Banks – 7.2%
59,414	Bank of America Corp.		2,050,971
10,909	M&T Bank Corp.		1,524,424
			3,575,395
Biotechnology – 2.4%
4,393	Amgen, Inc.		1,202,935
Capital Markets – 5.4%
12,167	KKR & Co., Inc.		1,195,529
27,055	Nasdaq, Inc.		1,520,491
			2,716,020
Chemicals – 2.1%
3,225	Sherwin-Williams Co. (The)		1,070,797
Commercial Services & Supplies – 2.8%
8,249	Waste Connections, Inc.		1,372,964
Construction Materials – 2.8%
2,385	Martin Marietta Materials, Inc.		1,377,838
Diversified Telecommunication Services – 3.8%
110,560	AT&T, Inc.		1,871,781
Health Care Equipment & Supplies – 3.9%
15,683	Zimmer Biomet Holdings, Inc.		1,950,338
Household Products – 4.5%
25,973	Colgate-Palmolive Co.		2,247,184
Industrial Conglomerates – 3.4%
10,962	General Electric Co.		1,719,828
Insurance – 5.2%
7,921	Allstate Corp. (The)		1,263,558
10,335	Globe Life, Inc.		1,311,822
			2,575,380
Interactive Media & Services – 3.5%
12,637	Alphabet, Inc., Class A*		1,749,719
Life Sciences Tools & Services – 5.0%
9,824	Danaher Corp.		2,486,847
Machinery – 5.7%
5,285	Caterpillar, Inc.		1,764,979
12,059	Stanley Black & Decker, Inc.		1,076,748
			2,841,727
Metals & Mining – 3.1%
41,574	Freeport-McMoRan, Inc.		1,571,913
Multi-Utilities – 3.9%
27,305	Ameren Corp.		1,943,843
Oil, Gas & Consumable Fuels – 5.4%
25,862	Exxon Mobil Corp.		2,703,096
Pharmaceuticals – 6.8%
21,346	AstraZeneca PLC ADR (United
	Kingdom)		1,369,560
39,463	Bristol-Myers Squibb Co.		2,002,747
			3,372,307

Shares	Description	Value
Common Stocks – (continued)
Residential REITs – 2.9%
8,308	AvalonBay Communities, Inc. REIT	$	1,470,765
Semiconductors & Semiconductor Equipment – 4.2%
28,931	Marvell Technology, Inc.		2,073,195
Software – 4.7%
7,519	Salesforce, Inc.*		2,322,018
Specialty Retail – 4.1%
8,516	Lowe’s Cos., Inc.		2,049,546
Textiles, Apparel & Luxury Goods – 3.2%
15,408	NIKE, Inc., Class B		1,601,353
TOTAL COMMON STOCKS (Cost $42,059,596)			49,241,159
Shares	Dividend Rate	Value
Investment Company – 1.2%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
575,158	5.219%		575,158
(Cost $575,158)
TOTAL INVESTMENTS – 100.0% (Cost $42,634,754)		$	49,816,317
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%			(20,318)
NET ASSETS – 100.0%		$	49,795,999

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS LARGE CAP VALUE FUND

 

 

Schedule of Investments

February 29 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 99.4%
Air Freight & Logistics – 1.3%
39,145	United Parcel Service, Inc., Class B	$	5,803,638
Automobiles – 0.8%
87,027	General Motors Co.		3,566,366
Banks – 7.5%
217,475	Bank of America Corp.		7,507,237
73,154	Citigroup, Inc.		4,059,315
76,591	JPMorgan Chase & Co.		14,250,522
45,991	M&T Bank Corp.		6,426,782
			32,243,856
Beverages – 1.4%
96,994	Coca-Cola Co. (The)		5,821,580
Biotechnology – 1.7%
19,516	Amgen, Inc.		5,344,066
5,727	Biogen, Inc.*		1,242,702
8,440	BioMarin Pharmaceutical, Inc.*		728,203
			7,314,971
Capital Markets – 4.6%
10,256	BlackRock, Inc.		8,321,103
68,319	KKR & Co., Inc.		6,713,025
84,836	Nasdaq, Inc.		4,767,783
			19,801,911
Chemicals – 3.0%
17,354	Linde PLC		7,788,822
15,498	Sherwin-Williams Co. (The)		5,145,801
			12,934,623
Commercial Services & Supplies – 1.1%
29,185	Waste Connections, Inc.		4,857,551
Communications Equipment – 0.5%
7,813	Arista Networks, Inc.*		2,168,420
Construction Materials – 1.2%
8,649	Martin Marietta Materials, Inc.		4,996,614
Consumer Finance – 1.8%
35,306	American Express Co.		7,746,843
Consumer Staples Distribution & Retail – 2.3%
169,548	Walmart, Inc.		9,937,208
Containers & Packaging – 1.1%
74,434	Ball Corp.		4,765,265
Diversified Telecommunication Services – 1.6%
409,079	AT&T, Inc.		6,925,708
Electric Utilities – 1.5%
178,176	Exelon Corp.		6,385,828
Electrical Equipment – 2.0%
30,542	Eaton Corp. PLC		8,826,638
Financial Services – 4.1%
23,345	Berkshire Hathaway, Inc., Class B*		9,557,443
66,538	Fidelity National Information Services, Inc.		4,603,764

Shares	Description	Value
Common Stocks – (continued)
Financial Services – (continued)
11,737	Visa, Inc., Class A	$	3,317,346
			17,478,553
Food Products – 1.1%
65,509	Mondelez International, Inc., Class A		4,786,743
Ground Transportation – 1.9%
16,974	Norfolk Southern Corp.		4,300,872
8,788	Old Dominion Freight Line, Inc.		3,888,514
			8,189,386
Health Care Equipment & Supplies – 5.1%
9,489	Align Technology, Inc.*		2,869,663
108,071	Boston Scientific Corp.*		7,155,381
49,787	Cooper Cos., Inc. (The)		4,660,063
58,044	Zimmer Biomet Holdings, Inc.		7,218,352
			21,903,459
Health Care Providers & Services – 1.3%
75,166	CVS Health Corp.		5,590,095
Household Products – 1.5%
74,163	Colgate-Palmolive Co.		6,416,583
Industrial Conglomerates – 3.9%
61,585	General Electric Co.		9,662,071
35,105	Honeywell International, Inc.		6,976,416
			16,638,487
Industrial REITs – 1.6%
49,325	Prologis, Inc. REIT		6,573,543
Insurance – 3.1%
44,661	Allstate Corp. (The)		7,124,323
48,508	Globe Life, Inc.		6,157,120
			13,281,443
Interactive Media & Services – 1.7%
54,079	Alphabet, Inc., Class A*		7,487,778
Life Sciences Tools & Services – 2.3%
38,890	Danaher Corp.		9,844,615
Machinery – 4.2%
18,903	Caterpillar, Inc.		6,312,846
23,776	Illinois Tool Works, Inc.		6,232,878
64,524	Stanley Black & Decker, Inc.		5,761,348
			18,307,072
Media – 0.9%
45,466	Omnicom Group, Inc.		4,018,740
Metals & Mining – 1.4%
165,158	Freeport-McMoRan, Inc.		6,244,624
Multi-Utilities – 2.9%
88,588	Ameren Corp.		6,306,580
107,265	CMS Energy Corp.		6,153,793
			12,460,373

  

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

GOLDMAN SACHS LARGE CAP VALUE FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Office REITs – 0.6%
20,316	Alexandria Real Estate Equities, Inc. REIT	$	2,534,015
Oil, Gas & Consumable Fuels – 6.2%
52,397	Chesapeake Energy Corp.		4,337,424
60,566	EOG Resources, Inc.		6,932,384
148,151	Exxon Mobil Corp.		15,484,743
			26,754,551
Personal Care Products – 1.2%
273,969	Kenvue, Inc.		5,205,411
Pharmaceuticals – 5.6%
75,104	AstraZeneca PLC ADR (United Kingdom)		4,818,673
170,369	Bristol-Myers Squibb Co.		8,646,227
66,672	Johnson & Johnson		10,759,527
			24,224,427
Residential REITs – 1.2%
29,583	AvalonBay Communities, Inc. REIT		5,237,078
Semiconductors & Semiconductor Equipment – 5.0%
23,827	Advanced Micro Devices, Inc.*		4,587,412
15,710	Applied Materials, Inc.		3,167,450
4,147	KLA Corp.		2,829,498
87,429	Marvell Technology, Inc.		6,265,162
49,847	Micron Technology, Inc.		4,516,637
			21,366,159
Software – 3.2%
49,023	Dynatrace, Inc.*		2,429,090
51,470	Oracle Corp.		5,748,170
17,809	Salesforce, Inc.*		5,499,775
			13,677,035
Specialized REITs – 1.3%
15,395	American Tower Corp. REIT		3,061,450
18,670	Extra Space Storage, Inc. REIT		2,631,910
			5,693,360
Specialty Retail – 2.2%
102,916	Foot Locker, Inc.		3,543,398
24,277	Lowe’s Cos., Inc.		5,842,745
			9,386,143
Technology Hardware, Storage & Peripherals – 1.1%
50,914	Dell Technologies, Inc., Class C		4,819,519
Textiles, Apparel & Luxury Goods – 1.4%
56,819	NIKE, Inc., Class B		5,905,199
TOTAL COMMON STOCKS (Cost $335,943,600)			428,121,411

Shares	Dividend Rate	Value
Investment Company – 0.5%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
2,355,126	5.219%	$	2,355,126
(Cost $2,355,126)
TOTAL INVESTMENTS – 99.9% (Cost $338,298,726)		$	430,476,537
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			283,645
NET ASSETS – 100.0%		$	430,760,182

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS MID CAP VALUE FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 97.8%
Aerospace & Defense – 2.1%
41,300	L3Harris Technologies, Inc.	$	8,741,558
115,574	Woodward, Inc.		16,352,565
			25,094,123
Automobiles – 0.7%
213,874	General Motors Co.		8,764,557
Banks – 4.0%
183,592	Citizens Financial Group, Inc.		5,762,953
149,661	East West Bancorp, Inc.		10,904,300
792,963	Huntington Bancshares, Inc.		10,340,237
88,444	M&T Bank Corp.		12,359,165
109,718	Pinnacle Financial Partners, Inc.		9,075,873
			48,442,528
Beverages – 1.9%
186,128	Coca-Cola Europacific Partners
	PLC (United Kingdom)		12,773,965
42,614	Constellation Brands, Inc., Class A		10,590,431
			23,364,396
Biotechnology – 0.9%
52,489	Biogen, Inc.*		11,389,588
Broadline Retail – 0.6%
103,053	Etsy, Inc.*		7,387,870
Building Products – 2.1%
103,674	Allegion PLC		13,256,795
44,622	Trane Technologies PLC		12,582,065
			25,838,860
Capital Markets – 3.9%
162,607	KKR & Co., Inc.		15,977,764
223,746	Nasdaq, Inc.		12,574,525
155,147	Raymond James Financial, Inc.		18,667,287
			47,219,576
Chemicals – 3.6%
206,148	Ashland, Inc.		19,303,699
75,976	Celanese Corp.		11,546,073
92,574	PPG Industries, Inc.		13,108,478
			43,958,250
Communications Equipment – 0.6%
23,049	Motorola Solutions, Inc.		7,615,159
Construction Materials – 2.1%
43,016	Martin Marietta Materials, Inc.		24,850,773
Consumer Staples Distribution & Retail – 0.9%
135,074	Performance Food Group Co.*		10,369,631
Containers & Packaging – 2.0%
40,180	Avery Dennison Corp.		8,700,175
245,736	Ball Corp.		15,732,019
			24,432,194
Electric Utilities – 2.9%
256,998	Eversource Energy		15,085,783
256,933	FirstEnergy Corp.		9,406,317
201,103	Xcel Energy, Inc.		10,596,117
			35,088,217

Shares	Description	Value
Common Stocks – (continued)
Electrical Equipment – 3.2%
122,917	AMETEK, Inc.	$	22,147,185
58,251	Rockwell Automation, Inc.		16,606,195
			38,753,380
Electronic Equipment, Instruments & Components – 2.3%
199,264	Cognex Corp.		7,860,965
57,411	Keysight Technologies, Inc.*		8,858,517
40,091	Zebra Technologies Corp., Class A*		11,204,633
			27,924,115
Entertainment – 1.0%
86,760	Electronic Arts, Inc.		12,101,285
Financial Services – 2.7%
356,140	Fidelity National Information Services, Inc.		24,641,327
117,043	Voya Financial, Inc.		8,001,059
			32,642,386
Food Products – 0.5%
84,904	McCormick & Co., Inc.		5,846,489
Ground Transportation – 1.1%
13,255	Old Dominion Freight Line, Inc.		5,865,073
11,823	Saia, Inc.*		6,802,954
			12,668,027
Health Care Equipment & Supplies – 3.4%
181,620	Cooper Cos., Inc. (The)		16,999,632
194,731	Zimmer Biomet Holdings, Inc.		24,216,747
			41,216,379
Health Care Providers & Services – 1.5%
74,209	Cencora, Inc.		17,483,640
Health Care REITs – 0.9%
244,685	Ventas, Inc. REIT		10,347,729
Hotels, Restaurants & Leisure – 3.1%
117,127	Royal Caribbean Cruises Ltd.*		14,447,616
114,642	Wyndham Hotels & Resorts, Inc.		8,775,845
106,536	Yum! Brands, Inc.		14,746,713
			37,970,174
Household Durables – 1.7%
127,594	Lennar Corp., Class A		20,224,925
Independent Power and Renewable Electricity Producers – 0.6%
480,140	AES Corp. (The)		7,298,128
Industrial REITs – 0.3%
164,589	Americold Realty Trust, Inc. REIT		4,164,102
Insurance – 6.4%
119,644	Allstate Corp. (The)		19,085,611
48,122	American Financial Group, Inc.		6,143,736
143,823	Arch Capital Group Ltd.*		12,597,457
55,999	Arthur J Gallagher & Co.		13,659,836
122,740	Globe Life, Inc.		15,579,388
213,541	Unum Group		10,559,602
			77,625,630

  

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

GOLDMAN SACHS MID CAP VALUE FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Interactive Media & Services – 0.6%
212,925	Match Group, Inc.*	$	7,673,817
Life Sciences Tools & Services – 1.2%
11,892	Mettler-Toledo International, Inc.*		14,831,940
Machinery – 7.3%
24,782	Chart Industries, Inc.*		3,540,356
45,172	Cummins, Inc.		12,133,651
250,997	Fortive Corp.		21,367,375
41,315	IDEX Corp.		9,746,208
96,050	ITT, Inc.		12,115,747
186,762	Stanley Black & Decker, Inc.		16,675,979
95,251	Xylem, Inc.		12,101,640
			87,680,956
Metals & Mining – 2.0%
181,802	Steel Dynamics, Inc.		24,328,744
Multi-Utilities – 3.1%
227,408	CMS Energy Corp.		13,046,397
436,108	NiSource, Inc.		11,364,975
172,090	WEC Energy Group, Inc.		13,507,344
			37,918,716
Office REITs – 1.5%
141,276	Alexandria Real Estate Equities, Inc. REIT		17,621,356
Oil, Gas & Consumable Fuels – 5.1%
50,578	Cheniere Energy, Inc.		7,849,706
81,060	Chesapeake Energy Corp.		6,710,147
84,021	Diamondback Energy, Inc.		15,335,513
375,954	Marathon Oil Corp.		9,116,884
44,598	Phillips 66		6,355,661
171,664	Targa Resources Corp.		16,864,271
			62,232,182
Passenger Airlines – 1.3%
332,862	United Airlines Holdings, Inc.*		15,141,892
Residential REITs – 3.3%
87,692	AvalonBay Communities, Inc. REIT		15,524,115
257,845	Equity LifeStyle Properties, Inc. REIT		17,358,125
208,787	Invitation Homes, Inc. REIT		7,113,373
			39,995,613
Retail REITs – 1.0%
199,059	Regency Centers Corp. REIT		12,331,705
Semiconductors & Semiconductor Equipment – 3.8%
479,167	Marvell Technology, Inc.		34,337,107
94,371	MKS Instruments, Inc.		11,584,984
			45,922,091
Software – 1.4%
183,164	Dynatrace, Inc.*		9,075,776
297,165	Klaviyo, Inc., Class A*(a)		7,874,873
			16,950,649
Specialized REITs – 3.3%
73,143	Digital Realty Trust, Inc. REIT		10,738,124

Shares	Description	Value
Common Stocks – (continued)
Specialized REITs – (continued)
64,323	Extra Space Storage, Inc. REIT	$	9,067,613
651,052	VICI Properties, Inc. REIT		19,485,986
			39,291,723
Specialty Retail – 3.4%
263,652	Foot Locker, Inc.		9,077,538
18,393	RH*		5,047,039
119,973	Ross Stores, Inc.		17,871,178
16,901	Ulta Beauty, Inc.*		9,271,213
			41,266,968
Trading Companies & Distributors – 2.5%
85,522	Fastenal Co.		6,243,961
34,026	United Rentals, Inc.		23,589,205
			29,833,166
TOTAL COMMON STOCKS (Cost $952,051,947)			1,183,103,629
Shares	Dividend Rate	Value
Investment Company – 2.2%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
27,190,730	5.219%		27,190,730
(Cost $27,190,730)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $979,242,677)			1,210,294,359
Securities Lending Reinvestment Vehicle – 0.1%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
724,640	5.219%		724,640
(Cost $724,640)
TOTAL INVESTMENTS – 100.1% (Cost $979,967,317)		$	1,211,018,999
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(1,574,532	)
NET ASSETS – 100.0%		$	1,209,444,467

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—American Depositary Receipt
REIT	—Public Limited Company

  

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

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 98.5%
Aerospace & Defense – 1.9%
39,627	Ducommun, Inc.*	$	1,891,000
334,965	Kratos Defense & Security Solutions, Inc.*		6,109,762
93,373	Moog, Inc., Class A		14,001,281
133,039	V2X, Inc.*		5,122,002
			27,124,045
Automobile Components – 1.3%
363,452	Adient PLC*		12,335,561
441,144	Goodyear Tire & Rubber Co. (The)*		5,240,791
			17,576,352
Banks – 14.8%
234,249	Ameris Bancorp		10,852,756
276,577	Atlantic Union Bankshares Corp.		9,198,951
174,202	Banner Corp.		7,637,016
182,987	Community Bank System, Inc.		8,289,311
289,642	ConnectOne Bancorp, Inc.		5,732,015
388,870	CVB Financial Corp.		6,618,567
612,152	Eastern Bankshares, Inc.		7,909,004
208,459	FB Financial Corp.		7,429,479
218,763	First Financial Bankshares, Inc.		6,768,527
237,431	First Merchants Corp.		7,882,709
140,980	German American Bancorp, Inc.		4,435,231
200,038	Glacier Bancorp, Inc.		7,485,422
275,287	Hancock Whitney Corp.		12,002,513
182,536	Heritage Financial Corp.		3,349,536
373,463	Home BancShares, Inc.		8,761,442
113,231	Lakeland Financial Corp.		7,212,815
188,285	NBT Bancorp, Inc.		6,475,121
387,300	OceanFirst Financial Corp.		5,886,960
195,282	Origin Bancorp, Inc.		5,827,215
409,688	Pacific Premier Bancorp, Inc.		9,365,468
128,182	Pinnacle Financial Partners, Inc.		10,603,215
207,741	Renasant Corp.		6,566,693
153,538	SouthState Corp.		12,903,333
119,786	Stock Yards Bancorp, Inc.		5,487,397
215,656	Towne Bank		5,846,434
185,282	TriCo Bancshares		6,190,272
79,885	United Community Banks, Inc.		2,077,809
872,408	Valley National Bancorp		7,145,021
			205,940,232
Beverages – 0.7%
564,918	Primo Water Corp.		9,157,321
Biotechnology – 2.3%
101,301	Agios Pharmaceuticals, Inc.*		3,274,048
131,320	Alkermes PLC*		3,898,891
80,249	Biohaven Ltd.*		3,863,187
49,059	Crinetics Pharmaceuticals, Inc.*		2,008,476
117,890	Dynavax Technologies Corp.*		1,493,666
92,203	Intellia Therapeutics, Inc.*		2,961,560
257,543	Iovance Biotherapeutics, Inc.*		4,097,509
208,147	Myriad Genetics, Inc.*		4,356,517
130,638	Relay Therapeutics, Inc.*		1,308,993
193,139	Veracyte, Inc.*		4,548,423
			31,811,270

Shares	Description	Value
Common Stocks – (continued)
Broadline Retail – 0.5%
34,521	Ollie’s Bargain Outlet Holdings, Inc.*	$	2,767,549
171,200	Savers Value Village, Inc.*		3,465,088
			6,232,637
Building Products – 2.4%
463,839	Masterbrand, Inc.*		8,029,053
108,629	UFP Industries, Inc.		12,452,143
422,727	Zurn Elkay Water Solutions Corp.		13,421,582
			33,902,778
Capital Markets – 2.2%
699,479	Perella Weinberg Partners		9,554,883
47,655	Piper Sandler Cos.		8,972,007
54,289	PJT Partners, Inc., Class A		5,722,060
92,081	Stifel Financial Corp.		6,985,265
			31,234,215
Chemicals – 3.1%
106,889	Ashland, Inc.		10,009,086
311,332	Avient Corp.		12,602,719
221,423	Ecovyst, Inc.*		2,136,732
345,768	Element Solutions, Inc.		8,125,548
92,171	Minerals Technologies, Inc.		6,669,494
282,963	Tronox Holdings PLC		4,159,556
			43,703,135
Commercial Services & Supplies – 0.4%
161,326	MillerKnoll, Inc.		4,928,509
Construction & Engineering – 2.5%
182,214	Arcosa, Inc.		15,123,762
89,921	Fluor Corp.*		3,309,093
260,844	Granite Construction, Inc.		13,441,291
81,044	Primoris Services Corp.		3,202,049
			35,076,195
Construction Materials – 0.6%
105,497	Knife River Corp.*		7,816,273
Consumer Finance – 0.8%
105,673	Encore Capital Group, Inc.*		5,072,304
46,983	FirstCash Holdings, Inc.		5,379,553
			10,451,857
Electric Utilities – 1.7%
68,014	IDACORP, Inc.		5,992,714
100,408	MGE Energy, Inc.		6,344,781
284,008	Portland General Electric Co.		11,408,601
			23,746,096
Electronic Equipment, Instruments & Components – 2.5%
142,999	Benchmark Electronics, Inc.		4,391,499
65,131	CTS Corp.		2,902,237
91,338	Itron, Inc.*		8,465,206
630,309	Knowles Corp.*		10,299,249
16,431	Rogers Corp.*		1,841,422
481,030	TTM Technologies, Inc.*		7,143,296
			35,042,909

  

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

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Energy Equipment & Services – 1.7%
338,564	Liberty Energy, Inc.	$	7,238,498
119,428	Noble Corp. PLC		4,993,285
594,505	Patterson-UTI Energy, Inc.		6,878,423
70,920	Tidewater, Inc.*		4,966,527
			24,076,733
Financial Services – 2.9%
677,295	MGIC Investment Corp.		13,471,398
179,918	Mr Cooper Group, Inc.*		12,824,555
224,944	NMI Holdings, Inc., Class A*		6,766,315
80,882	Walker & Dunlop, Inc.		7,714,525
			40,776,793
Food Products – 0.8%
150,761	Simply Good Foods Co. (The)*		5,349,000
56,176	TreeHouse Foods, Inc.*		2,010,539
239,899	Utz Brands, Inc.		4,243,814
			11,603,353
Gas Utilities – 1.3%
84,120	Chesapeake Utilities Corp.		8,582,764
166,536	ONE Gas, Inc.		9,925,545
			18,508,309
Ground Transportation – 0.5%
50,783	ArcBest Corp.		7,254,859
Health Care Equipment & Supplies – 2.6%
64,000	CONMED Corp.		5,140,480
143,670	Enovis Corp.*		8,592,903
24,125	Integer Holdings Corp.*		2,660,746
138,265	LivaNova PLC*		7,578,305
353,204	Neogen Corp.*		6,071,577
223,535	Nevro Corp.*		3,254,669
77,380	QuidelOrtho Corp.*		3,528,528
			36,827,208
Health Care Providers & Services – 1.2%
74,500	Acadia Healthcare Co., Inc.*		6,217,025
752,407	NeoGenomics, Inc.*		11,737,549
			17,954,574
Health Care REITs – 0.9%
1,144,128	Physicians Realty Trust REIT		12,848,557
Health Care Technology – 0.2%
408,480	Health Catalyst, Inc.*		3,398,554
Hotel & Resort REITs – 3.0%
581,195	Apple Hospitality REIT, Inc. REIT		9,351,428
492,424	Pebblebrook Hotel Trust REIT		7,799,996
1,155,670	RLJ Lodging Trust REIT		13,717,803
77,744	Ryman Hospitality Properties, Inc. REIT		9,211,109
			40,080,336
Hotels, Restaurants & Leisure – 2.7%
190,458	Boyd Gaming Corp.		12,594,988
373,469	Everi Holdings, Inc.*		4,429,342
267,042	International Game Technology PLC		7,255,531

Shares	Description	Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
171,089	United Parks & Resorts, Inc.*	$	8,785,420
51,048	Wyndham Hotels & Resorts, Inc.		3,907,725
			36,973,006
Household Durables – 3.8%
153,803	Century Communities, Inc.		13,271,661
64,461	Helen of Troy Ltd.*		8,057,625
32,962	Installed Building Products, Inc.		7,875,611
104,167	La-Z-Boy, Inc.		3,957,304
130,141	Meritage Homes Corp.		20,518,030
			53,680,231
Industrial REITs – 1.9%
347,557	STAG Industrial, Inc. REIT		12,908,267
215,628	Terreno Realty Corp. REIT		13,864,880
			26,773,147
Insurance – 3.1%
61,928	AMERISAFE, Inc.		3,267,321
256,064	CNO Financial Group, Inc.		6,834,348
32,738	Enstar Group Ltd.*		10,081,340
57,972	Hanover Insurance Group, Inc. (The)		7,621,579
145,044	Kemper Corp.		8,315,373
185,948	Skyward Specialty Insurance Group, Inc.*		6,803,837
			42,923,798
IT Services – 0.2%
205,175	Fastly, Inc., Class A*		2,917,588
Leisure Products – 0.3%
312,854	Topgolf Callaway Brands Corp.*		4,455,041
Life Sciences Tools & Services – 0.4%
130,029	Fortrea Holdings, Inc.*		4,881,289
Machinery – 5.8%
37,385	Chart Industries, Inc.*		5,340,821
122,893	Columbus McKinnon Corp.		5,133,241
73,232	Crane Co.		8,902,082
49,436	Enpro, Inc.		7,703,117
108,810	ESCO Technologies, Inc.		11,086,651
54,507	Federal Signal Corp.		4,464,668
845,500	Gates Industrial Corp. PLC*		12,445,760
154,388	SPX Technologies, Inc.*		18,092,730
46,392	Standex International Corp.		8,025,816
			81,194,886
Media – 0.9%
564,167	Entravision Communications Corp., Class A		2,172,043
33,032	Nexstar Media Group, Inc.		5,488,927
331,954	TEGNA, Inc.		4,650,676
			12,311,646
Metals & Mining – 3.1%
44,334	Arch Resources, Inc.		7,327,967
159,735	Carpenter Technology Corp.		10,326,868
223,604	Commercial Metals Co.		12,074,616
521,790	Constellium SE*		10,117,508

  

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

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Metals & Mining – (continued)
115,480	Worthington Steel, Inc.*	$	3,656,097
			43,503,056
Mortgage Real Estate Investment Trusts (REITs) – 1.1%
657,963	Ladder Capital Corp. REIT		7,112,580
461,377	PennyMac Mortgage Investment Trust REIT		6,519,257
301,024	TPG RE Finance Trust, Inc. REIT		2,251,660
			15,883,497
Oil, Gas & Consumable Fuels – 7.3%
76,871	Antero Resources Corp.*		1,975,585
141,276	California Resources Corp.		7,370,369
81,121	Chord Energy Corp.		13,178,106
163,670	Civitas Resources, Inc.		11,240,856
519,102	DHT Holdings, Inc.		5,616,684
335,749	Equitrans Midstream Corp.		3,589,157
22,637	Gulfport Energy Corp.*		3,214,228
326,063	Murphy Oil Corp.		12,934,919
187,965	PBF Energy, Inc., Class A		8,777,965
239,459	Peabody Energy Corp.		5,931,399
755,984	Permian Resources Corp.		11,763,111
87,526	Scorpio Tankers, Inc. (Monaco)		5,875,620
235,022	SM Energy Co.		10,286,913
			101,754,912
Passenger Airlines – 0.2%
380,939	JetBlue Airways Corp.*		2,468,485
Professional Services – 2.2%
785,845	Alight, Inc., Class A*		7,080,463
190,154	ASGN, Inc.*		18,886,095
31,409	ICF International, Inc.		4,863,684
			30,830,242
Real Estate Management & Development – 0.4%
553,154	Newmark Group, Inc., Class A		5,968,532
Retail REITs – 2.2%
883,971	Acadia Realty Trust REIT		14,488,285
1,278,999	SITE Centers Corp. REIT		17,368,806
			31,857,091
Semiconductors & Semiconductor Equipment – 3.2%
308,297	Amkor Technology, Inc.		9,563,373
210,995	Cohu, Inc.*		6,779,269
41,061	MACOM Technology Solutions Holdings, Inc.*		3,626,918
32,548	Onto Innovation, Inc.*		5,994,040
338,880	Semtech Corp.*		7,184,256
110,010	Synaptics, Inc.*		11,012,001
			44,159,857
Software – 0.9%
162,335	LiveRamp Holdings, Inc.*		5,678,478
150,054	Tenable Holdings, Inc.*		7,226,601
			12,905,079
Specialty Retail – 3.0%
95,911	Academy Sports & Outdoors, Inc.		7,166,470

Shares	Description	Value
Common Stocks – (continued)
Specialty Retail – (continued)
38,826	Asbury Automotive Group, Inc.*	$	8,108,034
189,928	Foot Locker, Inc.		6,539,221
31,311	Group 1 Automotive, Inc.		8,474,322
68,475	Signet Jewelers Ltd.		6,968,016
104,963	Valvoline, Inc.*		4,475,622
			41,731,685
Textiles, Apparel & Luxury Goods – 0.9%
58,736	Crocs, Inc.*		7,180,476
91,190	Kontoor Brands, Inc.		5,390,241
			12,570,717
Trading Companies & Distributors – 1.9%
149,973	Beacon Roofing Supply, Inc.*		12,881,181
84,657	Herc Holdings, Inc.		13,433,373
			26,314,554
Wireless Telecommunication Services – 0.2%
147,974	Telephone and Data Systems, Inc.		2,264,002
TOTAL COMMON STOCKS (Cost $1,039,029,515)			1,375,395,441
Exchange-Traded Fund – 1.0%
92,013	iShares Russell 2000 Value ETF
(Cost $14,055,014)			14,077,989
Shares	Dividend Rate	Value
Investment Company – 0.5%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
6,649,010	5.219%		6,649,010
(Cost $6,649,010)
TOTAL INVESTMENTS – 100.0% (Cost $1,059,733,539)		$	1,396,122,440
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%			(401,585	)
NET ASSETS – 100.0%		$	1,395,720,855

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

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 98.9%
Aerospace & Defense – 2.3%
10,323	Curtiss-Wright Corp.	$	2,439,015
12,374	Hexcel Corp.		921,368
			3,360,383
Automobile Components – 1.2%
24,855	Adient PLC*		843,578
8,525	Autoliv, Inc. (Sweden)		989,156
			1,832,734
Banks – 8.6%
47,524	Associated Banc-Corp.		990,400
21,560	Commerce Bancshares, Inc.		1,121,983
12,500	Cullen/Frost Bankers, Inc.		1,356,375
20,984	East West Bancorp, Inc.		1,528,894
22,673	First Financial Bankshares, Inc.		701,503
20,054	Glacier Bancorp, Inc.		750,421
22,902	Hancock Whitney Corp.		998,527
16,475	Pinnacle Financial Partners, Inc.		1,362,812
19,298	Prosperity Bancshares, Inc.		1,204,388
14,423	SouthState Corp.		1,212,109
11,519	United Community Banks, Inc.		299,609
13,644	Wintrust Financial Corp.		1,314,599
			12,841,620
Biotechnology – 0.5%
6,120	Exact Sciences Corp.*		352,083
1,751	United Therapeutics Corp.*		395,096
			747,179
Broadline Retail – 0.7%
19,547	Macy’s, Inc.		340,900
9,233	Ollie’s Bargain Outlet Holdings, Inc.*		740,210
			1,081,110
Building Products – 1.9%
9,369	Advanced Drainage Systems, Inc.		1,529,396
39,935	Zurn Elkay Water Solutions Corp.		1,267,936
			2,797,332
Capital Markets – 3.3%
7,094	Cboe Global Markets, Inc.		1,362,048
5,819	Evercore, Inc., Class A		1,088,618
26,765	Jefferies Financial Group, Inc.		1,119,312
17,160	Stifel Financial Corp.		1,301,758
			4,871,736
Chemicals – 2.0%
16,046	Ashland, Inc.		1,502,548
13,104	RPM International, Inc.		1,511,546
			3,014,094
Commercial Services & Supplies – 1.7%
45,428	GFL Environmental, Inc. (Canada)		1,639,042
4,574	Tetra Tech, Inc.		811,062
			2,450,104

Shares	Description	Value
Common Stocks – (continued)
Communications Equipment – 1.5%
39,801	Ciena Corp.*	$	2,267,861
Construction & Engineering – 2.2%
22,919	AECOM		2,035,895
14,731	Arcosa, Inc.		1,222,673
			3,258,568
Consumer Finance – 0.9%
5,940	FirstCash Holdings, Inc.		680,130
14,548	OneMain Holdings, Inc.		687,102
			1,367,232
Consumer Staples Distribution & Retail – 1.4%
8,628	Albertsons Cos., Inc., Class A		174,976
14,926	BJ’s Wholesale Club Holdings, Inc.*		1,090,195
10,945	Performance Food Group Co.*		840,248
			2,105,419
Containers & Packaging – 1.7%
22,613	Crown Holdings, Inc.		1,732,608
33,093	Graphic Packaging Holding Co.		858,763
			2,591,371
Diversified Telecommunication Services – –%
3,739	GCI Liberty Inc., Class A*(a)		—
Electric Utilities – 1.6%
14,609	IDACORP, Inc.		1,287,199
25,921	Portland General Electric Co.		1,041,247
			2,328,446
Electrical Equipment – 3.5%
4,355	Hubbell, Inc.		1,657,818
21,296	nVent Electric PLC		1,433,647
12,429	Regal Rexnord Corp.		2,131,449
			5,222,914
Electronic Equipment, Instruments & Components – 2.3%
18,458	Cognex Corp.		728,168
12,540	Itron, Inc.*		1,162,207
29,546	Knowles Corp.*		482,782
4,664	Littelfuse, Inc.		1,111,151
			3,484,308
Energy Equipment & Services – 0.4%
14,135	Noble Corp. PLC		590,984
Entertainment – 0.1%
3,877	Liberty Media Corp.-Liberty Live, Class C*		154,382
Financial Services – 2.2%
58,213	MGIC Investment Corp.		1,157,857
13,762	Mr Cooper Group, Inc.*		980,955
13,681	NMI Holdings, Inc., Class A*		411,524
11,755	Voya Financial, Inc.		803,572
			3,353,908
Food Products – 0.9%
15,107	Darling Ingredients, Inc.*		639,177
17,602	Simply Good Foods Co. (The)*		624,519
			1,263,696

  

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Gas Utilities – 0.6%
13,659	ONE Gas, Inc.	$	814,076
Ground Transportation – 2.1%
4,388	ArcBest Corp.		626,870
4,376	Saia, Inc.*		2,517,950
			3,144,820
Health Care Equipment & Supplies – 2.1%
6,278	CONMED Corp.		504,249
27,310	DENTSPLY SIRONA, Inc.		892,491
19,828	Enovis Corp.*		1,185,913
11,202	QuidelOrtho Corp.*		510,811
			3,093,464
Health Care Providers & Services – 2.9%
14,915	Acadia Healthcare Co., Inc.*		1,244,657
52,307	NeoGenomics, Inc.*		815,989
23,728	Tenet Healthcare Corp.*		2,206,704
			4,267,350
Health Care REITs – 0.7%
73,839	Healthcare Realty Trust, Inc. REIT		1,017,501
Hotel & Resort REITs – 1.7%
111,330	RLJ Lodging Trust REIT		1,321,487
10,434	Ryman Hospitality Properties, Inc. REIT		1,236,220
			2,557,707
Hotels, Restaurants & Leisure – 3.1%
19,522	Boyd Gaming Corp.		1,290,990
11,054	Hyatt Hotels Corp., Class A		1,697,784
16,836	United Parks & Resorts, Inc.*		864,529
10,706	Wyndham Hotels & Resorts, Inc.		819,544
			4,672,847
Household Durables – 2.9%
10,560	Meritage Homes Corp.		1,664,890
12,625	PulteGroup, Inc.		1,368,297
3,293	TopBuild Corp.*		1,325,037
			4,358,224
Industrial REITs – 1.9%
45,222	Americold Realty Trust, Inc. REIT		1,144,117
43,995	STAG Industrial, Inc. REIT		1,633,974
			2,778,091
Insurance – 4.2%
10,242	American Financial Group, Inc.		1,307,596
9,131	Brown & Brown, Inc.		768,922
20,442	CNO Financial Group, Inc.		545,597
10,954	Globe Life, Inc.		1,390,391
3,000	RLI Corp.		439,350
13,313	Ryan Specialty Holdings, Inc.*		697,335
10,051	Selective Insurance Group, Inc.		1,050,128
			6,199,319

Shares	Description	Value
Common Stocks – (continued)
Interactive Media & Services – 0.2%
6,243	IAC, Inc.*	$	354,602
Leisure Products – 1.1%
5,330	Brunswick Corp.		465,842
28,772	Mattel, Inc.*		566,808
37,506	Topgolf Callaway Brands Corp.*		534,086
			1,566,736
Life Sciences Tools & Services – 0.9%
9,599	Bruker Corp.		830,697
2,651	Repligen Corp.*		514,268
			1,344,965
Machinery – 5.6%
2,374	Chart Industries, Inc.*		339,150
12,111	Crane Co.		1,472,213
80,021	Gates Industrial Corp. PLC*		1,177,909
18,195	Pentair PLC		1,415,389
17,373	SPX Technologies, Inc.*		2,035,942
21,734	Timken Co. (The)		1,825,439
			8,266,042
Media – 1.1%
15,505	Liberty Media Corp.-Liberty SiriusXM*		449,335
5,879	Nexstar Media Group, Inc.		976,913
18,794	TEGNA, Inc.		263,304
			1,689,552
Metals & Mining – 3.0%
7,881	Alcoa Corp.		214,442
18,908	ATI, Inc.*		929,896
18,715	Commercial Metals Co.		1,010,610
5,246	Reliance, Inc.		1,685,120
6,264	Royal Gold, Inc.		642,874
			4,482,942
Mortgage Real Estate Investment Trusts (REITs) – 0.4%
44,178	PennyMac Mortgage Investment Trust REIT		624,235
Oil, Gas & Consumable Fuels – 4.6%
5,528	Chord Energy Corp.		898,024
24,666	EQT Corp.		916,342
13,590	HF Sinclair Corp.		754,245
38,358	Marathon Oil Corp.		930,181
51,228	Range Resources Corp.		1,619,829
17,644	Targa Resources Corp.		1,733,347
			6,851,968
Pharmaceuticals – 0.8%
20,525	Catalent, Inc.*		1,176,904
Professional Services – 4.1%
52,952	Alight, Inc., Class A*		477,098
15,623	ASGN, Inc.*		1,551,676
3,649	CACI International, Inc., Class A*		1,367,828
34,036	KBR, Inc.		2,043,181
3,488	Paylocity Holding Corp.*		588,112
			6,027,895

  

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Residential REITs – 1.1%
43,572	American Homes 4 Rent, Class A REIT	$	1,612,600
Retail REITs – 1.9%
29,543	Regency Centers Corp. REIT		1,830,189
79,884	SITE Centers Corp. REIT		1,084,825
			2,915,014
Semiconductors & Semiconductor Equipment – 3.1%
16,293	Entegris, Inc.		2,189,127
13,764	MKS Instruments, Inc.		1,689,669
31,744	Semtech Corp.*		672,973
			4,551,769
Software – 1.4%
4,189	BILL Holdings, Inc.*		265,289
6,452	Procore Technologies, Inc.*		503,450
18,078	Tenable Holdings, Inc.*		870,636
17,060	UiPath, Inc., Class A*		405,175
			2,044,550
Specialized REITs – 1.0%
32,864	CubeSmart REIT		1,433,199
Specialty Retail – 1.7%
9,941	Academy Sports & Outdoors, Inc.		742,791
19,021	Foot Locker, Inc.		654,893
4,172	Group 1 Automotive, Inc.		1,129,152
			2,526,836
Textiles, Apparel & Luxury Goods – 1.5%
8,431	Crocs, Inc.*		1,030,690
573	Deckers Outdoor Corp.*		513,173
10,552	Kontoor Brands, Inc.		623,729
			2,167,592
Trading Companies & Distributors – 2.3%
8,683	Beacon Roofing Supply, Inc.*		745,783
27,995	Core & Main, Inc., Class A*		1,336,201
8,385	Herc Holdings, Inc.		1,330,532
			3,412,516
TOTAL COMMON STOCKS (Cost $115,319,721)			146,938,697

Shares	Dividend Rate	Value
Investment Company – 1.1%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,698,596	5.219%	$	1,698,596
(Cost $1,698,596)
TOTAL INVESTMENTS – 100.0% (Cost $117,018,317)		$	148,637,293
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			53,309
NET ASSETS – 100.0%		$	148,690,602

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

 

	Equity Income Fund		Focused Value Fund		Large Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value (cost $288,087,818, $42,059,596 and $335,864,449, respectively)(a)	$	374,766,365	$	49,241,159	$	428,121,411
Investments in affiliated issuers, at value (cost $–, $575,158 and $2,355,126, respectively)		—		575,158		2,355,126
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		3,209,853		—		—
Cash		23,578		108,083		575,724
Receivables:
Investments sold		937,508		531,638		—
Dividends		709,427		74,780		483,771
Fund shares sold		95,222		33,274		80,504
Reimbursement from investment adviser		30,998		22,467		32,143
Foreign tax reclaims		25,138		—		—
Securities lending income		6,384		—		—
Other assets		32,390		20,268		56,936
Total assets		379,836,863		50,606,827		431,705,615
Liabilities:
Payables:
Payable upon return of securities loaned		3,209,853		—		—
Fund shares redeemed		221,951		159,634		577,249
Management fees		191,761		24,875		221,376
Distribution and Service fees and Transfer Agency fees		84,304		1,468		42,253
Investments purchased		—		568,125		—
Accrued expenses		123,223		56,726		104,555
Total liabilities		3,831,092		810,828		945,433
Net Assets:
Paid-in capital		276,595,215		41,303,947		321,704,467
Total distributable earnings		99,410,556		8,492,052		109,055,715
NET ASSETS	$	376,005,771	$	49,795,999	$	430,760,182
Net Assets:
Class A	$	306,361,764	$	695,206	$	83,818,889
Class C		3,891,320		110,291		7,127,412
Institutional		19,699,525		2,805,754		128,912,335
Service		81,739		—		972,358
Investor		3,385,236		95,415		3,328,688
Class R6		6,406,256		1,626,461		2,574,590
Class R		747,602		51,136		3,991,950
Class P		35,432,329		44,411,736		200,033,960
Total Net Assets	$	376,005,771	$	49,795,999	$	430,760,182
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		6,858,688		47,004		5,250,057
Class C		92,560		7,552		480,502
Institutional		431,325		188,704		7,956,047
Service		1,821		—		61,178
Investor		75,952		6,440		208,527
Class R6		140,247		109,689		153,755
Class R		16,833		3,478		261,238
Class P		775,887		2,994,179		11,947,941
Net asset value, offering and redemption price per share:(b)
Class A	$	44.67	$	14.79	$	15.97
Class C		42.04		14.60		14.83
Institutional		45.67		14.87		16.20
Service		44.89		—		15.89
Investor		44.57		14.82		15.96
Class R6		45.68		14.83		16.74
Class R		44.41		14.70		15.28
Class P		45.67		14.83		16.74

(a) Includes loaned securities having a market value of $3,169,487, $– and $– for Equity Income, Focused Value and Large Cap Value Funds, respectively.

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

(b) Maximum public offering price per share for Class A Shares of the Equity Income, Focused Value and Large Cap Value Funds are $47.27, $15.65 and $16.90, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

	Mid Cap Value Fund		Small Cap Value Fund		Small/Mid Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value (cost $952,051,947, $1,052,091,807 and $115,319,721, respectively)(a)	$	1,183,103,629	$	1,389,473,430	$	146,938,697
Investments in affiliated issuers, at value (cost $27,190,730, $6,649,010 and $1,698,596, respectively)		27,190,730		6,649,010		1,698,596
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		724,640		—		—
Cash		594,993		—		435,536
Receivables:
Dividends		1,105,021		1,460,740		150,978
Fund shares sold		771,711		813,457		10,293
Securities lending income		1,968		—		—
Investments sold		—		16,843,460		—
Reimbursement from investment adviser		—		45,597		25,649
Other assets		30,151		42,973		37,924
Total assets		1,213,522,843		1,415,328,667		149,297,673
Liabilities:
Payables:
Fund shares redeemed		2,238,086		4,754,907		226,872
Payable upon return of securities loaned		724,640		—		—
Management fees		701,191		1,113,107		92,176
Distribution and Service fees and Transfer Agency fees		190,765		103,653		5,579
Investments purchased		—		12,547,021		235,964
Due to custodian		—		641,391		—
Accrued expenses		223,694		447,733		46,480
Total liabilities		4,078,376		19,607,812		607,071
Net Assets:
Paid-in capital		990,662,320		1,041,114,648		131,070,825
Total distributable earnings		218,782,147		354,606,207		17,619,777
NET ASSETS	$	1,209,444,467	$	1,395,720,855	$	148,690,602
Net Assets:
Class A	$	443,725,042	$	229,425,496	$	2,551,947
Class C		5,890,556		1,134,651		717,355
Institutional		321,118,841		437,416,188		22,264,846
Service		29,146,927		10,189,738		—
Investor		96,536,703		42,473,837		8,563,076
Class R6		99,002,432		411,075,090		23,361,138
Class R		20,272,094		33,898,285		115,418
Class P		193,751,872		230,107,570		91,116,822
Total Net Assets	$	1,209,444,467	$	1,395,720,855	$	148,690,602
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		12,494,038		6,001,148		164,857
Class C		206,328		55,765		48,376
Institutional		8,881,082		9,954,301		1,415,081
Service		847,460		283,035		—
Investor		2,821,398		1,127,866		547,832
Class R6		2,740,823		9,363,750		1,486,002
Class R		601,150		928,968		7,472
Class P		5,365,055		5,241,511		5,799,878
Net asset value, offering and redemption price per share:(b)
Class A	$	35.51	$	38.23	$	15.48
Class C		28.55		20.35		14.83
Institutional		36.16		43.94		15.73
Service		34.39		36.00		—
Investor		34.22		37.66		15.63
Class R6		36.12		43.90		15.72
Class R		33.72		36.49		15.45
Class P		36.11		43.90		15.71

(a) Includes loaned securities having a market value of $675,750, $– and $– for Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively.

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

(b) Maximum public offering price per share for Class A Shares of the Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds are $37.58, $40.46 and $16.38, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

 

		Equity Income Fund			Focused Value Fund			Large Cap Value Fund
	Investment income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $12,450, $823 and $2,558, respectively)	$	4,516,595		$	488,832		$	4,074,702
	Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		13,932			—			286
	Dividends — affiliated issuers		5,031			14,606			50,689
	Total Investment Income		4,535,558			503,438			4,125,677
	Expenses:
	Management fees		1,298,218			157,986			1,528,369
	Distribution and/or Service (12b-1) fees(a)		380,618			1,388			135,039
	Transfer Agency fees(a)		237,036			7,439			122,920
	Registration fees		81,241			69,158			76,545
	Professional fees		48,931			48,922			50,441
	Printing and mailing costs		33,324			17,522			33,227
	Custody, accounting and administrative services		23,954			6,526			24,811
	Trustee fees		10,699			10,477			10,709
	Service fees — Class C		5,068			205			8,993
	Shareholder Administration fees — Service Shares		116			—			1,161
	Other		7,187			4,037			7,256
	Total expenses		2,126,392			323,660			1,999,471
	Less — expense reductions		(313,312	)		(165,467	)		(368,079	)
	Net expenses		1,813,080			158,193			1,631,392
	NET INVESTMENT INCOME		2,722,478			345,245			2,494,285
	Realized and unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		14,124,893			2,297,847			19,289,600
	Foreign currency transactions		(2,180	)		15			49
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		16,829,308			2,688,740			28,448,081
	Foreign currency translations		—			(4	)		(21	)
	Net realized and unrealized gain		30,952,021			4,986,598			47,737,709
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	33,674,499		$	5,331,843		$	50,231,994

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Equity Income Fund	$	363,576	$	15,204	$	116	$	1,722	$	218,147	$	3,041	$	4,129	$	19	$	2,738	$	884	$	517	$	7,561
Focused Value Fund		656		616		–		116		394		123		475		–		12		43		35		6,357
Large Cap Value Fund		97,557		26,980		1,161		9,341		58,536		5,396		24,528		186		2,772		347		2,802		28,353

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Statements of Operations (continued)

For the Six Months Ended February 29, 2024 (Unaudited)

 

		Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
	Investment income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $8,632 and $187, respectively)	$	9,367,850		$	10,799,942		$	1,097,368
	Dividends — affiliated issuers		290,664			249,142			26,134
	Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		20,398			5,617			—
	Total Investment Income		9,678,912			11,054,701			1,123,502
	Expenses:
	Management fees		4,151,606			7,348,110			604,146
	Distribution and/or Service (12b-1) fees(a)		625,752			388,746			6,055
	Transfer Agency fees(a)		492,561			436,500			30,687
	Registration fees		108,443			102,534			72,713
	Custody, accounting and administrative services		53,475			132,266			10,746
	Professional fees		51,876			50,838			50,238
	Printing and mailing costs		50,405			41,490			20,137
	Shareholder Administration fees — Service Shares		33,688			15,119			—
	Trustee fees		11,153			11,265			10,578
	Service fees — Class C		7,415			1,311			1,005
	Other		14,252			25,351			6,391
	Total expenses		5,600,626			8,553,530			812,696
	Less — expense reductions		(34,147	)		(509,808	)		(169,525	)
	Net expenses		5,566,479			8,043,722			643,171
	NET INVESTMENT INCOME		4,112,433			3,010,979			480,331
	Realized and unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(84,747	)		77,312,578			442,001
	Foreign currency transactions		(6,112	)		—			—
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		110,460,514			(19,599,053	)		9,291,633
	Net realized and unrealized gain		110,369,655			57,713,525			9,733,634
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	114,482,088		$	60,724,504		$	10,213,965

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Mid Cap Value Fund	$	522,535	$	22,245	$	33,688	$	47,284	$	313,524	$	4,449	$	60,942	$	5,390	$	55,229	$	13,495	$	14,185	$	25,347
Small Cap Value Fund		285,219		3,934		15,119		84,474		171,133		787		106,589		2,419		33,114		63,095		25,343		34,021
Small/Mid Cap Value Fund		2,778		3,016		–		261		1,667		603		4,563		–		6,264		4,521		78		12,991

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Statements of Changes in Net Assets

 

		Equity Income Fund						Focused Value Fund
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income	$	2,722,478		$	7,886,801		$	345,245		$	657,082
	Net realized gain (loss)		14,122,713			8,811,402			2,297,862			(685,397	)
	Net change in unrealized gain		16,829,308			8,535,232			2,688,736			5,692,620
	Net increase in net assets resulting from operations		33,674,499			25,233,435			5,331,843			5,664,305
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(11,275,980	)		(15,964,013	)		(8,993	)		(27,797	)
	Class C Shares		(151,192	)		(231,155	)		(514	)		(28,283	)
	Institutional Shares		(803,219	)		(1,383,100	)		(40,641	)		(196,617	)
	Service Shares		(3,522	)		(4,654	)		–			–
	Investor Shares		(151,410	)		(285,008	)		(230	)		(1,281	)
	Class R6 Shares		(231,562	)		(358,806	)		(243	)		(1,290	)
	Class R Shares		(26,017	)		(32,124	)		(533	)		(3,995	)
	Class P Shares		(1,510,162	)		(3,656,406	)		(695,465	)		(3,634,594	)
	Total distributions to shareholders		(14,153,064	)		(21,915,266	)		(746,619	)		(3,893,857	)
	From share transactions:
	Proceeds from sales of shares		6,043,714			31,147,105			4,034,254			10,572,005
	Reinvestment of distributions		13,896,665			21,544,310			746,619			3,893,857
	Cost of shares redeemed		(66,865,265	)		(58,547,443	)		(6,550,490	)		(12,234,451	)
	Net increase (decrease) in net assets resulting from share transactions		(46,924,886	)		(5,856,028	)		(1,769,617	)		2,231,411
	TOTAL INCREASE (DECREASE)		(27,403,451	)		(2,537,859	)		2,815,607			4,001,859
	Net Assets:
	Beginning of period	$	403,409,222		$	405,947,081		$	46,980,392		$	42,978,533
	End of period	$	376,005,771		$	403,409,222		$	49,795,999		$	46,980,392

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

		Large Cap Value Fund						Mid Cap Value Fund
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income	$	2,494,285		$	5,619,486		$	4,112,433		$	8,659,129
	Net realized gain (loss)		19,289,649			17,600,750			(90,859	)		49,393,542
	Net change in unrealized gain (loss)		28,448,060			15,770,239			110,460,514			(490,107	)
	Net increase in net assets resulting from operations		50,231,994			38,990,475			114,482,088			57,562,564
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(4,718,280	)		(6,742,536	)		(19,926,418	)		(55,239,987	)
	Class C Shares		(415,123	)		(857,851	)		(313,678	)		(1,231,703	)
	Institutional Shares		(7,608,539	)		(13,297,130	)		(15,261,356	)		(38,717,068	)
	Service Shares		(53,526	)		(76,077	)		(1,276,414	)		(4,173,176	)
	Investor Shares		(189,185	)		(313,809	)		(3,882,128	)		(9,223,366	)
	Class R6 Shares		(140,564	)		(194,345	)		(4,565,475	)		(10,488,178	)
	Class R Shares		(232,201	)		(309,775	)		(928,135	)		(2,295,189	)
	Class P Shares		(11,344,187	)		(16,929,697	)		(7,704,303	)		(21,613,805	)
	Total distributions to shareholders		(24,701,605	)		(38,721,220	)		(53,857,907	)		(142,982,472	)
	From share transactions:
	Proceeds from sales of shares		9,371,344			33,412,731			126,574,498			221,163,999
	Reinvestment of distributions		24,310,006			38,058,875			51,092,460			135,698,815
	Cost of shares redeemed		(49,852,934	)		(100,644,410	)		(180,549,149	)		(268,511,768	)
	Net increase (decrease) in net assets resulting from share transactions		(16,171,584	)		(29,172,804	)		(2,882,191	)		88,351,046
	TOTAL INCREASE (DECREASE)		9,358,805			(28,903,549	)		57,741,990			2,931,138
	Net Assets:
	Beginning of period	$	421,401,377		$	450,304,926		$	1,151,702,477		$	1,148,771,339
	End of period	$	430,760,182		$	421,401,377		$	1,209,444,467		$	1,151,702,477

  

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

		Small Cap Value Fund						Small/Mid Cap Value Fund
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income	$	3,010,979		$	19,191,459		$	480,331		$	1,716,932
	Net realized gain (loss)		77,312,578			96,955,058			442,001			(6,660,726	)
	Net change in unrealized gain (loss)		(19,599,053	)		(43,305,466	)		9,291,633			14,063,494
	Net increase in net assets resulting from operations		60,724,504			72,841,051			10,213,965			9,119,700
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(10,561,785	)		(51,748,366	)		(14,532	)		(164,809	)
	Class C Shares		(82,198	)		(440,629	)		–			(66,005	)
	Institutional Shares		(22,662,987	)		(202,459,669	)		(206,693	)		(1,864,079	)
	Service Shares		(578,093	)		(2,858,068	)		–			–
	Investor Shares		(2,216,137	)		(20,218,513	)		(70,022	)		(757,902	)
	Class R6 Shares		(18,226,558	)		(144,535,398	)		(238,483	)		(6,757,794	)
	Class R Shares		(1,602,322	)		(6,990,091	)		(393	)		(7,935	)
	Class P Shares		(8,853,867	)		(38,556,866	)		(845,088	)		(5,911,852	)
	Total distributions to shareholders		(64,783,947	)		(467,807,600	)		(1,375,211	)		(15,530,376	)
	From share transactions:
	Proceeds from sales of shares		159,239,993			376,347,158			15,578,562			54,323,797
	Proceeds paid in connection with in-kind transactions		–			(23,891,044	)		–			–
	Reinvestment of distributions		62,580,861			454,551,534			1,375,162			15,529,991
	Cost of shares redeemed		(531,257,092	)		(2,086,211,976	)		(98,020,063	)		(72,236,151	)
	Net decrease in net assets resulting from share transactions		(309,436,238	)		(1,279,204,328	)		(81,066,339	)		(2,382,363	)
	TOTAL DECREASE		(313,495,681	)		(1,674,170,877	)		(72,227,585	)		(8,793,039	)
	Net Assets:
	Beginning of period	$	1,709,216,536		$	3,383,387,413		$	220,918,187		$	229,711,226
	End of period	$	1,395,720,855		$	1,709,216,536		$	148,690,602		$	220,918,187

  

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

GOLDMAN SACHS EQUITY INCOME FUND

 

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Equity Income Fund
		Class A Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	42.36			$	41.89			$	47.25			$	37.94			$	38.96			$	38.26
	Net investment income(a)			0.29				0.78				0.71				0.59				0.62				0.67
	Net realized and unrealized gain (loss)			3.68				1.93				(2.31	)			9.28				0.58				0.99
	Total from investment operations			3.97				2.71				(1.60	)			9.87				1.20				1.66
	Distributions to shareholders from net investment income			(0.37	)			(0.77	)			(0.73	)			(0.56	)			(0.65	)			(0.66	)
	Distributions to shareholders from net realized gains			(1.29	)			(1.47	)			(3.03	)			–				(1.57	)			(0.30	)
	Total distributions			(1.66	)			(2.24	)			(3.76	)			(0.56	)			(2.22	)			(0.96	)
	Net asset value, end of period		$	44.67			$	42.36			$	41.89			$	47.25			$	37.94			$	38.96
	Total Return(b)			9.58	%			6.55	%			(3.79	)%			26.23	%			3.08	%			4.53	%
	Net assets, end of period (in 000's)		$	306,362			$	294,458			$	300,621			$	334,886			$	292,009			$	312,148
	Ratio of net expenses to average net assets			1.02	%(c)			1.04	%			1.04	%			1.04	%			1.08	%			1.09	%
	Ratio of total expenses to average net assets			1.20	%(c)			1.19	%			1.18	%			1.20	%			1.25	%			1.25	%
	Ratio of net investment income to average net assets			1.38	%(c)			1.86	%			1.58	%			1.40	%			1.67	%			1.79	%
	Portfolio turnover rate(d)			13	%			32	%			17	%			44	%			42	%			42	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS EQUITY INCOME FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Equity Income Fund
		Class C Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	39.95			$	39.62			$	44.89			$	36.06			$	37.12			$	36.41
	Net investment income(a)			0.12				0.44				0.36				0.26				0.34				0.38
	Net realized and unrealized gain (loss)			3.47				1.83				(2.19	)			8.82				0.54				0.96
	Total from investment operations			3.59				2.27				(1.83	)			9.08				0.88				1.34
	Distributions to shareholders from net investment income			(0.21	)			(0.47	)			(0.41	)			(0.25	)			(0.37	)			(0.33	)
	Distributions to shareholders from net realized gains			(1.29	)			(1.47	)			(3.03	)			–				(1.57	)			(0.30	)
	Total distributions			(1.50	)			(1.94	)			(3.44	)			(0.25	)			(1.94	)			(0.63	)
	Net asset value, end of period		$	42.04			$	39.95			$	39.62			$	44.89			$	36.06			$	37.12
	Total Return(b)			9.17	%			5.75	%			(4.51	)%			25.26	%			2.33	%			3.82	%
	Net assets, end of period (in 000's)		$	3,891			$	4,327			$	4,651			$	6,026			$	5,477			$	8,116
	Ratio of net expenses to average net assets			1.77	%(c)			1.79	%			1.79	%			1.79	%			1.83	%			1.85	%
	Ratio of total expenses to average net assets			1.95	%(c)			1.94	%			1.93	%			1.95	%			2.00	%			2.00	%
	Ratio of net investment income to average net assets			0.63	%(c)			1.11	%			0.84	%			0.65	%			0.94	%			1.05	%
	Portfolio turnover rate(d)			13	%			32	%			17	%			44	%			42	%			42	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS EQUITY INCOME FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Equity Income Fund
		Institutional Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	43.28			$	42.76			$	48.15			$	38.65			$	39.66			$	38.92
	Net investment income(a)			0.36				0.93				0.87				0.75				0.76				0.83
	Net realized and unrealized gain (loss)			3.75				1.96				(2.37	)			9.44				0.58				1.01
	Total from investment operations			4.11				2.89				(1.50	)			10.19				1.34				1.84
	Distributions to shareholders from net investment income			(0.43	)			(0.90	)			(0.86	)			(0.69	)			(0.78	)			(0.80	)
	Distributions to shareholders from net realized gains			(1.29	)			(1.47	)			(3.03	)			–				(1.57	)			(0.30	)
	Total distributions			(1.72	)			(2.37	)			(3.89	)			(0.69	)			(2.35	)			(1.10	)
	Net asset value, end of period		$	45.67			$	43.28			$	42.76			$	48.15			$	38.65			$	39.66
	Total Return(b)			9.73	%			6.86	%			(3.49	)%			26.63	%			3.41	%			4.94	%
	Net assets, end of period (in 000's)		$	19,700			$	25,845			$	31,702			$	33,660			$	22,592			$	19,906
	Ratio of net expenses to average net assets			0.72	%(c)			0.74	%			0.73	%			0.73	%			0.74	%			0.73	%
	Ratio of total expenses to average net assets			0.84	%(c)			0.82	%			0.81	%			0.83	%			0.86	%			0.86	%
	Ratio of net investment income to average net assets			1.68	%(c)			2.18	%			1.90	%			1.73	%			2.00	%			2.17	%
	Portfolio turnover rate(d)			13	%			32	%			17	%			44	%			42	%			42	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS EQUITY INCOME FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Equity Income Fund
		Service Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	42.56			$	42.08			$	47.45			$	38.08			$	39.10			$	38.39
	Net investment income(a)			0.25				0.70				0.63				0.48				0.57				0.61
	Net realized and unrealized gain (loss)			3.69				1.94				(2.33	)			9.35				0.57				1.01
	Total from investment operations			3.94				2.64				(1.70	)			9.83				1.14				1.62
	Distributions to shareholders from net investment income			(0.32	)			(0.69	)			(0.64	)			(0.46	)			(0.59	)			(0.61	)
	Distributions to shareholders from net realized gains			(1.29	)			(1.47	)			(3.03	)			–				(1.57	)			(0.30	)
	Total distributions			(1.61	)			(2.16	)			(3.67	)			(0.46	)			(2.16	)			(0.91	)
	Net asset value, end of period		$	44.89			$	42.56			$	42.08			$	47.45			$	38.08			$	39.10
	Total Return(b)			9.47	%			6.33	%			(3.98	)%			26.01	%			2.89	%			4.40	%
	Net assets, end of period (in 000's)		$	82			$	93			$	90			$	103			$	161			$	175
	Ratio of net expenses to average net assets			1.22	%(c)			1.24	%			1.23	%			1.23	%			1.24	%			1.23	%
	Ratio of total expenses to average net assets			1.34	%(c)			1.31	%			1.31	%			1.33	%			1.37	%			1.36	%
	Ratio of net investment income to average net assets			1.18	%(c)			1.67	%			1.39	%			1.16	%			1.52	%			1.60	%
	Portfolio turnover rate(d)			13	%			32	%			17	%			44	%			42	%			42	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS EQUITY INCOME FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Equity Income Fund
		Investor Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	42.27			$	41.82			$	47.18			$	37.88			$	38.91			$	38.20
	Net investment income(a)			0.34				0.88				0.83				0.69				0.71				0.76
	Net realized and unrealized gain (loss)			3.67				1.92				(2.32	)			9.27				0.58				1.00
	Total from investment operations			4.01				2.80				(1.49	)			9.96				1.29				1.76
	Distributions to shareholders from net investment income			(0.42	)			(0.88	)			(0.84	)			(0.66	)			(0.75	)			(0.75	)
	Distributions to shareholders from net realized gains			(1.29	)			(1.47	)			(3.03	)			–				(1.57	)			(0.30	)
	Total distributions			(1.71	)			(2.35	)			(3.87	)			(0.66	)			(2.32	)			(1.05	)
	Net asset value, end of period		$	44.57			$	42.27			$	41.82			$	47.18			$	37.88			$	38.91
	Total Return(b)			9.72	%			6.78	%			(3.55	)%			26.54	%			3.33	%			4.82	%
	Net assets, end of period (in 000's)		$	3,385			$	4,197			$	4,394			$	3,042			$	2,384			$	2,321
	Ratio of net expenses to average net assets			0.77	%(c)			0.79	%			0.79	%			0.80	%			0.83	%			0.85	%
	Ratio of total expenses to average net assets			0.95	%(c)			0.94	%			0.93	%			0.95	%			0.99	%			1.00	%
	Ratio of net investment income to average net assets			1.62	%(c)			2.10	%			1.86	%			1.66	%			1.92	%			2.04	%
	Portfolio turnover rate(d)			13	%			32	%			17	%			44	%			42	%			42	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS EQUITY INCOME FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Equity Income Fund
		Class R6 Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	43.28			$	42.76			$	48.15			$	38.65			$	39.66			$	38.92
	Net investment income(a)			0.37				0.93				0.87				0.75				0.76				0.80
	Net realized and unrealized gain (loss)			3.76				1.96				(2.36	)			9.44				0.58				1.04
	Total from investment operations			4.13				2.89				(1.49	)			10.19				1.34				1.84
	Distributions to shareholders from net investment income			(0.44	)			(0.90	)			(0.87	)			(0.69	)			(0.78	)			(0.80	)
	Distributions to shareholders from net realized gains			(1.29	)			(1.47	)			(3.03	)			–				(1.57	)			(0.30	)
	Total distributions			(1.73	)			(2.37	)			(3.90	)			(0.69	)			(2.35	)			(1.10	)
	Net asset value, end of period		$	45.68			$	43.28			$	42.76			$	48.15			$	38.65			$	39.66
	Total Return(b)			9.76	%			6.87	%			(3.48	)%			26.64	%			3.42	%			4.95	%
	Net assets, end of period (in 000's)		$	6,406			$	5,817			$	6,582			$	6,981			$	5,378			$	5,973
	Ratio of net expenses to average net assets			0.71	%(c)			0.73	%			0.72	%			0.72	%			0.73	%			0.72	%
	Ratio of total expenses to average net assets			0.83	%(c)			0.81	%			0.80	%			0.82	%			0.86	%			0.85	%
	Ratio of net investment income to average net assets			1.69	%(c)			2.17	%			1.90	%			1.73	%			2.00	%			2.08	%
	Portfolio turnover rate(d)			13	%			32	%			17	%			44	%			42	%			42	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS EQUITY INCOME FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Equity Income Fund
		Class R Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	42.12			$	41.62			$	46.98			$	37.73			$	38.75			$	38.05
	Net investment income(a)			0.24				0.67				0.60				0.49				0.53				0.57
	Net realized and unrealized gain (loss)			3.65				1.92				(2.31	)			9.22				0.57				1.00
	Total from investment operations			3.89				2.59				(1.71	)			9.71				1.10				1.57
	Distributions to shareholders from net investment income			(0.31	)			(0.62	)			(0.62	)			(0.46	)			(0.55	)			(0.57	)
	Distributions to shareholders from net realized gains			(1.29	)			(1.47	)			(3.03	)			–				(1.57	)			(0.30	)
	Total distributions			(1.60	)			(2.09	)			(3.65	)			(0.46	)			(2.12	)			(0.87	)
	Net asset value, end of period		$	44.41			$	42.12			$	41.62			$	46.98			$	37.73			$	38.75
	Total Return(b)			9.45	%			6.23	%			(4.02	)%			25.91	%			2.82	%			4.29	%
	Net assets, end of period (in 000's)		$	748			$	676			$	630			$	1,337			$	1,131			$	1,525
	Ratio of net expenses to average net assets			1.27	%(c)			1.29	%			1.29	%			1.29	%			1.33	%			1.34	%
	Ratio of total expenses to average net assets			1.45	%(c)			1.44	%			1.43	%			1.45	%			1.50	%			1.50	%
	Ratio of net investment income to average net assets			1.14	%(c)			1.61	%			1.34	%			1.15	%			1.42	%			1.54	%
	Portfolio turnover rate(d)			13	%			32	%			17	%			44	%			42	%			42	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS EQUITY INCOME FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Equity Income Fund
		Class P Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	43.27			$	42.75			$	48.14			$	38.64			$	39.65			$	38.92
	Net investment income(a)			0.37				0.93				0.88				0.76				0.76				0.82
	Net realized and unrealized gain (loss)			3.75				1.96				(2.37	)			9.43				0.59				1.01
	Total from investment operations			4.12				2.89				(1.49	)			10.19				1.35				1.83
	Distributions to shareholders from net investment income			(0.43	)			(0.90	)			(0.87	)			(0.69	)			(0.79	)			(0.80	)
	Distributions to shareholders from net realized gains			(1.29	)			(1.47	)			(3.03	)			–				(1.57	)			(0.30	)
	Total distributions			(1.72	)			(2.37	)			(3.90	)			(0.69	)			(2.36	)			(1.10	)
	Net asset value, end of period		$	45.67			$	43.27			$	42.75			$	48.14			$	38.64			$	39.65
	Total Return(b)			9.76	%			6.87	%			(3.48	)%			26.65	%			3.43	%			4.92	%
	Net assets, end of period (in 000's)		$	35,432			$	67,997			$	57,277			$	40,099			$	20,492			$	11,500
	Ratio of net expenses to average net assets			0.72	%(c)			0.73	%			0.72	%			0.72	%			0.73	%			0.72	%
	Ratio of total expenses to average net assets			0.83	%(c)			0.81	%			0.80	%			0.82	%			0.85	%			0.85	%
	Ratio of net investment income to average net assets			1.72	%(c)			2.17	%			1.94	%			1.74	%			2.04	%			2.16	%
	Portfolio turnover rate(d)			13	%			32	%			17	%			44	%			42	%			42	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS FOCUSED VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Focused Value Fund
		Class A Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.39			$	13.07			$	14.86			$	11.25			$	10.69			$	11.08
	Net investment income(a)			0.08				0.15				0.10				0.07				0.09				0.08
	Net realized and unrealized gain (loss)			1.53				1.47				(0.96	)			3.76				0.62				0.09
	Total from investment operations			1.61				1.62				(0.86	)			3.83				0.71				0.17
	Distributions to shareholders from net investment income			(0.18	)			(0.13	)			(0.07	)			(0.08	)			(0.04	)			(0.05	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.17	)			(0.86	)			(0.14	)			(0.11	)			(0.51	)
	Total distributions			(0.21	)			(1.30	)			(0.93	)			(0.22	)			(0.15	)			(0.56	)
	Net asset value, end of period		$	14.79			$	13.39			$	13.07			$	14.86			$	11.25			$	10.69
	Total Return(b)			12.07	%			12.87	%			(6.29	)%			34.43	%			6.60	%			2.10	%
	Net assets, end of period (in 000's)		$	695			$	419			$	312			$	369			$	148			$	63
	Ratio of net expenses to average net assets			1.01	%(c)			1.03	%			1.04	%			1.04	%			1.09	%			1.09	%
	Ratio of total expenses to average net assets			1.77	%(c)			1.72	%			1.72	%			2.27	%			4.71	%			8.11	%
	Ratio of net investment income to average net assets			1.17	%(c)			1.13	%			0.73	%			0.51	%			0.83	%			0.78	%
	Portfolio turnover rate(d)			46	%			82	%			78	%			78	%			102	%			122	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS FOCUSED VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Focused Value Fund
		Class C Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.10			$	12.85			$	14.65			$	11.11			$	10.60			$	11.03
	Net investment income (loss)(a)			0.03				0.06				–				(0.03	)			0.01				–
	Net realized and unrealized gain (loss)			1.50				1.42				(0.94	)			3.71				0.61				0.09
	Total from investment operations			1.53				1.48				(0.94	)			3.68				0.62				0.09
	Distributions to shareholders from net investment income			–				(0.06	)			–				–				–				(0.01	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.17	)			(0.86	)			(0.14	)			(0.11	)			(0.51	)
	Total distributions			(0.03	)			(1.23	)			(0.86	)			(0.14	)			(0.11	)			(0.52	)
	Net asset value, end of period		$	14.60			$	13.10			$	12.85			$	14.65			$	11.11			$	10.60
	Total Return(b)			11.67	%			11.91	%			(6.93	)%			33.34	%			5.85	%			1.27	%
	Net assets, end of period (in 000's)		$	110			$	212			$	326			$	49			$	32			$	30
	Ratio of net expenses to average net assets			1.76	%(c)			1.78	%			1.79	%			1.79	%			1.85	%			1.85	%
	Ratio of total expenses to average net assets			2.54	%(c)			2.48	%			2.43	%			2.99	%			5.81	%			8.79	%
	Ratio of net investment income (loss) to average net assets			0.50	%(c)			0.44	%			0.04	%			(0.24	)%			0.06	%			0.05	%
	Portfolio turnover rate(d)			46	%			82	%			78	%			78	%			102	%			122	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS FOCUSED VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Focused Value Fund
		Institutional Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.46			$	13.14			$	14.92			$	11.29			$	10.72			$	11.13
	Net investment income(a)			0.10				0.19				0.16				0.11				0.12				0.12
	Net realized and unrealized gain (loss)			1.54				1.46				(0.97	)			3.77				0.63				0.08
	Total from investment operations			1.64				1.65				(0.81	)			3.88				0.75				0.20
	Distributions to shareholders from net investment income			(0.20	)			(0.16	)			(0.11	)			(0.11	)			(0.07	)			(0.10	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.17	)			(0.86	)			(0.14	)			(0.11	)			(0.51	)
	Total distributions			(0.23	)			(1.33	)			(0.97	)			(0.25	)			(0.18	)			(0.61	)
	Net asset value, end of period		$	14.87			$	13.46			$	13.14			$	14.92			$	11.29			$	10.72
	Total Return(b)			12.29	%			13.13	%			(5.98	)%			34.80	%			7.00	%			2.47	%
	Net assets, end of period (in 000's)		$	2,806			$	2,310			$	2,167			$	5,999			$	871			$	776
	Ratio of net expenses to average net assets			0.69	%(c)			0.71	%			0.73	%			0.73	%			0.76	%			0.73	%
	Ratio of total expenses to average net assets			1.41	%(c)			1.36	%			1.41	%			1.65	%			4.65	%			7.57	%
	Ratio of net investment income to average net assets			1.50	%(c)			1.46	%			1.10	%			0.82	%			1.13	%			1.16	%
	Portfolio turnover rate(d)			46	%			82	%			78	%			78	%			102	%			122	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS FOCUSED VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Focused Value Fund
		Investor Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.41			$	13.09			$	14.88			$	11.26			$	10.69			$	11.13
	Net investment income(a)			0.11				0.18				0.14				0.09				0.11				0.11
	Net realized and unrealized gain (loss)			1.52				1.47				(0.96	)			3.77				0.63				0.07
	Total from investment operations			1.63				1.65				(0.82	)			3.86				0.74				0.18
	Distributions to shareholders from net investment income			(0.19	)			(0.16	)			(0.11	)			(0.10	)			(0.06	)			(0.11	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.17	)			(0.86	)			(0.14	)			(0.11	)			(0.51	)
	Total distributions			(0.22	)			(1.33	)			(0.97	)			(0.24	)			(0.17	)			(0.62	)
	Net asset value, end of period		$	14.82			$	13.41			$	13.09			$	14.88			$	11.26			$	10.69
	Total Return(b)			12.25	%			13.11	%			(6.06	)%			34.71	%			6.92	%			2.26	%
	Net assets, end of period (in 000's)		$	95			$	14			$	12			$	13			$	34			$	32
	Ratio of net expenses to average net assets			0.76	%(c)			0.78	%			0.80	%			0.80	%			0.85	%			0.85	%
	Ratio of total expenses to average net assets			1.50	%(c)			1.47	%			1.47	%			2.61	%			4.81	%			7.79	%
	Ratio of net investment income to average net assets			1.56	%(c)			1.38	%			0.97	%			0.69	%			1.04	%			1.05	%
	Portfolio turnover rate(d)			46	%			82	%			78	%			78	%			102	%			122	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS FOCUSED VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Focused Value Fund
		Class R6 Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.43			$	13.11			$	14.89			$	11.27			$	10.71			$	11.14
	Net investment income(a)			0.09				0.19				0.15				0.10				0.12				0.12
	Net realized and unrealized gain (loss)			1.54				1.47				(0.95	)			3.77				0.62				0.09
	Total from investment operations			1.63				1.66				(0.80	)			3.87				0.74				0.21
	Distributions to shareholders from net investment income			(0.20	)			(0.17	)			(0.12	)			(0.11	)			(0.07	)			(0.13	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.17	)			(0.86	)			(0.14	)			(0.11	)			(0.51	)
	Total distributions			(0.23	)			(1.34	)			(0.98	)			(0.25	)			(0.18	)			(0.64	)
	Net asset value, end of period		$	14.83			$	13.43			$	13.11			$	14.89			$	11.27			$	10.71
	Total Return(b)			12.25	%			13.17	%			(5.90	)%			34.79	%			6.92	%			2.52	%
	Net assets, end of period (in 000's)		$	1,626			$	14			$	12			$	13			$	34			$	32
	Ratio of net expenses to average net assets			0.68	%(c)			0.69	%			0.72	%			0.72	%			0.75	%			0.72	%
	Ratio of total expenses to average net assets			1.32	%(c)			1.34	%			1.33	%			2.48	%			4.67	%			7.64	%
	Ratio of net investment income to average net assets			1.23	%(c)			1.47	%			1.05	%			0.77	%			1.13	%			1.16	%
	Portfolio turnover rate(d)			46	%			82	%			78	%			78	%			102	%			122	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS FOCUSED VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Focused Value Fund
		Class R Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.28			$	12.98			$	14.76			$	11.20			$	10.65			$	11.07
	Net investment income(a)			0.06				0.12				0.07				0.03				0.06				0.06
	Net realized and unrealized gain (loss)			1.52				1.44				(0.95	)			3.74				0.61				0.09
	Total from investment operations			1.58				1.56				(0.88	)			3.77				0.67				0.15
	Distributions to shareholders from net investment income			(0.13	)			(0.09	)			(0.04	)			(0.07	)			(0.01	)			(0.06	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.17	)			(0.86	)			(0.14	)			(0.11	)			(0.51	)
	Total distributions			(0.16	)			(1.26	)			(0.90	)			(0.21	)			(0.12	)			(0.57	)
	Net asset value, end of period		$	14.70			$	13.28			$	12.98			$	14.76			$	11.20			$	10.65
	Total Return(b)			11.93	%			12.51	%			(6.47	)%			34.04	%			6.27	%			1.91	%
	Net assets, end of period (in 000's)		$	51			$	46			$	41			$	43			$	33			$	31
	Ratio of net expenses to average net assets			1.26	%(c)			1.28	%			1.29	%			1.29	%			1.35	%			1.35	%
	Ratio of total expenses to average net assets			2.02	%(c)			1.97	%			1.96	%			2.69	%			5.31	%			8.29	%
	Ratio of net investment income to average net assets			0.93	%(c)			0.89	%			0.47	%			0.23	%			0.55	%			0.54	%
	Portfolio turnover rate(d)			46	%			82	%			78	%			78	%			102	%			122	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS FOCUSED VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Focused Value Fund
		Class P Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.43			$	13.11			$	14.90			$	11.28			$	10.71			$	11.15
	Net investment income(a)			0.10				0.19				0.15				0.11				0.12				0.12
	Net realized and unrealized gain (loss)			1.53				1.47				(0.96	)			3.76				0.63				0.08
	Total from investment operations			1.63				1.66				(0.81	)			3.87				0.75				0.20
	Distributions to shareholders from net investment income			(0.20	)			(0.17	)			(0.12	)			(0.11	)			(0.07	)			(0.13	)
	Distributions to shareholders from net realized gains			(0.03	)			(1.17	)			(0.86	)			(0.14	)			(0.11	)			(0.51	)
	Total distributions			(0.23	)			(1.34	)			(0.98	)			(0.25	)			(0.18	)			(0.64	)
	Net asset value, end of period		$	14.83			$	13.43			$	13.11			$	14.90			$	11.28			$	10.71
	Total Return(b)			12.25	%			13.17	%			(5.96	)%			34.76	%			7.03	%			2.44	%
	Net assets, end of period (in 000's)		$	44,412			$	43,965			$	40,108			$	33,202			$	8,657			$	4,739
	Ratio of net expenses to average net assets			0.68	%(c)			0.70	%			0.72	%			0.72	%			0.74	%			0.72	%
	Ratio of total expenses to average net assets			1.41	%(c)			1.35	%			1.33	%			1.80	%			4.45	%			7.47	%
	Ratio of net investment income to average net assets			1.52	%(c)			1.47	%			1.04	%			0.82	%			1.16	%			1.16	%
	Portfolio turnover rate(d)			46	%			82	%			78	%			78	%			102	%			122	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Fund
		Class A Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	15.02			$	15.03			$	17.86			$	13.92			$	14.42			$	16.16
	Net investment income(a)			0.07				0.15				0.15				0.12				0.16				0.16
	Net realized and unrealized gain (loss)			1.79				1.15				(0.95	)			4.31				0.18				(0.25	)
	Total from investment operations			1.86				1.30				(0.80	)			4.43				0.34				(0.09	)
	Distributions to shareholders from net investment income			(0.17	)			(0.16	)			(0.12	)			(0.16	)			(0.17	)			(0.14	)
	Distributions to shareholders from net realized gains			(0.74	)			(1.15	)			(1.91	)			(0.33	)			(0.67	)			(1.51	)
	Total distributions			(0.91	)			(1.31	)			(2.03	)			(0.49	)			(0.84	)			(1.65	)
	Net asset value, end of period		$	15.97			$	15.02			$	15.03			$	17.86			$	13.92			$	14.42
	Total Return(b)			12.90	%			8.88	%			(5.23	)%			32.64	%			1.97	%			0.38	%
	Net assets, end of period (in 000's)		$	83,819			$	77,915			$	77,259			$	87,359			$	74,559			$	84,723
	Ratio of net expenses to average net assets			1.02	%(c)			1.04	%			1.04	%			1.04	%			1.07	%			1.11	%
	Ratio of total expenses to average net assets			1.25	%(c)			1.24	%			1.22	%			1.24	%			1.28	%			1.28	%
	Ratio of net investment income to average net assets			1.00	%(c)			1.04	%			0.93	%			0.74	%			1.13	%			1.10	%
	Portfolio turnover rate(d)			26	%			57	%			46	%			53	%			64	%			62	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Fund
		Class C Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.94			$	14.04			$	16.80			$	13.12			$	13.64			$	15.32
	Net investment income(a)			0.02				0.04				0.03				–				0.05				0.05
	Net realized and unrealized gain (loss)			1.65				1.06				(0.88	)			4.06				0.17				(0.22	)
	Total from investment operations			1.67				1.10				(0.85	)			4.06				0.22				(0.17	)
	Distributions to shareholders from net investment income			(0.04	)			(0.05	)			–				(0.05	)			(0.07	)			–
	Distributions to shareholders from net realized gains			(0.74	)			(1.15	)			(1.91	)			(0.33	)			(0.67	)			(1.51	)
	Total distributions			(0.78	)			(1.20	)			(1.91	)			(0.38	)			(0.74	)			(1.51	)
	Net asset value, end of period		$	14.83			$	13.94			$	14.04			$	16.80			$	13.12			$	13.64
	Total Return(b)			12.41	%			8.03	%			(5.87	)%			31.59	%			1.21	%			(0.28	)%
	Net assets, end of period (in 000's)		$	7,127			$	8,198			$	10,176			$	12,948			$	17,422			$	21,481
	Ratio of net expenses to average net assets			1.78	%(c)			1.79	%			1.79	%			1.79	%			1.82	%			1.86	%
	Ratio of total expenses to average net assets			2.00	%(c)			1.99	%			1.97	%			1.99	%			2.03	%			2.03	%
	Ratio of net investment income to average net assets			0.26	%(c)			0.30	%			0.18	%			0.00	%(d)			0.39	%			0.35	%
	Portfolio turnover rate(e)			26	%			57	%			46	%			53	%			64	%			62	%

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

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

(c) Annualized.

(d) Amount is less than 0.005%.

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

  

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

GOLDMAN SACHS LARGE CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Fund
		Institutional Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	15.25			$	15.25			$	18.08			$	14.08			$	14.58			$	16.32
	Net investment income(a)			0.10				0.20				0.21				0.17				0.20				0.21
	Net realized and unrealized gain (loss)			1.81				1.15				(0.96	)			4.37				0.19				(0.26	)
	Total from investment operations			1.91				1.35				(0.75	)			4.54				0.39				(0.05	)
	Distributions to shareholders from net investment income			(0.22	)			(0.20	)			(0.17	)			(0.21	)			(0.22	)			(0.18	)
	Distributions to shareholders from net realized gains			(0.74	)			(1.15	)			(1.91	)			(0.33	)			(0.67	)			(1.51	)
	Total distributions			(0.96	)			(1.35	)			(2.08	)			(0.54	)			(0.89	)			(1.69	)
	Net asset value, end of period		$	16.20			$	15.25			$	15.25			$	18.08			$	14.08			$	14.58
	Total Return(b)			13.02	%			9.16	%			(4.88	)%			33.08	%			2.26	%			0.69	%
	Net assets, end of period (in 000's)		$	128,912			$	127,436			$	155,700			$	181,806			$	140,814			$	177,613
	Ratio of net expenses to average net assets			0.72	%(c)			0.73	%			0.73	%			0.73	%			0.76	%			0.79	%
	Ratio of total expenses to average net assets			0.89	%(c)			0.87	%			0.85	%			0.87	%			0.90	%			0.89	%
	Ratio of net investment income to average net assets			1.30	%(c)			1.35	%			1.24	%			1.04	%			1.43	%			1.42	%
	Portfolio turnover rate(d)			26	%			57	%			46	%			53	%			64	%			62	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Fund
		Service Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.95			$	14.97			$	17.78			$	13.86			$	14.36			$	16.03
	Net investment income(a)			0.06				0.12				0.12				0.09				0.13				0.13
	Net realized and unrealized gain (loss)			1.76				1.14				(0.93	)			4.29				0.19				(0.24	)
	Total from investment operations			1.82				1.26				(0.81	)			4.38				0.32				(0.11	)
	Distributions to shareholders from net investment income			(0.14	)			(0.13	)			(0.09	)			(0.13	)			(0.15	)			(0.05	)
	Distributions to shareholders from net realized gains			(0.74	)			(1.15	)			(1.91	)			(0.33	)			(0.67	)			(1.51	)
	Total distributions			(0.88	)			(1.28	)			(2.00	)			(0.46	)			(0.82	)			(1.56	)
	Net asset value, end of period		$	15.89			$	14.95			$	14.97			$	17.78			$	13.86			$	14.36
	Total Return(b)			12.68	%			8.66	%			(5.33	)%			32.36	%			1.80	%			0.20	%
	Net assets, end of period (in 000's)		$	972			$	964			$	835			$	846			$	836			$	1,004
	Ratio of net expenses to average net assets			1.22	%(c)			1.23	%			1.23	%			1.23	%			1.26	%			1.29	%
	Ratio of total expenses to average net assets			1.39	%(c)			1.37	%			1.35	%			1.37	%			1.40	%			1.39	%
	Ratio of net investment income to average net assets			0.79	%(c)			0.85	%			0.74	%			0.55	%			0.94	%			0.91	%
	Portfolio turnover rate(d)			26	%			57	%			46	%			53	%			64	%			62	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Fund
		Investor Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	15.04			$	15.05			$	17.87			$	13.93			$	14.43			$	16.17
	Net investment income(a)			0.09				0.19				0.19				0.16				0.19				0.20
	Net realized and unrealized gain (loss)			1.78				1.15				(0.94	)			4.31				0.19				(0.26	)
	Total from investment operations			1.87				1.34				(0.75	)			4.47				0.38				(0.06	)
	Distributions to shareholders from net investment income			(0.21	)			(0.20	)			(0.16	)			(0.20	)			(0.21	)			(0.17	)
	Distributions to shareholders from net realized gains			(0.74	)			(1.15	)			(1.91	)			(0.33	)			(0.67	)			(1.51	)
	Total distributions			(0.95	)			(1.35	)			(2.07	)			(0.53	)			(0.88	)			(1.68	)
	Net asset value, end of period		$	15.96			$	15.04			$	15.05			$	17.87			$	13.93			$	14.43
	Total Return(b)			12.92	%			9.16	%			(4.94	)%			32.92	%			2.22	%			0.64	%
	Net assets, end of period (in 000's)		$	3,329			$	6,907			$	3,318			$	3,559			$	3,460			$	4,191
	Ratio of net expenses to average net assets			0.78	%(c)			0.79	%			0.79	%			0.79	%			0.82	%			0.86	%
	Ratio of total expenses to average net assets			1.00	%(c)			0.99	%			0.97	%			0.99	%			1.03	%			1.03	%
	Ratio of net investment income to average net assets			1.22	%(c)			1.27	%			1.19	%			0.99	%			1.37	%			1.35	%
	Portfolio turnover rate(d)			26	%			57	%			46	%			53	%			64	%			62	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Fund
		Class R6 Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	15.73			$	15.69			$	18.54			$	14.43			$	14.92			$	16.66
	Net investment income(a)			0.10				0.21				0.21				0.17				0.21				0.22
	Net realized and unrealized gain (loss)			1.87				1.19				(0.97	)			4.48				0.19				(0.26	)
	Total from investment operations			1.97				1.40				(0.76	)			4.65				0.40				(0.04	)
	Distributions to shareholders from net investment income			(0.22	)			(0.21	)			(0.18	)			(0.21	)			(0.22	)			(0.19	)
	Distributions to shareholders from net realized gains			(0.74	)			(1.15	)			(1.91	)			(0.33	)			(0.67	)			(1.51	)
	Total distributions			(0.96	)			(1.36	)			(2.09	)			(0.54	)			(0.89	)			(1.70	)
	Net asset value, end of period		$	16.74			$	15.73			$	15.69			$	18.54			$	14.43			$	14.92
	Total Return(b)			13.01	%			9.17	%			(4.86	)%			33.05	%			2.29	%			0.73	%
	Net assets, end of period (in 000's)		$	2,575			$	2,233			$	2,245			$	1,958			$	1,636			$	2,172
	Ratio of net expenses to average net assets			0.71	%(c)			0.72	%			0.72	%			0.72	%			0.75	%			0.78	%
	Ratio of total expenses to average net assets			0.88	%(c)			0.86	%			0.84	%			0.86	%			0.89	%			0.89	%
	Ratio of net investment income to average net assets			1.31	%(c)			1.36	%			1.26	%			1.06	%			1.43	%			1.44	%
	Portfolio turnover rate(d)			26	%			57	%			46	%			53	%			64	%			62	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Fund
		Class R Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.40			$	14.47			$	17.27			$	13.47			$	13.97			$	15.71
	Net investment income(a)			0.05				0.11				0.11				0.07				0.12				0.12
	Net realized and unrealized gain (loss)			1.71				1.10				(0.91	)			4.18				0.17				(0.25	)
	Total from investment operations			1.76				1.21				(0.80	)			4.25				0.29				(0.13	)
	Distributions to shareholders from net investment income			(0.14	)			(0.13	)			(0.09	)			(0.12	)			(0.12	)			(0.10	)
	Distributions to shareholders from net realized gains			(0.74	)			(1.15	)			(1.91	)			(0.33	)			(0.67	)			(1.51	)
	Total distributions			(0.88	)			(1.28	)			(2.00	)			(0.45	)			(0.79	)			(1.61	)
	Net asset value, end of period		$	15.28			$	14.40			$	14.47			$	17.27			$	13.47			$	13.97
	Total Return(b)			12.72	%			8.60	%			(5.46	)%			32.32	%			1.70	%			0.12	%
	Net assets, end of period (in 000's)		$	3,992			$	4,114			$	3,437			$	3,269			$	2,932			$	4,008
	Ratio of net expenses to average net assets			1.27	%(c)			1.29	%			1.29	%			1.29	%			1.32	%			1.36	%
	Ratio of total expenses to average net assets			1.50	%(c)			1.49	%			1.47	%			1.49	%			1.53	%			1.53	%
	Ratio of net investment income to average net assets			0.76	%(c)			0.78	%			0.69	%			0.49	%			0.89	%			0.85	%
	Portfolio turnover rate(d)			26	%			57	%			46	%			53	%			64	%			62	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS LARGE CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Fund
		Class P Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	15.73			$	15.68			$	18.54			$	14.43			$	14.92			$	16.66
	Net investment income(a)			0.10				0.21				0.21				0.17				0.21				0.21
	Net realized and unrealized gain (loss)			1.87				1.20				(0.98	)			4.48				0.19				(0.25	)
	Total from investment operations			1.97				1.41				(0.77	)			4.65				0.40				(0.04	)
	Distributions to shareholders from net investment income			(0.22	)			(0.21	)			(0.18	)			(0.21	)			(0.22	)			(0.19	)
	Distributions to shareholders from net realized gains			(0.74	)			(1.15	)			(1.91	)			(0.33	)			(0.67	)			(1.51	)
	Total distributions			(0.96	)			(1.36	)			(2.09	)			(0.54	)			(0.89	)			(1.70	)
	Net asset value, end of period		$	16.74			$	15.73			$	15.68			$	18.54			$	14.43			$	14.92
	Total Return(b)			13.01	%			9.24	%			(4.92	)%			33.05	%			2.29	%			0.74	%
	Net assets, end of period (in 000's)		$	200,034			$	193,633			$	197,335			$	207,926			$	154,720			$	180,475
	Ratio of net expenses to average net assets			0.71	%(c)			0.72	%			0.72	%			0.72	%			0.75	%			0.78	%
	Ratio of total expenses to average net assets			0.88	%(c)			0.86	%			0.84	%			0.86	%			0.89	%			0.88	%
	Ratio of net investment income to average net assets			1.31	%(c)			1.36	%			1.26	%			1.05	%			1.45	%			1.43	%
	Portfolio turnover rate(d)			26	%			57	%			46	%			53	%			64	%			62	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Value Fund
		Class A Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	33.63			$	36.32			$	44.72			$	31.22			$	32.33			$	36.62
	Net investment income(a)			0.10				0.19				0.13				–				0.16				0.16
	Net realized and unrealized gain (loss)			3.38				1.57				(1.59	)			13.63				(0.22	)			0.40
	Total from investment operations			3.48				1.76				(1.46	)			13.63				(0.06	)			0.56
	Distributions to shareholders from net investment income			(0.20	)			(0.17	)			(0.11	)			(0.13	)			(0.18	)			(0.14	)
	Distributions to shareholders from net realized gains			(1.40	)			(4.28	)			(6.83	)			–				(0.84	)			(4.71	)
	Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–
	Total distributions			(1.60	)			(4.45	)			(6.94	)			(0.13	)			(1.05	)			(4.85	)
	Net asset value, end of period		$	35.51			$	33.63			$	36.32			$	44.72			$	31.22			$	32.33
	Total Return(b)			10.61	%			4.97	%			(4.46	)%			43.77	%			(0.41	)%			3.39	%
	Net assets, end of period (in 000's)		$	443,725			$	435,463			$	458,090			$	536,384			$	424,878			$	526,864
	Ratio of net expenses to average net assets			1.19	%(c)			1.19	%			1.20	%			1.21	%			1.24	%			1.22	%
	Ratio of total expenses to average net assets			1.20	%(c)			1.21	%			1.21	%			1.21	%			1.24	%			1.23	%
	Ratio of net investment income to average net assets			0.63	%(c)			0.57	%			0.33	%			0.01	%			0.52	%			0.49	%
	Portfolio turnover rate(d)			25	%			64	%			69	%			66	%			87	%			82	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Value Fund
		Class C Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	27.25			$	30.26			$	38.53			$	27.00			$	28.10			$	32.59
	Net investment loss(a)			(0.01	)			(0.05	)			(0.14	)			(0.24	)			(0.02	)			(0.07	)
	Net realized and unrealized gain (loss)			2.71				1.32				(1.30	)			11.77				(0.24	)			0.29
	Total from investment operations			2.70				1.27				(1.44	)			11.53				(0.26	)			0.22
	Distributions to shareholders from net investment income			–				(4.28	)			(6.83	)			–				(0.81	)			(4.71	)
	Distributions to shareholders from net realized gains			(1.40	)			–				–				–				(0.03	)			–
	Total distributions			(1.40	)			(4.28	)			(6.83	)			–				(0.84	)			(4.71	)
	Net asset value, end of period		$	28.55			$	27.25			$	30.26			$	38.53			$	27.00			$	28.10
	Total Return(b)			10.19	%			4.24	%			(5.20	)%			42.70	%			(1.14	)%			2.58	%
	Net assets, end of period (in 000's)		$	5,891			$	6,558			$	9,337			$	12,836			$	16,230			$	28,175
	Ratio of net expenses to average net assets			1.94	%(c)			1.94	%			1.95	%			1.96	%			1.99	%			1.98	%
	Ratio of total expenses to average net assets			1.95	%(c)			1.96	%			1.96	%			1.96	%			1.99	%			1.98	%
	Ratio of net investment loss to average net assets			(0.11	)%(c)			(0.17	)%			(0.42	)%			(0.73	)%			(0.07	)%			(0.24	)%
	Portfolio turnover rate(d)			25	%			64	%			69	%			66	%			87	%			82	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Value Fund
		Institutional Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	34.27			$	36.92			$	45.34			$	31.65			$	32.76			$	37.06
	Net investment income(a)			0.16				0.32				0.28				0.15				0.26				0.29
	Net realized and unrealized gain (loss)			3.45				1.61				(1.62	)			13.80				(0.19	)			0.39
	Total from investment operations			3.61				1.93				(1.34	)			13.95				0.07				0.68
	Distributions to shareholders from net investment income			(0.32	)			(0.30	)			(0.25	)			(0.26	)			(0.30	)			(0.27	)
	Distributions to shareholders from net realized gains			(1.40	)			(4.28	)			(6.83	)			–				(0.84	)			(4.71	)
	Distributions to shareholders from return of capital			–				–				–				–				(0.04	)			–
	Total distributions			(1.72	)			(4.58	)			(7.08	)			(0.26	)			(1.18	)			(4.98	)
	Net asset value, end of period		$	36.16			$	34.27			$	36.92			$	45.34			$	31.65			$	32.76
	Total Return(b)			10.81	%			5.39	%			(4.12	)%			44.27	%			(0.03	)%			3.78	%
	Net assets, end of period (in 000's)		$	321,119			$	318,000			$	298,877			$	331,383			$	271,283			$	346,004
	Ratio of net expenses to average net assets			0.84	%(c)			0.84	%			0.83	%			0.84	%			0.86	%			0.84	%
	Ratio of total expenses to average net assets			0.84	%(c)			0.84	%			0.84	%			0.84	%			0.86	%			0.84	%
	Ratio of net investment income to average net assets			0.98	%(c)			0.93	%			0.71	%			0.38	%			0.82	%			0.89	%
	Portfolio turnover rate(d)			25	%			64	%			69	%			66	%			87	%			82	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Value Fund
		Service Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	32.59			$	35.32			$	43.69			$	30.50			$	31.58			$	35.89
	Net investment income (loss)(a)			0.08				0.14				0.08				(0.04	)			0.13				0.12
	Net realized and unrealized gain (loss)			3.26				1.54				(1.55	)			13.31				(0.23	)			0.38
	Total from investment operations			3.34				1.68				(1.47	)			13.27				(0.10	)			0.50
	Distributions to shareholders from net investment income			(0.14	)			(0.13	)			(0.07	)			(0.08	)			(0.11	)			(0.10	)
	Distributions to shareholders from net realized gains			(1.40	)			(4.28	)			(6.83	)			–				(0.84	)			(4.71	)
	Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–
	Total distributions			(1.54	)			(4.41	)			(6.90	)			(0.08	)			(0.98	)			(4.81	)
	Net asset value, end of period		$	34.39			$	32.59			$	35.32			$	43.69			$	30.50			$	31.58
	Total Return(b)			10.51	%			4.86	%			(4.60	)%			43.57	%			(0.52	)%			3.25	%
	Net assets, end of period (in 000's)		$	29,147			$	27,582			$	34,533			$	34,851			$	30,424			$	47,597
	Ratio of net expenses to average net assets			1.34	%(c)			1.33	%			1.33	%			1.34	%			1.36	%			1.34	%
	Ratio of total expenses to average net assets			1.34	%(c)			1.34	%			1.34	%			1.34	%			1.36	%			1.34	%
	Ratio of net investment income (loss) to average net assets			0.48	%(c)			0.42	%			0.20	%			(0.12	)%			0.43	%			0.38	%
	Portfolio turnover rate(d)			25	%			64	%			69	%			66	%			87	%			82	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Value Fund
		Investor Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	32.50			$	35.26			$	43.60			$	30.44			$	31.55			$	35.89
	Net investment income(a)			0.14				0.27				0.25				0.10				0.22				0.23
	Net realized and unrealized gain (loss)			3.27				1.52				(1.55	)			13.28				(0.19	)			0.37
	Total from investment operations			3.41				1.79				(1.30	)			13.38				0.03				0.60
	Distributions to shareholders from net investment income			(0.29	)			(0.27	)			(0.21	)			(0.22	)			(0.26	)			(0.23	)
	Distributions to shareholders from net realized gains			(1.40	)			(4.28	)			(6.83	)			–				(0.84	)			(4.71	)
	Distributions to shareholders from return of capital			–				–				–				–				(0.04	)			–
	Total distributions			(1.69	)			(4.55	)			(7.04	)			(0.22	)			(1.14	)			(4.94	)
	Net asset value, end of period		$	34.22			$	32.50			$	35.26			$	43.60			$	30.44			$	31.55
	Total Return(b)			10.78	%			5.24	%			(4.21	)%			44.11	%			(0.16	)%			3.63	%
	Net assets, end of period (in 000's)		$	96,537			$	76,816			$	68,948			$	42,206			$	33,249			$	41,809
	Ratio of net expenses to average net assets			0.94	%(c)			0.94	%			0.95	%			0.96	%			0.99	%			0.97	%
	Ratio of total expenses to average net assets			0.95	%(c)			0.96	%			0.96	%			0.96	%			0.99	%			0.98	%
	Ratio of net investment income to average net assets			0.87	%(c)			0.82	%			0.65	%			0.26	%			0.72	%			0.74	%
	Portfolio turnover rate(d)			25	%			64	%			69	%			66	%			87	%			82	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Value Fund
		Class R6 Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	34.24			$	36.90			$	45.31			$	31.62			$	32.74			$	37.04
	Net investment income(a)			0.17				0.32				0.29				0.15				0.25				0.27
	Net realized and unrealized gain (loss)			3.43				1.60				(1.61	)			13.80				(0.18	)			0.41
	Total from investment operations			3.60				1.92				(1.32	)			13.95				0.07				0.68
	Distributions to shareholders from net investment income			(0.32	)			(0.30	)			(0.26	)			(0.26	)			(0.27	)			(0.27	)
	Distributions to shareholders from net realized gains			(1.40	)			(4.28	)			(6.83	)			–				(0.84	)			(4.71	)
	Distributions to shareholders from return of capital			–				–				–				–				(0.08	)			–
	Total distributions			(1.72	)			(4.58	)			(7.09	)			(0.26	)			(1.19	)			(4.98	)
	Net asset value, end of period		$	36.12			$	34.24			$	36.90			$	45.31			$	31.62			$	32.74
	Total Return(b)			10.81	%			5.38	%			(4.09	)%			44.33	%			(0.05	)%			3.79	%
	Net assets, end of period (in 000's)		$	99,002			$	89,605			$	83,400			$	80,114			$	54,633			$	50,538
	Ratio of net expenses to average net assets			0.83	%(c)			0.83	%			0.82	%			0.83	%			0.85	%			0.82	%
	Ratio of total expenses to average net assets			0.83	%(c)			0.83	%			0.83	%			0.83	%			0.85	%			0.83	%
	Ratio of net investment income to average net assets			0.98	%(c)			0.94	%			0.72	%			0.39	%			0.82	%			0.85	%
	Portfolio turnover rate(d)			25	%			64	%			69	%			66	%			87	%			82	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Value Fund
		Class R Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	31.99			$	34.76			$	43.09			$	30.09			$	31.20			$	35.52
	Net investment income (loss)(a)			0.06				0.10				0.04				(0.09	)			0.10				0.08
	Net realized and unrealized gain (loss)			3.21				1.51				(1.52	)			13.14				(0.24	)			0.37
	Total from investment operations			3.27				1.61				(1.48	)			13.05				(0.14	)			0.45
	Distributions to shareholders from net investment income			(0.14	)			(0.10	)			(0.02	)			(0.05	)			(0.10	)			(0.06	)
	Distributions to shareholders from net realized gains			(1.40	)			(4.28	)			(6.83	)			–				(0.84	)			(4.71	)
	Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–
	Total distributions			(1.54	)			(4.38	)			(6.85	)			(0.05	)			(0.97	)			(4.77	)
	Net asset value, end of period		$	33.72			$	31.99			$	34.76			$	43.09			$	30.09			$	31.20
	Total Return(b)			10.47	%			4.72	%			(4.68	)%			43.41	%			(0.65	)%			3.10	%
	Net assets, end of period (in 000's)		$	20,272			$	19,373			$	18,760			$	21,249			$	17,015			$	21,916
	Ratio of net expenses to average net assets			1.44	%(c)			1.44	%			1.45	%			1.46	%			1.49	%			1.47	%
	Ratio of total expenses to average net assets			1.45	%(c)			1.46	%			1.46	%			1.46	%			1.49	%			1.48	%
	Ratio of net investment income (loss) to average net assets			0.38	%(c)			0.32	%			0.09	%			(0.23	)%			0.32	%			0.25	%
	Portfolio turnover rate(d)			25	%			64	%			69	%			66	%			87	%			82	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 67

GOLDMAN SACHS MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Mid Cap Value Fund
		Class P Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	34.23			$	36.89			$	45.30			$	31.62			$	32.73			$	37.04
	Net investment income(a)			0.09				0.32				0.29				0.15				0.26				0.29
	Net realized and unrealized gain (loss)			3.51				1.60				(1.61	)			13.79				(0.19	)			0.39
	Total from investment operations			3.60				1.92				(1.32	)			13.94				0.07				0.68
	Distributions to shareholders from net investment income			(0.32	)			(0.30	)			(0.26	)			(0.26	)			(0.33	)			(0.28	)
	Distributions to shareholders from net realized gains			(1.40	)			(4.28	)			(6.83	)			–				(0.84	)			(4.71	)
	Distributions to shareholders from return of capital			–				–				–				–				(0.01	)			–
	Total distributions			(1.72	)			(4.58	)			(7.09	)			(0.26	)			(1.18	)			(4.99	)
	Net asset value, end of period		$	36.11			$	34.23			$	36.89			$	45.30			$	31.62			$	32.73
	Total Return(b)			10.80	%			5.38	%			(4.09	)%			44.30	%			(0.02	)%			3.80	%
	Net assets, end of period (in 000's)		$	193,752			$	178,305			$	176,827			$	191,790			$	129,680			$	141,460
	Ratio of net expenses to average net assets			0.83	%(c)			0.83	%			0.82	%			0.83	%			0.85	%			0.83	%
	Ratio of total expenses to average net assets			0.83	%(c)			0.83	%			0.83	%			0.83	%			0.85	%			0.83	%
	Ratio of net investment income to average net assets			1.06	(c)			0.94	%			0.71	%			0.39	%			0.82	%			0.89	%
	Portfolio turnover rate(d)			25	%			64	%			69	%			66	%			87	%			82	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Fund
		Class A Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	38.16			$	44.45			$	60.69			$	40.60			$	47.20			$	59.98
	Net investment income (loss)(a)			0.04				0.20				0.10				(0.08	)			0.20				0.20
	Net realized and unrealized gain (loss)			1.78				0.98				(4.46	)			20.27				(4.48	)			(7.12	)
	Total from investment operations			1.82				1.18				(4.36	)			20.19				(4.28	)			(6.92	)
	Distributions to shareholders from net investment income			(0.29	)			(0.17	)			(0.03	)			(0.10	)			(0.26	)			(0.02	)
	Distributions to shareholders from net realized gains			(1.46	)			(7.30	)			(11.85	)			–				(2.06	)			(5.84	)
	Total distributions			(1.75	)			(7.47	)			(11.88	)			(0.10	)			(2.32	)			(5.86	)
	Net asset value, end of period		$	38.23			$	38.16			$	44.45			$	60.69			$	40.60			$	47.20
	Total Return(b)			4.82	%			2.71	%			(9.33	)%			49.77	%			(9.92	)%			(11.16	)%
	Net assets, end of period (in 000's)		$	229,425			$	248,764			$	333,814			$	468,122			$	413,666			$	594,825
	Ratio of net expenses to average net assets			1.27	%(c)			1.29	%			1.29	%			1.30	%			1.34	%			1.34	%
	Ratio of total expenses to average net assets			1.43	%(c)			1.41	%			1.36	%			1.36	%			1.37	%			1.36	%
	Ratio of net investment income (loss) to average net assets			0.21	%(c)			0.52	%			0.20	%			(0.15	)%			0.47	%			0.39	%
	Portfolio turnover rate(d)			34	%			71	%			65	%			64	%			75	%			47	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 69

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Fund
		Class C Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	21.07			$	27.87			$	42.63			$	28.68			$	33.97			$	45.37
	Net investment loss(a)			(0.05	)			(0.05	)			(0.18	)			(0.33	)			(0.02	)			(0.13	)
	Net realized and unrealized gain (loss)			0.97				0.61				(2.73	)			14.28				(3.21	)			(5.43	)
	Total from investment operations			0.92				0.56				(2.91	)			13.95				(3.23	)			(5.56	)
	Distributions to shareholders from net investment income			(0.18	)			(0.06	)			–				–				–				–
	Distributions to shareholders from net realized gains			(1.46	)			(7.30	)			(11.85	)			–				(2.06	)			(5.84	)
	Total distributions			(1.64	)			7.36				(11.85	)			–				(2.06	)			(5.84	)
	Net asset value, end of period		$	20.35			$	21.07			$	27.87			$	42.63			$	28.68			$	33.97
	Total Return(b)			4.39	%			1.96	%			(10.00	)%			48.69	%			(10.61	)%			(11.83	)%
	Net assets, end of period (in 000's)		$	1,135			$	1,146			$	1,788			$	2,204			$	3,220			$	8,867
	Ratio of net expenses to average net assets			2.02	%(c)			2.04	%			2.04	%			2.05	%			2.09	%			2.09	%
	Ratio of total expenses to average net assets			2.18	%(c)			2.15	%			2.11	%			2.11	%			2.12	%			2.11	%
	Ratio of net investment loss to average net assets			(0.54	)%(c)			(0.23	)%			(0.54	)%			(0.89	)%			(0.05	)%			(0.36	)%
	Portfolio turnover rate(d)			34	%			71	%			65	%			64	%			75	%			47	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Fund
		Institutional Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	43.64			$	49.82			$	66.58			$	44.52			$	51.56			$	64.90
	Net investment income(a)			0.10				0.36				0.30				0.11				0.35				0.43
	Net realized and unrealized gain (loss)			2.05				1.07				(5.02	)			22.22				(4.87	)			(7.71	)
	Total from investment operations			2.15				1.43				(4.72	)			22.33				(4.52	)			(7.28	)
	Distributions to shareholders from net investment income			(0.39	)			(0.31	)			(0.19	)			(0.27	)			(0.46	)			(0.22	)
	Distributions to shareholders from net realized gains			(1.46	)			(7.30	)			(11.85	)			–				(2.06	)			(5.84	)
	Total distributions			(1.85	)			(7.61	)			(12.04	)			(0.27	)			(2.52	)			(6.06	)
	Net asset value, end of period		$	43.94			$	43.64			$	49.82			$	66.58			$	44.52			$	51.56
	Total Return(b)			4.96	%			2.96	%			(9.02	)%			50.29	%			(9.60	)%			(10.81	)%
	Net assets, end of period (in 000's)		$	437,416			$	630,611			$	1,446,222			$	2,331,482			$	2,454,781			$	3,114,853
	Ratio of net expenses to average net assets			1.02	%(c)			1.00	%			0.97	%			0.96	%			0.96	%			0.95	%
	Ratio of total expenses to average net assets			1.07	%(c)			1.03	%			0.99	%			0.99	%			0.99	%			0.97	%
	Ratio of net investment income to average net assets			0.45	%(c)			0.79	%			0.51	%			0.19	%			0.74	%			0.78	%
	Portfolio turnover rate(d)			34	%			71	%			65	%			64	%			75	%			47	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 71

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Fund
		Service Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	35.99			$	42.36			$	58.44			$	39.10			$	45.50			$	58.10
	Net investment income (loss)(a)			(0.01	)			0.11				0.01				(0.15	)			0.16				0.14
	Net realized and unrealized gain (loss)			1.69				0.93				(4.24	)			19.51				(4.35	)			(6.90	)
	Total from investment operations			1.68				1.04				(4.23	)			19.36				(4.19	)			(6.76	)
	Distributions to shareholders from net investment income			(0.21	)			(0.11	)			–				(0.02	)			(0.15	)			–
	Distributions to shareholders from net realized gains			(1.46	)			(7.30	)			(11.85	)			–				(2.06	)			(5.84	)
	Total distributions			(1.67	)			(7.41	)			(11.85	)			(0.02	)			(2.21	)			(5.84	)
	Net asset value, end of period		$	36.00			$	35.99			$	42.36			$	58.44			$	39.10			$	45.50
	Total Return(b)			4.69	%			2.46	%			(9.48	)%			49.53	%			(10.04	)%			(11.26	)%
	Net assets, end of period (in 000's)		$	10,190			$	14,083			$	17,138			$	27,102			$	39,295			$	75,860
	Ratio of net expenses to average net assets			1.52	%(c)			1.51	%			1.47	%			1.46	%			1.46	%			1.45	%
	Ratio of total expenses to average net assets			1.57	%(c)			1.54	%			1.49	%			1.49	%			1.49	%			1.47	%
	Ratio of net investment income (loss) to average net assets			(0.04	)%(c)			0.29	%			0.01	%			(0.31	)%			0.39	%			0.29	%
	Portfolio turnover rate(d)			34	%			71	%			65	%			64	%			75	%			47	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Fund
		Investor Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	37.66			$	43.99			$	60.18			$	40.26			$	46.84			$	59.60
	Net investment income(a)			0.08				0.31				0.24				0.05				0.27				0.32
	Net realized and unrealized gain (loss)			1.77				0.94				(4.41	)			20.09				(4.39	)			(7.09	)
	Total from investment operations			1.85				1.25				(4.17	)			20.14				(4.12	)			(6.77	)
	Distributions to shareholders from net investment income			(0.39	)			(0.28	)			(0.17	)			(0.22	)			(0.40	)			(0.15	)
	Distributions to shareholders from net realized gains			(1.46	)			(7.30	)			(11.85	)			–				(2.06	)			(5.84	)
	Total distributions			(1.85	)			(7.58	)			(12.02	)			(0.22	)			(2.46	)			(5.99	)
	Net asset value, end of period		$	37.66			$	37.66			$	43.99			$	60.18			$	40.26			$	46.84
	Total Return(b)			4.94	%			2.94	%			(9.07	)%			50.14	%			(9.70	)%			(10.94	)%
	Net assets, end of period (in 000's)		$	42,474			$	71,845			$	131,530			$	140,918			$	115,491			$	132,434
	Ratio of net expenses to average net assets			1.02	%(c)			1.04	%			1.04	%			1.04	%			1.09	%			1.09	%
	Ratio of total expenses to average net assets			1.18	%(c)			1.15	%			1.11	%			1.11	%			1.12	%			1.11	%
	Ratio of net investment income to average net assets			0.44	%(c)			0.78	%			0.46	%			0.09	%			0.64	%			0.64	%
	Portfolio turnover rate(d)			34	%			71	%			65	%			64	%			75	%			47	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 73

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Fund
		Class R6 Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	43.61			$	49.78			$	66.55			$	44.50			$	51.53			$	64.88
	Net investment income(a)			0.10				0.37				0.31				0.11				0.35				0.42
	Net realized and unrealized gain (loss)			2.05				1.08				(5.02	)			22.22				(4.85	)			(7.70	)
	Total from investment operations			2.15				1.45				(4.71	)			22.33				(4.50	)			(7.28	)
	Distributions to shareholders from net investment income			(0.40	)			(0.32	)			(0.21	)			(0.28	)			(0.47	)			(0.23	)
	Distributions to shareholders from net realized gains			(1.46	)			(7.30	)			(11.85	)			–				(2.06	)			(5.84	)
	Total distributions			(1.86	)			(7.62	)			(12.06	)			(0.28	)			(2.53	)			(6.07	)
	Net asset value, end of period		$	43.90			$	43.61			$	49.78			$	66.55			$	44.50			$	51.53
	Total Return(b)			4.97	%			2.99	%			(9.02	)%			50.31	%			(9.58	)%			(10.81	)%
	Net assets, end of period (in 000's)		$	411,075			$	443,791			$	1,145,840			$	1,436,954			$	1,229,047			$	1,302,069
	Ratio of net expenses to average net assets			1.01	%(c)			0.99	%			0.96	%			0.95	%			0.95	%			0.94	%
	Ratio of total expenses to average net assets			1.06	%(c)			1.02	%			0.98	%			0.98	%			0.98	%			0.96	%
	Ratio of net investment income to average net assets			0.46	%(c)			0.82	%			0.54	%			0.19	%			0.74	%			0.77	%
	Portfolio turnover rate(d)			34	%			71	%			65	%			64	%			75	%			47	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Fund
		Class R Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	36.47			$	42.82			$	58.98			$	39.48			$	45.96			$	58.69
	Net investment income (loss)(a)			(0.01	)			0.10				(0.03	)			(0.21	)			0.13				0.07
	Net realized and unrealized gain (loss)			1.71				0.94				(4.28	)			19.71				(4.42	)			(6.96	)
	Total from investment operations			1.70				1.04				(4.31	)			19.50				(4.29	)			(6.89	)
	Distributions to shareholders from net investment income			(0.22	)			(0.09	)			–				–				(0.13	)			–
	Distributions to shareholders from net realized gains			(1.46	)			(7.30	)			(11.85	)			–				(2.06	)			(5.84	)
	Total distributions			(1.68	)			(7.39	)			(11.85	)			–				(2.19	)			(5.84	)
	Net asset value, end of period		$	36.49			$	36.47			$	42.82			$	58.98			$	39.48			$	45.96
	Total Return(b)			4.69	%			2.44	%			(9.53	)%			49.39	%			(10.16	)%			11.37	%
	Net assets, end of period (in 000's)		$	33,898			$	35,901			$	41,857			$	62,339			$	57,272			$	84,684
	Ratio of net expenses to average net assets			1.52	%(c)			1.54	%			1.54	%			1.55	%			1.59	%			1.59	%
	Ratio of total expenses to average net assets			1.68	%(c)			1.66	%			1.61	%			1.61	%			1.62	%			1.61	%
	Ratio of net investment income (loss) to average net assets			(0.04	)%(c)			0.26	%			(0.06	)%			(0.40	)%			0.30	%			0.15	%
	Portfolio turnover rate(d)			34	%			71	%			65	%			6	%			75	%			47	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 75

GOLDMAN SACHS SMALL CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Fund
		Class P Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	43.61			$	49.79			$	66.55			$	44.50			$	51.53			$	64.88
	Net investment income(a)			0.10				0.35				0.31				0.11				0.34				0.43
	Net realized and unrealized gain (loss)			2.05				1.09				(5.01	)			22.22				(4.85	)			(7.71	)
	Total from investment operations			2.15				1.44				(4.70	)			22.33				(4.51	)			(7.28	)
	Distributions to shareholders from net investment income			(0.40	)			(0.32	)			(0.21	)			(0.28	)			(0.46	)			(0.23	)
	Distributions to shareholders from net realized gains			(1.46	)			(7.30	)			(11.85	)			–				(2.06	)			(5.84	)
	Total distributions			(1.86	)			(7.62	)			(12.06	)			(0.28	)			(2.52	)			(6.07	)
	Net asset value, end of period		$	43.90			$	43.61			$	49.79			$	66.55			$	44.50			$	51.53
	Total Return(b)			4.97	%			2.97	%			(9.01	)%			50.28	%			(9.56	)%			(10.80	)%
	Net assets, end of period (in 000's)		$	230,108			$	263,075			$	265,197			$	333,524			$	206,370			$	231,930
	Ratio of net expenses to average net assets			1.01	%(c)			1.00	%			0.96	%			0.95	%			0.95	%			0.94	%
	Ratio of total expenses to average net assets			1.06	%(c)			1.03	%			0.98	%			0.98	%			0.98	%			0.96	%
	Ratio of net investment income to average net assets			0.45	%(c)			0.80	%			0.53	%			0.18	%			0.74	%			0.79	%
	Portfolio turnover rate(d)			34	%			71	%			65	%			64	%			75	%			47	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Value Fund
		Class A Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.37			$	14.86			$	17.26			$	11.50			$	11.99			$	13.58
	Net investment income(a)			0.02				0.06				0.05				0.01				0.06				0.07
	Net realized and unrealized gain (loss)			1.18				0.50				(1.48	)			5.80				(0.48	)			(0.88	)
	Total from investment operations			1.20				0.56				(1.43	)			5.81				(0.42	)			(0.81	)
	Distributions to shareholders from net investment income			(0.09	)			(0.08	)			(0.04	)			(0.05	)			(0.07	)			(0.02	)
	Distributions to shareholders from net realized gains			–				(0.97	)			(0.93	)			–				–				(0.76	)
	Total distributions			(0.09	)			(1.05	)			(0.97	)			(0.05	)			(0.07	)			(0.78	)
	Net asset value, end of period		$	15.48			$	14.37			$	14.86			$	17.26			$	11.50			$	11.99
	Total Return(b)			8.40	%			4.03	%			(8.91	)%			50.62	%			(3.56	)%			(5.42	)%
	Net assets, end of period (in 000's)		$	2,552			$	2,279			$	2,231			$	2,034			$	988			$	1,467
	Ratio of net expenses to average net assets			1.19	%(c)			1.20	%			1.21	%			1.21	%			1.23	%			1.23	%
	Ratio of total expenses to average net assets			1.43	%(c)			1.35	%			1.34	%			1.42	%			1.50	%			1.56	%
	Ratio of net investment income to average net assets			0.29	%(c)			0.43	%			0.33	%			0.07	%			0.49	%			0.61	%
	Portfolio turnover rate(d)			56	%			56	%			90	%			78	%			76	%			73	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 77

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Value Fund
		Class C Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.73			$	14.26			$	16.68			$	11.17			$	11.67			$	13.30
	Net investment loss(a)			(0.03	)			(0.04	)			(0.07	)			(0.10	)			(0.01	)			(0.02	)
	Net realized and unrealized gain (loss)			1.13				0.48				(1.42	)			5.61				(0.49	)			(0.85	)
	Total from investment operations			1.10				0.44				(1.49	)			5.51				(0.50	)			(0.87	)
	Distributions to shareholders from net realized gains			–				(0.97	)			(0.93	)			–				–				(0.76	)
	Net asset value, end of period		$	14.83			$	13.73			$	14.26			$	16.68			$	11.17			$	11.67
	Total Return(b)			8.01	%			3.25	%			(9.56	)%			49.46	%			(4.36	)%			(6.07	)%
	Net assets, end of period (in 000's)		$	717			$	894			$	997			$	1,483			$	948			$	994
	Ratio of net expenses to average net assets			1.94	%(c)			1.95	%			1.96	%			1.96	%			1.98	%			1.98	%
	Ratio of total expenses to average net assets			2.18	%(c)			2.10	%			2.09	%			2.17	%			2.24	%			2.31	%
	Ratio of net investment loss to average net assets			(0.46	)%(c)			(0.32	)%			(0.44	)%			(0.69	)%			(0.07	)%			(0.15	)%
	Portfolio turnover rate(d)			56	%			56	%			90	%			78	%			76	%			73	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Value Fund
		Institutional Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.62			$	15.11			$	17.51			$	11.67			$	12.18			$	13.74
	Net investment income(a)			0.05				0.11				0.12				0.07				0.09				0.12
	Net realized and unrealized gain (loss)			1.20				0.50				(1.50	)			5.87				(0.47	)			(0.88	)
	Total from investment operations			1.25				0.61				(1.38	)			5.94				(0.38	)			(0.76	)
	Distributions to shareholders from net investment income			(0.14	)			(0.13	)			(0.09	)			(0.10	)			(0.13	)			(0.04	)
	Distributions to shareholders from net realized gains			–				(0.97	)			(0.93	)			–				–				(0.76	)
	Total distributions			(0.14	)			(1.10	)			(1.02	)			(0.10	)			(0.13	)			(0.80	)
	Net asset value, end of period		$	15.73			$	14.62			$	15.11			$	17.51			$	11.67			$	12.18
	Total Return(b)			8.61	%			4.33	%			(8.56	)%			51.16	%			(3.26	)%			(5.00	)%
	Net assets, end of period (in 000's)		$	22,265			$	24,274			$	23,900			$	18,472			$	7,054			$	6,223
	Ratio of net expenses to average net assets			0.84	%(c)			0.84	%			0.84	%			0.84	%			0.85	%			0.84	%
	Ratio of total expenses to average net assets			1.07	%(c)			0.99	%			0.97	%			1.05	%			1.12	%			1.17	%
	Ratio of net investment income to average net assets			0.65	%(c)			0.79	%			0.72	%			0.44	%			0.78	%			0.99	%
	Portfolio turnover rate(d)			56	%			56	%			90	%			78	%			76	%			73	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 79

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Value Fund
		Investor Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.52			$	15.00			$	17.41			$	11.59			$	12.09			$	13.67
	Net investment income(a)			0.04				0.10				0.09				0.07				0.08				0.10
	Net realized and unrealized gain (loss)			1.19				0.50				(1.49	)			5.82				(0.47	)			(0.88	)
	Total from investment operations			1.23				0.60				(1.40	)			5.89				(0.39	)			(0.78	)
	Distributions to shareholders from net investment income			(0.12	)			(0.11	)			(0.08	)			(0.07	)			(0.11	)			(0.04	)
	Distributions to shareholders from net realized gains			–				(0.97	)			(0.93	)			–				–				(0.76	)
	Total distributions			(0.12	)			(1.08	)			(1.01	)			(0.07	)			(0.11	)			(0.80	)
	Net asset value, end of period		$	15.63			$	14.52			$	15.00			$	17.41			$	11.59			$	12.09
	Total Return(b)			8.54	%			4.28	%			(8.68	)%			50.98	%			(3.32	)%			(5.19	)%
	Net assets, end of period (in 000's)		$	8,563			$	9,219			$	11,178			$	13,553			$	1,435			$	3,253
	Ratio of net expenses to average net assets			0.94	%(c)			0.95	%			0.96	%			0.96	%			0.98	%			0.98	%
	Ratio of total expenses to average net assets			1.18	%(c)			1.10	%			1.08	%			1.15	%			1.26	%			1.30	%
	Ratio of net investment income to average net assets			0.55	%(c)			0.69	%			0.55	%			0.40	%			0.74	%			0.85	%
	Portfolio turnover rate(d)			56	%			56	%			90	%			78	%			76	%			73	%

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

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

(c) Annualized.

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

  

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Value Fund
		Class R6 Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.61			$	15.09			$	17.50			$	11.66			$	12.16			$	13.75
	Net investment income(a)			0.05				0.11				0.12				0.07				0.09				0.12
	Net realized and unrealized gain (loss)			1.20				0.51				(1.51	)			5.87				(0.46	)			(0.89	)
	Total from investment operations			1.25				0.62				(1.39	)			5.94				(0.37	)			(0.77	)
	Distributions to shareholders from net investment income			(0.14	)			(0.13	)			(0.09	)			(0.10	)			(0.13	)			(0.06	)
	Distributions to shareholders from net realized gains			–				(0.97	)			(0.93	)			–				–				(0.76	)
	Total distributions			(0.14	)			(1.10	)			(1.02	)			(0.10	)			(0.13	)			(0.82	)
	Net asset value, end of period		$	15.72			$	14.61			$	15.09			$	17.50			$	11.66			$	12.16
	Total Return(b)			8.57	%			4.41	%			(8.56	)%			51.12	%			(3.17	)%			(5.06	)%
	Net assets, end of period (in 000's)		$	23,361			$	91,082			$	93,904			$	97,324			$	52,507			$	57,055
	Ratio of net expenses to average net assets			0.83	%(c)			0.83	%			0.83	%			0.83	%			0.84	%			0.83	%
	Ratio of total expenses to average net assets			1.05	%(c)			0.98	%			0.96	%			1.04	%			1.11	%			1.16	%
	Ratio of net investment income to average net assets			0.68	%(c)			0.80	%			0.70	%			0.44	%			0.79	%			1.00	%
	Portfolio turnover rate(d)			56	%			56	%			90	%			78	%			76	%			73	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 81

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Value Fund
		Class R Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.32			$	14.82			$	17.21			$	11.46			$	11.96			$	13.56
	Net investment income (loss)(a)			-	(b)			0.03				0.01				(0.03	)			0.03				0.04
	Net realized and unrealized gain (loss)			1.18				0.49				(1.47	)			5.78				(0.49	)			(0.87	)
	Total from investment operations			1.18				0.52				(1.46	)			5.75				(0.46	)			(0.83	)
	Distributions to shareholders from net investment income			(0.05	)			(0.05	)			–				–				(0.04	)			(0.01	)
	Distributions to shareholders from net realized gains			–				(0.97	)			(0.93	)			–				–				(0.76	)
	Total distributions			(0.05	)			(1.02	)			(0.93	)			–				(0.04	)			(0.77	)
	Net asset value, end of period		$	15.45			$	14.32			$	14.82			$	17.21			$	11.46			$	11.96
	Total Return(c)			8.28	%			3.75	%			(9.07	)%			50.17	%			(3.85	)%			(5.65	)%
	Net assets, end of period (in 000's)		$	115			$	107			$	105			$	99			$	74			$	160
	Ratio of net expenses to average net assets			1.44	%(d)			1.45	%			1.45	%			1.46	%			1.48	%			1.48	%
	Ratio of total expenses to average net assets			1.68	%(d)			1.60	%			1.58	%			1.67	%			1.76	%			1.81	%
	Ratio of net investment income (loss) to average net assets			0.04	%(d)			0.18	%			0.07	%			(0.19	)%			0.29	%			0.36	%
	Portfolio turnover rate(e)			56	%			56	%			90	%			78	%			76	%			73	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small/Mid Cap Value Fund
		Class P Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.60			$	15.09			$	17.49			$	11.66			$	12.16			$	13.75
	Net investment income(a)			0.05				0.11				0.12				0.07				0.09				0.12
	Net realized and unrealized gain (loss)			1.20				0.50				(1.50	)			5.86				(0.46	)			(0.89	)
	Total from investment operations			1.25				0.61				(1.38	)			5.93				(0.37	)			(0.77	)
	Distributions to shareholders from net investment income			(0.14	)			(0.13	)			(0.09	)			(0.10	)			(0.13	)			(0.06	)
	Distributions to shareholders from net realized gains			–				(0.97	)			(0.93	)			–				–				(0.76	)
	Total distributions			(0.14	)			(1.10	)			(1.02	)			(0.10	)			(0.13	)			(0.82	)
	Net asset value, end of period		$	15.71			$	14.60			$	15.09			$	17.49			$	11.66			$	12.16
	Total Return(b)			8.64	%			4.34	%			(8.51	)%			51.04	%			(3.17	)%			(5.05	)%
	Net assets, end of period (in 000's)		$	91,117			$	93,063			$	97,396			$	92,056			$	38,153			$	48,725
	Ratio of net expenses to average net assets			0.83	%(c)			0.83	%			0.83	%			0.83	%			0.84	%			0.83	%
	Ratio of total expenses to average net assets			1.06	%(c)			0.98	%			0.96	%			1.04	%			1.11	%			1.16	%
	Ratio of net investment income to average net assets			0.65	%(c)			0.80	%			0.70	%			0.44	%			0.79	%			1.00	%
	Portfolio turnover rate(d)			56	%			56	%			90	%			78	%			76	%			73	%

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

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

(c) Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 83

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Notes to Financial Statements

February 29, 2024 (Unaudited)

 

 

 

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
Equity Income	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Focused Value	A, C, Institutional, Investor, R6, R and P	Non-diversified
Large Cap Value	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Mid Cap Value	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Small Cap Value	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Small/Mid Cap Value	A, C, Institutional, Investor, R6, R and P	Diversified

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on

  

84

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

 

 

 

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

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

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Equity Income	Quarterly	Annually
Focused Value	Annually	Annually
Large Cap Value	Annually	Annually
Mid Cap Value	Annually	Annually
Small Cap Value	Annually	Annually
Small/Mid Cap Value	Annually	Annually

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

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

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

F. In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with each Fund’s Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to

  

  85

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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

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

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

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

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

  

86

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 29, 2024:

Equity Income Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,154,086	$	—	$	—
Europe		18,645,144		—		—
North America		349,615,490		—		—
Oceania		4,351,645		—		—
Securities Lending Reinvestment Vehicle		3,209,853		—		—
Total	$	377,976,218	$	—	$	—
Focused Value Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	1,369,560	$	—	$	—
North America		47,871,599		—		—
Investment Company		575,158		—		—
Total	$	49,816,317	$	—	$	—
Large Cap Value Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	4,818,673	$	—	$	—
North America		423,302,738		—		—
Investment Company		2,355,126		—		—
Total	$	430,476,537	$	—	$	—

  

  87

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Mid Cap Value Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	12,773,965	$	—	$	—
North America		1,170,329,664		—		—
Investment Company		27,190,730		—		—
Securities Lending Reinvestment Vehicle		724,640		—		—
Total	$	1,211,018,999	$	—	$	—
Small Cap Value Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	5,875,620	$	—	$	—
North America		1,369,519,821		—		—
Exchange-Traded Fund		14,077,989		—		—
Investment Company		6,649,010		—		—
Total	$	1,396,122,440	$	—	$	—
Small/Mid Cap Value Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	989,156	$	—	$	—
North America		145,949,541		—		—
Investment Company		1,698,596		—		—
Total	$	148,637,293	$	—	$	—

^(a)  Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended February 29, 2024, contractual and effective net management fees with GSAM were at the following rates:

  

88

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

 

 

 

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Equity Income		0.69	%		0.62	%		0.59	%		0.58	%		0.57	%		0.65	%	0.68%*
Focused Value		0.69			0.62			0.59			0.58			0.57			0.69		0.65*
Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.75		0.66*
Mid Cap Value		0.75			0.75			0.68			0.65			0.64			0.75		0.75
Small Cap Value		0.98			0.98			0.88			0.84			0.82			0.98		0.98
Small/Mid Cap Value		0.80			0.80			0.72			0.68			0.67			0.80		0.80

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

* GSAM agreed to waive a portion of its management fee with respect to the Equity Income Fund, Focused Value Fund, and Large Cap Value Fund in order to achieve an effective net management fee rate of 0.65%, 0.65%, and 0.66%, respectively, as an annual percentage of each Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2024, and prior to such date, the Investment Advisor may not terminate the arrangement without the approval of the Board of trustees. Prior to December 29, 2023, GSAM agreed to waive a portion of its management fee with respect to the Large Cap Value Fund in order to achieve an effective net management fee rate of 0.69%.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 29, 2024, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Equity Income	$	153
Focused Value		433
Large Cap Value		1,479
Mid Cap Value		8,321
Small Cap Value		7,166
Small/Mid Cap Value		771

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

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

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

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended February 29, 2024, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Equity Income	$	3,084	$	—
Focused Value		83		—
Large Cap Value		903		—
Mid Cap Value		3,486		—
Small Cap Value		1,567		—
Small/Mid Cap Value		272		—

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

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

For the six months ended February 29, 2024, the transfer agency fee waivers were as follows:

	Equity Income	Focused Value	Large Cap Value	Mid Cap Value
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)*	0.06%	0.04%	0.06%	0.01%

	Small Cap Value	Small/Mid Cap Value
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) *	0.11%	0.03%

* These arrangements will remain in effect through at least December 29, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees. Prior to December 29, 2023, the transfer agency fee waiver was 0.01% for the Small/Mid Cap Value Fund.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

 

 

 

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Equity Income, Focused Value, Large Cap Value, Small Cap Value and Small/Mid Cap Value Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 29, 2024, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Shareholder Administration Plan, and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended February 29, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Equity Income	$	25,735	$	89,774	$	197,803	$	313,312
Focused Value		9,591		151		155,725		165,467
Large Cap Value		145,449		27,802		194,828		368,079
Mid Cap Value		8,322		25,825		–		34,147
Small Cap Value		7,166		168,943		333,699		509,808
Small/Mid Cap Value		772		974		167,779		169,525

G. Line of Credit Facility — As of February 29, 2024, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 29, 2024, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

H. Other Transactions with Affiliates — For the six months ended February 29, 2024, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds.

	Small/Mid Cap Value Fund	Small Cap Value Fund	Mid Cap Value Fund
Brokerage commissions paid	$329	$6,544	$6,835

	Large Cap Value Fund	Focused Value Fund
Brokerage commissions paid	$7,487	$941

The table below shows the transactions in and earnings from investments in the Government Money Market Fund —Institutional Shares for the six months ended February 29, 2024 :

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Equity Income Fund
Underlying Fund	Beginning value as of August 31, 2023	Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund – Institutional Shares
	$714,371	$	8,768,339	$	(9,482,710	)	$	–		–	$	5,031
Focused Value Fund
Underlying Fund	Beginning value as of August 31, 2023	Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund – Institutional Shares
	153,740		5,276,603		(4,855,185	)		575,158		575,158		14,606
Large Cap Value Fund
Underlying Fund	Beginning value as of August 31, 2023	Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,988,552		32,286,912		(31,920,338	)		2,355,126		2,355,126		50,689
Mid Cap Value Fund
Underlying Fund	Beginning value as of August 31, 2023	Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,503,744		120,007,204		(96,320,218	)		27,190,730		27,190,730		290,664
Small Cap Value Fund
Underlying Fund	Beginning value as of August 31, 2023	Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund – Institutional Shares
	912,932		316,235,203		(310,499,125	)		6,649,010		6,649,010		249,142
Small/Mid Cap Value Fund
Underlying Fund	Beginning value as of August 31, 2023	Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund – Institutional Shares
	–		20,647,748		(18,949,152	)		1,698,596		1,698,596		26,134

As of February 29, 2024 ,The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding shares of the following Funds:

Fund	Class C	Class R	Investor
Focused Value	14%	31%	17%
Small/Mid Cap Value	–	9	–

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

 

 

 

 

 

 

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 29, 2024, were as follows:

Fund	Purchases		Sales
Equity Income	$	48,394,432	$	105,360,739
Focused Value		20,950,299		22,543,787
Large Cap Value		107,939,014		145,453,943
Mid Cap Value		275,692,573		350,476,956
Small Cap Value		510,243,203		871,575,552
Small/Mid Cap Value		29,546,121		112,385,493

6. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

6. SECURITIES LENDING (continued)

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 29, 2024, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 29, 2024.

Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024
Equity Income Fund	$	1,298,115	$	17,027,272	$	(15,115,534	)	$	3,209,853
Large Cap Value Fund		—		3,090,084		(3,090,084	)		—
Mid Cap Value Fund		—		44,448,687		(43,724,047	)		724,640
Small Cap Value Fund		6,000		43,018,531		(43,024,531	)		—
Small/Mid Cap Value Fund		—		84,909		(84,909	)		—

7. TAX INFORMATION

As of the funds most recent fiscal year end, August 31, 2023, certain timing differences on a tax basis were as follows:

	Equity Income		Focused Value			Large Cap Value			Mid Cap Value		Small Cap Value
Capital loss carryforwards:
Perpetual Short-Term	$	—	$	(87,834	)	$	—		$	—	$	—
Timing differences (Qualified Late Year Loss Deferral and Post October Losses)		—		—			(28	)		—		(6,694,259	)
											Small/Mid Cap Value
Capital loss carryforwards:
Perpetual Short-Term											$	(7,385,794	)
Perpetual Long-Term												(617,963	)
Total capital loss carryforwards												(8,003,757	)
Timing differences (Qualified Late Year Loss Deferral and Post October Losses)												(3,270,860	)

As of February 29, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Equity Income			Focused Value			Large Cap Value			Mid Cap Value			Small Cap Value
Tax Cost	$	291,502,972		$	43,552,403		$	340,503,542		$	988,640,660		$	1,107,635,786
Gross unrealized gain		97,206,442			7,140,560			95,770,014			245,902,432			325,265,786
Gross unrealized loss		(10,733,196	)		(876,646	)		(5,797,019	)		(23,524,093	)		(36,779,132	)
Net unrealized gain (loss)	$	86,473,246		$	6,263,914		$	89,972,995		$	222,378,339		$	288,486,654

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

 

 

 

 

 

 

7. TAX INFORMATION (continued)

	Small/Mid Cap Value
Tax Cost	$	119,908,242
Gross unrealized gain		33,334,097
Gross unrealized loss		(4,605,046	)
Net unrealized gain (loss)	$	28,729,051

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales.

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

8. OTHER RISKS

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

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

Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase.

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

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

8. OTHER RISKS (continued)

Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Focused Value Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

REIT Risk — Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.

9.  INDEMNIFICATIONS

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

10. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with 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 II and Goldman Sachs Variable Insurance trust, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the” Nominees”) for election as the Trustees of the Trust. Messrs. Chou and Wirth and Ms. Dowling were serving as Trustees of the Trust as the time of their nominations. At a virtual special joint meeting of shareholders held on November 16, 2023,

  

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10. OTHER MATTERS (continued)

each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024. Each of Messrs. Chou and Wirth and Ms. Dowling was also elected at the meeting and continue to serve as Trustees of the Trust.

11. SUBSEQUENT EVENTS

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

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Equity Income
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		63,911		$	2,713,494			154,854		$	6,498,025
Reinvestment of distributions		259,490			11,042,550			369,096			15,627,272
Shares redeemed		(416,289	)		(17,658,621	)		(748,112	)		(31,357,744	)
		(92,888	)		(3,902,577	)		(224,162	)		(9,232,447	)
Class C Shares
Shares sold		5,074			203,911			32,734			1,298,342
Reinvestment of distributions		3,766			151,137			5,743			230,878
Shares redeemed		(24,587	)		(989,294	)		(47,560	)		(1,872,919	)
		(15,747	)		(634,246	)		(9,083	)		(343,699	)
Institutional Shares
Shares sold		38,301			1,649,751			100,243			4,294,731
Reinvestment of distributions		17,979			780,603			31,355			1,349,606
Shares redeemed		(222,128	)		(9,394,216	)		(275,849	)		(11,190,696	)
		(165,848	)		(6,963,862	)		(144,251	)		(5,546,359	)
Service Shares
Shares sold		—			—			1			41
Reinvestment of distributions		75			3,224			99			4,210
Shares redeemed		(434	)		(19,388	)		(61	)		(2,619	)
		(359	)		(16,164	)		39			1,632
Investor Shares
Shares sold		10,686			457,859			52,946			2,230,853
Reinvestment of distributions		3,569			151,410			6,755			285,008
Shares redeemed		(37,581	)		(1,592,252	)		(65,503	)		(2,725,921	)
		(23,326	)		(982,983	)		(5,802	)		(210,060	)

  

  97

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Equity Income
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class R6 Shares
Shares sold		11,812		$	516,601			25,099		$	1,079,345
Reinvestment of distributions		5,325			231,561			8,316			358,806
Shares redeemed		(11,289	)		(492,237	)		(52,924	)		(2,286,221	)
		5,848			255,925			(19,509	)		(848,070	)
Class R Shares
Shares sold		177			7,483			460			19,106
Reinvestment of distributions		615			26,017			760			32,124
Shares redeemed		(14	)		(596	)		(295	)		(12,296	)
		778			32,904			925			38,934
Class P Shares
Shares sold		11,488			494,615			363,189			15,726,662
Reinvestment of distributions		34,860			1,510,162			84,764			3,656,406
Shares redeemed		(841,971	)		(36,718,660	)		(216,257	)		(9,099,027	)
		(795,623	)		(34,713,883	)		231,696			10,284,041
NET DECREASE IN SHARES		(1,087,165	)	$	(46,924,886	)		(170,147	)	$	(5,856,028	)
	Focused Value
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		16,518		$	229,845			23,953		$	306,925
Reinvestment of distributions		647			8,993			2,154			27,797
Shares redeemed		(1,445	)		(20,578	)		(18,690	)		(240,275	)
		15,720			218,260			7,417			94,447
Class C Shares
Shares sold		4,305			55,680			154			2,000
Reinvestment of distributions		38			514			2,232			28,283
Shares redeemed		(12,970	)		(176,939	)		(11,568	)		(143,380	)
		(8,627	)		(120,745	)		(9,182	)		(113,097	)
Institutional Shares
Shares sold		33,311			463,081			70,808			944,810
Reinvestment of distributions		2,908			40,641			15,165			196,617
Shares redeemed		(19,127	)		(261,250	)		(79,330	)		(1,046,925	)
		17,092			242,472			6,643			94,502
Investor Shares
Shares sold		5,371			78,950			—			—
Reinvestment of distributions		16			230			100			1,281
Shares redeemed		—			—			—			—
		5,387			79,180			100			1,281

  

98

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

 

 

 

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Focused Value
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class R6 Shares
Shares sold		110,144		$	1,572,905			—		$	—
Reinvestment of distributions		17			243			100			1,291
Shares redeemed		(1,525	)		(22,213	)		—			—
		108,636			1,550,935			100			1,291
Class R Shares
Shares sold		—			—			—			—
Reinvestment of distributions		39			533			312			3,995
Shares redeemed		—			—			—			—
		39			533			312			3,995
Class P Shares
Shares sold		122,285			1,633,793			731,235			9,318,270
Reinvestment of distributions		49,898			695,465			281,081			3,634,593
Shares redeemed		(451,534	)		(6,069,510	)		(798,703	)		(10,803,871	)
		(279,351	)		(3,740,252	)		213,613			2,148,992
NET INCREASE (DECREASE) IN SHARES		(141,104	)	$	(1,769,617	)		219,003		$	2,231,411
	Large Cap Value
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		182,435		$	2,741,279			345,552		$	5,064,497
Reinvestment of distributions		296,987			4,442,952			428,925			6,325,352
Shares redeemed		(416,222	)		(6,288,537	)		(726,345	)		(10,679,578	)
		63,200			895,694			48,132			710,271
Class C Shares
Shares sold		8,047			112,256			55,684			771,644
Reinvestment of distributions		30,053			415,122			62,513			857,851
Shares redeemed		(145,734	)		(2,023,633	)		(255,044	)		(3,441,045	)
		(107,634	)		(1,496,255	)		(136,847	)		(1,811,550	)
Institutional Shares
Shares sold		178,458			2,722,548			596,437			8,818,838
Reinvestment of distributions		494,896			7,521,953			876,160			13,104,400
Shares redeemed		(1,073,194	)		(16,292,217	)		(3,329,427	)		(50,418,694	)
		(399,840	)		(6,047,716	)		(1,856,830	)		(28,495,456	)
Service Shares
Shares sold		7,075			104,800			18,613			274,829
Reinvestment of distributions		1,742			25,914			2,025			29,734
Shares redeemed		(12,147	)		(178,444	)		(11,956	)		(177,631	)
		(3,330	)		(47,730	)		8,682			126,932

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Value
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Investor Shares
Shares sold		15,975		$	244,219			288,993		$	4,407,827
Reinvestment of distributions		12,636			189,187			21,271			313,809
Shares redeemed		(279,485	)		(4,014,122	)		(71,327	)		(1,040,581	)
		(250,874	)		(3,580,716	)		238,937			3,681,055
Class R6 Shares
Shares sold		11,127			174,560			33,999			527,610
Reinvestment of distributions		8,816			138,491			12,208			188,257
Shares redeemed		(8,160	)		(130,301	)		(47,357	)		(714,380	)
		11,783			182,750			(1,150	)		1,487
Class R Shares
Shares sold		24,556			344,716			44,840			623,273
Reinvestment of distributions		16,230			232,200			21,882			309,775
Shares redeemed		(65,193	)		(946,708	)		(18,544	)		(265,045	)
		(24,407	)		(369,792	)		48,178			668,003
Class P Shares
Shares sold		188,178			2,926,967			831,359			12,924,213
Reinvestment of distributions		722,502			11,344,186			1,097,794			16,929,697
Shares redeemed		(1,273,060	)		(19,978,972	)		(2,200,957	)		(33,907,456	)
		(362,380	)		(5,707,819	)		(271,804	)		(4,053,546	)
NET DECREASE IN SHARES		(1,073,482	)	$	(16,171,584	)		(1,922,702	)	$	(29,172,804	)

	Mid Cap Value
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		318,856		$	10,612,397			985,442		$	33,517,823
Reinvestment of distributions		558,190			18,845,414			1,564,335			52,348,441
Shares redeemed		(1,337,369	)		(44,192,188	)		(2,216,864	)		(74,819,929	)
		(460,323	)		(14,734,377	)		332,913			11,046,335
Class C Shares
Shares sold		13,401			378,378			43,808			1,210,384
Reinvestment of distributions		10,568			285,540			41,336			1,122,677
Shares redeemed		(59,575	)		(1,595,506	)		(152,925	)		(4,156,232	)
		(35,606	)		(931,588	)		(67,781	)		(1,823,171	)
Institutional Shares
Shares sold		809,607			27,454,340			2,667,378			92,172,623
Reinvestment of distributions		406,823			14,013,508			1,040,155			35,448,957
Shares redeemed		(1,608,819	)		(54,714,745	)		(2,522,558	)		(86,496,618	)
		(392,389	)		(13,246,897	)		1,184,975			41,124,962

  

100

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

 

 

 

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Mid Cap Value
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Service Shares
Shares sold		51,672		$	1,653,699			296,289		$	9,569,035
Reinvestment of distributions		38,391			1,253,628			126,934			4,116,851
Shares redeemed		(87,844	)		(2,854,894	)		(554,499	)		(17,457,983	)
		2,219			52,433			(131,276	)		(3,772,097	)
Investor Shares
Shares sold		1,156,149			37,678,394			1,276,305			41,830,417
Reinvestment of distributions		119,051			3,880,840			285,152			9,223,194
Shares redeemed		(817,727	)		(26,066,614	)		(1,153,726	)		(37,427,369	)
		457,473			15,492,620			407,731			13,626,242
Class R6 Shares
Shares sold		436,901			14,807,281			633,482			21,704,161
Reinvestment of distributions		121,694			4,188,239			280,408			9,547,007
Shares redeemed		(417,028	)		(14,632,352	)		(557,288	)		(19,126,148	)
		141,567			4,363,168			356,602			12,125,020
Class R Shares
Shares sold		96,026			3,035,370			176,929			5,562,212
Reinvestment of distributions		28,760			920,988			71,530			2,277,883
Shares redeemed		(134,055	)		(4,106,073	)		(182,641	)		(5,787,384	)
		(9,269	)		(149,715	)		65,818			2,052,711
Class P Shares
Shares sold		900,846			30,954,640			449,136			15,597,344
Reinvestment of distributions		223,922			7,704,303			634,949			21,613,805
Shares redeemed		(969,808	)		(32,386,777	)		(668,904	)		(23,240,105	)
		154,960			6,272,166			415,181			13,971,044
NET INCREASE (DECREASE) IN SHARES		(141,368	)	$	(2,882,190	)		2,564,163		$	88,351,046

	Small Cap Value
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		246,359		$	9,200,223			689,898		$	26,772,261
Reinvestment of distributions		259,721			9,905,261			1,266,146			48,411,679
Shares redeemed		(1,043,912	)		(37,730,529	)		(2,945,344	)		(112,723,568	)
		(537,832	)		(18,625,045	)		(989,300	)		(37,539,628	)
Class C Shares
Shares sold		8,792			180,039			4,878			107,895
Reinvestment of distributions		3,784			76,963			19,990			423,795
Shares redeemed		(11,304	)		(224,416	)		(34,611	)		(761,259	)
		1,272			32,586			(9,743	)		(229,569	)

  

  101

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Value
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		1,338,809		$	56,850,680			2,649,928		$	118,061,869
Reinvestment of distributions		487,797			21,396,553			4,483,073			196,026,369
Shares redeemed		(6,553,706	)		(268,562,533	)		(21,715,133	)		(957,891,695	)
		(4,727,100	)		(190,315,300	)		(14,582,132	)		(643,803,457	)
Service Shares
Shares sold		33,001			1,162,275			67,745			2,505,249
Reinvestment of distributions		15,558			557,766			76,057			2,744,462
Shares redeemed		(156,911	)		(5,474,334	)		(157,089	)		(5,801,066	)
		(108,352	)		(3,754,293	)		(13,287	)		(551,355	)
Investor Shares
Shares sold		91,417			3,320,662			989,545			35,462,993
Reinvestment of distributions		58,846			2,214,960			535,409			20,213,694
Shares redeemed		(916,755	)		(34,408,584	)		(2,607,408	)		(101,574,347	)
		(766,492	)		(28,872,962	)		(1,082,454	)		(45,897,660	)
Class R6 Shares
Shares sold		1,165,281			50,187,530			2,343,438			105,593,930
Proceeds received in connection with merger		—			—			(526,003	)		(23,891,044	)
Reinvestment of distributions		410,240			17,982,757			3,232,248			141,231,618
Shares redeemed		(2,371,196	)		(101,622,899	)		(17,890,009	)		(803,136,472	)
		(795,675	)		(33,452,612	)		(12,840,326	)		(580,358,292	)
Class R Shares
Shares sold		140,486			5,040,727			205,973			7,625,415
Reinvestment of distributions		43,815			1,592,735			190,014			6,943,051
Shares redeemed		(238,012	)		(8,540,878	)		(389,071	)		(14,361,204	)
		(53,711	)		(1,907,416	)		6,916			207,262
Class P Shares
Shares sold		781,882			33,297,859			1,810,313			80,373,870
Reinvestment of distributions		201,994			8,853,867			882,391			38,556,866
Shares redeemed		(1,759,011	)		(74,692,919	)		(1,987,153	)		(89,962,365	)
		(775,135	)		(32,541,193	)		705,551			28,968,371
NET DECREASE IN SHARES		(7,763,025	)	$	(309,436,235	)		(28,804,775	)	$	(1,279,204,328	)

	Small/Mid Cap Value
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		25,118		$	372,655			29,548		$	417,575
Reinvestment of distributions		983			14,532			11,787			164,809
Shares redeemed		(19,903	)		(283,344	)		(32,805	)		(461,862	)
		6,198			103,843			8,530			120,522

  

102

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

 

 

 

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small/Mid Cap Value
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class C Shares
Shares sold		2,911		$	38,468			3,867		$	53,206
Reinvestment of distributions		—			—			4,929			66,005
Shares redeemed		(19,643	)		(277,912	)		(13,629	)		(184,949	)
		(16,732	)		(239,444	)		(4,833	)		(65,738	)
Institutional Shares
Shares sold		447,786			6,377,613			570,054			8,151,094
Reinvestment of distributions		13,767			206,643			131,137			1,863,694
Shares redeemed		(706,394	)		(10,164,760	)		(623,348	)		(8,949,197	)
		(244,841	)		(3,580,504	)		77,843			1,065,591
Investor Shares
Shares sold		59,154			856,681			301,888			4,263,071
Reinvestment of distributions		4,696			70,022			53,701			757,902
Shares redeemed		151,061			(2,143,912	)		(465,635	)		(6,509,679	)
		214,911			(1,217,209	)		(110,046	)		(1,488,706	)
Class R6 Shares
Shares sold		445,209			6,254,920			1,336,431			19,162,502
Reinvestment of distributions		15,899			238,483			475,963			6,757,794
Shares redeemed		(5,211,416	)		(74,475,395	)		(1,799,587	)		(25,938,718	)
		(4,750,308	)		(67,981,992	)		12,807			(18,422	)
Class R Shares
Shares sold		253			3,513			1,110			15,892
Reinvestment of distributions		27			393			569			7,935
Shares redeemed		(289	)		(3,723	)		(1,308	)		(17,760	)
		(9	)		183			371			6,067
Class P Shares
Shares sold		117,692			1,674,711			1,572,582			22,260,457
Reinvestment of distributions		56,377			845,087			416,670			5,911,852
Shares redeemed		(747,139	)		(10,671,017	)		(2,072,093	)		(30,173,986	)
		(573,070	)		(8,151,219	)		(82,841	)		(2,001,677	)
NET DECREASE IN SHARES		(5,363,851	)	$	(81,066,342	)		(98,169	)	$	(2,382,363	)

  

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal Election of Trustees	For	Withheld
Cheryl K. Beebe	169,452,067,796	5,900,273,020
John G. Chou	173,279,757,273	2,072,583,543
Eileen H. Dowling	173,287,456,218	2,064,884,598
Lawrence Hughes	173,486,691,901	1,865,648,915
John F. Killian	173,511,167,174	1,841,173,642
Steven D. Krichmar	173,484,256,228	1,868,084,588
Michael Latham	173,498,020,286	1,854,320,530
Lawrence W. Stranghoener	173,455,949,165	1,896,391,651
Paul C. Wirth	173,324,070,424	2,028,270,391

  

104  

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

 

Liquidity Risk Management Program

February 29, 2024

 

 

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

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

At a meeting of the Board of Trustees on February 13-14, 2024 GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions; The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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

  

105

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month ended February 29, 2024 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2023 through February 29, 2024, which represents a period of 182 days of a 366 day year.

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

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

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

	Equity Income Fund			Focused Value Fund			Large Cap Value Fund
Share Class	Beginning Account Value  9/1/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning Account Value  9/1/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning Account Value  9/1/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*
Class A
Actual	$1,000.00	$1,095.82	$5.32	$1,000.00	$1,120.75	$5.33	$1,000.00	$1,129.00	$5.40
Hypothetical 5% return	1,000.00	1,019.79+	5.12	1,000.00	1,019.84+	5.07	1,000.00	1,019.79+	5.12
Class C
Actual	1,000.00	1,091.65	9.20	1,000.00	1,116.73	9.26	1,000.00	1,124.10	9.40
Hypothetical 5% return	1,000.00	1,016.06+	8.87	1,000.00	1,016.11+	8.82	1,000.00	1,016.01+	8.92
Institutional
Actual	1,000.00	1,097.32	3.75	1,000.00	1,122.87	3.64	1,000.00	1,130.20	3.81
Hypothetical 5% return	1,000.00	1,021.28+	3.62	1,000.00	1,021.43+	3.47	1,000.00	1,021.28+	3.62
Service
Actual	1,000.00	1,094.70	6.35	N/A	N/A	N/A	1,000.00	1,126.80	6.45
Hypothetical 5% return	1,000.00	1,018.80+	6.12	N/A	N/A	N/A	1,000.00	1,018.80+	6.12
Investor
Actual	1,000.00	1,097.21	4.02	1,000.00	1,122.51	4.01	1,000.00	1,129.20	4.13
Hypothetical 5% return	1,000.00	1,021.03+	3.87	1,000.00	1,021.08+	3.82	1,000.00	1,020.98+	3.92
Class R6
Actual	1,000.00	1,097.61	3.70	1,000.00	1,122.52	3.59	1,000.00	1,130.10	3.76
Hypothetical 5% return	1,000.00	1,021.33+	3.57	1,000.00	1,021.48+	3.42	1,000.00	1,021.33+	3.57
Class R
Actual	1,000.00	1,094.51	6.61	1,000.00	1,119.32	6.64	1,000.00	1,127.20	6.72
Hypothetical 5% return	1,000.00	1,018.55+	6.37	1,000.00	1,018.60+	6.32	1,000.00	1,018.55+	6.37
Class P
Actual	1,000.00	1,097.57	3.75	1,000.00	1,122.46	3.59	1,000.00	1,130.10	3.76
Hypothetical 5% return	1,000.00	1,021.28+	3.62	1,000.00	1,021.48+	3.42	1,000.00	1,021.33+	3.57

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R
Equity Income Fund		1.02	%		1.77	%		0.72	%		1.22	%		0.77	%		0.71	%		1.27	%
Focused Value Fund		1.01			1.76			0.69			N/A			0.76			0.68			1.26
Large Cap Value Fund		1.02			1.78			0.72			1.22			0.78			0.71			1.27

106

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month ended February 29, 2024 (Unaudited) (continued)

The annualized net expense ratios for the period were as follows:

Fund	Class P
Equity Income Fund		0.72	%
Focused Value Fund		0.68
Large Cap Value Fund		0.71

107

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month ended February 29, 2024 (Unaudited) (continued)

	Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
Share Class	Beginning Account Value  9/1/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning Account Value  9/1/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning Account Value  9/1/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*
Class A
Actual	$1,000.00	$1,106.14	$6.23	$1,000.00	$1,048.21	$6.47	$1,000.00	$1,083.96	$6.17
Hypothetical 5% return	1,000.00	1,018.95+	5.97	1,000.00	1,018.55+	6.37	1,000.00	1,018.95+	5.97
Class C
Actual	1,000.00	1,101.90	10.14	1,000.00	1,043.86	10.27	1,000.00	1,080.12	10.03
Hypothetical 5% return	1,000.00	1,015.22+	9.72	1,000.00	1,014.82+	10.12	1,000.00	1,015.22+	9.72
Institutional
Actual	1,000.00	1,108.15	4.40	1,000.00	1,049.64	5.20	1,000.00	1,086.10	4.36
Hypothetical 5% return	1,000.00	1,020.69+	4.22	1,000.00	1,019.79+	5.12	1,000.00	1,020.69+	4.22
Service
Actual	1,000.00	1,105.11	7.01	1,000.00	1,046.95	7.74	N/A	N/A	N/A
Hypothetical 5% return	1,000.00	1,018.20+	6.72	1,000.00	1,017.30+	7.62	N/A	N/A	N/A
Investor
Actual	1,000.00	1,107.78	4.93	1,000.00	1,049.36	5.20	1,000.00	1,085.42	4.87
Hypothetical 5% return	1,000.00	1,020.19+	4.72	1,000.00	1,019.79+	5.12	1,000.00	1,020.19+	4.72
Class R6
Actual	1,000.00	1,108.07	4.35	1,000.00	1,049.70	5.15	1,000.00	1,085.75	4.30
Hypothetical 5% return	1,000.00	1,020.74+	4.17	1,000.00	1,019.84+	5.07	1,000.00	1,020.74+	4.17
Class R
Actual	1,000.00	1,104.74	7.54	1,000.00	1,046.91	7.74	1,000.00	1,082.80	7.46
Hypothetical 5% return	1,000.00	1,017.70+	7.22	1,000.00	1,017.30+	7.62	1,000.00	1,017.70+	7.22
Class P
Actual	1,000.00	1,108.05	0.68	1,000.00	1,049.69	5.15	1,000.00	1,086.36	4.31
Hypothetical 5% return	1,000.00	1,024.22+	0.65	1,000.00	1,019.84+	5.07	1,000.00	1,020.74+	4.17

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

108

FUNDS PROFILE

 

 

 

Goldman Sachs Funds

February 29, 2024

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.54 trillion in assets under supervision as of December 31, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

∎ U.S. Mortgages Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Emerging Markets Credit Fund⁴

Fixed Income Alternatives

∎ Short Duration High Yield Fund⁵

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Enhanced Core Equity Fund⁶

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Strategy Alternatives Fund⁷

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ GQG Partners International Opportunities Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

⁴  Effective after the close of business on October 31, 2023, the Goldman Sachs Local Emerging Markets Debt Fund was renamed the Goldman Sachs Emerging Markets Credit Fund.

⁵  Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman ^Sachs Short Duration High Yield Fund.

⁶  Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.

⁷  Effective after the close of business on September 22, 2023, the Goldman Sachs Multi-Manager Alternatives Fund was renamed the Goldman Sachs Multi-Strategy Alternatives Fund.

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

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

  

  109

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair James A. McNamara Cheryl K. Beebe Lawrence W. Stranghoener Dwight L. Bush Paul C. Wirth Kathryn A. Cassidy John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary Michael Latham GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission ("SEC") website at http://www.sec.gov/ The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC's website at http://www.sec.gov/ Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526- 7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Goldman Sachs & Co. LLC (''Goldman Sachs'') does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's®, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). © 2024 Goldman Sachs. All rights reserved. 365123-OTU-04/2024 EQVALSAR-24

Goldman Sachs Funds Semi-Annual Report February 29, 2024 Global Tax-Aware Equity Portfolios Enhanced Dividend Global Equity Portfolio Tax-Advantaged Global Equity Portfolio

 

 

 

 

Goldman Sachs Global Tax-Aware Equity Portfolios

∎	ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
∎	TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

TABLE OF CONTENTS

Market and Economic Review	1
Fund Basics	2
Schedules of Investments	6
Financial Statements	12
Financial Highlights	16
Enhanced Dividend Global Equity Portfolio	16
Tax-Advantaged Global Equity Portfolio	20
Notes to Financial Statements	24
Other Information	41

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET REVIEW

 

 

 

Goldman Sachs Global Tax-Aware Portfolios

February 29, 2024

The following are highlights both of key factors affecting the financial markets and of any key changes made to the Goldman Sachs Global Tax-Aware Portfolios (the “Portfolios”) during the six months ended February 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to Fund shareholders, per new Securities and Exchange Commission requirements with a compliance date of July 24, 2024.

Market and Economic Review

• Global equity and fixed income markets broadly recorded positive returns during the Reporting Period, with central bank monetary policy, interest rate volatility and macroeconomic trends among the notable influences.

• U.S. equities outperformed non-U.S. developed markets stocks, which, in turn, outpaced emerging markets equities.

• Global bond yields fell during the Reporting Period, resulting in positive returns overall for global fixed income. As a reminder, bond prices usually move inversely with yields.

• As the Reporting Period began in September 2023, most asset classes posted losses, despite a relatively benign macroeconomic environment. Inflation data improved across major developed markets, leading central banks to signal they were likely at, or close to, their peak policy rates.

• Global equities produced negative returns during the month, with developed equity markets generally recording the weakest performance.

• Global bond yields rose amid significant interest rate volatility.

• The fourth calendar quarter was positive overall for most asset classes, which generally benefited from a backdrop of strong economic growth, resilient labor markets, subdued inflationary pressures across developed economies, and signals from major central banks regarding the end of their rate hiking cycles. There were tentative signs that the global manufacturing cycle was stabilizing, albeit at weak levels.

• Global equities, led by U.S. stocks, recorded significant gains during the fourth calendar quarter.

• Global bond yields rose in October but then fell significantly during November and December, leading to broadly positive returns for global fixed income markets during the fourth quarter overall.

• The performance of risk assets was rather mixed in January 2024 against a backdrop of strong U.S. economic data and ongoing disinflation across developed markets. The global manufacturing cycle continued to show signs of stabilization. Developed markets’ central banks indicated interest rate cuts were unlikely in the first calendar quarter but generally removed their hiking biases from policy statements and signaled they expected policy rates to end 2024 lower.

• Global equities recorded gains overall, with developed markets equities—especially the Japanese equity market—delivering positive returns. Emerging markets equities, however, posted a decline.

• In global fixed income markets, bond yields rose modestly, as developed markets’ central banks signaled interest rates were likely to remain higher for longer.

• February 2024 was a strong month for risk assets overall, as global manufacturing data continued to improve. In the U.S., inflation edged up, while economic growth remained solid, suggesting the U.S. Federal Reserve might delay its interest rate cuts.

• Global equities generated positive returns, with U.S. equities leading the advance.

• Interest rate volatility continued as markets pulled back expectations for the timing of central bank rate cuts, which drove down government bond yields.

Portfolio Changes and Highlights

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

  

  1

FUND BASICS

 

 

Enhanced Dividend Global Equity Portfolio

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Portfolio Total Return (based on NAV)1	EDGE Composite Index2	Bloomberg U.S. Aggregate Bond Index3	(MSCI) All Country World Index (ACWI) Investable Market Index (IMI) (“MSCI ACWI IMI”) (Net, USD, Unhedged)4
Class A	8.73%	10.27%	2.35%	11.16%
Institutional	8.87	10.27	2.35	11.16
Class R6	8.90	10.27	2.35	11.16
Class P	8.91	10.27	2.35	11.16

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

²  The EDGE Composite Index (“EDGE Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The EDGE Composite is comprised of MSCI ACWI IMI (90%) and the Bloomberg U.S. Aggregate Bond Index (10%). The EDGE Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage backed and asset-backed securities.

⁴  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 24 emerging markets. With 9,126 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 29, 2024, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 24 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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

  

2  

FUND BASICS

 

 

 

 

 

 

 

OVERALL UNDERLYING FUND WEIGHTINGS ^5,6

Percentage of Net Assets

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

⁶  Represents unaffiliated funds.

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

  

  3

FUND BASICS

 

 

Tax-Advantaged Global Equity Portfolio

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Portfolio Total Return (based on NAV)1	TAG Composite Index2	Bloomberg U.S. Aggregate Bond Index3	(MSCI) All Country World Index (ACWI) Investable Market Index (IMI) (“MSCI ACWI IMI”) (Net, USD, Unhedged)4
Class A	13.35%	10.27%	2.35%	11.16%
Institutional	13.59	10.27	2.35	11.16
Class R6	13.60	10.27	2.35	11.16
Class P	13.54	10.27	2.35	11.16

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

²  The TAG Composite Index (“TAG Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The TAG Composite is comprised of the MSCI ACWI IMI (90%) and the Bloomberg U.S. Aggregate Bond Index (10%). The TAG Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage backed and asset-backed securities.

⁴  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 24 emerging markets. With 9,126 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 29, 2024, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 24 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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

  

4  

FUND BASICS

 

 

 

 

 

 

 

OVERALL UNDERLYING FUND WEIGHTINGS ^5,6

Percentage of Net Assets

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

⁶  Represents unaffiliated funds.

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

  

  5

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Underlying Funds (Class R6 Shares)(a) – 91.6%
Equity – 91.6%
15,350,899	Goldman Sachs U.S. Equity Dividend and Premium Fund	$	240,088,053
10,673,487	Goldman Sachs International Equity Dividend and Premium Fund		75,995,227
1,263,658	Goldman Sachs Small Cap Equity Insights Fund		35,205,503
1,105,406	Goldman Sachs International Small Cap Insights Fund		13,850,732
1,405,115	Goldman Sachs Emerging Markets Equity Insights Fund		11,802,965
236,212	Goldman Sachs MLP Energy Infrastructure Fund		8,078,440
761,010	Goldman Sachs Global Real Estate Securities Fund		7,153,493
591,641	Goldman Sachs Global Infrastructure Fund		7,147,025
34,824	Goldman Sachs Energy Infrastructure Fund		400,820
TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) (Cost $270,863,986)			399,722,258
Exchange Traded Funds – 0.4%
14,562	iShares 7-10 Year Treasury Bond ETF		1,372,032
183	iShares Core S&P 500 ETF		93,412
444	iShares iBoxx $ High Yield Corporate Bond ETF		34,335
19,000	Sprott Physical Uranium Trust*		384,998
458	Vanguard Real Estate ETF		39,182
TOTAL EXCHANGE TRADED FUNDS (Cost $1,751,103)			1,923,959

	Shares	Dividend Rate	Value
Investment Company – 6.7%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
	29,140,598	5.219%	$	29,140,598
(Cost $29,140,598)
TOTAL INVESTMENTS – 98.7% (Cost $301,755,687)			$	430,786,815
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%				5,491,293
NET ASSETS – 100.0%			$	436,278,108

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

Currency Abbreviations:
AUD	Australian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
ILS	Israeli New Shekel
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar

 ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 29, 2024, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN 

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.
	USD	3,456,483		AUD	5,239,962		3/20/2024	$	48,733
	USD	4,895,227		CHF	4,250,844		3/20/2024		79,906
	USD	1,410,510		DKK	9,710,000		3/20/2024		1,344
	USD	15,701,592		EUR	14,504,225		3/20/2024		14,867
	USD	1,161,185		HKD	9,060,000		3/20/2024		3,436
	USD	98,344		NZD	160,000		3/20/2024		927
	USD	592,551		SGD	790,000		3/20/2024		5,001
	USD	10,870,965		JPY	1,547,272,100		3/21/2024		521,768
TOTAL								$	675,982

  

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.
		USD	6,909,864		GBP	5,494,415		3/20/2024	$	(26,433	)
		USD	195,449		ILS	720,000		3/20/2024		(6,171	)
		USD	293,926		NOK	3,200,000		3/20/2024		(7,480	)
		USD	1,578,130		SEK	16,425,000		3/20/2024		(7,416	)
TOTAL									$	(47,500	)

FUTURES CONTRACTS — At February 29, 2024, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 E-Mini Index		1		03/15/24	$	102,865	$	503
Stoxx Europe 600 Index Future		3		03/15/24		80,233		1,814
U.S. Treasury 10 Year Note		84		06/18/24		9,282,000		26,688
U.S. Treasury 2 Year Note		60		06/28/24		12,288,750		8,808
U.S. Treasury 5 Year Note		62		06/28/24		6,634,000		15,048
Total Futures Contracts							$	52,861

SWAP CONTRACTS — At February 29, 2024, the Portfolio had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund	Termination Date	Notional Amounts (000’s)	Value	Upfront Premium (Received) Paid	Unrealized Appreciation/ (Depreciation)
4.325%(b)	1 Day SONIO	9/19/2033	GBP 600	$24,939	$ –	$  24,939
(a)  Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to February 29, 2024. (b)  Payments made annually.

OVER-THE-COUNTER - INTEREST RATE SWAPTIONS - At February 29, 2024, the Portfolio had the following written option contracts:

Description	Counterparty	Exercise Rate	Expiration Date	Number of Contracts	Notional Amount	Market Value	Premiums Paid (Received) by the Fund	Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Calls
GBP REC 3.44	Morgan Stanley Co., Inc	GBP 3.44	01/27/2025	630,000	$   630,000	$   18,677	$   22,573	$   (3,896)
				630,000	$   630,000	$   18,677	$   22,573	$   (3,896)
Puts
3M IRS	Bank of America N.A	$3.74	08/15/2024	2,700,000	$ 2,700,000	$   58,231	$   60,480	$   (2,249)
Total purchased option contracts				3,330,000	$ 3,330,000	$   76,908	$   83,053	$   (6,145)
Description	Counterparty	Exercise Rate	Expiration Date	Number of Contracts	Notional Amount	Market Value	Premiums Paid (Received) by the Fund	Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Calls
GBP REC 2.9160	Morgan Stanley Co., Inc	GBP 2.92	01/27/2025	(1,260,000)	$(1,260,000)	$ (18,054)	$ (22,573)	$   4,519
				(1,260,000)	$(1,260,000)	$ (18,054)	$ (22,573)	$   4,519

  

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

Description	Counterparty	Exercise Rate	Expiration Date	Number of Contracts	Notional Amount	Market Value	Premiums Paid (Received) by the Fund	Unrealized Appreciation/ (Depreciation)
Puts
3M IRS	Bank of America N.A	$3.39	08/15/2024	(2,700,000)	$  (2,700,000)	$  (29,091)	$   (31,320)	$   2,229
Total written option contracts				(3,960,000)	$  (3,960,000)	$  (47,145)	$   (53,893)	$   6,748
OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY
Description	Counterparty	Exercise Rate	Expiration Date	Number of Contracts	Notional Amount	Market Value	Premiums Paid (Received) by the Fund	Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Calls
Call EUR/Put CHF	J.P. Morgan Securities LLC	EUR 0.96	06/13/2024	730,000	$   730,000	$   4,584	$   4,640	$    (56)
KO Call USD/CNH	Morgan Stanley Co., Inc	$7.15	04/26/2024	2,700,000	2,700,000	17,016	12,555	4,461
Total purchased option contracts				3,430,000	$ 3,430,000	$  21,600	$  17,195	$   4,405
Description	Counterparty	Exercise Rate	Expiration Date	Number of Contracts	Notional Amount	Market Value	Premiums Paid (Received) by the Fund	Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Puts
Put EUR/Call CHF	J.P. Morgan Securities LLC	EUR 0.91	06/13/2024	(730,000)	$  (730,000)	$  (647)	$ (4,688)	$  4,041
Investment Abbreviations:
SONIO    —Sterling Overnight Index Average

  

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

GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Underlying Funds (Class R6 Shares)(a) – 90.9%
Equity – 90.9%
61,878,600	Goldman Sachs U.S. Tax- Managed Equity Fund	$	2,567,343,102
58,560,738	Goldman Sachs International Tax-Managed Equity Fund		721,468,297
10,123,944	Goldman Sachs International Small Cap Insights Fund		126,853,015
12,620,276	Goldman Sachs Emerging Markets Equity Insights Fund		106,010,321
2,153,873	Goldman Sachs MLP Energy Infrastructure Fund		73,662,445
5,549,214	Goldman Sachs Global Infrastructure Fund		67,034,508
6,537,751	Goldman Sachs Global Real Estate Securities Fund		61,454,858
284,979	Goldman Sachs Energy Infrastructure Fund		3,280,108
TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
(Cost $1,833,897,648)			3,727,106,654
Exchange Traded Funds – 0.4%
131,787	iShares 7-10 Year Treasury Bond ETF		12,416,971
1,682	iShares Core S&P 500 ETF		858,577
4,070	iShares iBoxx $ High Yield Corporate Bond ETF		314,733
233,000	Sprott Physical Uranium Trust*		4,721,291
4,200	Vanguard Real Estate ETF		359,310
TOTAL EXCHANGE TRADED FUNDS (Cost $17,227,214)			18,670,882

Shares	Dividend Rate	Value
Investment Company – 6.8%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
281,110,805	5.219%	$	281,110,805
(Cost $281,110,805)
TOTAL INVESTMENTS – 98.1%
(Cost $2,132,235,667)		$	4,026,888,341
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%			77,160,231
NET ASSETS – 100.0%		$	4,104,048,572

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

Currency Abbreviations:
AUD	Australian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
ILS	Israeli New Shekel
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 29, 2024, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.
	USD	32,071,567		AUD	48,474,774		3/20/2024	$	546,541
	USD	42,144,553		CHF	36,542,984		3/20/2024		748,960
	USD	14,199,995		DKK	97,570,000		3/20/2024		40,132
	USD	143,088,002		EUR	131,873,958		3/20/2024		462,624
	USD	1,823,283		GBP	1,430,000		3/20/2024		18,012
	USD	8,957,196		HKD	69,890,000		3/20/2024		26,179
	USD	856,643		NZD	1,390,000		3/20/2024		10,333
	USD	939,690		SEK	9,450,000		3/20/2024		27,459
	USD	5,288,944		SGD	7,050,000		3/20/2024		45,618
	USD	96,993,762		JPY	13,802,154,282		3/21/2024		4,675,665
TOTAL								$	6,601,523

  

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

GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.
		NOK	150,000		USD	14,790		3/20/2024	$	(662	)
		USD	61,467,452		GBP	48,876,169		3/20/2024		(235,142	)
		USD	1,618,301		ILS	5,960,000		3/20/2024		(50,662	)
		USD	2,755,551		NOK	30,000,000		3/20/2024		(70,129	)
		USD	12,603,417		SEK	131,175,000		3/20/2024		(59,229	)
TOTAL									$	(415,824	)

FUTURES CONTRACTS — At February 29, 2024, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
NASDAQ 100 E-Mini Index		2		03/15/24	$	723,310	$	57,984
Russell 2000 E-Mini Index		8		03/15/24		822,920		36,105
Stoxx Europe 600 Index Future		29		03/15/24		775,588		18,621
TOPIX Index		4		03/07/24		715,315		75,687
U.S. Treasury 10 Year Note		792		06/18/24		87,516,000		242,370
U.S. Treasury 2 Year Note		568		06/28/24		116,333,500		83,234
U.S. Treasury 5 Year Note		585		06/28/24		62,595,000		140,174
Total Futures Contracts							$	654,175

SWAP CONTRACTS — At February 29, 2024, the Portfolio had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund	Termination Date	Notional Amounts (000’s)	Value	Upfront Premium (Received) Paid	Unrealized Appreciation/ (Depreciation)
4.325%(b)	1 Day SONIO	9/19/2033	GBP 5,400	$224,451	$ –	$  224,451
(a)  Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to February 29, 2024. (b)  Payments made annually.

OVER-THE-COUNTER - INTEREST RATE SWAPTIONS — At February 29, 2024, the Portfolio had the following written option contracts:

Description	Counterparty	Exercise Rate	Expiration Date	Number of Contracts	Notional Amount	Market Value	Premiums Paid (Received) by the Fund	Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Calls
GBP REC 3.4400	Morgan Stanley and Co.	GBP 3.44	01/27/2025	5,740,000	$  5,740,000	$   170,165	$   205,670	$   (35,504)
				5,740,000	$  5,740,000	$   170,165	$   205,670	$   (35,504)
Puts
3M IRS	Bank of America N.A.	$3.74	08/15/2024	24,800,000	$  24,800,000	$   534,859	$   555,520	$   (20,661)
Total purchased option contracts				30,540,000	$  30,540,000	$   705,024	$   761,189	$   (56,165)

  

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

GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

Description	Counterparty	Exercise Rate	Expiration Date	Number of  Contracts	Notional Amount	Market Value	Premiums Paid (Received) by the Fund	Unrealized  Appreciation/  (Depreciation)
Written Option Contracts: Calls
GBP REC 2.9160	Morgan Stanley and Co.	GBP 2.92	01/27/2025	(11,480,000)	$ (11,480,000)	$ (164,490)	$  (205,670)	$  41,180
				(11,480,000)	$ (11,480,000)	$ (164,490)	$  (205,670)	$  41,180
Puts
3M IRS	Bank of America N.A.	$3.39	08/15/2024	(24,800,000)	$ (24,800,000)	$ (267,210)	$  (287,680)	$  20,470
Total written option contracts				(36,280,000)	$ (36,280,000)	$ (431,700)	$  (493,350)	$  61,650
OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY
Description	Counterparty	Exercise Rate	Expiration Date	Number of Contracts	Notional Amount	Market Value	Premiums Paid (Received) by the Fund	Unrealized  Appreciation/  (Depreciation)
Purchased Option Contracts: Calls
Call EUR/Put CHF	JPMorgan Chase Bank, N.A.	EUR 0.96	06/13/2024	6,490,000	$ 6,490,000	$  42,253	$  42,555	$   (303)
KO Call USD/CNH	Morgan Stanley and Co.	$7.15	04/26/2024	24,400,000	24,400,000	153,778	113,460	40,319
Total purchased option contracts				30,890,000	$ 30,890,000	$ 196,031	$ 156,015	$  40,016
Description	Counterparty	Exercise Rate	Expiration Date	Number of Contracts	Notional Amount	Market Value	Premiums Paid (Received) by the Fund	Unrealized  Appreciation/  (Depreciation)
Written Option Contracts:
Puts
Put EUR/Call CHF	JPMorgan Chase Bank, N.A.	EUR 0.91	06/13/2024	(6,490,000)	$ (6,490,000)	$ (5,748)	$  (42,555)	$  36,807
Investment Abbreviations:
SONIO	—Sterling Overnight Index Average

  

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

 

	Enhanced Dividend Global Equity Portfolio		Tax-Advantaged Global Equity Portfolio
Assets:
Investments in affiliated issuers, at value (cost $300,004,584 and $2,115,008,453, respectively)	$	428,862,856	$	4,008,217,459
Investments in unaffiliated issuers, at value (cost $1,751,103 and $17,227,214, respectively)		1,923,959		18,670,882
Purchased Options, at value (premiums paid $100,248 and $917,205, respectively)		98,508		901,055
Cash		6,533,332		63,019,420
Foreign Currency, at value (cost $1,767 and $14,550, respectively)		1,729		14,502
Receivables:
Collateral on certain derivative contracts(a)		1,248,607		6,466,095
Investments sold		97,984		895,351
Reimbursement from investment adviser		17,846		9,796
Fund shares sold		15,515		2,088,447
Unrealized gain on forward foreign currency exchange contracts		675,982		6,601,523
Variation margin on futures contracts		12,887		128,904
Other assets		39,649		41,620
Total assets		439,528,854		4,107,055,054
Liabilities:
Written options, at value (premiums received $58,581 and $535,905, respectively)		47,792		437,448
Unrealized loss on forward foreign currency exchange contracts		47,500		415,824
Payables:
Fund shares redeemed		3,022,637		1,470,912
Management fees		48,018		443,723
Distribution and Service fees and Transfer Agency fees		11,090		96,016
Accrued expenses		73,709		142,559
Total liabilities		3,250,746		3,006,482
Net Assets:
Paid-in capital		311,679,500		2,277,472,065
Total distributable earnings (loss)		124,598,607		1,826,576,507
NET ASSETS	$	436,278,107	$	4,104,048,572
Net Assets:
Class A	$	2,606,405	$	700,279
Institutional		9,252,546		43,389,519
Class R6		15,266		9,375,347
Class P		424,403,891		4,050,583,427
Total Net Assets	$	436,278,108	$	4,104,048,572
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		201,213		30,533
Institutional		704,456		1,876,522
Class R6		1,165		411,339
Class P		32,417,677		177,699,079
Net asset value, offering and redemption price per share:(b)
Class A	$	12.95	$	22.93
Institutional		13.13		23.12
Class R6		13.10		22.79
Class P		13.09		22.79

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

Fund	Futures		Forwards			Swaps
Enhanced Dividend Global Equity Portfolio	$	440,403	$	350,000		$	458,203
Tax-Advantaged Global Equity Portfolio		3,902,230		(750,000	)		3,313,866

(b) Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio is $13.70 and $24.26, respectively.

  

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

 

	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Investment income:
Dividends from Affiliated Underlying Funds	$	4,880,849		$	47,431,131
Dividends — unaffiliated issuers		42,250			648,563
Interest		—			67,643
Total Investment Income		4,923,099			48,147,337
Expenses:
Management fees		311,519			2,791,627
Transfer Agency fees(a)		64,337			560,726
Custody, accounting and administrative services		49,350			177,966
Professional fees		39,500			39,783
Registration fees		34,115			60,247
Printing and mailing costs		16,891			25,720
Trustee fees		10,601			12,795
Distribution and/or Service (12b-1) fees		3,350			783
Other		9,480			38,881
Total expenses		539,143			3,708,528
Less — expense reductions		(158,902	)		(348,827	)
Net expenses		380,241			3,359,701
NET INVESTMENT INCOME		4,542,858			44,787,636
Realized and Unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		58,830			79,826
Investments in affiliated Underlying Funds		301,776			285,841
Investments affiliated in kind		—			4,116,793
Forward foreign currency exchange contracts		683,862			4,894,884
Swap Contracts		83,209			766,079
Purchased Options		42,067			372,561
Futures contracts		(87,949	)		57,627
Foreign currency transactions		(8,920	)		(36,910	)
Written options		(57,923	)		(507,387	)
Capital gain distributions from affiliated Underlying Funds		10,909,889			179,761
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		159,800			1,421,598
Investment in affiliated Underlying Funds		19,288,731			432,249,153
Forward foreign currency exchange contracts		186,122			2,690,617
Purchased Options		64,087			560,442
Swap Contracts		21,284			192,538
Written options		10,789			98,457
Foreign currency translations		7,011			49,824
Futures contracts		(82,917	)		(507,462	)
Net realized and unrealized gain		31,579,748			446,964,242
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	36,122,606		$	491,751,878

  

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

Statements of Operations (continued)

For the Six Months Ended February 29, 2024 (Unaudited)

 

(a)  Class specific Transfer Agency fees were as follows:

	Transfer Agency Fees
Fund	Class A		Institutional		Class R6		Class P
Enhanced Dividend Global Equity Portfolio	$	2,010	$	1,699	$	2	$	60,626
Tax-Advantaged Global Equity Portfolio		470		8,098		1,273		550,885

  

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

Statements of Changes in Net Assets

 

	Enhanced Dividend Global Equity Portfolio						Tax-Advantaged Global Equity Portfolio
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income	$	4,542,858		$	7,397,323		$	44,787,636		$	52,887,149
Net realized gain		11,924,841			13,461,914			10,209,075			10,836,218
Net change in unrealized gain		19,654,907			25,610,822			436,755,167			343,090,974
Net increase in net assets resulting from operations		36,122,606			46,470,059			491,751,878			406,814,341
Distributions to shareholders:
From distributable earnings:
Class A Shares		(87,098)			(248,430	)		(6,378	)		(16,527	)
Institutional Shares		(280,740)			(847,732	)		(544,637	)		(1,295,041	)
Class R6 Shares		(477)			(1,187	)		(116,091	)		(262,392	)
Class P Shares		(13,574,689)			(35,644,919	)		(50,166,770	)		(114,145,309	)
Total distributions to shareholders		(13,943,004	)		(36,742,268	)		(50,833,876	)		(115,719,269	)
From share transactions:
Proceeds from sales of shares		12,944,057			33,220,543			120,580,045			270,351,404
Reinvestment of distributions		13,942,151			36,672,631			50,652,426			115,371,434
Cost of shares redeemed		(27,157,635)			(68,180,277	)		(154,049,223	)		(310,307,610	)
Net increase (decrease) in net assets resulting from share transactions		(271,427	)		1,712,897			17,183,248			75,415,228
TOTAL INCREASE		21,908,175			11,440,688			458,101,250			366,510,300
Net Assets:
Beginning of period	$	414,369,933		$	402,929,245		$	3,645,947,322		$	3,279,437,022
End of period	$	436,278,108		$	414,369,933		$	4,104,048,572		$	3,645,947,322

  

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class A Shares
	Six Months Ended February 29, 2024				Year Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	12.30			$	12.08			$	14.54			$	11.76			$	11.50			$	12.34
Net investment income(a)(b)			0.12				0.18				0.25				0.19				0.17				0.19
Net realized and unrealized gain (loss)			0.93				1.14				(1.54	)			2.80				0.59				(0.44	)
Total from investment operations			1.05				1.32				(1.29	)			2.99				0.76				(0.25	)
Distributions to shareholders from net investment income			(0.13	)			(0.22	)			(0.45	)			(0.21	)			(0.22	)			(0.27	)
Distributions to shareholders from net realized gains			(0.27	)			(0.88	)			(0.72	)			–				(0.27	)			(0.32	)
Distributions to shareholders from return of capital			–				–				–				–				(0.01	)			–
Total distributions			(0.40	)			(1.10	)			(1.17	)			(0.21	)			(0.50	)			(0.59	)
Net asset value, end of period		$	12.95			$	12.30			$	12.08			$	14.54			$	11.76			$	11.50
Total Return(c)			8.73	%			11.84	%			(9.61	)%			25.64	%			6.71	%			(1.78	)%
Net assets, end of period (in 000’s)		$	2,606			$	2,774			$	2,713			$	3,801			$	5,501			$	8,661
Ratio of net expenses to average net assets(d)			0.51	%(e)			0.53	%			0.52	%			0.50	%			0.51	%			0.52	%
Ratio of total expenses to average net assets(d)			0.63	%(e)			0.65	%			0.61	%			0.63	%			0.64	%			0.65	%
Ratio of net investment income to average net assets			1.88	%(e)			1.50	%			1.89	%			1.49	%			1.54	%			1.62	%
Portfolio turnover rate(f)			4	%			8	%			23	%			16	%			13	%			15	%

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

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

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

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

(e) Annualized.

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

  

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Institutional Shares
	Six Months Ended February 29, 2024				Year Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period			$12.47			$	12.24			$	14.71			$	11.90			$	11.63			$	12.48
Net investment income(a)(b)			0.14				0.22				0.30				0.25				0.22				0.23
Net realized and unrealized gain (loss)			0.94				1.15				(1.55	)			2.81				0.59				(0.44	)
Total from investment operations			1.08				1.37				(1.25	)			3.06				0.81				(0.21	)
Distributions to shareholders from net investment income			(0.15	)			(0.26	)			(0.50	)			(0.25	)			(0.26	)			(0.32	)
Distributions to shareholders from net realized gains			(0.27	)			(0.88	)			(0.72	)			–				(0.27	)			(0.32	)
Distributions to shareholders from return of capital			–				–				–				–				(0.01	)			–
Total distributions			(0.42	)			(1.14	)			(1.22	)			(0.25	)			(0.54	)			(0.64	)
Net asset value, end of period		$	13.13			$	12.47			$	12.24			$	14.71			$	11.90			$	11.63
Total Return(c)			8.87	%			12.24	%			(9.32	)%			26.05	%			7.17	%			(1.46	)%
Net assets, end of period (in 000’s)		$	9,253			$	8,456			$	9,109			$	13,638			$	19,695			$	25,244
Ratio of net expenses to average net assets(d)			0.19	%(e)			0.20	%			0.17	%			0.13	%			0.13	%			0.13	%
Ratio of total expenses to average net assets(d)			0.27	%(e)			0.28	%			0.24	%			0.26	%			0.26	%			0.26	%
Ratio of net investment income to average net assets			2.18	%(e)			1.83	%			2.24	%			1.87	%			0.19	%			2.00	%
Portfolio turnover rate(f)			4	%			8	%			23	%			16	%			13	%			15	%

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

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

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

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

(e) Annualized.

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

  

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class R6 Shares
	Six Months Ended February 29, 2024				Year Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	12.44			$	12.21			$	14.68			$	11.88			$	11.60			$	12.46
Net investment income(a)(b)			0.14				0.22				0.30				0.25				0.21				0.23
Net realized and unrealized gain (loss)			0.94				1.15				(1.55	)			2.81				0.61				(0.45	)
Total from investment operations			1.08				1.37				(1.25	)			3.06				0.82				(0.22	)
Distributions to shareholders from net investment income			(0.15	)			(0.26	)			(0.50	)			(0.26	)			(0.26	)			(0.32	)
Distributions to shareholders from net realized gains			(0.27	)			(0.88	)			(0.72	)			–				(0.27	)			(0.32	)
Distributions to shareholders from return of capital			–				–				–				–				(0.01	)			–
Total distributions			(0.42	)			(1.14	)			(1.22	)			(0.26	)			(0.54	)			(0.64	)
Net asset value, end of period		$	13.10			$	12.44			$	12.21			$	14.68			$	11.88			$	11.60
Total Return(c)			8.90	%			12.20	%			(9.25	)%			26.03	%			7.28	%			(1.54	)%
Net assets, end of period (in 000’s)		$	15			$	14			$	12			$	14			$	11			$	10
Ratio of net expenses to average net assets(d)			0.17	%(e)			0.19	%			0.17	%			0.13	%			0.12	%			0.12	%
Ratio of total expenses to average net assets(d)			0.23	%(e)			0.25	%			0.22	%			0.23	%			0.22	%			0.23	%
Ratio of net investment income to average net assets			2.21	%(e)			1.86	%			2.24	%			1.86	%			1.87	%			2.01	%
Portfolio turnover rate(f)			4	%			8	%			23	%			16	%			13	%			15	%

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

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

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

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

(e) Annualized.

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

  

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class P Shares
	Six Months Ended February 29, 2024				Year Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	12.43			$	12.20			$	14.67			$	11.87			$	11.60			$	12.45
Net investment income(a)(b)			0.14				0.22				0.30				0.25				0.22				0.23
Net realized and unrealized gain (loss)			0.94				1.15				(1.55	)			2.81				0.59				(0.44	)
Total from investment operations			1.08				1.37				(1.25	)			3.06				0.81				(0.21	)
Distributions to shareholders from net investment income			(0.15	)			(0.26	)			(0.50	)			(0.26	)			(0.26	)			(0.32	)
Distributions to shareholders from net realized gains			(0.27	)			(0.88	)			(0.72	)			–				(0.27	)			(0.32	)
Distributions to shareholders from return of capital			–				–				–				–				(0.01	)			–
Total distributions			(0.42	)			(1.14	)			(1.22	)			(0.26	)			(0.54	)			(0.64	)
Net asset value, end of period		$	13.09			$	12.43			$	12.20			$	14.67			$	11.87			$	11.60
Total Return(c)			8.91	%			12.20	%			(9.26	)%			26.05	%			7.20	%			(1.45	)%
Net assets, end of period (in 000’s)		$	424,404			$	403,126			$	391,095			$	470,368			$	438,960			$	573,771
Ratio of net expenses to average net assets(d)			0.18	%(e)			0.19	%			0.17	%			0.12	%			0.12	%			0.12	%
Ratio of total expenses to average net assets(d)			0.26	%(e)			0.27	%			0.23	%			0.25	%			0.25	%			0.25	%
Ratio of net investment income to average net assets			2.20	%(e)			1.86	%			2.25	%			1.91	%			1.92	%			2.02	%
Portfolio turnover rate(f)			4	%			8	%			23	%			16	%			13	%			15	%

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

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

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

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

(e) Annualized.

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

  

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class A Shares
	Six Months Ended February 29, 2024				Year Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	20.43			$	18.81			$	21.83			$	17.16			$	15.44			$	16.51
Net investment income(a)(b)			0.21				0.22				0.21				0.16				0.13				0.13
Net realized and unrealized gain (loss)			2.50				1.98				(2.91	)			4.67				1.76				(0.97	)
Total from investment operations			2.71				2.20				(2.70	)			4.83				1.89				(0.84	)
Distributions to shareholders from net investment income			(0.21	)			(0.19	)			(0.27	)			(0.16	)			(0.13	)			(0.13	)
Distributions to shareholders from net realized gains			–				(0.39	)			(0.05	)			–				(0.04	)			(0.10	)
Total distributions			(0.21	)			(0.58	)			(0.32	)			(0.16	)			(0.17	)			(0.23	)
Net asset value, end of period		$	22.93			$	20.43			$	18.81			$	21.83			$	17.16			$	15.44
Total Return(c)			13.00	%			12.09	%			(12.59	)%			28.29	%			12.24	%			(4.96	)%
Net assets, end of period (in 000’s)		$	700			$	603			$	526			$	606			$	470			$	447
Ratio of net expenses to average net assets(d)			0.55	%(e)			0.56	%			0.55	%			0.50	%			0.51	%			0.52	%
Ratio of total expenses to average net assets(d)			0.57	%(e)			0.58	%			0.57	%			0.58	%			0.59	%			0.61	%
Ratio of net investment income to average net assets			2.05	%(e)			1.18	%			1.03	%			0.81	%			0.86	%			0.81	%
Portfolio turnover rate(f)			2	%			4	%			22	%			16	%			12	%			14	%

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

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

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

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

(e) Annualized.

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

  

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Institutional Shares
	Six Months Ended February 29, 2024				Year Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	20.62			$	18.98			$	22.03			$	17.30			$	15.58			$	16.46
Net investment income(a)(b)			0.25				0.30				0.29				0.23				0.22				0.20
Net realized and unrealized gain (loss)			2.53				1.99				(2.94	)			4.71				1.74				(0.96	)
Total from investment operations			2.78				2.29				(2.65	)			4.94				1.96				(0.76	)
Distributions to shareholders from net investment income			(0.28	)			(0.26	)			(0.35	)			(0.21	)			(0.20	)			(0.02	)
Distributions to shareholders from net realized gains			–				(0.39	)			(0.05	)			–				(0.04	)			(0.10	)
Total distributions			(0.28	)			(0.65	)			(0.40	)			(0.21	)			(0.24	)			(0.12	)
Net asset value, end of period		$	23.12			$	20.62			$	18.98			$	22.03			$	17.30			$	15.58
Total Return(c)			14.00	%			12.51	%			(12.31	)%			28.81	%			12.60	%			(4.61	)%
Net assets, end of period (in 000’s)		$	43,390			$	40,174			$	37,591			$	33,151			$	33,800			$	43,565
Ratio of net expenses to average net assets(d)			0.19	%(e)			0.20	%			0.18	%			0.13	%			0.13	%			0.13	%
Ratio of total expenses to average net assets(d)			0.21	%(e)			0.22	%			0.20	%			0.21	%			0.21	%			0.22	%
Ratio of net investment income to average net assets			2.42	%(e)			1.55	%			1.40	%			1.17	%			1.41	%			1.28	%
Portfolio turnover rate(f)			2	%			4	%			22	%			16	%			12	%			14	%

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

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

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

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

(e) Annualized.

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

  

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class R6 Shares
	Six Months Ended February 29, 2024				Year Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	20.33			$	18.73			$	21.73			$	17.07			$	15.38			$	16.46
Net investment income(a)(b)			0.25				0.29				0.29				0.26				0.20				0.19
Net realized and unrealized gain (loss)			2.50				1.97				(2.89	)			4.62				1.73				(0.97	)
Total from investment operations			2.75				2.26				(2.60	)			4.88				1.93				(0.78	)
Distributions to shareholders from net investment income			(0.29	)			(0.27	)			(0.35	)			(0.22	)			(0.20	)			(0.20	)
Distributions to shareholders from net realized gains			–				(0.39	)			(0.05	)			–				(0.04	)			(0.10	)
Total distributions			(0.29	)			(0.66	)			(0.40	)			(0.22	)			(0.24	)			(0.30	)
Net asset value, end of period		$	22.79			$	20.33			$	18.73			$	21.73			$	17.07			$	15.38
Total Return(c)			14.00	%			12.47	%			(12.24	)%			28.84	%			12.58	%			4.57	%
Net assets, end of period (in 000’s)		$	9,375			$	8,284			$	8,343			$	9,971			$	11			$	10
Ratio of net expenses to average net assets(d)			0.18	%(e)			0.19	%			0.16	%			0.12	%			0.12	%			0.12	%
Ratio of total expenses to average net assets(d)			0.20	%(e)			0.21	%			0.19	%			0.20	%			0.18	%			0.19	%
Ratio of net investment income to average net assets			2.42	%(e)			1.54	%			1.41	%			1.36	%			1.25	%			1.22	%
Portfolio turnover rate(f)			2	%			–	%			22	%			16	%			12	%			14	%

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

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

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

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

(e) Annualized.

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

  

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class P Shares
	Six Months Ended February 29, 2024				Year Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	20.34			$	18.73			$	21.74			$	17.07			$	15.38			$	16.47
Net investment income(a)(b)			0.25				0.30				0.29				0.23				0.20				0.19
Net realized and unrealized gain (loss)			2.49				1.97				(2.90	)			4.66				1.74				(0.98	)
Total from investment operations			2.74				2.27				(2.61	)			4.89				1.94				(0.01	)
Distributions to shareholders from net investment income			(0.29	)			(0.27	)			(0.35	)			(0.22	)			(0.21	)			(0.20	)
Distributions to shareholders from net realized gains			–				(0.39	)			(0.05	)			–				(0.04	)			(0.10	)
Total distributions			(0.29	)			(0.66	)			(0.40	)			(0.22	)			(0.25	)			(0.30	)
Net asset value, end of period		$	22.79			$	20.34			$	18.73			$	21.74			$	17.07			$	15.38
Total Return(c)			14.00	%			12.53	%			(12.28	)%			28.87	%			12.59	%			(4.60	)%
Net assets, end of period (in 000’s)		$	4,050,583			$	3,596,886			$	3,232,977			$	3,585,571			$	2,710,904			$	2,743,392
Ratio of net expenses to average net assets(d)			0.18	%(e)			0.19	%			0.17	%			0.12	%			0.12	%			0.12	%
Ratio of total expenses to average net assets(d)			0.20	%(e)			0.21	%			0.19	%			0.20	%			0.20	%			0.21	%
Ratio of net investment income to average net assets			2.42	%(e)			1.56	%			1.41	%			1.18	%			1.30	%			1.21	%
Portfolio turnover rate(f)			2	%			4	%			22	%			16	%			12	%			14	%

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

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

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

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

(e) Annualized.

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

  

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

Notes to Financial Statements

February 29, 2024 (Unaudited)

 

 

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
Enhanced Dividend Global Equity Portfolio	A, Institutional, R6 and P	Diversified
Tax-Advantaged Global Equity Portfolio	A, Institutional, R6 and P	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, Class R6 and Class P Shares are not subject to a sales charge.

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

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange-traded funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A.  Investment Valuation — The valuation policy of the Portfolios and Underlying Funds is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities

lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Goldman Sachs MLP Energy Infrastructure Fund (the “Underlying MLP Fund”) records its pro-rata share of the income/loss and capital gains/ losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

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

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Portfolio are charged to that Portfolio while such expenses incurred by the Trust are allocated across the applicable Portfolios on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated

  

24

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

 

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

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

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Enhanced Dividend Global Equity Portfolio	Quarterly	Annually
Tax-Advantaged Global Equity Portfolio	Annually	Annually

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

  

25

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

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

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in

  

26

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

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

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

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

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

A total return swap is an agreement that gives a Portfolio the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Portfolio may also be required to pay the dollar value of that decline to the counterparty.

B.  Level 3 Fair Value Investments— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Portfolio’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

time of determining a Portfolio’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Portfolios’ investments classified in the fair value hierarchy as of February 29, 2024:

Enhanced Dividend Global Equity Portfolio
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Funds	$	399,722,258	$	—		$	—
Investment Companies		29,140,598		—			—
Exchange Traded Funds		1,923,959		—			—
Total	$	430,786,815	$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—	$	675,982		$	—
Futures Contracts(a)		52,861		—			—
Interest Rate Swap Contracts(a)		—		24,939			—
Purchased Options Contracts		—		98,508			—
Total	$	52,861	$	799,429		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—	$	(47,500	)	$	—
Written Options Contracts		—		(47,792	)		—
Total	$	—	$	(95,292	)	$	—
Tax-Advantaged Global Equity Portfolio
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Funds	$	3,727,106,654	$	—		$	—
Investment Companies		281,110,805		—			—
Exchange Traded Funds		18,670,882		—			—
Total	$	4,026,888,341	$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—	$	6,601,523		$	—
Futures Contracts(a)		654,175		—			—
Interest Rate Swap Contracts(a)		—		224,451			—
Purchased Options Contracts		—		901,055			—
Total	$	654,175	$	7,727,029		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—	$	(415,824	)	$	—
Written Options Contracts		—		(437,448	)		—
Total	$	—	$	(853,272	)	$	—

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

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

  

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4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 29, 2024. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure.

Enhanced Dividend Global Equity Portfolio
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Currency	Unrealized gain on forward foreign currency exchange contracts and Purchased options, at value	$	697,582	Unrealized gain on forward foreign currency exchange contracts and Written options, at value	$	(48,147	)
Equity	Written options at value		2,317	Written options at value		—
Interest Rate	Purchased options at value, Variation margin on futures and swaps contracts		152,391	Written options at value		(47,145	)
Total		$	852,290		$	(95,292	)
Tax-Advantaged Global Equity Portfolio
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Currency	Unrealized gain on forward foreign currency exchange contracts and Purchased options, at value	$	6,797,554	Unrealized gain on forward foreign currency exchange contracts and Written options, at value	$	(421,572	)
Equity	Written options at value		188,397	Written options at value		—
Interest Rate	Purchased options at value, Variation margin on futures and swaps contracts		1,395,253	Written options at value		(431,700	)
Total		$	8,381,204		$	(853,272)

⁽¹⁾  Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedule of Investments. Only variation margin as of February 29, 2024 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 29, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

Enhanced Dividend Global Equity Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Currency	Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts	$	638,682		$	186,122
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		(16,814	)		77,378
Interest Rate	Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts		(3,782	)		(64,135	)
Total		$	618,086		$	199,365
Tax-Advantaged Global Equity Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Currency	Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts		4,894,884			2,690,617
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		750,802			878,882
Interest Rate	Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts		(61,922	)		(534,907	)
Total		$	5,583,764		$	3,034,592

For the six months ended February 29, 2024, the relevant values for each derivative type was as follows:

		Average Number of Contracts or Notional  Amounts(a)
Fund	Futures Contracts		Forward Contracts		Purchased Options		Written Options
Enhanced Dividend Global Equity Portfolio		226		46,342,934		745,580		620,041
Tax-Advantaged Global Equity Portfolio		2,034		462,521,384		13,499,950		11,249,848

(a) Amounts disclosed represent average number of contracts for futures contracts, purchased options and written options, notional amounts for forward contracts and swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Portfolio held such derivatives during the six months ended February 29, 2024.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

the Trustees.

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

The Portfolios invest in Class R6 Shares of the Goldman Sachs High Yield Floating Rate and Goldman Sachs MLP Energy Infrastructure Funds and Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money

  

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Market Fund”), which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Portfolios in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Portfolios invest, except those management fees it earns from the Portfolios’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 29, 2024, the management fees waived by GSAM for each Portfolio was as follows:

Fund	Management Fee Waived
Enhanced Dividend Global Equity Portfolio	$ 26,885
Tax-Advantaged Global Equity Portfolio	251,976

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Portfolio, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. During the six months ended February 29, 2024, Goldman Sachs retained front-end sales charges of $260 for the Enhanced Dividend Global Equity Portfolio.

D.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A Shares of the Goldman Sachs Enhanced Dividend Global Equity Portfolio through at least December 29, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

E.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolios is 0.014%. These Other Expense limitations will remain in place through at least December 29, 2024, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended February 29, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Enhanced Dividend Global Equity Portfolio	$	26,885	$	536	$	131,481	$	158,902
Tax-Advantaged Global Equity Portfolio		251,976		–		96,851		348,827

F.  Line of Credit Facility — As of February 29, 2024, the Portfolios participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the six months ended February 29, 2024, the Portfolios did not have any borrowings under the facility.

G.  Other Transactions with Affiliates — The Portfolios invest primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended February 29, 2024:

Enhanced Dividend Global Equity Portfolio
Underlying Fund	Beginning value as of August 31, 2023	Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs U.S. Equity Dividend and Premium Fund
	$224,942,353	$	12,596,922	$	(6,072,585	)	$	447,609		$	8,173,754		$	240,088,053		15,350,899	$	1,708,423	$	10,887,923
Goldman Sachs Emerging Markets Equity Insights Fund
	11,150,621		443,789		(395,961	)		(190,159	)		794,675			11,802,965		1,405,115		443,789		–
Goldman Sachs Energy Infrastructure Fund
	724,915		29,571		(358,824	)		39,694			(34,536	)		400,820		34,824		7,605		21,966
Goldman Sachs Financial Square Government Fund - Institutional Shares
	30,305,125		24,411,340		(25,575,867	)		–			–			29,140,598		29,140,598		786,878		–
Goldman Sachs Global Infrastructure Fund
	6,853,999		99,128		–			–			193,898			7,147,025		591,641		99,128		–
Goldman Sachs Global Real Estate Securities Fund
	7,293,096		52,231		(466,847	)		(38,567	)		313,580			7,153,493		761,010		52,231		–
Goldman Sachs High Yield Floating Rate Fund
	11		–		(11	)		–			–			–		–		–		–
Goldman Sachs International Equity Dividend and Premium Fund
	74,303,481		835,365		(3,271,138	)		(44,710	)		4,172,229			75,995,227		10,673,487		826,177		–
Goldman Sachs International Small Cap Insights Fund
	13,071,257		413,123		(556,878	)		38,754			884,476			13,850,732		1,105,406		413,123		–
Goldman Sachs MLP Energy Infrastructure Fund
	7,683,280		278,927		(609,189	)		69,460			655,962			8,078,440		236,212		278,927		–
Goldman Sachs Small Cap Equity Insights Fund
	31,984,337		264,568		(1,157,790	)		(20,305	)		4,134,693			35,205,503		1,263,658		264,568		–
Total	$408,312,475	$	39,424,964	$	(38,465,090	)	$	301,776		$	19,288,731		$	428,862,856			$	4,880,849	$	10,909,889
Tax-Advantaged Global Equity Portfolio
Underlying Fund	Beginning value as of August 31, 2023	Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Emerging Markets Equity Insights Fund
	91,296,827		9,429,231		–			–			5,284,263			106,010,321		12,620,276		3,633,568		–
Goldman Sachs Energy Infrastructure Fund
	5,830,685		241,994		(2,834,780	)		285,839			(243,630	)		3,280,108		284,979		62,233		179,761
Goldman Sachs Financial Square Government Fund - Institutional Shares
	332,782,918		175,010,912		(226,683,025	)		–			–			281,110,805		281,110,805		7,475,519		–
Goldman Sachs Global Infrastructure Fund
	56,092,075		8,701,033		–			–			2,241,400			67,034,508		5,549,214		884,551		–
Goldman Sachs Global Real Estate Securities Fund
	58,973,813		422,354		–			–			2,058,691			61,454,858		6,537,751		422,354		–

  

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Tax-Advantaged Global Equity Portfolio
Underlying Fund	Beginning value as of August 31, 2023	Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs High Yield Floating Rate Fund
	$96	$	–	$	(96	)	$	2	$	(2	)	$	–		–	$	–	$	–
Goldman Sachs International Small Cap Insights Fund
	114,966,780		3,633,578		–			–		8,252,657			126,853,015		10,123,944		3,633,579		–
Goldman Sachs International Tax-Managed Equity Fund
	641,006,954		15,845,051		–			–		64,616,292			721,468,297		58,560,738		15,845,051		–
Goldman Sachs MLP Energy Infrastructure Fund
	64,800,994		2,450,438		–			–		6,411,013			73,662,445		2,153,873		2,450,438		–
Goldman Sachs U.S. Tax-Managed Equity Fund
	2,226,048,617		64,299,223		(70,750,000	)		4,116,793		343,628,469			2,567,343,102		61,878,600		13,023,838		–
Total	$3,591,799,759	$	280,033,814	$	(300,267,901	)	$	4,402,634	$	432,249,153		$	4,008,217,459			$	47,431,131	$	179,761

As of February 29, 2024, the Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Underlying Funds	Enhanced Dividend Global Equity Portfolio		Tax-Advantaged Global Equity Portfolio
Goldman Sachs Small Cap Equity Insights Fund	8	%	–	%
Goldman Sachs U.S. Equity Dividend and Premium Fund	7		–
Goldman Sachs International Equity Dividend & Premium Fund	50		–
Goldman Sachs Global Real Estate Securities Fund	5		47
Goldman Sachs U.S. Tax-Managed Equity Fund	–		85
Goldman Sachs Emerging Markets Equity Insights Fund	–		6
Goldman Sachs International Tax-Managed Equity Fund	–		87
Goldman Sachs Global Infrastructure Fund	–		38

As of February 29, 2024, the Goldman Sachs Group, Inc. was the beneficial owner of the following share class of the Portfolios:

Fund	Class R6
Enhanced Dividend Global Equity Portfolio	100%

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2024, were as follows:

Fund		Purchases		Sales
Enhanced Dividend Global Equity Portfolio	$	16,828,160	$	13,464,169
Tax-Advantaged Global Equity Portfolio		187,447,183		143,626,783

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year ended August 31, 2023, certain timing differences on a tax-basis were as follows:

		Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral/ Straddle Deferral)	$	(551,327	)	$	(22,217,269	)

As of February 29, 2024, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

		Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Tax Cost	$	317,399,161		$	2,199,246,474
Gross unrealized gain		129,343,198			1,892,438,914
Gross unrealized loss		(15,955,544	)		(64,797,047	)
Net unrealized gain (loss)	$	113,387,654		$	1,827,641,867

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of passive foreign investment companies.

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

8. OTHER RISKS

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

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

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

  

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8. OTHER RISKS ( continued )

Expenses Risk — By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also the expenses of the Portfolio.

Investments in the Underlying Funds Risk — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. A strategy used by the Underlying Funds may fail to produce the intended results. As of February 29, 2024, the Enhanced Dividend Global Equity Portfolio invested 55.0% and 17.4% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the “U.S. Equity Dividend and Premium Fund”) and the Goldman Sachs International Equity Dividend and Premium Fund (the “International Equity Dividend and Premium Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large capitalization U.S. issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500^® Index at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the S&P 500^® Index or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in non-U.S. issuers with public stock market capitalizations within the range of capitalization of the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, Far East (“EAFE”) Index (“MSCI EAFE Index”) at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio.

As of February 29, 2024, the Tax-Advantaged Global Equity Portfolio invested 62.6% and 17.6% of its net assets in the Goldman Sachs U.S. Tax-Managed Equity Fund (the “U.S. Tax-Managed Equity Fund”) and the Goldman Sachs International Tax-Managed Equity Fund (the “International Tax-Managed Equity Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Tax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Tax-Managed Equity Fund invests primarily in equity investments in U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The International Tax-Managed Equity Fund invests primarily in equity investments in non-U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seek tax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.

The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets.

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

  

35

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

8.  OTHER RISKS (continued )

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make the Portfolio more volatile. When the Portfolio uses leverage, the sum of that Portfolio’s investment exposure may significantly exceed the amount of assets invested in the Portfolio, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause the Portfolio to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Portfolio can substantially increase the adverse impact to which the Portfolio’s investment portfolio may be subject.

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

Tax-Managed Investment Risk — Because the investment adviser balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax-managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders. A high percentage of an Underlying Fund’s NAV may consist of unrealized capital gains, which represent a potential future tax liability to shareholders.

9.  INDEMNIFICATIONS

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

10. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with 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 II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. Messrs. Chou and Wirth and Ms. Dowling were serving as Trustees of the Trust at the time of their nominations. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024. Each of Messrs. Chou and Wirth and Ms. Dowling was also elected at the meeting and continue to serve as Trustees of the Trust.

  

36

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

 

 

 

 

 

 

 

11. SUBSEQUENT EVENTS

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

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Enhanced Dividend Global Equity Portfolio
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,362		$	29,606			21,808		$	253,847
Reinvestment of distributions		7,074			86,724			19,989			226,667
Shares redeemed		(33,651	)		(421,778	)		(40,884	)		(468,940	)
		(24,215	)		(305,448	)		913			11,574
Institutional Shares
Shares sold		37,237			467,851			32,705			386,316
Reinvestment of distributions		22,560			280,261			69,633			799,858
Shares redeemed		(33,416	)		(412,717	)		(168,784	)		(2,036,212	)
		26,381			335,395			(66,446	)		(850,038	)
Class R6 Shares
Shares sold		—			—			—			—
Reinvestment of distributions		38			477			104			1,187
Shares redeemed		—			—			—			—
		38			477			104			1,187
Class P Shares
Shares sold		994,463			12,446,600			2,778,209			32,580,380
Reinvestment of distributions		1,096,121			13,574,689			3,110,946			35,644,919
Shares redeemed		(2,099,792	)		(26,323,140	)		(5,518,639	)		(65,675,125	)
		(9,208	)		(301,851	)		370,516			2,550,175
NET INCREASE (DECREASE) IN SHARES		(7,004	)	$	(271,427	)		305,087		$	1,712,897
	Tax-Advantaged Global Equity Portfolio
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,105		$	23,078			901		$	17,479
Reinvestment of distributions		297			6,378			897			16,527
Shares redeemed		(402	)		(8,155	)		(210	)		(3,930	)
		1,000			21,301			1,588			30,076
Institutional Shares
Shares sold		21,808			465,153			46,999			891,161
Reinvestment of distributions		25,156			544,637			69,750			1,295,041
Shares redeemed		(118,386	)		(2,549,160	)		(148,844	)		(2,866,723	)
		(71,422	)		(1,539,370	)		(32,095	)		(680,521	)

  

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued )

	Tax-Advantaged Global Equity Portfolio
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Class R6 Shares
Shares sold		—		$	—			—		$	—
Reinvestment of distributions		5,440			116,091			14,334			262,392
Shares redeemed		(1,510	)		(32,328	)		(52,432	)		(930,710	)
		3,930			83,763			(38,098	)		(668,318	)
Class P Shares
Shares sold		5,732,024			120,091,814			14,283,357			269,442,764
Reinvestment of distributions		2,342,330			49,985,320			6,216,591			113,797,474
Shares redeemed		(7,244,014	)		(151,459,580	)		(16,243,212	)		(306,506,247	)
		830,340			18,617,554			4,256,736			76,733,992
NET INCREASE IN SHARES		763,848		$	17,183,248			4,188,131		$	75,415,228

  

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal
Election of Trustees	For		Withheld
Cheryl K. Beebe		169,452,067,796		5,900,273,020
John G. Chou		173,279,757,273		2,072,583,543
Eileen H. Dowling		173,287,456,218		2,064,884,598
Lawrence Hughes		173,486,691,901		1,865,648,915
John F. Killian		173,511,167,174		1,841,173,642
Steven D. Krichmar		173,484,256,228		1,868,084,588
Michael Latham		173,498,020,286		1,854,320,530
Lawrence W. Stranghoener		173,455,949,165		1,896,391,651
Paul C. Wirth		173,324,070,424		2,028,270,391

  

  39

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

 

 

 

Liquidity Risk Management Program

February 29, 2024

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

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

At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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

  

40  

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Fund Expenses — Six Month ended February 29, 2024 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2023 through February 29, 2024, which represents a period of 182 days of a 366 day year.

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

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

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

	Enhanced Dividend Global Equity Portfolio							Tax-Advantaged Global Equity  Portfolio
Share Class	Beginning Account Value 9/1/23		Ending Account Value 2/29/24			Expenses Paid for the 6 months ended 2/29/24*		Beginning Account Value 9/1/23		Ending Account Value 2/29/24			Expenses Paid for the 6 months ended 2/29/24*
Class A Actual Hypothetical 5% return		$1,000.00 1,000.00		$1,087.30 1,022.33	+		$2.65 2.56		$1,000.00 1,000.00		$1,130.00 1,022.13	+		$2.91 2.77
Institutional Actual Hypothetical 5% return		1,000.00 1,000.00		1,088.70 1,023.92	+		0.99 0.96		1,000.00 1,000.00		1,140.00 1,023.92	+		1.01 0.96
Class R6 Actual Hypothetical 5% return		1,000.00 1,000.00		1,089.00 1,024.02	+		0.88 0.86		1,000.00 1,000.00		1,140.00 1,023.97	+		0.96 0.91
Class P Actual Hypothetical 5% return		1,000.00 1,000.00		1,089.10 1,023.97	+		0.93 0.91		1,000.00 1,000.00		1,140.00 1,023.97	+		0.96 0.91

+ Hypothetical expenses are based on each Portfolio’s actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses. 

* Expenses are calculated using each Portfolio’s annualized net expense ratio (excluding proxy fee which is not annualized) for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

The annualized net expense ratios for the period were as follows:

Portfolio	Class A			Institutional			Class R6
Enhanced Dividend Global Equity Portfolio		0.51	%		0.19	%		0.17	%
Tax-Advantaged Global Equity Portfolio		0.55			0.19			0.18
The annualized net expense ratios for the period were as follows:
Portfolio							Class P
Enhanced Dividend Global Equity Portfolio								0.18	%
Tax-Advantaged Global Equity Portfolio								0.18

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FUNDS PROFILE

 

Goldman Sachs Funds

February 29, 2024

 

 

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.54 trillion in assets under supervision as of December 31, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

■ Financial Square Treasury Solutions Fund¹

■ Financial Square Government Fund¹

■ Financial Square Money Market Fund²

■ Financial Square Prime Obligations Fund²

■ Financial Square Treasury Instruments Fund¹

■ Financial Square Treasury Obligations Fund¹

■ Financial Square Federal Instruments Fund¹

Investor Funds^SM

■ Investor Money Market Fund³

■ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

■ Enhanced Income Fund

■ Short-Term Conservative Income Fund

■ Short Duration Government Fund

■ Short Duration Bond Fund

■ Government Income Fund

■ Inflation Protected Securities Fund

■ U.S. Mortgages Fund

Multi-Sector

■ Bond Fund

■ Core Fixed Income Fund

■ Global Core Fixed Income Fund

■ Income Fund

■ Strategic Income Fund

Municipal and Tax-Free

■ High Yield Municipal Fund

■ Dynamic Municipal Income Fund

■ Short Duration Tax-Free Fund

■ Municipal Income Completion Fund

Single Sector

■ Investment Grade Credit Fund

■ High Yield Fund

■ High Yield Floating Rate Fund

■ Emerging Markets Debt Fund

■ Emerging Markets Credit Fund⁴

Fixed Income Alternatives

■ Short Duration High Yield Fund⁵

Fundamental Equity

■ Equity Income Fund

■ Small Cap Growth Fund

■ Small Cap Value Fund

■ Small/Mid Cap Value Fund

■ Mid Cap Value Fund

■ Large Cap Value Fund

■ Focused Value Fund

■ Large Cap Core Fund

■ Strategic Growth Fund

■ Small/Mid Cap Growth Fund

■ Enhanced Core Equity Fund⁶

■ Concentrated Growth Fund

■ Technology Opportunities Fund

■ Mid Cap Growth Fund

■ Rising Dividend Growth Fund

■ U.S. Equity ESG Fund

■ Income Builder Fund

Tax-Advantaged Equity

■ U.S. Tax-Managed Equity Fund

■ International Tax-Managed Equity Fund

■ U.S. Equity Dividend and Premium Fund

■ International Equity Dividend and Premium Fund

Equity Insights

■ Small Cap Equity Insights Fund

■ U.S. Equity Insights Fund

■ Small Cap Growth Insights Fund

■ Large Cap Growth Insights Fund

■ Large Cap Value Insights Fund

■ Small Cap Value Insights Fund

■ International Small Cap Insights Fund

■ International Equity Insights Fund

■ Emerging Markets Equity Insights Fund

Fundamental Equity International

■ International Equity Income Fund

■ International Equity ESG Fund

■ China Equity Fund

■ Emerging Markets Equity Fund

■ Emerging Markets Equity ex. China Fund

■ ESG Emerging Markets Equity Fund

Alternative

■ Clean Energy Income Fund

■ Real Estate Securities Fund

■ Commodity Strategy Fund

■ Global Real Estate Securities Fund

■ Absolute Return Tracker Fund

■ Managed Futures Strategy Fund

■ MLP Energy Infrastructure Fund

■ Energy Infrastructure Fund

■ Multi-Strategy Alternatives Fund⁷

■ Global Infrastructure Fund

Total Portfolio Solutions

■ Global Managed Beta Fund

■ Multi-Manager Non-Core Fixed Income Fund

■ Multi-Manager Global Equity Fund

■ Multi-Manager International Equity Fund

■ Tactical Tilt Overlay Fund

■ Balanced Strategy Portfolio

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

■ Multi-Manager Real Assets Strategy Fund

■ Growth and Income Strategy Portfolio

■ Growth Strategy Portfolio

■ Dynamic Global Equity Fund

■ Enhanced Dividend Global Equity Portfolio

■ Tax-Advantaged Global Equity Portfolio

■ Strategic Factor Allocation Fund

■ Strategic Volatility Premium Fund

■ GQG Partners International

  Opportunities Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

² You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

³ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

⁴ Effective after the close of business on October 31, 2023, the Goldman Sachs Local Emerging Markets Debt Fund was renamed the Goldman Sachs Emerging Markets Credit Fund.

⁵Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁶ Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.

⁷ Effective after the close of business on September 22, 2023, the Goldman Sachs Multi-Manager Alternatives Fund was renamed the Goldman Sachs Multi-Strategy Alternatives Fund.

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

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

  

45

Goldman Sachs Funds
Semi-Annual Report
February 29, 2024
Allocation Funds
Global Managed Beta Fund Strategic Factor Allocation Fund Strategic Volatility Premium Fund Tactical Tilt Overlay Fund

Goldman Sachs Allocation Funds

∎	GLOBAL MANAGED BETA FUND
∎	STRATEGIC FACTOR ALLOCATION FUND
∎	STRATEGIC VOLATILITY PREMIUM FUND
∎	TACTICAL TILT OVERLAY FUND

TABLE OF CONTENTS

Market and Economic Review	1
Fund Basics	4
Schedules of Investments	9
Financial Statements	50
Financial Highlights	56
Global Managed Beta	56
Strategic Factor Allocation	57
Strategic Volatility Premium	59
Tactical Tilt Overlay	61
Notes to Financial Statements	64
Other Information	86
Voting Results	88

Effective January 24, 2023, open-end mutual funds and exchange traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

 

 

 

 

Goldman Sachs Allocation Funds

The following are highlights both of key factors affecting the financial markets and of any key changes made to the Goldman Sachs Allocation Funds (the “Funds”) during the six months ended February 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to Fund shareholders, per new SEC requirements with a compliance date of July 24, 2024.

Market and Economic Review

∎ Global equity and fixed income markets broadly recorded positive returns during the Reporting Period, with central bank monetary policy, interest rate volatility and macroeconomic trends among the notable influences.

∎ U.S. equities outperformed non-U.S. developed markets stocks, which, in turn, outpaced emerging markets equities.

∎ Global bond yields fell during the Reporting Period, resulting in positive returns overall for global fixed income. As a reminder, bond prices usually move inversely with yields.

∎ As the Reporting Period began in September 2023, most asset classes posted losses, despite a relatively benign macroeconomic environment. Inflation data improved across major developed markets, leading central banks to signal they were likely at, or close to, their peak policy rates.

∎ Global equities produced negative returns during the month, with developed equity markets generally recording the weakest performance.

∎ Global bond yields rose amid significant interest rate volatility.

∎ The fourth calendar quarter was positive overall for most asset classes, which generally benefited from a backdrop of strong economic growth, resilient labor markets, subdued inflationary pressures across developed economies, and signals from major central banks regarding the end of their rate hiking cycles. There were tentative signs that the global manufacturing cycle was stabilizing, albeit at weak levels.

∎ Global equities, led by U.S. stocks, recorded significant gains during the fourth calendar quarter.

∎ Global bond yields rose in October but then fell significantly during November and December, leading to broadly positive returns for global fixed income markets during the fourth quarter overall.

∎ The performance of risk assets was rather mixed in January 2024 against a backdrop of strong U.S. economic data and ongoing disinflation across developed markets. The global manufacturing cycle continued to show signs of stabilization. Developed markets’ central banks indicated interest rate cuts were unlikely in the first calendar quarter but generally removed their hiking biases from policy statements and signaled they expected policy rates to end 2024 lower.

∎ Global equities recorded gains overall, with developed markets equities—especially the Japanese equity market—delivering positive returns. Emerging markets equities, however, posted a decline.

∎ In global fixed income, bond yields rose modestly, as developed markets’ central banks signaled interest rates were likely to remain higher for longer.

∎ February 2024 was a strong month for risk assets overall, as global manufacturing data continued to improve. In the U.S., inflation edged up, while economic growth remained solid, suggesting the Fed might delay its interest rate cuts.

∎ Global equities generated positive returns, with U.S. equities leading the advance.

∎ Interest rate volatility continued as markets pulled back expectations for the timing of central bank rate cuts, which drove down government bond yields.

  

  1

 

 

 

 

 

 

 

 

Fund Changes and Highlights

Goldman Sachs Strategic Factor Allocation Fund

∎ At a meeting held on February 13-14, 2024, the Board of Trustees of Goldman Sachs Trust approved certain changes to the principal strategy of the Fund to enable it to invest in volatility index derivatives and authorized the Fund to invest in a wholly owned subsidiary, through which the Fund will seek to gain exposure to volatility index derivatives and may also seek to gain exposure to commodities markets.

∎ The wholly owned subsidiary, which is organized under the laws of the Cayman Islands, will be advised by Goldman Sachs Asset Management, L.P., the Fund’s investment adviser.

∎ These changes and modifications took effect on March 31, 2024.

Goldman Sachs Strategic Volatility Premium Fund

∎ At a meeting held on February 13-14, 2024, the Board of Trustees of Goldman Sachs Trust approved certain changes to the principal strategy of the Fund to enable it to invest in volatility index derivatives and authorized the Fund to invest in a wholly owned subsidiary, through which the Fund will seek to gain exposure to volatility index derivatives and may also seek to gain exposure to commodities markets.

∎ The wholly owned subsidiary, which is organized under the laws of the Cayman Islands, will be advised by Goldman Sachs Asset Management, L.P., the Fund’s investment adviser.

∎ These changes and modifications took effect on March 31, 2024.

  

2  

PORTFOLIO RESULTS

 

 

Goldman Sachs Global Managed Beta Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023–February 29, 2024	Fund Total   Return   (based on NAV)1	MSCI All Country World Index   Investable Market Index2
Institutional	10.70%	11.47%

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

²  The MSCI All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD) captures large, mid and small cap representation across 23 developed markets and 24 emerging markets. With 9,309 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 29, 2024, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. It is not possible to invest directly in an index.

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

Source: MSCI

  

  3

FUND BASICS

 

 

 

 

 

 

 

FUND COMPOSITION *

Percentage of Net Assets

* Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The percentage shown for each investment category reflects the value of investments in that category as a percentage of total net assets (excluding investments in the securities lending reinvestment vehicle, if any). The investment in the securities lending reinvestment vehicle represented 0.3% of the Fund’s net assets as of February 29, 2024 and 0.0% of the Fund’s net assets as of August 31, 2023. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

4  

PORTFOLIO RESULTS

 

 

Goldman Sachs Strategic Factor Allocation Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023–February 29, 2024	Fund Total Return (based on NAV)1	Strategic Factor Allocation Composite Index2	S&P 500® Index3	Bloomberg  U.S.  Aggregate Bond  Index4
Institutional	8.70%	8.08%	13.93%	2.35%
Class P	8.63	8.08	13.93	2.35

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

²  The Strategic Factor Allocation Composite Index is a blend of 50% the S&P 500^® Index and 50% the Bloomberg U.S. Aggregate Bond Index. It is not possible to invest in an unmanaged index.

³  The S&P 500^® Index is the Standard & Poor’s Composite Index of 500 stocks, an unmanaged index of common stock prices. The index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

HOLDINGS AS OF 2/29/24⁺

Holding	% of Net Assets	Line of Business
Goldman Sachs Financial Square Government Fund — Institutional Shares	68.4%	Investment Companies
U.S. Treasury Bills 05/07/2024	8.6	U.S. Treasury Obligations
U.S. Treasury Bills 08/15/2024	7.9	U.S. Treasury Obligations
U.S. Treasury Bills 06/13/2024	4.0	U.S. Treasury Obligations
U.S. Treasury Bills 04/02/2024	1.8	U.S. Treasury Obligations
U.S. Treasury Bills 03/12/2024	1.8	U.S. Treasury Obligations

⁺  The holdings may not be representative of the Fund’s future investments. Figures in the table above may not sum to 100% due to the exclusion of other assets and liabilities. The holdings may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedules of Investments.

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

  

  5

PORTFOLIO RESULTS

 

 

Goldman Sachs Strategic Volatility Premium Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023–February 29, 2024	Fund Total   Return   (based on NAV)1	Bloomberg   1-5 Year   U.S. Treasury   Index2
Institutional	3.23%	2.35%
Class P	3.25	2.35

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

²  Bloomberg 1-5 Year Corporate Index: Measures the investment grade, fixed-rate, taxable corporate bond market with 1-5 year maturities. Bloomberg 1-5 Year Government/Credit Index: Is a broad-based benchmark that measures the non-securitized component of the US Aggregate Index.

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

HOLDINGS AS OF 2/29/24 ⁺

Holding	% of Net Assets	Line of Business
Goldman Sachs Financial Square Government Fund — Institutional Shares	60.3%	Investment Companies
U.S. Treasury Bills 05/07/2024	17.2	U.S. Treasury Obligations
U.S. Treasury Bills 08/15/2024	11.3	U.S. Treasury Obligations
U.S. Treasury Bills 06/13/2024	6.9	U.S. Treasury Obligations

+ The holdings may not be representative of the Fund’s future investments. Figures in the table above may not sum to 100% due to the exclusion of other assets and liabilities. The holdings may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedules of Investments.

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

  

6  

PORTFOLIO RESULTS

 

 

Goldman Sachs Tactical Tilt Overlay Fund

as of February 29, 2024

PERFORMANCE REVIEW

September 1, 2023–February 29, 2024	Fund Total Return (based on NAV)1	ICE® BofAML  Three-Month  U.S. Treasury-Bill Index2
Institutional	3.40%	2.69%
Class R6	3.43	2.69
Class P	3.43	2.69

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

² The ICE^® BofAML^® Three-Month U.S. Treasury Bill Index, an unmanaged index, measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity, as reported by Bank of America Merrill Lynch, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

  

  7

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

 

 

 

 

 

FUND COMPOSITION *

Percentage of Net Assets

* Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The percentage shown for each investment category reflects the value of investments in that category as a percentage of total net assets (excluding investments in the securities lending reinvestment vehicle, if any). The investment in the securities lending reinvestment vehicle represented 0.0% of the Fund’s net assets as of February 29, 2024 and 0.1% of the Fund’s net assets as of August 31, 2023. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

~ “Agency Debentures” include agency securities offered by companies such as Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”), which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

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

  

8  

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 10.1%
Aerospace & Defense – 0.2%
1,234	Airbus SE	$	204,176
551	Axon Enterprise, Inc.*		169,361
18,616	BAE Systems PLC		292,209
1,757	Boeing Co.*		357,936
482	Dassault Aviation SA		95,289
1,168	General Dynamics Corp.		319,156
411	HEICO Corp.		79,487
413	HEICO Corp. Class A		64,259
3,423	Howmet Aerospace, Inc.		227,801
822	Huntington Ingalls Industries, Inc.		239,712
1,317	Kongsberg Gruppen ASA		83,935
1,201	L3Harris Technologies, Inc.		254,204
2,307	Leonardo SpA		49,324
571	Lockheed Martin Corp.		244,525
13,098	Melrose Industries PLC		105,189
220	Northrop Grumman Corp.		101,424
287	Rheinmetall AG		131,692
34,744	Rolls-Royce Holdings PLC*		162,161
2,648	RTX Corp.		237,446
993	Saab AB Class B		78,282
1,104	Safran SA		231,498
13,709	Singapore Technologies Engineering Ltd.		40,588
4,351	Textron, Inc.		387,543
732	Thales SA		108,565
257	TransDigm Group, Inc.		302,679
			4,568,441
Air Freight & Logistics – 0.1%
3,450	CH Robinson Worldwide, Inc.		255,576
11,397	Deutsche Post AG		529,208
654	DSV AS		104,935
1,139	Expeditors International of Washington, Inc.		136,224
1,160	FedEx Corp.		288,805
2,574	NIPPON EXPRESS HOLDINGS, Inc.		136,079
716	United Parcel Service, Inc. Class B		106,154
2,397	Yamato Holdings Co. Ltd.		36,424
			1,593,405
Automobile Components – 0.0%
3,958	Aisin Corp.		149,475
940	Aptiv PLC*		74,720
6,528	BorgWarner, Inc.		203,217
2,435	Bridgestone Corp.		104,565
3,120	Cie Generale des Etablissements Michelin SCA		115,460
511	Continental AG		40,990
2,964	Denso Corp.		54,524
1,188	Lear Corp.		163,172

Shares	Description	Value
Common Stocks – (continued)
Automobile Components – (continued)
9,151	Sumitomo Electric Industries Ltd.	$	135,880
			1,042,003
Automobiles – 0.1%
2,658	Bayerische Motoren Werke AG		314,410
560	Ferrari NV		236,355
8,541	Ford Motor Co.		106,250
1,142	General Motors Co.		46,799
30,966	Honda Motor Co. Ltd.		367,955
7,352	Isuzu Motors Ltd.		104,905
17,219	Mazda Motor Corp.		199,956
3,993	Mercedes-Benz Group AG		318,181
11,177	Nissan Motor Co. Ltd.		44,034
17,480	Stellantis NV		457,270
8,877	Subaru Corp.		200,849
6,445	Tesla, Inc.*		1,301,117
16,797	Toyota Motor Corp.		404,580
52,453	Volvo Car AB Class B*		191,801
4,563	Yamaha Motor Co. Ltd.		40,909
			4,335,371
Banks – 0.5%
7,686	ABN AMRO Bank NV(a)		123,737
13,897	AIB Group PLC		64,518
14,096	ANZ Group Holdings Ltd.		261,279
26,749	Banco Bilbao Vizcaya Argentaria SA		266,802
5,117	Banco BPM SpA		29,790
65,920	Banco Santander SA		274,721
5,538	Bank Hapoalim BM		53,047
14,802	Bank Leumi Le-Israel BM		124,110
18,726	Bank of America Corp.		646,421
5,985	Bank of Ireland Group PLC		52,267
1,831	Bank of Montreal		165,730
4,114	Bank of Nova Scotia		199,493
558	Banque Cantonale Vaudoise		66,879
44,042	Barclays PLC		92,048
3,274	BNP Paribas SA		196,505
76,370	BOC Hong Kong Holdings Ltd.		200,640
15,305	CaixaBank SA		69,235
3,758	Canadian Imperial Bank of Commerce		177,828
5,690	Chiba Bank Ltd.		46,340
8,721	Citigroup, Inc.		483,928
6,331	Citizens Financial Group, Inc.		198,730
4,901	Commerzbank AG		56,734
3,669	Commonwealth Bank of Australia		278,317
5,700	Concordia Financial Group Ltd.		28,898
11,764	Credit Agricole SA		159,553
4,322	Danske Bank AS		127,154

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Banks – (continued)
8,211	DBS Group Holdings Ltd.	$	203,594
5,052	DNB Bank ASA		101,160
3,173	Erste Group Bank AG		126,867
3,853	Fifth Third Bancorp		132,312
3,628	FinecoBank Banca Fineco SpA		50,261
290	First Citizens BancShares, Inc. Class A		456,405
3,607	Hang Seng Bank Ltd.		41,099
46,625	HSBC Holdings PLC		362,918
12,593	Huntington Bancshares, Inc.		164,213
14,250	ING Groep NV		196,106
61,912	Intesa Sanpaolo SpA		197,153
10,673	Israel Discount Bank Ltd. Class A		55,685
8,792	Japan Post Bank Co. Ltd.		93,746
11,427	JPMorgan Chase & Co.		2,126,108
1,086	KBC Group NV		76,501
11,591	KeyCorp		165,404
226,641	Lloyds Banking Group PLC		134,007
1,138	M&T Bank Corp.		159,024
7,853	Mediobanca Banca di Credito Finanziario SpA		106,974
33,319	Mitsubishi UFJ Financial Group, Inc.		342,280
2,319	Mizrahi Tefahot Bank Ltd.		91,787
11,845	Mizuho Financial Group, Inc.		221,289
8,716	National Australia Bank Ltd.		193,662
2,335	National Bank of Canada		182,254
12,835	NatWest Group PLC		38,808
3,036	Nordea Bank Abp		36,950
28,973	Oversea-Chinese Banking Corp. Ltd.		279,848
1,254	PNC Financial Services Group, Inc.		184,589
7,179	Regions Financial Corp.		133,745
13,591	Resona Holdings, Inc.		74,174
4,048	Royal Bank of Canada		393,123
5,373	Shizuoka Financial Group, Inc.		52,593
6,726	Skandinaviska Enskilda Banken AB Class A		100,034
3,420	Societe Generale SA		83,057
8,661	Standard Chartered PLC		73,228
6,587	Sumitomo Mitsui Financial Group, Inc.		366,991
3,698	Sumitomo Mitsui Trust Holdings, Inc.		74,933
7,513	Svenska Handelsbanken AB Class A		89,854
5,691	Swedbank AB Class A		125,161
5,114	Toronto-Dominion Bank		307,070
6,438	Truist Financial Corp.		225,201
3,100	U.S. Bancorp		130,076
5,898	UniCredit SpA		197,551

Shares	Description	Value
Common Stocks – (continued)
Banks – (continued)
8,335	United Overseas Bank Ltd.	$	173,440
10,411	Wells Fargo & Co.		578,747
14,930	Westpac Banking Corp.		256,188
			14,400,874
Beverages – 0.1%
2,009	Anheuser-Busch InBev SA		121,425
3,945	Asahi Group Holdings Ltd.		135,146
1,373	Brown-Forman Corp. Class B		82,696
433	Carlsberg AS Class B		60,483
613	Celsius Holdings, Inc.*		50,033
6,581	Coca-Cola Co.		394,992
2,126	Coca-Cola Europacific Partners PLC		145,907
3,373	Coca-Cola HBC AG		105,147
591	Constellation Brands, Inc. Class A		146,875
7,824	Davide Campari-Milano NV		79,336
3,463	Diageo PLC		129,742
1,572	Heineken Holding NV		121,426
872	Heineken NV		80,565
3,319	Keurig Dr Pepper, Inc.		99,271
4,412	Kirin Holdings Co. Ltd.		61,336
7,183	Molson Coors Beverage Co. Class B		448,363
4,774	Monster Beverage Corp.*		282,143
5,681	PepsiCo, Inc.		939,297
446	Pernod Ricard SA		74,542
2,191	Suntory Beverage & Food Ltd.		71,947
			3,630,672
Biotechnology – 0.2%
7,234	AbbVie, Inc.		1,273,546
125	Alnylam Pharmaceuticals, Inc.*		18,886
1,327	Amgen, Inc.		363,372
1,261	Biogen, Inc.*		273,624
508	BioMarin Pharmaceutical, Inc.*		43,830
499	CSL Ltd.		92,896
1,435	Exact Sciences Corp.*		82,556
423	Genmab AS*		117,518
7,496	Gilead Sciences, Inc.		540,462
7,492	Incyte Corp.*		437,233
234	Moderna, Inc.*		21,584
536	Neurocrine Biosciences, Inc.*		69,894
541	Regeneron Pharmaceuticals, Inc.*		522,655
6,694	Swedish Orphan Biovitrum AB*		164,405
881	United Therapeutics Corp.*		198,789
1,224	Vertex Pharmaceuticals, Inc.*		514,986
			4,736,236

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Broadline Retail – 0.3%
34,855	Amazon.com, Inc.*	$	6,160,970
1,033	Canadian Tire Corp. Ltd. Class A		105,115
3,134	Dollarama, Inc.		242,425
5,390	eBay, Inc.		254,839
5,962	Etsy, Inc.*		427,416
148	MercadoLibre, Inc.*		236,104
3,609	Next PLC		379,444
1,048	Pan Pacific International Holdings Corp.		24,706
444	Prosus NV		12,968
13,597	Rakuten Group, Inc.*		74,525
8,490	Wesfarmers Ltd.		368,498
			8,287,010
Building Products – 0.1%
2,256	A O Smith Corp.		187,022
1,485	AGC, Inc.		53,102
357	Allegion PLC		45,650
1,075	Assa Abloy AB Class B		30,685
4,761	Builders FirstSource, Inc.*		929,252
543	Carlisle Cos., Inc.		190,050
2,904	Carrier Global Corp.		161,404
4,718	Cie de Saint-Gobain SA		363,713
191	Daikin Industries Ltd.		26,920
3,698	Fortune Brands Innovations, Inc.		300,795
384	Geberit AG		223,254
2,193	Johnson Controls International PLC		129,979
365	Kingspan Group PLC		33,007
772	Lennox International, Inc.		363,774
5,174	Masco Corp.		397,156
2,939	Owens Corning		440,204
1,148	Rockwool AS Class B		367,418
864	Trane Technologies PLC		243,622
			4,487,007
Capital Markets – 0.3%
8,970	3i Group PLC		280,250
1,332	Ameriprise Financial, Inc.		542,604
518	Amundi SA(a)		34,132
1,222	ARES Management Corp. Class A		162,074
700	ASX Ltd.		29,993
7,050	Bank of New York Mellon Corp.		395,434
161	BlackRock, Inc.		130,626
930	Blackstone, Inc.		118,873
813	Brookfield Asset Management Ltd. Class A		33,133
494	Brookfield Corp.		20,384
1,211	Cboe Global Markets, Inc.		232,512
2,522	Charles Schwab Corp.		168,419
1,180	CME Group, Inc.		260,013

Shares	Description	Value
Common Stocks – (continued)
Capital Markets – (continued)
720	Coinbase Global, Inc. Class A*	$	146,563
12,889	Daiwa Securities Group, Inc.		95,027
18,324	Deutsche Bank AG		245,408
505	Deutsche Boerse AG		105,720
320	Euronext NV(a)		29,491
638	FactSet Research Systems, Inc.		295,126
6,711	Franklin Resources, Inc.		184,217
24,016	Hargreaves Lansdown PLC		221,336
2,318	Hong Kong Exchanges & Clearing Ltd.		71,391
1,077	IGM Financial, Inc.		28,291
1,621	Intercontinental Exchange, Inc.		224,379
2,716	Japan Exchange Group, Inc.		71,109
980	Julius Baer Group Ltd.		52,498
798	KKR & Co., Inc.		78,411
788	London Stock Exchange Group PLC		88,503
1,408	LPL Financial Holdings, Inc.		377,189
888	Macquarie Group Ltd.		112,758
90	MarketAxess Holdings, Inc.		19,207
1,444	Moody’s Corp.		547,882
4,469	Morgan Stanley		384,513
75	MSCI, Inc.		42,073
1,831	Nasdaq, Inc.		102,902
10,136	Nomura Holdings, Inc.		57,711
2,033	Northern Trust Corp.		166,970
475	Onex Corp.		35,374
148	Partners Group Holding AG		212,804
1,351	Raymond James Financial, Inc.		162,552
4,587	Robinhood Markets, Inc. Class A*		74,814
507	S&P Global, Inc.		217,189
1,726	SBI Holdings, Inc.		46,471
3,794	Schroders PLC		18,910
1,766	SEI Investments Co.		118,764
30,756	Singapore Exchange Ltd.		216,073
8,622	St. James’s Place PLC		54,899
3,875	State Street Corp.		285,704
917	T Rowe Price Group, Inc.		103,942
1,975	TMX Group Ltd.		51,807
1,382	Tradeweb Markets, Inc. Class A		146,243
12,686	UBS Group AG		362,208
			8,264,876
Chemicals – 0.2%
1,370	Air Liquide SA		278,456
378	Air Products & Chemicals, Inc.		88,467
893	Akzo Nobel NV		65,090
1,073	Arkema SA		111,219

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Chemicals – (continued)
4,536	Asahi Kasei Corp.	$	31,561
977	BASF SE		49,765
750	Celanese Corp.		113,977
1,502	CF Industries Holdings, Inc.		121,241
2,453	Clariant AG*		30,380
1,226	Corteva, Inc.		65,616
754	Covestro AG*(a)		41,038
4,233	Dow, Inc.		236,540
585	DSM-Firmenich AG		62,694
987	DuPont de Nemours, Inc.		68,291
229	Eastman Chemical Co.		20,092
487	Ecolab, Inc.		109,497
184	EMS-Chemie Holding AG		128,402
4,347	Evonik Industries AG		80,242
11	Givaudan SA		46,155
8,551	ICL Group Ltd.		45,417
1,230	Linde PLC		552,049
2,029	LyondellBasell Industries NV Class A		203,468
33,126	Mitsubishi Chemical Group Corp.		190,088
6,623	Mosaic Co.		206,373
2,221	Nippon Sanso Holdings Corp.		64,417
264	Nitto Denko Corp.		24,273
357	Novozymes AS Class B		20,138
3,525	Nutrien Ltd.		183,997
4,799	Orica Ltd.		53,480
309	PPG Industries, Inc.		43,754
831	RPM International, Inc.		95,856
1,156	Sherwin-Williams Co.		383,827
3,434	Shin-Etsu Chemical Co. Ltd.		146,544
137	Sika AG		39,623
8,369	Sumitomo Chemical Co. Ltd.		16,921
1,504	Syensqo SA*		134,284
309	Symrise AG		31,621
6,885	Toray Industries, Inc.		31,767
1,830	Tosoh Corp.		24,937
2,009	Westlake Corp.		278,668
1,133	Yara International ASA		35,258
			4,555,483
Commerical Services & Supplies – 0.1%
10,790	Brambles Ltd.		105,947
822	Cintas Corp.		516,717
4,726	Copart, Inc.*		251,187
1,352	Element Fleet Management Corp.		22,564
1,120	Republic Services, Inc.		205,632
9,379	Rollins, Inc.		413,332
1,039	Secom Co. Ltd.		75,818
9,268	Securitas AB Class B		99,691
2,998	TOPPAN Holdings, Inc.		71,453
660	Veralto Corp.		57,037
659	Waste Connections, Inc.		109,684

Shares	Description	Value
Common Stocks – (continued)
Commerical Services & Supplies – (continued)
807	Waste Management, Inc.	$	165,960
			2,095,022
Communications Equipment – 0.1%
1,021	Arista Networks, Inc.*		283,368
16,373	Cisco Systems, Inc.		791,962
1,010	F5, Inc.*		189,092
8,082	Juniper Networks, Inc.		299,277
837	Motorola Solutions, Inc.		276,537
6,152	Nokia OYJ		21,686
6,541	Telefonaktiebolaget LM Ericsson Class B		35,518
			1,897,440
Construction & Engineering – 0.1%
7,430	ACS Actividades de Construccion y Servicios SA		305,544
3,388	AECOM		300,956
2,584	Bouygues SA		102,186
2,402	Eiffage SA		261,573
2,377	Ferrovial SE		89,256
3,803	Kajima Corp.		70,605
12,099	Obayashi Corp.		117,136
827	Quanta Services, Inc.		199,729
10,291	Shimizu Corp.		59,692
380	Stantec, Inc.		31,729
2,676	Taisei Corp.		84,135
2,647	Vinci SA		339,192
3,004	WSP Global, Inc.		476,824
			2,438,557
Construction Materials – 0.0%
1,280	CRH PLC		106,612
2,013	Heidelberg Materials AG		195,460
3,822	Holcim AG		311,950
2,914	James Hardie Industries PLC*		115,264
279	Martin Marietta Materials, Inc.		161,181
753	Vulcan Materials Co.		200,185
			1,090,652
Consumer Finance – 0.1%
11,456	Ally Financial, Inc.		423,757
1,840	American Express Co.		403,733
3,363	Capital One Financial Corp.		462,782
4,234	Discover Financial Services		511,044
10,359	Synchrony Financial		427,827
			2,229,143
Consumer Staples Distribution & Retail – 0.3%
3,922	Aeon Co. Ltd.		93,645
19,151	Albertsons Cos., Inc. Class A		388,382
3,664	Alimentation Couche-Tard, Inc.		227,240
12,508	Carrefour SA		210,151

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Consumer Staples Distribution & Retail – (continued)
27,112	Coles Group Ltd.	$	298,212
1,549	Costco Wholesale Corp.		1,152,286
1,125	Dollar General Corp.		163,474
1,919	Dollar Tree, Inc.*		281,479
13,353	Empire Co. Ltd. Class A		338,363
9,350	Endeavour Group Ltd.		33,472
1,837	George Weston Ltd.		240,611
11,665	HelloFresh SE*		161,926
94,961	J Sainsbury PLC		299,775
12,449	Jeronimo Martins SGPS SA		298,102
925	Kesko OYJ Class B		17,686
18,043	Koninklijke Ahold Delhaize NV		537,354
15,716	Kroger Co.		779,671
3,797	Loblaw Cos. Ltd.		404,670
8,468	MatsukiyoCocokara & Co.		140,426
1,273	Metro, Inc.		68,924
14,157	Seven & i Holdings Co. Ltd.		210,981
7,089	Sysco Corp.		573,996
2,799	Target Corp.		428,023
91,250	Tesco PLC		321,842
4,090	Walgreens Boots Alliance, Inc.		86,953
25,431	Walmart, Inc.		1,490,511
13,801	Woolworths Group Ltd.		292,962
			9,541,117
Containers & Packaging – 0.0%
6,148	Amcor PLC		55,701
290	Avery Dennison Corp.		62,794
268	Ball Corp.		17,157
591	CCL Industries, Inc. Class B		30,126
329	Crown Holdings, Inc.		25,208
2,174	International Paper Co.		76,873
565	Packaging Corp. of America		102,372
1,807	Smurfit Kappa Group PLC		77,230
5,822	Westrock Co.		263,679
			711,140
Distributors – 0.0%
93	D’ieteren Group		17,970
2,228	Genuine Parts Co.		332,551
7,972	LKQ Corp.		416,856
644	Pool Corp.		256,389
			1,023,766
Diversified Consumer Services – 0.0%
12,069	IDP Education Ltd.		149,917
2,938	Pearson PLC		35,716
			185,633
Diversified REITs – 0.0%
15	Daiwa House REIT Investment Corp.		24,460
9,861	GPT Group		27,889

Shares	Description	Value
Common Stocks – (continued)
Diversified REITs – (continued)
26	Nomura Real Estate Master Fund, Inc.	$	25,841
22,092	Stockland		64,549
966	WP Carey, Inc.		54,415
			197,154
Diversified Telecommunication Services – 0.1%
31,356	AT&T, Inc.		530,857
646	BCE, Inc.		23,971
17,095	BT Group PLC		22,565
427	Cellnex Telecom SA*(a)		15,438
15,925	Deutsche Telekom AG		378,521
1,015	Elisa OYJ		45,714
37,703	HKT Trust & HKT Ltd.		45,970
4,199	Infrastrutture Wireless Italiane SpA(a)		46,510
30,934	Koninklijke KPN NV		113,078
14,835	Liberty Global Ltd. Class C*		275,189
262,250	Nippon Telegraph & Telephone Corp.		318,939
7,333	Orange SA		84,058
2,251	Quebecor, Inc. Class B		52,645
20,647	Singapore Telecommunications Ltd.		36,083
25,800	Spark New Zealand Ltd.		79,641
209	Swisscom AG		119,460
66,575	Telefonica SA		273,129
6,273	Telenor ASA		68,628
32,052	Telia Co. AB		76,288
38,670	Telstra Group Ltd.		96,084
1,933	TELUS Corp.		33,713
11,442	Verizon Communications, Inc.		457,909
			3,194,390
Electric Utilities – 0.1%
174	Acciona SA		19,492
1,235	Alliant Energy Corp.		58,971
982	American Electric Power Co., Inc.		83,657
738	BKW AG		103,400
5,899	Chubu Electric Power Co., Inc.		73,420
3,877	CK Infrastructure Holdings Ltd.		22,762
8,127	CLP Holdings Ltd.		67,634
1,201	Constellation Energy Corp.		202,309
1,110	Duke Energy Corp.		101,931
1,262	Edison International		85,841
7,848	EDP - Energias de Portugal SA		31,254
216	Elia Group SA		24,027
688	Emera, Inc.		24,131
2,462	Endesa SA		44,341
26,926	Enel SpA		171,331
689	Entergy Corp.		69,982

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Electric Utilities – (continued)
1,289	Evergy, Inc.	$	63,857
943	Eversource Energy		55,354
1,954	Exelon Corp.		70,031
1,919	FirstEnergy Corp.		70,255
1,663	Fortis, Inc.		64,123
4,022	Fortum OYJ		50,267
2,391	Hydro One Ltd.(a)		71,264
17,325	Iberdrola SA		198,980
9,317	Kansai Electric Power Co., Inc.		119,154
1,916	NextEra Energy, Inc.		105,744
1,038	NRG Energy, Inc.		57,422
5,232	Origin Energy Ltd.		30,565
10,321	PG&E Corp.		172,258
7,944	Power Assets Holdings Ltd.		47,673
2,923	PPL Corp.		77,080
3,207	Redeia Corp. SA		51,025
1,941	Southern Co.		130,532
3,352	SSE PLC		68,892
5,040	Terna - Rete Elettrica Nazionale		39,483
1,217	Xcel Energy, Inc.		64,124
			2,792,566
Electrical Equipment – 0.1%
4,207	ABB Ltd.		194,121
908	AMETEK, Inc.		163,603
1,320	Eaton Corp. PLC		381,480
1,273	Emerson Electric Co.		136,020
381	Hubbell, Inc.		145,035
1,012	Legrand SA		102,497
7,512	Mitsubishi Electric Corp.		119,651
2,300	Prysmian SpA		114,783
259	Rockwell Automation, Inc.		73,836
1,034	Schneider Electric SE		235,020
15,376	Siemens Energy AG*		236,121
2,036	Vertiv Holdings Co.		137,674
			2,039,841
Electronic Equipment, Instruments & Components – 0.1%
1,711	Amphenol Corp. Class A		186,910
496	Azbil Corp.		14,576
976	CDW Corp.		240,301
3,680	Corning, Inc.		118,643
832	Halma PLC		24,229
640	Hamamatsu Photonics KK		23,009
1,560	Hexagon AB Class B		18,300
200	Hirose Electric Co. Ltd.		21,285
2,925	Jabil, Inc.		421,463
233	Keyence Corp.		109,197
1,440	Keysight Technologies, Inc.*		222,192
3,204	Kyocera Corp.		47,286
1,578	Murata Manufacturing Co. Ltd.		31,800
626	Omron Corp.		23,276

Shares	Description	Value
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
995	TE Connectivity Ltd.	$	142,842
283	Teledyne Technologies, Inc.*		120,917
899	Trimble, Inc.*		55,010
1,037	Yokogawa Electric Corp.		21,951
391	Zebra Technologies Corp. Class A*		109,277
			1,952,464
Energy Equipment & Services – 0.0%
4,052	Baker Hughes Co.		119,899
2,273	Halliburton Co.		79,714
3,836	Schlumberger NV		185,394
7,488	Tenaris SA		132,998
			518,005
Entertainment – 0.1%
27,581	Bollore SE		189,143
5,122	Capcom Co. Ltd.		206,830
2,154	Electronic Arts, Inc.		300,440
1,313	Liberty Media Corp.-Liberty Formula One Class C*		95,534
1,232	Live Nation Entertainment, Inc.*		119,479
1,042	Netflix, Inc.*		628,243
2,411	Nintendo Co. Ltd.		134,727
1,223	ROBLOX Corp. Class A*		48,798
277	Roku, Inc.*		17,501
1,496	Square Enix Holdings Co. Ltd.		63,379
719	Take-Two Interactive Software, Inc.*		105,643
815	Toho Co. Ltd.		26,450
1,222	Universal Music Group NV		36,893
3,116	Walt Disney Co.		347,683
32,554	Warner Bros Discovery, Inc.*		286,150
			2,606,893
Financial Services – 0.3%
2,108	Apollo Global Management, Inc.		235,674
4,913	Berkshire Hathaway, Inc. Class B*		2,011,382
1,670	Edenred SE		82,638
17,051	Equitable Holdings, Inc.		583,826
3,157	Eurazeo SE		267,084
2,823	EXOR NV		304,929
318	Fidelity National Information Services, Inc.		22,002
1,922	Fiserv, Inc.*		286,897
766	FleetCor Technologies, Inc.*		213,921
270	Global Payments, Inc.		35,019
1,249	Groupe Bruxelles Lambert NV		93,935
3,621	Industrivarden AB Class A		123,615
3,953	Industrivarden AB Class C		134,572
9,968	Investor AB Class B		250,787

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Financial Services – (continued)
593	Jack Henry & Associates, Inc.	$	103,046
766	L E Lundbergforetagen AB Class B		41,666
3,180	Mastercard, Inc. Class A		1,509,737
17,480	Mitsubishi HC Capital, Inc.		120,784
4,094	ORIX Corp.		86,017
545	PayPal Holdings, Inc.*		32,885
2,692	Toast, Inc. Class A*		61,916
5,532	Visa, Inc. Class A		1,563,564
5,171	Washington H Soul Pattinson & Co. Ltd.		116,320
6,626	Wise PLC Class A*		76,976
3,659	Worldline SA*(a)		42,122
			8,401,314
Food Products – 0.1%
3,853	Ajinomoto Co., Inc.		141,718
2,903	Archer-Daniels-Midland Co.		154,178
4,312	Associated British Foods PLC		124,082
36	Barry Callebaut AG		50,574
511	Bunge Global SA		48,223
1,923	Campbell Soup Co.		81,997
7	Chocoladefabriken Lindt & Spruengli AG		85,663
3,366	Conagra Brands, Inc.		94,517
2,130	Danone SA		135,918
1,973	Darling Ingredients, Inc.*		83,478
2,625	General Mills, Inc.		168,473
1,246	Hershey Co.		234,148
2,561	Hormel Foods Corp.		90,455
1,716	J M Smucker Co.		206,212
3,735	JDE Peet’s NV		85,338
1,627	Kellanova		89,729
253	Kerry Group PLC Class A		22,216
531	Kikkoman Corp.		34,781
6,058	Kraft Heinz Co.		213,726
1,855	Lamb Weston Holdings, Inc.		189,600
957	McCormick & Co., Inc.		65,899
1,940	MEIJI Holdings Co. Ltd.		43,659
4,850	Mondelez International, Inc. Class A		354,390
5,662	Nestle SA		587,247
2,685	Nissin Foods Holdings Co. Ltd.		78,263
5,489	Orkla ASA		39,350
845	Salmar ASA		53,666
2,991	Saputo, Inc.		60,849
3,643	Tyson Foods, Inc. Class A		197,596
421,917	WH Group Ltd.(a)		253,553
69,845	Wilmar International Ltd.		172,489
1,972	Yakult Honsha Co. Ltd.		42,494
			4,284,481
Gas Utilities – 0.0%
2,241	AltaGas Ltd.		48,035

Shares	Description	Value
Common Stocks – (continued)
Gas Utilities – (continued)
5,034	APA Group	$	25,700
651	Atmos Energy Corp.		73,504
2,429	Enagas SA		35,082
47,777	Hong Kong & China Gas Co. Ltd.		36,837
4,932	Naturgy Energy Group SA		116,771
3,938	Osaka Gas Co. Ltd.		78,589
8,515	Snam SpA		39,778
8,789	Tokyo Gas Co. Ltd.		192,375
			646,671
Ground Transportation – 0.1%
13,874	Aurizon Holdings Ltd.		34,386
614	Canadian National Railway Co.		79,612
815	Canadian Pacific Kansas City Ltd.		69,198
2,245	Central Japan Railway Co.		56,461
2,708	CSX Corp.		102,742
1,222	East Japan Railway Co.		72,295
1,964	Hankyu Hanshin Holdings, Inc.		56,637
203	JB Hunt Transport Services, Inc.		41,881
1,593	Keisei Electric Railway Co. Ltd.		74,427
2,734	Kintetsu Group Holdings Co. Ltd.		84,083
357	Knight-Swift Transportation Holdings, Inc.		20,113
12,599	MTR Corp. Ltd.		41,681
382	Norfolk Southern Corp.		96,791
447	Old Dominion Freight Line, Inc.		197,789
311	TFI International, Inc.		45,950
2,306	Tobu Railway Co. Ltd.		58,951
3,455	Tokyu Corp.		42,990
4,656	Uber Technologies, Inc.*		370,152
533	Union Pacific Corp.		135,217
680	West Japan Railway Co.		28,276
			1,709,632
Health Care Equipment & Supplies – 0.2%
3,607	Abbott Laboratories		427,934
456	Alcon, Inc.		38,882
412	Align Technology, Inc.*		124,597
1,170	Asahi Intecc Co. Ltd.		24,352
1,106	Baxter International, Inc.		45,258
713	Becton Dickinson & Co.		167,947
1,057	BioMerieux		115,540
5,525	Boston Scientific Corp.*		365,810
405	Carl Zeiss Meditec AG		49,734
1,430	Cochlear Ltd.		325,973
624	Coloplast AS Class B		82,888
1,060	Cooper Cos., Inc.		99,216

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
4,327	Demant AS*	$	216,943
1,017	Dexcom, Inc.*		117,026
3,673	Edwards Lifesciences Corp.*		311,728
626	EssilorLuxottica SA		132,921
9,950	Fisher & Paykel Healthcare Corp. Ltd.		148,070
1,068	GE HealthCare Technologies, Inc.		97,487
1,296	Hologic, Inc.*		95,645
2,216	Hoya Corp.		289,270
1,124	IDEXX Laboratories, Inc.*		646,559
141	Insulet Corp.*		23,124
845	Intuitive Surgical, Inc.*		325,832
2,836	Koninklijke Philips NV		57,138
1,756	Medtronic PLC		146,380
6,374	Olympus Corp.		90,695
679	ResMed, Inc.		117,956
461	Siemens Healthineers AG*(a)		27,668
10,605	Smith & Nephew PLC		139,909
307	Sonova Holding AG		94,693
392	STERIS PLC		91,301
1,190	Straumann Holding AG		188,092
961	Stryker Corp.		335,456
1,698	Sysmex Corp.		95,351
157	Teleflex, Inc.		34,978
705	Terumo Corp.		27,468
917	Zimmer Biomet Holdings, Inc.		114,038
			5,833,859
Health Care Providers & Services – 0.2%
3,044	Cardinal Health, Inc.		340,867
1,793	Cencora, Inc.		422,431
5,121	Centene Corp.*		401,640
1,735	Cigna Group		583,203
6,589	CVS Health Corp.		490,024
1,814	DaVita, Inc.*		230,324
1,206	EBOS Group Ltd.		27,182
1,012	Elevance Health, Inc.		507,265
4,752	Fresenius Medical Care AG		182,253
6,150	Fresenius SE & Co. KGaA		172,232
817	HCA Healthcare, Inc.		254,659
3,162	Henry Schein, Inc.*		241,798
804	Humana, Inc.		281,657
1,128	Laboratory Corp. of America Holdings		243,456
1,166	McKesson Corp.		607,964
489	Molina Healthcare, Inc.*		192,622
838	Quest Diagnostics, Inc.		104,658
4,558	Sonic Healthcare Ltd.		88,451
3,315	UnitedHealth Group, Inc.		1,636,284
1,437	Universal Health Services, Inc. Class B		240,065
			7,249,035

Shares	Description	Value
Common Stocks – (continued)
Health Care REITs – 0.0%
1,735	Healthpeak Properties, Inc.	$	29,062
852	Ventas, Inc.		36,031
1,263	Welltower, Inc.		116,398
			181,491
Health Care Technology* – 0.0%
580	Contra Abiomed, Inc.(b)		591
313	Veeva Systems, Inc. Class A		70,585
			71,176
Hotel & Resort REITs – 0.0%
14,795	Host Hotels & Resorts, Inc.		306,848
Hotels, Restaurants & Leisure – 0.2%
1,922	Accor SA		83,487
764	Airbnb, Inc. Class A*		120,307
1,241	Amadeus IT Group SA		73,416
3,089	Aristocrat Leisure Ltd.		93,854
252	Booking Holdings, Inc.*		874,145
4,115	Caesars Entertainment, Inc.*		178,879
7,080	Carnival Corp.*		112,289
89	Chipotle Mexican Grill, Inc.*		239,301
7,342	Compass Group PLC		201,454
1,302	Darden Restaurants, Inc.		222,264
1,090	Domino’s Pizza, Inc.		488,702
1,125	DoorDash, Inc. Class A*		140,141
3,786	DraftKings, Inc. Class A*		164,010
3,490	Entain PLC		40,272
493	Evolution AB(a)		63,865
2,005	Expedia Group, Inc.*		274,324
313	Flutter Entertainment PLC*		67,775
103,247	Genting Singapore Ltd.		69,870
1,009	Hilton Worldwide Holdings, Inc.		206,159
817	Hyatt Hotels Corp. Class A		125,483
1,254	InterContinental Hotels Group PLC		133,166
6,968	La Francaise des Jeux SAEM(a)		291,975
1,796	Las Vegas Sands Corp.		97,918
107,189	Lottery Corp. Ltd.		354,661
1,008	Marriott International, Inc. Class A		251,869
1,889	McDonald’s Corp.		552,117
2,285	McDonald’s Holdings Co. Japan Ltd.		106,275
6,047	MGM Resorts International*		261,714
3,495	Oriental Land Co. Ltd.		125,262
562	Restaurant Brands International, Inc.		43,638
1,565	Royal Caribbean Cruises Ltd.*		193,043
490	Sodexo SA		39,059
2,809	Starbucks Corp.		266,574
237	Vail Resorts, Inc.		54,583
1,802	Whitbread PLC		75,270

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
1,102	Wynn Resorts Ltd.	$	115,930
4,031	Yum! Brands, Inc.		557,971
6,006	Zensho Holdings Co. Ltd.		263,009
			7,624,031
Household Durables – 0.1%
23,110	Barratt Developments PLC		136,351
2,865	Berkeley Group Holdings PLC		168,328
2,646	DR Horton, Inc.		395,418
1,169	Garmin Ltd.		160,562
2,465	Iida Group Holdings Co. Ltd.		31,808
3,537	Lennar Corp. Class A		560,650
38	NVR, Inc.*		289,772
16,986	Panasonic Holdings Corp.		160,579
4,138	PulteGroup, Inc.		448,477
1,672	SEB SA		198,145
4,571	Sekisui Chemical Co. Ltd.		64,449
4,687	Sekisui House Ltd.		104,406
1,454	Sony Group Corp.		125,259
14,283	Taylor Wimpey PLC		24,892
			2,869,096
Household Products – 0.1%
2,035	Church & Dwight Co., Inc.		203,744
1,821	Clorox Co.		279,178
7,477	Colgate-Palmolive Co.		646,910
4,218	Essity AB Class B		98,347
1,009	Henkel AG & Co. KGaA		68,074
1,673	Kimberly-Clark Corp.		202,717
6,905	Procter & Gamble Co.		1,097,481
1,266	Reckitt Benckiser Group PLC		79,989
1,146	Unicharm Corp.		38,005
			2,714,445
Independent Power and Renewable Electricity Producers – 0.0%
1,673	Brookfield Renewable Corp. Class A		39,719
700	Corp. ACCIONA Energias Renovables SA		14,473
3,883	Northland Power, Inc.		65,806
1,378	RWE AG		46,159
20,009	Vistra Corp.		1,091,291
			1,257,448
Industrial Conglomerates – 0.1%
990	3M Co.		91,199
44,997	CK Hutchison Holdings Ltd.		227,283
3,762	DCC PLC		267,375
4,650	General Electric Co.		729,539
195	Hikari Tsushin, Inc.		35,307
3,116	Hitachi Ltd.		263,989
845	Honeywell International, Inc.		167,927
9,525	Jardine Cycle & Carriage Ltd.		180,561

Shares	Description	Value
Common Stocks – (continued)
Industrial Conglomerates – (continued)
5,354	Jardine Matheson Holdings Ltd.	$	224,786
14,893	Keppel Ltd.		80,311
1,938	Siemens AG		383,664
3,492	Smiths Group PLC		71,095
			2,723,036
Industrial REITs – 0.0%
21	GLP J-Reit		16,661
2,350	Goodman Group		45,749
13	Nippon Prologis REIT, Inc.		21,750
758	Prologis, Inc.		101,018
			185,178
Insurance – 0.4%
6,908	Admiral Group PLC		233,085
3,927	Aflac, Inc.		317,066
4,072	Ageas SA		173,058
11,216	AIA Group Ltd.		90,414
1,566	Allianz SE		430,110
647	Allstate Corp.		103,209
1,081	American Financial Group, Inc.		138,011
5,048	American International Group, Inc.		367,949
935	Aon PLC Class A		295,451
3,046	Arch Capital Group Ltd.*		266,799
1,091	Arthur J Gallagher & Co.		266,128
1,055	ASR Nederland NV		48,693
16,171	Assicurazioni Generali SpA		383,560
525	Assurant, Inc.		95,261
6,106	Aviva PLC		34,488
8,499	AXA SA		302,580
842	Baloise Holding AG		135,857
2,159	Brown & Brown, Inc.		181,809
1,326	Chubb Ltd.		333,714
429	Cincinnati Financial Corp.		48,906
2,532	Dai-ichi Life Holdings, Inc.		57,639
440	Erie Indemnity Co. Class A		179,027
612	Everest Group Ltd.		225,755
254	Fairfax Financial Holdings Ltd.		271,114
3,596	Fidelity National Financial, Inc.		181,886
4,181	Gjensidige Forsikring ASA		66,052
1,265	Globe Life, Inc.		160,566
4,402	Great-West Lifeco, Inc.		135,581
548	Hannover Rueck SE		140,676
2,895	Hartford Financial Services Group, Inc.		277,457
1,032	Helvetia Holding AG		145,818
2,804	iA Financial Corp., Inc.		173,882
25,844	Insurance Australia Group Ltd.		104,324
739	Intact Financial Corp.		122,888

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Insurance – (continued)
16,408	Japan Post Holdings Co. Ltd.	$	158,357
6,211	Japan Post Insurance Co. Ltd.		114,470
53,950	Legal & General Group PLC		165,413
4,070	Loews Corp.		305,779
10,513	Manulife Financial Corp.		249,511
171	Markel Group, Inc.*		255,214
2,301	Marsh & McLennan Cos., Inc.		465,423
17,262	Medibank Pvt Ltd.		40,341
3,382	MetLife, Inc.		235,861
2,143	MS&AD Insurance Group Holdings, Inc.		107,090
669	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		311,468
5,366	Phoenix Group Holdings PLC		33,795
19,888	Poste Italiane SpA(a)		233,273
8,066	Power Corp. of Canada		233,038
4,489	Principal Financial Group, Inc.		362,981
1,774	Progressive Corp.		336,279
1,665	Prudential Financial, Inc.		181,468
2,441	Prudential PLC		24,051
10,753	QBE Insurance Group Ltd.		121,025
1,360	Sampo OYJ Class A		60,856
1,102	Sompo Holdings, Inc.		64,606
2,152	Sun Life Financial, Inc.		114,296
19,612	Suncorp Group Ltd.		195,317
264	Swiss Life Holding AG		191,901
733	Swiss Re AG		88,469
3,106	T&D Holdings, Inc.		54,058
2,431	Talanx AG		173,527
4,749	Tokio Marine Holdings, Inc.		138,750
952	Travelers Cos., Inc.		210,354
3,375	Tryg AS		71,773
1,527	W R Berkley Corp.		127,657
505	Willis Towers Watson PLC		137,668
358	Zurich Insurance Group AG		190,467
			12,243,349
Interactive Media & Services – 0.4%
20,125	Alphabet, Inc. Class C*		2,813,072
22,500	Alphabet, Inc. Class A*		3,115,350
45,384	Auto Trader Group PLC(a)		424,967
5,239	Match Group, Inc.*		188,814
8,659	Meta Platforms, Inc. Class A		4,244,036
12,862	Pinterest, Inc. Class A*		472,035
1,110	REA Group Ltd.		140,381
5,944	Snap, Inc. Class A*		65,503
			11,464,158
IT Services – 0.2%
2,548	Accenture PLC Class A		954,939
2,781	Akamai Technologies, Inc.*		308,468
1,649	Bechtle AG		85,080
933	Capgemini SE		226,946

Shares	Description	Value
Common Stocks – (continued)
IT Services – (continued)
2,427	CGI, Inc.*	$	278,654
879	Cloudflare, Inc. Class A*		86,617
7,159	Cognizant Technology Solutions Corp. Class A		565,704
749	EPAM Systems, Inc.*		227,996
682	Fujitsu Ltd.		106,578
1,166	Gartner, Inc.*		542,843
4,399	GoDaddy, Inc. Class A*		502,146
4,968	International Business Machines Corp.		919,229
201	MongoDB, Inc.*		89,964
2,626	NEC Corp.		177,248
2,855	Okta, Inc.*		306,341
1,374	Otsuka Corp.		60,417
1,214	SCSK Corp.		22,392
1,360	Shopify, Inc. Class A*		103,908
448	Snowflake, Inc. Class A*		84,349
1,185	TIS, Inc.		26,744
881	Twilio, Inc. Class A*		52,499
2,388	VeriSign, Inc.*		466,352
1,443	Wix.com Ltd.*		202,280
			6,397,694
Leisure Products – 0.0%
3,303	Bandai Namco Holdings, Inc.		63,604
1,215	BRP, Inc.		80,197
410	Hasbro, Inc.		20,619
170	Shimano, Inc.		23,545
			187,965
Life Sciences Tools & Services – 0.1%
1,029	Agilent Technologies, Inc.		141,343
12,301	Avantor, Inc.*		303,097
112	Bio-Rad Laboratories, Inc. Class A*		36,498
380	Bio-Techne Corp.		27,957
509	Charles River Laboratories International, Inc.*		129,383
1,433	Danaher Corp.		362,750
692	Eurofins Scientific SE		41,356
719	IQVIA Holdings, Inc.*		177,708
378	Mettler-Toledo International, Inc.*		471,449
1,458	Qiagen NV*		62,339
394	Revvity, Inc.		43,178
806	Thermo Fisher Scientific, Inc.		459,565
844	Waters Corp.*		284,782
349	West Pharmaceutical Services, Inc.		125,068
			2,666,473
Machinery – 0.2%
1,239	Alfa Laval AB		46,650
5,204	Atlas Copco AB Class A		90,405
2,470	Atlas Copco AB Class B		36,979

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Machinery – (continued)
1,395	Caterpillar, Inc.	$	465,874
676	Cummins, Inc.		181,580
1,386	Daimler Truck Holding AG		56,624
669	Deere & Co.		244,218
659	Dover Corp.		108,985
1,651	Epiroc AB Class A		29,969
1,494	Epiroc AB Class B		24,653
2,000	Fortive Corp.		170,260
1,223	GEA Group AG		49,332
2,093	Graco, Inc.		191,007
1,571	Hoshizaki Corp.		53,624
4,180	Husqvarna AB Class B		32,285
306	IDEX Corp.		72,185
1,534	Illinois Tool Works, Inc.		402,138
2,074	Ingersoll Rand, Inc.		189,418
2,194	Knorr-Bremse AG		153,602
3,086	Komatsu Ltd.		89,581
444	Kone OYJ Class B		21,739
1,258	Kubota Corp.		18,463
4,603	MISUMI Group, Inc.		70,353
1,496	Mitsubishi Heavy Industries Ltd.		118,404
396	Nordson Corp.		105,197
2,581	Otis Worldwide Corp.		245,969
3,196	PACCAR, Inc.		354,404
584	Parker-Hannifin Corp.		312,703
1,571	Pentair PLC		122,208
370	Rational AG		304,466
2,893	Sandvik AB		65,143
325	Schindler Holding AG		84,211
1,107,596	Seatrium Ltd.*		74,267
1,366	Snap-on, Inc.		376,552
10,758	Techtronic Industries Co. Ltd.		116,060
2,687	Toro Co.		248,037
626	Toyota Industries Corp.		62,376
343	VAT Group AG(a)		172,169
6,511	Volvo AB Class B		179,401
3,885	Volvo AB Class A		108,405
2,010	Westinghouse Air Brake Technologies Corp.		283,993
683	Xylem, Inc.		86,775
676	Yaskawa Electric Corp.		27,708
			6,248,372
Marine Transportation – 0.0%
167	AP Moller - Maersk AS Class B		236,997
168	AP Moller - Maersk AS Class A		228,206
3,113	Kawasaki Kisen Kaisha Ltd.		148,587
1,082	Kuehne & Nagel International AG		364,294
3,841	Mitsui OSK Lines Ltd.		131,539
6,555	Nippon Yusen KK		208,753

Shares	Description	Value
Common Stocks – (continued)
Marine Transportation – (continued)
44,150	SITC International Holdings Co. Ltd.	$	72,698
			1,391,074
Media – 0.1%
340	Charter Communications, Inc. Class A*		99,936
17,047	Comcast Corp. Class A		730,464
2,322	Dentsu Group, Inc.		64,333
10,009	Fox Corp. Class A		298,168
10,603	Fox Corp. Class B		290,310
12,824	Informa PLC		131,483
4,700	Interpublic Group of Cos., Inc.		147,580
376	Liberty Broadband Corp. Class C*		22,628
14,800	Liberty Media Corp.-Liberty SiriusXM Class C*		428,904
11,049	News Corp. Class A		296,997
2,289	Omnicom Group, Inc.		202,325
1,524	Paramount Global Class B		16,825
1,842	Publicis Groupe SA		194,894
30,616	Sirius XM Holdings, Inc.		135,323
814	Trade Desk, Inc. Class A*		69,540
4,356	Vivendi SE		48,677
13,713	WPP PLC		122,683
			3,301,070
Metals & Mining – 0.1%
7,927	ArcelorMittal SA		206,779
10,001	BHP Group Ltd.		286,692
21,056	BlueScope Steel Ltd.		313,113
18,943	Cleveland-Cliffs, Inc.*		394,014
11,709	Fortescue Ltd.		197,624
811	Freeport-McMoRan, Inc.		30,664
41,127	Glencore PLC		195,523
4,426	IGO Ltd.		22,829
14,609	JFE Holdings, Inc.		239,592
684	Newmont Corp.		21,375
8,691	Nippon Steel Corp.		215,673
8,806	Northern Star Resources Ltd.		73,201
2,290	Nucor Corp.		440,367
76,206	Pilbara Minerals Ltd.		208,103
1,235	Reliance, Inc.		396,707
2,775	Rio Tinto Ltd.		223,468
4,960	Rio Tinto PLC		318,186
2,624	Steel Dynamics, Inc.		351,143
6,534	voestalpine AG		178,506
619	Wheaton Precious Metals Corp.		25,510
			4,339,069
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
7,297	Annaly Capital Management, Inc.		139,300

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Multi-Utilities – 0.1%
879	Ameren Corp.	$	62,576
1,051	Canadian Utilities Ltd. Class A		23,666
2,563	CenterPoint Energy, Inc.		70,483
143,605	Centrica PLC		228,485
1,222	CMS Energy Corp.		70,106
982	Consolidated Edison, Inc.		85,640
1,390	Dominion Energy, Inc.		66,484
697	DTE Energy Co.		75,520
18,601	E.ON SE		237,522
8,580	Engie SA		137,678
5,697	National Grid PLC		74,545
2,108	NiSource, Inc.		54,934
1,684	Public Service Enterprise Group, Inc.		105,082
30,974	Sembcorp Industries Ltd.		117,631
1,212	Sempra		85,567
2,959	Veolia Environnement SA		91,724
818	WEC Energy Group, Inc.		64,205
			1,651,848
Office REITs – 0.0%
705	Alexandria Real Estate Equities, Inc.		87,935
2,489	Boston Properties, Inc.		161,088
6,711	Dexus		32,138
6	Japan Real Estate Investment Corp.		21,628
6	Nippon Building Fund, Inc.		23,107
			325,896
Oil, Gas & Consumable Fuels – 0.4%
1,678	Aker BP ASA		40,731
5,581	Ampol Ltd.		143,068
2,465	APA Corp.		73,432
8,934	ARC Resources Ltd.		152,263
66,205	BP PLC		384,655
1,981	Cameco Corp.		80,282
2,926	Canadian Natural Resources Ltd.		203,827
14,069	Cenovus Energy, Inc.		245,170
936	Cheniere Energy, Inc.		145,267
3,060	Chesapeake Energy Corp.		253,307
5,278	Chevron Corp.		802,309
3,217	ConocoPhillips		362,041
3,399	Coterra Energy, Inc.		87,626
1,718	Devon Energy Corp.		75,695
722	Diamondback Energy, Inc.		131,779
1,896	Enbridge, Inc.		65,172
21,619	ENEOS Holdings, Inc.		93,277
18,914	Eni SpA		291,246
2,543	EOG Resources, Inc.		291,072
3,401	EQT Corp.		126,347
6,187	Equinor ASA		152,440
12,068	Exxon Mobil Corp.		1,261,347

Shares	Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
5,305	Galp Energia SGPS SA	$	83,478
701	Hess Corp.		102,171
2,983	HF Sinclair Corp.		165,557
10,345	Idemitsu Kosan Co. Ltd.		65,417
3,549	Imperial Oil Ltd.		222,069
15,883	Inpex Corp.		211,700
1,229	Keyera Corp.		30,237
10,803	Kinder Morgan, Inc.		187,864
5,321	Marathon Oil Corp.		129,034
3,111	Marathon Petroleum Corp.		526,475
3,000	MEG Energy Corp.*		64,215
4,774	Occidental Petroleum Corp.		289,352
2,636	OMV AG		116,158
1,887	ONEOK, Inc.		141,751
3,185	Ovintiv, Inc.		157,371
2,493	Parkland Corp.		79,742
1,692	Pembina Pipeline Corp.		58,883
3,254	Phillips 66		463,728
391	Pioneer Natural Resources Co.		91,959
12,779	Repsol SA		202,995
26,297	Santos Ltd.		121,085
22,726	Shell PLC		702,911
4,724	Suncor Energy, Inc.		162,311
1,354	Targa Resources Corp.		133,017
738	TC Energy Corp.		29,191
25	Texas Pacific Land Corp.		39,386
6,177	TotalEnergies SE		393,717
402	Tourmaline Oil Corp.		18,193
2,672	Valero Energy Corp.		377,981
3,706	Williams Cos., Inc.		133,194
4,406	Woodside Energy Group Ltd.		86,925
			11,050,420
Paper & Forest Products – 0.0%
475	Holmen AB Class B		19,071
7,790	Mondi PLC		138,502
20,654	Oji Holdings Corp.		80,885
1,073	Svenska Cellulosa AB SCA Class B		15,192
2,375	UPM-Kymmene OYJ		79,490
714	West Fraser Timber Co. Ltd.		57,461
			390,601
Passenger Airlines – 0.0%
5,243	Air Canada*		70,002
5,109	ANA Holdings, Inc.*		111,388
1,911	Delta Air Lines, Inc.		80,778
22,978	Deutsche Lufthansa AG*		178,696
8,132	Japan Airlines Co. Ltd.		151,875
17,572	Qantas Airways Ltd.*		58,737
47,039	Singapore Airlines Ltd.		226,410
			877,886
Personal Products – 0.1%
905	Beiersdorf AG		129,723

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Personal Products – (continued)
1,685	Estee Lauder Cos., Inc. Class A	$	250,357
27,566	Haleon PLC		115,646
965	Kao Corp.		36,514
11,833	Kenvue, Inc.		224,827
2,697	Kose Corp.		150,024
1,365	L’Oreal SA		652,018
8,323	Shiseido Co. Ltd.		226,278
3,313	Unilever PLC		161,788
			1,947,175
Pharmaceuticals – 0.4%
10,554	Astellas Pharma, Inc.		115,342
3,826	AstraZeneca PLC		482,280
2,193	Bayer AG		66,260
10,364	Bristol-Myers Squibb Co.		525,973
2,849	Chugai Pharmaceutical Co. Ltd.		113,794
2,565	Daiichi Sankyo Co. Ltd.		84,476
2,774	Eisai Co. Ltd.		115,067
2,766	Eli Lilly & Co.		2,084,679
12,821	GSK PLC		268,195
7,718	Hikma Pharmaceuticals PLC		191,537
4,397	Ipsen SA		483,024
3,580	Jazz Pharmaceuticals PLC*		425,662
7,456	Johnson & Johnson		1,203,249
1,005	Kyowa Kirin Co. Ltd.		19,902
9,159	Merck & Co., Inc.		1,164,567
193	Merck KGaA		32,838
5,147	Novartis AG		519,319
11,392	Novo Nordisk AS Class B		1,359,813
3,015	Ono Pharmaceutical Co. Ltd.		49,927
6,750	Orion OYJ Class B		265,381
2,552	Otsuka Holdings Co. Ltd.		103,551
9,548	Pfizer, Inc.		253,595
1,763	Recordati Industria Chimica e Farmaceutica SpA		98,701
2,592	Roche Holding AG		683,401
8,656	Royalty Pharma PLC Class A		262,623
5,608	Sandoz Group AG*		173,472
3,869	Sanofi SA		368,772
615	Shionogi & Co. Ltd.		30,619
8,514	Takeda Pharmaceutical Co. Ltd.		249,002
37,268	Teva Pharmaceutical Industries Ltd.*		490,074
1,681	UCB SA		193,953
54,739	Viatris, Inc.		677,122
1,985	Zoetis, Inc.		393,685
			13,549,855
Professional Services – 0.1%
892	Adecco Group AG		35,758
475	Automatic Data Processing, Inc.		119,287

Shares	Description	Value
Common Stocks – (continued)
Professional Services – (continued)
5,614	BayCurrent Consulting, Inc.	$	126,118
1,337	Booz Allen Hamilton Holding Corp.		197,488
502	Broadridge Financial Solutions, Inc.		102,197
1,794	Bureau Veritas SA		52,127
1,749	Computershare Ltd.		29,558
72	Equifax, Inc.		19,698
1,289	Experian PLC		55,202
642	Intertek Group PLC		37,579
614	Jacobs Solutions, Inc.		90,043
2,349	Leidos Holdings, Inc.		300,343
1,084	Paychex, Inc.		132,920
146	Paycom Software, Inc.		26,629
5,029	Randstad NV		277,370
10,248	Recruit Holdings Co. Ltd.		413,362
10,106	RELX PLC		442,684
5,352	Robert Half, Inc.		430,301
3,266	SGS SA		313,608
3,721	SS&C Technologies Holdings, Inc.		237,251
594	Teleperformance SE		73,750
489	Thomson Reuters Corp.		77,194
832	Verisk Analytics, Inc.		201,261
2,085	Wolters Kluwer NV		329,263
			4,120,991
Real Estate Management & Development – 0.0%
471	CBRE Group, Inc. Class A*		43,280
4,947	City Developments Ltd.		20,851
6,574	CK Asset Holdings Ltd.		30,241
557	CoStar Group, Inc.*		48,476
972	Daito Trust Construction Co. Ltd.		115,309
2,406	Daiwa House Industry Co. Ltd.		69,472
398	FirstService Corp.		65,497
22,535	Henderson Land Development Co. Ltd.		64,840
31,386	Hongkong Land Holdings Ltd.		106,266
11,490	Hulic Co. Ltd.		114,647
2,490	Mitsubishi Estate Co. Ltd.		38,113
1,295	Mitsui Fudosan Co. Ltd.		35,155
124,134	New World Development Co. Ltd.		155,960
799	Nomura Real Estate Holdings, Inc.		19,890
20,568	Sino Land Co. Ltd.		22,150
2,847	Sun Hung Kai Properties Ltd.		28,647
8,133	Swire Pacific Ltd. Class A		67,373
676	Swiss Prime Site AG		64,606
21,012	UOL Group Ltd.		92,052

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Real Estate Management & Development – (continued)
7,440	Wharf Real Estate Investment Co. Ltd.	$	24,776
			1,227,601
Residential REITs – 0.0%
1,748	American Homes 4 Rent Class A		64,693
321	AvalonBay Communities, Inc.		56,827
1,251	Camden Property Trust		118,194
705	Equity LifeStyle Properties, Inc.		47,461
841	Equity Residential		50,637
227	Essex Property Trust, Inc.		52,528
1,436	Invitation Homes, Inc.		48,924
335	Mid-America Apartment Communities, Inc.		42,103
764	Sun Communities, Inc.		102,193
1,241	UDR, Inc.		44,055
			627,615
Retail REITs – 0.0%
16,556	CapitaLand Integrated Commercial Trust		24,149
46	Japan Metropolitan Fund Invest		27,110
3,816	Kimco Realty Corp.		75,404
2,526	Klepierre SA		64,169
1,481	Realty Income Corp.		77,175
808	Regency Centers Corp.		50,056
16,689	Scentre Group		33,776
1,024	Simon Property Group, Inc.		151,695
268	Unibail-Rodamco-Westfield*		19,597
24,768	Vicinity Ltd.		31,278
			554,409
Semiconductors & Semiconductor Equipment – 0.7%
3,633	Advanced Micro Devices, Inc.*		699,461
8,856	Advantest Corp.		416,904
1,879	Analog Devices, Inc.		360,430
5,209	Applied Materials, Inc.		1,050,239
149	ASM International NV		91,001
933	ASML Holding NV		885,418
999	BE Semiconductor Industries NV		180,937
1,504	Broadcom, Inc.		1,955,937
404	Disco Corp.		131,658
1,287	Enphase Energy, Inc.*		163,462
231	Entegris, Inc.		31,037
295	First Solar, Inc.*		45,397
1,547	Infineon Technologies AG		55,546
7,961	Intel Corp.		342,721
823	KLA Corp.		561,533
799	Lam Research Corp.		749,662
5,298	Lattice Semiconductor Corp.*		405,880

Shares	Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
1,348	Marvell Technology, Inc.	$	96,598
4,515	Microchip Technology, Inc.		379,892
3,131	Micron Technology, Inc.		283,700
404	Monolithic Power Systems, Inc.		290,896
9,438	NVIDIA Corp.		7,466,591
1,326	NXP Semiconductors NV		331,142
5,347	ON Semiconductor Corp.*		421,985
4,265	Qorvo, Inc.*		488,556
4,997	QUALCOMM, Inc.		788,477
7,939	Renesas Electronics Corp.		131,177
4,861	Skyworks Solutions, Inc.		510,016
1,657	STMicroelectronics NV		75,240
3,036	SUMCO Corp.		47,646
2,353	Teradyne, Inc.		243,747
3,481	Texas Instruments, Inc.		582,476
1,460	Tokyo Electron Ltd.		362,239
			20,627,601
Software – 0.9%
2,020	Adobe, Inc.*		1,131,766
282	ANSYS, Inc.*		94,236
1,114	Aspen Technology, Inc.*		215,993
2,024	Atlassian Corp. Class A*		419,818
1,453	Autodesk, Inc.*		375,121
1,872	Bentley Systems, Inc. Class B		96,165
1,053	Bill Holdings, Inc.*		66,687
2,856	Cadence Design Systems, Inc.*		869,309
504	Check Point Software Technologies Ltd.*		80,852
2,243	Confluent, Inc. Class A*		75,970
264	Constellation Software, Inc.		734,992
542	Crowdstrike Holdings, Inc. Class A*		175,689
1,730	Dassault Systemes SE		81,070
1,799	Datadog, Inc. Class A*		236,497
11,243	DocuSign, Inc.*		598,915
23,067	Dropbox, Inc. Class A*		552,455
1,986	Dynatrace, Inc.*		98,406
588	Fair Isaac Corp.*		746,707
6,603	Fortinet, Inc.*		456,333
10,260	Gen Digital, Inc.		220,487
821	HubSpot, Inc.*		508,043
1,021	Intuit, Inc.		676,811
2,430	Manhattan Associates, Inc.*		615,592
28,422	Microsoft Corp.		11,756,476
486	Monday.com Ltd.*		108,383
4,160	Nemetschek SE		398,522
1,480	Open Text Corp.		56,914
5,018	Oracle Corp.		539,861
9,079	Palantir Technologies, Inc. Class A*		227,701
1,143	Palo Alto Networks, Inc.*		354,959
1,261	PTC, Inc.*		230,776

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Software – (continued)
529	Roper Technologies, Inc.	$	288,162
24,859	Sage Group PLC		391,594
3,464	Salesforce, Inc.*		1,069,753
2,599	SAP SE		487,035
663	ServiceNow, Inc.*		511,398
1,840	Splunk, Inc.*		287,445
814	Synopsys, Inc.*		467,016
2,356	Trend Micro, Inc.		117,085
213	Tyler Technologies, Inc.*		93,111
1,472	UiPath, Inc. Class A*		34,960
623	Unity Software, Inc.*		18,266
1,138	WiseTech Global Ltd.		70,196
520	Workday, Inc. Class A*		153,223
2,306	Xero Ltd.*		191,787
5,313	Zoom Video Communications, Inc. Class A*		375,789
352	Zscaler, Inc.*		85,173
			27,443,499
Specialized REITs – 0.0%
333	American Tower Corp.		66,220
489	Crown Castle, Inc.		53,761
402	Digital Realty Trust, Inc.		59,018
230	Equinix, Inc.		204,428
191	Extra Space Storage, Inc.		26,925
1,550	Gaming & Leisure Properties, Inc.		70,494
2,073	Iron Mountain, Inc.		163,021
209	Public Storage		59,329
147	SBA Communications Corp.		30,757
2,933	VICI Properties, Inc.		87,785
1,404	Weyerhaeuser Co.		48,269
			870,007
Specialty Retail – 0.4%
291	AutoZone, Inc.*		874,752
3,085	Avolta AG*		120,658
12,523	Bath & Body Works, Inc.		572,301
8,630	Best Buy Co., Inc.		697,994
1,696	Burlington Stores, Inc.*		347,850
2,948	CarMax, Inc.*		232,892
3,723	Dick’s Sporting Goods, Inc.		662,284
448	Fast Retailing Co. Ltd.		129,763
17,080	H & M Hennes & Mauritz AB Class B		231,930
4,472	Home Depot, Inc.		1,702,088
9,005	Industria de Diseno Textil SA		400,615
185,649	JD Sports Fashion PLC		277,412
40,093	Kingfisher PLC		118,900
3,804	Lowe’s Cos., Inc.		915,509
396	Nitori Holdings Co. Ltd.		58,248
686	O’Reilly Automotive, Inc.*		745,970
1,622	Ross Stores, Inc.		241,613
7,468	TJX Cos., Inc.		740,377

Shares	Description	Value
Common Stocks – (continued)
Specialty Retail – (continued)
1,832	Tractor Supply Co.	$	465,914
1,396	Ulta Beauty, Inc.*		765,790
1,631	USS Co. Ltd.		28,391
8,501	Zalando SE*(a)		179,909
17,358	ZOZO, Inc.		393,960
			10,905,120
Technology Hardware, Storage & Peripherals – 0.4%
63,547	Apple, Inc.		11,486,123
4,598	Brother Industries Ltd.		77,146
3,765	Canon, Inc.		110,107
3,848	Dell Technologies, Inc. Class C		364,252
496	FUJIFILM Holdings Corp.		31,593
22,000	Hewlett Packard Enterprise Co.		335,060
7,174	HP, Inc.		203,239
1,860	Logitech International SA		164,585
2,911	NetApp, Inc.		259,428
14,224	Ricoh Co. Ltd.		118,471
1,016	Seagate Technology Holdings PLC		94,539
3,609	Seiko Epson Corp.		58,421
522	Super Micro Computer, Inc.*		452,115
1,383	Western Digital Corp.*		82,247
			13,837,326
Textiles, Apparel & Luxury Goods – 0.2%
1,460	adidas AG		295,329
13,172	Burberry Group PLC		213,871
845	Cie Financiere Richemont SA Class A		134,505
886	Deckers Outdoor Corp.*		793,493
212	Hermes International SCA		530,496
231	Kering SA		106,405
1,197	Lululemon Athletica, Inc.*		559,107
741	LVMH Moet Hennessy Louis Vuitton SE		676,337
4,096	Moncler SpA		295,349
5,085	NIKE, Inc. Class B		528,484
2,718	Pandora AS		439,555
3,754	Puma SE		172,659
2,227	Swatch Group AG		165,523
2,803	VF Corp.		45,801
			4,956,914
Tobacco – 0.0%
6,604	Altria Group, Inc.		270,170
8,093	British American Tobacco PLC		240,454
4,561	Imperial Brands PLC		98,254
6,147	Japan Tobacco, Inc.		159,678

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – (continued)
Tobacco – (continued)
4,686	Philip Morris International, Inc.	$	421,553
			1,190,109
Trading Companies & Distributors – 0.2%
672	AerCap Holdings NV*		51,865
1,021	Brenntag SE		93,222
3,885	Bunzl PLC		154,853
9,452	Fastenal Co.		690,091
2,859	Ferguson PLC		604,536
96	IMCD NV		14,646
5,486	ITOCHU Corp.		238,317
23,125	Marubeni Corp.		383,227
18,084	Mitsubishi Corp.		387,893
7,370	Mitsui & Co. Ltd.		323,709
23,095	MonotaRO Co. Ltd.		220,901
4,061	Reece Ltd.		71,108
6,369	Sumitomo Corp.		149,518
542	Toromont Industries Ltd.		49,781
1,301	Toyota Tsusho Corp.		84,283
285	United Rentals, Inc.		197,582
609	Watsco, Inc.		240,019
848	WW Grainger, Inc.		825,494
			4,781,045
Transportation Infrastructure – 0.0%
432	Aena SME SA(a)		82,076
3,912	Getlink SE		66,791
7,996	Transurban Group		70,463
			219,330
Water Utilities – 0.0%
521	American Water Works Co., Inc.		61,759
1,536	Essential Utilities, Inc.		53,422
1,516	Severn Trent PLC		47,840
3,834	United Utilities Group PLC		49,627
			212,648
Wireless Telecommunication Services – 0.0%
6,282	KDDI Corp.		189,916
799	Rogers Communications, Inc. Class B		35,359
9,217	SoftBank Corp.		121,236
1,058	SoftBank Group Corp.		62,668
3,653	Tele2 AB Class B		30,639
1,228	T-Mobile U.S., Inc.		200,532
310,565	Vodafone Group PLC		272,803
			913,153
TOTAL COMMON STOCKS (Cost $206,942,353)		$	311,132,475

Shares	Dividend Rate	Value
Preferred Stocks – 0.0%
Auto Manufacturers – 0.0%
Bayerische Motoren Werke AG
2,057	8.427%	$	225,516
Volkswagen AG
246	6.999		33,407
			258,923
Household Products – 0.0%
Henkel AG & Co. KGaA
1,505	2.661		113,227
TOTAL PREFERRED STOCKS (Cost $358,748)		$	372,150
Units	Expiration Date	Value
Warrants*(b) – 0.0%
Constellation Software, Inc.
264	03/31/40	$	—
(Cost $—)
Shares	Description	Value
Exchange Traded Funds – 78.5%
1,203,579	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(c)	$	36,949,875
7,739,963	Goldman Sachs MarketBeta International Equity ETF(c)		427,401,531
9,711,018	Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF(c)		444,459,698
8,053,469	Goldman Sachs MarketBeta Russell 1000 Value Equity ETF(c)		355,814,341
6,980,458	Goldman Sachs MarketBeta U.S. Equity ETF(c)		488,213,233
2,830,038	iShares Core MSCI EAFE ETF		203,196,728
6,611,786	iShares Core MSCI Emerging Markets ETF		332,837,307
1,135	iShares MSCI Canada ETF		41,734
5,880	iShares MSCI EAFE ETF		454,230
2,294,989	iShares MSCI EAFE Small-Cap ETF		140,568,076
1,579	Vanguard S&P 500 ETF		737,283
TOTAL EXCHANGE TRADED FUNDS (Cost $2,122,097,780)		$	2,430,674,036

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

Shares	Dividend Rate	Value
Investment Company(c) – 6.8%
Goldman Sachs Financial Square Government Fund — Institutional Shares
211,835,802	5.219%	$	211,835,802
(Cost $211,835,802)
Securities Lending Reinvestment Vehicle(c) – 0.3%
Goldman Sachs Financial Square Government Fund — Institutional Shares
8,623,125	5.219%	$	8,623,125
(Cost $8,623,125)
TOTAL INVESTMENTS – 95.7% (Cost $2,549,857,808)		$	2,962,637,588
OTHER ASSETS IN EXCESS OF  LIABILITIES – 4.3%			132,828,930
NET ASSETS – 100.0%		$	3,095,466,518

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

* Non-income producing security.

(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(c) Represents an affiliated fund.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 29, 2024, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	2,610,000	USD	1,696,035		03/20/24	$	1,555
	CAD	44,190,000	USD	32,517,681		03/20/24		53,034
	CHF	3,090,000	USD	3,500,897		03/20/24		904
	EUR	7,300,000	USD	7,841,521		03/20/24		54,874
	GBP	3,915,000	USD	4,920,031		03/20/24		22,472
	ILS	720,000	USD	197,168		03/20/24		4,475
	JPY	126,000,000	USD	840,582		03/21/24		2,714
	NZD	100,000	USD	60,846		03/20/24		40
	SEK	17,775,000	USD	1,701,643		03/20/24		14,506
	SGD	400,000	USD	297,150		03/20/24		395
	USD	44,386,485	AUD	66,950,000		03/20/24		841,017
	USD	59,550,497	CHF	51,570,000		03/20/24		1,107,824
	USD	20,603,086	DKK	141,440,000		03/20/24		72,382
	USD	201,227,529	EUR	185,380,000		03/20/24		702,350
	USD	12,671,237	GBP	9,965,000		03/20/24		90,893
	USD	12,706,141	HKD	99,130,000		03/20/24		36,918
	USD	141,905,850	JPY	20,212,000,000		03/21/24		6,630,302
	USD	391,377	NOK	4,000,000		03/20/24		14,582
	USD	1,208,365	NZD	1,960,000		03/20/24		15,009
	USD	2,391,946	SEK	24,150,000		03/20/24		60,299
	USD	7,389,185	SGD	9,840,000		03/20/24		69,563
TOTAL							$	9,796,108

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss
MS & Co. Int. PLC	AUD	2,890,000	USD	1,904,113	03/20/24	$	(24,406	)
	CHF	1,530,000	USD	1,782,147	03/20/24		(48,245	)
	DKK	5,950,000	USD	864,842	03/20/24		(1,172	)
	EUR	6,090,000	USD	6,614,121	03/20/24		(26,580	)
	GBP	2,685,000	USD	3,409,921	03/20/24		(20,234	)
	HKD	14,230,000	USD	1,822,805	03/20/24		(4,153	)
	JPY	771,000,000	USD	5,278,424	03/21/24		(118,248	)
	NOK	6,250,000	USD	593,643	03/20/24		(4,901	)
	NZD	90,000	USD	55,192	03/20/24		(395	)
	SGD	620,000	USD	463,051	03/20/24		(1,855	)
	USD	1,190,060	AUD	1,830,000	03/20/24		(205	)
	USD	974,076	CHF	860,000	03/20/24		(535	)
	USD	801,753	DKK	5,550,000	03/20/24		(3,856	)
	USD	5,147,654	EUR	4,760,000	03/20/24		(1,228	)
	USD	77,159,832	GBP	61,350,000	03/20/24		(291,662	)
	USD	190,408	HKD	1,490,000	03/20/24		(20	)
	USD	2,385,083	ILS	8,760,000	03/20/24		(68,239	)
	USD	5,924,997	JPY	887,000,000	03/21/24		(11,546	)
	USD	3,524,964	NOK	38,350,000	03/20/24		(87,558	)
	USD	17,232,228	SEK	179,325,000	03/20/24		(81,325	)
	USD	66,933	SGD	90,000	03/20/24		(15	)
TOTAL						$	(796,378	)

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index		2,110		03/15/24	$	217,045,150		$16,133,309
S&P 500 E-Mini Index		1,286		03/15/24		328,171,125		21,928,355
S&P Toronto Stock Exchange 60 Index		406		03/14/24		77,218,229		3,474,717
TOTAL FUTURES CONTRACTS								$41,536,381

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 29, 2024, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call CHF/Put NOK	MS & Co. Int. PLC	$	13.209		03/20/2024		3,247,000	$	3,247,000	$	4	$	36,756	$	(36,752	)
Call CHF/Put NOK	MS & Co. Int. PLC		13.603		06/19/2024		2,626,000		2,626,000		1,464		38,842		(37,378	)
Call CHF/Put NOK	MS & Co. Int. PLC		13.974		09/18/2024		2,258,000		2,258,000		4,665		40,093		(35,428	)

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Call CHF/Put NOK	MS & Co. Int. PLC	$	14.338	12/18/2024		2,005,000	$	2,005,000	$	7,999	$	39,731	$	(31,732	)
Call CHF/Put NOK	MS & Co. Int. PLC		13.316	06/19/2024		5,834,000		5,834,000		7,151		81,898		(74,747	)
Call CHF/Put NOK	MS & Co. Int. PLC		13.680	09/18/2024		4,899,000		4,899,000		16,220		82,949		(66,729	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.027	12/18/2024		4,295,000		4,295,000		24,371		81,551		(57,180	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.351	03/19/2025		3,894,000		3,894,000		29,171		80,630		(51,459	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.018	03/20/2024		3,783,000		3,783,000		4		40,208		(40,204	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.340	06/19/2024		3,072,000		3,072,000		705		41,597		(40,892	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.629	09/18/2024		2,656,000		2,656,000		3,081		42,495		(39,414	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.914	12/18/2024		2,364,000		2,364,000		5,908		41,465		(35,557	)
Call CHF/Put SEK	MS & Co. Int. PLC		12.812	06/19/2024		6,819,000		6,819,000		8,713		76,601		(67,888	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.099	09/18/2024		5,736,000		5,736,000		18,142		77,418		(59,276	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.373	12/18/2024		5,027,000		5,027,000		25,995		77,505		(51,510	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.620	03/19/2025		4,557,000		4,557,000		30,469		75,970		(45,501	)
Call JPY/Put KRW	MS & Co. Int. PLC		9.645	06/19/2024		500,728,000		500,728,000		12,194		34,991		(22,797	)
Call JPY/Put KRW	MS & Co. Int. PLC		9.915	09/13/2024		421,929,000		421,929,000		16,197		34,290		(18,093	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.187	12/18/2024		366,013,000		366,013,000		19,321		33,815		(14,494	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.443	03/19/2025		329,211,000		329,211,000		20,466		33,144		(12,678	)
Call JPY/Put KRW	MS & Co. Int. PLC		9.870	03/19/2024		278,244,000		278,244,000		2		16,981		(16,979	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.182	06/19/2024		222,951,000		222,951,000		1,527		17,611		(16,084	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.458	09/13/2024		192,722,000		192,722,000		3,131		17,527		(14,396	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.746	12/18/2024		169,714,000		169,714,000		4,653		17,553		(12,900	)
Call USD/Put CAD	MS & Co. Int. PLC		1.413	03/20/2024		6,965,000		6,965,000		35		36,183		(36,148	)
Call USD/Put CAD	MS & Co. Int. PLC		1.430	06/18/2024		5,490,000		5,490,000		4,260		37,063		(32,803	)
Call USD/Put CAD	MS & Co. Int. PLC		1.446	09/18/2024		4,662,000		4,662,000		8,704		37,608		(28,904	)
Call USD/Put CAD	MS & Co. Int. PLC		1.462	12/18/2024		4,098,000		4,098,000		12,302		36,456		(24,154	)
Call USD/Put CAD	MS & Co. Int. PLC		1.428	06/18/2024		13,306,000		13,306,000		11,310		76,749		(65,439	)

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Call USD/Put CAD	MS & Co. Int. PLC	$	1.441	09/18/2024		11,028,000	$	11,028,000	$	22,982	$	76,600	$	(53,618	)
Call USD/Put CAD	MS & Co. Int. PLC		1.455	12/18/2024		9,427,000		9,427,000		31,552		75,812		(44,260	)
Call USD/Put CAD	MS & Co. Int. PLC		1.465	03/19/2025		8,630,000		8,630,000		36,764		76,703		(39,939	)
Call USD/Put CLP	MS & Co. Int. PLC		1,066.420	03/20/2024		1,278,000		1,278,000		216		17,971		(17,755	)
Call USD/Put CLP	MS & Co. Int. PLC		1,099.850	06/18/2024		1,090,000		1,090,000		4,348		18,989		(14,641	)
Call USD/Put CLP	MS & Co. Int. PLC		1,127.970	09/17/2024		977,000		977,000		7,130		19,672		(12,542	)
Call USD/Put CLP	MS & Co. Int. PLC		1,154.490	12/18/2024		896,000		896,000		9,002		20,257		(11,255	)
Call USD/Put CLP	MS & Co. Int. PLC		1,005.760	06/18/2024		2,321,000		2,321,000		39,886		36,372		3,514
Call USD/Put CLP	MS & Co. Int. PLC		1,035.290	09/17/2024		2,030,000		2,030,000		39,896		36,788		3,108
Call USD/Put CLP	MS & Co. Int. PLC		1,062.540	12/18/2024		1,833,000		1,833,000		39,540		38,174		1,366
Call USD/Put CLP	MS & Co. Int. PLC		1,089.090	03/19/2025		1,681,000		1,681,000		38,532		36,950		1,582
Call USD/Put KRW	MS & Co. Int. PLC		1,361.910	06/18/2024		3,968,000		3,968,000		28,312		34,859		(6,547	)
Call USD/Put KRW	MS & Co. Int. PLC		1,377.220	09/13/2024		3,386,000		3,386,000		30,586		35,299		(4,713	)
Call USD/Put KRW	MS & Co. Int. PLC		1,394.460	12/18/2024		2,952,000		2,952,000		32,348		34,996		(2,648	)
Call USD/Put KRW	MS & Co. Int. PLC		1,408.090	03/19/2025		2,688,000		2,688,000		32,181		35,374		(3,193	)
Call USD/Put KRW	MS & Co. Int. PLC		1,422.910	03/20/2024		2,220,000		2,220,000		2		16,717		(16,715	)
Call USD/Put KRW	MS & Co. Int. PLC		1,441.840	06/18/2024		1,795,000		1,795,000		2,014		17,196		(15,182	)
Call USD/Put KRW	MS & Co. Int. PLC		1,456.720	09/13/2024		1,565,000		1,565,000		4,418		17,325		(12,907	)
Call USD/Put KRW	MS & Co. Int. PLC		1,474.710	12/18/2024		1,379,000		1,379,000		6,531		16,824		(10,293	)
Call USD/Put MXN	MS & Co. Int. PLC		20.354	03/20/2024		2,806,000		2,806,000		3		35,401		(35,398	)
Call USD/Put MXN	MS & Co. Int. PLC		21.228	06/18/2024		2,354,000		2,354,000		895		35,748		(34,853	)
Call USD/Put MXN	MS & Co. Int. PLC		22.007	09/18/2024		2,109,000		2,109,000		3,058		36,452		(33,394	)
Call USD/Put MXN	MS & Co. Int. PLC		22.858	12/18/2024		1,899,000		1,899,000		5,750		36,294		(30,544	)
Call USD/Put MXN	MS & Co. Int. PLC		19.708	06/18/2024		5,428,000		5,428,000		9,010		70,721		(61,711	)
Call USD/Put MXN	MS & Co. Int. PLC		20.472	09/18/2024		4,681,000		4,681,000		16,945		73,356		(56,411	)
Call USD/Put MXN	MS & Co. Int. PLC		21.290	12/18/2024		4,099,000		4,099,000		24,373		75,868		(51,495	)

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Call USD/Put MXN	MS & Co. Int. PLC	$	21.999		03/19/2025		3,763,000	$	3,763,000	$	27,466		$   75,915	$	(48,449	)
Call USD/Put NOK	MS & Co. Int. PLC		11.822		03/20/2024		1,758,000		1,758,000		2		18,716		(18,714	)
Call USD/Put NOK	MS & Co. Int. PLC		12.099		06/18/2024		1,415,000		1,415,000		897		19,610		(18,713	)
Call USD/Put NOK	MS & Co. Int. PLC		12.353		09/18/2024		1,219,000		1,219,000		2,536		19,695		(17,159	)
Call USD/Put NOK	MS & Co. Int. PLC		12.604		12/18/2024		1,085,000		1,085,000		4,089		19,249		(15,160	)
Call USD/Put SEK	MS & Co. Int. PLC		11.214		06/18/2024		3,500,000		3,500,000		8,071		34,783		(26,712	)
Call USD/Put SEK	MS & Co. Int. PLC		11.398		09/18/2024		2,958,000		2,958,000		13,068		34,863		(21,795	)
Call USD/Put SEK	MS & Co. Int. PLC		11.584		12/18/2024		2,582,000		2,582,000		16,205		33,832		(17,627	)
Call USD/Put SEK	MS & Co. Int. PLC		11.726		03/19/2025		2,358,000		2,358,000		17,574		33,337		(15,763	)
							2,684,263,000	$	2,684,263,000	$	854,346		$2,702,398	$	(1,848,052	)
Puts
Put AUD/Call JPY	MS & Co. Int. PLC		87.542		06/19/2024		9,788,000		9,788,000		14,391		74,251		(59,860	)
Put AUD/Call JPY	MS & Co. Int. PLC		85.094		09/18/2024		8,023,000		8,023,000		22,899		73,749		(50,850	)
Put AUD/Call JPY	MS & Co. Int. PLC		82.850		12/18/2024		6,870,000		6,870,000		30,017		71,979		(41,962	)
Put AUD/Call JPY	MS & Co. Int. PLC		80.965		03/19/2025		6,230,000		6,230,000		34,923		72,667		(37,744	)
Put AUD/Call JPY	MS & Co. Int. PLC		86.614		03/19/2024		5,256,000		5,256,000		41		34,288		(34,247	)
Put AUD/Call JPY	MS & Co. Int. PLC		83.937		06/19/2024		4,097,000		4,097,000		2,655		35,254		(32,599	)
Put AUD/Call JPY	MS & Co. Int. PLC		81.621		09/18/2024		3,462,000		3,462,000		5,641		35,541		(29,900	)
Put AUD/Call JPY	MS & Co. Int. PLC		79.618		12/18/2024		3,068,000		3,068,000		8,804		35,557		(26,753	)
Put AUD/Call USD	MS & Co. Int. PLC		0.617		06/18/2024		8,364,000		8,364,000		19,235		53,851		(34,616	)
Put AUD/Call USD	MS & Co. Int. PLC		0.609		09/18/2024		6,886,000		6,886,000		26,896		54,268		(27,372	)
Put AUD/Call USD	MS & Co. Int. PLC		0.601		12/18/2024		5,905,000		5,905,000		32,222		53,525		(21,303	)
Put AUD/Call USD	MS & Co. Int. PLC		0.595		03/19/2025		5,355,000		5,355,000		34,801		54,157		(19,356	)
Put AUD/Call USD	MS & Co. Int. PLC		0.600		03/20/2024		4,607,000		4,607,000		3		26,917		(26,914	)
Put AUD/Call USD	MS & Co. Int. PLC		0.592		06/18/2024		3,616,000		3,616,000		2,139		27,502		(25,363	)
Put AUD/Call USD	MS & Co. Int. PLC		0.585		09/18/2024		3,048,000		3,048,000		5,072		27,779		(22,707	)

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Put AUD/Call USD	MS & Co. Int. PLC	$	0.578	12/18/2024		2,669,000	$	2,669,000	$	7,868	$	27,502	$	(19,634	)
Put CAD/Call JPY	MS & Co. Int. PLC		100.705	03/19/2024		3,925,000		3,925,000		121		26,374		(26,253	)
Put CAD/Call JPY	MS & Co. Int. PLC		97.663	06/19/2024		3,095,000		3,095,000		2,887		27,601		(24,714	)
Put CAD/Call JPY	MS & Co. Int. PLC		95.027	09/18/2024		2,633,000		2,633,000		5,291		28,397		(23,106	)
Put CAD/Call JPY	MS & Co. Int. PLC		92.677	12/18/2024		2,337,000		2,337,000		7,651		27,914		(20,263	)
Put CAD/Call JPY	MS & Co. Int. PLC		98.006	06/19/2024		7,530,000		7,530,000		7,612		55,355		(47,743	)
Put CAD/Call JPY	MS & Co. Int. PLC		95.434	09/18/2024		6,197,000		6,197,000		13,352		55,141		(41,789	)
Put CAD/Call JPY	MS & Co. Int. PLC		93.100	12/18/2024		5,316,000		5,316,000		18,457		53,320		(34,863	)
Put CAD/Call JPY	MS & Co. Int. PLC		91.166	03/19/2025		4,835,000		4,835,000		22,313		54,282		(31,969	)
Put NZD/Call JPY	MS & Co. Int. PLC		80.300	06/19/2024		7,671,000		7,671,000		7,552		54,215		(46,663	)
Put NZD/Call JPY	MS & Co. Int. PLC		77.954	09/18/2024		6,347,000		6,347,000		13,583		54,306		(40,723	)
Put NZD/Call JPY	MS & Co. Int. PLC		75.859	12/18/2024		5,477,000		5,477,000		18,991		52,894		(33,903	)
Put NZD/Call JPY	MS & Co. Int. PLC		74.113	03/19/2025		4,993,000		4,993,000		22,976		53,658		(30,682	)
Put NZD/Call JPY	MS & Co. Int. PLC		80.240	03/19/2024		4,011,000		4,011,000		15		23,513		(23,498	)
Put NZD/Call JPY	MS & Co. Int. PLC		77.518	06/19/2024		3,169,000		3,169,000		1,518		24,333		(22,815	)
Put NZD/Call JPY	MS & Co. Int. PLC		75.167	09/18/2024		2,700,000		2,700,000		3,539		24,554		(21,015	)
Put NZD/Call JPY	MS & Co. Int. PLC		73.135	12/18/2024		2,416,000		2,416,000		5,735		24,849		(19,114	)
Put NZD/Call USD	MS & Co. Int. PLC		0.565	06/18/2024		9,149,000		9,149,000		10,210		55,084		(44,874	)
Put NZD/Call USD	MS & Co. Int. PLC		0.556	09/18/2024		7,512,000		7,512,000		18,016		55,342		(37,326	)
Put NZD/Call USD	MS & Co. Int. PLC		0.549	12/18/2024		6,445,000		6,445,000		24,325		54,793		(30,468	)
Put NZD/Call USD	MS & Co. Int. PLC		0.544	03/19/2025		5,856,000		5,856,000		28,071		55,260		(27,189	)
Put NZD/Call USD	MS & Co. Int. PLC		0.555	03/20/2024		4,984,000		4,984,000		3		26,454		(26,451	)
Put NZD/Call USD	MS & Co. Int. PLC		0.546	06/18/2024		3,908,000		3,908,000		1,309		27,035		(25,726	)
Put NZD/Call USD	MS & Co. Int. PLC		0.537	09/18/2024		3,288,000		3,288,000		3,700		26,953		(23,253	)

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Put NZD/Call USD	MS & Co. Int. PLC	$	0.530		12/18/2024		2,888,000	$	2,888,000	$	6,152		$   26,637		$   (20,485	)
							203,926,000	$	203,926,000	$	490,986		$1,727,051		$(1,236,065	)
Total purchased option contracts							2,888,189,000	$	2,888,189,000	$	1,345,332		$4,429,449		$(3,084,117	)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
Euro Stoxx 50 Index	$	4,600.000		03/15/2024		(75	)	$	(34,500,000	)	$	(240,991	)	$	(31,439	)	$	(209,552	)
Euro Stoxx 50 Index		4,650.000		03/15/2024		(25	)		(11,625,000	)		(67,118	)		(10,095	)		(57,023	)
Euro Stoxx 50 Index		4,700.000		03/15/2024		(18	)		(8,460,000	)		(38,948	)		(9,055	)		(29,893	)
Euro Stoxx 50 Index		4,725.000		03/15/2024		(37	)		(17,482,500	)		(70,582	)		(19,294	)		(51,288	)
Euro Stoxx 50 Index		4,775.000		03/15/2024		(22	)		(10,505,000	)		(31,030	)		(8,173	)		(22,857	)
Euro Stoxx 50 Index		4,825.000		03/15/2024		(14	)		(6,755,000	)		(13,346	)		(3,901	)		(9,445	)
Euro Stoxx 50 Index		4,850.000		03/15/2024		(5	)		(2,425,000	)		(3,745	)		(1,496	)		(2,249	)
Euro Stoxx 50 Index		4,650.000		04/19/2024		(4	)		(1,860,000	)		(11,560	)		(1,633	)		(9,927	)
Euro Stoxx 50 Index		4,775.000		04/19/2024		(13	)		(6,207,500	)		(22,776	)		(7,880	)		(14,896	)
Euro Stoxx 50 Index		4,825.000		04/19/2024		(17	)		(8,202,500	)		(22,985	)		(8,094	)		(14,891	)
Euro Stoxx 50 Index		4,875.000		04/19/2024		(26	)		(12,675,000	)		(26,049	)		(10,455	)		(15,594	)
Euro Stoxx 50 Index		4,900.000		04/19/2024		(34	)		(16,660,000	)		(28,847	)		(14,925	)		(13,922	)
Euro Stoxx 50 Index		5,000.000		04/19/2024		(34	)		(17,000,000	)		(13,266	)		(14,934	)		1,668
Euro Stoxx 50 Index		5,000.000		05/17/2024		(4	)		(2,000,000	)		(1,781	)		(1,942	)		161
FTSE 100 Index		7,600.000		03/15/2024		(9	)		(6,840,000	)		(8,577	)		(6,643	)		(1,934	)
FTSE 100 Index		7,650.000		03/15/2024		(7	)		(5,355,000	)		(4,286	)		(3,703	)		(583	)
FTSE 100 Index		7,700.000		03/15/2024		(3	)		(2,310,000	)		(1,117	)		(1,157	)		40
FTSE 100 Index		7,750.000		03/15/2024		(13	)		(10,075,000	)		(2,708	)		(10,242	)		7,534
FTSE 100 Index		7,950.000		03/15/2024		(11	)		(8,745,000	)		(208	)		(7,198	)		6,990
FTSE 100 Index		7,675.000		04/19/2024		(1	)		(767,500	)		(1,010	)		(902	)		(108	)
FTSE 100 Index		7,700.000		04/19/2024		(3	)		(2,310,000	)		(2,651	)		(3,654	)		1,003
FTSE 100 Index		7,750.000		04/19/2024		(14	)		(10,850,000	)		(9,189	)		(15,679	)		6,490
FTSE 100 Index		7,800.000		04/19/2024		(4	)		(3,120,000	)		(1,919	)		(3,078	)		1,159
FTSE 100 Index		7,850.000		04/19/2024		(8	)		(6,280,000	)		(2,777	)		(5,201	)		2,424
FTSE 100 Index		7,875.000		05/17/2024		(1	)		(787,500	)		(511	)		(822	)		311
Nikkei 225 Index		34,500.000		03/08/2024		(1	)		(3,450,000	)		(31,784	)		(2,657	)		(29,127	)
Nikkei 225 Index		35,000.000		03/08/2024		(5	)		(17,500,000	)		(142,409	)		(11,579	)		(130,830	)
Nikkei 225 Index		35,125.000		03/08/2024		(4	)		(14,050,000	)		(110,592	)		(8,983	)		(101,609	)
Nikkei 225 Index		35,250.000		03/08/2024		(3	)		(10,575,000	)		(80,443	)		(5,047	)		(75,396	)
Nikkei 225 Index		36,000.000		03/08/2024		(5	)		(18,000,000	)		(109,058	)		(28,282	)		(80,776	)
Nikkei 225 Index		37,125.000		03/08/2024		(4	)		(14,850,000	)		(57,497	)		(14,040	)		(43,457	)
Nikkei 225 Index		37,500.000		03/08/2024		(2	)		(7,500,000	)		(23,879	)		(3,427	)		(20,452	)
Nikkei 225 Index		37,625.000		03/08/2024		(3	)		(11,287,500	)		(33,418	)		(5,181	)		(28,237	)
Nikkei 225 Index		37,375.000		04/12/2024		(2	)		(7,475,000	)		(26,414	)		(8,506	)		(17,908	)
Nikkei 225 Index		37,500.000		04/12/2024		(5	)		(18,750,000	)		(63,034	)		(23,533	)		(39,501	)
Nikkei 225 Index		37,875.000		04/12/2024		(4	)		(15,150,000	)		(42,956	)		(10,351	)		(32,605	)
Nikkei 225 Index		38,000.000		04/12/2024		(3	)		(11,400,000	)		(30,416	)		(7,419	)		(22,997	)
Nikkei 225 Index		39,125.000		04/12/2024		(5	)		(19,562,500	)		(29,015	)		(25,299	)		(3,716	)

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Nikkei 225 Index	$	39,750.000		04/12/2024		(3	)	$	(11,925,000	)	$	(12,307	)	$	(14,645	)	$	2,338
Nikkei 225 Index		39,625.000		05/10/2024		(1	)		(3,962,500	)		(6,170	)		(5,459	)		(711	)
Nikkei 225 Index		40,125.000		05/10/2024		(2	)		(8,025,000	)		(9,872	)		(11,358	)		1,486
S&P 500 Index		5,050.000		03/06/2024		(26	)		(13,130,000	)		(139,490	)		(90,604	)		(48,886	)
S&P 500 Index		5,100.000		03/20/2024		(26	)		(13,260,000	)		(137,670	)		(57,320	)		(80,350	)
S&P 500 Index		5,200.000		03/27/2024		(26	)		(13,520,000	)		(60,710	)		(54,423	)		(6,287	)
S&P 500 Index		4,955.000		03/28/2024		(8	)		(3,964,000	)		(138,440	)		(27,402	)		(111,038	)
S&P 500 Index		4,960.000		03/28/2024		(1	)		(496,000	)		(16,875	)		(3,209	)		(13,666	)
S&P 500 Index		5,040.000		03/28/2024		(7	)		(3,528,000	)		(72,905	)		(32,067	)		(40,838	)
S&P 500 Index		5,100.000		03/28/2024		(8	)		(4,080,000	)		(52,760	)		(19,035	)		(33,725	)
S&P 500 Index		5,110.000		03/28/2024		(4	)		(2,044,000	)		(24,240	)		(13,247	)		(10,993	)
S&P 500 Index		5,115.000		03/28/2024		(6	)		(3,069,000	)		(34,890	)		(23,334	)		(11,556	)
S&P 500 Index		5,120.000		03/28/2024		(2	)		(1,024,000	)		(11,110	)		(5,098	)		(6,012	)
S&P 500 Index		5,180.000		03/28/2024		(20	)		(10,360,000	)		(62,400	)		(59,870	)		(2,530	)
S&P 500 Index		5,185.000		03/28/2024		(20	)		(10,370,000	)		(59,100	)		(56,618	)		(2,482	)
S&P 500 Index		5,190.000		03/28/2024		(20	)		(10,380,000	)		(56,000	)		(53,665	)		(2,335	)
S&P 500 Index		5,195.000		03/28/2024		(20	)		(10,390,000	)		(53,000	)		(50,750	)		(2,250	)
S&P 500 Index		5,200.000		03/28/2024		(21	)		(10,920,000	)		(52,500	)		(50,265	)		(2,235	)
S&P 500 Index		5,175.000		04/30/2024		(6	)		(3,105,000	)		(41,700	)		(26,357	)		(15,343	)
S&P 500 Index		5,185.000		04/30/2024		(6	)		(3,111,000	)		(39,060	)		(21,294	)		(17,766	)
S&P 500 Index		5,270.000		04/30/2024		(8	)		(4,216,000	)		(28,361	)		(26,199	)		(2,162	)
						(689	)	$	(528,227,000	)	$	(2,518,452	)	$	(1,058,118	)	$	(1,460,334	)
Puts
Euro Stoxx 50 Index		4,350.000		03/15/2024		(36	)		(15,660,000	)		(778	)		(17,031	)		16,253
Euro Stoxx 50 Index		4,375.000		03/15/2024		(64	)		(28,000,000	)		(1,453	)		(40,024	)		38,571
Euro Stoxx 50 Index		4,425.000		03/15/2024		(26	)		(11,505,000	)		(646	)		(17,827	)		17,181
Euro Stoxx 50 Index		4,525.000		03/15/2024		(29	)		(13,122,500	)		(940	)		(12,222	)		11,282
Euro Stoxx 50 Index		4,575.000		03/15/2024		(22	)		(10,065,000	)		(832	)		(9,770	)		8,938
Euro Stoxx 50 Index		4,650.000		03/15/2024		(14	)		(6,510,000	)		(741	)		(6,752	)		6,011
Euro Stoxx 50 Index		4,700.000		03/15/2024		(5	)		(2,350,000	)		(351	)		(1,836	)		1,485
Euro Stoxx 50 Index		4,350.000		04/19/2024		(4	)		(1,740,000	)		(333	)		(3,246	)		2,913
Euro Stoxx 50 Index		4,475.000		04/19/2024		(13	)		(5,817,500	)		(1,517	)		(7,320	)		5,803
Euro Stoxx 50 Index		4,550.000		04/19/2024		(17	)		(7,735,000	)		(2,572	)		(11,353	)		8,781
Euro Stoxx 50 Index		4,625.000		04/19/2024		(26	)		(12,025,000	)		(5,311	)		(18,660	)		13,349
Euro Stoxx 50 Index		4,650.000		04/19/2024		(34	)		(15,810,000	)		(7,827	)		(19,162	)		11,335
Euro Stoxx 50 Index		4,775.000		04/19/2024		(34	)		(16,235,000	)		(14,773	)		(17,000	)		2,227
Euro Stoxx 50 Index		4,725.000		05/17/2024		(4	)		(1,890,000	)		(2,616	)		(2,891	)		275
FTSE 100 Index		7,275.000		03/15/2024		(9	)		(6,547,500	)		(625	)		(7,186	)		6,561
FTSE 100 Index		7,375.000		03/15/2024		(7	)		(5,162,500	)		(795	)		(3,235	)		2,440
FTSE 100 Index		7,400.000		03/15/2024		(8	)		(5,920,000	)		(1,060	)		(5,853	)		4,793
FTSE 100 Index		7,450.000		03/15/2024		(8	)		(5,960,000	)		(1,515	)		(5,339	)		3,824
FTSE 100 Index		7,475.000		03/15/2024		(1	)		(747,500	)		(227	)		(163	)		(64	)
FTSE 100 Index		7,525.000		03/15/2024		(2	)		(1,505,000	)		(682	)		(1,981	)		1,299
FTSE 100 Index		7,550.000		03/15/2024		(5	)		(3,775,000	)		(2,083	)		(5,454	)		3,371
FTSE 100 Index		7,575.000		03/15/2024		(4	)		(3,030,000	)		(2,020	)		(4,675	)		2,655
FTSE 100 Index		7,225.000		04/19/2024		(1	)		(722,500	)		(246	)		(513	)		267
FTSE 100 Index		7,325.000		04/19/2024		(3	)		(2,197,500	)		(1,079	)		(2,091	)		1,012
FTSE 100 Index		7,400.000		04/19/2024		(6	)		(4,440,000	)		(2,954	)		(5,725	)		2,771
FTSE 100 Index		7,425.000		04/19/2024		(12	)		(8,910,000	)		(6,665	)		(8,360	)		1,695
FTSE 100 Index		7,525.000		04/19/2024		(8	)		(6,020,000	)		(6,968	)		(5,133	)		(1,835	)
FTSE 100 Index		7,500.000		05/17/2024		(1	)		(750,000	)		(1,161	)		(936	)		(225	)

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Nikkei 225 Index	$	31,750.000		03/08/2024		(1	)	$	(3,175,000	)	$	(20	)		$    (4,546	)	$	4,526
Nikkei 225 Index		32,500.000		03/08/2024		(5	)		(16,250,000	)		(100	)		(19,363	)		19,263
Nikkei 225 Index		32,625.000		03/08/2024		(6	)		(19,575,000	)		(120	)		(28,852	)		28,732
Nikkei 225 Index		33,500.000		03/08/2024		(5	)		(16,750,000	)		(100	)		(12,678	)		12,578
Nikkei 225 Index		34,500.000		03/08/2024		(4	)		(13,800,000	)		(133	)		(10,933	)		10,800
Nikkei 225 Index		35,250.000		03/08/2024		(3	)		(10,575,000	)		(140	)		(8,671	)		8,531
Nikkei 225 Index		35,375.000		03/08/2024		(1	)		(3,537,500	)		(47	)		(1,092	)		1,045
Nikkei 225 Index		35,500.000		03/08/2024		(2	)		(7,100,000	)		(93	)		(6,924	)		6,831
Nikkei 225 Index		34,000.000		04/12/2024		(2	)		(6,800,000	)		(654	)		(8,101	)		7,447
Nikkei 225 Index		34,750.000		04/12/2024		(7	)		(24,325,000	)		(3,315	)		(25,372	)		22,057
Nikkei 225 Index		34,875.000		04/12/2024		(4	)		(13,950,000	)		(2,028	)		(19,500	)		17,472
Nikkei 225 Index		36,250.000		04/12/2024		(5	)		(18,125,000	)		(5,837	)		(13,809	)		7,972
Nikkei 225 Index		37,000.000		04/12/2024		(3	)		(11,100,000	)		(5,603	)		(6,372	)		769
Nikkei 225 Index		36,125.000		05/10/2024		(1	)		(3,612,500	)		(2,101	)		(3,828	)		1,727
Nikkei 225 Index		36,750.000		05/10/2024		(2	)		(7,350,000	)		(5,736	)		(6,242	)		506
S&P 500 Index		4,910.000		03/06/2024		(26	)		(12,766,000	)		(2,340	)		(71,544	)		69,204
S&P 500 Index		4,900.000		03/13/2024		(26	)		(12,740,000	)		(11,960	)		(93,378	)		81,418
S&P 500 Index		4,920.000		03/20/2024		(26	)		(12,792,000	)		(28,730	)		(122,426	)		93,696
S&P 500 Index		5,030.000		03/27/2024		(26	)		(13,078,000	)		(85,280	)		(98,865	)		13,585
S&P 500 Index		4,675.000		03/28/2024		(1	)		(467,500	)		(500	)		(8,599	)		8,099
S&P 500 Index		4,690.000		03/28/2024		(3	)		(1,407,000	)		(1,575	)		(18,477	)		16,902
S&P 500 Index		4,695.000		03/28/2024		(5	)		(2,347,500	)		(2,675	)		(37,026	)		34,351
S&P 500 Index		4,805.000		03/28/2024		(7	)		(3,363,500	)		(5,915	)		(33,657	)		27,742
S&P 500 Index		4,865.000		03/28/2024		(8	)		(3,892,000	)		(9,160	)		(55,917	)		46,757
S&P 500 Index		4,885.000		03/28/2024		(4	)		(1,954,000	)		(5,140	)		(18,207	)		13,067
S&P 500 Index		4,895.000		03/28/2024		(6	)		(2,937,000	)		(8,190	)		(25,374	)		17,184
S&P 500 Index		4,915.000		03/28/2024		(2	)		(983,000	)		(3,080	)		(10,438	)		7,358
S&P 500 Index		5,010.000		03/28/2024		(20	)		(10,020,000	)		(57,200	)		(59,692	)		2,492
S&P 500 Index		5,015.000		03/28/2024		(20	)		(10,030,000	)		(59,400	)		(61,925	)		2,525
S&P 500 Index		5,020.000		03/28/2024		(20	)		(10,040,000	)		(61,800	)		(64,347	)		2,547
S&P 500 Index		5,025.000		03/28/2024		(20	)		(10,050,000	)		(64,000	)		(66,813	)		2,813
S&P 500 Index		5,030.000		03/28/2024		(21	)		(10,563,000	)		(69,825	)		(72,898	)		3,073
S&P 500 Index		4,880.000		04/30/2024		(4	)		(1,952,000	)		(11,480	)		(26,047	)		14,567
S&P 500 Index		4,890.000		04/30/2024		(2	)		(978,000	)		(5,980	)		(12,078	)		6,098
S&P 500 Index		4,905.000		04/30/2024		(6	)		(2,943,000	)		(19,140	)		(42,662	)		23,522
S&P 500 Index		5,020.000		04/30/2024		(8	)		(4,016,000	)		(43,280	)		(47,097	)		3,817
						(715	)	$	(509,497,000	)	$	(651,447	)		$(1,465,488	)	$	814,041
Total written option contracts						(1,404	)	$	(1,037,724,000	)	$	(3,169,899	)		$(2,523,606	)	$	(646,293	)
EXCHANGE TRADED OPTIONS ON FUTURES
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3 Month SOFR		$95.000		03/15/2024		777		$	1,942,500		$	4,856		$	2,288,516		$	(2,283,660	)
3 Month SOFR		97.750		03/15/2024		2,323			5,807,500			14,519			2,749,257			(2,734,738	)
3 Month SOFR		95.125		06/14/2024		428			1,070,000			69,550			1,518,638			(1,449,088	)
3 Month SOFR		97.250		06/14/2024		807			2,017,500			15,131			779,129			(763,998	)

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
3 Month SOFR	$	97.750		06/14/2024		2,036	$	5,090,000	$	25,450		$ 2,716,180	$	(2,690,730	)
3 Month SOFR		98.500		06/14/2024		5,086		12,715,000		63,575		554,824		(491,249	)
3 Month SOFR		95.250		09/13/2024		385		962,500		235,813		1,547,892		(1,312,079	)
3 Month SOFR		96.000		09/13/2024		907		2,267,500		215,413		1,617,407		(1,401,994	)
3 Month SOFR		97.250		09/13/2024		1,214		3,035,000		98,638		1,623,613		(1,524,975	)
3 Month SOFR		98.000		09/13/2024		2,599		6,497,500		129,950		363,392		(233,442	)
3 Month SOFR		96.250		12/13/2024		915		2,287,500		423,188		1,714,070		(1,290,882	)
3 Month SOFR		97.250		12/13/2024		2,052		5,130,000		397,575		3,290,395		(2,892,820	)
3 Month SOFR		98.000		12/13/2024		3,960		9,900,000		396,000		888,337		(492,337	)
3 Month SOFR		96.500		03/14/2025		966		2,415,000		609,787		1,863,201		(1,253,414	)
3 Month SOFR		97.000		03/14/2025		2,074		5,185,000		829,600		2,263,037		(1,433,437	)
3 Month SOFR		97.250		03/14/2025		1,843		4,607,500		587,456		3,360,173		(2,772,717	)
3 Month SOFR		98.000		03/14/2025		2,796		6,990,000		436,875		923,062		(486,187	)
3 Month SOFR		96.250		06/13/2025		389		972,500		452,213		715,690		(263,477	)
3 Month SOFR		96.625		06/13/2025		983		2,457,500		829,406		1,903,452		(1,074,046	)
3 Month SOFR		96.750		06/13/2025		1,226		3,065,000		927,162		1,290,144		(362,982	)
3 Month SOFR		97.250		06/13/2025		2,670		6,675,000		1,268,250		2,854,785		(1,586,535	)
3 Month SOFR		96.500		09/12/2025		430		1,075,000		516,000		731,998		(215,998	)
3 Month SOFR		96.625		09/12/2025		921		2,302,500		995,831		1,888,445		(892,614	)
3 Month SOFR		97.000		09/12/2025		1,234		3,085,000		979,487		1,267,713		(288,226	)
3 Month SOFR		97.500		09/12/2025		3,092		7,730,000		1,565,325		3,074,948		(1,509,623	)
3 Month SOFR		96.500		12/12/2025		404		1,010,000		563,075		729,000		(165,925	)
3 Month SOFR		97.250		12/12/2025		1,442		3,605,000		1,081,500		1,373,245		(291,745	)
3 Month SOFR		97.500		12/12/2025		2,880		7,200,000		1,746,000		3,083,882		(1,337,882	)
3 Month SOFR		96.750		03/13/2026		480		1,200,000		597,000		781,114		(184,114	)
3 Month SOFR		97.250		03/13/2026		1,368		3,420,000		1,128,600		1,371,174		(242,574	)
3 Month SOFR		96.750		06/12/2026		494		1,235,000		648,375		766,846		(118,471	)
Total purchased option contracts						49,181	$	122,952,500	$	17,851,600		$51,893,559	$	(34,041,959	)
TOTAL						49,181	$	122,952,500	$	17,851,600		$51,893,559	$	(34,041,959	)

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
DKK	—Denmark Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar

 

  

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

Investment Abbreviations:
ETF	—Exchange Traded Fund
MSCI	—Morgan Stanley Capital International
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Abbreviations:
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
SOFR	—Secured Overnight Financing Rate

 

  

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations(a) – 24.1%
U.S. Treasury Bills
$	40,600,000		0.000	%	03/12/24	$	40,534,518
	40,743,200		0.000		04/02/24		40,551,827
	200,000,000		0.000		05/07/24		198,048,128
	92,879,800		0.000		06/13/24		91,486,355
	187,500,000		0.000		08/15/24		183,056,327
TOTAL U.S. TREASURY OBLIGATIONS (Cost $553,701,647)						$	553,677,155
Shares		Dividend    Rate				Value
Investment Company(b) – 68.4%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,575,563,640					5.219%	$	1,575,563,640
(Cost $1,575,563,640)
TOTAL INVESTMENTS – 92.5% (Cost $2,129,265,287)						$	2,129,240,795
OTHER ASSETS IN EXCESS OF  LIABILITIES – 7.5%							173,718,831
NET ASSETS – 100.0%						$	2,302,959,626

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	Represents an affiliated fund.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 29, 2024, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	22,334,241	AUD	33,900,000		03/20/24	$	285,080
	USD	9,887,490	CAD	13,330,000		03/20/24		62,469
	USD	251,945,419	CHF	219,960,000		03/20/24		2,671,614
	USD	16,022,781	EUR	14,810,000		03/20/24		2,833
	USD	163,412,420	GBP	128,360,000		03/20/24		1,363,948
	USD	119,047,382	JPY	16,582,830,000		03/21/24		8,061,264
	USD	5,596,047	NZD	8,840,000		03/20/24		213,764
TOTAL							$	12,660,972
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	41,480,000	USD	27,997,564		03/20/24	$	(1,018,236	)
	CHF	106,230,000	USD	124,531,553		03/20/24		(4,144,406	)
	EUR	14,810,000	USD	16,360,157		03/20/24		(340,209	)
	GBP	152,640,000	USD	193,948,709		03/20/24		(1,247,877	)
	JPY	18,628,030,000	USD	128,666,445		03/21/24		(3,992,145	)
	NZD	28,240,000	USD	17,308,889		03/20/24		(114,809	)

  

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	USD	82,354,354	CAD	111,750,000		03/20/24	$	(12,185	)
	USD	125,944,150	GBP	99,950,000		03/20/24		(238,032	)
TOTAL							$	(11,107,899	)

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		10,195		06/18/24		$1,125,910,313			$ 3,038,701
S&P 500 E-Mini Index		5,892		03/15/24		1,503,564,750			63,252,640
Total									$66,291,341
Short position contracts:
20 Year U.S. Treasury Bonds		(1,018)		06/18/24		(121,396,500	)		(629,235	)
3 Month SOFR		(600)		06/17/25		(143,677,500	)		844,674
Total									$   215,439
TOTAL FUTURES CONTRACTS									$66,506,780

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 29, 2024, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

Description	Exercise Price		Expiration Date	Number of Contracts	Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
S&P 500 Index	$	3,750.000	03/01/2024	424	$	159,000,000	$	1,060	$	51,304		$ (50,244)
S&P 500 Index		4,575.000	03/01/2024	347		158,752,500		3,470		12,492		(9,022)
S&P 500 Index		3,700.000	03/04/2024	421		155,770,000		1,053		50,325		(49,272)
S&P 500 Index		3,800.000	03/05/2024	418		158,840,000		1,045		48,758		(47,713)
S&P 500 Index		3,800.000	03/06/2024	418		158,840,000		4,180		40,128		(35,948)
S&P 500 Index		3,950.000	03/07/2024	416		164,320,000		5,200		46,176		(40,976)
S&P 500 Index		3,950.000	03/08/2024	414		163,530,000		8,280		48,127		(39,847)
S&P 500 Index		3,950.000	03/11/2024	414		163,530,000		9,315		51,874		(42,559)
S&P 500 Index		4,000.000	03/12/2024	411		164,400,000		12,330		58,017		(45,687)
S&P 500 Index		3,600.000	03/14/2024	416		149,760,000		7,280		46,250		(38,970)
S&P 500 Index		3,690.000	03/15/2024	416		153,504,000		10,400		48,256		(37,856)
S&P 500 Index		3,820.000	03/15/2024	413		157,766,000		14,455		52,038		(37,583)
S&P 500 Index		3,800.000	03/18/2024	413		156,940,000		16,520		41,713		(25,193)
S&P 500 Index		3,800.000	03/19/2024	415		157,700,000		18,675		48,140		(29,465)
S&P 500 Index		3,600.000	03/20/2024	418		150,480,000		14,630		40,760		(26,130)
S&P 500 Index		3,900.000	03/21/2024	413		161,070,000		28,910		47,756		(18,846)
S&P 500 Index		4,000.000	03/22/2024	406		162,400,000		36,540		49,126		(12,586)
S&P 500 Index		4,000.000	03/25/2024	408		163,200,000		38,760		45,405		(6,645)
S&P 500 Index		4,000.000	03/26/2024	409		163,600,000		41,923		49,150		(7,227)

  

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

Description	Exercise Price		Expiration Date	Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
S&P 500 Index	$	3,945.000	03/28/2024	409	$	161,350,500		$	44,990		$	50,225			$  (5,235	)
S&P 500 Index		4,020.000	03/28/2024	450		180,900,000			56,249			55,076			1,173
Total purchased option contracts				8,669	$	3,365,653,000		$	375,265		$	981,096			$(605,831	)
Written option contracts
Puts
S&P 500 Index		4,915.000	03/01/2024	(1,644)		(808,026,000	)		(24,660	)		(234,681	)		210,021
S&P 500 Index		4,915.000	03/04/2024	(1,653)		(812,449,500	)		(45,458	)		(277,291	)		231,833
S&P 500 Index		4,895.000	03/05/2024	(1,658)		(811,591,000	)		(74,610	)		(278,129	)		203,519
S&P 500 Index		4,885.000	03/06/2024	(1,655)		(808,467,500	)		(119,988	)		(236,251	)		116,263
S&P 500 Index		4,890.000	03/07/2024	(1,813)		(886,557,000	)		(208,494	)		(204,416	)		(4,078	)
Total written option contracts				(8,423)	$	(4,127,091,000	)	$	(473,210	)	$	(1,230,768	)		$ 757,558
TOTAL				246	$	(761,438,000	)	$	(97,945	)	$	(249,672	)		$ 151,727

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price		Expiration Date	Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3 Month SOFR	$	95.750	03/14/2025	1,599	$	3,997,500		$	2,028,731			$ 2,042,435			$   (13,704	)
3 Month SOFR		96.500	03/14/2025	1,544		3,860,000			974,650			2,071,469			(1,096,819	)
				3,143	$	7,857,500		$	3,003,381			$ 4,113,904			$(1,110,523	)
Puts
3 Month SOFR		95.750	03/14/2025	1,599		3,997,500			1,888,819			1,902,522			(13,703	)
3 Month SOFR		96.500	03/14/2025	1,544		3,860,000			3,647,700			2,082,508			1,565,192
				3,143	$	7,857,500		$	5,536,519			$ 3,985,030			$ 1,551,489
Total purchased option contracts				6,286	$	15,715,000		$	8,539,900			$ 8,098,934			$   440,966
Written option contracts
Puts
20 Year U.S. Treasury Bonds		114.000	03/22/2024	(1,214)		(1,214,000	)		(132,781	)		(564,449	)		431,668
20 Year U.S. Treasury Bonds		117.000	03/22/2024	(1,188)		(1,188,000	)		(649,688	)		(830,799	)		181,111
20 Year U.S. Treasury Bonds		116.000	04/26/2024	(1,350)		(1,350,000	)		(1,265,625	)		(1,260,495	)		(5,130	)
Total written option contracts				(3,752)	$	(3,752,000	)	$	(2,048,094	)		$(2,655,743	)		$   607,649
TOTAL				2,534	$	11,963,000		$	6,491,806			$ 5,443,191			$ 1,048,615

  

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
NZD	—New Zealand Dollar
USD	—U.S. Dollar

Abbreviations:
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
SOFR	—Secured Overnight Financing Rate

 

  

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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Principal Amount			Interest Rate			Maturity Date	Value
U.S. Treasury Obligations(a) – 35.4%
U.S. Treasury Bills
$		75,000,000		0.000	%	05/07/24	$	74,268,048
		30,000,000		0.000		06/13/24		29,549,920
		50,000,000		0.000		08/15/24		48,815,021
TOTAL U.S. TREASURY OBLIGATIONS (Cost $152,642,587)							$	152,632,989
	Shares		Dividend Rate				Value
Investment Company(b) – 60.3%
Goldman Sachs Financial Square Government Fund — Institutional Shares
		259,580,713		5.219%			$	259,580,713
(Cost $259,580,713)
TOTAL INVESTMENTS – 95.7% (Cost $412,223,300)							$	412,213,702
OTHER ASSETS IN EXCESS OF LIABILITIES – 4.3%								18,679,183
NET ASSETS – 100.0%							$	430,892,885

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	Represents an affiliated fund.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		9		06/18/24	$	993,937		$   280
2 Year U.S. Treasury Notes		713		06/28/24		145,986,750		27,838
5 Year U.S. Treasury Notes		2,371		06/28/24		253,474,719		26,150
S&P 500 E-Mini Index		8		03/15/24		2,041,500		36,131
TOTAL FUTURES CONTRACTS								$90,399

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 29, 2024, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
S&P 500 Index	$	3,750.000		03/01/2024		90	$	33,750,000	$	225		$  10,890		$ (10,665)
S&P 500 Index		3,700.000		03/04/2024		90		33,300,000		225		10,758		(10,533)
S&P 500 Index		3,800.000		03/05/2024		89		33,820,000		223		10,324		(10,101)
S&P 500 Index		3,800.000		03/06/2024		89		33,820,000		890		8,544		(7,654)
S&P 500 Index		3,950.000		03/07/2024		89		35,155,000		1,113		10,144		(9,031)
S&P 500 Index		3,950.000		03/08/2024		88		34,760,000		1,760		10,230		(8,470)
S&P 500 Index		3,950.000		03/11/2024		88		34,760,000		1,980		10,998		(9,018)
S&P 500 Index		4,000.000		03/12/2024		87		34,800,000		2,610		12,281		(9,671)

  

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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
S&P 500 Index	$	3,600.000		03/14/2024		88	$	31,680,000		$	1,540			$   9,784		$  (8,244)
S&P 500 Index		3,690.000		03/15/2024		88		32,472,000			2,200			10,208		(8,008)
S&P 500 Index		3,820.000		03/15/2024		87		33,234,000			3,045			10,962		(7,917)
S&P 500 Index		3,800.000		03/18/2024		87		33,060,000			3,480			8,787		(5,307)
S&P 500 Index		3,800.000		03/19/2024		87		33,060,000			3,915			10,092		(6,177)
S&P 500 Index		3,600.000		03/20/2024		89		32,040,000			3,115			8,679		(5,564)
S&P 500 Index		3,900.000		03/21/2024		88		34,320,000			6,160			10,176		(4,016)
S&P 500 Index		4,000.000		03/22/2024		86		34,400,000			7,740			10,406		(2,666)
S&P 500 Index		4,000.000		03/25/2024		87		34,800,000			8,265			9,682		(1,417)
S&P 500 Index		4,000.000		03/26/2024		87		34,800,000			8,917			10,455		(1,538)
S&P 500 Index		3,945.000		03/28/2024		87		34,321,500			9,570			10,683		(1,113)
S&P 500 Index		4,020.000		03/28/2024		84		33,768,000			10,500			10,280		220
Total purchased option contracts						1,755	$	676,120,500		$	77,473			$ 204,363		$(126,890)
Written option contracts
Puts
S&P 500 Index		4,915.000		03/01/2024		(350)		(172,025,000	)		(5,250	)		(49,963)		44,713
S&P 500 Index		4,915.000		03/04/2024		(350)		(172,025,000	)		(9,625	)		(58,713)		49,088
S&P 500 Index		4,895.000		03/05/2024		(352)		(172,304,000	)		(15,840	)		(59,048)		43,208
S&P 500 Index		4,885.000		03/06/2024		(351)		(171,463,500	)		(25,448	)		(50,105)		24,657
S&P 500 Index		4,890.000		03/07/2024		(340)		(166,260,000	)		(39,100	)		(38,335)		(765)
Total written option contracts						(1,743)	$	(854,077,500	)	$	(95,263	)		$(256,164)		$ 160,901
TOTAL						12	$	(177,957,000	)	$	(17,790	)		$ (51,801)		$  34,011

EXCHANGE TRADED OPTIONS ON FUTURES

											Premiums		Unrealized
	Exercise		Expiration		Number of		Notional		Market		Paid (Received)		Appreciation/
Description	Price		Date		Contracts		Amount		Value		by Fund		(Depreciation)
Purchased option contracts
Calls
3 Month SOFR	$	96.875		03/15/2024		31		$    77,500	$	194		$    459		$   (265)
3 Month SOFR		97.375		03/15/2024		31		77,500		193		268		(75)
3 Month SOFR		97.438		03/15/2024		31		77,500		194		266		(72)
3 Month SOFR		96.063		06/14/2024		31		77,500		1,163		8,209		(7,046)
3 Month SOFR		96.188		06/14/2024		31		77,500		1,163		7,434		(6,271)
3 Month SOFR		96.500		06/14/2024		31		77,500		969		5,497		(4,528)
3 Month SOFR		96.188		09/13/2024		31		77,500		6,200		19,834		(13,634)
3 Month SOFR		96.250		09/13/2024		31		77,500		5,812		18,672		(12,860)
3 Month SOFR		96.375		09/13/2024		31		77,500		5,038		16,734		(11,696)
3 Month SOFR		97.125		12/13/2024		30		75,000		6,562		15,444		(8,882)
3 Month SOFR		97.313		12/13/2024		30		75,000		5,625		10,570		(4,945)
3 Month SOFR		96.750		03/14/2025		30		75,000		15,000		15,819		(819)
						369		$   922,500		$ 48,113		$119,206		$(71,093)
Puts
3 Month SOFR		94.688		03/15/2024		31		77,500		1,551		460		1,091
3 Month SOFR		95.063		03/15/2024		62		155,000		58,900		34,244		24,656

  

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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

													Premiums		Unrealized
	Exercise		Expiration		Number of		Notional			Market			Paid (Received)		Appreciation/
Description	Price		Date		Contracts		Amount			Value			by Fund		(Depreciation)
3 Month SOFR	$	94.313		06/14/2024		31		$    77,500		$	775			$    653		$    122
3 Month SOFR		94.438		06/14/2024		62		155,000			2,325			1,694		631
3 Month SOFR		94.375		09/13/2024		62		155,000			5,425			2,469		2,956
3 Month SOFR		94.813		09/13/2024		31		77,500			8,137			2,397		5,740
3 Month SOFR		95.438		12/13/2024		30		75,000			26,812			12,819		13,993
3 Month SOFR		95.500		12/13/2024		30		75,000			29,250			11,695		17,555
3 Month SOFR		95.000		03/14/2025		30		75,000			14,437			14,694		(257)
						369		$   922,500		$	147,612			$ 81,125		$ 66,487
Total purchased option contracts						738		$ 1,845,000		$	195,725			$200,331		$ (4,606)
Written option contracts
Puts
10 Year U.S. Treasury Notes		107.750		03/01/2024		(45)		(45,000	)		(45	)		(1,235)		1,190
10 Year U.S. Treasury Notes		108.250		03/01/2024		(90)		(90,000	)		(90	)		(1,767)		1,677
10 Year U.S. Treasury Notes		108.500		03/01/2024		(134)		(134,000	)		(134	)		(5,788)		5,654
10 Year U.S. Treasury Notes		108.750		03/01/2024		(90)		(90,000	)		(90	)		(3,877)		3,787
10 Year U.S. Treasury Notes		109.000		03/01/2024		(44)		(44,000	)		(308	)		(3,270)		2,962
10 Year U.S. Treasury Notes		109.250		03/01/2024		(45)		(45,000	)		(1,406	)		(1,938)		532
10 Year U.S. Treasury Notes		107.750		03/08/2024		(45)		(45,000	)		(45	)		(1,235)		1,190
10 Year U.S. Treasury Notes		108.000		03/08/2024		(45)		(45,000	)		(45	)		(1,938)		1,893
10 Year U.S. Treasury Notes		108.250		03/08/2024		(45)		(45,000	)		(703	)		(532)		(171)
10 Year U.S. Treasury Notes		108.500		03/08/2024		(90)		(90,000	)		(5,625	)		(7,392)		1,767
10 Year U.S. Treasury Notes		108.750		03/08/2024		(87)		(87,000	)		(2,719	)		(3,093)		374
10 Year U.S. Treasury Notes		109.250		03/08/2024		(43)		(43,000	)		(4,031	)		(3,196)		(835)
						(803)		$  (803,000	)	$	(15,241	)		$ (35,261)		$ 20,020
Calls
10 Year U.S. Treasury Notes		111.500		03/01/2024		(45)		(45,000	)		(315	)		(1,235)		920
10 Year U.S. Treasury Notes		111.750		03/01/2024		(45)		(45,000	)		(45	)		(1,235)		1,190
10 Year U.S. Treasury Notes		112.000		03/01/2024		(90)		(90,000	)		(90	)		(1,767)		1,677
10 Year U.S. Treasury Notes		112.250		03/01/2024		(90)		(90,000	)		(90	)		(2,471)		2,381
10 Year U.S. Treasury Notes		112.500		03/01/2024		(44)		(44,000	)		(44	)		(1,208)		1,164
10 Year U.S. Treasury Notes		112.750		03/01/2024		(45)		(45,000	)		(45	)		(532)		487
10 Year U.S. Treasury Notes		113.000		03/01/2024		(45)		(45,000	)		(45	)		(532)		487
10 Year U.S. Treasury Notes		113.250		03/01/2024		(44)		(44,000	)		(44	)		(520)		476
10 Year U.S. Treasury Notes		112.000		03/08/2024		(90)		(90,000	)		(4,219	)		(3,877)		(342)
10 Year U.S. Treasury Notes		112.250		03/08/2024		(87)		(87,000	)		(2,719	)		(3,091)		372
10 Year U.S. Treasury Notes		112.750		03/08/2024		(90)		(90,000	)		(1,406	)		(1,064)		(342)
10 Year U.S. Treasury Notes		113.000		03/08/2024		(87)		(87,000	)		(609	)		(667)		58
						(802)		$  (802,000	)	$	(9,671	)		$ (18,199)		$  8,528
Total written option contracts						(1,605)		$(1,605,000	)	$	(24,912	)		$ (53,460)		$ 28,548
TOTAL						(867)		$   240,000		$	170,813			$ 146,871		$ 23,942

Abbreviation:
SOFR	—Secured Overnight Financing Rate

 

  

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

Consolidated Schedule of Investments

February 29, 2024 (Unaudited)

 

Principal   Amount		Interest Rate			Maturity Date	Value
Corporate Obligations(a) – 1.7%
Banks – 1.7%
Mizuho Bank Ltd.
$	4,500,000		0.000	%	03/04/24	$	4,497,281
	11,000,000		0.000		05/07/24		10,886,912
	11,000,000		0.000		05/10/24		10,881,974
Sumitomo Mitsui Banking Corp.
	23,000,000		0.000		03/22/24		22,923,777
Sumitomo Mitsui Trust Bank Ltd.
	29,000,000		0.000		05/02/24		28,723,581
TOTAL CORPORATE OBLIGATIONS (Cost $76,359,958)						$	77,913,525
Agency Debentures – 1.5%
Sovereign – 1.4%
Federal Farm Credit Banks Funding Corp.(b)
(Federal Reserve Bank Prime Loan Rate - 3.010%)
$	166,000		5.490	%	08/07/25	$	166,242
(Secured Overnight Financing Rate + 0.200%)
	140,000		5.510		12/05/24		140,218
Federal Home Loan Banks
	8,275,781		5.165	(c)	03/08/24		8,275,119
	25,560,000		5.340	(c)	04/23/24		25,550,543
	14,830,000		5.330	(c)	04/26/24		14,827,331
	14,875,000		5.300	(c)	05/22/24		14,852,241
(Secured Overnight Financing Rate + 0.120%)
	555,000		5.430	(b)	01/03/25		555,267
							64,366,961
Food and Beverage – 0.1%
Federal Home Loan Banks
	4,160,000		5.500		10/11/24		4,162,205
TOTAL AGENCY DEBENTURES (Cost $68,571,868)						$	68,529,166
U.S. Treasury Obligations – 12.0%
U.S. Treasury Bills(a)
$	8,672,000		0.000	%(d)	03/21/24	$	8,646,562
	31,672,800		0.000		06/25/24		31,140,032
	1,987,100		0.000		08/22/24		1,938,001
U.S. Treasury Floating Rate Notes(b)
(3 mo. Treasury money market yield + 0.140%)
	33,738,000		5.466	(d)	10/31/24		33,745,988
(3 mo. Treasury money market yield + 0.169%)
	1,003,700		5.495		04/30/25		1,003,915
(3 mo. Treasury money market yield + 0.125%)
	33,979,800		5.451		07/31/25		33,963,600
(3 mo. Treasury money market yield + 0.170%)
	30,353,500		5.496		10/31/25		30,353,253
(3 mo. Treasury money market yield + 0.245%)
	33,403,700		5.571		01/31/26		33,439,101
U.S. Treasury Notes
	45,127,500		1.750		06/30/24		44,589,848
	31,497,600		0.375		09/15/24		30,681,861
	22,245,100		1.500		11/30/24		21,643,787

Principal   Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
$	111,697,300		2.125	%	11/30/24	$	109,197,201
	35,579,000		4.500	(d)	11/30/24		35,388,597
	155,809,999		3.875		08/15/33		151,160,046
TOTAL U.S. TREASURY OBLIGATIONS (Cost $560,008,750)						$	566,891,792
Shares		Description				Value
Exchange Traded Funds – 1.8%
	256,040		Alerian MLP ETF(e)			$	11,698,468
	8,016		iShares 7-10 Year Treasury Bond ETF				755,267
	14,991		iShares Core MSCI Emerging Markets ETF				754,647
	19,078		iShares Core S&P 500 ETF				9,738,365
	57,371		iShares iBoxx $ High Yield Corporate Bond ETF				4,436,499
	2,662,299		Sprott Physical Uranium Trust				53,946,301
	53,314		Vanguard Real Estate ETF				4,561,013
TOTAL EXCHANGE TRADED FUNDS (Cost $64,388,250)						$	85,890,560
Shares		Dividend Rate				Value
Investment Companies(f) – 26.4%
Goldman Sachs Energy Infrastructure Fund — Class R6
	2,418,914		4.072%			$	27,841,696
Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,211,278,932		5.219				1,211,278,932
Goldman Sachs MLP Energy Infrastructure Fund — Class R6
	111,075		6.498				3,798,758
TOTAL INVESTMENT COMPANIES (Cost $1,227,777,887)						$	1,242,919,386
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 43.4% (Cost $1,997,106,713)						$	2,042,144,429
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 53.8%
Certificates of Deposit – 14.8%
Banco Santander SA
$	9,092,000		5.880	%	03/05/24	$	9,092,501
	10,904,000		5.750		11/27/24		10,933,102
(Secured Overnight Financing Rate + 0.710%)
	23,667,000		6.020	(b)	04/19/24		23,688,899
Bank of America NA
	1,147,000		5.960		08/15/24		1,149,009
	6,527,000		5.470		08/16/24		6,527,268

  

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

Consolidated Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Principal   Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
$	6,525,000		5.310	%	10/10/24	$	6,521,466
	1,280,000		5.170		02/07/25		1,277,794
Barclays Bank PLC(b)
(Secured Overnight Financing Rate + 0.380%)
	14,721,000		5.690		02/07/25		14,724,090
(Secured Overnight Financing Rate + 0.380%)
	4,659,000		5.690		02/21/25		4,657,994
Bayerische Landesbank
	11,758,000		5.820		03/08/24		11,758,420
	8,400,000		6.000		09/25/24		8,420,629
	4,600,000		5.100		01/10/25		4,587,346
	4,300,000		5.210		01/10/25		4,291,997
BNP Paribas SA(b) (Secured Overnight Financing Rate + 0.400%)
	17,954,000		5.710		05/10/24		17,964,503
Canadian Imperial Bank of Commerce
	8,219,000		5.950		09/19/24		8,237,629
Chariot Funding LLC
	12,700,000		5.540		08/01/24		12,700,991
	4,551,000		5.640		11/01/24		4,551,233
	17,126,000		5.640		11/05/24		17,126,910
Citibank NA
	17,900,000		5.780		03/07/24		17,900,777
(Secured Overnight Financing Rate + 0.600%)
	15,634,000		5.910	(b)	10/28/24		15,665,700
Collateralized Commercial Paper FLEX Co. LLC(g)
	4,185,000		6.030	(c)	07/01/24		4,190,943
	13,844,000		5.680		07/09/24		13,850,651
	21,019,000		5.710	(b)	07/23/24		21,028,578
Cooperatieve Rabobank UA
	6,000,000		5.750		03/07/24		6,000,355
	16,400,000		5.750		06/17/24		16,406,695
	8,006,000		5.960		07/24/24		8,021,685
	9,931,000		5.800		11/12/24		9,964,522
	4,476,000		5.500		12/16/24		4,480,980
Deutsche Bank AG
	16,085,000		5.800		12/12/24		16,122,902
HSBC Bank PLC(g)
	4,780,000		5.640		02/07/25		4,779,096
HSBC Bank USA NA
	12,180,000		5.980		09/25/24		12,205,576
JP Morgan Securities LLC(b)(c)(g)
(Secured Overnight Financing Rate + 0.610%)
	16,822,000		5.920		10/25/24		16,840,908
(Secured Overnight Financing Rate + 0.660%)
	6,371,000		5.970		08/02/24		6,376,348
Jupiter Securitization Co. LLC(g)
	32,354,000		5.640		11/05/24		32,371,471
Kookmin Bank(b)
(Secured Overnight Financing Rate + 0.470%)
	25,292,000		5.780		05/20/24		25,312,815
(Secured Overnight Financing Rate + 0.600%)
	18,548,000		5.910		01/08/25		18,559,085
(Secured Overnight Financing Rate + 0.650%)
	15,509,000		5.960		01/29/25		15,522,348
Landesbank Baden-Wuerttemberg
	7,100,000		5.990		09/25/24		7,117,192
Lloyds Bank Corporate Markets PLC
	4,921,000		6.050		10/07/24		4,936,402

Principal   Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
(Secured Overnight Financing Rate + 0.670%)
$	10,795,000		5.980	%(b)	08/14/24	$	10,819,725
Macquarie Bank Ltd.(b)(g) (Secured Overnight Financing Rate + 0.600%)
	18,365,000		5.910		11/07/24		18,409,454
Matchpoint Finance PLC(b)(g) (Secured Overnight Financing Rate +0.390%)
	6,963,000		5.700		05/08/24		6,965,947
Mizuho Bank Ltd.(b) (Secured Overnight Financing Rate + 0.350%)
	2,000,000		5.660		01/31/25		2,000,182
MUFG Bank Ltd.
	5,070,000		5.590		06/07/24		5,071,364
National Bank of Kuwait
	16,394,000		5.720		05/16/24		16,395,951
Natixis SA
	13,800,000		5.990		09/17/24		13,832,798
Nordea Bank Abp(b)
(Secured Overnight Financing Rate + 0.250%)
	1,376,000		5.560	(g)	03/01/24		1,376,004
(Secured Overnight Financing Rate + 0.530%)
	1,063,000		5.840		04/26/24		1,063,713
(Secured Overnight Financing Rate + 0.570%)
5,630,000			5.880		08/14/24		5,640,693
Old Line Funding LLC(b)(c)(g) (Secured Overnight Financing Rate +0.430%)
	5,386,000		5.740		06/10/24		5,389,637
Royal Bank of Canada(b)
(Secured Overnight Financing Rate + 0.640%)
1,000,000			5.950	(g)	07/08/24		1,001,399
(Secured Overnight Financing Rate + 0.700%)
	3,794,000		6.010		03/27/24		3,795,489
Skandinaviska Enskilda Banken AB(b)(g)
(Secured Overnight Financing Rate + 0.580%)
	16,910,000		5.900		08/02/24		16,938,696
(Secured Overnight Financing Rate + 0.650%)
	2,300,000		5.970		05/31/24		2,303,304
Standard Chartered Bank
	10,476,000		6.070		07/23/24		10,494,114
	8,787,000		6.050	(b)	09/05/24		8,809,317
Sumitomo Mitsui Banking Corp.(b) (Secured Overnight Financing Rate + 0.700%)
	9,371,000		6.010		08/14/24		9,393,427
Svenska Handelsbanken AB(b) (Secured Overnight Financing Rate + 0.550%)
	9,500,000		5.860		11/05/24		9,520,545
Swedbank AB
	4,540,000		5.940		07/26/24		4,546,346
	9,045,000		5.930		08/15/24		9,059,607
Thunder Bay Funding LLC(b)(c)(g) (Secured Overnight Financing Rate + 0.430%)
	10,576,000		5.740		06/10/24		10,585,169
Toronto-Dominion Bank(b)(g) (Secured Overnight Financing Rate +0.480%)
	7,529,000		5.800		05/09/24		7,534,544
Versailles Commercial Paper LLC
	9,781,000		5.560		05/17/24		9,783,053
	27,880,000		5.470	(b)	07/01/25		27,888,253

  

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

 

 

 

 

Principal   Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Wells Fargo Bank NA
$	7,082,000		5.230	%	12/13/24	$	7,074,224
(Secured Overnight Financing Rate + 0.600%)
	24,591,000		5.910	(b)	11/06/24		24,648,852
							696,208,617
Commercial Paper – 39.0%
Albion Capital Corp. SA/Albion Capital LLC(a)
28,613,000			0.000		03/01/24		28,608,730
7,588,000			0.000		04/22/24		7,527,478
7,956,000			0.000		04/30/24		7,882,955
2,904,000			0.000		05/21/24		2,868,391
Alimentation Couche-Tard, Inc.(a)(g)
	12,055,000		0.000		03/13/24		12,030,956
	6,466,000		0.000		03/27/24		6,438,948
	5,851,000		0.000		04/11/24		5,812,678
American Electric Power Co., Inc.(a)(g)
	9,187,000		0.000		03/11/24		9,171,694
	23,000,000		0.000		04/16/24		22,832,535
American Honda Finance Corp.(a)
	6,087,000		0.000		04/05/24		6,053,229
Anheuser-Busch InBev Worldwide, Inc.(a)(g)
	15,597,000		0.000		03/05/24		15,585,114
Antalis SA(a)(g)
	11,375,000		0.000		04/03/24		11,317,310
	40,678,000		0.000		05/02/24		40,292,952
	9,328,000		0.000		05/03/24		9,238,307
AstraZeneca PLC(a)(g)
	23,619,000		0.000		05/06/24		23,377,336
AT&T, Inc.(a)(g)
	6,518,000		0.000		03/25/24		6,493,545
Atlantic Asset Securitization LLC(a)(g)
	31,582,000		0.000		05/31/24		31,147,137
Australia & New Zealand Banking Group Ltd.(a)(g)
	10,098,000		0.000		01/14/25		9,646,806
Baptist Healthcare System, Inc.(a)
	6,400,000		0.000		03/15/24		6,385,504
Barclays Bank PLC(a)(g)
	5,000,000		0.000		03/11/24		4,991,856
	16,999,000		0.000		07/01/24		16,689,620
BASF SE(a)(g)
	31,082,000		0.000		03/28/24		30,952,068
Bay Square Funding LLC(a)(g)
	2,584,000		0.000		09/19/24		2,507,222
Bayer Corp.(a)(g)
	12,650,000		0.000		07/08/24		12,391,098
	8,350,000		0.000		07/09/24		8,177,806
	3,000,000		0.000		09/16/24		2,906,633
Bedford Row Funding Corp.(a)(g)
	14,609,000		0.000		04/26/24		14,484,926
Bell Telephone Co. of Canada or Bell Canada(a)(g)
	4,666,000		0.000		07/03/24		4,578,526
Brighthouse Financial Short Term Funding LLC(a)(g)
	1,834,000		0.000		09/05/24		1,782,469
Caisse d’Amortissement de la Dette Sociale(a)(g)
	40,750,000		0.000		04/15/24		40,473,199
Canadian National Railway Co.(a)(g)
	39,000,000		0.000		06/07/24		38,428,379

Principal   Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
$	4,009,000		0.000	%	06/26/24	$	3,939,599
CDP Financial, Inc.(a)(g)
	6,711,000		0.000		01/14/25		6,406,370
Cisco Systems, Inc.(a)(g)
	31,560,000		0.000		07/30/24		30,864,329
	8,262,000		0.000		08/16/24		8,055,706
	3,000,000		0.000		08/26/24		2,920,812
Citigroup Global Markets, Inc.(a)(g)
	8,503,000		0.000		09/16/24		8,253,642
Coca-Cola Co.(a)(g)
	1,592,000		0.000		05/22/24		1,572,990
	9,563,000		0.000		07/17/24		9,371,612
Columbia Funding Co. LLC(a)(g)
	34,339,000		0.000		07/18/24		33,623,223
CVS Health Corp.(a)(g)
	15,614,000		0.000		04/01/24		15,537,221
DNB Bank ASA(a)(g)
	3,164,000		0.000		07/31/24		3,093,516
	6,448,000		0.000		09/20/24		6,257,992
	4,889,000		0.000		01/15/25		4,667,627
Duke Energy Corp.(a)(g)
	15,713,000		0.000		04/24/24		15,578,927
Emerson Electric Co.(a)(g)
	17,259,000		0.000		04/03/24		17,172,261
	29,212,000		0.000		04/10/24		29,034,885
Entergy Corp.(a)(g)
	11,564,000		0.000		03/14/24		11,539,342
	9,092,000		0.000		04/02/24		9,045,636
	15,358,000		0.000		05/06/24		15,201,346
	10,243,000		0.000		05/29/24		10,103,439
Equitable Short Term Funding LLC(a)(g)
	13,500,000		0.000		07/09/24		13,240,514
ERP Operating LP(a)(g)
	26,663,000		0.000		03/20/24		26,581,480
Erste Abwicklungsanstalt(a)(g)
	30,000,000		0.000		04/09/24		29,821,111
	8,571,000		0.000		05/02/24		8,488,849
Fortune Brands Innovations, Inc.(a)(g)
	6,000,000		0.000		03/11/24		5,989,639
General Motors Financial Co., Inc.(a)(g)
	17,391,000		0.000		04/15/24		17,263,773
	3,606,000		0.000		05/08/24		3,566,418
	5,000,000		0.000		05/21/24		4,934,825
	3,000,000		0.000		07/17/24		2,934,689
Glencore Funding LLC(a)(g)
	3,730,000		0.000		04/30/24		3,694,191
	15,646,000		0.000		06/04/24		15,415,107
	10,832,000		0.000		07/31/24		10,579,953
Gotham Funding Corp.(a)(g)
	30,884,000		0.000		03/01/24		30,879,435
GTA Funding LLC(a)(g)
	9,470,000		0.000		06/28/24		9,301,118
HSBC USA, Inc.(a)(g)
	4,203,000		0.000		05/20/24		4,151,243
	3,509,000		0.000		05/24/24		3,463,666
	3,402,000		0.000		06/27/24		3,340,867
	12,252,000		0.000		06/28/24		12,030,035
	6,721,000		0.000		12/11/24		6,423,037

  

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

Consolidated Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Principal   Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
Humana, Inc.(a)(g)
$	20,000,000		0.000	%	03/04/24	$	19,987,943
	24,769,000		0.000		03/25/24		24,673,852
Hyundai Capital America(a)(g)
	17,247,000		0.000		03/15/24		17,207,655
Johnson & Johnson(a)(g)
	11,681,000		0.000		06/27/24		11,479,766
JPMorgan Securities PLC(a)
	14,040,754		0.000		07/26/24		13,734,696
	13,000,000		0.000		08/01/24		12,705,620
Keurig Dr Pepper, Inc.(a)(g)
	35,699,000		0.000		04/22/24		35,407,275
Kreditanstalt fuer Wiederaufbau(a)(g)
	25,000,000		0.000		08/28/24		24,344,688
	9,531,000		0.000		09/03/24		9,275,180
La Fayette Asset Securitization LLC(a)(g)
	5,778,000		0.000		04/26/24		5,728,873
Liberty Street Funding LLC(a)(g)
	10,800,000		0.000		03/20/24		10,767,886
LMA-Americas LLC(a)(g)
	11,695,000		0.000		05/15/24		11,562,319
	15,687,000		0.000		07/05/24		15,392,295
	1,850,000		0.000		10/10/24		1,789,787
LVMH Moet Hennessy Louis Vuitton SE(a)(g)
	3,000,000		0.000		03/25/24		2,988,921
	1,563,000		0.000		04/12/24		1,553,060
	7,706,000		0.000		05/20/24		7,613,707
LVMH Moet Hennessy Louis Vuitton, Inc.(a)(g)
	4,777,000		0.000		06/06/24		4,707,992
Macquarie Bank Ltd.(a)(g)
	750,000		0.000		05/10/24		741,950
	6,760,000		0.000		02/13/25		6,422,920
Matchpoint Finance PLC(a)(g)
	14,845,000		0.000		04/01/24		14,774,140
	6,512,000		0.000		07/09/24		6,385,959
Microsoft Corp.(a)(g)
	23,704,000		0.000		06/04/24		23,370,121
	3,509,000		0.000		07/10/24		3,441,580
Nasdaq, Inc.(a)(g)
	7,848,000		0.000		04/17/24		7,789,967
	8,000,000		0.000		04/24/24		7,932,187
National Bank of Canada(a)(g)
	24,204,000		0.000		11/06/24		23,323,585
	14,470,000		0.000		01/17/25		13,803,610
National Securities Clearing Corp.(a)(g)
	39,093,000		0.000		04/01/24		38,907,763
Nederlandse Waterschapsbank NV(a)(g)
	13,422,000		0.000		05/06/24		13,290,165
	31,885,000		0.000		07/29/24		31,197,622
NTT Finance Americas, Inc.(a)
	31,265,000		0.000		03/26/24		31,142,454
Nutrien Ltd.(a)(g)
	4,030,000		0.000		04/23/24		3,996,341
	3,284,000		0.000		05/07/24		3,249,577
	7,400,000		0.000		05/23/24		7,304,550
Oracle Corp.(a)(g)
	8,189,000		0.000		03/04/24		8,184,063
	2,755,000		0.000		03/06/24		2,752,507

Principal   Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
$	7,422,000		0.000	%	03/07/24	$	7,414,164
Pacific Life Short Term Funding LLC(a)(g)
	9,995,000		0.000		01/16/25		9,534,526
	10,000,000		0.000		01/30/25		9,520,515
Parker-Hannifin Corp.(a)(g)
	35,620,000		0.000		03/19/24		35,517,035
	5,000,000		0.000		04/10/24		4,968,483
PepsiCo, Inc.(a)(g)
	3,900,000		0.000		03/15/24		3,891,480
Pfizer, Inc.(a)(g)
	11,210,000		0.000		06/05/24		11,049,361
Philip Morris International, Inc.(a)(g)
	16,565,000		0.000		06/04/24		16,325,139
PSP Capital, Inc.(a)(g)
	21,250,000		0.000		12/16/24		20,373,385
Pure Grove Funding(a)(g)
	19,795,000		0.000		11/21/24		19,033,906
	13,582,000		0.000		01/16/25		12,956,271
Ridgefield Funding Co. LLC(a)(g)
	32,357,000		0.000		05/20/24		31,965,537
Salisbury Receivables Co. LLC(a)(g)
	3,200,000		0.000		07/23/24		3,132,000
Sanofi SA(a)(g)
	9,450,000		0.000		06/07/24		9,310,577
Societe Generale SA(a)(g)
	6,330,000		0.000		12/09/24		6,071,441
Starbird Funding Corp.(a)(g)
	14,845,000		0.000		04/01/24		14,774,140
	15,644,000		0.000		05/10/24		15,478,430
TELUS Corp.(a)(g)
	1,523,000		0.000		04/22/24		1,510,482
	15,291,000		0.000		06/06/24		15,057,964
Thunder Bay Funding LLC(a)
	3,429,000		0.000		04/08/24		3,408,594
Toronto-Dominion Bank(a)(g)
	4,953,000		0.000		12/12/24		4,751,715
TotalEnergies Capital SA(a)(g)
	30,000,000		0.000		03/11/24		29,951,036
Toyota Industries Commercial Finance, Inc.(a)(g)
	24,454,000		0.000		04/22/24		24,261,643
	6,724,000		0.000		08/12/24		6,560,247
	5,000,000		0.000		10/04/24		4,841,952
Toyota Motor Credit Corp.(a)
	10,000,000		0.000		08/02/24		9,772,559
UBS AG(a)(g)
	17,556,000		0.000		08/28/24		17,088,202
	16,193,000		0.000		12/04/24		15,544,363
UDR, Inc.(a)(g)
	19,163,000		0.000		03/12/24		19,128,135
UnitedHealth Group, Inc.(a)(g)
	23,166,000		0.000		03/20/24		23,095,487
Versailles Commercial Paper LLC(a)
	3,446,000		0.000		04/03/24		3,428,523
Victory Receivables Corp.(a)(g)
	7,856,000		0.000		04/23/24		7,792,673
VW Credit, Inc.(a)(g)
	10,257,000		0.000		03/19/24		10,227,239
	2,004,000		0.000		03/22/24		1,997,246

  

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

 

 

 

 

 

Principal   Amount			Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
$		8,885,000		0.000	%	05/14/24	$	8,781,434
Walt Disney Co.(a)(g)
		14,280,000		0.000		03/26/24		14,224,125
Westpac Banking Corp.(a)(g)
		8,967,000		0.000		09/12/24		8,713,118
								1,835,801,535
TOTAL SHORT-TERM INVESTMENTS (Cost $2,531,529,178)							$	2,532,010,152
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 97.2% (Cost $4,528,635,891)							$	4,574,154,581
	Shares		Dividend Rate				Value
Securities Lending Reinvestment Vehicle(f) – 0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
		2,388,473		5.219%			$	2,388,473
(Cost $2,388,473)
TOTAL INVESTMENTS – 97.2% (Cost $4,531,024,364)							$	4,576,543,054
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.8%								133,690,740
NET ASSETS – 100.0%							$	4,710,233,794

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 29, 2024.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(e)	All or a portion of security is on loan.
(f)	Represents an affiliated fund.
(g)	Exempt from registration under Rule 144A of the Securities Act of 1933.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

							Unrealized
	Number of		Expiration		Notional		Appreciation/
Description	Contracts		Date		Amount		(Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		9,133		06/18/24		$1,008,625,687		$2,330,833
2 Year U.S. Treasury Notes		6,564		06/28/24		1,343,979,000		518,127
5 Year U.S. Treasury Notes		6,744		06/28/24		720,975,750		1,001,831
E-Mini Russell 2000 Index		94		03/15/24		9,669,310		47,171
Nasdaq 100 E-Mini Index		27		03/15/24		9,764,685		852,346
Stoxx Europe 600		362		03/15/24		9,681,467		230,841
Topix Index		59		03/07/24		10,550,894		1,088,944
TOTAL FUTURES CONTRACTS								$6,070,093

  

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

Consolidated Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At February 29, 2024, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund	Termination Date	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
6M GBP	4.325%	09/19/33	GBP	69,400		$2,912,155

(a) Payments made annually.

* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 29, 2024, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	BofA Securities LLC		3.740	%		08/14/2024		294,900,000		$	294,900,000		$	6,360,079			$ 6,605,760			$(245,681)
1M IRS	MS & Co. Int. PLC		3.440			01/24/2025		70,080,000			70,080,000			2,077,556			2,511,030			(433,474)
								364,980,000		$	364,980,000		$	8,437,635			$ 9,116,790			$(679,155)
Written option contracts
Calls
6M IRS	BofA Securities LLC		3.390			08/14/2024		(294,900,000	)		(294,900,000	)		(3,177,430	)		(3,420,840	)		243,410
1M IRS	MS & Co. Int. PLC		2.916			01/24/2025		(140,160,000	)		(140,160,000	)		(2,008,263	)		(2,511,030	)		502,767
								(435,060,000	)	$	(435,060,000	)	$	(5,185,693	)		$(5,931,870	)		$ 746,177
TOTAL								(70,080,000	)	$	(70,080,000	)	$	3,251,942			$ 3,184,920			$  67,022

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call EUR/Put CHF	JPMorgan Securities, Inc.		$0.958		06/12/2024		81,160,000		$	81,160,000		$	528,411			$  532,170			$  (3,759)
Call USD/ Put BAR	MS & Co. Int. PLC		7.147		04/25/2024		297,100,000			297,100,000			1,872,324			1,381,515			490,809
							378,260,000		$	378,260,000		$	2,400,735			$1,913,685			$487,050
Written option contract
Puts
Put EUR/Call CHF	MS & Co. Int. PLC		0.906		06/12/2024		(81,160,000	)		(81,160,000	)		(71,841	)		(532,170	)		460,329
TOTAL							297,100,000		$	297,100,000		$	2,328,894			$1,381,515			$947,379

  

48  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contract
Calls
NYMEX Light Sweet Crude Oil		$75.000		03/15/2024		1,993		$	1,993,000		$	7,673,050			$ 6,975,970			$  697,080
Written option contract
Calls
NYMEX Light Sweet Crude Oil		85.000		03/15/2024		(1,993	)		(1,993,000	)		(318,880	)		(1,297,381	)		978,501
TOTAL						0		$	0		$	7,354,170			$ 5,678,589			$1,675,581

Currency Abbreviations:
GBP	—British Pound

Investment Abbreviations:
ETF	—Exchange Traded Fund
LLC	—Limited Liability Company
LP	—Limited Partnership
MLP	—Master Limited Partnership
MSCI	—Morgan Stanley Capital International
PLC	—Public Limited Company

Abbreviations:
1M IRS	—1 Month Interest Rate Swaptions
6M IRS	—6 Month Interest Rate Swaptions
BofA Securities LLC	—Bank of America Securities LLC
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

  

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS ALLOCATION FUNDS

 

 

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

 

	Global Managed Beta Fund		Strategic Factor Allocation Fund
Assets:
Investments in affiliated issuers, at value (cost $1,696,047,938 and $1,575,563,640, respectively)		$1,964,674,480		$1,575,563,640
Investments in unaffiliated issuers, at value (cost $845,186,745 and $553,701,647, respectively)(a)		989,339,983		553,677,155
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		8,623,125		—
Purchased options, at value (premium paid $56,323,008 and $9,080,030, respectively)		19,196,932		8,915,165
Cash		45,833,528		67,181,101
Foreign currencies, at value (cost $2,799,551 and $1,164, respectively)		2,771,187		1,143
Unrealized gain on forward foreign currency exchange contracts		9,796,108		12,660,972
Variation margin on futures contracts		4,220,828		—
Receivables:
Collateral on certain derivative contracts(b)		71,839,321		107,532,234
Investments sold		65,426,918		—
Fund shares sold		3,838,049		717,136
Dividends		1,264,715		6,350,941
Foreign tax reclaims		211,557		—
Reimbursement from investment adviser		24,766		—
Securities lending income		14,605		—
Due from broker		—		204,415
Other assets		25,409		31,250
Total assets		3,187,101,511		2,332,835,152
Liabilities:
Written option contracts, at value (premium received $2,523,606 and $3,886,511, respectively)		3,169,899		2,521,304
Unrealized loss on forward foreign currency exchange contracts		796,378		11,107,899
Variation margin on futures contracts		—		443,405
Payables:
Fund shares redeemed		74,429,000		4,029,569
Payable upon return of securities loaned		8,623,125		—
Due to broker		2,703,907		—
Investments purchased		872,460		10,350,974
Management fees		638,479		1,144,638
Transfer Agency fees		49,598		54,313
Accrued expenses		352,147		223,424
Total liabilities		91,634,993		29,875,526
Net Assets:
Paid-in capital		2,474,517,720		2,266,019,820
Total distributable earnings		620,948,798		36,939,806
NET ASSETS		$3,095,466,518		$2,302,959,626
Net Assets:
Institutional		$3,095,466,518		$   14,176,683
Class P		—		2,288,782,943
Total Net Assets		$3,095,466,518		$2,302,959,626
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		208,916,709		1,226,540
Class P		—		200,597,980
Net asset value, offering and redemption price per share:
Institutional		$14.82		$11.56
Class P		—		11.41

(a)  Includes loaned securities having market value of $8,451,429 and $0, for the Global Managed Beta and Strategic Factor Allocation Funds respectively.

(b)  Segregated for initial margin and/or collateral as follows:

Fund	Futures		Forwards		Options
Global Managed Beta	$	32,608,967	$	3,270,000	$	35,960,354
Strategic Factor Allocation		102,672,234		4,860,000		—

  

50  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ALLOCATION FUNDS

 

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

	Strategic Volatility Premium Fund			Tactical Tilt Overlay Fund(a)
Assets:
Investments in affiliated issuers, at value (cost $259,580,713 and $1,227,777,887, respectively)		$259,580,713			$1,242,919,386
Investments in unaffiliated issuers, at value (cost $152,642,587 and $3,300,858,004, respectively)(b)		152,632,989			3,331,235,195
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—			2,388,473
Purchased options, at value (premium paid $404,694 and $18,006,445, respectively)		273,198			18,511,420
Cash		13,436,708			86,837,232
Foreign currencies, at value (cost $0 and $0, respectively)		—			8,448
Variation margin on futures contracts		—			1,111,440
Variation margin on swaps contracts		—			410,176
Receivables:
Collateral on certain derivative contracts(c)		5,692,184			23,963,952
Interest and dividends		1,088,360			17,514,521
Due from broker		77,757			—
Fund shares sold		25,000			9,798,439
Investments sold		5,636			11,491,311
Reimbursement from investment adviser		1,448			5,397
Securities lending income		—			23,396
Other assets		15,852			64,888
Total assets		432,829,845			4,746,283,674
Liabilities:
Written option contracts, at value (premium received $309,624 and $7,761,421, respectively)		120,175			5,576,414
Variation margin on futures contracts		397,314			—
Payables:
Investments purchased		1,129,155			15,986,750
Management fees		105,403			2,539,214
Fund shares redeemed		99,000			5,949,156
Transfer Agency fees		10,416			112,568
Due to broker		—			3,200,000
Payable upon return of securities loaned		—			2,388,473
Accrued expenses		75,497			297,305
Total liabilities		1,936,960			36,049,880
Net Assets:
Paid-in capital		453,974,101			4,775,404,081
Total distributable loss		(23,081,216	)		(65,170,287	)
NET ASSETS	$	430,892,885		$	4,710,233,794
Net Assets:
Institutional	$	310,969		$	19,947,895
Class R6		—			612,238,878
Class P		430,581,916			4,078,047,021
Total Net Assets	$	430,892,885		$	4,710,233,794
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		32,383			1,880,808
Class R6		—			59,730,720
Class P		44,831,903			397,952,168
Net asset value, offering and redemption price per share:
Institutional		$9.60			$10.61
Class R6		—			10.25
Class P		9.60			10.25

 (a) Consolidated Statement of Assets and Liabilities for the Fund is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity—TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

 (b) Includes loaned securities having a market value of $0 and $2,333,512, for the Strategic Volatility Premium and Tactical Tilt Overlay Funds respectively.

 (c) Segregated for initial margin and/or collateral as follows:

Fund	Futures		Swaps
Strategic Volatility Premium	$	5,692,184	$	—
Tactical Tilt Overlay		18,867,618		5,096,334

  

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS ALLOCATION FUNDS

 

 

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

 

	Global Managed Beta Fund			Strategic Factor Allocation Fund
Investment Income:
Dividends — unaffiliated issuers (net of tax withholding of $74,112 and $0, respectively)	$	18,762,540		$	—
Dividends — affiliated issuers		11,849,865			35,965,093
Interest		504,978			17,774,095
Securities lending income, net of rebates received or paid to borrowers		128,948			—
Total investment income		31,246,331			53,739,188
Expenses:
Management fees		4,414,332			8,116,950
Transfer Agency fees(a)		294,289			328,107
Custody, accounting and administrative services		168,553			107,076
Professional fees		66,506			63,245
Registration fees		16,777			33,811
Printing and mailing costs		12,902			18,858
Trustee fees		12,280			12,116
Prime broker fees		6,550			8,719
Other		23,796			26,459
Total expenses		5,015,985			8,715,341
Less — expense reductions		(822,818	)		(1,097,318	)
Net expenses		4,193,167			7,618,023
NET INVESTMENT INCOME		27,053,164			46,121,165
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		228,127,213			—
Investments — affiliated issuers		11,943,169			—
Purchased options		(5,307,198	)		(5,968,012	)
Futures contracts		13,118,997			60,615,837
Written options		(5,809,224	)		22,567,024
Forward foreign currency exchange contracts		4,819,672			(3,025,203	)
Foreign currency transactions		(2,878	)		(13	)
Net change in unrealized gain (loss) on:
Investments — affiliated issuers		147,762,941			—
Investments — unaffiliated issuers		(131,447,833	)		1,922,102
Purchased options		(13,227,039	)		441,303
Futures contracts		35,542,934			54,816,124
Written options		(1,513,939	)		(203,876	)
Forward foreign currency exchange contracts		6,361,833			3,325,574
Foreign currency translation		(107,116	)		8
Net realized and unrealized gain		290,261,532			134,490,868
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	317,314,696		$	180,612,033

(a) Class specific Transfer Agency fees were as follows:

Fund	Institutional	Class P
Global Managed Beta	$294,289	$    —
Strategic Factor Allocation	2,880	325,227

  

52  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ALLOCATION FUNDS

 

 

Statements of Operations (continued)

For the Six Months Ended February 29, 2024 (Unaudited)

 

	Strategic Volatility Premium Fund				Tactical Tilt Overlay Fund(a)
Investment Income:
Dividends — unaffiliated issuers		$	—			$	954,767
Dividends — affiliated issuers			6,607,672				33,903,888
Interest			4,196,512				88,532,884
Securities lending income, net of rebates received or paid to borrowers			—				290,036
Total investment income			10,804,184				123,681,575
Expenses:
Management fees			1,091,499				17,683,476
Transfer Agency fees(b)			65,504				698,621
Professional fees			63,376				89,781
Custody, accounting and administrative services			40,862				190,867
Registration fees			18,215				45,097
Printing and mailing costs			11,619				22,111
Trustee fees			10,911				13,776
Prime broker fees			—				1,158
Other			4,157				28,894
Total expenses			1,306,143				18,773,781
Less — expense reductions			(429,800	)			(2,005,904	)
Net expenses			876,343				16,767,877
NET INVESTMENT INCOME			9,927,841				106,913,698
Realized and unrealized gain (loss):
Capital gain distributions from Affiliated Underlying Funds			—				1,525,821
Net realized gain (loss) from:
Investments — unaffiliated issuers			—				3,892,261
Investments — affiliated issuers			—				24,744,556
Purchased options			(1,282,171	)			17,392,162
Futures contracts			(348,263	)			(10,369,887	)
Written options			6,568,794				(11,846,486	)
Swap contracts			—				20,544,953
Forward foreign currency exchange contracts			223				(1,921,097	)
Foreign currency transactions			—				(334,762	)
Net change in unrealized gain (loss) on:
Investments — affiliated issuers			—				(24,040,273	)
Investments — unaffiliated issuers			509,494				25,568,688
Purchased options			(4,221	)			7,688,049
Futures contracts			(1,462,789	)			(8,226,800	)
Written options			47,416				2,185,007
Swap contracts			—				(124,959	)
Foreign currency translation			—				174,693
Net realized and unrealized gain			4,028,483				46,851,926
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	13,956,324			$	153,765,624

(a) Statement of Operations for the Fund is consolidated and includes the balances of the wholly-owned subsidiary, Cayman Commodity – TTIF Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Class specific Transfer Agency fees were as follows:

Fund	Institutional	Class R6	Class P
Strategic Volatility Premium	$   56	$   —	$ 65,448
Tactical Tilt Overlay	4,893	86,783	606,945

  

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS ALLOCATION FUNDS

 

 

Statements of Changes in Net Assets

 

	Global Managed Beta Fund						Strategic Factor Allocation Fund
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income		$   27,053,164		$	37,369,399			$   46,121,165			$    61,894,294
Net realized gain		246,889,751			40,000,958			74,189,633			63,150,787
Net change in unrealized gain		43,371,781			166,745,167			60,301,235			12,644,797
Net increase in net assets resulting from operations		317,314,696			244,115,524			180,612,033			137,689,878
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(54,313,580	)		(99,998,153	)		(489,815	)		(275,278	)
Class R6 Shares(a)		—			—			—			(249	)
Class P Shares		—			—			(72,117,761	)		(39,916,205	)
Total distributions to shareholders		(54,313,580	)		(99,998,153	)		(72,607,576	)		(40,191,732	)
From share transactions:
Proceeds from sales of shares		830,242,874			1,025,111,264			136,308,231			798,949,747
Reinvestment of distributions		54,313,580			99,961,817			72,607,576			40,191,732
Cost of shares redeemed		(590,164,584	)		(393,640,885	)		(258,490,857	)		(800,472,621	)
Net increase (decrease) in net assets resulting from share transactions		294,391,870			731,432,196			(49,575,050	)		38,668,858
TOTAL INCREASE		557,392,986			875,549,567			58,429,407			136,167,004
Net assets:
Beginning of period		2,538,073,532			1,662,523,965			2,244,530,219			2,108,363,215
End of period		$3,095,466,518		$	2,538,073,532			$2,302,959,626			$2,244,530,219

(a) At the close of business on July 14, 2023, Class R6 Shares of the Strategic Factor Allocation Fund were liquidated.

  

54  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ALLOCATION FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

	Strategic Volatility Premium Fund						Tactical Tilt Overlay Fund(a)
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income		$   9,927,841		$	15,402,232			$   106,913,698			$   170,463,667
Net realized gain (loss)		4,938,583			(12,307,105	)		43,627,521			60,894,805
Net change in unrealized gain (loss)		(910,100	)		2,209,506			3,224,405			(63,869,625	)
Net increase in net assets resulting from operations		13,956,324			5,304,633			153,765,624			167,488,847
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(11,216	)		(2,343	)		(1,239,651	)		(188,140	)
Class R6 Shares		—			—			(30,435,080	)		(4,706,050	)
Class P Shares		(18,407,711	)		(3,702,660	)		(216,862,467	)		(35,188,129	)
Total distributions to shareholders		(18,418,927	)		(3,705,003	)		(248,537,198	)		(40,082,319	)
From share transactions:
Proceeds from sales of shares		29,467,821			193,782,450			391,341,270			783,089,810
Reinvestment of distributions		18,418,927			3,705,003			248,537,198			40,080,055
Cost of shares redeemed		(56,497,800	)		(267,189,113	)		(525,283,855	)		(807,449,960	)
Net increase (decrease) in net assets resulting from share transactions		(8,611,052	)		(69,701,660	)		114,594,613			15,719,905
TOTAL INCREASE (DECREASE)		(13,073,655	)		(68,102,030	)		19,823,039			143,126,433
Net assets:
Beginning of period		443,966,540			512,068,570			4,690,410,755			4,547,284,322
End of period		$430,892,885		$	443,966,540			$4,710,233,794			$4,690,410,755

(a) Statements of Changes in Net Assets for the Fund is consolidated and includes the balances of the wholly-owned subsidiary, Cayman Commodity — TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

  

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

 

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Goldman Sachs Global Managed Beta Fund
		Institutional Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	13.62			$	12.86			$	16.71			$	13.26			$	11.86			$	12.23
	Net investment income(a)			0.13				0.25				0.28				0.21				0.22				0.29
	Net realized and unrealized gain (loss)			1.32				1.23				(2.69	)			3.89				1.67				(0.25	)
	Total from investment operations			1.45				1.48				(2.41	)			4.10				1.89				0.04
	Distributions to shareholders from net investment income			(0.25	)			(0.72	)			(0.33	)			(0.18	)			(0.38	)			(0.29	)
	Distributions to shareholders from net realized gains			—				—				(1.11	)			(0.47	)			(0.11	)			(0.12	)
	Total distributions			(0.25	)			(0.72	)			(1.44	)			(0.65	)			(0.49	)			(0.41	)
	Net asset value, end of period		$	14.82			$	13.62			$	12.86			$	16.71			$	13.26			$	11.86
	Total return(b)			10.70	%			12.24	%			(15.81	)%			31.87	%			16.13	%			0.78	%
	Net assets, end of period (in 000s)		$	3,095,467			$	2,538,074			$	1,662,524			$	2,262,595			$	1,593,288			$	1,151,378
	Ratio of net expenses to average net assets(c)			0.28	%(d)			0.30	%			0.30	%			0.20	%			0.05	%			0.05	%
	Ratio of total expenses to average net assets(c)			0.34	%(d)			0.36	%			0.36	%			0.35	%			0.37	%			0.37	%
	Ratio of net investment income to average net assets			1.84	%(d)			1.91	%			1.94	%			1.40	%			1.79	%			2.49	%
	Portfolio turnover rate(e)			43	%			23	%			26	%			29	%			45	%			56	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

56  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Goldman Sachs Strategic Factor Allocation Fund
		Institutional Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	11.00			$	10.50			$	12.76			$	11.98			$	11.06			$	11.26
	Net investment income (loss)(a)			0.23				0.31				(0.01	)			(0.08	)			0.03				0.11
	Net realized and unrealized gain (loss)			0.70				0.39				(0.67	)			1.77				1.18				0.30
	Total from investment operations			0.93				0.70				(0.68	)			1.69				1.21				0.41
	Distributions to shareholders from net investment income			(0.37	)			(0.18	)			—				—				(0.15	)			—
	Distributions to shareholders from net realized gains			—				(0.02	)			(1.58	)			(0.91	)			(0.14	)			(0.61	)
	Total distributions			(0.37	)			(0.20	)			(1.58	)			(0.91	)			(0.29	)			(0.61	)
	Net asset value, end of period		$	11.56			$	11.00			$	10.50			$	12.76			$	11.98			$	11.06
	Total return(b)			8.70	%			6.88	%			(6.47	)%			15.01	%			11.11	%			4.15	%
	Net assets, end of period (in 000s)		$	14,177			$	14,710			$	12,455			$	3,960			$	3,013			$	5,424
	Ratio of net expenses to average net assets			0.71	%(c)			0.70	%			0.69	%			0.69	%			0.69	%			0.72	%
	Ratio of total expenses to average net assets			0.81	%(c)			0.81	%			0.81	%			0.82	%			0.82	%			0.82	%
	Ratio of net investment income (loss) to average net assets			4.22	%(c)			2.94	%			(0.10	)%			(0.67	)%			0.26	%			1.05	%
	Portfolio turnover rate(d)			—	%(e)			—	%(e)			—	%(e)			—	%(e)			—	%(e)			962	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(e) There were no long-term transactions for the period ended February 29, 2024, and the years ended August 31, 2023, August 31, 2022, August 31, 2021 and August 31, 2020, respectively.

  

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Goldman Sachs Strategic Factor Allocation Fund
		Class P Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.86			$	10.38			$	12.62			$	11.86			$	10.96			$	11.26
	Net investment income (loss)(a)			0.23				0.31				(0.04	)			(0.08	)			0.02				0.11
	Net realized and unrealized gain (loss)			0.69				0.37				(0.62	)			1.75				1.18				0.29
	Total from investment operations			0.92				0.68				(0.66	)			1.67				1.20				0.40
	Distributions to shareholders from net investment income			(0.37	)			(0.18	)			—				—				(0.16	)			(0.09	)
	Distributions to shareholders from net realized gains			—				(0.02	)			(1.58	)			(0.91	)			(0.14	)			(0.61	)
	Total distributions			(0.37	)			(0.20	)			(1.58	)			(0.91	)			(0.30	)			(0.70	)
	Net asset value, end of period		$	11.41			$	10.86			$	10.38			$	12.62			$	11.86			$	10.96
	Total return(b)			8.63	%			6.97	%			(6.47	)%			15.09	%			11.03	%			4.16	%
	Net assets, end of period (in 000s)		$	2,288,783			$	2,229,820			$	2,095,895			$	2,347,839			$	1,616,030			$	1,565,955
	Ratio of net expenses to average net assets			0.70	%(c)			0.69	%			0.67	%			0.68	%			0.68	%			0.71	%
	Ratio of total expenses to average net assets			0.80	%(c)			0.80	%			0.80	%			0.81	%			0.82	%			0.82	%
	Ratio of net investment income (loss) to average net assets			4.23	%(c)			2.95	%			(0.31	)%			(0.66	)%			0.15	%			1.07	%
	Portfolio turnover rate(d)			—	%(e)			—	%(e)			—	%(e)			—	%(e)			—	%(e)			962	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(e) There were no long-term transactions for the period ended February 29, 2024, and the years ended August 31, 2023, August 31, 2022, August 31, 2021 and August 31, 2020, respectively.

  

58  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Goldman Sachs Strategic Volatility Premium Fund
	Institutional Shares
	Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,								Period Ended August 31, 2021(a)
					2023				2022
Per Share Data
Net asset value, beginning of period		$	9.70			$	9.66			$	10.10				$	10.00
Net investment income (loss)(b)			0.22				0.31				—	(c)				(0.02	)
Net realized and unrealized gain (loss)			0.09				(0.20	)			(0.40	)				0.12
Total from investment operations			0.31				0.11				(0.40	)				0.10
Distributions to shareholders from net investment income			(0.41	)			(0.07	)			—					—
Distributions to shareholders from net realized gains			—				—				(0.04	)				—
Total distributions			(0.41	)			(0.07	)			(0.04	)				—
Net asset value, end of period		$	9.60			$	9.70			$	9.66				$	10.10
Total return(d)			3.23	%			1.38	%			(4.09	)%				1.00	%
Net assets, end of period (in 000s)		$	311			$	327			$	306				$	350
Ratio of net expenses to average net assets			0.41	%(e)			0.39	%			0.38	%				0.38	%(e)
Ratio of total expenses to average net assets			0.61	%(e)			0.60	%			0.62	%				0.91	%(e)
Ratio of net investment income (loss) to average net assets			4.53	%(e)			3.25	%			(0.02	)%				(0.36	)%(e)
Portfolio turnover rate(f)			—	%(g)			—	%(g)			—	%(g)				—	%(g)

(a) Commenced operations on March 29, 2021.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(g) There were no long-term transactions for the period ended February 29, 2024, and the years ended August 31, 2023, August 31, 2022 and period ended August 31, 2021, respectively.

  

The accompanying notes are an integral part of these financial statements. 59

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Goldman Sachs Strategic Volatility Premium Fund
	Class P Shares
	Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,								Period Ended August 31, 2021(a)
					2023				2022
Per Share Data
Net asset value, beginning of period		$	9.71			$	9.66			$	10.10			$	10.00
Net investment income (loss)(b)			0.22				0.31				—	(c)			(0.01	)
Net realized and unrealized gain (loss)			0.08				(0.19	)			(0.40	)			0.11
Total from investment operations			0.30				0.12				(0.40	)			0.10
Distributions to shareholders from net investment income			(0.41	)			(0.07	)			—				—
Distributions to shareholders from net realized gains			—				—				(0.04	)			—
Total distributions			(0.41	)			(0.07	)			(0.04	)			—
Net asset value, end of period		$	9.60			$	9.71			$	9.66			$	10.10
Total return(d)			3.25	%			1.39	%			(4.09	)%			1.00	%
Net assets, end of period (in 000s)		$	430,582			$	443,639			$	511,763			$	422,570
Ratio of net expenses to average net assets			0.40	%(e)			0.38	%			0.37	%			0.37	%(e)
Ratio of total expenses to average net assets			0.60	%(e)			0.59	%			0.60	%			0.79	%(e)
Ratio of net investment income (loss) to average net assets			4.55	%(e)			3.23	%			0.05	%			(0.35	)%(e)
Portfolio turnover rate(f)			—	%(g)			—	%(g)			—	%(g)			—	%(g)

(a) Commenced operations on March 29, 2021.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than ($0.005) per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(g) There were no long-term transactions for the period ended February 29, 2024, and the years ended August 31, 2023, August 31, 2022 and period ended August 31, 2021, respectively.

  

60  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Goldman Sachs Tactical Tilt Overlay Fund
		Institutional Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.81			$	10.51			$	10.66			$	10.20			$	9.94			$	9.87
	Net investment income (loss)(a)			0.25				0.39				0.05				(0.02	)			0.11				0.22
	Net realized and unrealized gain (loss)			0.12				—	(b)			0.01				0.95				0.26				(0.15	)
	Total from investment operations			0.37				0.39				0.06				0.93				0.37				0.07
	Distributions to shareholders from net investment income			(0.57	)			(0.09	)			(0.21	)			(0.47	)			(0.11	)			—
	Net asset value, end of period		$	10.61			$	10.81			$	10.51			$	10.66			$	10.20			$	9.94
	Total return(c)			3.40	%			3.82	%			0.49	%			9.43	%			3.72	%			0.71	%
	Net assets, end of period (in 000s)		$	19,948			$	26,750			$	21,588			$	6,105			$	1,681			$	25,673
	Ratio of net expenses to average net assets(d)			0.73	%(e)			0.71	%			0.68	%			0.69	%			0.73	%			0.74	%
	Ratio of total expenses to average net assets(d)			0.77	%(e)			0.77	%			0.77	%			0.78	%			0.78	%			0.79	%
	Ratio of net investment income (loss) to average net assets			4.59	%(e)			3.69	%			0.47	%			(0.15	)%			1.08	%			2.17	%
	Portfolio turnover rate(f)			62	%			150	%			61	%			60	%			70	%			46	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 61

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Goldman Sachs Tactical Tilt Overlay Fund
		Class R6 Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.46			$	10.17			$	10.33			$	9.91			$	9.67			$	9.87
	Net investment income (loss)(a)			0.24				0.38				0.02				(0.01	)			0.07				0.26
	Net realized and unrealized gain (loss)			0.12				—	(b)			0.03				0.92				0.28				(0.20	)
	Total from investment operations			0.36				0.38				0.05				0.91				0.35				0.06
	Distributions to shareholders from net investment income			(0.57	)			(0.09	)			(0.21	)			(0.49	)			(0.11	)			(0.26	)
	Net asset value, end of period		$	10.25			$	10.46			$	10.17			$	10.33			$	9.91			$	9.67
	Total return(c)			3.43	%			3.74	%			0.49	%			9.48	%			3.80	%			0.58	%
	Net assets, end of period (in 000s)		$	612,239			$	583,578			$	573,866			$	1,054,147			$	736,643			$	714,633
	Ratio of net expenses to average net assets(d)			0.72	%(e)			0.70	%			0.67	%			0.69	%			0.72	%			0.73	%
	Ratio of total expenses to average net assets(d)			0.76	%(e)			0.76	%			0.76	%			0.77	%			0.78	%			0.78	%
	Ratio of net investment income (loss) to average net assets			4.60	%(e)			3.68	%			0.23	%			(0.09	)%			0.73	%			2.65	%
	Portfolio turnover rate(f)			62	%			150	%			61	%			60	%			70	%			46	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

62  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

 

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Goldman Sachs Tactical Tilt Overlay Fund
		Class P Shares
		Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.46			$	10.17			$	10.33			$	9.91			$	9.66			$	9.87
	Net investment income (loss)(a)			0.24				0.38				0.04				(0.01	)			0.08				0.20
	Net realized and unrealized gain (loss)			0.12				—	(b)			0.01				0.92				0.28				(0.15	)
	Total from investment operations			0.36				0.38				0.05				0.91				0.36				0.05
	Distributions to shareholders from net investment income			(0.57	)			(0.09	)			(0.21	)			(0.49	)			(0.11	)			(0.26	)
	Net asset value, end of period		$	10.25			$	10.46			$	10.17			$	10.33			$	9.91			$	9.66
	Total return(c)			3.43	%			3.75	%			0.49	%			9.47	%			3.79	%			0.59	%
	Net assets, end of period (in 000s)		$	4,078,047			$	4,080,082			$	3,951,830			$	3,037,227			$	2,291,061			$	3,190,855
	Ratio of net expenses to average net assets(d)			0.72	%(e)			0.70	%			0.67	%			0.69	%			0.72	%			0.72	%
	Ratio of total expenses to average net assets(d)			0.76	%(e)			0.76	%			0.76	%			0.77	%			0.78	%			0.78	%
	Ratio of net investment income (loss) to average net assets			4.60	%(e)			3.67	%			0.37	%			(0.08	)%			0.78	%			2.07	%
	Portfolio turnover rate(f)			62	%			150	%			61	%			60	%			70	%			46	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 63

GOLDMAN SACHS ALLOCATION FUNDS

 

Notes to Financial Statements

February 29, 2024 (Unaudited)

 

 

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
Global Managed Beta	Institutional	Diversified
Strategic Factor Allocation	Institutional and P	Diversified
Strategic Volatility Premium	Institutional and P	Diversified
Tactical Tilt Overlay	Institutional, R6 and P	Diversified

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to each of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds pursuant to management agreements (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Basis of Consolidation for Goldman Sachs Tactical Tilt Overlay Fund — The Cayman Commodity – TTIF, LLC. (the “Subsidiary”), a Cayman Islands exempted company is currently a wholly-owned subsidiary of the Tactical Tilt Overlay Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of February 29, 2024, the Fund’s net assets were $4,710,233,794, of which, $579,155,747, or 12.3%, represented the Subsidiary’s net assets.

B. Investment Valuation — Each Fund’s valuation policy is to value investments at fair value.

C. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. For the Global Managed Beta Fund, these reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statement of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from a Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

  

64

GOLDMAN SACHS ALLOCATION FUNDS

 

 

 

 

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities and Consolidated Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

D. Class Allocations and Expenses for Tactical Tilt Overlay Fund, Strategic Factor Allocation Fund and Strategic Volatility Premium Fund — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Transfer Agency fees.

E. Expenses for Global Managed Beta Fund — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

F. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Tactical Tilt Overlay Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statements of Assets and Liabilities and Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

G. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations and Consolidated Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

  

  65

GOLDMAN SACHS ALLOCATION FUNDS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the valuation procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the valuation procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the valuation procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or

  

66

GOLDMAN SACHS ALLOCATION FUNDS

 

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities and Consolidated Statement of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules and Consolidated Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Funds’ investments may be determined under the valuation procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Funds’ NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

  

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3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of February 29, 2024:

GLOBAL MANAGED BETA
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	193,043		$	—		$	—
Asia		881,589			24,226,095			—
Australia and Oceania		154,361			6,873,551			—
Europe		6,878,450			54,310,914			—
North America		217,214,097			399,784			591
Securities Lending Reinvestment Vehicle		8,623,125			—			—
Preferred Stocks		—			372,150			—
Exchange Traded Funds		2,430,674,036			—			—
Investment Company		211,835,802			—			—
Total	$	2,876,454,503		$	86,182,494		$	591
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	9,796,108		$	—
Futures Contracts(b)		41,536,381			—			—
Purchased Option Contracts		17,851,600			1,345,332			—
Total	$	59,387,981		$	11,141,440		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(796,378	)	$	—
Written Option Contracts		(3,169,899	)		—			—
Total	$	(3,169,899	)	$	(796,378	)	$	—
(a)  Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. (b)  Amount shown represents unrealized gain (loss) at period end.
STRATEGIC FACTOR ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	553,677,155		$	—		$	—
Investment Company		1,575,563,640			—			—
Total	$	2,129,240,795		$	—		$	—

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

STRATEGIC FACTOR ALLOCATION (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	12,660,972		$	—
Futures Contracts(a)		67,136,015			—			—
Purchased Option Contracts		8,915,165			—			—
Total	$	76,051,180		$	12,660,972		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(11,107,899	)	$	—
Futures Contracts(a)		(629,235	)		—			—
Written Option Contracts		(2,521,304	)		—			—
Total	$	(3,150,539	)	$	(11,107,899	)	$	—
(a)  Amount shown represents unrealized gain (loss) at period end.
STRATEGIC VOLATILITY PREMIUM
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	152,632,989		$	—		$	—
Investment Company		259,580,713			—			—
Total	$	412,213,702		$	—		$	—
Derivative Type
Assets
Futures Contracts(a)	$	90,399		$	—		$	—
Purchased Option Contracts		273,198			—			—
Total	$	363,597		$	—		$	—
Liabilities
Written Option Contracts	$	(120,175	)	$	—		$	—
(a)  Amount shown represents unrealized gain (loss) at period end.

  

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

TACTICAL TILT OVERLAY
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	566,891,792		$	—		$	—
Corporate Obligations		—			77,913,525			—
Agency Debentures		—			68,529,166			—
Securities Lending Reinvestment Vehicle		2,388,473			—			—
Exchange Traded Funds		85,890,560			—			—
Investment Companies		1,242,919,386			—			—
Short-term Investments		—			2,532,010,152			—
Total	$	1,898,090,211		$	2,678,452,843		$	—
Derivative Type
Assets
Futures Contracts(a)	$	6,070,093		$	—		$	—
Interest Rate Swap Contracts(a)		—			2,912,155			—
Purchased Option Contracts		7,673,050			10,838,370			—
Total	$	13,743,143		$	13,750,525		$	—
Liabilities
Written Option Contracts	$	(318,880	)	$	(5,257,534	)	$	—
(a)  Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules and Consolidated Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 29, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Global Managed Beta
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value	$	11,141,440		Payable for unrealized loss on forward foreign currency exchange contracts	$	(796,378	)
Equity	Variation margin on futures contracts		41,536,381	(a)	Written options, at value		(3,169,898	)
Interest rate	Purchased options, at value		17,851,600		—		—
Total		$	70,529,421			$	(3,966,276	)

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

Strategic Factor Allocation
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	12,660,972		Payable for unrealized loss on forward foreign currency exchange contracts	$	(11,107,899	)
Equity	Variation margin on futures contracts; Purchased options, at value		63,627,905	(a)	Written options, at value		(473,210	)
Interest rate	Variation margin on futures contracts; Purchased options, at value		12,423,275	(a)	Variation margin on futures contracts; Written options, at value		(2,677,329	)(a)
Total		$	88,712,152			$	(14,258,438	)
Strategic Volatility Premium
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts; Purchased options, at value	$	113,604	(a)	Written options, at value	$	(95,263	)
Interest rate	Variation margin on futures contracts; Purchased options, at value		201,880	(a)	Written options, at value		(24,912	)
Total		$	315,484			$	(120,175	)
Tactical Tilt Overlay
Risk	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Commodity	Purchased options, at value	$	7,673,050		Written options, at value	$	(318,880	)
Currency	Purchased options, at value		2,400,735		Written options, at value		(71,841	)
Equity	Variation margin on futures contracts		2,219,302	(a)	—		—
Interest rate	Variation margin on futures contracts; variation margin on swap contracts and purchased options, at value		15,200,581	(a)	Written options, at value		(5,185,693	)
Total		$	27,493,668			$	(5,576,414	)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules and Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Statements and Consolidated Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 29, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These

  

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4. INVESTMENTS IN DERIVATIVES (continued)

gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements and Consolidated Statement of Operations:

Global Managed Beta
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts and purchased options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased and written options		$  (918,339)	$	5,587,665
Equity	Net realized gain (loss) from futures contracts, purchased and written options/ Net change in unrealized gain (loss) on futures contracts and written options		13,118,997		34,028,995
Interest rate	Net realized gain (loss) from purchased options/Net change in unrealized gain (loss) on purchased options		(5,378,411)		(12,452,871	)
Total			$ 6,822,247	$	27,163,789
Strategic Factor Allocation
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		$ (3,025,203)	$	3,325,574
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		81,597,498		59,183,898
Interest rate	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		(4,382,649)		(4,130,347	)
Total			$74,189,646	$	58,379,125
Strategic Volatility Premium
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		$       223	$	—
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		5,316,055		20,599
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(377,695)		(1,440,193	)
Total			$ 4,938,583	$	(1,419,594	)

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

Tactical Tilt Overlay
Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Commodity	Net realized gain (loss) from futures contracts, written options and swap contracts/Net change in unrealized gain (loss) on swaps, written options and swap contracts		$ (1,921,097)	$	(941,164	)
Currency	Net realized gain (loss) from purchased options and written options/Net change in unrealized gain (loss) on purchased options and written options		6,856,508		947,379
Equity	Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts and purchased options		7,719,354		9,859,294
Interest rate	Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options		1,144,880		(8,344,212	)
Total			$13,799,645	$	1,521,297

For the six months ended February 29, 2024, the relevant values for each derivative type were as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
Fund	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions
Global Managed Beta		3,807	$	599,598,534	$	—		421,140,892	$	—		70,082	$	—
Strategic Factor Allocation		17,746		747,807,646		—		10,112,200		—		4,633,650		—
Strategic Volatility Premium		3,010		—		—		862,883		—		1,206,450		—
Tactical Tilt Overlay		22,565		148,089,193		159,201,848		109,927,270		236,087,176		50,236,550		324,724,351

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the six months ended February 29, 2024.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages each Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Funds’ average daily net assets.

  

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 29, 2024, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
Fund	First $2 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate*^
Global Managed Beta		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%		0.24%
Strategic Factor Allocation		0.75			0.68			0.64			0.62			0.74			0.64
Strategic Volatility Premium		0.50			0.45			0.43			0.42			0.50			0.31
Tactical Tilt Overlay		0.75			0.68			0.64			0.62			0.71			0.64(a)

* GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests through at least December 29, 2024. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

(a) Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreements as defined below after waivers.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.40% as an annual percentage rate of the Strategic Volatility Premium Fund’s average daily net assets. This arrangement will remain in effect at least through December 29, 2024. For the six months ended February 29, 2024, GSAM waived $218,300 of the Strategic Volatility Premium Fund’s management fee.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”). The Global Managed Beta Fund invests in each of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF, Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF, Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF and the Goldman Sachs MarketBeta US Equity ETF, and the Tactical Tilt Overlay Fund invested in Goldman Sachs High Yield Floating Rate Fund and invests in Goldman Sachs Energy Infrastructure Fund and Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 29, 2024, GSAM waived $822,818, $1,097,318, $202,072 and $1,971,319 of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds’ management fees, respectively.

GSAM also provides management services to the Tactical Tilt Overlay Fund’s Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Tactical Tilt Overlay Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended February 29, 2024, GSAM waived $1,179,606 of the Tactical Tilt Overlay Fund’s management fee.

B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates of 0.04% of the average daily net assets of Institutional Shares for the Tactical Tilt Overlay Fund, Strategic Factor Allocation Fund and Strategic Volatility Premium Fund, 0.02% of the average daily net assets of Institutional Shares for the Global Managed Beta Fund, 0.03% of the average daily net assets of Class R6 Shares for the Tactical Tilt Overlay Fund and 0.03% of the average daily net assets of Class P Shares for the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund.

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Funds. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds are 0.204%, 0.164%, 0.064% and 0.164%, respectively. These Other Expense limitations will remain in place through at least December 29, 2024 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended February 29, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Global Managed Beta	$	822,818		$    —	$	822,818
Strategic Factor Allocation		1,097,318		—		1,097,318
Strategic Volatility Premium		420,372		9,428		429,800
Tactical Tilt Overlay		1,971,319		34,585		2,005,904

D. Line of Credit Facility — As of February 29, 2024, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 29, 2024, the Funds did not have any borrowings under the facility.

E. Other Transactions with Affiliates — For the six months ended February 29, 2024, Goldman Sachs earned $111,189 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Tactical Tilt Overlay Fund.

As of February 29, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

Fund	Institutional
Strategic Volatility Premium	16%

  

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended February 29, 2024:

Global Managed Beta
Underlying Fund	Market Value as of 8/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change In Unrealized Gain/(Loss)		Market Value as of 2/29/24		Shares as of 2/29/24		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	30,171,571	$	5,247,600	$	—		$	—	$	1,530,704	$	36,949,875		1,203,579	$	439,734
Goldman Sachs Financial Square Government Fund — Institutional Shares		201,923,035		824,390,459		(814,477,692	)		—		—		211,835,802		211,835,802		5,140,849
Goldman Sachs Market Beta International Equity ETF		380,586,474		84,993,383		(74,928,186	)		2,421,600		34,328,260		427,401,531		7,739,963		2,730,794
Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF		—		435,243,384		(27,521,496	)		536,504		36,201,306		444,459,698		9,711,018		8,228
Goldman Sachs MarketBeta Russell 1000 Value Equity ETF		—		418,012,066		(80,157,929	)		1,610,839		16,349,365		355,814,341		8,053,469		10,686
Goldman Sachs MarketBeta U.S. Equity ETF		419,580,667		104,793,484		(102,888,449	)		7,374,226		59,353,306		488,213,233		6,980,458		3,519,574
Total	$	1,032,261,747	$	1,872,680,376	$	(1,099,973,752	)	$	11,943,169	$	147,762,941	$	1,964,674,480			$	11,849,865

Strategic Factor Allocation
Underlying Fund	Market Value as of 8/31/23		Purchases at Cost		Proceeds from Sales			Market Value as of 2/29/24		Shares as of 2/29/24		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	1,340,575,888	$	1,806,768,167	$	(1,571,780,415	)	$	1,575,563,640		1,575,563,640	$	35,965,093

Strategic Volatility Premium
Underlying Fund	Market Value as of 8/31/23		Purchases at Cost		Proceeds from Sales			Market Value as of 2/29/24		Shares as of 2/29/24		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	236,564,769	$	389,929,558	$	(366,913,614	)	$	259,580,713		259,580,713	$	6,607,672

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Tactical Tilt Overlay
Underlying Fund	Market Value as of 8/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change In Unrealized Gain/(Loss)			Market Value as of 2/29/24		Shares as of 2/29/24		Dividend Income		Capital Gain Distributions
Goldman Sachs Energy Infrastructure Fund — Class R6	$	70,294,705	$	2,054,056	$	(44,837,479	)	$	24,707,613	$	(24,377,199	)	$	27,841,696		2,418,914	$	528,234		$1,525,821
Goldman Sachs Financial Square Government Fund — Institutional Shares		1,437,534,239		1,521,673,044		(1,747,928,351	)		—		—			1,211,278,932		1,211,278,932		33,246,991		—
Goldman Sachs MLP Energy Infrastructure Fund — Class R6		2,352,619		4,711,722		(3,639,452	)		36,943		336,926			3,798,758		111,075		128,663		—
Total	$	1,510,181,563	$	1,528,438,822	$	(1,796,405,282	)	$	24,744,556	$	(24,040,273	)	$	1,242,919,386			$	33,903,888		$1,525,821

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 29, 2024, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities
Global Managed Beta	$	—	$	1,397,055,472	$	—	$	1,127,291,454
Tactical Tilt Overlay		408,878,718		86,628,374		310,891,815		122,210,894

For the six months ended February 29, 2024, there were no purchases and proceeds from sales and maturities of long-term securities for the Strategic Factor Allocation and Strategic Volatility Premium Funds.

7. SECURITIES LENDING

The Global Managed Beta Fund and Tactical Tilt Overlay Fund may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement and/or Consolidated Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

  

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7. SECURITIES LENDING (continued)

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statement and Consolidated Statement of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 29, 2024, are reported under Investment Income on the Statements and Consolidated Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 29, 2024.

Fund	Beginning Value as of August 31, 2023	Purchases at cost	Proceeds from Sales	Ending Value as of February 29, 2024	Shares as of February 29, 2024
Global Managed Beta	$   12,600	$60,968,441	$ (52,357,916)	$8,623,125	8,623,125
Tactical Tilt Overlay	4,647,500	99,937,609	(102,196,636)	2,388,473	2,388,473

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2023, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Global Managed Beta		Strategic Factor Allocation		Strategic Volatility Premium		Tactical Tilt Overlay
Capital loss carryforwards:
Perpetual Short-Term		$ (7,260,344)		$ (43,749,409)		$(12,030,598)		$(149,420,055)
Perpetual Long-Term		(14,149,747)		(65,636,837)		(18,045,899)		(29,869,323)
Total capital loss carryforwards		(21,410,091)		(109,386,246)		(30,076,497)		(179,289,378)
Timing differences (Post October Capital Loss Deferral/Late¬Year Ordinary Loss Deferral and Straddle Loss Deferral)		$(34,134,855)		$  (9,743,878)		$         —		$  (6,974,640)

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

8. TAX INFORMATION (continued)

As of February 29, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Global Managed Beta			Strategic Factor Allocation			Strategic Volatility Premium			Tactical Tilt Overlay
Tax Cost	$	2,599,519,509		$	2,149,226,386			$414,195,940		$	4,568,474,271
Gross unrealized gain		422,440,277			16,619			4,432			46,948,004
Gross unrealized loss		(59,322,198	)		(20,002,210	)		(1,986,670	)		(38,879,220	)
Net unrealized gain (loss)	$	363,118,079		$	(19,985,591	)		$ (1,982,238	)	$	8,068,784

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, partnership investments, passive foreign investment company investments, and underlying fund investments.

GSAM has reviewed each Fund’s tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in each Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Asset Allocation Risk — The Funds’ allocations to the various asset classes may cause the Funds to underperform other funds with a similar investment objective.

Credit/Default Risk — An issuer or guarantor of a security held by a Fund or a bank or other financial institution that has entered into a repurchase agreement with a Fund may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

Derivatives Risk — The Fund’s use of derivatives and other similar instruments (collectively, referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to a Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

  

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9. OTHER RISKS (continued)

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in ETFs Risk — The Fund’s may invest directly in ETFs, including affiliated ETFs. The Fund’s investments in ETFs will be subject to the restrictions applicable to investments by an investment company in other investment companies, unless relief is otherwise provided under the terms of an SEC exemptive order or SEC exemptive rule.

Investments in the Underlying Funds Risk — The investments of a Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Funds’ investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolios are subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If a Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in a Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

9. OTHER RISKS (continued)

income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund’s NAV. Furthermore, the premium received from the Fund’s option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

Tax Risk — The Tactical Tilt Overlay Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the “Notes Rulings”) or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. However, the Tactical Tilt Overlay Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Treasury regulations generally treat the Tactical Tilt Overlay Fund’s income inclusion with respect to a subsidiary as qualifying income either if (A) there is a current-year distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Tactical Tilt Overlay Fund’s business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Tactical Tilt Overlay Fund has limited its investments in commodity index-linked structured notes. The Tactical Tilt Overlay Fund has obtained an opinion of counsel that the Fund’s income from investments in the Subsidiary should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Tactical Tilt Overlay Fund’s income from such investments was not “qualifying income,” in which case the Tactical Tilt Overlay Fund would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Tactical Tilt Overlay Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Tactical Tilt Overlay Fund shareholders.

  

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10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with 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 II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. Messrs. Chou and Wirth and Ms. Dowling were serving as Trustees of the Trust at the time of their nominations. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024. Each of Messrs. Chou and Wirth and Ms. Dowling was also elected at the meeting and continue to serve as Trustees of the Trust.

12. SUBSEQUENT EVENTS

Subsequent events after the Statements and Consolidated Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Global Managed Beta Fund
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		60,917,839		$	830,242,874			78,875,852		$	1,025,111,264
Reinvestment of distributions		3,816,836			54,313,580			8,323,215			99,961,817
Shares redeemed		(42,142,901	)		(590,164,584	)		(30,131,088	)		(393,640,885	)
		22,591,774			294,391,870			57,067,979			731,432,196

  

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Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Factor Allocation Fund
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		17,770		$	196,531			321,256		$	3,353,859
Reinvestment of distributions		44,048			489,815			27,194			275,278
Shares redeemed		(172,953	)		(1,931,384	)		(196,484	)		(2,032,399	)
		(111,135	)		(1,245,038	)		151,966			1,596,738
Class R6 Shares(a)
Reinvestment of distributions		—			—			25			249
Shares redeemed		—			—			(1,244	)		(13,478	)
		—			—			(1,219	)		(13,229	)
Class P Shares
Shares sold		12,375,333			136,111,700			77,593,313			795,595,888
Reinvestment of distributions		6,568,102			72,117,761			3,995,736			39,916,205
Shares redeemed		(23,655,143	)		(256,559,473	)		(78,264,954	)		(798,426,744	)
		(4,711,708	)		(48,330,012	)		3,324,095			37,085,349
NET INCREASE (DECREASE)		(4,822,843	)	$	(49,575,050	)		3,474,842		$	38,668,858
(a) At the close of business on July 14, 2023, Class R6 Shares of the Strategic Factor Allocation Fund were liquidated.
	Strategic Volatility Premium Fund
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		8,035		$	77,377			13,266		$	127,237
Reinvestment of distributions		1,170			11,216			245			2,343
Shares redeemed		(10,546	)		(102,011	)		(11,483	)		(110,191	)
		(1,341	)		(13,418	)		2,028			19,389
Class P Shares
Shares sold		3,034,306			29,390,444			20,118,341			193,655,213
Reinvestment of distributions		1,919,469			18,407,711			386,903			3,702,660
Shares redeemed		(5,828,510	)		(56,395,789	)		(27,792,106	)		(267,078,922	)
		(874,735	)		(8,597,634	)		(7,286,862	)		(69,721,049	)
NET DECREASE		(876,076	)	$	(8,611,052	)		(7,284,834	)	$	(69,701,660	)

  

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13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Tactical Tilt Overlay Fund
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		126,547		$	1,362,924			1,135,526		$	12,100,469
Reinvestment of distributions		116,399			1,239,651			17,716			188,140
Shares redeemed		(837,320	)		(9,029,916	)		(733,042	)		(7,837,585	)
		(594,374	)		(6,427,341	)		420,200			4,451,024
Class R6 Shares
Shares sold		6,610,733			68,963,000			10,251,194			106,266,000
Reinvestment of distributions		2,957,734			30,435,080			457,566			4,703,786
Shares redeemed		(5,607,592	)		(58,419,611	)		(11,347,385	)		(116,175,121	)
		3,960,875			40,978,469			(638,625	)		(5,205,335	)
Class P Shares
Shares sold		30,854,568			321,015,346			64,343,749			664,723,341
Reinvestment of distributions		21,075,070			216,862,467			3,422,970			35,188,129
Shares redeemed		(43,978,730	)		(457,834,328	)		(66,277,795	)		(683,437,254	)
		7,950,908			80,043,485			1,488,924			16,474,216
NET INCREASE		11,317,409		$	114,594,613			1,270,499		$	15,719,905

  

  85

GOLDMAN SACHS ALLOCATION FUNDS

Fund Expenses — Six Month Period Ended February 29, 2024 (Unaudited)

As a shareholder of Institutional, Class R6 and Class P Shares of a Fund you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional, Class R6 and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2023 through February 29, 2024, which represents a period of 182 days of a 366-day year. This projection assumes that annualized expense ratios were in effect during the period.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Global Managed Beta Fund							Strategic Factor Allocation Fund							Strategic Volatility Premium Fund							Tactical Tilt Overlay Fund
Share Class	Beginning  Account Value 9/1/23		Ending  Account  Value 2/29/24			Expenses Paid for the  6 months ended  2/29/24*		Beginning  Account Value 9/1/23		Ending  Account  Value 2/29/24			Expenses Paid for the  6 months ended  2/29/24*		Beginning  Account Value 9/1/23		Ending  Account  Value 2/29/24			Expenses Paid for the  6 months ended  2/29/24*		Beginning  Account Value 9/1/23		Ending  Account  Value 2/29/24			Expenses Paid for the  6 months ended  2/29/24*
Institutional
Actual		$1,000.00		$1,107.00			$1.49		$1,000.00		$1,087.00			$3.67		$1,000.00		$1,032.30			$2.08		$1,000.00		$1,034.00			$3.70
Hypothetical 5% return		1,000.00		1,023.50	+		1.43		1,000.00		1,021.30	+		3.56		1,000.00		1,022.80	+		2.07		1,000.00		1,021.20	+		3.67
Class R6
Actual		—		—			—		—		—			—		—		—			—		1,000.00		1,034.30			3.65
Hypothetical 5% return		—		—			—		—		—			—		—		—			—		1,000.00		1,021.30	+		3.62
Class P
Actual		—		—			—		1,000.00		1,086.30			3.62		1,000.00		1,032.50			2.03		1,000.00		1,034.30			3.65
Hypothetical 5% return		—		—			—		1,000.00		1,021.40	+		3.51		1,000.00		1,022.90	+		2.02		1,000.00		1,021.30	+		3.62

* Expenses are calculated using each Fund’s annualized net expense ratio (excluding proxy fees) for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Institutional	Class R6			Class P
Global Managed Beta	0.28%		—	%		—	%
Strategic Factor Allocation	0.71		—			0.70
Strategic Volatility Premium	0.41		—			0.40
Tactical Tilt Overlay	0.73		0.72			0.72

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratio (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses.

86

GOLDMAN SACHS ALLOCATION FUNDS

 

 

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

  

  87

GOLDMAN SACHS ALLOCATION FUNDS

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal
Election of Trustees	For	Withheld
Cheryl K. Beebe	169,452,067,796	5,900,273,020
John G. Chou	173,279,757,273	2,072,583,543
Eileen H. Dowling	173,287,456,218	2,064,884,598
Lawrence Hughes	173,486,691,901	1,865,648,915
John F. Killian	173,511,167,174	1,841,173,642
Steven D. Krichmar	173,484,256,228	1,868,084,588
Michael Latham	173,498,020,286	1,854,320,530
Lawrence W. Stranghoener	173,455,949,165	1,896,391,651
Paul C. Wirth	173,324,070,424	2,028,270,391

  

88  

FUNDS PROFILE

 

 

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.54 trillion in assets under supervision as of December 31, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

∎ U.S. Mortgages Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income

 Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Emerging Markets Credit Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund⁵

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Enhanced Core Equity Fund⁶

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Strategy Alternatives Fund⁷

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ GQG Partners International Opportunities Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

² You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

³ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

⁴  Effective after the close of business on October 31, 2023, the Goldman Sachs Local Emerging Markets Debt Fund was renamed the Goldman Sachs Emerging Markets Credit Fund.

⁵ Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁶ Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.

⁷ Effective after the close of business on September 22, 2023, the Goldman Sachs Multi-Manager Alternatives Fund was renamed the Goldman Sachs Multi-Strategy Alternatives Fund.

  Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn more about our exchange-traded funds.

  

TRUSTEES
Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener PaulC.Wirth
OFFICERS
James A. McNamara, President
Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer
Robert Griffith, Secretary
GOLDMAN SACHS & CO. LLC
Distributor and Transfer Agent
GOLDMAN SACHS ASSET MANAGEMENT, L.P.
Investment Adviser
Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that a Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (’’SEC’’) web site at http://www.sec.gov.
The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550 (for Institutional Shareholders).
Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s®, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).
© 2024 Goldman Sachs. All rights reserved. 365394-OTU-2008636 ALLOCATESAR-24

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 14(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Kathryn A. Cassidy and Michael Latham are each an “audit committee financial expert” and “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

  Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

  Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

  Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

  Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

  Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

  There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not Applicable.

(b) Not Applicable.

ITEM 14. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on August 26, 2022.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(a)(3)	Not applicable to open-end investment companies.
(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	April 30, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	April 30, 2024
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	April 30, 2024

EX-99.CERT

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: April 30, 2024

/s/ James A. McNamara

James A. McNamara

President/Chief Executive Officer

CERTIFICATIONS

(Section 302)

I, Joseph F. DiMaria, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: April 30, 2024

/s/ Joseph F. DiMaria

Joseph F. DiMaria

Principal Financial Officer

EX-99.906 CERT

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended February 29, 2024 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Chief Executive Officer		Principal Financial Officer
Goldman Sachs Trust		Goldman Sachs Trust
/s/ James A. McNamara		/s/ Joseph F. DiMaria
James A. McNamara		Joseph F. DiMaria
April 30, 2024		April 30, 2024

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.