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: November 30

Date of reporting period: May 31, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

  The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds Semi-Annual Report May 31, 2024 Goldman Sachs MLP Energy Infrastructure Fund

Goldman Sachs MLP Energy Infrastructure Fund

TABLE OF CONTENTS
Market Review	1
Fund Basics	2
Schedule of Investments	4
Financial Statements	5
Financial Highlights	8
Notes to Financial Statements	15
Other Information	28

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 

MARKET REVIEW

 

 

 

Goldman Sachs MLP Energy Infrastructure Fund

The following are highlights both of key factors affecting energy-related equity markets and of any key changes made to the Goldman Sachs MLP Energy Infrastructure Fund (the “Fund”) during the six months ended May 31, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended November 30, 2024 will be provided to Fund shareholders, per new Securities and Exchange Commission (“SEC”) requirements with a compliance date of July 24, 2024.

Market and Economic Review

∎ During the Reporting Period, energy infrastructure master limited partnerships (“MLPs”), as measured by the Alerian MLP Index,¹ generated a total return of 10.24% during the Reporting Period. The broader midstream² sector, as measured by the Alerian Midstream Energy Index³ (AMNA) (which includes both energy MLPs and “C” corporations), recorded a total return of 12.23% during the same period.

∎ When the Reporting Period began in December 2023, energy-related equities were rather resilient despite ongoing macroeconomic uncertainty, which had persisted through much of 2023, and amid a pullback in crude oil prices, driven by heightened geopolitical tensions with the October outbreak of war in the Middle East.

∎ Energy-related equities subsequently advanced, broadly posting gains through the end of the Reporting Period. Strong midstream equity performance was underpinned by a supportive commodity price backdrop and improvement in how investors viewed the sector’s value proposition.

∎ Midstream energy fundamentals were some of the most attractive they had historically been, with many midstream energy companies generating record amounts of free cash flow. This, in turn, gave companies the ability to de-lever significantly, creating less volatility in equity prices.

∎ Management teams have been intently focused on maximizing shareholder value, i.e., they have been more disciplined on capital expenditures, and on returning excess free cash flow to shareholders through dividend growth and share buyback programs. Such management focus helped drive equity price performance.

∎ During the Reporting Period, there was a divergence in midstream equity performance, with energy infrastructure MLPs outperforming energy infrastructure “C” corporations. As a reminder, the midstream opportunity set includes companies structured as MLPs and “C” corporations, with “C” corporations currently representing the majority of the midstream market capitalization. The Goldman Sachs Liquid Real Assets Team (the “Team”) believes such MLP outperformance can largely be attributed to two factors.

∎ First, MLP valuation mean reversion for MLP multiples. (Mean reversion is a financial theory positing that asset prices and historical returns eventually revert to their long-term mean or average level. Multiples refers to a class of different indicators that can be used to value a security. A multiple is simply a ratio that is calculated by dividing the market or estimated value of an asset by a specific item on the financial statements.)

∎ Second, continued consolidation in the MLP market segment, with “C” corporations buying MLPs for a premium, which has benefited MLPs’ performance and created a technical tailwind for many of the smaller MLPs. Notably, MLP-only indices have reallocated consolidation proceeds to a smaller MLP universe.

∎ At the end of the Reporting Period, the Team considered the midstream sector a compelling investment opportunity due to a strong commodity price backdrop, healthy fundamentals and discounted valuations.

Fund Changes and Highlights

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

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

²  The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users for any type of energy commodity). Such midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities.

³  Source: Alerian. The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return (AMNA) and on a total-return (AMNAX) basis. It is not possible to invest directly in an unmanaged index.

  

  1

FUND BASICS

 

 

 

Goldman Sachs MLP Energy Infrastructure Fund

as of May 31, 2024

PERFORMANCE REVIEW

December 1, 2023–May 31, 2024	Fund Total Return   (based on NAV)1	Alerian MLP Index  (Total Return, Unhedged, USD)2
Class A	9.76%	10.24%
Class C	9.33	10.24
Institutional	9.98	10.24
Investor	9.90	10.24
Class R6	9.96	10.24
Class R	9.61	10.24
Class P	9.96	10.24

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

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

TOP TEN HOLDINGS AS OF 5/31/24^‡

Holding	% of Net Assets	Line of Business
Energy Transfer LP	12.5%	Pipeline Transportation | Natural Gas
MPLX LP	12.2	Gathering + Processing
Sunoco LP	11.4	Marketing | Wholesale
Enterprise Products Partners LP	10.1	Pipeline Transportation | Natural Gas
Plains All American Pipeline LP	10.1	Pipeline Transportation | Petroleum
Western Midstream Partners LP	8.3	Gathering + Processing
Hess Midstream LP	5.2	Gathering + Processing
EnLink Midstream LLC	4.8	Gathering + Processing
Cheniere Energy, Inc.	3.9	Other | Liquefaction
DT Midstream, Inc.	3.6	Pipeline Transportation | Natural Gas

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

  

2  

FUND BASICS

 

 

 

 

 

 

FUND SECTOR ALLOCATIONS*

* The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of total net assets. Underlying sector allocations of exchange-traded funds and other investment companies held by the fund are not reflected in the graph above. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

  3

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 103.1%
Gathering + Processing – 39.2%
5,964,769	EnLink Midstream LLC*	$	75,692,919
2,318,764	Hess Midstream LP Class A		80,577,049
314,179	Kinetik Holdings, Inc.		12,878,197
4,666,864	MPLX LP		189,848,028
306,476	ONEOK, Inc.		24,824,556
445,227	Targa Resources Corp.		52,639,188
3,485,212	Western Midstream Partners LP		130,068,112
1,101,718	Williams Cos., Inc.		45,732,314
			612,260,363
Integrated – 1.0%
134,843	Exxon Mobil Corp.		15,811,690
Marketing | Retail – 0.8%
618,805	Suburban Propane Partners LP		12,580,306
Marketing | Wholesale – 12.0%
187,810	Global Partners LP Class E		9,076,857
3,480,778	Sunoco LP		177,519,678
			186,596,535
Other | Liquefaction – 6.3%
750,301	Cheniere Energy Partners LP		36,141,999
379,054	Cheniere Energy, Inc.		59,810,931
243,832	NextDecade Corp.*		1,745,837
			97,698,767
Pipeline Transportation | Natural Gas – 28.3%
515,756	Atlas Energy Solutions, Inc.		12,491,610
825,140	DT Midstream, Inc.		55,350,391
12,437,609	Energy Transfer LP		194,897,333
5,539,431	Enterprise Products Partners LP		157,873,784
460,474	Kodiak Gas Services, Inc.		12,686,059
226,518	Pembina Pipeline Corp.		8,410,613
			441,709,790
Pipeline Transportation | Petroleum – 12.9%
211,461	Delek Logistics Partners LP		8,378,085

Shares	Description	Value
Common Stocks – (continued)
Pipeline Transportation | Petroleum - (continued)
220,378	Enbridge, Inc.	$	8,061,427
1,837,276	Genesis Energy LP		23,002,696
724,768	NGL Energy Partners LP*		4,116,682
9,239,973	Plains All American Pipeline LP		157,171,941
			200,730,831
Services | Midstream – 1.6%
991,443	USA Compression Partners LP		24,290,354
Services | Upstream – 1.0%
792,214	Archrock, Inc.		16,034,411
TOTAL COMMON STOCKS (Cost $1,388,050,557)		$	1,607,713,047
Shares	Dividend Rate	Value
Investment Company(a) – 0.2%
Goldman Sachs Financial Square Government Fund — Institutional Shares
3,041,670	5.227%	$	3,041,670
(Cost $3,041,670)
TOTAL INVESTMENTS – 103.3% (Cost $1,391,092,227)		$	1,610,754,717
LIABILITIES IN EXCESS OF OTHER ASSETS – (3.3)%			(50,736,299	)
NET ASSETS – 100.0%		$	1,560,018,418

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 fund.

ADDITIONAL INVESTMENT INFORMATION

Investment Abbreviations:
LLC	—Limited Liability Company
LP	—Limited Partnership

 

  

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Statement of Assets and Liabilities

May 31, 2024 (Unaudited)

 

 

	Assets:
	Investments in unaffiliated issuers, at value (cost $1,388,050,557)	$	1,607,713,047
	Investments in affiliated issuers, at value (cost $3,041,670)		3,041,670
	Receivables:
	Investments sold		8,965,618
	Dividends		259,233
	Fund shares sold		73,903
	Collateral on certain derivative contracts(a)		1,176
	Prepaid state and local franchise taxes		266,801
	Other assets		93,924
	Total assets		1,620,415,372
	Liabilities:
	Due to custodian (overdraft)		1,398,155
	Foreign currency overdraft, at value (identified cost $1,988)		1,994
	Payables:
	Investments purchased		6,320,715
	Current taxes, net		5,290,690
	Management fees		1,295,144
	Fund shares redeemed		163,554
	Distribution and Service fees and Transfer Agency fees		81,981
	Deferred taxes, net		45,394,271
	Accrued expenses		450,450
	Total liabilities		60,396,954
	Net Assets:
	Paid-in capital		2,226,817,042
	Total distributable loss		(666,798,624	)
	NET ASSETS	$	1,560,018,418
	Net Assets:
	Class A	$	64,272,168
	Class C		13,547,342
	Institutional		200,594,882
	Investor		55,076,034
	Class R6		78,519,189
	Class R		912,373
	Class P		1,147,096,430
	Total Net Assets	$	1,560,018,418
	Shares Outstanding $0.001 par value (unlimited number of shares authorized):
	Class A		1,960,369
	Class C		470,180
	Institutional		5,735,262
	Investor		1,609,162
	Class R6		2,241,167
	Class R		29,028
	Class P		32,633,147
	Net asset value, offering and redemption price per share:(b)
	Class A		$32.79
	Class C		28.81
	Institutional		34.98
	Investor		34.23
	Class R6		35.03
	Class R		31.43
	Class P		35.15

(a) Includes segregated cash of $1,176 relating to initial margin requirements and/or collateral on options transaction.

(b) Maximum public offering price per share for Class A Shares is $34.70. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

  

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Statement of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

 

	Investment Income:
	Dividends — unaffiliated issuers (net of tax withholding of $ 183,285)	$	55,376,417
	Dividends — affiliated issuers		3,279
	Interest		44
	Less: Return of Capital on Dividends		(44,728,256	)
	Total investment income		10,651,484
	Expenses:
	Management fees		7,704,527
	Transfer Agency fees(a)		327,857
	Professional fees		183,034
	Distribution and Service (12b-1) fees(a)		133,795
	Custody, accounting and administrative services		84,520
	Printing and mailing costs		70,328
	Registration fees		59,481
	Service fees — Class C		17,929
	Trustee fees		11,701
	Other		31,458
	Total operating expenses, before taxes		8,624,630
	Less — expense reductions		(791	)
	Net operating expenses, before taxes		8,623,839
	NET INVESTMENT INCOME, BEFORE TAXES		2,027,645
	Current and deferred tax expense		(275,792	)
	NET INVESTMENT INCOME, NET OF TAXES		1,751,853
	Realized and unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		129,542,469
	Written options		(202	)
	Foreign currency transactions		1,219
	Current and deferred tax expense		(17,619,971	)
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		43,696,730
	Foreign currency translation		196
	Current and deferred tax expense		(5,943,475	)
	Net realized and unrealized gain, net of taxes		149,676,966
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	151,428,819

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

Distribution and/or Service (12b-1) Fees			Transfer Agency Fees
Class A	Class C	Class R	Class A	Class C	Institutional	Investor	Class R6	Class R	Class P
$77,803	$53,786	$2,206	$46,682	$10,757	$39,198	$39,282	$15,526	$662	$175,750

  

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Statements of Changes in Net Assets

 

 

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023
From operations:
Net investment income (loss), net of taxes		$    1,751,853			$   (2,130,111	)
Net realized gain, net of taxes		111,923,515			153,172,242
Net change in unrealized gain, net of taxes		37,753,451			83,302,568
Net increase in net assets resulting from operations		151,428,819			234,344,699
Distributions to shareholders:
From distributable earnings:
Class A Shares		(2,419,264	)		(3,996,809	)
Class C Shares		(613,891	)		(1,369,179	)
Institutional Shares		(7,161,826	)		(13,267,091	)
Investor Shares		(1,949,536	)		(3,469,337	)
Class R6 Shares		(3,499,140	)		(7,592,272	)
Class R Shares		(34,845	)		(69,455	)
Class P Shares		(41,328,303	)		(75,698,498	)
Total distributions to shareholders		(57,006,805	)		(105,462,641	)
From share transactions:
Proceeds from sales of shares		43,001,354			173,448,573
Reinvestment of distributions		56,178,376			103,420,259
Cost of shares redeemed		(281,818,093	)		(270,875,593	)
Net increase (decrease) in net assets resulting from share transactions		(182,638,363	)		5,993,239
TOTAL INCREASE (DECREASE)		(88,216,349	)		134,875,297
Net assets:
Beginning of period		1,648,234,767			1,513,359,470
End of period		$1,560,018,418			$1,648,234,767

  

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		MLP Energy Infrastructure Fund
		Class A Shares
		Six Months Ended
		May 31, 2024				Year Ended November 30,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data*
	Net asset value, beginning of period		$	31.06			$	28.86			$	22.75			$	17.15			$	26.10			$	31.90
	Net investment loss(a)			(0.04	)			(0.13	)			(0.07	)			(0.13	)(b)			(0.15	)			(0.30	)
	Net realized and unrealized gain (loss)			3.03				4.45				7.88				7.23				(7.86	)			(3.00	)
	Total from investment operations			2.99				4.32				7.81				7.10				(8.01	)			(3.30	)
	Distributions to shareholders from net investment income			(1.26	)			(2.12	)			(1.70	)			(1.50	)			—				(0.15	)
	Distributions to shareholders from return of capital			—				—				—				—				(0.94	)			(2.35	)
	Total distributions			(1.26	)			(2.12	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)
	Net asset value, end of period		$	32.79			$	31.06			$	28.86			$	22.75			$	17.15			$	26.10
	Total return(c)			9.76	%			15.84	%			34.91	%			41.88	%			(27.83	)%			(11.06	)%
	Net assets, end of period (in 000s)		$	64,272			$	59,874			$	53,751			$	39,835			$	34,024			$	60,112
	Ratio of net expenses to average net assets after tax expense(d)			2.97	%(e)			2.42	%			2.59	%			0.42	%			2.61	%			1.67	%
	Ratio of total expenses to average net assets after tax expense(d)			2.97	%(e)			2.42	%			2.59	%			0.43	%			2.64	%			1.67	%
	Ratio of net expenses to average net assets before tax expense			1.42	%(e)			1.43	%			1.45	%			1.45	%			1.49	%			1.44	%
	Ratio of net investment loss to average net assets(f)			(0.24	)%(e)			(0.47	)%			(0.26	)%			(0.60	)%			(0.81	)%			(1.02	)%
	Portfolio turnover rate(g)			32	%			102	%			117	%			166	%			139	%			51	%

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

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

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

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

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

(e) Annualized with the exception of tax expenses.

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

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

 

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	MLP Energy Infrastructure Fund
	Class C Shares
	Six Months Ended
	May 31, 2024				Year Ended November 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data*
Net asset value, beginning of period		$	27.54			$	26.01			$	20.79			$	15.88			$	24.55			$	30.35
Net investment loss(a)			(0.11	)			(0.31	)			(0.24	)			(0.27	)(b)			(0.29	)			(0.50	)
Net realized and unrealized gain (loss)			2.64				3.96				7.16				6.68				(7.44	)			(2.80	)
Total from investment operations			2.53				3.65				6.92				6.41				(7.73	)			(3.30	)
Distributions to shareholders from net investment income			(1.26	)			(2.12	)			(1.70	)			(1.50	)			—				(0.15	)
Distributions to shareholders from return of capital			—				—				—				—				(0.94	)			(2.35	)
Total distributions			(1.26	)			(2.12	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)
Net asset value, end of period		$	28.81			$	27.54			$	26.01			$	20.79			$	15.88			$	24.55
Total return(c)			9.33	%			14.97	%			33.89	%			40.85	%			(28.47	)%			(11.64	)%
Net assets, end of period (in 000s)		$	13,547			$	16,025			$	22,030			$	25,647			$	24,897			$	58,044
Ratio of net expenses to average net assets after tax expense(d)			3.63	%(e)			3.20	%			3.34	%			1.16	%			3.37	%			2.42	%
Ratio of total expenses to average net assets after tax expense(d)			3.63	%(e)			3.20	%			3.34	%			1.18	%			3.39	%			2.42	%
Ratio of net expenses to average net assets before tax expense			2.17	%(e)			2.18	%			2.20	%			2.20	%			2.24	%			2.19	%
Ratio of net investment loss to average net assets(f)			(0.81	)%(e)			(1.23	)%			(1.00	)%			(1.35	)%			(1.63	)%			(1.77	)%
Portfolio turnover rate(g)			32	%			102	%			117	%			166	%			139	%			51	%

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

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

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

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

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

(e) Annualized with the exception of tax expenses.

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

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

  

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	MLP Energy Infrastructure Fund
	Institutional Shares
	Six Months Ended
	May 31, 2024				Year Ended November 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data*
Net asset value, beginning of period		$	32.99			$	30.43			$	23.82			$	17.84			$	26.95			$	32.75
Net investment income (loss)(a)			0.02				(0.04	)			0.03				(0.05	)(b)			(0.11	)			(0.20	)
Net realized and unrealized gain (loss)			3.23				4.72				8.28				7.53				(8.06	)			(3.10	)
Total from investment operations			3.25				4.68				8.31				7.48				(8.17	)			(3.30	)
Distributions to shareholders from net investment income			(1.26	)			(2.12	)			(1.70	)			(1.50	)			—				(0.15	)
Distributions to shareholders from return of capital			—				—				—				—				(0.94	)			(2.35	)
Total distributions			(1.26	)			(2.12	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)
Net asset value, end of period		$	34.98			$	32.99			$	30.43			$	23.82			$	17.84			$	26.95
Total return(c)			9.98	%			16.22	%			35.45	%			42.40	%			(27.54	)%			(10.77	)%
Net assets, end of period (in 000s)		$	200,595			$	192,787			$	198,807			$	160,785			$	182,236			$	502,633
Ratio of net expenses to average net assets after tax expense(d)			2.60	%(e)			2.08	%			2.22	%			0.05	%			2.22	%			1.28	%
Ratio of total expenses to average net assets after tax expense(d)			2.60	%(e)			2.08	%			2.22	%			0.06	%			2.25	%			1.28	%
Ratio of net expenses to average net assets before tax expense			1.06	%(e)			1.07	%			1.08	%			1.09	%			1.10	%			1.05	%
Ratio of net investment income (loss) to average net assets(f)			0.14	%(e)			(0.12	)%			0.12	%			(0.21	)%			(0.56	)%			(0.61	)%
Portfolio turnover rate(g)			32	%			102	%			117	%			166	%			139	%			51	%

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

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

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

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

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

(e) Annualized with the exception of tax expenses.

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

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

  

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	MLP Energy Infrastructure Fund
	Investor Shares
	Six Months Ended
	May 31, 2024				Year Ended November 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data*
Net asset value, beginning of period		$	32.33			$	29.89			$	23.45			$	17.60			$	26.65			$	32.50
Net investment loss(a)			—	(b)			(0.06	)			—	(b)			(0.08	)(c)			(0.15	)			(0.25	)
Net realized and unrealized gain (loss)			3.16				4.62				8.14				7.43				(7.96	)			(3.10	)
Total from investment operations			3.16				4.56				8.14				7.35				(8.11	)			(3.35	)
Distributions to shareholders from net investment income			(1.26	)			(2.12	)			(1.70	)			(1.50	)			—				(0.15	)
Distributions to shareholders from return of capital			—				—				—				—				(0.94	)			(2.35	)
Total distributions			(1.26	)			(2.12	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)
Net asset value, end of period		$	34.23			$	32.33			$	29.89			$	23.45			$	17.60			$	26.65
Total return(d)			9.90	%			16.11	%			35.28	%			42.23	%			(27.63	)%			(11.01	)%
Net assets, end of period (in 000s)		$	55,076			$	53,118			$	59,725			$	40,346			$	32,396			$	98,506
Ratio of net expenses to average net assets after tax expense(e)			2.71	%(f)			2.16	%			2.34	%			0.17	%			2.36	%			1.42	%
Ratio of total expenses to average net assets after tax expense(e)			2.71	%(f)			2.16	%			2.34	%			0.18	%			2.38	%			1.42	%
Ratio of net expenses to average net assets before tax expense			1.17	%(f)			1.18	%			1.20	%			1.20	%			1.23	%			1.19	%
Ratio of net investment income (loss) to average net assets(g)			0.01	%(f)			(0.20	)%			(0.01	)%			(0.36	)%			(0.73	)%			(0.77	)%
Portfolio turnover rate(h)			32	%			102	%			117	%			166	%			139	%			51	%

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

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized with the exception of tax expenses.

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

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

  

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	MLP Energy Infrastructure Fund
	Class R6 Shares
	Six Months Ended
	May 31, 2024				Year Ended November 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data*
Net asset value, beginning of period		$	33.05			$	30.47			$	23.85			$	17.86			$	27.00			$	32.75
Net investment income (loss)(a)			0.07				(0.03	)			0.04				(0.04	)(b)			(0.05	)			(0.20	)
Net realized and unrealized gain (loss)			3.17				4.73				8.28				7.53				(8.15	)			(3.05	)
Total from investment operations			3.24				4.70				8.32				7.49				(8.20	)			(3.25	)
Distributions to shareholders from net investment income			(1.26	)			(2.12	)			(1.70	)			(1.50	)			—				(0.15	)
Distributions to shareholders from return of capital			—				—				—				—				(0.94	)			(2.35	)
Total distributions			(1.26	)			(2.12	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)
Net asset value, end of period		$	35.03			$	33.05			$	30.47			$	23.85			$	17.86			$	27.00
Total return(c)			9.96	%			16.26	%			35.45	%			42.41	%			(27.60	)%			(10.60	)%
Net assets, end of period (in 000s)		$	78,519			$	115,489			$	126,621			$	138,288			$	181,968			$	165,252
Ratio of net expenses to average net assets after tax expense(d)			2.46	%(e)			2.06	%			2.21	%			0.04	%			2.23	%			1.26	%
Ratio of total expenses to average net assets after tax expense(d)			2.46	%(e)			2.06	%			2.21	%			0.05	%			2.26	%			1.26	%
Ratio of net expenses to average net assets before tax expense			1.05	%(e)			1.06	%			1.07	%			1.08	%			1.11	%			1.04	%
Ratio of net investment income (loss) to average net assets(f)			0.40	%(e)			(0.10	)%			0.13	%			(0.17	)%			(0.29	)%			(0.66	)%
Portfolio turnover rate(g)			32	%			102	%			117	%			166	%			139	%			51	%

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

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

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

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

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

(e) Annualized with the exception of tax expenses.

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

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

  

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	MLP Energy Infrastructure Fund
	Class R Shares
	Six Months Ended
	May 31, 2024				Year Ended November 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data*
Net asset value, beginning of period		$	29.86			$	27.90			$	22.09			$	16.72			$	25.60			$	31.40
Net investment loss(a)			(0.08	)			(0.21	)			(0.13	)			(0.18	)(b)			(0.17	)			(0.40	)
Net realized and unrealized gain (loss)			2.91				4.29				7.64				7.05				(7.77	)			(2.90	)
Total from investment operations			2.83				4.08				7.51				6.87				(7.94	)			(3.30	)
Distributions to shareholders from net investment income			(1.26	)			(2.12	)			(1.70	)			(1.50	)			—				(0.15	)
Distributions to shareholders from return of capital			—				—				—				—				(0.94	)			(2.35	)
Total distributions			(1.26	)			(2.12	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)
Net asset value, end of period		$	31.43			$	29.86			$	27.90			$	22.09			$	16.72			$	25.60
Total return(c)			9.61	%			15.52	%			34.59	%			41.57	%			(28.11	)%			(11.24	)%
Net assets, end of period (in 000s)		$	912			$	1,000			$	843			$	731			$	796			$	1,012
Ratio of net expenses to average net assets after tax expense(d)			3.22	%(e)			2.72	%			2.84	%			0.66	%			2.87	%			1.92	%
Ratio of total expenses to average net assets after tax expense(d)			3.22	%(e)			2.72	%			2.85	%			0.67	%			2.90	%			1.92	%
Ratio of net expenses to average net assets before tax expense			1.67	%(e)			1.68	%			1.70	%			1.70	%			1.74	%			1.69	%
Ratio of net investment loss to average net assets(f)			(0.50	)%(e)			(0.76	)%			(0.50	)%			(0.85	)%			(0.94	)%			(1.31	)%
Portfolio turnover rate(g)			32	%			102	%			117	%			166	%			139	%			51	%

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

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

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

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

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

(e) Annualized with the exception of tax expenses.

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

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

  

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	MLP Energy Infrastructure Fund
	Class P Shares
	Six Months Ended
	May 31, 2024				Year Ended November 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Data*
Net asset value, beginning of period		$	33.15			$	30.56			$	23.92			$	17.91			$	27.05			$	32.85
Net investment income (loss)(a)			0.04				(0.03	)			0.03				(0.05	)(b)			(0.08	)			(0.20	)
Net realized and unrealized gain (loss)			3.22				4.74				8.31				7.56				(8.12	)			(3.10	)
Total from investment operations			3.26				4.71				8.34				7.51				(8.20	)			(3.30	)
Distributions to shareholders from net investment income			(1.26	)			(2.12	)			(1.70	)			(1.50	)			—				(0.15	)
Distributions to shareholders from return of capital			—				—				—				—				(0.94	)			(2.35	)
Total distributions			(1.26	)			(2.12	)			(1.70	)			(1.50	)			(0.94	)			(2.50	)
Net asset value, end of period		$	35.15			$	33.15			$	30.56			$	23.92			$	17.91			$	27.05
Total return(c)			9.96	%			16.25	%			35.43	%			42.40	%			(27.55	)%			(10.73	)%
Net assets, end of period (in 000s)		$	1,147,096			$	1,209,941			$	1,051,583			$	772,491			$	526,900			$	843,448
Ratio of net expenses to average net assets after tax expense(d)			2.53	%(e)			2.07	%			2.21	%			0.04	%			2.23	%			1.27	%
Ratio of total expenses to average net assets after tax expense(d)			2.53	%(e)			2.07	%			2.21	%			0.05	%			2.26	%			1.27	%
Ratio of net expenses to average net assets before tax expense			1.05	%(e)			1.06	%			1.07	%			1.08	%			1.10	%			1.04	%
Ratio of net investment income (loss) to average net assets(f)			0.26	%(e)			(0.11	)%			0.12	%			(0.23	)%			(0.38	)%			(0.61	)%
Portfolio turnover rate(g)			32	%			102	%			117	%			166	%			139	%			51	%

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

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

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

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

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

(e) Annualized with the exception of tax expenses.

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

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

  

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

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Notes to Financial Statements

May 31, 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 Trust includes the Goldman Sachs MLP Energy Infrastructure Fund (the “Fund”). The Fund is a non-diversified portfolio under the Act offering seven classes of shares — Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/Tax differences based on the appropriate tax character.

  

15

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

  

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

 

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund’s investments that do not have readily available market quotations, the Trustees have designated 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 Fund’s portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

  

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are 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, including future contracts, 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. Options Contracts — When the Fund writes call or put options contracts, 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 Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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

  

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of May 31, 2024:

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock(a)
North America	$	1,607,713,047		$	—		$	—
Investment Company		3,041,670			—			—
Total	$	1,610,754,717		$	—		$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended May 31, 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 Statement of Operations:

Risk	Statements of Operations	Net Realized Gain (Loss)
Equity	Net realized gain (loss) from written options	$(202)

For the six months ended May 31, 2024, the relevant values for each derivative type were as follows:

Average Number of Shares/Units^(a)

Written

Options

100

(a) Amounts disclosed represent average number of shares/units outstanding for 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 month period ended May 31, 2024.

5. TAXATION

Total income taxes are computed by applying the federal statutory rate plus a blended state income tax rate. During the six months ended May 31, 2024, the Fund reevaluated its blended state income tax rate, decreasing the rate from 1.19% to 0.88% due to an anticipated change in state apportionment of income and gains. The reconciliation between the federal statutory income tax rate of 21% and the effective tax rate on net investment income/loss and realized and unrealized gain/loss is as follows:

Application of statutory income tax rate	$	36,806,292		21.00	%
State income taxes, net of federal benefit		1,542,359		0.88	%
Change in estimated deferred tax rate		(18,423	)	(0.01	)%
Effect of permanent differences		(2,029,452	)	(1.16	)%
Change in Valuation Allowance		(12,461,538	)	(7.11	)%
Total current and deferred income tax expense/(benefit), net	$	23,839,238		13.60	%

  

19

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

5. TAXATION (continued)

Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years such temporary differences are realized or otherwise settled. At May 31, 2024, components of the Fund’s deferred tax assets and liabilities were as follows:

Deferred tax assets:
State net operating loss carryforward	$	328,666
Capital loss carryforward (tax basis)		77,587,158
Other tax assets		830,164
Valuation Allowance		(14,617,023	)
Total Deferred Tax Assets	$	64,128,965
Deferred tax liabilities:
Book vs tax partnership income to be recognized	$	(46,104,003	)
Net unrealized gain on investment securities (tax basis)		(63,419,233	)
Total Deferred Tax Liabilities	$	(109,523,236	)
Net Deferred Tax Asset/(Liability)	$	(45,394,271	)

At May 31, 2024, the Fund had capital loss carryforwards, subject to expiration and limitation based on the fiscal year generated, as follows:

For Fiscal Year Ended:	Amount			Expiration
November 30, 2020	$	354,603,099			November 30, 2025

The Fund reviews the recoverability of its deferred tax assets based upon the weight of the available evidence. When assessing, the Fund’s management considers available carrybacks, reversing temporary taxable differences, and tax planning, if any. As a result of its analysis of the recoverability of its deferred tax assets, the Fund recorded $14,617,023 of valuation allowances as of May 31, 2024.

For the six months ended May 31, 2024, components of the Fund’s current and deferred tax expense/(benefit) are as follows:

	Current			Deferred				Total
Federal	$	7,916,275		$	27,099,789			$	35,016,064
State		158,016			1,126,696				1,284,712
Valuation Allowances		—			(12,461,538	)			(12,461,538	)
Total	$	8,074,291		$	15,764,947			$	23,839,238

For the six months ended May 31, 2024, the Fund does not have any interest or penalties associated with the underpayment of any income taxes. At May 31, 2024, gross unrealized appreciation and depreciation of investments, based on cost, for federal income tax purposes was as follows:

Tax Cost	$	1,110,228,984
Gross unrealized gain		537,201,085
Gross unrealized loss		(36,675,352	)
Net unrealized gain	$	500,525,733

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

  

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

 

 

 

 

5. TAXATION (continued)

For the six months ended May 31, 2024, the Fund distributions are estimated to be comprised of 100% from taxable income and 0% return of capital. Shareholders will be informed of the final tax characterization of the distributions in February 2025. The Fund’s tax years ended November 30, 2020 through November 30, 2023 remain open for examination by U.S. federal and state tax authorities. Management of the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or expenses will significantly change in the next 12 months.

6. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended May 31, 2024, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate					Effective Net
First $1 billion	Next $1 billion	Next $3 billion	Next $3 billion	Over $8 billion	Management    Rate^
1.00%	0.90%	0.86%	0.84%	0.82%	0.96%

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

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Fund invests. For the six months ended May 31, 2024, GSAM waived $442 of the Fund’s management fee.

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

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

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

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

  

21

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

6. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended May 31, 2024, Goldman Sachs advised that it retained $2,334 and $0 of the sales charges applicable to Class A and Class C Shares, respectively.

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

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% 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 Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund is 0.064%. These Other Expense limitations will remain in place through at least March 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above. For the six months ended May 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver	Transfer Agency Waivers/Credits	Total Expense Reductions
$442	$349	$791

G. Other Transactions with Affiliates — For the six months ended May 31, 2024, Goldman Sachs earned $114,625 in brokerage commissions from portfolio transactions on behalf of the Fund.

The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares as of and for the six months ended May 31, 2024:

Underlying Fund	Beginning Value as of November 30, 2023	Purchases at Cost	Proceeds from Sales	Ending Value as of May 31, 2024	Shares as of May 31, 2024	Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$—	$29,756,295	$(26,714,625)	$3,041,670	3,041,670	$3,279

H. Line of Credit Facility — As of May 31, 2024, the Fund participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended May 31, 2024, the Fund did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.

  

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

 

 

 

 

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended May 31, 2024, were $518,461,552 and $717,276,079, respectively.

8. OTHER RISKS

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

Derivatives Risk — The Fund’s use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill, or lacks the capacity or authority to fulfill, its contractual obligations, liquidity risk, which includes the risk that the Fund will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged, and the failure of the performance of the derivatives used to replicate the performance of a particular asset class to accurately track the performance of that asset class. There is no guarantee that the use of derivatives will achieve their intended result.

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

Energy Sector Risk—The Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, business, social, political, environmental, regulatory or other developments affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs, energy infrastructure companies and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices and/or interest rates; increased governmental or environmental regulation; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; declines in domestic or foreign production; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Energy companies can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas), which may result in overproduction or underproduction. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

During periods of heightened volatility, energy producers that are burdened with debt may seek bankruptcy relief. Bankruptcy laws may permit the revocation or renegotiation of contracts between energy producers and MLPs/energy infrastructure companies, which could have a dramatic impact on the ability of MLPs/energy infrastructure companies to pay distributions to its investors, including the Fund, which in turn could impact the ability of the Fund to pay dividends and dramatically impact the value of the Fund’s investments.

  

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

8. OTHER RISKS (continued)

Infrastructure Company Risk — Infrastructure companies are susceptible to various factors that may negatively impact their businesses or operations, including costs associated with compliance with and changes in environmental, governmental and other regulations, rising interest costs in connection with capital construction and improvement programs, government budgetary constraints that impact publicly funded projects, the effects of general economic conditions throughout the world, surplus capacity and depletion concerns, increased competition from other providers of services, uncertainties regarding the availability of fuel and other natural resources at reasonable prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies and high leverage. Infrastructure companies will also be affected by innovations in technology that could render the way in which a company delivers a product or service obsolete and natural or man-made disasters.

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

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

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, 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 the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

  

24

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

 

 

 

 

 

8. OTHER RISKS (continued)

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

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

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

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

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

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

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

  

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

  

26

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

 

 

 

 

 

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	MLP Energy Infrastructure Fund
	For the Six Months Ended May 31, 2024 (Unaudited)						For the Fiscal Year Ended November 30, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		121,562		$	3,855,547			286,633		$	7,956,317
Reinvestment of distributions		75,160			2,410,695			139,389			3,980,048
Shares redeemed		(164,145	)		(5,244,145	)		(360,463	)		(10,166,814	)
		32,577			1,022,097			65,559			1,769,551
Class C Shares
Shares sold		10,876			311,602			16,823			432,582
Reinvestment of distributions		21,588			609,682			53,657			1,362,166
Shares redeemed		(144,165	)		(4,015,275	)		(335,444	)		(8,349,386	)
		(111,701	)		(3,093,991	)		(264,964	)		(6,554,638	)
Institutional Shares
Shares sold		303,766			10,484,648			781,556			23,188,690
Reinvestment of distributions		185,874			6,352,949			372,749			11,254,899
Shares redeemed		(597,328	)		(20,289,163	)		(1,845,175	)		(55,450,513	)
		(107,688	)		(3,451,566	)		(690,870	)		(21,006,924	)
Investor Shares
Shares sold		153,253			5,262,211			207,974			6,192,161
Reinvestment of distributions		58,055			1,942,762			116,780			3,462,921
Shares redeemed		(245,122	)		(8,076,803	)		(679,939	)		(19,826,207	)
		(33,814	)		(871,830	)		(355,185	)		(10,171,125	)
Class R6 Shares
Shares sold		1,101			38,001			270,112			8,404,211
Reinvestment of distributions		102,372			3,499,140			250,979			7,592,272
Shares redeemed		(1,356,759	)		(48,550,749	)		(1,182,068	)		(36,218,684	)
		(1,253,286	)		(45,013,608	)		(660,977	)		(20,222,201	)
Class R Shares
Shares sold		2,254			70,359			9,145			249,563
Reinvestment of distributions		1,132			34,845			2,524			69,455
Shares redeemed		(7,847	)		(230,101	)		(8,393	)		(231,816	)
		(4,461	)		(124,897	)		3,276			87,202
Class P Shares
Shares sold		679,803			22,978,986			4,246,814			127,025,049
Reinvestment of distributions		1,203,362			41,328,303			2,491,317			75,698,498
Shares redeemed		(5,745,918	)		(195,411,857	)		(4,652,265	)		(140,632,173	)
		(3,862,753	)		(131,104,568	)		2,085,866			62,091,374
NET INCREASE (DECREASE)		(5,341,126	)	$	(182,638,363	)		182,705		$	5,993,239

  

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GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Fund Expenses — Six Month Period Ended May 31, 2024 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from December 1, 2023 through May 31, 2024, which represents a period of 183 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 Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	MLP Energy Infrastructure Fund
Share Class	Beginning  Account Value 12/1/23			Ending  Account  Value 5/31/24			Expenses Paid for the  6 months ended  5/31/24*
Class A
Actual		$1,000.00			$1,097.60			$ 7.43
Hypothetical 5% return		1,000.00			1,017.90	+		7.15
Class C
Actual		1,000.00			1,093.30			11.34
Hypothetical 5% return		1,000.00			1,014.20	+		10.91
Institutional
Actual		1,000.00			1,099.80			5.55
Hypothetical 5% return		1,000.00			1,019.70	+		5.34
Investor
Actual		1,000.00			1,099.00			6.13
Hypothetical 5% return		1,000.00			1,019.20	+		5.89
Class R6
Actual		1,000.00			1,099.60			5.49
Hypothetical 5% return		1,000.00			1,019.80	+		5.28
Class R
Actual		1,000.00			1,096.10			8.74
Hypothetical 5% return		1,000.00			1,016.70	+		8.41
Class P
Actual		1,000.00			1,099.60			5.50
Hypothetical 5% return		1,000.00			1,019.80	+		5.29

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended May 31, 2024. Deferred tax benefit (expense) is not included in the ratio calculation. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A	Class C	Institutional	Investor	Class R6	Class R	Class P
MLP Energy Infrastructure Fund	1.42%	2.17%	1.06%	1.17%	1.05%	1.67%	1.05%

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

  

28  

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

 

Liquidity Risk Management Program (Unaudited)

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

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

At a meeting of the Board of Trustees on February 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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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 $2.56 trillion in assets under supervision as of March 31, 2024, 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

∎ Dynamic Bond Fund⁶

∎ 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 Fund

Fixed Income Alternatives

∎ Short Duration High Yield Fund⁴

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 Fund⁵

∎ 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 Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Goldman Sachs 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 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.

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 April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁵ 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.

⁶ Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond 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 closed-end funds and 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 Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction. The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov. The Fund will file its portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Fund holdings and allocations shown are as of May 31, 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. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. “Alerian MLP Index”, “Alerian MLP Total Return Index”, “AMZ” and “AMZX” are trademarks of Alerian and their use is granted under a license from Alerian. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). © 2024 Goldman Sachs. All rights reserved. 377132-OTU-2061119 MLPEISAR-24

Goldman Sachs Funds Semi-Annual Report May 31, 2024 Energy Funds Goldman Sachs Clean Energy Income Fund Goldman Sachs Energy Infrastructure Fund

Goldman Sachs Energy Funds

∎  GOLDMAN SACHS CLEAN ENERGY INCOME FUND

∎  GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

TABLE OF CONTENTS
Market Review	1
Fund Basics	4
Schedules of Investments	8
Financial Statements	11
Financial Highlights	14
Goldman Sachs Clean Energy Income Fund	14
Goldman Sachs Energy Infrastructure Fund	20
Notes to Financial Statements	27
Other Information	41

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 

MARKET REVIEW

 

 

 

Goldman Sachs Energy Funds

The following are highlights both of key factors affecting the energy-related equity markets and of any key changes made to the Goldman Sachs Energy Funds (the “Funds”) during the six months ended May 31, 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 November 30, 2024 will be provided to Fund shareholders, per new Securities and Exchange Commission (“SEC”) requirements with a compliance date of July 24, 2024.

Market and Economic Review

∎ During the Reporting Period, energy infrastructure master limited partnerships (“MLPs”), as measured by the Alerian MLP Index,¹ generated a total return of 10.24% during the Reporting Period. The broader midstream² sector, as measured by the Alerian Midstream Energy Index³ (AMNA) (which includes both energy MLPs and “C” corporations), recorded a total return of 12.23% during the same period.

∎ When the Reporting Period began in December 2023, energy-related equities were rather resilient despite ongoing macroeconomic uncertainty, which had persisted through much of 2023, and amid a pullback in crude oil prices, driven by heightened geopolitical tensions with the October outbreak of war in the Middle East.

∎ Energy-related equities subsequently advanced, broadly posting gains through the end of the Reporting Period. Strong midstream equity performance was underpinned by a supportive commodity price backdrop and improvement in how investors viewed the sector’s value proposition.

∎ Midstream energy fundamentals were some of the most attractive they had historically been, with many midstream energy companies generating record amounts of free cash flow. This, in turn, gave companies the ability to de-lever significantly, creating less volatility in equity prices.

∎ Management teams have been intently focused on maximizing shareholder value, i.e., they have been more disciplined on capital expenditures, and on returning excess free cash flow to shareholders through dividend growth and share buyback programs. Such management focus helped drive equity price performance.

∎ During the Reporting Period, there was a divergence in midstream equity performance, with energy infrastructure MLPs outperforming energy infrastructure “C” corporations. As a reminder, the midstream opportunity set includes companies structured as MLPs and “C” corporations, with “C” corporations currently representing the majority of the midstream market capitalization. The Goldman Sachs Liquid Real Assets Team (the “Team”) believes such MLP outperformance can largely be attributed to two factors.

∎ First, MLP valuation mean reversion for MLP multiples. (Mean reversion is a financial theory positing that asset prices and historical returns eventually revert to their long-term mean or average level. Multiples refers to a class of different indicators that can be used to value a security. A multiple is simply a ratio that is calculated by dividing the market or estimated value of an asset by a specific item on the financial statements.)

∎ Second, continued consolidation in the MLP market segment, with “C” corporations buying MLPs for a premium, which has benefited MLPs’ performance and created a technical tailwind for many of the smaller MLPs. Notably, MLP-only indices have reallocated consolidation proceeds to a smaller MLP universe.

∎ At the end of the Reporting Period, the Team considered the midstream sector a compelling investment opportunity due to a strong commodity price backdrop, healthy fundamentals and discounted valuations.

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

²  The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users for any type of energy commodity). Such midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities.

³  Source: Alerian. The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return (AMNA) and on a total-return (AMNAX) basis. It is not possible to invest directly in an unmanaged index.

  

1

MARKET REVIEW

 

 

 

Clean Energy Infrastructure

∎ Clean energy infrastructure securities, as measured by a custom renewables benchmark, returned 11.00% during the Reporting Period. (The custom renewables benchmark is comprised 50% of the Eagle North American Renewables Infrastructure Index,⁴ 35% of the Indxx YieldCo and Renewable Energy Income Index⁵ and 15% of the Eagle Global Renewables Infrastructure Index.⁶)

∎ Overall, the Reporting Period was challenging for clean energy infrastructure securities, especially in the context of the broad U.S. equity market rally, with the S&P 500^® Index up 16.35% during the same timeframe.

∎ When the Reporting Period began in December 2023, and continuing into April 2024, clean energy infrastructure securities struggled alongside the broader clean energy sector. Weakness was driven primarily by high global interest rates, which raised investor concerns about the impact of elevated rates on clean energy infrastructure companies given that a significant amount of financing is needed to meet global clean energy mandates/targets.

∎ From mid-April 2024 through the end of the Reporting Period, clean energy infrastructure securities showed signs of a recovery, largely due to a strong earnings cycle coupled with increased clarity on when the U.S. Federal Reserve might start cutting interest rates.

∎ At the end of the Reporting Period, the Goldman Sachs Clean Energy Team expected this positive trend to continue and believed it would be supported by four factors.

∎ First, and most important, the stabilization of interest rates should help equity sentiment.

∎ Second, recognition that governments around the world would continue to support the buildout of renewable energy.

∎ Third, the growth in electricity demand driven by artificial intelligence, data centers and electrification, all of which should lead to a substantial need for new power assets.

∎ Fourth, many of the customers who are driving demand have sustainability targets, which should result in more large-scale renewable infrastructure globally. Broadly speaking, as the energy demand pie grows, the Goldman Sachs Clean Energy Team expects renewables to make up an increasing piece of it.

∎ Overall, the Goldman Sachs Clean Energy Team continued to believe clean energy was an attractive investment opportunity for the long term.

Fund Changes and Highlights

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

Goldman Sachs Clean Energy Income Fund

∎ During the Reporting Period, the Goldman Sachs Clean Energy Income Fund (the “Fund”) generated positive absolute returns but underperformed its blended benchmark, which is the custom renewables benchmark referenced above.

∎ The Fund’s relative performance was driven largely by stock selection.

∎ The Fund was hurt by out-of-benchmark positions and overweight positions versus the blended benchmark in utilities stocks. High interest rates put downward pressure on the broad utilities sector during the Reporting Period.

∎ From a geographical perspective, overweight positions in the U.S. and the U.K. weighed on relative returns.

⁴  The Eagle North American Renewables Infrastructure Index is designed to track the performance of renewables infrastructure or renewables-related infrastructure assets, primarily wind, solar, hydro, biomass and electric transmission lines. Constituents are companies whose stocks trade in either the U.S. or Canada, though assets owned by these companies can have a global reach. The index is a capped, float-adjusted, capitalization-weighted index developed by Eagle Global Advisors and disseminated real-time on a price-return basis (RENEWNA) and on a total-return basis (RENEWNAT).

⁵  The Indxx YieldCo & Renewable Energy Income Index is designed to track the performance of income-paying renewable energy companies and companies categorized as YieldCos (i.e., producers of biofuels) listed in developed and emerging markets.

⁶  The Eagle Global Renewables Infrastructure Index is designed to track the performance of renewables infrastructure or renewables-related infrastructure assets, primarily wind, solar, hydro, biomass and electric transmission lines. Constituents are companies whose stocks trade globally in OECD countries. (The Organization for Economic Co-operation and Development is an intergovernmental economic organization with 37 member countries, founded in 1961 to stimulate economic progress and world trade.) The index is a capped, float-adjusted, capitalization-weighted index developed by Eagle Global Advisors and disseminated real-time on a price-return basis (RENEW) and on a total-return basis (RENEWTR).

  

2

MARKET REVIEW

 

 

 

∎ The Fund’s largest individual detractor during the Reporting Period was its overweight position in Sunnova Energy International, a U.S. provider of renewable energy solutions, offering solar battery storage units as well as maintenance, monitoring and management services. The stock lagged on the back of soft first quarter 2024 earnings results, with revenue and customer additions missing consensus expectations as the company refocused on core adaptive energy customers and away from non-solar loans.

∎ Another notable detractor was the Fund’s overweight position in RWE, a German multinational energy company that generates and trades electricity. The stock’s underperformance was the result of weakness in European power prices during the first quarter of 2024. Although RWE lagged during the Reporting Period, the Goldman Sachs Clean Energy Team believed the company’s growth prospects remained robust at the end of the Reporting Period, as RWE was well positioned, in its view, to take advantage of the need for more power globally.

∎ On June 12, 2024, after the end of the Reporting Period, the Board of Trustees of Goldman Sachs Trust approved a change to the composition of the Fund’s blended benchmark, which is the custom renewables benchmark referenced above. As of the close of business June 28, 2024, the Fund’s new blended benchmark is comprised of 50% of the Eagle Global Renewables Infrastructure Index and 50% of the S&P Global Clean Energy Index.⁷

⁷  The S&P Global Clean Energy Index is designed to measure the performance of companies in global clean energy-related businesses from both developed and emerging markets, with a target constituent count of 100. Companies involved in the production of clean energy or provision of clean energy technology and equipment are considered for potential index inclusion by S&P Dow Jones Indices.

  

  3

FUND BASICS

 

 

Goldman Sachs Clean Energy Income Fund

as of May 31, 2024

Investment Objective and Principal Investment Strategy (condensed)

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

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

PERFORMANCE REVIEW

December 1, 2023–May 31, 2024	Fund Total Return (based on NAV)1	Clean Energy Income Composite Index2	Eagle North American Renewables Infrastructure Index2	Indxx Yieldco and Renewable Energy Income Index2	Eagle Global Renewables Infrastructure Index2
Class A	8.12%	11.00%	16.23%	4.06%	10.31%
Class C	7.82	11.00	16.23	4.06	10.31
Institutional	8.33	11.00	16.23	4.06	10.31
Investor	8.34	11.00	16.23	4.06	10.31
Class R6	8.45	11.00	16.23	4.06	10.31
Class P	8.34	11.00	16.23	4.06	10.31

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 Clean Energy Income Composite Index is comprised of the Eagle North American Renewables Infrastructure Index (50%), Indxx Yieldco and Renewable Energy Income Index (35%), and Eagle Global Renewables Infrastructure Index (15%). It is not possible to invest directly in an unmanaged index. The Indxx Yieldco and Renewable Energy Income Index is designed to track the performance of income-paying renewable energy companies (RECs) and companies categorized as YieldCos listed in Developed and Emerging Markets. The Eagle Global Renewables Infrastructure Index provides a benchmark that is designed to track the performance of renewables infrastructure or renewables-related infrastructure assets, primarily wind, solar, hydro, biomass, and electric transmission lines. Constituents are companies whose stocks trade globally in OECD (The Organization for Economic Co-operation and Development is an intergovernmental economic organization with 37 member countries, founded in 1961 to stimulate economic progress and world trade.) countries. The Eagle North American Renewables Infrastructure Index provides a benchmark that is designed to track the performance of renewables infrastructure or renewables related infrastructure assets, primarily wind, solar, hydro, biomass, and electric transmission lines. Constituents are companies whose stocks trade in either the USA and Canada, though assets owned by these companies can have a global reach. The index is a capped, float-adjusted, capitalization-weighted index developed by Eagle Global Advisors, and disseminated real-time on a price-return basis (RENEWNA) and on a total-return basis (RENEWNAT).

  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.

  

4  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 5/31/24^‡

Holding	% of Net Assets	Line of Business
NextEra Energy, Inc.	8.7%	Clean Power
Brookfield Renewable Partners LP	8.1	Clean Power
AES Corp.	7.2	Clean Power
Northland Power, Inc.	5.3	Clean Power
Edison International	4.6	Clean Power
Ormat Technologies, Inc.	4.5	Clean Power
Boralex, Inc.	4.5	Clean Power
Clearway Energy, Inc.	3.3	Clean Power
RWE AG	3.1	Clean Power
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	3.0	Solar Tech

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

FUND SECTOR ALLOCATIONS*

* The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of total net assets (excluding investments in the securities lending reinvestment vehicle, if any). Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The investment in the securities lending reinvestment vehicle represented 1.7% of the Fund’s net assets as of May 31, 2024 and 0.0% of the Fund’s net assets as of November 30, 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.

  

  5

FUND BASICS

 

 

Goldman Sachs Energy Infrastructure Fund

as of May 31, 2024

Investment Objective and Principal Investment Strategy (condensed)

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

Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in U.S. and non-U.S. equity or fixed income securities issued by energy infrastructure companies, including master limited partnerships (“MLPs”) and “C” corporations. The Fund’s investments in MLPs will not exceed 25% of the Fund’s total assets as measured at the time of purchase. The Fund intends to concentrate its investments in the energy sector. The Fund may also invest up to 20% of its Net Assets in non-energy infrastructure investments, including equity and fixed income securities of U.S. and non-U.S. companies.

PERFORMANCE REVIEW

December 1, 2023–May 31, 2024	Fund Total Return (based on NAV)1	Alerian Midstream Energy Select Index (total return, unhedged, USD)2
Class A	13.34%	14.67%
Class C	12.85	14.67
Institutional	13.46	14.67
Investor	13.46	14.67
Class R6	13.56	14.67
Class R	13.11	14.67
Class P	13.47	14.67

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

  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.

  

6  

FUND BASICS

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 5/31/24^‡

Holding	% of Net Assets	Line of Business
Enbridge, Inc.	8.2%	Pipeline Transportation | Petroleum
Energy Transfer LP	8.1	Pipeline Transportation | Natural Gas
Targa Resources Corp.	7.4	Gathering + Processing
Cheniere Energy, Inc.	6.9	Other | Liquefaction
Plains GP Holdings LP	6.4	Pipeline Transportation | Petroleum
Enterprise Products Partners LP	6.1	Pipeline Transportation | Natural Gas
DT Midstream, Inc.	6.0	Pipeline Transportation | Natural Gas
Pembina Pipeline Corp.	4.9	Pipeline Transportation | Natural Gas
Equitrans Midstream Corp.	4.8	Pipeline Transportation | Natural Gas
MPLX LP	4.7	Gathering + Processing

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

FUND SECTOR ALLOCATIONS*

* The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of total net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

  

  7

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

 

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks† – 96.4%
Bioenergy* – 2.2%
28,545	Darling Ingredients, Inc.	$	1,153,218
25,980	Green Plains, Inc.		446,077
			1,599,295
Clean Power – 89.2%
134,496	5N Plus, Inc.*		569,384
239,164	AES Corp.		5,163,551
13,776	ALLETE, Inc.		869,954
36,869	Atlantica Sustainable Infrastructure PLC		810,381
10,915	Avangrid, Inc.		393,049
126,637	Boralex, Inc. Class A		3,213,892
20,411	Brookfield Renewable Corp. Class A		643,763
207,692	Brookfield Renewable Partners LP		5,798,218
93,249	Clearway Energy, Inc. Class A		2,394,634
196,537	Drax Group PLC		1,298,518
42,644	Edison International		3,277,191
347,398	EDP - Energias de Portugal SA		1,413,573
102,784	EDP Renovaveis SA		1,651,779
49,797	Enel SpA		361,561
57,194	Engie SA		968,958
25,193	Eversource Energy		1,492,181
71,173	Hydro One Ltd.(a)		2,050,150
134,605	Iberdrola SA		1,776,619
8,488	IDACORP, Inc.		810,349
165,225	Innergex Renewable Energy, Inc.		1,183,166
139,744	National Grid PLC		1,583,298
58,574	NextEra Energy Partners LP		1,974,530
77,491	NextEra Energy, Inc.		6,200,830
220,527	Northland Power, Inc.		3,769,969
42,749	Ormat Technologies, Inc.		3,223,275
32,728	Orsted AS*(a)		2,007,429
34,776	PNM Resources, Inc.		1,333,312
29,270	Portland General Electric Co.		1,304,271
57,700	RWE AG		2,192,840
61,483	SSE PLC		1,383,131
94,696	Sunnova Energy International, Inc.*(b)		494,313
47,608	TransAlta Corp.		341,966
7,901	Verbund AG		648,727
13,723	Vestas Wind Systems AS*		385,045
16,642	Xcel Energy, Inc.		922,799
			63,906,606
Other(b) –1.4%
153,758	Centrais Eletricas Brasileiras SA		1,027,103
Solar Tech – 3.6%
64,856	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,159,056
23,276	Shoals Technologies Group, Inc. Class A*		183,182
15,590	Sunrun, Inc.*		225,432
			2,567,670
TOTAL COMMON STOCKS (Cost $69,611,048)		$	69,100,674

Units	Expiration Date	Value
Rights – 0.1%
Clean Power – 0.1%
National Grid PLC*
35,943	06/10/24	$	89,792
(Cost $—)
Shares	Description	Value
Exchange Traded Funds – 1.4%
47,416	KraneShares MSCI China Clean Technology Index ETF	$	989,031
(Cost $1,418,407)
Shares	Dividend Rate	Value
Investment Company(c) – 0.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
322,547	5.227%	$	322,547
(Cost $322,547)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE – 98.4% (Cost $71,352,002)		$	70,502,044
Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(c) – 1.7%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,229,497	5.227%	$	1,229,497
(Cost $1,229,497)
TOTAL INVESTMENTS – 100.1% (Cost $72,581,499)		$	71,731,541
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(77,353	)
NET ASSETS – 100.0%		$	71,654,188

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
†	Sector and subsector categorizations are determined by GSAM and may differ from sector categorizations used by the RENEWNA Index.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated fund.

  

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

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION

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

 

  

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

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

 

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks† – 100.6%
Gathering + Processing – 34.6%
515,916	Antero Midstream Corp.	$	7,558,169
485,394	EnLink Midstream LLC*		6,159,650
267,661	Hess Midstream LP Class A		9,301,220
117,157	Kinetik Holdings, Inc.		4,802,265
421,511	MPLX LP		17,147,067
210,200	ONEOK, Inc.		17,026,200
230,208	Targa Resources Corp.		27,217,492
367,639	TC Energy Corp.		14,177,414
207,324	Western Midstream Partners LP		7,737,332
376,722	Williams Cos., Inc.		15,637,730
			126,764,539
Integrated – 1.0%
31,533	Exxon Mobil Corp.		3,697,560
Marketing | Wholesale – 4.4%
338,622	Gibson Energy, Inc.		5,659,642
203,662	Sunoco LP		10,386,762
			16,046,404
Other | Liquefaction – 7.2%
161,307	Cheniere Energy, Inc.		25,452,631
139,516	NextDecade Corp.*		998,935
			26,451,566
Pipeline Transportation | Natural Gas – 37.0%
92,907	Atlas Energy Solutions, Inc.		2,250,208
329,280	DT Midstream, Inc.		22,088,102
1,904,266	Energy Transfer LP		29,839,848
777,410	Enterprise Products Partners LP		22,156,185
1,226,196	Equitrans Midstream Corp.		17,510,079
543,971	Keyera Corp.		14,403,987
342,950	Kinder Morgan, Inc.		6,684,096
101,359	Kodiak Gas Services, Inc.		2,792,440
483,389	Pembina Pipeline Corp.		17,956,627
			135,681,572
Pipeline Transportation | Petroleum – 14.8%
820,257	Enbridge, Inc.		29,988,926
55,900	Genesis Energy LP		699,868
1,303,969	Plains GP Holdings LP Class A*		23,484,481
			54,173,275

Shares	Description	Value
Common Stocks† – (continued)
Production + Mining | Hydrocarbon – 0.7%
7,093	ConocoPhillips	$	826,193
5,497	Hess Corp.		847,088
35,510	Marathon Oil Corp.		1,028,369
			2,701,650
Services | Midstream – 0.3%
48,322	USA Compression Partners LP		1,183,889
Services | Upstream – 0.6%
99,676	Archrock, Inc.		2,017,442
TOTAL COMMON STOCKS (Cost $176,702,551)		$	368,717,897
Shares	Dividend Rate	Value
Investment Company(a) –0.7%
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,588,146	5.227%	$	2,588,146
(Cost $2,588,146)
TOTAL INVESTMENTS – 101.3% (Cost $179,290,697)		$	371,306,043
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)%			(4,933,544	)
NET ASSETS – 100.0%		$	366,372,499

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
†	Sector and subsector categorizations are determined by GSAM and may differ from sector categorizations used by the AMEI Index.
(a)	Represents an affiliated fund.

ADDITIONAL INVESTMENT INFORMATION

Investment Abbreviations:
GP	—General Partnership
LLC	—Limited Liability Company
LP	—Limited Partnership

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

 

	Clean Energy Income Fund			Energy Infrastructure Fund
Assets:
Investments in unaffiliated issuers, at value (cost $71,029,455 and $176,702,551, respectively)(a)		$  70,179,497			$368,717,897
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		1,229,497			—
Investments in affiliated issuers, at value (cost $322,547 and $2,588,146, respectively)		322,547			2,588,146
Cash		63,693			1,866,573
Receivables:
Investments sold		895,534			1,725,070
Foreign tax reclaims		313,070			—
Dividends		159,294			512,248
Reimbursement from investment adviser		33,378			19,333
Fund shares sold		13,000			856,539
Securities lending income		1,144			—
Other assets		79,848			56,517
Total assets		73,290,502			376,342,323
Liabilities:
Foreign currency overdraft, at value (identified cost $13,440 and $0, respectively)		13,522			—
Payables:
Payable upon return of securities loaned		1,229,497			—
Investments purchased		185,672			1,571,132
Management fees		47,509			312,238
Distribution and Service fees and Transfer Agency fees		3,102			10,903
Fund shares redeemed		—			7,906,868
Accrued expenses		157,012			168,683
Total liabilities		1,636,314			9,969,824
Net Assets:
Paid-in capital		179,783,214			175,844,128
Total distributable earnings (loss)		(108,129,026	)		190,528,371
NET ASSETS		$  71,654,188			$366,372,499
Net Assets:
Class A		$   2,649,106			$  2,889,767
Class C		311,739			566,059
Institutional		4,420,192			2,754,664
Investor		1,913,837			94,987
Class R6		83,942			30,917,480
Class R		—			115,966
Class P		62,275,372			329,033,576
Total Net Assets		$  71,654,188			$366,372,499
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		272,539			230,266
Class C		32,323			45,134
Institutional		453,425			218,169
Investor		196,588			7,523
Class R6		8,611			2,450,765
Class R		—			9,217
Class P		6,391,717			26,068,269
Net asset value, offering and redemption price per share:(b)
Class A		$9.72			$12.55
Class C		9.64			12.54
Institutional		9.75			12.63
Investor		9.74			12.63
Class R6		9.75			12.62
Class R		—			12.58
Class P		9.74			12.62

(a) Includes loaned securities having a market value of $1,196,955 and $0, respectively.

(b) Maximum public offering price per share for Class A Shares of the Clean Energy Income and Energy Infrastructure Funds is $10.29 and $13.28, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Statements of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

 

	Clean Energy Income Fund			Energy Infrastructure Fund
Investment Income:
Dividends — unaffiliated issuers (net of tax withholding of $87,730 and $396,013, respectively)		$  1,246,054			$ 5,842,879
Dividends — affiliated issuers		2,497			23,275
Securities lending income, net of rebates received or paid to borrowers		2,411			—
Interest		1,684			270
Total investment income		1,252,646			5,866,424
Expenses:
Management fees		304,149			1,728,552
Professional fees		67,795			71,590
Registration fees		50,158			56,681
Custody, accounting and administrative services		48,828			52,698
Printing and mailing costs		28,381			25,830
Transfer Agency fees(a)		14,628			53,933
Trustee fees		10,676			10,841
Distribution and Service (12b-1) fees(a)		4,468			5,528
Shareholder meeting expense		1,866			2,329
Service fees — Class C		393			670
Other		5,186			10,061
Total expenses		536,528			2,018,713
Less — expense reductions		(190,588	)		(117,701	)
Net expenses		345,940			1,901,012
NET INVESTMENT INCOME		906,706			3,965,412
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(11,911,970	)		25,579,450
Foreign currency transactions		2,079			(4,534	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		16,762,130			14,134,883
Foreign currency translation		1,188			(3,091	)
Net realized and unrealized gain		4,853,427			39,706,708
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$  5,760,133			$43,672,120

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

		Distribution and/or Service (12b-1) Fees									Transfer Agency Fees
	Fund	Class A			Class C			Class R			Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
	Clean Energy Income Fund		$	3,289		$	1,179		$	—		$	1,973		$	236		$	957		$	1,520		$	12		$	—		$9,930
	Energy Infrastructure Fund			3,223			2,010			295			1,934			402			338			66			5,194			89		45,910

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Statements of Changes in Net Assets

 

	Clean Energy Income Fund						Energy Infrastructure Fund
	For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023			For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023
From operations:
Net investment income		$    906,706			$   4,105,489			$  3,965,412			$   6,540,779
Net realized gain (loss)		(11,909,891	)		(72,215,586	)		25,574,916			30,578,827
Net change in unrealized gain (loss)		16,763,318			3,098,902			14,131,792			(6,504,967	)
Net increase (decrease) in net assets resulting from operations		5,760,133			(65,011,195	)		43,672,120			30,614,639
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(73,993	)		(139,881	)		(148,572	)
Class C Shares		—			(7,278	)		(29,563	)		(29,809	)
Institutional Shares		—			(172,354	)		(150,059	)		(136,784	)
Investor Shares		—			(65,582	)		(4,746	)		(5,149	)
Class R6 Shares		—			(2,257	)		(1,872,232	)		(4,700,848	)
Class R Shares(a)		—			(538	)		(7,127	)		(6,177	)
Class P Shares		—			(3,904,201	)		(17,409,045	)		(19,874,354	)
Return of capital:
Class A Shares		—			(22,637	)		—			—
Class C Shares		—			(2,226	)		—			—
Institutional Shares		—			(52,728	)		—			—
Investor Shares		—			(20,064	)		—			—
Class R6 Shares		—			(691	)		—			—
Class R Shares(a)		—			(165	)		—			—
Class P Shares		—			(1,194,403	)		—			—
Total distributions to shareholders		—			(5,519,117	)		(19,612,653	)		(24,901,693	)
From share transactions:
Proceeds from sales of shares		12,562,062			32,048,983			30,661,555			36,620,283
Reinvestment of distributions		—			5,502,858			19,574,844			24,819,834
Cost of shares redeemed		(44,607,898	)		(185,738,423	)		(57,829,866	)		(105,417,798	)
Net decrease in net assets resulting from share transactions		(32,045,836	)		(148,186,582	)		(7,593,467	)		(43,977,681	)
TOTAL INCREASE (DECREASE)		(26,285,703	)		(218,716,894	)		16,466,000			(38,264,735	)
Net assets:
Beginning of period		97,939,891			316,656,785			349,906,499			388,171,234
End of period		$ 71,654,188			$  97,939,891			$366,372,499			$ 349,906,499

(a) At the close of business on July 14, 2023, Class R Shares of the Clean Energy Income Fund were liquidated.

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Clean Energy Income Fund
	Class A Shares
	Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												Period Ended November 30, 2020(a)
					2023				2022				2021
Per Share Data
Net asset value, beginning of period		$	8.98			$	12.19			$	13.93			$	13.60			$	10.00
Net investment income(b)			0.09				0.16				0.09				0.06				0.08
Net realized and unrealized gain (loss)			0.65				(3.08	)			(0.97	)			0.48				3.55
Total from investment operations			0.74				(2.92	)			(0.88	)			0.54				3.63
Distributions to shareholders from net investment income			—				(0.22	)			(0.05	)			(0.16	)			(0.03	)
Distributions to shareholders from net realized gains			—				—				(0.68	)			(0.05	)			—
Distributions to shareholders from return of capital			—				(0.07	)			(0.13	)			—				—
Total distributions			—				(0.29	)			(0.86	)			(0.21	)			(0.03	)
Net asset value, end of period		$	9.72			$	8.98			$	12.19			$	13.93			$	13.60
Total return(c)			8.12	%			(24.05	)%			(6.52	)%			4.01	%			36.27	%
Net assets, end of period (in 000s)		$	2,649			$	2,909			$	4,621			$	5,194			$	1,882
Ratio of net expenses to average net assets			1.26	%(d)			1.26	%			1.26	%			1.26	%			1.27	%(d)
Ratio of total expenses to average net assets			1.76	%(d)			1.39	%			1.35	%			1.39	%			2.42	%(d)
Ratio of net investment income to average net assets			2.11	%(d)			1.47	%			0.76	%			0.42	%			1.54	%(d)
Portfolio turnover rate(e)			30	%			40	%			44	%			75	%			10	%

(a) Commenced operations on June 26, 2020.

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Clean Energy Income Fund
	Class C Shares
	Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												Period Ended November 30, 2020(a)
					2023				2022				2021
Per Share Data
Net asset value, beginning of period		$	8.95			$	12.13			$	13.87			$	13.58			$	10.00
Net investment income (loss)(b)			0.06				0.08				0.01				(0.05	)			0.03
Net realized and unrealized gain (loss)			0.63				(3.06	)			(0.97	)			0.49				3.55
Total from investment operations			0.69				(2.98	)			(0.96	)			0.44				3.58
Distributions to shareholders from net investment income			—				(0.15	)			(0.03	)			(0.10	)			—
Distributions to shareholders from net realized gains			—				—				(0.68	)			(0.05	)			—
Distributions to shareholders from return of capital			—				(0.05	)			(0.07	)			—				—
Total distributions			—				(0.20	)			(0.78	)			(0.15	)			—
Net asset value, end of period		$	9.64			$	8.95			$	12.13			$	13.87			$	13.58
Total return(c)			7.82	%			(24.66	)%			(7.16	)%			3.22	%			35.80	%
Net assets, end of period (in 000s)		$	312			$	360			$	616			$	481			$	83
Ratio of net expenses to average net assets			2.01	%(d)			2.01	%			2.01	%			2.01	%			2.02	%(d)
Ratio of total expenses to average net assets			2.51	%(d)			2.14	%			2.10	%			2.14	%			4.85	%(d)
Ratio of net investment income (loss) to average net assets			1.33	%(d)			0.72	%			0.05	%			(0.39	)%			0.51	%(d)
Portfolio turnover rate(e)			30	%			40	%			44	%			75	%			10	%

(a) Commenced operations on June 26, 2020.

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Clean Energy Income Fund
	Institutional Shares
	Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												Period Ended November 30, 2020(a)
					2023				2022				2021
Per Share Data
Net asset value, beginning of period		$	8.99			$	12.21			$	13.95			$	13.61			$	10.00
Net investment income(b)			0.11				0.20				0.14				0.11				0.08
Net realized and unrealized gain (loss)			0.65				(3.09	)			(0.98	)			0.49				3.56
Total from investment operations			0.76				(2.89	)			(0.84	)			0.60				3.64
Distributions to shareholders from net investment income			—				(0.25	)			(0.06	)			(0.21	)			(0.03	)
Distributions to shareholders from net realized gains			—				—				(0.68	)			(0.05	)			—
Distributions to shareholders from return of capital			—				(0.08	)			(0.16	)			—				—
Total distributions			—				(0.33	)			(0.90	)			(0.26	)			(0.03	)
Net asset value, end of period		$	9.75			$	8.99			$	12.21			$	13.95			$	13.61
Total return(c)			8.33	%			(23.79	)%			(6.14	)%			4.45	%			36.40	%
Net assets, end of period (in 000s)		$	4,420			$	5,606			$	7,667			$	8,538			$	7,070
Ratio of net expenses to average net assets			0.90	%(d)			0.90	%			0.89	%			0.89	%			0.89	%(d)
Ratio of total expenses to average net assets			1.40	%(d)			1.02	%			0.98	%			1.03	%			3.62	%(d)
Ratio of net investment income to average net assets			2.42	%(d)			1.87	%			1.12	%			0.76	%			1.52	%(d)
Portfolio turnover rate(e)			30	%			40	%			44	%			75	%			10	%

(a) Commenced operations on June 26, 2020.

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Clean Energy Income Fund
	Investor Shares
	Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												Period Ended November 30, 2020(a)
					2023				2022				2021
Per Share Data
Net asset value, beginning of period		$	8.99			$	12.19			$	13.93			$	13.61			$	10.00
Net investment income(b)			0.10				0.17				0.13				0.07				0.07
Net realized and unrealized gain (loss)			0.65				(3.06	)			(0.98	)			0.51				3.56
Total from investment operations			0.75				(2.89	)			(0.85	)			0.58				3.63
Distributions to shareholders from net investment income			—				(0.24	)			(0.05	)			(0.21	)			(0.02	)
Distributions to shareholders from net realized gains			—				—				(0.68	)			(0.05	)			—
Distributions to shareholders from return of capital			—				(0.07	)			(0.16	)			—				—
Total distributions			—				(0.31	)			(0.89	)			(0.26	)			(0.02	)
Net asset value, end of period		$	9.74			$	8.99			$	12.19			$	13.93			$	13.61
Total return(c)			8.34	%			(23.88	)%			(6.25	)%			4.27	%			36.33	%
Net assets, end of period (in 000s)		$	1,914			$	2,286			$	10,087			$	5,653			$	68
Ratio of net expenses to average net assets			1.01	%(d)			1.01	%			1.01	%			1.01	%			1.02	%(d)
Ratio of total expenses to average net assets			1.51	%(d)			1.14	%			1.10	%			1.14	%			3.86	%(d)
Ratio of net investment income to average net assets			2.30	%(d)			1.54	%			1.04	%			0.53	%			1.39	%(d)
Portfolio turnover rate(e)			30	%			40	%			44	%			75	%			10	%

(a) Commenced operations on June 26, 2020.

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Clean Energy Income Fund
	Class R6 Shares
	Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												Period Ended November 30, 2020(a)
					2023				2022				2021
Per Share Data
Net asset value, beginning of period		$	8.99			$	12.21			$	13.95			$	13.61			$	10.00
Net investment income(b)			0.11				0.20				0.15				0.11				0.08
Net realized and unrealized gain (loss)			0.65				(3.09	)			(0.99	)			0.49				3.56
Total from investment operations			0.76				(2.89	)			(0.84	)			0.60				3.64
Distributions to shareholders from net investment income			—				(0.25	)			(0.06	)			(0.21	)			(0.03	)
Distributions to shareholders from net realized gains			—				—				(0.68	)			(0.05	)			—
Distributions to shareholders from return of capital			—				(0.08	)			(0.16	)			—				—
Total distributions			—				(0.33	)			(0.90	)			(0.26	)			(0.03	)
Net asset value, end of period		$	9.75			$	8.99			$	12.21			$	13.95			$	13.61
Total return(c)			8.45	%			(23.86	)%			(6.13	)%			4.46	%			36.40	%
Net assets, end of period (in 000s)		$	84			$	83			$	99			$	71			$	68
Ratio of net expenses to average net assets			0.89	%(d)			0.88	%			0.89	%			0.88	%			0.88	%(d)
Ratio of total expenses to average net assets			1.40	%(d)			1.01	%			0.97	%			1.02	%			3.72	%(d)
Ratio of net investment income to average net assets			2.51	%(d)			1.86	%			1.20	%			0.75	%			1.53	%(d)
Portfolio turnover rate(e)			30	%			40	%			44	%			75	%			10	%

(a) Commenced operations on June 26, 2020.

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Clean Energy Income Fund
	Class P Shares
	Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												Period Ended November 30, 2020(a)
					2023				2022				2021
Per Share Data
Net asset value, beginning of period		$	8.99			$	12.20			$	13.94			$	13.61			$	10.00
Net investment income(b)			0.11				0.20				0.14				0.11				0.08
Net realized and unrealized gain (loss)			0.64				(3.08	)			(0.98	)			0.48				3.56
Total from investment operations			0.75				(2.88	)			(0.84	)			0.59				3.64
Distributions to shareholders from net investment income			—				(0.25	)			(0.06	)			(0.21	)			(0.03	)
Distributions to shareholders from net realized gains			—				—				(0.68	)			(0.05	)			—
Distributions to shareholders from return of capital			—				(0.08	)			(0.16	)			—				—
Total distributions			—				(0.33	)			(0.90	)			(0.26	)			(0.03	)
Net asset value, end of period		$	9.74			$	8.99			$	12.20			$	13.94			$	13.61
Total return(c)			8.34	%			(23.81	)%			(6.14	)%			4.39	%			36.41	%
Net assets, end of period (in 000s)		$	62,275			$	86,696			$	293,501			$	421,488			$	115,158
Ratio of net expenses to average net assets			0.89	%(d)			0.88	%			0.88	%			0.88	%			0.88	%(d)
Ratio of total expenses to average net assets			1.39	%(d)			1.01	%			0.97	%			1.01	%			1.85	%(d)
Ratio of net investment income to average net assets			2.40	%(d)			1.79	%			1.11	%			0.78	%			1.41	%(d)
Portfolio turnover rate(e)			30	%			40	%			44	%			75	%			10	%

(a) Commenced operations on June 26, 2020.

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Energy Infrastructure Fund
	Class A Shares
	Six Months Ended				Year Ended November 30,
	May 31, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	11.75			$	11.56			$	9.56			$	7.18			$	8.64			$	9.26
Net investment income(a)			0.11				0.15				0.07				0.06				0.03				0.12
Net realized and unrealized gain (loss)			1.36				0.77				2.70				2.71				(1.16	)(b)			(0.36	)(b)
Total from investment operations			1.47				0.92				2.77				2.77				(1.13	)			(0.24	)
Distributions to shareholders from net investment income			—				(0.43	)			(0.37	)			(0.39	)			(0.05	)			(0.23	)
Distributions to shareholders from net realized gains			(0.67	)			(0.30	)			(0.40	)			—				(0.05	)			—
Distributions to shareholders from return of capital			—				—				—				—				(0.23	)			(0.15	)
Total distributions			(0.67	)			(0.73	)			(0.77	)			(0.39	)			(0.33	)			(0.38	)
Net asset value, end of period		$	12.55			$	11.75			$	11.56			$	9.56			$	7.18			$	8.64
Total return(c)			13.34	%			8.63	%			30.74	%			38.55	%			(13.05	)%			(2.82	)%
Net assets, end of period (in 000s)		$	2,890			$	2,442			$	2,296			$	617			$	68			$	55
Ratio of net expenses to average net assets			1.47	%(d)			1.47	%			1.47	%			1.47	%			1.48	%			1.50	%
Ratio of total expenses to average net assets			1.53	%(d)			1.52	%			1.54	%			1.53	%			1.73	%			2.47	%
Ratio of net investment income to average net assets			1.92	%(d)			1.40	%			0.67	%			0.68	%			0.35	%			1.24	%
Portfolio turnover rate(e)			21	%			41	%			56	%			58	%			121	%			59	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Energy Infrastructure Fund
	Class C Shares
	Six Months Ended				Year Ended November 30,
	May 31, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	11.79			$	11.60			$	9.58			$	7.20			$	8.64			$	9.26
Net investment income (loss)(a)			0.07				0.07				(0.01	)			0.01				(0.02	)			0.08
Net realized and unrealized gain (loss)			1.35				0.77				2.71				2.69				(1.16	)(b)			(0.39	)(b)
Total from investment operations			1.42				0.84				2.70				2.70				(1.18	)			(0.31	)
Distributions to shareholders from net investment income			—				(0.35	)			(0.28	)			(0.32	)			(0.02	)			(0.19	)
Distributions to shareholders from net realized gains			(0.67	)			(0.30	)			(0.40	)			—				(0.05	)			—
Distributions to shareholders from return of capital			—				—				—				—				(0.19	)			(0.12	)
Total distributions			(0.67	)			(0.65	)			(0.68	)			(0.32	)			(0.26	)			(0.31	)
Net asset value, end of period		$	12.54			$	11.79			$	11.60			$	9.58			$	7.20			$	8.64
Total return(c)			12.85	%			7.85	%			29.76	%			37.44	%			(13.60	)%			(3.63	)%
Net assets, end of period (in 000s)		$	566			$	520			$	556			$	448			$	135			$	154
Ratio of net expenses to average net assets			2.22	%(d)			2.22	%			2.22	%			2.22	%			2.23	%			2.25	%
Ratio of total expenses to average net assets			2.28	%(d)			2.27	%			2.29	%			2.28	%			2.48	%			3.17	%
Ratio of net investment income (loss) to average net assets			1.18	%(d)			0.64	%			(0.12	)%			0.16	%			(0.34	)%			0.89	%
Portfolio turnover rate(e)			21	%			41	%			56	%			58	%			121	%			59	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Energy Infrastructure Fund
	Institutional Shares
	Six Months Ended				Year Ended November 30,
	May 31, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	11.81			$	11.62			$	9.59			$	7.19			$	8.65			$	9.26
Net investment income(a)			0.14				0.21				0.11				0.10				0.05				0.15
Net realized and unrealized gain (loss)			1.35				0.75				2.72				2.70				(1.16	)(b)			(0.35	)(b)
Total from investment operations			1.49				0.96				2.83				2.80				(1.11	)			(0.20	)
Distributions to shareholders from net investment income			—				(0.47	)			(0.40	)			(0.40	)			(0.05	)			(0.25	)
Distributions to shareholders from net realized gains			(0.67	)			(0.30	)			(0.40	)			—				(0.05	)			—
Distributions to shareholders from return of capital			—				—				—				—				(0.25	)			(0.16	)
Total distributions			(0.67	)			(0.77	)			(0.80	)			(0.40	)			(0.35	)			(0.41	)
Net asset value, end of period		$	12.63			$	11.81			$	11.62			$	9.59			$	7.19			$	8.65
Total return(c)			13.46	%			9.07	%			31.17	%			39.03	%			(12.74	)%			(2.36	)%
Net assets, end of period (in 000s)		$	2,755			$	4,311			$	1,240			$	1,323			$	2,415			$	2,606
Ratio of net expenses to average net assets			1.10	%(d)			1.10	%			1.10	%			1.10	%			1.10	%			1.11	%
Ratio of total expenses to average net assets			1.17	%(d)			1.15	%			1.17	%			1.18	%			1.35	%			2.09	%
Ratio of net investment income to average net assets			2.28	%(d)			1.87	%			1.04	%			1.13	%			0.74	%			1.62	%
Portfolio turnover rate(e)			21	%			41	%			56	%			58	%			121	%			59	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Energy Infrastructure Fund
	Investor Shares
	Six Months Ended				Year Ended November 30,
	May 31, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	11.81			$	11.61			$	9.59			$	7.19			$	8.65			$	9.26
Net investment income(a)			0.13				0.18				0.10				0.09				0.04				0.14
Net realized and unrealized gain (loss)			1.36				0.78				2.71				2.71				(1.16	)(b)			(0.35	)(b)
Total from investment operations			1.49				0.96				2.81				2.80				(1.12	)			(0.21	)
Distributions to shareholders from net investment income			—				(0.46	)			(0.39	)			(0.40	)			(0.05	)			(0.24	)
Distributions to shareholders from net realized gains			(0.67	)			(0.30	)			(0.40	)			—				(0.05	)			—
Distributions to shareholders from return of capital			—				—				—				—				(0.24	)			(0.16	)
Total distributions			(0.67	)			(0.76	)			(0.79	)			(0.40	)			(0.34	)			(0.40	)
Net asset value, end of period		$	12.63			$	11.81			$	11.61			$	9.59			$	7.19			$	8.65
Total return(c)			13.46	%			8.96	%			31.02	%			38.90	%			(12.86	)%			(2.50	)%
Net assets, end of period (in 000s)		$	95			$	84			$	77			$	57			$	41			$	47
Ratio of net expenses to average net assets			1.21	%(d)			1.22	%			1.23	%			1.22	%			1.23	%			1.25	%
Ratio of total expenses to average net assets			1.28	%(d)			1.27	%			1.29	%			1.29	%			1.49	%			2.23	%
Ratio of net investment income to average net assets			2.19	%(d)			1.65	%			0.91	%			0.96	%			0.61	%			1.49	%
Portfolio turnover rate(e)			21	%			41	%			56	%			58	%			121	%			59	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Energy Infrastructure Fund
	Class R6 Shares
	Six Months Ended				Year Ended November 30,
	May 31, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	11.79			$	11.59			$	9.58			$	7.18			$	8.65			$	9.26
Net investment income(a)			0.14				0.19				0.11				0.10				0.06				0.16
Net realized and unrealized gain (loss)			1.36				0.78				2.70				2.71				(1.18	)(b)			(0.36	)(b)
Total from investment operations			1.50				0.97				2.81				2.81				(1.12	)			(0.20	)
Distributions to shareholders from net investment income			—				(0.47	)			(0.40	)			(0.41	)			(0.05	)			(0.25	)
Distributions to shareholders from net realized gains			(0.67	)			(0.30	)			(0.40	)			—				(0.05	)			—
Distributions to shareholders from return of capital			—				—				—				—				(0.25	)			(0.16	)
Total distributions			(0.67	)			(0.77	)			(0.80	)			(0.41	)			(0.35	)			(0.41	)
Net asset value, end of period		$	12.62			$	11.79			$	11.59			$	9.58			$	7.18			$	8.65
Total return(c)			13.56	%			9.08	%			31.11	%			39.13	%			(12.83	)%			(2.35	)%
Net assets, end of period (in 000s)		$	30,917			$	32,956			$	86,997			$	81,455			$	78,375			$	47
Ratio of net expenses to average net assets			1.10	%(d)			1.09	%			1.09	%			1.09	%			1.09	%			1.10	%
Ratio of total expenses to average net assets			1.16	%(d)			1.15	%			1.15	%			1.17	%			1.30	%			2.08	%
Ratio of net investment income to average net assets			2.31	%(d)			1.76	%			1.00	%			1.10	%			0.92	%			1.64	%
Portfolio turnover rate(e)			21	%			41	%			56	%			58	%			121	%			59	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Energy Infrastructure Fund
	Class R Shares
	Six Months Ended				Year Ended November 30,
	May 31, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	11.79			$	11.62			$	9.60			$	7.19			$	8.65			$	9.26
Net investment income(a)			0.10				0.13				0.04				0.04				0.01				0.09
Net realized and unrealized gain (loss)			1.36				0.76				2.71				2.72				(1.17	)(b)			(0.35	)(b)
Total from investment operations			1.46				0.89				2.75				2.76				(1.16	)			(0.26	)
Distributions to shareholders from net investment income			—				(0.42	)			(0.33	)			(0.35	)			(0.04	)			(0.21	)
Distributions to shareholders from net realized gains			(0.67	)			(0.30	)			(0.40	)			—				(0.05	)			—
Distributions to shareholders from return of capital			—				—				—				—				(0.21	)			(0.14	)
Total distributions			(0.67	)			(0.72	)			(0.73	)			(0.35	)			(0.30	)			(0.35	)
Net asset value, end of period		$	12.58			$	11.79			$	11.62			$	9.60			$	7.19			$	8.65
Total return(c)			13.11	%			8.39	%			30.37	%			38.33	%			(13.34	)%			(2.98	)%
Net assets, end of period (in 000s)		$	116			$	126			$	72			$	56			$	40			$	49
Ratio of net expenses to average net assets			1.71	%(d)			1.72	%			1.72	%			1.72	%			1.73	%			1.75	%
Ratio of total expenses to average net assets			1.78	%(d)			1.77	%			1.79	%			1.79	%			1.99	%			2.73	%
Ratio of net investment income to average net assets			1.71	%(d)			1.15	%			0.40	%			0.47	%			0.10	%			0.99	%
Portfolio turnover rate(e)			21	%			41	%			56	%			58	%			121	%			59	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

	Energy Infrastructure Fund
	Class P Shares
	Six Months Ended				Year Ended November 30,
	May 31, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	11.80			$	11.60			$	9.58			$	7.18			$	8.64			$	9.26
Net investment income(a)			0.13				0.19				0.11				0.10				0.06				0.17
Net realized and unrealized gain (loss)			1.36				0.78				2.71				2.71				(1.17	)(b)			(0.38	)(b)
Total from investment operations			1.49				0.97				2.82				2.81				(1.11	)			(0.21	)
Distributions to shareholders from net investment income			—				(0.47	)			(0.40	)			(0.41	)			(0.05	)			(0.25	)
Distributions to shareholders from net realized gains			(0.67	)			(0.30	)			(0.40	)			—				(0.05	)			—
Distributions to shareholders from return of capital			—				—				—				—				(0.25	)			(0.16	)
Total distributions			(0.67	)			(0.77	)			(0.80	)			(0.41	)			(0.35	)			(0.41	)
Net asset value, end of period		$	12.62			$	11.80			$	11.60			$	9.58			$	7.18			$	8.64
Total return(c)			13.47	%			9.09	%			31.22	%			39.13	%			(12.74	)%			(2.46	)%
Net assets, end of period (in 000s)		$	329,034			$	309,469			$	296,933			$	213,647			$	160,821			$	64,970
Ratio of net expenses to average net assets			1.09	%(d)			1.09	%			1.09	%			1.09	%			1.09	%			1.10	%
Ratio of total expenses to average net assets			1.16	%(d)			1.15	%			1.16	%			1.16	%			1.33	%			1.92	%
Ratio of net investment income to average net assets			2.30	%(d)			1.77	%			1.04	%			1.10	%			0.84	%			1.78	%
Portfolio turnover rate(e)			21	%			41	%			56	%			58	%			121	%			59	%

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

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

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

(d) Annualized.

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

  

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

GOLDMAN SACHS ENERGY FUNDS

 

 

Notes to Financial Statements

May 31, 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:

		Diversified/
Fund	Share Classes Offered	Non-diversified
Goldman Sachs Clean Energy Income Fund	A, C, Institutional, Investor, R6 and P	Non-diversified
Goldman Sachs Energy Infrastructure Fund	A, C, Institutional, Investor, R6, R and P	Non-diversified

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

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

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

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

  

27

GOLDMAN SACHS ENERGY FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

Level 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.

  

28

GOLDMAN SACHS ENERGY FUNDS

 

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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.

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.

  

  29

GOLDMAN SACHS ENERGY FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of May 31, 2024:

CLEAN ENERGY INCOME FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$ 2,108,899		$14,372,960	$	—
North America		51,591,712		—		—
South America		1,027,103		—		—
Securities Lending Reinvestment Vehicle		1,229,497		—		—
Rights		—		89,792		—
Exchange Traded Funds		989,031		—		—
Investment Company		322,547		—		—
Total		$57,268,789		$14,462,752	$	—

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

ENERGY INFRASTRUCTURE FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America		$368,717,897	$	—	$	—
Investment Company		2,588,146		—		—
Total		$371,306,043	$	—	$	—

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

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

  

30

GOLDMAN SACHS ENERGY FUNDS

 

 

 

 

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of each Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets. For the six months ended May 31, 2024, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
Fund	First $1 billion	Next $1 billion	Next $3 billion	Next $3 billion	Over $8 billion	Effective Net Management Rate^
Clean Energy Income Fund	0.80%	0.72%	0.68%	0.67%	0.66%	0.80%
Energy Infrastructure Fund	1.00	0.90	0.86	0.84	0.82	1.00

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the six months ended May 31, 2024, GSAM waived $79 and $619 of the Funds’ management fees for Clean Energy Income Fund and Energy Infrastructure Fund, respectively.

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

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

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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended May 31, 2024, Goldman Sachs retained $30 and $5 related to Clean Energy Income Class A Shares and Energy Infrastructure Class A Shares, respectively.

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

  

  31

GOLDMAN SACHS ENERGY FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% 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 Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Clean Energy Income Fund and Energy Infrastructure Fund are 0.054% and 0.064%, respectively. These Other Expense limitations will remain in place through at least March 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended May 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

			Other	Total
	Management	Transfer Agency	Expense	Expense
Fund	Fee Waiver	Waivers/Credits	Reimbursements	Reductions
Clean Energy Income Fund	$  79	$16	$190,493		$190,588
Energy Infrastructure Fund	619	9	117,073		117,701

G. Line of Credit Facility — As of May 31, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended May 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.

H. Other Transactions with Affiliates — For the six months ended May 31, 2024, Goldman Sachs earned $0 and $1,101 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Clean Energy Income Fund and Energy Infrastructure Fund, respectively.

As of May 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

Fund	Investor	Class R6	Class R
Clean Energy Income Fund	—%	67%	—%
Energy Infrastructure Fund	97	—	77

  

32

GOLDMAN SACHS ENERGY FUNDS

 

 

 

 

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended May 31, 2024:

		Beginning						Ending
		Value as of						Value as of		Shares as of
		November 30,	Purchases		Proceeds			May 31,		May 31,		Dividend
Fund	Underlying Fund	2023	at Cost		from Sales			2024		2024		Income
Clean Energy Income Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares	$—	$	4,170,414	$	(3,847,867	)	$	322,547		322,547	$	2,497
Energy Infrastructure Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares	—		30,729,691		(28,141,546	)		2,588,146		2,588,146		23,275

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended May 31, 2024, were as follows:

Fund	Purchases		Sales
Clean Energy Income Fund	$	22,904,364	$	55,193,444
Energy Infrastructure Fund		74,468,970		94,207,224

6. SECURITIES LENDING

The Clean Energy Income Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at its last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the 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 Fund invests the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate

  

  33

GOLDMAN SACHS ENERGY FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

6. SECURITIES LENDING (continued)

the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of May 31, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended May 31, 2024, are reported under Investment Income on the Statements of Operations. The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended May 31, 2024.

	Beginning			Ending
	Value as of	Purchases	Proceeds	Value as of
Fund	November 30, 2023	at cost	from Sales	May 31, 2024
Clean Energy Income Fund	$44,400	$8,237,068	$(7,051,971)	$1,229,497

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, November 30, 2023, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Clean Energy Income Fund				Energy Infrastructure Fund
Capital loss carryforwards:
Perpetual Short-Term		$	(12,320,173	)		$	—
Perpetual Long-Term			(53,796,144	)			—
Total capital loss carryforwards			(66,116,317	)			—
Timing differences (Post October Loss Deferral/Late Year Ordinary Loss Deferral)		$	(15,288,647	)		$	(876,477	)

As of May 31, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Clean Energy Income Fund				Energy Infrastructure Fund
Tax Cost		$	87,446,086			$	211,355,503
Gross unrealized gain			5,797,897				192,382,168
Gross unrealized loss			(21,512,442	)			(32,431,628	)
Net unrealized gain (loss)		$	(15,714,545	)		$	159,950,540

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

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

  

34

GOLDMAN SACHS ENERGY FUNDS

 

 

 

 

 

 

 

8. OTHER RISKS

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

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

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

Energy Sector Risk — The Energy Infrastructure Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, business, social, political, environmental, regulatory or other developments affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs, energy infrastructure companies and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices and/or interest rates; increased governmental or environmental regulation; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; declines in domestic or foreign production; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Energy companies can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas), which may result in overproduction or underproduction. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

During periods of heightened volatility, energy producers that are burdened with debt may seek bankruptcy relief. Bankruptcy laws may permit the revocation or renegotiation of contracts between energy producers and MLPs/energy infrastructure companies, which could have a dramatic impact on the ability of MLPs/energy infrastructure companies to pay distributions to its investors, including the Energy Infrastructure Fund, which in turn could impact the ability of the Fund to pay dividends and dramatically impact the value of the Fund’s investments.

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,

  

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GOLDMAN SACHS ENERGY FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

8. OTHER RISKS (continued)

trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Infrastructure Company Risk — Infrastructure companies are susceptible to various factors that may negatively impact their businesses or operations, including costs associated with compliance with and changes in environmental, governmental and other regulations, rising interest costs in connection with capital construction and improvement programs, government budgetary constraints that impact publicly funded projects, the effects of general economic conditions throughout the world, surplus capacity and depletion concerns, increased competition from other providers of services, uncertainties regarding the availability of fuel and other natural resources at reasonable prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies and high leverage. Infrastructure companies will also be affected by innovations in technology that could render the way in which a company delivers a product or service obsolete and natural or man-made disasters.

Investments in ETFs Risk — The Funds may invest directly in ETFs, including affiliated ETFs. The Funds 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.

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.

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 income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’

  

36

GOLDMAN SACHS ENERGY FUNDS

 

 

 

 

 

 

 

8. OTHER RISKS (continued)

investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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

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

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

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

Non-Diversification Risk — Each 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, each Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Private Investment Risk — The Funds may invest in PIPE securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company’s common stock. In a PIPE transaction, the Fund may bear the price risk from the time of pricing until the time of closing. Equity issued in this manner is often subject to transfer restrictions and is therefore less liquid than equity issued through a registered public offering. The Funds may be subject to lock-up agreements that prohibit transfers for a fixed period of time. In addition, because the sale of the securities in a PIPE transaction is not registered under the Securities Act of 1933, as amended, the securities are “restricted” and cannot be immediately resold into the public markets. The ability of the Funds to freely transfer restricted shares is conditioned upon, among other things, the SEC’s preparedness to declare the resale registration statement effective and the issuer’s right to suspend the Funds’ use of the resale registration statement if the issuer is pursuing a transaction or some other material non-public event is occurring. Accordingly, PIPE securities may be subject to risks associated with illiquid securities.

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

  

  37

GOLDMAN SACHS ENERGY FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

  

38

GOLDMAN SACHS ENERGY FUNDS

 

 

 

 

 

 

 

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Clean Energy Income Fund
	For the Six Months Ended May 31, 2024 (Unaudited)						For the Fiscal Year Ended November 30, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		8,986		$	79,522			56,144		$	590,353
Reinvestment of distributions		—			—			9,791			96,002
Shares redeemed		(60,265	)		(542,626	)		(121,117	)		(1,271,551	)
		(51,279	)		(463,104	)		(55,182	)		(585,196	)
Class C Shares
Shares sold		636			5,800			5,928			62,565
Reinvestment of distributions		—			—			966			9,504
Shares redeemed		(8,565	)		(74,933	)		(17,389	)		(158,989	)
		(7,929	)		(69,133	)		(10,495	)		(86,920	)
Institutional Shares
Shares sold		96,755			917,022			382,338			4,221,684
Reinvestment of distributions		—			—			21,137			209,451
Shares redeemed		(266,621	)		(2,414,535	)		(408,130	)		(4,057,850	)
		(169,866	)		(1,497,513	)		(4,655	)		373,285
Investor Shares
Shares sold		24,408			219,247			174,993			1,681,428
Reinvestment of distributions		—			—			8,707			85,646
Shares redeemed		(82,181	)		(728,196	)		(756,691	)		(8,386,419	)
		(57,773	)		(508,949	)		(572,991	)		(6,619,345	)
Class R6 Shares
Shares sold		560			5,097			6,419			75,797
Reinvestment of distributions		—			—			301			2,948
Shares redeemed		(1,217	)		(10,756	)		(5,564	)		(65,129	)
		(657	)		(5,659	)		1,156			13,616
Class R Shares(a)
Reinvestment of distributions		—			—			65			703
Shares redeemed		—			—			(5,459	)		(60,473	)
		—			—			(5,394	)		(59,770	)
Class P Shares
Shares sold		1,230,514			11,335,374			2,285,637			25,417,156
Reinvestment of distributions		—			—			503,647			5,098,604
Shares redeemed		(4,484,598	)		(40,836,852	)		(17,197,910	)		(171,738,012	)
		(3,254,084	)		(29,501,478	)		(14,408,626	)		(141,222,252	)
NET DECREASE		(3,541,588	)	$	(32,045,836	)		(15,056,187	)	$	(148,186,582	)

(a) At the close of business on July 14, 2023, Class R Shares of the Clean Energy Income Fund were liquidated.

  

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GOLDMAN SACHS ENERGY FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Energy Infrastructure Fund
	For the Six Months Ended May 31, 2024 (Unaudited)						For the Fiscal Year Ended November 30, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		45,441		$	529,809			116,162		$	1,257,531
Reinvestment of distributions		12,964			139,882			13,487			148,572
Shares redeemed		(35,927	)		(412,533	)		(120,415	)		(1,305,520	)
		22,478			257,158			9,234			100,583
Class C Shares
Shares sold		510			6,387			—			—
Reinvestment of distributions		2,732			29,563			2,703			29,809
Shares redeemed		(2,245	)		(26,443	)		(6,465	)		(67,352	)
		997			9,507			(3,762	)		(37,543	)
Institutional Shares
Shares sold		148,216			1,806,802			562,418			6,318,502
Reinvestment of distributions		13,843			150,059			12,079			136,784
Shares redeemed		(308,812	)		(3,460,581	)		(316,330	)		(3,542,653	)
		(146,753	)		(1,503,720	)		258,167			2,912,633
Investor Shares
Shares sold		—			14			—			1
Reinvestment of distributions		438			4,746			465			5,149
Shares redeemed		(1	)		(8	)		(2	)		(16	)
		437			4,752			463			5,134
Class R6 Shares
Shares sold		108,071			1,351,017			213,501			2,421,293
Reinvestment of distributions		169,383			1,834,421			423,067			4,618,989
Shares redeemed		(621,899	)		(7,844,856	)		(5,345,026	)		(60,836,736	)
		(344,445	)		(4,659,418	)		(4,708,458	)		(53,796,454	)
Class R Shares
Shares sold		61			711			3,891			40,727
Reinvestment of distributions		658			7,128			557			6,177
Shares redeemed		(2,144	)		(24,488	)		(41	)		(443	)
		(1,425	)		(16,649	)		4,407			46,461
Class P Shares
Shares sold		2,247,345			26,966,815			2,394,335			26,582,229
Reinvestment of distributions		1,607,483			17,409,045			1,796,822			19,874,354
Shares redeemed		(4,021,492	)		(46,060,957	)		(3,547,549	)		(39,665,078	)
		(166,664	)		(1,685,097	)		643,608			6,791,505
NET DECREASE		(635,375	)	$	(7,593,467	)		(3,796,341	)	$	(43,977,681	)

  

40

GOLDMAN SACHS ENERGY FUNDS

 

 

Fund Expenses — Six Month Period Ended May 31, 2024 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from December 1, 2023 through May 31, 2024, which represents a period of 183 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 Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Clean Energy Income Fund									Energy Infrastructure Fund
Share Class	Beginning  Account Value 12/1/23			Ending  Account  Value 5/31/24			Expenses Paid for the  6 months ended  5/31/24*			Beginning  Account Value 12/1/23			Ending  Account  Value 5/31/24			Expenses Paid for the  6 months ended  5/31/24*
Class A
Actual		$1,000.00			$1,081.20			$  6.54			$1,000.00			$1,133.40			$  7.81
Hypothetical 5% return		1,000.00			1,018.70	+		6.34			1,000.00			1,017.70	+		7.39
Class C
Actual		1,000.00			1,078.20			10.42			1,000.00			1,128.50			11.79
Hypothetical 5% return		1,000.00			1,015.00	+		10.10			1,000.00			1,013.90	+		11.15
Institutional
Actual		1,000.00			1,083.30			4.67			1,000.00			1,134.60			5.89
Hypothetical 5% return		1,000.00			1,020.50	+		4.53			1,000.00			1,019.50	+		5.57
Investor
Actual		1,000.00			1,083.40			5.24			1,000.00			1,134.60			6.48
Hypothetical 5% return		1,000.00			1,020.00	+		5.08			1,000.00			1,019.00	+		6.13
Class R6
Actual		1,000.00			1,084.50			4.65			1,000.00			1,135.60			5.84
Hypothetical 5% return		1,000.00			1,020.60	+		4.50			1,000.00			1,019.50	+		5.52
Class R
Actual		—			—			—			1,000.00			1,131.10			9.12
Hypothetical 5% return		—			—			—			1,000.00			1,016.50	+		8.63
Class P
Actual		1,000.00			1,083.40			4.62			1,000.00			1,134.70			5.84
Hypothetical 5% return		1,000.00			1,020.60	+		4.48			1,000.00			1,019.60	+		5.53

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended May 31, 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		Investor		Class R6			Class R			Class P
Clean Energy Income Fund		1.26	%		2.01	%		0.90%		1.01%		0.89	%		—	%		0.89	%
Energy Infrastructure Fund		1.47			2.22			1.10		1.21		1.10			1.71			1.09

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

  

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GOLDMAN SACHS ENERGY FUNDS

 

 

Liquidity Risk Management Program (Unaudited)

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

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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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 $2.56 trillion in assets under supervision as of March 31, 2024, 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

∎ Dynamic Bond Fund⁶

∎ 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 Fund

Fixed Income Alternatives

∎ Short Duration High Yield Fund⁴

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 Fund⁵

∎ 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 Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Goldman Sachs 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 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.

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 April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁵  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.

⁶  Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond 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 closed-end funds and 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 Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction. The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov. The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Fund holdings and allocations shown are as of May 31, 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. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. “Alerian Midstream Energy Select Index”, “Alerian MLP Index”, “Alerian MLP Total Return Index”, “AMEI”, “AMEIX”, “AMZ” and “AMZX” are trademarks of Alerian and their use is granted under a license from Alerian. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider each Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund’s and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). © 2024 Goldman Sachs. All rights reserved. 377137-OTU-2061120 MLPANDESAR-24

 

 

 

 

Goldman Sachs Financial Square Funds

∎   FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

∎   FINANCIAL SQUARE GOVERNMENT FUND

∎   FINANCIAL SQUARE MONEY MARKET FUND

∎   FINANCIAL SQUARE PRIME OBLIGATIONS FUND

∎   FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

∎   FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

∎   FINANCIAL SQUARE TREASURY SOLUTIONS FUND

TABLE OF CONTENTS

Market Review	2
Fund Basics	4
Yield Summary	5
Sector Allocations	6
Schedules of Investments	7
Financial Statements	36
Financial Highlights
Federal Instruments Fund	46
Government Fund	53
Money Market Fund	69
Prime Obligations Fund	74
Treasury Instruments Fund	80
Treasury Obligations Fund	91
Treasury Solutions Fund	100
Notes to Financial Statements	108
Other Information	127

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 Financial Square Funds

GOVERNMENT MONEY MARKET FUNDS

 ∎ Financial Square Federal Instruments Fund

 ∎ Financial Square Government Fund

 ∎ Financial Square Treasury Instruments Fund

 ∎ Financial Square Treasury Obligations Fund

 ∎ Financial Square Treasury Solutions Fund

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or a deposit of the 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.

INSTITUTIONAL MONEY MARKET FUNDS

 ∎ Financial Square Money Market Fund

 ∎ Financial Square Prime Obligations Fund

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. 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 the 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.

  

  1

MARKET REVIEW

  Goldman Sachs Financial Square Funds

 

 

The following are highlights both of key factors affecting the money markets and of any key changes made to the Goldman Sachs Financial Square Funds (the “Funds”) during the six months ended May 31, 2024 (the “Reporting Period”). A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended November 30, 2024.

Market and Economic Review

• During the Reporting period, the money markets were influenced most by U.S. Federal Reserve (“Fed”) monetary policy, inflation trends and the broader outlook for the U.S. economy.

• In December 2023, when the Reporting Period began, Fed policymakers maintained the targeted federal funds (“fed funds”) rate in a range between 5.25% and 5.50%.

• At its policy meeting that month, the Fed signaled it might have reached the peak of its then-recent monetary policy tightening cycle, with its median dot plot projection indication 75 basis points of rate cuts in 2024. (The dot plot shows interest rate projections of the members of the Federal Open market Committee. A basis point is 1/100th of a percentage point.)

• At the end of December, markets were pricing in a total of eight Fed rate cuts in 2024, with the first expected in March.

• The Fed remained on hold in January 2024 but shifted from hiking bias to a more neutral policy stance.

• In mid-January, the markets were pricing in six to seven Fed rate cuts in 2024.

• In February, a resilient U.S. labor market and upside surprises in inflation led investors to push back their expectations for Fed policy easing, with the market pricing in three or four rate cuts in 2024, commencing in June.

• During March, signals of strong U.S. economic growth and bumpy inflation suggested the Fed might delay interest rate cuts. However, Fed officials maintained a dovish stance at their policy meeting that month, with their projections showing three rate cuts in 2024. (Dovish tends to suggest lower interest rates; opposite of hawkish.)

• In April, strong U.S. economic data and resilient labor markets coincided with upside inflation surprises. The combination appeared to raise the bar for Fed monetary policy easing, increasing the prospect of a prolonged period of elevated interest rates.

• At the end of the month, markets were expecting the first Fed rate cut in December.

• In early May, Fed officials acknowledged the “lack of further progress” on inflation so far in 2024. However, Fed Chair Jerome Powell suggested there could be more disinflation, given anchored inflation expectations and the resolution of demand and supply imbalances, particularly in the labor and housing markets.

• Near the end of the month, inflation data aligned with the possibility of a Fed rate cut in September 2024, contingent on further evidence of disinflation through the summer.

• At their policy meeting in mid-June 2024, after the end of the Reporting Period, Fed officials held the fed funds rate steady and penciled in one interest rate cut before the end of the calendar

• Throughout the Reporting Period, the money market yield curve remained inverted. (In an inverted yield curve, shorter-term maturity yields are higher than longer-term maturity yields.) The front, or short-term, end of the yield curve stayed virtually unchanged, while the middle and longer-term segments of the yield curve fluctuated as investors priced in their expectations for Fed rate cuts.

• In this environment, the yields of money market funds remained mostly flat.

Fund Changes and Highlights

Goldman Sachs Financial Square Money Market Fund

• At a meeting of the Board of Trustees of Goldman Sachs Trust held on April 16-17, 2024, the Trustees approved a proposal to liquidate the Goldman Sachs Financial Square Money Market Fund (the “Fund”).

• The Fund is expected to be liquidated on or about September 16, 2024 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Goldman Sachs Trust’s officers.

  

2  

       MARKET REVIEW

 

 

 

• The Fund may depart from its stated investment objectives and policies as it prepares to liquidate and distribute its assets to shareholders.

• Shares of the Fund will no longer be available for purchase as of the close of business on August 16, 2024, except that existing shareholders of the Fund may continue to purchase shares of the Fund until September 9, 2024.

• To the extent there are any dividend or distribution payments made prior to the Liquidation Date, they will continue to be paid either in cash, in additional shares of the Fund, or in shares of other Goldman Sachs Funds, depending on each shareholder’s current election.

• At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund and receive the net asset value thereof. Exchanges for certain shares of other Goldman Sachs Funds are not permitted from or into the Fund.

Goldman Sachs Financial Square Prime Obligations Fund

• At a meeting of the Board of Trustees of Goldman Sachs Trust held on April 16-17, 2024, the Trustees approved a proposal to liquidate the Goldman Sachs Financial Square Prime Obligations Fund (the “Fund”).

• The Fund is expected to be liquidated on or about September 16, 2024 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Goldman Sachs Trust’s officers.

• The Fund may depart from its stated investment objectives and policies as it prepares to liquidate and distribute its assets to shareholders.

• Shares of the Fund will no longer be available for purchase as of the close of business on August 16, 2024, except that existing shareholders of the Fund may continue to purchase shares of the Fund until September 9, 2024.

• To the extent there are any dividend or distribution payments made prior to the Liquidation Date, they will continue to be paid either in cash, in additional shares of the Fund, or in shares of other Goldman Sachs Funds, depending on each shareholder’s current election.

• At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund and receive the net asset value thereof. Shareholders may also exchange their shares for certain shares of other Goldman Sachs Funds at net asset value without imposition of an initial sales charge.

  

  3

FUND BASICS

 

 

Financial Square Funds

as of May 31, 2024 (Unaudited)

PERFORMANCE REVIEW^1,2

December 1, 2023-May 31, 2024	Fund Total Return (based on NAV)3	Sec 7-Day Current Yield4	The EPFR/iMoneyNet Money Fund Institutional 30-Day Average Yield5
Goldman Sachs Financial Square Federal Instruments Fund	2.63%	5.19%	5.05%6
Goldman Sachs Financial Square Government Fund	2.64	5.22	5.056
Goldman Sachs Financial Square Money Market Fund	2.68	5.20	5.187
Goldman Sachs Financial Square Prime Obligations Fund	2.67	5.21	5.187
Goldman Sachs Financial Square Treasury Instruments Fund	2.62	5.20	5.038
Goldman Sachs Financial Square Treasury Obligations Fund	2.63	5.20	5.049
Goldman Sachs Financial Square Treasury Solutions Fund	2.63	5.21	5.049

  The returns represent past performance. Past performance does not guarantee future results. The Funds’ investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

¹  As of May 31, 2024, the Financial Square Treasury Obligations Fund offers nine separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier and Resource), the Financial Square Money Market Fund offers five separate classes of shares (Institutional, Select, Preferred, Administration, and Service), the Financial Square Treasury Solutions Fund offers eight separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, and Premier), the Financial Square Treasury Instruments Fund offers eleven separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Loop Class, Seelaus Class, and Class D), the Financial Square Federal Instruments Fund offers seven separate classes of shares (Institutional, Preferred, Capital, Administration, Service, Cash Management and Class D), the Financial Square Prime Obligations Fund offers six separate classes of shares (Institutional, Select, Preferred, Capital, Administration, and Drexel Hamilton Class), and the Financial Square Government Fund offers sixteen separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Drexel Hamilton Class, Loop Class, Seelaus Class, Class R6, Class A, Class C and Class D), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Institutional, Drexel Hamilton Class, Loop Class, Seelaus Class, Class R6, and Class D Shares do not have distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees. The Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1), administration and/ or service (non-12b-1) fees (as applicable) at the following contractual rates: the Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Service Shares pay 0.50%, Cash Management Shares pay 0.80%, Premier Shares pay 0.35%, Resource Shares pay 0.65%, Class A Shares pay 0.25% and Class C Shares pay 1.00%. If these fees were reflected in the above performance, performance would have been reduced. In addition, the Funds’ performances do not reflect the deduction of any applicable sales charges.

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

³  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. A Fund’s total return reflects the reinvestment of dividends and other distributions.

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

⁵  Source: EPFR, Inc. May 2024. The EPFR/iMoneyNet Money Fund Institutional 30-Day Average Yield is an annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distributions.

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

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

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

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

  

4  

YIELD SUMMARY

 

 

SUMMARY OF THE INSTITUTIONAL SHARES^1,2 AS OF 05/31/24

Funds	7-Day Dist. Yield11	SEC  7-Day Effective Yield12	30-Day Average Yield13	Weighted Avg. Maturity (days)14	Weighted Avg. Life (days)15
Goldman Sachs Financial Square Federal Instruments Fund	5.19%	5.32%	5.18%	37	115
Goldman Sachs Financial Square Government Fund	5.22%	5.36%	5.20%	32	118
Goldman Sachs Financial Square Money Market Fund	5.20%	5.33%	5.19%	6	6
Goldman Sachs Financial Square Prime Obligations Fund	5.21%	5.34%	5.20%	5	5
Goldman Sachs Financial Square Treasury Instruments Fund	5.18%	5.34%	5.17%	42	116
Goldman Sachs Financial Square Treasury Obligations Fund	5.17%	5.34%	5.16%	31	118
Goldman Sachs Financial Square Treasury Solutions Fund	5.19%	5.35%	5.18%	29	120

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

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

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

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

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

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

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

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

 

  5

SECTOR ALLOCATIONS

 

 

May 31, 2024 (Unaudited)

 

 

SECTOR ALLOCATIONS¹⁰

As of May 31, 2024

Security Type (Percentage of Net Assets)	Financial Square Federal Instruments	Financial Square Government	Financial Square Money Market	Financial Square Prime Obligations	Financial Square Treasury Instruments	Financial Square Treasury Obligations	Financial Square Treasury  Solutions
Repurchase Agreements	—	64.0%	21.4%	41.6%	—	64.8%	64.5%
Time Deposit	—	—	10.5	15.6	—	—	—
U.S. Government Agency Obligations	17.8%	13.7	—	—	—	—	—
U.S. Treasury Obligations	94.2	20.8	66.2	41.9	114.8%	38.0	39.1

¹⁰ Each Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

SECTOR ALLOCATIONS¹⁰

As of November 30, 2023

Security Type (Percentage of Net Assets)	Financial Square Federal Instruments	Financial Square Government	Financial Square Money Market	Financial Square Prime Obligations	Financial Square Treasury Instruments	Financial Square Treasury Obligations	Financial Square Treasury  Solutions
Certificate of Deposit	—	—	2.0%	1.4%	—	—	—
Certificate of Deposit-Eurodollar	—	—	1.1	—	—	—	—
Certificate of Deposit-Yankeedollar	—	—	3.3	3.2	—	—	—
Commercial Paper and Corporate Obligations	—	—	32.5	31.5	—	—	—
Medium Term Notes	—	—	0.3	0.2	—	—	—
Repurchase Agreements	—	55.7%	24.5	26.0	—	38.6%	22.2%
Time Deposits	—	—	10.9	13.8	—	—	—
U.S. Government Agency Obligations	15.1%	21.3	8.4	9.0	—	—	—
U.S. Treasury Obligations	89.7	22.5	8.3	8.4	100.6%	60.0	75.8
Variable Rate Municipal Debt Obligations	—	—	3.8	2.7	—	—	—
Variable Rate Obligations	—	—	6.2	6.0	—	—	—

¹⁰ Each Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

6

GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

	Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations - 17.8%
Federal Farm Credit Bank (FEDL01 + 0.075%)
$		2,300,000		5.412	%(a)	09/13/24	$	2,299,519
Federal Farm Credit Bank (FEDL01 + 0.140%)
		1,200,000		5.470	(a)	09/17/24		1,199,996
		400,000		5.472	(a)	11/14/24		399,965
Federal Farm Credit Bank (FEDL01 + 0.155%)
		3,139,000		5.485	(a)	06/27/25		3,139,000
Federal Farm Credit Bank (Prime Rate - 3.000%)
		2,400,000		5.501	(a)	01/24/25		2,399,926
Federal Farm Credit Bank (Prime Rate - 3.030%)
		5,235,000		5.470	(a)	04/17/26		5,235,000
Federal Farm Credit Bank (Prime Rate - 3.035%)
		3,520,000		5.465	(a)	04/29/26		3,520,000
Federal Farm Credit Bank (Prime Rate - 3.040%)
		3,019,000		5.460	(a)	05/21/26		3,019,000
		946,000		5.460	(a)	05/28/26		946,000
Federal Farm Credit Bank (Prime Rate - 3.080%)
		600,000		5.420	(a)	06/13/24		600,007
Federal Farm Credit Bank (SOFR + 0.060%)
		800,000		5.399	(a)	07/22/24		799,890
		5,187,000		5.390	(a)	01/09/25		5,187,000
Federal Farm Credit Bank (SOFR + 0.090%)
		1,057,000		5.420	(a)	03/07/25		1,057,000
Federal Farm Credit Bank (SOFR + 0.110%)
		8,791,000		5.440	(a)	03/11/25		8,791,000
Federal Farm Credit Bank (SOFR + 0.115%)
		1,803,000		5.445	(a)	12/03/24		1,803,000
Federal Farm Credit Bank (SOFR + 0.125%)
		1,979,000		5.455	(a)	02/10/25		1,979,000
		11,118,000		5.455	(a)	03/24/25		11,118,000
Federal Farm Credit Bank (SOFR + 0.130%)
		1,744,000		5.460	(a)	08/13/25		1,744,000
Federal Farm Credit Bank (SOFR + 0.135%)
		3,640,000		5.465	(a)	04/29/25		3,640,156
		1,872,000		5.465	(a)	06/03/25		1,872,000
Federal Farm Credit Bank (SOFR + 0.145%)
		3,845,000		5.475	(a)	04/28/25		3,845,000
		1,532,000		5.475	(a)	06/27/25		1,532,000
		2,517,000		5.475	(a)	07/30/25		2,517,000
Federal Farm Credit Bank (SOFR + 0.150%)
		1,890,000		5.480	(a)	02/14/25		1,890,000
		3,957,000		5.480	(a)	05/27/25		3,957,000
Federal Farm Credit Bank (SOFR + 0.160%)
		987,000		5.490	(a)	01/30/25		987,000
		2,280,000		5.490	(a)	04/10/25		2,280,000
		5,074,000		5.490	(a)	07/21/25		5,074,000
Federal Farm Credit Bank (SOFR + 0.165%)
		7,700,000		5.495	(a)	06/27/24		7,699,979
		7,737,000		5.495	(a)	02/06/25		7,737,000
		10,669,000		5.495	(a)	08/14/25		10,669,000
Federal Farm Credit Bank (SOFR + 0.170%)
		3,931,000		5.500	(a)	01/23/25		3,931,000
Federal Farm Credit Bank (SOFR + 0.180%)
		7,700,000		5.510	(a)	10/16/24		7,700,000
		4,900,000		5.508	(a)	12/19/24		4,900,220
		4,470,000		5.510	(a)	12/19/24		4,470,201
		5,000,000		5.510	(a)	01/03/25		5,000,000
		11,274,000		5.510	(a)	01/17/25		11,274,000
		1,588,000		5.507	(a)	04/28/25		1,588,391

	Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations– (continued)
Federal Farm Credit Bank (SOFR + 0.190%)
$		4,300,000		5.520	%(a)	11/25/24	$	4,300,000
		11,000,000		5.520	(a)	12/27/24		11,000,000
Federal Farm Credit Bank (SOFR + 0.200%)
		776,000		5.525	(a)	12/05/24		776,258
Federal Home Loan Bank
		350,000,000		5.368		06/04/24		349,846,291
		4,239,000		5.020		10/25/24		4,155,916
		3,810,000		5.245		10/25/24		3,735,325
		4,239,000		5.008		10/31/24		4,150,557
		522,000		5.021		10/31/24		511,109
		2,612,000		5.083		10/31/24		2,557,503
		732,000		5.121		10/31/24		716,728
		4,994,000		5.220		10/31/24		4,889,805
		3,810,000		5.243		10/31/24		3,730,508
		20,922,000		5.248		10/31/24		20,485,481
		4,161,000		5.270		10/31/24		4,074,185
		10,427,000		4.980		11/26/24		10,174,030
		7,179,000		5.225		11/26/24		7,004,830
		7,310,000		5.253		11/26/24		7,132,651
		7,100,000		5.315		11/26/24		6,927,746
		8,344,000		4.933		11/29/24		8,138,488
		1,059,000		4.956		11/29/24		1,032,917
		6,260,000		5.032		11/29/24		6,105,816
		6,949,000		5.198		11/29/24		6,777,846
		7,179,000		5.219		11/29/24		7,002,182
		37,076,000		5.226		11/29/24		36,162,819
		2,844,000		5.288		11/29/24		2,773,952
		1,985,000		5.330		11/29/24		1,936,110
		3,714,000		5.209		12/04/24		3,619,014
		8,695,000		4.990		12/26/24		8,449,855
		4,910,000		5.160		12/26/24		4,771,568
		1,780,000		5.180		12/26/24		1,729,815
		7,118,000		5.188		12/26/24		6,917,316
		9,397,000		5.197		12/26/24		9,132,062
		6,658,000		5.225		12/26/24		6,470,285
		2,117,000		5.366		12/26/24		2,057,314
		5,730,000		5.155		01/17/25		5,552,633
		21,489,000		5.103		01/23/25		20,808,949
		2,746,000		5.134		01/23/25		2,659,099
		2,951,000		5.135		01/23/25		2,857,611
		9,168,000		5.148		01/23/25		8,877,865
		7,461,000		5.151		01/23/25		7,224,886
		7,163,000		5.153		01/23/25		6,936,316
		9,377,000		5.160		01/23/25		9,080,251
		4,065,000		5.161		01/23/25		3,936,357
		411,000		5.228		01/23/25		397,993
		416,000		5.140		01/24/25		402,520
		10,530,000		4.945		02/05/25		10,192,421
		11,525,000		5.083		02/10/25		11,137,939
		234,000		5.115		02/14/25		225,967
Federal Home Loan Bank (SOFR + 0.060%)
		400,000		5.399	(a)	07/01/24		399,967
Federal Home Loan Bank (SOFR + 0.095%)
		21,020,000		5.425	(a)	03/13/25		21,020,000
Federal Home Loan Bank (SOFR + 0.115%)
		9,240,000		5.445	(a)	11/06/24		9,240,000
Federal Home Loan Bank (SOFR + 0.120%)
		8,885,000		5.450	(a)	01/03/25		8,885,000

  

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

GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

	Principal Amount		Interest Rate			Maturity Date	Amortized Cost
	U.S. Government Agency Obligations– (continued)
	$	20,870,000		5.450	%(a)	04/17/25	$	20,870,000
	Federal Home Loan Bank (SOFR + 0.125%)
		7,670,000		5.455	(a)	03/24/25		7,670,000
		4,175,000		5.455	(a)	05/28/25		4,175,000
Federal Home Loan Bank (SOFR + 0.130%)
		20,440,000		5.460	(a)	05/09/25		20,440,000
Federal Home Loan Bank (SOFR + 0.135%)
		8,885,000		5.465	(a)	05/02/25		8,885,000
Federal Home Loan Bank (SOFR + 0.150%)
		9,420,000		5.480	(a)	05/28/25		9,420,000
		9,640,000		5.480	(a)	06/06/25		9,640,000
Federal Home Loan Bank (SOFR + 0.155%)
		8,455,000		5.485	(a)	07/08/25		8,455,000
Federal Home Loan Bank (SOFR + 0.160%)
		16,170,000		5.490	(a)	07/10/25		16,170,000
		14,760,000		5.490	(a)	07/14/25		14,760,000
		6,445,000		5.490	(a)	07/25/25		6,445,000
Federal Home Loan Bank (SOFR + 0.165%)
		8,545,000		5.495	(a)	01/17/25		8,545,000
Federal Home Loan Bank (SOFR + 0.190%)
		25,600,000		5.520	(a)	11/22/24		25,600,000
Tennessee Valley Authority
		50,000,000		5.303		06/12/24		49,919,165
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	1,047,877,471
	U.S. Treasury Obligations - 94.2%
	United States Treasury Bills
		794,025,800		5.385		06/04/24		793,676,759
		1,056,488,000		5.380		06/11/24		1,054,941,419
		1,037,302,000		5.380		06/18/24		1,034,720,558
		14,484,700		5.354		06/20/24		14,444,671
		100,000,000		5.364		06/20/24		99,723,648
		40,828,400		5.374		06/20/24		40,715,570
		4,223,900		5.381	(b)	06/20/24		4,212,227
		37,838,900		5.388		06/20/24		37,734,331
		2,519,200		5.399		06/20/24		2,512,238
		479,900		5.404		06/20/24		478,574
		10,870,600		5.409		06/20/24		10,840,559
		67,827,900		5.378		06/25/24		67,589,598
		200,000,000		5.380		06/25/24		199,297,333
		8,029,600		5.401		06/27/24		7,997,170
		715,000,000		5.380	(b)	07/02/24		712,069,294
		26,115,300		5.387		07/05/24		25,985,329
		272,428,000		5.392		07/05/24		271,072,178
		102,700		5.397		07/09/24		102,129
		20,591,100		5.402		07/09/24		20,476,557
		5,933,300		5.391		07/11/24		5,898,526
		100,000,000		5.396		07/11/24		99,413,920
		4,655,600		5.388		07/16/24		4,625,064
		3,864,100		5.390		07/16/24		3,838,755
		9,685,600		5.397		07/16/24		9,622,072
		1,071,100		5.384		07/23/24		1,063,009
		657,900		5.401		07/23/24		652,930
		560,300		5.403		08/06/24		554,897
		799,300		5.437		08/06/24		791,593
		1,835,800		5.409		08/08/24		1,817,595
		2,163,100		5.409		08/13/24		2,140,160
		4,487,200		5.408		08/29/24		4,428,960
		1,869,500		5.413		09/03/24		1,843,960

	Principal Amount		Interest Rate			Maturity Date	Amortized Cost
	U.S. Treasury Obligations– (continued)
	$	11,668,000		5.416	%	09/17/24	$	11,484,754
		5,676,200		5.426		09/24/24		5,581,096
		453,600		5.373		09/26/24		445,991
		1,027,700		5.392		10/24/24		1,006,289
		993,400		5.402		10/24/24		972,704
		1,381,900		5.383		10/31/24		1,351,759
		49,300		5.403		10/31/24		48,225
		545,900		5.408		10/31/24		533,993
		8,384,800		5.375		11/07/24		8,193,947
		19,674,300		5.376		11/07/24		19,226,477
		3,788,500		5.381		11/07/24		3,702,267
		4,993,100		5.383		11/07/24		4,879,448
		935,800		5.387		11/07/24		914,499
		2,519,900		5.388		11/07/24		2,462,542
		211,500		5.389		11/07/24		206,686
		819,600		5.393		11/07/24		800,944
		123,300		5.394		11/07/24		120,493
		2,119,800		5.370		11/14/24		2,069,389
		176,400		5.375		11/14/24		172,205
		304,900		5.376		11/14/24		297,649
		2,647,400		5.378		11/14/24		2,584,442
		1,524,500		5.380		11/14/24		1,488,246
		1,302,400		5.382		11/14/24		1,271,427
		819,700		5.383		11/14/24		800,207
		2,969,600		5.387		11/14/24		2,898,979
		1,499,300		5.388		11/14/24		1,463,645
		822,700		5.396		11/21/24		802,238
		1,781,700		5.397		11/21/24		1,737,385
		147,100		5.398		11/21/24		143,441
		558,800		5.399		11/21/24		544,901
		5,219,300		5.401		11/21/24		5,089,484
		1,876,400		5.402		11/21/24		1,829,730
		1,755,000		5.407		11/21/24		1,711,349
		4,464,700		5.387		11/29/24		4,348,838
		1,853,400		5.393		11/29/24		1,805,303
		52,015,800		5.011		02/20/25		50,224,190
		1,315,500		5.080		02/20/25		1,270,190
		100		5.054		03/20/25		96
		1,319,400		5.058		03/20/25		1,268,007
		1,614,000		5.060		03/20/25		1,551,131
		6,588,700		5.101		03/20/25		6,332,057
		527,000		5.134		03/20/25		506,472
		5,270,600		5.135		03/20/25		5,065,299
		800		5.142		03/20/25		769
		600,300		5.297		04/17/25		573,649
		600,300		5.305		04/17/25		573,649
		7,500,000		5.216		05/15/25		7,144,084
		46,799,300		5.221		05/15/25		44,578,419
		8,704,600		5.222		05/15/25		8,291,520
		5,739,200		5.260		05/15/25		5,466,844
		2,869,600		5.263		05/15/25		2,733,422
		5,739,200		5.266		05/15/25		5,466,844
		4,399,600		5.284		05/15/25		4,190,815
		4,562,400		5.286		05/15/25		4,345,889
United States Treasury Floating Rate Note
		11,100		4.805		12/31/24		11,048
		1,996,300		5.064		12/31/24		1,986,912
		3,493,500		5.066		12/31/24		3,477,071
		2,483,600		5.069		12/31/24		2,471,921

  

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

GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations– (continued)
$	3,493,500		5.070	%	12/31/24	$	3,477,071
	2,483,600		5.073		12/31/24		2,471,920
	1,495,900		5.074		12/31/24		1,488,865
	997,300		5.083		12/31/24		981,495
	748,000		5.084		12/31/24		744,482
	4,990,800		5.089		12/31/24		4,967,330
	2,495,400		5.109		12/31/24		2,483,665
	9,934,400		5.113		12/31/24		9,887,682
	3,006,600		5.115		12/31/24		2,992,089
	1,986,800		5.121		12/31/24		1,949,325
	1,102,800		5.073		02/15/25		1,075,908
	551,400		5.075		02/15/25		537,954
	4,589,800		4.994		03/31/25		4,548,598
	5,742,600		5.004		03/31/25		5,691,050
	6,496,400		5.198		06/30/25		6,163,121
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.037%)
	30,668,300		5.360	(a)	07/31/24		30,670,289
	50,371,500		5.361	(a)	07/31/24		50,374,767
	22,627,100		5.362	(a)	07/31/24		22,628,567
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%)
	18,827,200		5.452	(a)	07/31/25		18,817,919
	33,037,900		5.453	(a)	07/31/25		33,021,613
	54,542,000		5.456	(a)	07/31/25		54,515,112
	4,527,500		5.457	(a)	07/31/25		4,525,268
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%)
	60,000,000		5.475	(a)	04/30/26		60,004,376
	70,008,000		5.476	(a)	04/30/26		70,013,106
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.169%)
	5,273,100		5.492	(a)	04/30/25		5,273,563
	10,018,800		5.493	(a)	04/30/25		10,019,681
	26,894,100		5.495	(a)	04/30/25		26,896,464
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%)
	1,505,200		5.495	(a)	10/31/25		1,503,581
	38,823,300		5.504	(a)	10/31/25		38,781,542
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.200%)
	8,295,000		5.523	(a)	01/31/25		8,297,396
	8,762,400		5.524	(a)	01/31/25		8,764,930
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%)
	3,563,400		5.562	(a)	01/31/26		3,565,296
	27,513,800		5.565	(a)	01/31/26		27,528,440
	145,142,600		5.566	(a)	01/31/26		145,219,828
	91,971,500		5.571	(a)	01/31/26		92,020,436
TOTAL U.S. TREASURY OBLIGATIONS						$	5,547,705,582
TOTAL INVESTMENTS - 112.0%						$	6,595,583,053
LIABILITIES IN EXCESS OF OTHER ASSETS - (12.0)%							(704,422,931	)
NET ASSETS - 100.0%						$	5,891,160,122

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2024.
(b)	All or a portion represents a forward commitment.
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

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

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations - 13.7%
Federal Farm Credit Bank (FEDL01 + 0.075%)
$	167,600,000		5.412	%(a)	09/13/24	$	167,564,966
Federal Farm Credit Bank (FEDL01 + 0.140%)
	90,900,000		5.470	(a)	09/17/24		90,899,737
	27,300,000		5.472	(a)	11/14/24		27,297,586
Federal Farm Credit Bank (Prime Rate - 3.000%)
	143,475,000		5.501	(a)	01/24/25		143,470,600
Federal Farm Credit Bank (Prime Rate - 3.030%)
	211,586,000		5.470	(a)	04/17/26		211,586,000
Federal Farm Credit Bank (Prime Rate - 3.035%)
	142,400,000		5.465	(a)	04/29/26		142,400,000
Federal Farm Credit Bank (Prime Rate - 3.040%)
	120,598,000		5.460	(a)	05/21/26		120,598,000
	38,108,000		5.460	(a)	05/28/26		38,108,000
Federal Farm Credit Bank (Prime Rate - 3.080%)
	24,400,000		5.420	(a)	06/13/24		24,400,279
Federal Farm Credit Bank (SOFR + 0.060%)
	58,700,000		5.399	(a)	07/22/24		58,691,902
	208,229,000		5.390	(a)	01/09/25		208,229,000
Federal Farm Credit Bank (SOFR + 0.090%)
	96,103,000		5.420	(a)	03/07/25		96,103,000
Federal Farm Credit Bank (SOFR + 0.110%)
	481,116,000		5.440	(a)	03/11/25		481,116,000
Federal Farm Credit Bank (SOFR + 0.115%)
	107,032,000		5.445	(a)	12/03/24		107,032,000
Federal Farm Credit Bank (SOFR + 0.125%)
	96,978,000		5.455	(a)	02/10/25		96,978,000
	544,911,000		5.455	(a)	03/24/25		544,911,000
Federal Farm Credit Bank (SOFR + 0.130%)
	158,568,000		5.460	(a)	08/13/25		158,568,000
Federal Farm Credit Bank (SOFR + 0.135%)
	166,002,000		5.465	(a)	04/29/25		166,009,099
	85,373,000		5.465	(a)	06/03/25		85,373,000
Federal Farm Credit Bank (SOFR + 0.140%)
	236,728,000		5.472	(a)	11/26/24		236,694,861
	213,054,000		5.473	(a)	11/26/24		213,024,175
Federal Farm Credit Bank (SOFR + 0.145%)
	228,256,000		5.475	(a)	04/28/25		228,256,000
	71,945,000		5.475	(a)	06/27/25		71,945,000
	114,262,000		5.475	(a)	07/30/25		114,262,000
Federal Farm Credit Bank (SOFR + 0.150%)
	146,709,000		5.480	(a)	01/03/25		146,709,000
	95,369,000		5.480	(a)	02/14/25		95,369,000
	170,305,000		5.480	(a)	05/27/25		170,305,000
Federal Farm Credit Bank (SOFR + 0.155%)
	308,444,000		5.485	(a)	02/10/25		308,444,000
Federal Farm Credit Bank (SOFR + 0.160%)
	57,378,000		5.490	(a)	01/30/25		57,378,000
	95,251,000		5.490	(a)	04/10/25		95,251,000
	237,642,000		5.490	(a)	07/21/25		237,642,000
	358,327,000		5.490	(a)	08/04/25		358,327,000
Federal Farm Credit Bank (SOFR + 0.165%)
	548,600,000		5.495	(a)	06/27/24		548,598,472
	433,213,000		5.495	(a)	02/06/25		433,213,000
	122,917,000		5.495	(a)	08/14/25		122,917,000
Federal Farm Credit Bank (SOFR + 0.170%)
	234,191,000		5.500	(a)	01/23/25		234,191,000
Federal Farm Credit Bank (SOFR + 0.180%)
	552,793,000		5.510	(a)	10/16/24		552,793,000

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations– (continued)
$	287,975,000		5.508	%(a)	12/19/24	$	287,987,524
	280,910,000		5.510	(a)	12/19/24		280,922,216
	292,500,000		5.510	(a)	01/03/25		292,500,000
	661,650,000		5.510	(a)	01/17/25		661,650,000
	77,958,000		5.507	(a)	04/28/25		77,977,216
Federal Farm Credit Bank (SOFR + 0.190%)
	304,200,000		5.520	(a)	11/25/24		304,200,000
	680,000,000		5.520	(a)	12/27/24		680,000,000
Federal Farm Credit Bank (SOFR + 0.195%)
	215,599,000		5.525	(a)	06/02/25		215,599,000
Federal Farm Credit Bank (SOFR + 0.200%)
	46,034,000		5.525	(a)	12/05/24		46,049,292
Federal Home Loan Bank
	193,813,000		5.020		10/25/24		190,014,293
	174,220,000		5.245		10/25/24		170,805,313
	193,813,000		5.008		10/31/24		189,769,271
	23,916,000		5.021		10/31/24		23,417,015
	119,499,000		5.083		10/31/24		117,005,764
	33,484,000		5.121		10/31/24		32,785,387
	228,339,000		5.220		10/31/24		223,574,918
	174,220,000		5.243		10/31/24		170,585,061
	956,651,000		5.248		10/31/24		936,691,360
	190,263,000		5.270		10/31/24		186,293,338
	476,891,000		4.980		11/26/24		465,378,835
	235,995,000		5.225		11/26/24		230,298,073
	240,313,000		5.253		11/26/24		234,511,836
	233,483,000		5.315		11/26/24		227,846,713
	381,636,000		4.933		11/29/24		372,225,717
	48,462,000		4.956		11/29/24		47,267,036
	286,409,000		5.032		11/29/24		279,346,800
	317,903,000		5.198		11/29/24		310,064,229
	235,995,000		5.219		11/29/24		230,175,896
	1,696,148,000		5.226		11/29/24		1,654,324,816
	434,152,000		5.237		11/29/24		423,446,791
	93,468,000		5.288		11/29/24		91,163,290
	65,286,000		5.330		11/29/24		63,676,195
	169,917,000		5.209		12/04/24		165,571,373
	388,266,000		4.990		12/26/24		377,309,184
	219,292,000		5.160		12/26/24		213,103,608
	79,500,000		5.180		12/26/24		77,256,520
	317,828,000		5.188		12/26/24		308,858,935
	359,417,000		5.197		12/26/24		349,274,299
	238,405,000		5.219		12/26/24		231,677,242
	297,318,000		5.225		12/26/24		288,927,725
	78,048,000		5.366		12/26/24		75,845,496
	191,999,000		5.155		01/17/25		186,055,831
	719,997,000		5.103		01/23/25		697,211,630
	91,995,000		5.134		01/23/25		89,083,682
	98,880,000		5.135		01/23/25		95,750,796
	307,199,000		5.148		01/23/25		297,477,233
	250,005,000		5.151		01/23/25		242,093,222
	239,999,000		5.153		01/23/25		232,403,877
	314,179,000		5.160		01/23/25		304,236,341
	136,213,000		5.161		01/23/25		131,902,338
	13,771,000		5.228		01/23/25		13,335,196
	13,927,000		5.140		01/24/25		13,475,721
	474,761,000		4.945		02/05/25		459,540,756
	482,958,000		5.083		02/10/25		466,738,123
	480,996,000		5.078		02/12/25		464,731,923

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations– (continued)
$	9,553,000		5.115	%	02/14/25	$	9,225,061
Federal Home Loan Bank (SOFR + 0.060%)
	26,400,000		5.399	(a)	07/01/24		26,397,849
Federal Home Loan Bank (SOFR + 0.095%)
	950,845,000		5.425	(a)	03/13/25		950,845,000
Federal Home Loan Bank (SOFR + 0.120%)
	467,075,000		5.450	(a)	01/03/25		467,075,000
	950,320,000		5.450	(a)	04/17/25		950,320,000
Federal Home Loan Bank (SOFR + 0.125%)
	375,800,000		5.455	(a)	03/24/25		375,800,000
	190,065,000		5.455	(a)	05/28/25		190,065,000
Federal Home Loan Bank (SOFR + 0.130%)
	949,450,000		5.460	(a)	05/09/25		949,450,000
Federal Home Loan Bank (SOFR + 0.135%)
	467,075,000		5.465	(a)	05/02/25		467,075,000
Federal Home Loan Bank (SOFR + 0.150%)
	559,000,000		5.480	(a)	05/28/25		559,000,000
	472,510,000		5.480	(a)	06/06/25		472,510,000
Federal Home Loan Bank (SOFR + 0.155%)
	66,690,000		5.485	(a)	07/08/25		66,690,000
Federal Home Loan Bank (SOFR + 0.160%)
	496,000,000		5.490	(a)	02/03/25		496,000,000
	300,265,000		5.490	(a)	07/25/25		300,265,000
	182,005,000		5.490	(a)	08/08/25		182,005,000
Federal Home Loan Bank (SOFR + 0.165%)
	476,015,000		5.495	(a)	01/17/25		476,015,000
Federal Home Loan Bank (SOFR + 0.190%)
	1,817,300,000		5.520	(a)	11/22/24		1,817,300,000
U.S. International Development Finance Corp.
	35,000,000		0.000		06/14/24		35,934,375
U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.000%)
	16,750,000		5.500	(a)	06/15/25		16,750,000
	16,254,868		5.500	(a)	07/15/25		16,254,868
	5,684,211		5.500	(a)	09/15/25		5,684,211
	35,550,000		5.490	(a)	07/09/26		35,550,000
	26,241,667		5.500	(a)	09/15/26		26,241,667
	17,134,615		5.500	(a)	12/15/26		17,134,615
	6,874,999		5.500	(a)	01/20/27		6,874,999
	11,372,561		5.490	(a)	06/20/27		11,372,561
	19,499,998		5.490	(a)	09/20/27		19,499,998
	24,165,418		5.500	(a)	02/15/28		24,165,418
	24,192,309		5.500	(a)	06/20/28		24,192,309
	34,417,228		5.500	(a)	11/15/28		34,417,228
	32,026,415		5.490	(a)	01/15/30		32,026,415
	2,571,429		5.490	(a)	03/15/30		2,571,428
	43,200,000		5.500	(a)	03/15/30		43,200,000
	26,000,000		5.500	(a)	10/15/30		26,000,000
	9,666,666		5.500	(a)	08/15/31		9,666,666
	12,510,360		5.500	(a)	09/02/31		12,510,360
	35,023,880		5.500	(a)	09/30/31		35,023,880
	21,627,908		5.500	(a)	12/20/31		21,627,908
	42,932,030		5.500	(a)	12/15/33		42,932,030
	15,053,400		5.500	(a)	01/20/35		15,053,400
	16,934,000		5.500	(a)	04/20/35		16,934,000
	3,209,530		5.490	(a)	09/20/38		3,209,530
	36,377,312		5.490	(a)	07/07/40		36,377,312
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	32,021,313,011

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations - 20.8%
United States Treasury Bills
$	5,372,459,600		5.392	%	07/05/24	$	5,345,698,612
	43,643,400		5.394		07/09/24		43,401,244
	53,294,100		5.402		07/09/24		52,998,397
	58,863,200		5.407		07/09/24		58,536,597
	44,671,500		5.391		07/11/24		44,409,678
	3,537,544,200		5.396		07/11/24		3,516,810,505
	21,914,600		5.390		07/16/24		21,770,512
	39,415,700		5.416	(b)	10/01/24		38,733,050
	310,310,800		5.421	(b)	10/01/24		304,936,451
	65,242,000		5.376		10/17/24		63,954,014
	374,155,000		5.375		11/07/24		365,635,279
	280,599,600		5.376		11/07/24		274,210,188
	144,468,800		5.381		11/07/24		141,179,164
	218,797,400		5.383		11/07/24		213,815,259
	36,733,200		5.387		11/07/24		35,896,764
	136,157,800		5.388		11/07/24		133,057,410
	21,481,900		5.389		11/07/24		20,992,745
	36,546,600		5.393		11/07/24		35,714,413
	5,638,100		5.394		11/07/24		5,509,717
	110,849,500		5.378		11/14/24		108,213,417
	31,664,900		5.380		11/14/24		30,911,885
	30,226,100		5.383		11/14/24		29,507,301
	1,497,900		5.388		11/14/24		1,462,279
	29,666,800		5.392		11/14/24		28,961,302
	32,431,300		5.384		11/21/24		31,626,372
	840,222,600		5.387		11/21/24		819,368,704
	72,263,500		5.396		11/21/24		70,469,957
	65,709,400		5.397		11/21/24		64,078,526
	5,423,100		5.398		11/21/24		5,288,501
	8,524,700		5.399		11/21/24		8,313,121
	218,728,100		5.401		11/21/24		213,299,380
	40,017,900		5.402		11/21/24		39,024,676
	68,884,300		5.407		11/21/24		67,174,627
	211,805,100		5.387		11/29/24		206,308,740
	77,670,000		5.393		11/29/24		75,654,457
	2,157,376,400		5.011		02/20/25		2,083,074,167
	44,079,400		5.080		02/20/25		42,561,261
	2,100		5.054		03/20/25		2,018
	54,463,800		5.058		03/20/25		52,342,323
	66,625,900		5.060		03/20/25		64,030,685
	271,972,900		5.101		03/20/25		261,378,998
	21,755,900		5.134		03/20/25		20,908,463
	217,567,400		5.135		03/20/25		209,092,704
	29,400		5.140		03/20/25		28,255
	24,233,000		5.297		04/17/25		23,157,163
	24,233,000		5.305		04/17/25		23,157,163
	589,480,000		5.216		05/15/25		561,528,645
	1,860,577,300		5.221		05/15/25		1,772,354,362
	361,192,300		5.222		05/15/25		344,065,656
	238,143,100		5.260		05/15/25		226,851,076
	119,071,100		5.263		05/15/25		113,425,109
	238,143,100		5.266		05/15/25		226,851,076
	182,555,400		5.284		05/15/25		173,899,176
United States Treasury Floating Rate Note
	529,600		4.805		12/31/24		527,109
	94,979,900		5.064		12/31/24		94,533,242
	166,215,100		5.066		12/31/24		165,433,447
	118,166,200		5.069		12/31/24		117,610,505

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations– (continued)
$	166,215,100		5.070	%	12/31/24	$	165,433,447
	118,166,200		5.073		12/31/24		117,610,504
	71,179,100		5.074		12/31/24		70,844,369
	47,452,600		5.083		12/31/24		46,700,576
	35,589,000		5.084		12/31/24		35,421,637
	237,449,200		5.089		12/31/24		236,332,557
	118,724,100		5.109		12/31/24		118,165,781
	472,665,600		5.113		12/31/24		470,442,815
	144,351,800		5.115		12/31/24		143,636,824
	94,533,200		5.121		12/31/24		92,750,140
	45,693,200		5.073		02/15/25		44,578,969
	22,843,300		5.075		02/15/25		22,286,265
	185,260,100		4.994		03/31/25		183,597,053
	231,789,700		5.004		03/31/25		229,708,965
	269,191,800		5.198		06/30/25		255,381,700
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.037%)
	456,294,200		5.362	(a)	07/31/24		456,303,977
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%)
	773,341,700		5.452	(a)	07/31/25		772,954,045
	1,344,835,800		5.453	(a)	07/31/25		1,344,161,672
	2,534,936,500		5.456	(a)	07/31/25		2,533,665,807
	174,018,000		5.457	(a)	07/31/25		173,930,770
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%)
	1,750,000,000		5.475	(a)	04/30/26		1,750,077,430
	4,500,518,100		5.476	(a)	04/30/26		4,500,717,229
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.169%)
	214,171,500		5.492	(a)	04/30/25		214,184,684
	404,469,700		5.493	(a)	04/30/25		404,494,599
	1,596,588,700		5.495	(a)	04/30/25		1,596,686,986
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%)
	16,410,400		5.494	(a)	10/31/25		16,392,874
	60,896,700		5.495	(a)	10/31/25		60,831,662
	1,732,173,800		5.504	(a)	10/31/25		1,730,323,830
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.200%)
	347,795,200		5.523	(a)	01/31/25		347,895,644
	344,787,000		5.524	(a)	01/31/25		344,886,575
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%)
	141,298,600		5.562	(a)	01/31/26		141,385,139
	1,094,045,600		5.565	(a)	01/31/26		1,094,715,657
	6,863,319,300		5.566	(a)	01/31/26		6,867,522,791
	2,620,967,000		5.571	(a)	01/31/26		2,622,572,231
TOTAL U.S. TREASURY OBLIGATIONS						$	48,300,331,051
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	80,321,644,062
Repurchase Agreements(c) - 64.0%
Banco Santander, S.A.
	125,000,000		5.300		06/03/24	$	125,000,000
Maturity Value: $125,055,208
Collateralized by U.S. Treasury Notes, 4.000% to 4.875%, due 02/28/26 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $127,556,399.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Banco Santander, S.A. – (continued)
$	500,000,000		5.310	%	06/03/24	$	500,000,000
Maturity Value: $500,221,250
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 08/01/25 to 06/01/54, Federal National Mortgage
Association, 2.000% to 7.500%, due 04/01/32 to 09/01/57,
Government National Mortgage Association, 2.000% to 3.500%, due 12/15/25 to 01/20/28, a U.S. Treasury Bill, 0.000%, due 04/17/25, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 02/15/52, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.875%, due 10/15/25 to 07/15/29 and U.S. Treasury Notes, 0.250% to 4.000%, due 07/31/24 to 01/31/29. The aggregate market value of the collateral, including accrued interest, was $515,157,717.
	500,000,000		5.340		06/03/24	$	500,000,000
Maturity Value: $500,222,500
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.645%, due 05/01/25 to 05/01/54, Federal National Mortgage Association, 2.000% to 7.500%, due 12/01/25 to 09/01/61, Government National Mortgage Association, 2.000% to 3.000%, due 12/20/50 to 05/20/52, U.S. Treasury Bills, 0.000%, due 08/20/24 to 05/15/25, a U.S. Treasury Bond, 2.250%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25 and U.S. Treasury Notes, 0.250% to 5.000%, due 06/30/24 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $ 515,228,744.
Bank of America, National Association
	500,000,000		5.340		06/03/24	$	500,000,000
Maturity Value: $500,222,500
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 03/01/32 to 05/01/49. The aggregate market value of the collateral, including accrued interest, was $514,999,998.
	495,000,000		5.340		07/10/24	$	495,000,000
Maturity Value: $508,363,350
Settlement Date: 01/10/24
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 05/01/43 to 08/01/48. The aggregate market value of the collateral, including accrued interest, was $509,849,999.
	1,085,000,000		5.430		01/31/25	$	1,085,000,000
Maturity Value: $1,132,459,708
Settlement Date: 04/16/24
Collateralized by Government National Mortgage Association, 2.000% to 5.000%, due 10/20/41 to 07/20/52. The aggregate market value of the collateral, including accrued interest, was $1,117,549,998.
	578,000,000		5.310		04/30/25	$	578,000,000
Maturity Value: $608,350,780
Settlement Date: 05/09/24
Collateralized by Government National Mortgage Association, 2.500% to 4.000%, due 11/20/41 to 02/20/52. The aggregate market value of the collateral, including accrued interest, was $595,340,000.

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Bank of America, National Association – (continued)
$	297,000,000		5.350	%	05/15/25	$	297,000,000
Maturity Value: $312,492,263
Settlement Date: 05/29/24
Collateralized by Federal National Mortgage Association, 2.500% to 4.500%, due 12/01/41 to 06/01/51. The aggregate market value of the collateral, including accrued interest, was $305,910,002.
Bank of Montreal
	500,000,000		5.300		06/03/24	$	500,000,000
Maturity Value: $500,220,834
Collateralized by U.S. Treasury Bills, 0.000%, due 07/16/24 to 04/17/25, a U.S. Treasury Floating Rate Note, 5.476%, due 04/30/26, a U.S. Treasury Note, 3.750%, due 12/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/44 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $ 510,000,068.
	850,000,000		5.320		06/03/24	$	850,000,000
Maturity Value: $850,376,833
Collateralized by U.S. Treasury Bills, 0.000%, due 09/19/24 to 10/31/24 and U.S. Treasury Notes, 4.125% to 4.875%, due 05/31/26 to 08/31/30. The aggregate market value of the collateral, including accrued interest, was $867,000,035.
	850,000,000		5.320		06/03/24	$	850,000,000
Maturity Value: $850,376,833
Collateralized by a U.S. Treasury Bill, 0.000%, due 11/21/24 and U.S. Treasury Notes, 2.625% to 5.000%, due 04/15/25 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $867,000,034.
Barclays Bank PLC
	630,000,000		5.330		06/03/24	$	630,000,000
Maturity Value: $630,279,825
Collateralized by U.S. Treasury Bonds, 3.375% to 4.000%, due 11/15/42 to 11/15/48. The aggregate market value of the collateral, including accrued interest, was $ 642,885,448.
	102,073,185		5.350		06/03/24	$	102,073,185
Maturity Value: $102,118,692
Collateralized by a U.S. Treasury Bond, 1.250%, due 04/15/28. The market value of the collateral, including accrued interest, was $104,114,648.
	471,729,147		5.350		06/03/24	$	471,729,147
Maturity Value: $471,939,460
Collateralized by a U.S. Treasury Note, 1.500%, due 11/30/28. The market value of the collateral, including accrued interest, was $481,163,730.
	601,052,561		5.350		06/03/24	$	601,052,561
Maturity Value: $601,320,530
Collateralized by a U.S. Treasury Note, 0.500%, due 08/31/27. The market value of the collateral, including accrued interest, was $613,073,612.
	604,198,514		5.350		06/03/24	$	604,198,514
Maturity Value: $604,467,886
Collateralized by a U.S. Treasury Note, 1.250%, due 06/30/28. The market value of the collateral, including accrued interest, was $616,282,484.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Barclays Bank PLC – (continued)
$	631,362,260		5.350	%	06/03/24	$	631,362,260
Maturity Value: $631,643,743
Collateralized by a U.S. Treasury Bill, 1.250%, due 12/31/26. The market value of the collateral, including accrued interest, was $643,989,505.
	789,584,887		5.350		06/03/24	$	789,584,887
Maturity Value: $789,936,910
Collateralized by a U.S. Treasury Bond, 5.000%, due 09/30/25. The market value of the collateral, including accrued interest, was $805,376,585.
	850,000,128		5.360		06/03/24	$	850,000,128
Maturity Value: $850,379,795
Collateralized by a U.S. Treasury Note, 4.500%, due 05/31/29. The market value of the collateral, including accrued interest, was $867,000,131.
Barclays Capital, Inc.
	425,000,000		5.350		06/03/24	$	425,000,000
Maturity Value: $425,189,479
Collateralized by a U.S. Treasury Note, 4.375%, due 08/31/28. The market value of the collateral, including accrued interest, was $433,500,038.
BMO Capital Markets Corp.
	250,000,000		5.300		06/03/24	$	250,000,000
Maturity Value: $250,110,417
Collateralized by a U.S. Treasury Bond, 2.375%, due 02/15/42 and
U.S. Treasury Notes, 0.250% to 4.125%, due 08/31/25 to 11/15/32. The aggregate market value of the collateral, including accrued interest, was $255,112,716.
BNP Paribas
	447,100,000		5.340		06/03/24	$	447,100,000
Maturity Value: $447,298,960
Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 01/01/29 to 06/01/54, Federal National Mortgage Association, 2.500% to 7.000%, due 12/01/30 to 06/01/54, Government National Mortgage Association, 2.500% to 7.500%, due 08/15/33 to 05/20/54, a U.S. Treasury Bill, 0.000%, due 07/05/24, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/51 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $460,383,230.
	500,000,000		5.340		06/03/24	$	500,000,000
Maturity Value: $500,222,500
Collateralized by Federal Farm Credit Bank, 2.020% to 5.250%, due 11/21/33 to 07/28/42, Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 05/01/48 to 06/01/54, Federal National Mortgage Association, 2.500% to 6.500%, due 07/01/31 to 05/01/54, Government National Mortgage Association, 3.000% to 7.000%, due 05/20/34 to 04/20/54, U.S. Treasury Bills, 0.000%, due 06/25/24 to 02/20/25, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.625%, due 07/15/24 to 01/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/48, U.S. Treasury Notes, 0.250% to 3.625%, due 05/15/25 to 05/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 08/15/51. The aggregate market value of the collateral, including accrued interest, was $514,445,852.

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
BNP Paribas – (continued)
$	638,000,000		5.250	%(d)	06/14/24	$	638,000,000
Maturity Value: $654,933,579 Settlement Date: 12/15/23 Collateralized by U.S. Treasury Bills, 0.000%, due 06/11/24 to 02/20/25, U.S. Treasury Bonds, 1.375% to 7.625%, due 02/15/25 to 08/15/50, U.S. Treasury Floating Rate Notes, 5.451% to 5.571%, due 07/31/25 to 01/31/26, a U.S. Treasury Inflation- Indexed Bond, 2.375%, due 01/15/25, U.S. Treasury Inflation- Indexed Notes, 0.125% to 1.625%, due 07/15/24 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/25 to 08/15/48, U.S. Treasury Notes, 1.125% to 4.625%, due 07/31/24 to 11/30/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 05/15/50. The aggregate market value of the collateral, including accrued interest, was $650,760,001.
	990,000,000		5.260	(d)	06/14/24	$	990,000,000
Maturity Value: $1,016,326,298
Settlement Date: 12/15/23
Collateralized by Federal Farm Credit Bank, 2.480% to 4.070%, due 11/21/33 to 03/24/42, Federal Home Loan Bank, 2.800% to 3.740%, due 07/11/39 to 06/12/43, Federal Home Loan Mortgage Corp., 2.500% to 7.500%, due 07/01/24 to 06/01/54, Federal National Mortgage Association, 2.000% to 7.500%, due 01/01/26 to 06/01/54, Government National Mortgage Association, 2.000% to 7.000%, due 08/15/29 to 05/20/54, U.S. Treasury Bills, 0.000%, due 08/01/24 to 08/27/24, U.S. Treasury Bonds, 2.250% to 4.375%, due 11/15/39 to 08/15/46, a U.S. Treasury Floating Rate Note, 5.571%, due 01/31/26, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 01/15/28 to 02/15/49, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 07/15/24 to 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/24 to 08/15/40, U.S. Treasury Notes, 0.625% to 4.875%, due 09/30/24 to 07/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $1,019,367,266.
	1,630,000,000		5.170	(d)	07/17/24	$	1,630,000,000
Maturity Value: $1,672,603,669
Settlement Date: 01/17/24
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 07/01/24 to 06/01/54, Federal National Mortgage Association, 2.000% to 7.000%, due 06/01/26 to 06/01/54 and Government National Mortgage Association, 2.000% to 7.500%, due 12/20/28 to 04/20/54. The aggregate market value of the collateral, including accrued interest, was $ 1,678,899,999.
	660,000,000		5.210	(d)	07/22/24	$	660,000,000
Maturity Value: $677,384,031
Settlement Date: 01/22/24
Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.250%, due 04/15/27 to 04/15/28 and U.S. Treasury Notes, 0.875% to 4.625%, due 12/31/25 to 04/30/29. The aggregate market value of the collateral, including accrued interest, was $673,200,062.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
BNP Paribas – (continued)
$	988,000,000		5.220	%(d)	07/22/24	$	988,000,000
Maturity Value: $1,014,073,320
Settlement Date: 01/22/24
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 07/01/25 to 06/01/54, Federal National Mortgage Association, 2.000% to 7.500%, due 06/01/26 to 06/01/54, Government National Mortgage Association, 2.000% to 7.000%, due 09/15/31 to 05/20/54, U.S. Treasury Bills, 0.000%, due 11/21/24 to 05/15/25, a U.S. Treasury Bond, 4.750%, due 11/15/53, a U.S. Treasury Floating Rate Note, 5.451%, due 07/31/25, U.S. Treasury Inflation-Indexed Notes, 0.250% to 1.625%, due 01/15/25 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/31 to 05/15/41, U.S. Treasury Notes, 0.625% to 4.500%, due 05/15/26 to 12/31/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/53. The aggregate market value of the collateral, including accrued interest, was $1,015,228,017.
	660,000,000		5.210	(d)	07/23/24	$	660,000,000
Maturity Value: $677,384,031
Settlement Date: 01/23/24
Collateralized by a U.S. Treasury Bill, 0.000%, due 06/20/24, a U.S. Treasury Bond, 7.625%, due 02/15/25, a U.S. Treasury Floating Rate Note, 5.526%, due 01/31/25, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.375%, due 04/15/32 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.250%, due 01/15/25 to 04/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/31 to 11/15/42, U.S. Treasury Notes, 0.375% to 4.000%, due 01/15/25 to 06/30/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $ 673,200,002.
	988,000,000		5.220	(d)	07/23/24	$	988,000,000
Maturity Value: $1,014,073,320
Settlement Date: 01/23/24
Collateralized by Federal Farm Credit Bank, 3.650%, due 04/22/39, Federal Home Loan Bank, 3.375%, due 03/12/38, Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 09/01/24 to 06/01/54, Federal National Mortgage Association, 2.000% to 7.000%, due 07/01/37 to 05/01/54, Government National Mortgage Association, 2.500% to 7.000%, due 02/20/27 to 05/20/54, a U.S. Treasury Bill, 0.000%, due 09/12/24, a U.S. Treasury Inflation-Indexed Bond, 1.750%, due 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/33 to 05/15/39, U.S. Treasury Notes, 0.375% to 4.625%, due 03/15/26 to 02/28/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/43. The aggregate market value of the collateral, including accrued interest, was $1,017,385,804.

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
BNP Paribas – (continued)
$	1,630,000,000		5.180	%(d)	07/26/24	$	1,630,000,000
Maturity Value: $1,672,686,081
Settlement Date: 01/26/24
Collateralized by Federal Farm Credit Bank, 2.780% to 5.250%, due 12/01/36 to 07/28/42, Federal Home Loan Bank, 2.800% to 3.375%, due 03/12/38 to 07/11/39, Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 07/01/24 to 06/01/54, Federal National Mortgage Association, 2.000% to 7.000%, due 12/01/28 to 05/01/54, Government National Mortgage Association, 2.000% to 8.000%, due 10/20/26 to 04/20/54, U.S. Treasury Bonds, 2.000% to 4.125%, due 08/15/51 to 08/15/53, a U.S. Treasury Floating Rate Note, 5.526%, due 01/31/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 3.875%, due 01/15/27 to 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.750%, due 10/15/24 to 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/49, U.S. Treasury Notes, 0.250% to 4.500%, due 08/31/25 to 03/31/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/28 to 11/15/42. The aggregate market value of the collateral, including accrued interest, was $1,676,661,450.
	830,000,000		5.160	(d)	11/13/24	$	830,000,000
Maturity Value: $862,477,892
Settlement Date: 02/14/24
Collateralized by a U.S. Treasury Bill, 0.000%, due 06/20/24, U.S. Treasury Bonds, 1.125% to 6.875%, due 08/15/25 to 05/15/50, a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 10/15/25 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/25 to 08/15/50, U.S. Treasury Notes, 0.250% to 4.625%, due 10/15/24 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 02/15/45. The aggregate market value of the collateral, including accrued interest, was $ 846,600,002.
	830,000,000		5.170	(d)	11/13/24	$	830,000,000
Maturity Value: $862,540,839
Settlement Date: 02/14/24
Collateralized by U.S. Treasury Bills, 0.000%, due 06/20/24 to 02/20/25, a U.S. Treasury Bond, 7.625%, due 02/15/25, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.375%, due 01/15/27 to 02/15/49, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 07/15/26 to 04/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/30 to 05/15/39, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 12/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/42 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $ 846,600,001.
BofA Securities, Inc.
	400,000,000		5.280		06/03/24	$	400,000,000
Maturity Value: $400,176,000
Collateralized by a Cash. The market value of the collateral, including accrued interest, was $400,176,000.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
BofA Securities, Inc. – (continued)
$	850,000,000		5.310	%	06/03/24	$	850,000,000
Maturity Value: $850,376,125
Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/40, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/31 to 05/15/34, U.S. Treasury Notes, 0.500% to 4.875%, due 05/15/25 to 06/30/27 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $867,000,077.
	750,000,000		5.340		06/03/24	$	750,000,000
Maturity Value: $750,333,750
Collateralized by Government National Mortgage Association, 1.500% to 8.000%, due 12/15/25 to 05/20/54 and a U.S. Treasury Bond, 4.250%, due 11/15/40. The aggregate market value of the collateral, including accrued interest, was $ 772,111,949.
Canadian Imperial Bank of Commerce
	250,000,000		5.320		06/03/24	$	250,000,000
Maturity Value: $250,110,833
Collateralized by a U.S. Treasury Bill, 0.000%, due 09/05/24, U.S. Treasury Bonds, 3.875% to 6.125%, due 11/15/27 to 02/15/43, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 04/15/25 to 07/15/33 and U.S. Treasury Notes, 0.750% to 4.875%, due 06/30/25 to 11/15/32. The aggregate market value of the collateral, including accrued interest, was $255,000,054.
	250,000,000		5.340		06/03/24	$	250,000,000
Maturity Value: $250,111,250
Collateralized by Federal Farm Credit Bank, 2.680%, due 01/05/37, Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 09/01/48 to 06/01/54, Federal National Mortgage Association, 2.000% to 7.000%, due 05/01/35 to 05/01/54, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37 and Government National Mortgage Association, 2.500% to 8.000%, due 07/20/39 to 04/20/54. The aggregate market value of the collateral, including accrued interest, was $257,464,492.
Citibank, National Association
	1,000,000,000		5.350	(d)	06/10/24	$	1,000,000,000
Maturity Value: $1,304,355,533
Settlement Date: 11/01/18
Collateralized by Federal Farm Credit Bank, 0.875% to 5.220%, due 11/18/24 to 08/14/26, Federal Home Loan Bank, 5.625%, due 03/14/36, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 09/15/29 to 05/01/54, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/28 to 03/15/31, Federal National Mortgage Association, 0.625% to 7.000%, due 01/01/25 to 03/01/62, Government National Mortgage Association, 2.000% to 8.000%, due 05/20/27 to 05/20/54, Tennessee Valley Authority, 0.000%, due 09/15/35 to 03/15/36 and a U.S. Treasury Bond, 2.375%, due 11/15/49. The aggregate market value of the collateral, including accrued interest, was $1,020,000,000.

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Citigroup Global Markets, Inc.
$	850,000,000		5.320	%	06/03/24	$	850,000,000
Maturity Value: $850,376,833
Collateralized by U.S. Treasury Bills, 0.000%, due 11/07/24 to 02/20/25 and a U.S. Treasury Note, 4.500%, due 05/31/29. The aggregate market value of the collateral, including accrued interest, was $867,000,056.
	1,800,000,000		5.330		06/03/24	$	1,800,000,000
Maturity Value: $1,800,799,500
Collateralized by U.S. Treasury Bills, 0.000%, due 06/27/24 to 09/26/24 and a U.S. Treasury Note, 4.250%, due 09/30/24. The aggregate market value of the collateral, including accrued interest, was $1,836,000,079.
	4,593,800,000		5.330		06/03/24	$	4,593,800,000
Maturity Value: $4,595,840,413
Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 02/15/36 to 05/15/42, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/40, U.S. Treasury Inflation-Indexed Notes, 1.375% to 1.750%, due 07/15/33 to 01/15/34 and U.S. Treasury Notes, 2.750% to 4.500%, due 06/30/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $4,685,676,094.
	6,750,000,000		5.330		06/03/24	$	6,750,000,000
Maturity Value: $6,752,998,125
Collateralized by U.S. Treasury Bonds, 5.375% to 6.250%, due 05/15/30 to 02/15/31, a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 01/15/30 to 07/15/33 and U.S. Treasury Notes, 0.625% to 4.875%, due 12/31/29 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $6,885,000,037.
	1,494,000,000		5.335		01/10/25	$	1,494,000,000
Maturity Value: $1,554,664,285
Settlement Date: 04/11/24
Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 05/01/54 to 06/01/54 and Federal National Mortgage Association, 5.000% to 7.500%, due 05/01/54. The aggregate market value of the collateral, including accrued interest, was $1,523,880,508.
	247,000,000		5.350		05/29/25	$	247,000,000
Maturity Value: $260,361,328
Settlement Date: 05/30/24
Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 7.000%, due 02/01/54 to 06/01/54, Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/54 to 06/01/54, Government National Mortgage Association, 7.000%, due 05/20/54 and U.S. Treasury Notes, 0.875% to 4.375%, due 11/15/30 to 11/30/30. The aggregate market value of the collateral, including accrued interest, was $ 251,940,041.
Credit Agricole Corporate and Investment Bank
	150,000,000		5.280		06/03/24	$	150,000,000
Maturity Value: $150,066,000
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 0.875% to 4.375%, due 06/30/26 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $ 153,000,020.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Daiwa Capital Markets America, Inc.
$	3,000,000,000		5.340	%	06/03/24	$	3,000,000,000
Maturity Value: $3,001,335,000
Collateralized by Federal Home Loan Bank, 0.000%, due 11/08/24, Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 04/08/27 to 06/01/54, Federal National Mortgage Association, 1.500% to 7.000%, due 08/01/26 to 08/01/56, Government National Mortgage Association, 1.500% to 7.500%, due 10/15/32 to 05/20/54, U.S. Treasury Bills, 0.000%, due 06/06/24 to 10/03/24, U.S. Treasury Bonds, 1.125% to 6.125%, due 08/15/29 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.375%, due 04/15/32 to 02/15/54, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.125%, due 04/15/27 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/49 and U.S. Treasury Notes, 0.250% to 4.875%, due 07/15/24 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $ 3,088,194,465.
	340,784,314		5.350		06/03/24	$	340,784,314
Maturity Value: $340,936,247
Collateralized by a U.S. Treasury Note, 3.000%, due 07/15/25. The market value of the collateral, including accrued interest, was $347,600,000.
Deutsche Bank Securities, Inc.
	2,000,000,000		5.350		06/03/24	$	2,000,000,000
Maturity Value: $2,000,891,666
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 10/01/28 to 06/01/54, Federal National Mortgage Association, 2.000% to 2.500%, due 06/01/50 to 02/01/51 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/36. The aggregate market value of the collateral, including accrued interest, was $2,040,000,000.
	3,500,000,000		5.350		06/03/24	$	3,500,000,000
Maturity Value: $3,501,560,417
Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/25 to 02/15/54, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.125%, due 07/15/24 to 01/15/34 and U.S. Treasury Notes, 2.375% to 4.250%, due 09/15/25 to 02/15/33. The aggregate market value of the collateral, including accrued interest, was $3,570,000,045.
Federal Reserve Bank of New York
	19,600,000,000		5.300		06/03/24	$	19,600,000,000
Maturity Value: $19,608,656,667
Collateralized by U.S. Treasury Bonds, 3.000% to 4.750%, due 11/15/39 to 05/15/42 and U.S. Treasury Notes, 0.625% to 2.875%, due 08/15/27 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $19,608,656,705.
Fixed Income Clearing Corporation
	395,000,000		5.250		06/03/24	$	395,000,000
Maturity Value: $395,172,812
Collateralized by U.S. Treasury Notes, 0.750% to 4.125%, due 05/31/26 to 06/15/26. The aggregate market value of the collateral, including accrued interest, was $ 402,900,000.

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Fixed Income Clearing Corporation – (continued)
$	800,000,000		5.320	%	06/03/24	$	800,000,000
Maturity Value: $800,354,667
Collateralized by U.S. Treasury Bonds, 2.875% to 3.375%, due 08/15/42 to 05/15/52, U.S. Treasury Notes, 1.875% to 4.000%, due 05/15/42 to 11/15/51 and a U.S. Treasury Principal-Only Stripped Security, 3.125%, due 05/15/48. The aggregate market value of the collateral, including accrued interest, was $816,000,000.
	1,700,000,000		5.320		06/03/24	$	1,700,000,000
Maturity Value: $1,700,753,667
Collateralized by a U.S. Treasury Bond, 4.250%, due 02/28/29 and U.S. Treasury Notes, 1.500% to 4.125%, due 11/30/28 to 01/31/31. The aggregate market value of the collateral, including accrued interest, was $1,734,000,000.
	3,400,000,000		5.320		06/03/24	$	3,400,000,000
Maturity Value: $3,401,507,333
Collateralized by U.S. Treasury Bonds, 0.125% to 4.500%, due 05/31/29 to 01/15/30 and U.S. Treasury Notes, 0.125% to 0.625%, due 07/15/30 to 07/15/32. The aggregate market value of the collateral, including accrued interest, was $3,468,000,000.
	4,250,000,000		5.320		06/03/24	$	4,250,000,000
Maturity Value: $4,251,884,167
Collateralized by U.S. Treasury Bonds, 2.375% to 3.125%, due 02/15/42 to 05/15/49 and U.S. Treasury Notes, 0.500% to 4.250%, due 02/28/26 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $4,335,000,003.
	4,250,000,000		5.320		06/03/24	$	4,250,000,000
Maturity Value: $4,251,884,167
Collateralized by U.S. Treasury Bills, 1.125% to 4.250%, due 05/15/40 to 11/15/40, U.S. Treasury Bonds, 1.375% to 4.375%, due 01/15/34 to 11/15/41 and a U.S. Treasury Note, 1.750%, due 08/15/41. The aggregate market value of the collateral, including accrued interest, was $4,335,000,000.
	850,000,000		5.330		06/03/24	$	850,000,000
Maturity Value: $850,377,541
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and a U.S. Treasury Note, 4.625%, due 09/30/30. The aggregate market value of the collateral, including accrued interest, was $867,000,071.
	2,040,000,000		5.330		06/03/24	$	2,040,000,000
Maturity Value: $2,040,906,100
Collateralized by U.S. Treasury Bills, 0.000% to 5.000%, due 06/11/24 to 05/31/31, U.S. Treasury Bonds, 0.625% to 4.000%, due 05/31/27 to 04/15/28 and U.S. Treasury Notes, 0.500% to 4.500%, due 12/15/26 to 04/15/28. The aggregate market value of the collateral, including accrued interest, was $2,081,795,758.
	3,360,000,000		5.330		06/03/24	$	3,360,000,000
Maturity Value: $3,361,492,400
Collateralized by U.S. Treasury Bonds, 0.375% to 4.125%, due 07/31/27 to 04/15/28 and U.S. Treasury Notes, 0.375% to 4.125%, due 09/30/27 to 04/15/28. The aggregate market value of the collateral, including accrued interest, was $3,428,990,016.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Fixed Income Clearing Corporation – (continued)
$	12,360,000,000		5.330	%	06/03/24	$	12,360,000,000
Maturity Value: $12,365,489,900
Collateralized by U.S. Treasury Bills, 0.000% to 5.000%, due 06/11/24 to 05/31/31, U.S. Treasury Bonds, 0.375% to 4.500%, due 04/30/27 to 07/31/27 and U.S. Treasury Notes, 0.375% to 4.500%, due 12/15/26 to 09/30/27. The aggregate market value of the collateral, including accrued interest, was $12,604,414,226.
	500,000,000		5.340		06/03/24	$	500,000,000
Maturity Value: $500,222,500
Collateralized by Federal Farm Credit Bank discount note, 0.000%, due 07/15/24 and Federal Home Loan Bank, 0.380% to 5.610%, due 06/04/24 to 09/28/26. The aggregate market value of the collateral, including accrued interest, was $510,000,976.
	3,200,000,000		5.340		06/03/24	$	3,200,000,000
Maturity Value: $3,201,424,000
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 02/01/31 to 06/01/54 and Federal National Mortgage Association, 1.500% to 7.000%, due 02/01/31 to 06/01/62. The aggregate market value of the collateral, including accrued interest, was $3,264,000,002.
HSBC Bank PLC
	85,000,000		5.330		06/03/24	$	85,000,000
Maturity Value: $85,037,754
Collateralized by U.S. Treasury Bonds, 2.000% to 3.250%, due 11/15/41 to 05/15/47, U.S. Treasury Inflation-Indexed Notes, 0.375% to 0.750%, due 07/15/25 to 07/15/28, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.875% to 4.375%, due 05/31/26 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $86,738,850.
	850,000,000		5.350	(d)	06/10/24	$	850,000,000
Maturity Value: $883,222,011
Settlement Date: 09/21/23
Collateralized by a U.S. Treasury Bill, 0.000%, due 06/13/24, U.S. Treasury Bonds, 2.375% to 5.250%, due 11/15/28 to 11/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 07/15/33, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 1.125% to 4.500%, due 04/15/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $867,386,553.
	850,000,000		5.350	(d)	06/10/24	$	850,000,000
Maturity Value: $883,348,331
Settlement Date: 09/20/23
Collateralized by U.S. Treasury Bonds, 3.000% to 4.750%, due 05/15/42 to 11/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 07/15/33, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 08/15/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $867,386,544.

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
HSBC Securities (USA), Inc.
$	40,000,000		5.330	%	06/03/24	$	40,000,000
Maturity Value: $40,017,766
Collateralized by U.S. Treasury Bills, 0.000%, due 06/04/24 to 07/25/24, U.S. Treasury Bonds, 2.250% to 5.500%, due 08/15/28 to 02/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/29 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 02/15/52, U.S. Treasury Notes, 0.375% to 4.500%, due 08/15/24 to 02/15/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/26 to 05/15/53. The aggregate market value of the collateral, including accrued interest, was $ 40,818,122.
	100,000,000		5.340		06/03/24	$	100,000,000
Maturity Value: $100,044,500
Collateralized by Federal Home Loan Bank, 3.125%, due 06/14/24, Federal Home Loan Mortgage Corp., 1.000% to 7.000%, due 02/01/36 to 06/01/54, Federal National Mortgage Association, 2.000% to 7.500%, due 02/01/35 to 06/01/54 and Tennessee Valley Authority, 0.000%, due 01/15/37. The aggregate market value of the collateral, including accrued interest, was $102,938,366.
	2,300,000,000		5.340	(d)	06/07/24	$	2,300,000,000
Maturity Value: $2,302,388,167
Collateralized by U.S. Treasury Bonds, 2.000% to 6.875%, due 08/15/25 to 11/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.250%, due 01/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/27 to 02/15/43, U.S. Treasury Notes, 0.250% to 4.875%, due 07/31/24 to 05/31/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/24 to 02/15/53. The aggregate market value of the collateral, including accrued interest, was $2,347,043,971.
	1,250,000,000		5.350	(d)	06/10/24	$	1,250,000,000
Maturity Value: $1,496,694,426
Collateralized by Federal Farm Credit Bank, 1.400% to 3.490%, due 05/28/30 to 12/21/40, Federal Home Loan Bank, 1.600% to 5.000%, due 12/13/24 to 03/12/38, Federal Home Loan Mortgage Corp., 1.250% to 7.500%, due 06/25/30 to 05/01/54, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 07/15/24 to 07/15/32, Federal National Mortgage Association, 0.500% to 7.000%, due 07/02/24 to 06/01/54, Federal National Mortgage Association Stripped Securities, 0.000%, due 11/15/26 to 11/15/30, Government National Mortgage Association, 2.000% to 5.500%, due 08/20/30 to 05/20/52, Tennessee Valley Authority, 0.000%, due 06/15/35 and a U.S. Treasury Note, 3.875%, due 12/31/27. The aggregate market value of the collateral, including accrued interest, was $1,285,148,228.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
HSBC Securities (USA), Inc. – (continued)
$	2,000,000,000		5.350	%(d)	06/10/24	$	2,000,000,000
Maturity Value: $2,066,577,773
Settlement Date: 10/30/23
Collateralized by Federal Farm Credit Bank, 0.500% to 5.060%, due 07/26/24 to 08/24/46, Federal Home Loan Bank, 1.700% to 6.140%, due 11/21/25 to 09/25/45, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 08/28/25 to 06/01/54, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 01/15/25 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 09/06/24 to 06/01/54, Federal National Mortgage Association Stripped Securities, 0.000%, due 11/15/24 to 07/15/37, Government National Mortgage Association, 7.000%, due 01/20/54, Tennessee Valley Authority, 0.000%, due 01/15/38, U.S. Treasury Inflation- Indexed Bonds, 0.875% to 2.125%, due 02/15/41 to 02/15/54, U.S. Treasury Notes, 3.750% to 4.500%, due 03/31/26 to 06/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/26 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $2,053,844,621.
ING Financial Markets LLC
	400,000,000		5.340		06/03/24	$	400,000,000
Maturity Value: $400,178,000
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 11/01/32 to 06/01/54, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/26 to 02/01/57 and Government National Mortgage Association, 6.000%, due 03/20/54. The aggregate market value of the collateral, including accrued interest, was $408,000,819.
J.P. Morgan Securities LLC
	350,000,000		5.300		06/03/24	$	350,000,000
Maturity Value: $350,154,583
Collateralized by a U.S. Treasury Bond, 1.250%, due 05/15/50. The market value of the collateral, including accrued interest, was $357,157,696.
	17,000,000		5.330		06/03/24	$	17,000,000
Maturity Value: $17,007,551
Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/28 and a U.S. Treasury Note, 4.250%, due 10/15/25. The aggregate market value of the collateral, including accrued interest, was $17,347,702.
	400,000,000		5.330		06/03/24	$	400,000,000
Maturity Value: $400,177,667
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/24, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 08/15/28 and U.S. Treasury Principal- Only Stripped Securities, 0.000%, due 02/15/26 to 11/15/27. The aggregate market value of the collateral, including accrued interest, was $408,181,220.
	1,700,000,000		5.330		06/03/24	$	1,700,000,000
Maturity Value: $1,700,755,083
Collateralized by U.S. Treasury Notes, 0.625% to 1.625%, due 02/15/26 to 07/31/26. The aggregate market value of the collateral, including accrued interest, was $ 1,734,770,186.

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
J.P. Morgan Securities LLC – (continued)
$	850,000,000		5.340	%	06/03/24	$	850,000,000
Maturity Value: $850,378,250
Collateralized by Federal Farm Credit Bank, 2.350% to 5.460%, due 06/18/25 to 08/24/46, Federal Home Loan Bank, 3.300% to 5.500%, due 07/01/24 to 07/15/36, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/14/29 to 04/01/54, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/28 to 03/15/31, Federal National Mortgage Association, 0.750% to 7.500%, due 10/15/24 to 06/01/57, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 1.500% to 7.500%, due 06/15/28 to 05/20/54. The aggregate market value of the collateral, including accrued interest, was $874,288,187.
Joint Account I
	1,215,000,000		5.330		06/03/24	$	1,215,000,000
Maturity Value: $1,215,539,663
Joint Account III
	526,800,000		5.340		06/03/24	$	526,800,000
Maturity Value: $527,034,426
Mizuho Securities USA LLC
	500,000,000		5.340		06/03/24	$	500,000,000
Maturity Value: $500,222,500
Collateralized by Federal National Mortgage Association, 1.500% to 8.000%, due 09/01/26 to 01/01/57. The aggregate market value of the collateral, including accrued interest, was $515,000,003.
MUFG Securities Americas, Inc.
	250,000,000		5.340		06/03/24	$	250,000,000
Maturity Value: $250,111,250
Collateralized by Federal Home Loan Bank, 4.500% to 5.650%, due 12/12/25 to 05/30/29, Federal Home Loan Mortgage Corp., 0.500% to 6.500%, due 09/30/25 to 05/01/54 and Federal National Mortgage Association, 2.000% to 6.000%, due 05/01/25 to 06/01/54. The aggregate market value of the collateral, including accrued interest, was $257,254,029.
Natixis-New York Branch
	500,000,000		5.340		06/03/24	$	500,000,000
Maturity Value: $500,222,500
Collateralized by Federal Farm Credit Bank, 2.900% to 3.700%, due 12/09/41 to 03/24/42, Federal Home Loan Bank, 4.000% to 4.080%, due 10/24/29 to 05/25/33, Federal Home Loan Mortgage Corp., 2.150% to 6.500%, due 12/28/37 to 05/01/54, Federal National Mortgage Association, 2.000% to 6.500%, due 12/01/46 to 05/01/54, Government National Mortgage Association, 2.500% to 7.500%, due 04/20/39 to 11/20/53, U.S. Treasury Bonds, 1.375% to 6.250%, due 08/15/28 to 08/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/24 to 01/15/33, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/29 and U.S. Treasury Notes, 0.250% to 4.500%, due 07/31/24 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $511,105,787.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Natixis-New York Branch – (continued)
$	750,000,000		5.340	%	06/03/24	$	750,000,000
Maturity Value: $750,333,750
Collateralized by Federal Farm Credit Bank, 2.900%, due 12/09/41, Federal Home Loan Bank, 4.000% to 4.150%, due 10/24/29 to 06/01/38, Federal Home Loan Mortgage Corp., 2.150% to 6.500%, due 07/13/40 to 04/01/54, Federal National Mortgage Association, 2.000% to 6.500%, due 10/01/35 to 05/01/54, Government National Mortgage Association, 3.500% to 7.500%, due 04/20/39 to 11/20/53, Tennessee Valley Authority, 0.000%, due 01/15/38 to 09/15/65, U.S. Treasury Bonds, 1.375% to 5.500%, due 08/15/28 to 08/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/27 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/26 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/29 and U.S. Treasury Notes, 0.250% to 4.625%, due 08/15/24 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $765,610,216.
Nomura Securities International, Inc.
	965,000,000		5.330		06/03/24	$	965,000,000
Maturity Value: $965,428,621
Collateralized by U.S. Treasury Bonds, 2.000% to 5.375%, due 02/15/31 to 11/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 1.375%, due 02/15/44 to 02/15/49, a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 1.125% to 4.250%, due 02/29/28 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $984,315,883.
	6,500,000,000		5.340		06/03/24	$	6,500,000,000
Maturity Value: $6,502,892,500
Collateralized by Federal Farm Credit Bank, 0.875% to 6.300%, due 11/18/24 to 05/14/49, Federal Home Loan Bank, 0.375% to 6.330%, due 06/24/24 to 05/20/41, Federal Home Loan Mortgage Corp., 0.000% to 6.750%, due 08/28/25 to 05/01/54, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 01/15/31 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.250%, due 04/22/25 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 03/23/28 to 07/15/37, Tennessee Valley Authority, 2.875% to 5.980%, due 09/15/24 to 04/01/56, U.S. Treasury Bonds, 1.875% to 4.750%, due 05/15/39 to 11/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.250% to 1.500%, due 02/15/42 to 02/15/53, a U.S. Treasury Inflation-Indexed Note, 1.750%, due 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 05/15/54, U.S. Treasury Notes, 0.500% to 4.625%, due 10/31/27 to 11/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/27 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $ 6,632,747,147.
Norinchukin Bank (The)
	400,000,000		5.330		06/03/24	$	400,000,000
Maturity Value: $400,177,667
Collateralized by U.S. Treasury Notes, 1.250% to 3.375%, due 08/15/31 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $ 408,000,059.

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Norinchukin Bank (The) – (continued)
$	635,000,000		5.350	%	06/03/24	$	635,000,000
Maturity Value: $635,566,208
Settlement Date: 05/28/24
Collateralized by U.S. Treasury Notes, 1.250% to 3.500%, due 04/30/28 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $ 647,700,060.
Prudential Insurance Company of America (The)
	5,175,000		5.350		06/03/24	$	5,175,000
Maturity Value: $5,177,307
Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,278,500.
	5,760,000		5.350		06/03/24	$	5,760,000
Maturity Value: $5,762,568
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/31. The market value of the collateral, including accrued interest, was $5,875,200.
	7,741,250		5.350		06/03/24	$	7,741,250
Maturity Value: $7,744,701
Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/31. The market value of the collateral, including accrued interest, was $7,896,075.
	8,021,250		5.350		06/03/24	$	8,021,250
Maturity Value: $8,024,826
Collateralized by a U.S. Treasury Note, 0.000%, due 05/15/26. The market value of the collateral, including accrued interest, was $8,181,675.
	11,200,000		5.350		06/03/24	$	11,200,000
Maturity Value: $11,204,993
Collateralized by a U.S. Treasury Note, 0.000%, due 05/15/36. The market value of the collateral, including accrued interest, was $11,424,000.
	13,640,000		5.350		06/03/24	$	13,640,000
Maturity Value: $13,646,081
Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $13,912,800.
	14,630,000		5.350		06/03/24	$	14,630,000
Maturity Value: $14,636,523
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $14,922,600.
	15,812,500		5.350		06/03/24	$	15,812,500
Maturity Value: $15,819,550
Collateralized by a U.S. Treasury Note, 0.000%, due 11/15/33. The market value of the collateral, including accrued interest, was $16,128,750.
	16,417,500		5.350		06/03/24	$	16,417,500
Maturity Value: $16,424,820
Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $16,745,850.
	16,437,500		5.350		06/03/24	$	16,437,500
Maturity Value: $16,444,828
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/33. The market value of the collateral, including accrued interest, was $16,766,250.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Prudential Insurance Company of America (The) – (continued)
$	16,593,750		5.350	%	06/03/24	$	16,593,750
Maturity Value: $16,601,148
Collateralized by a U.S. Treasury Bill, 0.000%, due 11/15/32. The market value of the collateral, including accrued interest, was $16,925,625.
	17,361,250		5.350		06/03/24	$	17,361,250
Maturity Value: $17,368,990
Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $17,708,475.
	24,862,500		5.350		06/03/24	$	24,862,500
Maturity Value: $24,873,585
Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/36. The market value of the collateral, including accrued interest, was $25,359,750.
	28,187,500		5.350		06/03/24	$	28,187,500
Maturity Value: $28,200,067
Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $28,751,250.
	36,656,250		5.350		06/03/24	$	36,656,250
Maturity Value: $36,672,593
Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $37,389,375.
	48,903,750		5.350		06/03/24	$	48,903,750
Maturity Value: $48,925,553
Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $49,881,825.
	103,425,000		5.350		06/03/24	$	103,425,000
Maturity Value: $103,471,110
Collateralized by a U.S. Treasury Note, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $105,493,500.
	122,343,750		5.350		06/03/24	$	122,343,750
Maturity Value: $122,398,295
Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $124,790,625.
	145,750,000		5.350		06/03/24	$	145,750,000
Maturity Value: $145,814,980
Collateralized by a U.S. Treasury Note, 3.000%, due 08/15/52. The market value of the collateral, including accrued interest, was $148,665,000.
Royal Bank of Canada
	210,000,000		5.340		06/03/24	$	210,000,000
Maturity Value: $210,093,450
Collateralized by Federal National Mortgage Association, 2.000% to 7.000%, due 02/01/26 to 02/01/57. The aggregate market value of the collateral, including accrued interest, was $214,200,000.

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Royal Bank of Canada – (continued)
$	420,000,000		5.340	%	06/03/24	$	420,000,000
Maturity Value: $420,186,900
Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 02/01/28 to 08/01/53 and Federal National Mortgage Association, 1.500% to 7.500%, due 12/01/36 to 04/01/54. The aggregate market value of the collateral, including accrued interest, was $428,400,000.
	5,000,000,000		5.340		06/03/24	$	5,000,000,000
Maturity Value: $5,002,225,000
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 09/01/26 to 06/01/54 and Federal National Mortgage Association, 1.500% to 8.000%, due 10/01/25 to 03/01/63. The aggregate market value of the collateral, including accrued interest, was $5,100,000,005.
	990,000,000		5.240	(d)	06/13/24	$	990,000,000
Maturity Value: $1,016,082,108
Settlement Date: 12/15/23
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 10/01/41 to 11/01/53 and Federal National Mortgage Association, 2.000% to 7.500%, due 07/01/27 to 08/01/59. The aggregate market value of the collateral, including accrued interest, was $1,009,799,996.
	990,000,000		5.270	(d)	06/14/24	$	990,000,000
Maturity Value: $1,015,796,652
Settlement Date: 12/19/23
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/47 to 05/01/54 and Federal National Mortgage Association, 1.500% to 6.500%, due 08/01/36 to 01/01/60. The aggregate market value of the collateral, including accrued interest, was $1,009,800,004.
	742,500,000		5.090	(d)	02/21/25	$	742,500,000
Maturity Value: $779,978,309
Settlement Date: 03/01/24
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 07/01/46 to 12/01/53 and Federal National Mortgage Association, 2.000% to 6.000%, due 04/01/42 to 07/01/60. The aggregate market value of the collateral, including accrued interest, was $757,350,000.
	495,000,000		5.110	(d)	02/21/25	$	495,000,000
Maturity Value: $520,153,967
Settlement Date: 02/29/24
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 04/01/53 and Federal National Mortgage Association, 2.000% to 8.500%, due 04/01/26 to 08/01/59. The aggregate market value of the collateral, including accrued interest, was $504,900,005.
	988,000,000		5.030	(d)	02/28/25	$	988,000,000
Maturity Value: $1,037,420,301
Settlement Date: 03/07/24
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 02/01/32 to 01/01/54 and Federal National Mortgage Association, 1.690% to 7.000%, due 09/01/27 to 05/01/58. The aggregate market value of the collateral, including accrued interest, was $1,007,760,003.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Societe Generale
$	1,250,000,000		5.340	%	06/03/24	$	1,250,000,000
Maturity Value: $1,250,556,250
Collateralized by Government National Mortgage Association, 3.000% to 7.000%, due 04/20/44 to 05/20/54. The aggregate market value of the collateral, including accrued interest, was $1,287,499,999.
The Northwestern Mutual Life Insurance Company
	63,820,000		5.350		06/03/24	$	63,820,000
Maturity Value: $63,848,453
Collateralized by a U.S. Treasury Bill, 1.750%, due 08/15/41. The market value of the collateral, including accrued interest, was $65,096,400.
	261,485,000		5.350		06/03/24	$	261,485,000
Maturity Value: $261,601,579
Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $266,714,700.
	344,470,000		5.350		06/03/24	$	344,470,000
Maturity Value: $344,623,576
Collateralized by a U.S. Treasury Note, 1.750%, due 06/30/24. The market value of the collateral, including accrued interest, was $351,359,400.
Wells Fargo Bank, National Association
	850,000,000		5.330		06/03/24	$	850,000,000
Maturity Value: $850,377,542
Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51 and U.S. Treasury Notes, 1.875% to 4.625%, due 12/31/25 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $867,000,088.
	2,000,000,000		5.340		06/03/24	$	2,000,000,000
Maturity Value: $2,000,890,000
Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.000%, due 08/01/52 to 05/01/54, Federal National Mortgage Association, 4.000% to 6.500%, due 05/01/52 to 03/01/54 and Government National Mortgage Association, 5.500% to 6.500%, due 07/20/53 to 02/20/54. The aggregate market value of the collateral, including accrued interest, was $2,059,999,999.
Wells Fargo Securities, LLC
	3,150,000,000		5.340		06/03/24	$	3,150,000,000
Maturity Value: $3,151,401,750
Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 12/20/26 to 05/20/54. The aggregate market value of the collateral, including accrued interest, was $3,244,499,998.
TOTAL REPURCHASE AGREEMENTS						$	149,204,678,746
TOTAL INVESTMENTS - 98.5%						$	229,526,322,808
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%							3,589,514,885
NET ASSETS - 100.0%						$	233,115,837,693

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

  

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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

(a)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2024.
(b)	All or a portion represents a forward commitment.
(c)	Unless noted, all repurchase agreements were entered into on May 31, 2024. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section.
(d)	The instrument is subject to a demand feature.
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

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

  

  

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

GOLDMAN SACHS FINANCIAL SQUARE MONEY MARKET FUND

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Time Deposits - 10.5%
Credit Agricole Corporate and Investment Bank-New York Branch
$	30,000,000		5.310	%	06/03/24	$	30,000,000
DNB Bank ASA-New York Branch
	30,000,000		5.310		06/03/24		30,000,000
National Bank of Canada
	28,000,000		5.310		06/03/24		28,000,000
TOTAL TIME DEPOSITS (Cost $88,000,000)						$	88,000,000
U.S. Treasury Obligations - 66.2%
United States Treasury Bills
	41,666,700		5.323		06/04/24		41,660,677
	20,833,300		5.328		06/04/24		20,830,288
	240,000,000		5.381		06/04/24		239,965,306
	37,500,000		5.328		06/06/24		37,483,641
	160,000,000		5.358		06/11/24		159,812,889
	60,000,000		5.363		06/18/24		59,868,375
TOTAL U.S. TREASURY OBLIGATIONS (Cost $559,457,836)						$	559,621,176
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS (Cost 647,457,836)						$	647,621,176
Repurchase Agreements(a) - 21.4%
Joint Account III
	150,000,000		5.340		06/03/24	$	149,999,374
Maturity Value: $150,066,750
Wells Fargo Securities, LLC
	30,000,000		5.340		06/03/24	$	29,999,875
Maturity Value: $30,013,350
Collateralized by Government National Mortgage Association, 4.500%, due 04/20/54. The market value of the collateral, including accrued interest, was $30,900,001.
TOTAL REPURCHASE AGREEMENTS (Cost $180,000,000)							179,999,249
TOTAL INVESTMENTS - 98.1% (Cost $827,457,836)						$	827,620,425
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9%							15,620,875
NET ASSETS - 100.0%						$	843,241,300

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Unless noted, all repurchase agreements were entered into on May 31, 2024. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

  

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

GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Time Deposits - 15.6%
Canadian Imperial Bank of Commerce
$	114,000,000		5.310	%	06/03/24	$	114,000,000
Credit Agricole Corporate and Investment Bank-New York Branch
	115,000,000		5.310		06/03/24		115,000,000
DNB Bank ASA-New York Branch
	114,000,000		5.310		06/03/24		114,000,000
National Bank of Canada
	114,000,000		5.310		06/03/24		114,000,000
TOTAL TIME DEPOSITS (Cost $457,000,000)						$	457,000,000
U.S. Treasury Obligations - 41.9%
United States Treasury Bills
	158,333,300		5.323		06/04/24		158,310,411
	79,166,700		5.328		06/04/24		79,155,256
	100,000,000		5.341		06/04/24		99,985,544
	146,011,200		5.380		06/04/24		145,990,093
	270,000,000		5.381		06/04/24		269,960,969
	142,500,000		5.328		06/06/24		142,437,834
	240,000,000		5.358		06/11/24		239,719,334
	90,000,000		5.363		06/18/24		89,802,563
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,225,004,247)						$	1,225,362,004
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS (Cost 1,682,004,247)						$	1,682,362,004
Repurchase Agreements(a) - 41.6%
Citigroup Global Markets, Inc.
	550,000,000		5.330		06/03/24	$	549,997,250
Maturity Value: $550,244,291
Collateralized by a U.S. Treasury Inflation-Indexed Bond, 1.750%, due 01/15/28 and U.S. Treasury Notes, 0.750% to 4.250%, due 09/30/24 to 03/31/28. The aggregate market value of the collateral, including accrued interest, was $ 561,000,071.
Fixed Income Clearing Corporation
	100,000,000		5.300		06/03/24	$	100,000,000
Maturity Value: $100,044,167
Collateralized by a U.S. Treasury Note, 1.750%, due 01/31/29. The market value of the collateral, including accrued interest, was $102,000,000.
Joint Account III
	400,000,000		5.340		06/03/24	$	399,998,332
Maturity Value: $400,178,000
Royal Bank of Canada
	120,000,000		5.340		06/03/24	$	119,999,500
Maturity Value: $120,053,400
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.500%, due 04/01/52 to 07/01/53 and Federal National Mortgage Association, 2.500% to 6.000%, due 07/01/37 to 11/01/53. The aggregate market value of the collateral, including accrued interest, was $122,400,004.

Principal Amount		Interest Rate			Maturity Date	Value
Repurchase Agreements(a) – (continued)
Wells Fargo Securities, LLC
$	50,000,000		5.340	%	06/03/24 $		49,999,791
Maturity Value: $50,022,250
Collateralized by Government National Mortgage Association, 4.500%, due 04/20/54. The market value of the collateral, including accrued interest, was $51,500,000.
TOTAL REPURCHASE AGREEMENTS (Cost $1,220,000,000)						$	1,219,994,873
TOTAL INVESTMENTS - 99.1% (Cost $2,902,004,247)						$	2,902,356,877
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%							25,761,252
NET ASSETS - 100.0%						$	2,928,118,129

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Unless noted, all repurchase agreements were entered into on May 31, 2024. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

  

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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations - 114.8%
United States Treasury Bills
$	9,106,240,600		5.385	%	06/04/24	$	9,102,237,646
	11,881,658,700		5.380		06/11/24		11,864,265,267
	11,060,971,700		5.380		06/18/24		11,033,445,235
	929,406,900		5.354		06/20/24		926,865,755
	459,171,600		5.374		06/20/24		457,916,153
	54,938,200		5.381	(a)	06/20/24		54,787,990
	438,940,300		5.388		06/20/24		437,740,168
	19,155,200		5.399		06/20/24		19,102,827
	3,648,900		5.404		06/20/24		3,638,923
	112,515,600		5.409		06/20/24		112,207,965
	882,172,100		5.378		06/25/24		879,072,735
	10,000,000,000		5.380		06/25/24		9,964,866,659
	104,436,400		5.396		06/27/24		103,993,915
	12,000,000,000		5.380	(a)	07/02/24		11,950,813,320
	311,928,200		5.387		07/05/24		310,375,738
	5,872,680,700		5.392		07/05/24		5,843,452,463
	27,459,900		5.394		07/09/24		27,307,214
	74,825,100		5.397		07/09/24		74,409,048
	709,114,200		5.402		07/09/24		705,171,293
	232,645,300		5.391		07/11/24		231,281,874
	2,000,000,000		5.396		07/11/24		1,988,278,931
	283,136,500		5.388		07/16/24		281,281,860
	145,981,000		5.390		07/16/24		145,024,775
	294,515,800		5.397		07/16/24		292,586,622
	57,377,200		5.384		07/23/24		56,942,659
	81,398,600		5.401		07/23/24		80,782,136
	18,286,800		5.403		08/06/24		18,110,357
	46,070,300		5.437		08/06/24		45,625,784
	57,330,100		5.404		08/08/24		56,761,813
	73,967,600		5.409		08/08/24		73,234,393
	47,372,100		5.409		08/13/24		46,869,706
	14,610,000		5.411		08/13/24		14,455,057
	320,920,300		5.408		08/29/24		316,755,022
	113,114,000		5.413		09/03/24		111,568,712
	9,976,900		5.415		09/17/24		9,820,213
	637,232,400		5.416		09/17/24		627,224,667
	314,831,700		5.426		09/24/24		309,556,740
	8,578,500		5.373		09/26/24		8,434,597
	31,939,200		5.378		10/17/24		31,307,489
	122,478,500		5.381		10/17/24		120,056,051
	211,806,900		5.382		10/17/24		207,617,664
	200,898,600		5.383		10/17/24		196,925,114
	99,810,200		5.386		10/17/24		97,836,098
	97,159,100		5.387		10/17/24		95,237,433
	97,496,000		5.392		10/24/24		95,464,540
	181,889,500		5.393		10/24/24		178,099,589
	70,866,700		5.394		10/24/24		69,390,097
	139,822,200		5.398		10/24/24		136,908,817
	461,605,100		5.402		10/24/24		451,986,940
	35,041,500		5.383		10/31/24		34,276,147
	7,102,200		5.403		10/31/24		6,947,079
	62,279,900		5.408		10/31/24		60,919,624
	441,158,300		5.375		11/07/24		431,111,760
	390,768,300		5.376		11/07/24		381,869,296
	469,087,600		5.381		11/07/24		458,405,024
	158,485,400		5.383		11/07/24		154,876,197
	49,427,800		5.387		11/07/24		48,302,176
	330,163,800		5.388		11/07/24		322,644,949

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations– (continued)
$	99,545,700		5.389	%	11/07/24	$	97,278,736
	50,790,300		5.393		11/07/24		49,633,648
	1,917,800		5.394		11/07/24		1,874,126
	40,858,600		5.370		11/14/24		39,886,692
	2,009,800		5.375		11/14/24		1,961,993
	14,647,900		5.376		11/14/24		14,299,469
	127,913,900		5.378		11/14/24		124,871,199
	73,239,300		5.380		11/14/24		71,497,149
	55,694,000		5.382		11/14/24		54,369,201
	40,914,900		5.383		11/14/24		39,941,653
	148,243,200		5.387		11/14/24		144,716,924
	57,234,800		5.388		11/14/24		55,873,350
	35,166,400		5.396		11/21/24		34,291,696
	86,941,100		5.397		11/21/24		84,778,589
	7,340,900		5.398		11/21/24		7,158,308
	23,444,300		5.399		11/21/24		22,861,163
	294,283,200		5.401		11/21/24		286,963,409
	83,344,900		5.402		11/21/24		81,271,838
	92,690,000		5.407		11/21/24		90,384,495
	166,963,800		5.387		11/29/24		162,630,586
	104,499,400		5.393		11/29/24		101,787,326
	522,028,300		5.011		02/20/25		503,877,578
	157,969,300		5.080		02/20/25		152,476,768
	87,816,100		5.273		02/20/25		84,762,768
	52,569,500		5.054		03/20/25		50,522,740
	16,862,400		5.058		03/20/25		16,205,873
	20,628,100		5.060		03/20/25		19,824,958
	40,187,800		5.062		03/20/25		38,623,113
	227,485,100		5.101		03/20/25		218,628,110
	57,801,500		5.106		03/20/25		55,551,035
	43,265,800		5.123		03/20/25		41,581,273
	6,735,900		5.134		03/20/25		6,473,642
	67,361,000		5.135		03/20/25		64,738,342
	85,668,300		5.140		03/20/25		82,332,858
	8,363,600		5.297		04/17/25		7,992,293
	8,363,600		5.305		04/17/25		7,992,293
	82,000,000		5.216		05/15/25		78,108,168
	635,923,700		5.221		05/15/25		605,741,896
	122,129,400		5.222		05/15/25		116,332,973
	80,522,900		5.260		05/15/25		76,701,174
	40,261,500		5.263		05/15/25		38,350,634
	80,522,900		5.266		05/15/25		76,701,174
	61,727,300		5.284		05/15/25		58,797,638
	63,585,300		5.286		05/15/25		60,567,455
United States Treasury Floating Rate Note
	178,300		4.805		12/31/24		177,462
	31,961,100		5.064		12/31/24		31,810,798
	55,931,900		5.066		12/31/24		55,668,871
	39,763,400		5.069		12/31/24		39,576,406
	55,931,900		5.070		12/31/24		55,668,871
	39,763,400		5.073		12/31/24		39,576,406
	23,951,800		5.074		12/31/24		23,839,163
	15,967,900		5.083		12/31/24		15,714,842
	11,975,900		5.084		12/31/24		11,919,582
	79,902,800		5.089		12/31/24		79,527,044
	39,951,400		5.109		12/31/24		39,763,522
	159,053,400		5.113		12/31/24		158,305,426
	47,716,100		5.115		12/31/24		47,491,708
	22,935,700		5.121		12/31/24		22,503,070

  

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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations– (continued)
$	11,817,200		5.073	%	02/15/25	$	11,529,037
	5,907,700		5.075		02/15/25		5,763,640
	63,939,200		4.994		03/31/25		63,365,229
	79,998,200		5.004		03/31/25		79,280,071
	90,538,100		5.198		06/30/25		85,893,307
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.037%)
	869,536,900		5.360	(b)	07/31/24		869,531,548
	1,975,876,000		5.361	(b)	07/31/24		1,975,863,840
	356,478,200		5.362	(b)	07/31/24		356,476,006
	737,171,200		5.367	(b)	07/31/24		737,166,663
	66,000,000		5.369	(b)	07/31/24		65,999,594
	189,046,400		5.370	(b)	07/31/24		189,045,237
	696,338,600		5.371	(b)	07/31/24		696,334,314
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%)
	305,000,000		5.448	(b)	07/31/25		304,895,094
	166,017,000		5.452	(b)	07/31/25		165,959,898
	511,684,400		5.453	(b)	07/31/25		511,508,404
	817,721,500		5.456	(b)	07/31/25		817,440,241
	63,885,000		5.457	(b)	07/31/25		63,863,026
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%)
	725,000,000		5.475	(b)	04/30/26		725,077,268
	350,040,200		5.476	(b)	04/30/26		350,077,506
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.169%)
	487,024,600		5.492	(b)	04/30/25		487,128,660
	140,283,500		5.493	(b)	04/30/25		140,313,474
	191,053,600		5.495	(b)	04/30/25		191,094,421
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%)
	350,000,000		5.494	(b)	10/31/25		349,755,259
	21,304,000		5.495	(b)	10/31/25		21,289,103
	300,913,300		5.496	(b)	10/31/25		300,702,883
	1,320,550,200		5.504	(b)	10/31/25		1,319,626,790
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.200%)
	47,734,300		5.524	(b)	01/31/25		47,746,500
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%)
	48,971,100		5.562	(b)	01/31/26		49,001,955
	166,466,900		5.565	(b)	01/31/26		166,571,784
	3,374,120,700		5.566	(b)	01/31/26		3,376,246,604
	1,011,686,100		5.571	(b)	01/31/26		1,012,323,525
TOTAL INVESTMENTS - 114.8%						$	92,356,078,674
LIABILITIES IN EXCESS OF OTHER  ASSETS - (14.8)%							(11,891,583,445)
NET ASSETS - 100.0%						$	80,464,495,229

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2024.

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

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

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

  

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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations - 38.0%
United States Treasury Bills
$	1,000,000,000		5.380	%(a)	07/02/24	$	995,901,110
	5,141,900		5.387		07/05/24		5,116,308
	1,261,273,000		5.392		07/05/24		1,254,995,390
	14,988,200		5.394		07/09/24		14,905,023
	19,902,800		5.402		07/09/24		19,792,349
	21,982,500		5.407		07/09/24		21,860,508
	16,306,800		5.391		07/11/24		16,211,226
	620,995,800		5.396		07/11/24		617,356,161
	7,999,600		5.390		07/16/24		7,947,003
	3,337,800		5.384		08/06/24		3,305,810
	696,800		5.403		08/06/24		690,122
	5,137,300		5.404		08/06/24		5,088,064
	2,896,000		5.404		08/08/24		2,867,301
	1,179,300		5.409		08/08/24		1,167,613
	9,960,800		5.408		08/29/24		9,831,517
	44,407,600		5.426		09/03/24		43,799,426
	3,916,900		5.415		09/17/24		3,855,385
	61,963,800		5.416		09/17/24		60,990,659
	17,751,600		5.416	(a)	10/01/24		17,444,131
	604,272,900		5.421	(a)	10/01/24		593,806,508
	12,711,200		5.376		10/17/24		12,459,802
	18,545,000		5.378		10/17/24		18,178,223
	74,381,000		5.381		10/17/24		72,909,918
	131,699,000		5.382		10/17/24		129,094,302
	118,935,500		5.383		10/17/24		116,583,234
	57,953,000		5.386		10/17/24		56,806,825
	60,412,400		5.387		10/17/24		59,217,584
	132,055,600		5.375		11/07/24		129,046,643
	285,162,000		5.381		11/07/24		278,664,432
	95,374,100		5.383		11/07/24		93,200,950
	29,230,100		5.387		11/07/24		28,564,077
	206,862,900		5.388		11/07/24		202,149,419
	63,188,800		5.389		11/07/24		61,749,009
	31,049,600		5.393		11/07/24		30,342,118
	1,192,400		5.394		11/07/24		1,165,230
	32,105,400		5.378		11/14/24		31,341,221
	23,929,200		5.383		11/14/24		23,359,632
	87,264,500		5.392		11/14/24		85,187,412
	41,393,300		5.381		11/21/24		40,365,874
	23,319,700		5.384		11/21/24		22,740,880
	579,769,600		5.387		11/21/24		565,379,104
	8,986,600		5.396		11/21/24		8,763,543
	52,019,700		5.397		11/21/24		50,728,516
	4,293,300		5.398		11/21/24		4,186,736
	5,991,100		5.399		11/21/24		5,842,395
	164,484,200		5.401		11/21/24		160,401,528
	27,435,800		5.402		11/21/24		26,754,814
	54,814,100		5.407		11/21/24		53,453,556
	117,895,200		5.387		11/29/24		114,835,623
	58,408,100		5.393		11/29/24		56,892,313
	387,746,100		5.011		02/20/25		374,278,334
	95,449,300		5.080		02/20/25		92,134,015
	56,148,400		5.273		02/20/25		54,198,171
	31,763,900		5.054		03/20/25		30,526,414
	11,979,400		5.058		03/20/25		11,512,696
	14,654,500		5.060		03/20/25		14,083,577
	151,432,000		5.101		03/20/25		145,532,378
	36,957,400		5.106		03/20/25		35,517,581

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations– (continued)
$	27,663,600		5.123	%	03/20/25	$	26,585,857
	4,785,400		5.134		03/20/25		4,598,966
	47,854,400		5.135		03/20/25		45,990,046
	54,774,800		5.140		03/20/25		52,640,835
	4,547,800		5.297		04/17/25		4,345,898
	4,547,800		5.305		04/17/25		4,345,898
	56,120,900		5.216		05/15/25		53,457,617
	332,329,200		5.221		05/15/25		316,558,127
	62,933,300		5.222		05/15/25		59,946,726
	41,493,400		5.260		05/15/25		39,524,282
	20,746,700		5.263		05/15/25		19,762,141
	41,493,400		5.266		05/15/25		39,524,282
	31,808,000		5.284		05/15/25		30,298,514
	32,968,300		5.286		05/15/25		31,403,751
United States Treasury Floating Rate Note
	109,900		4.805		12/31/24		109,383
	19,689,800		5.064		12/31/24		19,597,205
	34,457,100		5.066		12/31/24		34,295,060
	24,496,500		5.069		12/31/24		24,381,301
	34,457,100		5.070		12/31/24		34,295,060
	24,496,500		5.073		12/31/24		24,381,301
	14,755,600		5.074		12/31/24		14,686,209
	9,837,100		5.083		12/31/24		9,681,203
	7,377,800		5.084		12/31/24		7,343,105
	49,224,500		5.089		12/31/24		48,993,014
	24,612,300		5.109		12/31/24		24,496,557
	97,986,200		5.113		12/31/24		97,525,404
	29,395,800		5.115		12/31/24		29,257,562
	14,871,600		5.121		12/31/24		14,591,081
	8,665,800		5.073		02/15/25		8,454,484
	4,332,300		5.075		02/15/25		4,226,657
	34,768,100		4.994		03/31/25		34,455,993
	43,500,300		5.004		03/31/25		43,109,806
	46,943,200		5.198		06/30/25		44,534,916
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.037%)
	124,838,100		5.360	(b)	07/31/24		124,828,488
	68,058,800		5.362	(b)	07/31/24		68,062,651
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%)
	143,045,400		5.452	(b)	07/31/25		142,968,816
	387,920,800		5.453	(b)	07/31/25		387,713,115
	1,046,683,700		5.456	(b)	07/31/25		1,046,123,327
	34,864,500		5.457	(b)	07/31/25		34,845,834
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%)
	525,000,000		5.475	(b)	04/30/26		525,044,354
	457,052,500		5.476	(b)	04/30/26		457,091,114
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.169%)
	571,613,600		5.492	(b)	04/30/25		571,699,198
	76,646,000		5.493	(b)	04/30/25		76,657,477
	499,913,800		5.495	(b)	04/30/25		499,988,661
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%)
	82,802,900		5.496	(b)	10/31/25		82,718,257
	870,580,600		5.504	(b)	10/31/25		869,690,670

  

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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations– (continued)
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.200%)
$	67,304,500		5.523	%(b)	01/31/25	$	67,308,481
	66,722,400		5.524	(b)	01/31/25		66,726,347
	520,336,200		5.526	(b)	01/31/25		520,366,979
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%)
	27,027,700		5.562	(b)	01/31/26		27,046,304
	207,957,500		5.565	(b)	01/31/26		208,100,644
	1,333,644,200		5.566	(b)	01/31/26		1,334,562,192
	360,528,100		5.571	(b)	01/31/26		360,776,264
TOTAL U.S. TREASURY OBLIGATIONS						$	15,714,797,107
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	15,714,797,107
Repurchase Agreements(c) - 64.8%
Banco Santander, S.A.
	125,000,000		5.300		06/03/24	$	125,000,000
Maturity Value: $125,055,208
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.750%, due 01/15/34 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $127,556,351.
Bank of Montreal
	150,000,000		5.320		06/03/24	$	150,000,000
Maturity Value: $150,066,500
Collateralized by U.S. Treasury Bills, 0.000%, due 06/20/24 to 11/21/24, a U.S. Treasury Bond, 3.000%, due 11/15/45, U.S. Treasury Floating Rate Notes, 5.363% to 5.495%, due 07/31/24 to 07/31/25, a U.S. Treasury Note, 4.125%, due 03/31/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/44. The aggregate market value of the collateral, including accrued interest, was $153,000,008.
	150,000,000		5.320		06/03/24	$	150,000,000
Maturity Value: $150,066,500
Collateralized by U.S. Treasury Bills, 0.000%, due 07/09/24 to 11/21/24 and a U.S. Treasury Note, 3.625%, due 05/31/28. The aggregate market value of the collateral, including accrued interest, was $153,000,080.
Barclays Bank PLC
	120,000,000		5.330		06/03/24	$	120,000,000
Maturity Value: $120,053,300
Collateralized by a U.S. Treasury Note, 1.375%, due 11/15/31. The market value of the collateral, including accrued interest, was $122,454,437.
Barclays Capital, Inc.
	46,725,804		5.350		06/03/24	$	46,725,804
Maturity Value: $46,746,636
Collateralized by a U.S. Treasury Note, 3.250%, due 06/30/29. The market value of the collateral, including accrued interest, was $47,660,320.
	75,000,000		5.350		06/03/24	$	75,000,000
Maturity Value: $75,033,438
Collateralized by a U.S. Treasury Note, 4.250%, due 02/28/31. The market value of the collateral, including accrued interest, was $76,500,035.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Barclays Capital, Inc. – (continued)
$	85,864,652		5.350	%	06/03/24	$	85,864,652
Maturity Value: $85,902,933
Collateralized by a U.S. Treasury Note, 0.500%, due 08/31/27. The market value of the collateral, including accrued interest, was $87,581,945.
	93,893,356		5.350		06/03/24	$	93,893,356
Maturity Value: $93,935,217
Collateralized by a U.S. Treasury Note, 0.625%, due 07/15/32. The market value of the collateral, including accrued interest, was $95,771,223.
	151,627,289		5.350		06/03/24	$	151,627,289
Maturity Value: $151,694,889
Collateralized by a U.S. Treasury Interest-Only Stripped Security, 2.375%, due 10/15/28. The market value of the collateral, including accrued interest, was $154,659,834.
	191,889,477		5.350		06/03/24	$	191,889,477
Maturity Value: $191,975,028
Collateralized by a U.S. Treasury Note, 2.875%, due 05/15/32. The market value of the collateral, including accrued interest, was $195,727,267.
	150,000,666		5.360		06/03/24	$	150,000,666
Maturity Value: $150,067,666
Collateralized by a U.S. Treasury Note, 1.875%, due 02/15/32. The market value of the collateral, including accrued interest, was $153,000,679.
BNP Paribas
	355,000,000		5.250	(d)	06/14/24	$	355,000,000
Maturity Value: $364,422,289
Settlement Date: 12/15/23
Collateralized by U.S. Treasury Bills, 0.000%, due 06/20/24 to 07/16/24, a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.625%, due 01/15/26 to 04/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 05/15/32 and U.S. Treasury Notes, 0.250% to 4.875%, due 07/31/24 to 06/30/28. The aggregate market value of the collateral, including accrued interest, was $362,100,000.
	350,000,000		5.160	(d)	07/17/24	$	350,000,000
Maturity Value: $359,130,331
Settlement Date: 01/17/24
Collateralized by U.S. Treasury Bonds, 1.750% to 4.750%, due 08/15/41 to 11/15/53, a U.S. Treasury Floating Rate Note, 5.466%, due 10/31/24, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 10/15/24 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 02/15/41, U.S. Treasury Notes, 0.250% to 4.625%, due 09/30/24 to 11/15/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 02/15/44. The aggregate market value of the collateral, including accrued interest, was $356,999,998.

  

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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
BNP Paribas – (continued)
$	335,000,000		5.210	%(d)	07/22/24	$	335,000,000
Maturity Value: $343,823,713
Settlement Date: 01/22/24
Collateralized by U.S. Treasury Bonds, 1.875% to 3.625%, due 11/15/51 to 05/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 04/15/28 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.625%, due 04/15/25 to 01/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/25 to 02/15/41, U.S. Treasury Notes, 0.375% to 4.375%, due 02/28/25 to 11/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/28 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $341,700,000.
	332,000,000		5.210	(d)	07/23/24	$	332,000,000
Maturity Value: $340,744,694
Settlement Date: 01/23/24
Collateralized by U.S. Treasury Bills, 0.000%, due 06/20/24 to 07/16/24, U.S. Treasury Bonds, 1.125% to 4.125%, due 05/15/40 to 08/15/53, U.S. Treasury Floating Rate Notes, 5.451% to 5.571%, due 01/31/25 to 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/45, U.S. Treasury Inflation-Indexed Notes, 0.625% to 1.375%, due 01/15/26 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/24 to 11/15/42, U.S. Treasury Notes, 0.375% to 4.375%, due 09/30/24 to 11/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 08/15/50. The aggregate market value of the collateral, including accrued interest, was $338,640,002.
	350,000,000		5.180	(d)	07/26/24	$	350,000,000
Maturity Value: $359,165,723
Settlement Date: 01/26/24
Collateralized by U.S. Treasury Bills, 0.000%, due 06/06/24 to 11/29/24, U.S. Treasury Bonds, 2.875% to 6.875%, due 08/15/25 to 05/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 02/15/39, U.S. Treasury Notes, 1.500% to 3.875%, due 11/30/24 to 11/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $356,999,999.
	160,000,000		5.160	(d)	11/13/24	$	160,000,000
Maturity Value: $166,260,799
Settlement Date: 02/14/24
Collateralized by U.S. Treasury Bonds, 1.375% to 3.250%, due 05/15/42 to 08/15/50, a U.S. Treasury Inflation-Indexed Note, 0.750%, due 07/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/24 to 02/15/40, U.S. Treasury Notes, 0.375% to 4.500%, due 07/15/26 to 08/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 05/15/43. The aggregate market value of the collateral, including accrued interest, was $ 163,200,005.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
BNP Paribas – (continued)
$	160,000,000		5.170	%(d)	11/13/24	$	160,000,000
Maturity Value: $166,272,933
Settlement Date: 02/14/24
Collateralized by U.S. Treasury Inflation-Indexed Bonds, 2.000% to 3.375%, due 01/15/26 to 04/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/39, U.S. Treasury Notes, 0.375% to 4.000%, due 03/31/25 to 08/15/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/49. The aggregate market value of the collateral, including accrued interest, was $163,200,001.
	100,000,000		5.100	(d)	02/28/25	$	100,000,000
Maturity Value: $105,170,835
Settlement Date: 02/29/24
Collateralized by U.S. Treasury Bills, 0.000%, due 06/25/24 to 08/22/24, a U.S. Treasury Bond, 2.750%, due 08/15/42, a U.S. Treasury Floating Rate Note, 5.363%, due 07/31/24, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/24 to 08/15/49, U.S. Treasury Notes, 0.250% to 3.250%, due 09/30/25 to 06/30/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 02/15/45. The aggregate market value of the collateral, including accrued interest, was $102,000,001.
	180,000,000		5.020	(d)	03/07/25	$	180,000,000
Maturity Value: $189,161,497
Settlement Date: 03/07/24
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/30 to 08/15/36, U.S. Treasury Notes, 3.125% to 4.000%, due 04/15/26 to 06/30/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 08/15/40. The aggregate market value of the collateral, including accrued interest, was $183,599,998.
BofA Securities, Inc.
	100,000,000		5.280		06/03/24	$	100,000,000
Maturity Value: $100,044,000
Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/25 to 11/15/36, a U.S. Treasury Note, 0.500%, due 05/31/27 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/26. The aggregate market value of the collateral, including accrued interest, was $102,000,001.
	150,000,000		5.310		06/03/24	$	150,000,000
Maturity Value: $150,066,375
Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/32. The market value of the collateral, including accrued interest, was $153,000,000.
Canadian Imperial Bank of Commerce
	50,000,000		5.320		06/03/24	$	50,000,000
Maturity Value: $50,022,167
Collateralized by U.S. Treasury Notes, 4.500% to 4.625%, due 03/31/26 to 09/30/30. The aggregate market value of the collateral, including accrued interest, was $ 51,000,074.

  

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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Citigroup Global Markets, Inc.
$	150,000,000		5.320	%	06/03/24	$	150,000,000
Maturity Value: $150,066,500
Collateralized by a U.S. Treasury Bill, 0.000%, due 04/17/25, a U.S. Treasury Bond, 4.625%, due 05/15/44 and U.S. Treasury Notes, 4.250% to 4.875%, due 09/30/24 to 05/31/31. The aggregate market value of the collateral, including accrued interest, was $153,000,084.
	800,000,000		5.330		06/03/24	$	800,000,000
Maturity Value: $800,355,333
Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28, a U.S. Treasury Inflation-Indexed Note, 0.750%, due 07/15/28 and U.S. Treasury Notes, 1.000% to 4.125%, due 04/30/28 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $816,000,002.
	1,300,000,000		5.330		06/03/24	$	1,300,000,000
Maturity Value: $1,300,577,417
Collateralized by a U.S. Treasury Inflation-Indexed Bond, 1.750%, due 01/15/28, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28 and U.S. Treasury Notes, 0.625% to 4.000%, due 12/31/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $1,326,000,052.
Credit Agricole Corporate and Investment Bank
	100,000,000		5.280		06/03/24	$	100,000,000
Maturity Value: $100,044,000
Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/25 to 07/15/33 and U.S. Treasury Notes, 0.875% to 4.375%, due 06/30/26 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $102,000,025.
	250,000,000		5.320		06/03/24	$	250,000,000
Maturity Value: $250,110,833
Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/25 to 07/15/33 and U.S. Treasury Notes, 0.875% to 4.750%, due 01/31/25 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $255,000,051.
Daiwa Capital Markets America, Inc.
	70,735,294		5.350		06/03/24	$	70,735,294
Maturity Value: $70,766,830
Collateralized by a U.S. Treasury Bond, 0.750%, due 04/30/26. The market value of the collateral, including accrued interest, was $72,150,000.
Deutsche Bank Securities, Inc.
	1,000,000,000		5.330		06/03/24	$	1,000,000,000
Maturity Value: $1,000,444,166
Collateralized by U.S. Treasury Notes, 0.250% to 4.625%, due 10/31/25 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $1,020,000,046.
	1,000,000,000		5.330		06/03/24	$	1,000,000,000
Maturity Value: $1,000,444,167
Collateralized by U.S. Treasury Notes, 0.375% to 4.625%, due 06/30/24 to 11/15/32. The aggregate market value of the collateral, including accrued interest, was $1,020,000,027.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Federal Reserve Bank of New York
$	9,400,000,000		5.300	%	06/03/24	$	9,400,000,000
Maturity Value: $9,404,151,667
Collateralized by U.S. Treasury Bonds, 3.000% to 4.625%, due 05/15/39 to 05/15/42 and U.S. Treasury Notes, 1.625% to 2.250%, due 08/15/27 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $9,404,151,674.
Fixed Income Clearing Corporation
	200,000,000		5.320		06/03/24	$	200,000,000
Maturity Value: $200,088,666
Collateralized by U.S. Treasury Bonds, 3.875%, due 02/15/43 to 05/15/43. The aggregate market value of the collateral, including accrued interest, was $204,000,000.
	300,000,000		5.320		06/03/24	$	300,000,000
Maturity Value: $300,133,000
Collateralized by a U.S. Treasury Bond, 3.875%, due 05/15/43 and a U.S. Treasury Note, 4.000%, due 01/31/31. The aggregate market value of the collateral, including accrued interest, was $306,000,000.
	600,000,000		5.320		06/03/24	$	600,000,000
Maturity Value: $600,266,000
Collateralized by U.S. Treasury Notes, 1.500% to 4.500%, due 11/30/28 to 05/31/29. The aggregate market value of the collateral, including accrued interest, was $612,000,000.
	750,000,000		5.320		06/03/24	$	750,000,000
Maturity Value: $750,332,500
Collateralized by a U.S. Treasury Note, 1.000%, due 07/31/28. The market value of the collateral, including accrued interest, was $765,000,023.
	750,000,000		5.320		06/03/24	$	750,000,000
Maturity Value: $750,332,500
Collateralized by U.S. Treasury Notes, 0.625% to 4.125%, due 07/15/32 to 07/15/33. The aggregate market value of the collateral, including accrued interest, was $765,000,000.
	150,000,000		5.330		06/03/24	$	150,000,000
Maturity Value: $150,066,625
Collateralized by a U.S. Treasury Note, 3.500%, due 04/30/30. The market value of the collateral, including accrued interest, was $153,000,085.
	360,000,000		5.330		06/03/24	$	360,000,000
Maturity Value: $360,159,900
Collateralized by a U.S. Treasury Bill, 0.000%, due 07/23/24. The market value of the collateral, including accrued interest, was $367,200,000.
	600,000,000		5.330		06/03/24	$	600,000,000
Maturity Value: $600,266,500
Collateralized by a U.S. Treasury Bill, 4.625%, due 05/31/31 and a U.S. Treasury Note, 4.625%, due 05/31/31. The aggregate market value of the collateral, including accrued interest, was $612,000,000.
	2,200,000,000		5.330		06/03/24	$	2,200,000,000
Maturity Value: $2,200,977,167
Collateralized by U.S. Treasury Bonds, 2.875% to 3.625%, due 05/15/28 to 05/31/28 and U.S. Treasury Notes, 2.875% to 4.000%, due 05/15/28 to 06/30/28. The aggregate market value of the collateral, including accrued interest, was $2,244,000,000.

  

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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
HSBC Bank PLC
$	15,000,000		5.330	%	06/03/24	$	15,000,000
Maturity Value: $15,006,662
Collateralized by a U.S. Treasury Bond, 3.000%, due 11/15/44, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/30, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 3.875%, due 11/15/26 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $15,307,161.
	150,000,000		5.350	(d)	06/10/24	$	150,000,000
Maturity Value: $155,862,708
Settlement Date: 09/21/23
Collateralized by a U.S. Treasury Bill, 0.000%, due 06/13/24, a U.S. Treasury Bond, 4.750%, due 11/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/31, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 1.125% to 3.375%, due 11/15/28 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $153,068,255.
	150,000,000		5.350	(d)	06/10/24	$	150,000,000
Maturity Value: $155,885,000
Settlement Date: 09/20/23
Collateralized by U.S. Treasury Bonds, 1.875% to 4.750%, due 11/15/51 to 11/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/26 to 07/15/30, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 3.125%, due 11/30/27 to 02/15/31. The aggregate market value of the collateral, including accrued interest, was $153,068,278.
HSBC Securities (USA), Inc.
	400,000,000		5.340	(d)	06/07/24	$	400,000,000
Maturity Value: $400,415,333
Collateralized by U.S. Treasury Bonds, 3.375% to 7.625%, due 02/15/25 to 08/15/42, U.S. Treasury Notes, 1.875% to 4.500%, due 02/28/27 to 05/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/30 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $408,181,599.
J.P. Morgan Securities LLC
	100,000,000		5.330		06/03/24	$	100,000,000
Maturity Value: $100,044,417
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and a U.S. Treasury Note, 1.875%, due 07/31/26. The aggregate market value of the collateral, including accrued interest, was $102,045,369.
	300,000,000		5.330		06/03/24	$	300,000,000
Maturity Value: $300,133,250
Collateralized by a U.S. Treasury Bill, 0.000%, due 09/10/24 and a U.S. Treasury Note, 3.875%, due 04/30/25. The aggregate market value of the collateral, including accrued interest, was $306,135,945.
Joint Account I
	1,135,000,000		5.330		06/03/24	$	1,135,000,000
Maturity Value: $1,135,504,129

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) – (continued)
Nomura Securities International, Inc.
$	185,000,000		5.330	%	06/03/24	$	185,000,000
Maturity Value: $185,082,171
Collateralized by U.S. Treasury Bonds, 4.375% to 4.750%, due 11/15/39 to 11/15/53, a U.S. Treasury Inflation-Indexed Note, 1.750%, due 01/15/34 and U.S. Treasury Notes, 4.000% to 4.125%, due 07/31/28 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $188,757,053.
Norinchukin Bank (The)
	100,000,000		5.330		06/03/24	$	100,000,000
Maturity Value: $100,044,416
Collateralized by U.S. Treasury Notes, 1.250% to 2.875%, due 08/15/31 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $102,000,066.
	115,000,000		5.350		06/03/24	$	115,000,000
Maturity Value: $115,102,542
Settlement Date: 05/28/24
Collateralized by U.S. Treasury Notes, 1.250% to 2.875%, due 08/15/31 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $117,300,063.
Prudential Insurance Company of America (The)
	10,482,500		5.350		06/03/24	$	10,482,500
Maturity Value: $10,487,173
Collateralized by a U.S. Treasury Note, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $10,692,150.
	19,500,000		5.350		06/03/24	$	19,500,000
Maturity Value: $19,508,694
Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $19,890,000.
	69,250,000		5.350		06/03/24	$	69,250,000
Maturity Value: $69,280,874
Collateralized by a U.S. Treasury Note, 2.500%, due 02/15/45. The market value of the collateral, including accrued interest, was $70,635,000.
Wells Fargo Bank, National Association
	150,000,000		5.330		06/03/24	$	150,000,000
Maturity Value: $150,066,625
Collateralized by U.S. Treasury Notes, 4.625% to 4.875%, due 10/31/30 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $153,000,045.
TOTAL REPURCHASE AGREEMENTS						$	26,841,969,038
TOTAL INVESTMENTS - 102.8%						$	42,556,766,145
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.8)%							(1,158,861,439)
NET ASSETS - 100.0%						$	41,397,904,706

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2024.

  

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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

(c)	Unless noted, all repurchase agreements were entered into on May 31, 2024. Additional information on Joint Repurchase Agreement Account I appears in the Additional Investment Information section.
(d)	The instrument is subject to a demand feature. Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
MMY	—Money Market Yield
PLC	—Public Limited Company
T-Bill	—Treasury Bill

  

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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations - 39.1%
United States Treasury Bills
$	500,000,000		5.380	%(a)	07/02/24	$	497,950,555
	581,539,900		5.392		07/05/24		578,645,448
	221,655,200		5.396		07/11/24		220,350,784
	177,372,100		5.421	(a)	10/01/24		174,299,818
	7,669,700		5.376		10/17/24		7,518,018
	6,012,500		5.378		10/17/24		5,893,592
	23,417,000		5.381		10/17/24		22,953,888
	40,835,300		5.382		10/17/24		40,027,711
	38,071,400		5.383		10/17/24		37,318,471
	18,789,000		5.386		10/17/24		18,417,415
	18,731,800		5.387		10/17/24		18,361,346
	40,966,000		5.375		11/07/24		40,032,572
	88,837,700		5.381		11/07/24		86,813,496
	29,551,100		5.383		11/07/24		28,877,766
	9,113,100		5.387		11/07/24		8,905,454
	63,621,200		5.388		11/07/24		62,171,564
	19,331,200		5.389		11/07/24		18,890,731
	9,632,900		5.393		11/07/24		9,413,410
	369,700		5.394		11/07/24		361,276
	7,462,000		5.382		11/14/24		7,284,311
	10,600,200		5.388		11/14/24		10,347,782
	26,696,700		5.392		11/14/24		26,060,984
	12,887,000		5.381		11/21/24		12,567,131
	7,268,800		5.384		11/21/24		7,088,381
	179,985,300		5.387		11/21/24		175,517,879
	2,806,900		5.396		11/21/24		2,737,230
	16,440,900		5.397		11/21/24		16,032,820
	1,356,900		5.398		11/21/24		1,323,220
	1,871,300		5.399		11/21/24		1,824,852
	50,734,500		5.401		11/21/24		49,475,217
	8,528,600		5.402		11/21/24		8,316,911
	17,089,300		5.407		11/21/24		16,665,126
	36,895,000		5.387		11/29/24		35,937,516
	18,015,700		5.393		11/29/24		17,548,164
	131,679,800		5.011		02/20/25		127,112,561
	27,059,300		5.080		02/20/25		26,120,764
	14,780,700		5.273		02/20/25		14,268,040
	9,004,900		5.054		03/20/25		8,654,259
	3,933,800		5.058		03/20/25		3,780,622
	4,812,300		5.060		03/20/25		4,624,914
	6,884,000		5.062		03/20/25		6,615,945
	43,760,000		5.101		03/20/25		42,056,035
	9,728,800		5.106		03/20/25		9,349,971
	7,282,300		5.123		03/20/25		6,998,735
	3,630,100		5.134		03/20/25		3,488,748
	15,714,600		5.135		03/20/25		15,102,691
	14,419,100		5.140		03/20/25		13,857,636
	1,425,600		5.297		04/17/25		1,362,310
	1,425,600		5.305		04/17/25		1,362,310
	18,618,200		5.216		05/15/25		17,734,658
	110,697,600		5.221		05/15/25		105,444,354
	20,373,800		5.222		05/15/25		19,406,944
	13,432,900		5.260		05/15/25		12,795,431
	6,716,500		5.263		05/15/25		6,397,763
	13,432,900		5.266		05/15/25		12,795,431
	10,297,400		5.284		05/15/25		9,808,728
	11,531,100		5.286		05/15/25		10,983,882

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations– (continued)
United States Treasury Floating Rate Note
$	33,200		4.805	%	12/31/24	$	33,044
	5,987,800		5.064		12/31/24		5,959,641
	10,478,600		5.066		12/31/24		10,429,323
	7,449,500		5.069		12/31/24		7,414,468
	10,478,600		5.070		12/31/24		10,429,323
	7,449,500		5.073		12/31/24		7,414,468
	4,487,200		5.074		12/31/24		4,466,098
	2,991,500		5.083		12/31/24		2,944,091
	2,243,600		5.084		12/31/24		2,233,049
	14,969,500		5.089		12/31/24		14,899,104
	7,484,800		5.109		12/31/24		7,449,602
	29,798,000		5.113		12/31/24		29,657,870
	8,939,400		5.115		12/31/24		8,897,361
	4,491,700		5.121		12/31/24		4,406,974
	2,914,800		5.073		02/15/25		2,843,722
	1,457,200		5.075		02/15/25		1,421,666
	10,899,500		4.994		03/31/25		10,801,657
	13,636,900		5.004		03/31/25		13,514,484
	16,418,900		5.198		06/30/25		15,576,576
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.037%)
	46,799,300		5.360	(b)	07/31/24		46,801,967
	24,682,900		5.362	(b)	07/31/24		24,684,307
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%)
	65,320,300		5.452	(b)	07/31/25		65,284,012
	66,594,500		5.453	(b)	07/31/25		66,557,504
	367,974,700		5.456	(b)	07/31/25		367,770,278
	10,937,500		5.457	(b)	07/31/25		10,931,424
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%)
	275,000,000		5.475	(b)	04/30/26		275,028,454
	145,016,700		5.476	(b)	04/30/26		145,031,705
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.169%)
	207,373,900		5.492	(b)	04/30/25		207,404,052
	23,841,200		5.493	(b)	04/30/25		23,844,667
	188,573,000		5.495	(b)	04/30/25		188,600,418
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%)
	65,922,500		5.494	(b)	10/31/25		65,886,429
	3,537,900		5.495	(b)	10/31/25		3,535,964
	160,294,600		5.496	(b)	10/31/25		160,206,890
	242,660,000		5.504	(b)	10/31/25		242,527,221
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.200%)
	21,547,100		5.523	(b)	01/31/25		21,548,334
	21,360,600		5.524	(b)	01/31/25		21,361,824
	173,445,300		5.526	(b)	01/31/25		173,455,234
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%)
	9,120,600		5.562	(b)	01/31/26		9,126,987
	69,637,600		5.565	(b)	01/31/26		69,686,364
	393,466,500		5.566	(b)	01/31/26		393,742,027
	91,971,500		5.571	(b)	01/31/26		92,035,903
TOTAL U.S. TREASURY OBLIGATIONS						$	5,581,898,057
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	5,581,898,057

  

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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(c) - 64.5%
Federal Reserve Bank of New York
$	9,200,000,000		5.300	%	06/03/24	$	9,200,000,000
Maturity Value: $9,204,063,333
Collateralized by U.S. Treasury Bonds, 4.250% to 4.625%, due 05/15/39 to 05/15/41 and U.S. Treasury Notes, 0.750% to 3.125%, due 11/15/24 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $9,204,063,393.
TOTAL INVESTMENTS - 103.6%						$	14,781,898,057
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.6)%							(508,245,072)
NET ASSETS - 100.0%						$	14,273,652,985

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2024.
(c)	Unless noted, all repurchase agreements were entered into on May 31, 2024. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section.

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

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

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

 

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

 

  ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I— At May 31, 2024, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of June 3, 2024, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government		$1,215,000,000		$1,215,539,663		$1,239,370,357
Treasury Obligations		1,135,000,000		1,135,504,129		1,157,765,725

REPURCHASE AGREEMENTS— At May 31, 2024, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:

Counterparty	Interest Rate		Government		Treasury Obligations
Bank of Nova Scotia (The)		5.330%		$155,106,383		$144,893,617
BNP Paribus		5.330		465,319,149		434,680,851
Credit Agricole Corporate and Investment Bank		5.330		594,574,468		555,425,532
Total				$1,215,000,000		$1,135,000,000

At May 31, 2024, the Joint Repurchase Agreement Account I was fully collateralized by cash and:

Issuer	Interest Rate		Maturity Dates
U.S. Treasury Bills		–		06/11/24 to 04/17/25
U.S. Treasury Bonds		1.750% to 5.375		02/15/31 to 02/15/48
U.S. Treasury Floating Rate Note		5.476 to 5.496		10/31/25 to 04/30/26
U.S. Treasury Inflation-Indexed Bonds		2.500 to 3.625		04/15/28 to 01/15/29
U.S. Treasury Inflation-Indexed Notes		0.125 to 2.375		07/15/24 to 01/15/31
U.S. Treasury Interest-Only Stripped Securities		–		05/15/25 to 05/15/40
U.S. Treasury Notes		0.375 to 4.625		06/30/24 to 02/15/33
U.S. Treasury Principal-Only Stripped Securities		–		11/15/28

JOINT REPURCHASE AGREEMENT ACCOUNT III— At May 31, 2024, certain Funds had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of June 3, 2024, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government		$526,800,000		$527,034,426		$542,325,654
Money Market		150,000,000		150,066,750		154,420,744
Prime Obligations		400,000,000		400,178,000		411,788,652

REPURCHASE AGREEMENTS— At May 31, 2024, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate		Government		Money Market		Prime Obligations
ABN Amro Bank N.V.		5.340%		$41,317,647		$11,764,706		$31,372,549
Bank of America, N.A.		5.340		103,294,118		29,411,765		78,431,373
Bank of Montreal		5.340		61,976,471		17,647,059		47,058,823
BofA Securities, Inc.		5.340		51,647,059		14,705,882		39,215,686
Credit Agricole Corporate and Investment Bank		5.340		61,976,470		17,647,059		47,058,824
Wells Fargo Securities, LLC		5.340		206,588,235		58,823,529		156,862,745
Total				$526,800,000		$150,000,000		$400,000,000

At May 31, 2024, the Joint Repurchase Agreement Account III was fully collateralized by cash and:

Issuer	Interest Rate		Maturity Dates
Federal Farm Credit Bank		0.790% to 5.470%		09/17/24 to 06/20/33
Federal Home Loan Bank		0.875 to 4.250		06/12/26 to 10/19/38
Federal Home Loan Mortgage Corp.		0.375 to 7.500		11/01/24 to 06/01/54
Federal National Mortgage Association		0.000 to 6.250		07/01/24 to 05/01/53
Government National Mortgage Association		1.500 to 8.000		03/20/28 to 05/20/54
Tennessee Valley Authority		2.875 to 4.650		02/01/27 to 06/15/35
U.S. Treasury Notes		0.375 to 1.000		07/31/27 to 07/31/28

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

 

 

	Financial Square Federal Instruments Fund			Financial Square Government Fund			Financial Square Money Market Fund			Financial Square Prime Obligations Fund
Assets:
Investments, at value (cost $6,595,583,053, $80,321,644,062, $647,457,836 and $1,682,004,247, respectively)	$	6,595,583,053		$	80,321,644,062		$	647,621,176		$	1,682,362,004
Repurchase agreements, at value (Cost $–, $149,204,678,746, $180,000,000 and $1,220,000,000, respectively)		—			149,204,678,746			179,999,249			1,219,994,873
Cash		2,929,673			3,656,730,999			16,218,986			29,890,540
Receivables:
Interest		6,720,340			612,609,013			42,066			252,511
Investments sold		6,381,383			80,117,024			—			—
Fund shares sold		2,256,596			152,899,706			—			8,848,283
Reimbursement from investment adviser		—			—			52,852			14,503
Other assets		396,235			1,047,609			—			5,169
Total assets		6,614,267,280			234,029,727,159			843,934,329			2,941,367,883
Liabilities:
Payables:
Investments purchased		716,282,662			343,669,500			—			—
Dividend distribution		4,454,900			477,504,137			426,271			941,168
Fund shares redeemed		1,181,074			50,939,808			—			11,754,582
Management fees		883,436			31,168,939			144,159			396,523
Distribution and Service fees and Transfer Agency fees		129,704			5,911,474			10,085			26,572
Accrued expenses		175,382			4,695,608			112,514			130,909
Total liabilities		723,107,158			913,889,466			693,029			13,249,754
Net Assets:
Paid-in capital		5,891,284,200			233,126,072,476			850,504,385			2,927,741,223
Total distributable earnings (loss)		(124,078	)		(10,234,783	)		(7,263,085	)		376,906
NET ASSETS	$	5,891,160,122		$	233,115,837,693		$	843,241,300		$	2,928,118,129

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Statements of Assets and Liabilities (continued)

May 31, 2024 (Unaudited)

 

 

	Financial Square Federal Instruments Fund		Financial Square Government Fund		Financial Square Money Market Fund		Financial Square Prime Obligations Fund
Net Assets:
Class A Shares	$	—	$	3,568,862,224	$	—	$	—
Class C Shares		—		5,391,665		—		—
Class D Shares		1,215,623		86,186,699		—		—
Institutional Shares		5,543,596,851		198,139,627,631		834,662,053		2,906,673,147
Capital Shares		56,766		3,419,503,736		—		302,501
Service Shares		36,111,472		1,345,487,487		2,872		—
Preferred Shares		113,288,382		2,022,614,382		71,887		12,254
Select Shares		—		986,173,455		4,943,896		7,135,579
Administration Shares		172,048,022		10,345,563,167		3,560,592		6,755,337
Cash Management Shares		24,843,006		664,152,059		—		—
Premier Shares		—		123,065,194		—		—
Resource Shares		—		9,785,235		—		—
Class R6 Shares		—		382,950,988		—		—
Drexel Hamilton Class Shares		—		8,071,197,559		—		7,239,311
Loop Class Shares		—		3,061,165,772		—		—
Seelaus Class Shares		—		884,110,440		—		—
Total Net Assets	$	5,891,160,122	$	233,115,837,693	$	843,241,300	$	2,928,118,129
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A Shares		—		3,569,018,458		—		—
Class C Shares		—		5,391,901		—		—
Class D Shares		1,215,649		86,190,476		—		—
Institutional Shares		5,543,718,233		198,148,324,151		834,291,599		2,903,529,721
Capital Shares		56,768		3,419,654,112		—		302,181
Service Shares		36,112,266		1,345,546,602		2,870		—
Preferred Shares		113,290,861		2,022,703,314		71,850		12,244
Select Shares		—		986,216,691		4,942,798		7,128,757
Administration Shares		172,051,798		10,346,016,243		3,559,216		6,748,246
Cash Management Shares		24,843,550		664,181,198		—		—
Premier Shares		—		123,070,572		—		—
Resource Shares		—		9,785,660		—		—
Class R6 Shares		—		382,967,758		—		—
Drexel Hamilton Class Shares		—		8,071,552,420		—		7,231,641
Loop Class Shares		—		3,061,300,228		—		—
Seelaus Class Shares		—		884,149,209		—		—
Net asset value, offering and redemption price per share:
Class A Shares	$	—	$	1.00	$	—	$	—
Class C Shares		—		1.00		—		—
Class D Shares		1.00		1.00		—		—
Institutional Shares		1.00		1.00		1.0004		1.0011
Capital Shares		1.00		1.00		—		1.0011
Service Shares		1.00		1.00		1.0007		—
Preferred Shares		1.00		1.00		1.0005		1.0008
Select Shares		—		1.00		1.0002		1.0010
Administration Shares		1.00		1.00		1.0004		1.0011
Cash Management Shares		1.00		1.00		—		—
Premier Shares		—		1.00		—		—
Resource Shares		—		1.00		—		—
Class R6 Shares		—		1.00		—		—
Drexel Hamilton Class Shares		—		1.00		—		1.0011
Loop Class Shares		—		1.00		—		—
Seelaus Class Shares		—		1.00		—		—

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Statements of Assets and Liabilities (continued)

May 31, 2024 (Unaudited)

 

 

	Financial Square Treasury Instruments Fund			Financial Square Treasury Obligations Fund			Financial Square Treasury Solutions Fund
Assets:
Investments, at value (cost $92,356,078,674, $15,714,797,107 and $5,581,898,057, respectively)	$	92,356,078,674		$	15,714,797,107		$	5,581,898,057
Repurchase agreements, at value (Cost $–, $26,841,969,038 and $9,200,000,000, respectively)		—			26,841,969,038			9,200,000,000
Cash		10,187,791			380,558,184			129,195,452
Receivables:
Investments sold		163,193,780			63,425,540			20,045,666
Interest		86,160,108			90,502,471			16,654,945
Fund shares sold		31,837,215			33,577,880			24,649,655
Other assets		—			789,825			69,991
Total assets		92,647,457,568			43,125,620,045			14,972,513,766
Liabilities:
Payables:
Investments purchased		12,005,614,541			1,607,151,749			672,250,373
Dividend distribution		141,375,997			91,893,900			21,000,991
Fund shares redeemed		19,973,736			20,158,447			2,755,270
Management fees		12,179,885			6,157,615			2,106,929
Distribution and Service fees and Transfer Agency fees		1,899,389			1,766,479			702,546
Accrued expenses		1,918,791			587,149			44,672
Total liabilities		12,182,962,339			1,727,715,339			698,860,781
Net Assets:
Paid-in capital		80,475,505,760			41,403,497,445			14,275,313,861
Total distributable earnings (loss)		(11,010,531	)		(5,592,739	)		(1,660,876	)
NET ASSETS	$	80,464,495,229		$	41,397,904,706		$	14,273,652,985

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Statements of Assets and Liabilities (continued)

May 31, 2024 (Unaudited)

 

 

	Financial Square Treasury Instruments Fund		Financial Square Treasury Obligations Fund		Financial Square Treasury Solutions Fund
Net Assets:
Class D Shares	$	32,831,729	$	—	$	—
Institutional Shares		75,534,495,365		35,579,380,828		12,454,936,853
Capital Shares		493,702,390		1,287,961,807		187,698,454
Service Shares		1,143,974,857		1,647,446,595		458,251,503
Preferred Shares		59,770,148		776,713,578		56,202,541
Select Shares		418,719,707		88,277,871		3,006,767
Administration Shares		1,918,448,177		1,966,107,501		783,758,633
Cash Management Shares		41,740,358		22,030,233		257,734,990
Premier Shares		779,126,093		13,312,054		72,063,244
Resource Shares		—		16,674,239		—
Loop Class Shares		41,675,525		—		—
Seelaus Class Shares		10,880		—		—
Total Net Assets	$	80,464,495,229	$	41,397,904,706	$	14,273,652,985
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class D Shares		32,836,222		—		—
Institutional Shares		75,544,833,201		35,584,187,059		12,456,385,865
Capital Shares		493,769,887		1,288,136,108		187,720,313
Service Shares		1,144,131,770		1,647,669,629		458,304,876
Preferred Shares		59,778,312		776,817,850		56,209,085
Select Shares		418,776,958		88,289,768		3,007,116
Administration Shares		1,918,710,746		1,966,373,490		783,849,843
Cash Management Shares		41,746,071		22,033,206		257,765,104
Premier Shares		779,233,020		13,313,849		72,071,658
Resource Shares		—		16,676,489		—
Loop Class Shares		41,681,220		—		—
Seelaus Class Shares		10,881		—		—
Net asset value, offering and redemption price per share:
Class D Shares	$	1.00	$	—	$	—
Institutional Shares		1.00		1.00		1.00
Capital Shares		1.00		1.00		1.00
Service Shares		1.00		1.00		1.00
Preferred Shares		1.00		1.00		1.00
Select Shares		1.00		1.00		1.00
Administration Shares		1.00		1.00		1.00
Cash Management Shares		1.00		1.00		1.00
Premier Shares		1.00		1.00		1.00
Resource Shares		—		1.00		—
Loop Class Shares		1.00		—		—
Seelaus Class Shares		1.00		—		—

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Statements of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

 

 

	Financial Square Federal Instruments Fund		Financial Square Government Fund			Financial Square Money Market Fund			Financial Square Prime Obligations Fund
Investment Income:
Interest income	$	150,893,497	$	6,165,226,707		$	54,087,752		$	83,758,672
Expenses:
Fund-Level Expenses:
Management fees		5,032,917		182,829,603			1,578,495			2,455,219
Transfer Agency fees		279,584		11,425,804			98,648			153,437
Registration fees		137,374		3,942,930			167,916			144,116
Custody, accounting and administrative services		123,702		3,420,734			418,635			221,028
Professional fees		85,939		123,357			62,664			95,650
Printing and mailing fees		70,563		1,838,745			24,751			37,522
Trustee fees		15,013		161,343			6,590			10,371
Shareholder meeting expense		929		—			1,647			2,068
Other		65,115		802,848			51,592			50,770
Subtotal		5,811,136		204,545,364			2,410,938			3,170,181
Class Specific Expenses:
Administration Share fees		226,750		11,886,297			3,921			8,327
Service Share fees		95,519		3,627,306			7			—
Preferred Share fees		63,579		1,096,529			35			5
Cash Management Share fees		56,171		1,394,543			—			—
Distribution fees - Cash Management Shares		33,702		836,724			—			—
Capital Share fees		42		2,526,132			—			223
Distribution fees - Resource Shares		—		6,738			—			—
Select Share fees		—		169,486			1,014			1,264
Resource Share fees		—		22,461			—			—
Premier Share fees		—		218,770			—			—
Distribution and Service fees - Class A Shares		—		3,880,201			—			—
Distribution fees - Class C Shares		—		26,278			—			—
Total expenses		6,286,899		230,236,829			2,415,915			3,180,000
Less - expense reductions		—		(9,037	)		(593,948	)		(344,527	)
Net expenses		6,286,899		230,227,792			1,821,967			2,835,473
NET INVESTMENT INCOME	$	144,606,598	$	5,934,998,915		$	52,265,785		$	80,923,199
Net realized gain from investment transactions		59,359		387,449			90,428			81,166
Net change in unrealized gain from investment transactions		—		—			182,048			413,015
Net realized and unrealized gain		59,359		387,449			272,476			494,181
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	144,665,957	$	5,935,386,364		$	52,538,261		$	81,417,380

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

 

Statements of Operations (continued)

For the Six Months Ended May 31, 2024 (Unaudited)

 

 

	Financial Square Treasury Instruments Fund			Financial Square Treasury Obligations Fund			Financial Square Treasury Solutions Fund
Investment Income:
Interest income	$	2,191,014,503		$	1,166,618,371		$	378,001,278
Expenses:
Fund-Level Expenses:
Management fees		73,282,407			38,962,811			12,614,299
Transfer Agency fees		4,070,914			2,164,425			700,736
Custody, accounting and administrative services		1,240,163			743,534			200,089
Registration fees		1,124,760			85,060			292,677
Printing and mailing fees		707,852			148,912			47,473
Professional fees		197,292			147,516			63,506
Shareholder meeting expense		63,408			—			6,980
Trustee fees		59,800			50,229			16,044
Other		422,655			181,189			68,468
Subtotal		81,169,251			42,483,676			14,010,272
Class Specific Expenses:
Administration Share fees		2,760,960			2,696,917			1,185,103
Service Share fees		2,324,680			3,879,479			1,186,009
Premier Share fees		1,395,635			26,781			128,301
Capital Share fees		441,312			924,178			125,564
Cash Management Share fees		66,437			41,474			470,802
Select Share fees		62,148			13,368			249
Distribution fees - Cash Management Shares		39,862			36,001			282,481
Preferred Share fees		29,518			432,601			27,407
Resource Share fees		—			37,057			—
Total expenses		88,289,803			50,571,532			17,416,188
NET INVESTMENT INCOME	$	2,102,724,700		$	1,116,046,839		$	360,585,090
Net realized loss from investment transactions		(8,158,321	)		(4,895,166	)		(1,442,752	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,094,566,379		$	1,111,151,673		$	359,142,338

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

 

Statements of Changes in Net Assets

 

 

		Financial Square Federal Instruments Fund						Financial Square Government Fund
		For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023			For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023
	From operations:
	Net investment income	$	144,606,598		$	250,692,032		$	5,934,998,915		$	12,123,976,591
	Net realized gain (loss) from investment transactions		59,359			605,201			387,449			(4,044,388	)
	Net increase in net assets resulting from operations		144,665,957			251,297,233			5,935,386,364			12,119,932,203
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		–			–			(77,206,481	)		(72,685,018	)
	Class C Shares		–			–			(111,034	)		(216,622	)
	Class D Shares		(32,874	)		(391,869	)		(2,502,448	)		(3,619,247	)
	Institutional Shares		(135,739,475	)		(235,326,812	)		(5,077,818,295	)		(10,522,118,650	)
	Capital Shares		(1,413	)		(3,861	)		(85,480,408	)		(136,777,569	)
	Service Shares		(897,965	)		(1,540,243	)		(34,282,852	)		(61,010,250	)
	Preferred Shares		(3,242,155	)		(6,832,196	)		(56,203,219	)		(91,598,847	)
	Select Shares		–			(1,408	)		(29,358,578	)		(66,259,446	)
	Administration Shares		(4,489,313	)		(6,378,524	)		(236,582,327	)		(429,061,209	)
	Cash Management Shares		(494,165	)		(597,412	)		(12,342,558	)		(13,224,212	)
	Premier Shares		–			–			(3,047,205	)		(7,728,220	)
	Resource Shares		–			–			(205,535	)		(356,100	)
	Class R6 Shares		–			–			(9,554,404	)		(14,094,386	)
	Drexel Hamilton Class Shares		–			–			(240,313,278	)		(449,135,354	)
	Loop Class Shares		–			–			(61,885,785	)		(176,056,718	)
	Seelaus Class Shares		–			–			(18,697,278	)		(73,173,095	)
	Total distributions to shareholders		(144,897,360	)		(251,073,696	)		(5,945,591,685	)		(12,117,114,943	)
	From share transactions:
	Proceeds from sales of shares		6,529,351,702			15,977,811,218			931,133,049,686			1,939,531,164,447
	Reinvestment of distributions		118,985,507			215,364,671			3,011,031,976			6,372,884,347
	Cost of shares redeemed		(5,983,880,118	)		(14,467,328,023	)		(952,787,006,198	)		(1,953,843,155,556	)
	Net increase (decrease) in net assets resulting from share transactions		664,457,091			1,725,847,866			(18,642,924,536	)		(7,939,106,762	)
	TOTAL INCREASE (DECREASE)		664,225,688			1,726,071,403			(18,653,129,857	)		(7,936,289,502	)
	Net Assets:
	Beginning of period	$	5,226,934,434		$	3,500,863,031		$	251,768,967,550		$	259,705,257,052
	End of period	$	5,891,160,122		$	5,226,934,434		$	233,115,837,693		$	251,768,967,550

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

		Financial Square Money Market Fund						Financial Square Prime Obligations Fund
		For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023			For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023
	From operations:
	Net investment income	$	52,265,785		$	146,279,582		$	80,923,199		$	142,696,030
	Net realized gain from investment transactions		90,428			6,671			81,166			211,925
	Net change in unrealized gain (loss) from investment transactions		182,048			(428,693	)		413,015			(196,900	)
	Net increase in net assets resulting from operations		52,538,261			145,857,560			81,417,380			142,711,055
	Distributions to shareholders:
	From distributable earnings:
	Institutional Shares		(52,007,085	)		(145,954,060	)		(80,499,543	)		(141,492,995	)
	Capital Shares		–			–			(7,644	)		(19,461	)
	Service Shares		(68	)		(122	)		–			–
	Preferred Shares		(1,836	)		(3,311	)		(312	)		(19,936	)
	Select Shares		(177,891	)		(194,803	)		(221,352	)		(620,147	)
	Administration Shares		(78,904	)		(127,172	)		(167,543	)		(301,297	)
	Drexel Hamilton Class Shares		–			–			(129,238	)		(373,245	)
	Total distributions to shareholders		(52,265,784	)		(146,279,582	)		(81,025,632	)		(142,827,196	)
	From share transactions:
	Proceeds from sales of shares		5,155,473,458			15,041,168,190			3,082,534,428			7,334,947,557
	Reinvestment of distributions		42,285,332			119,383,895			71,323,290			124,205,673
	Cost of shares redeemed		(6,988,743,035	)		(16,949,499,238	)		(3,276,925,163	)		(6,633,603,875	)
	Net increase (decrease) in net assets resulting from share transactions		(1,790,984,245	)		(1,788,947,153	)		(123,067,445	)		825,549,355
	TOTAL INCREASE (DECREASE)		(1,790,711,768	)		(1,789,369,175	)		(122,675,697	)		825,433,214
	Net Assets:
	Beginning of period	$	2,633,953,068		$	4,423,322,243		$	3,050,793,826		$	2,225,360,612
	End of period	$	843,241,300		$	2,633,953,068		$	2,928,118,129		$	3,050,793,826

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

 

		Financial Square Treasury Instruments Fund						Financial Square Treasury Obligations Fund
		For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023			For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023
	From operations:
	Net investment income	$	2,102,724,700		$	4,130,126,991		$	1,116,046,839		$	2,082,713,390
	Net realized gain (loss) from investment transactions		(8,158,321	)		(7,188,332	)		(4,895,166	)		4,239,329
	Net increase in net assets resulting from operations		2,094,566,379			4,122,938,659			1,111,151,673			2,086,952,719
	Distributions to shareholders:
	From distributable earnings:
	Class D Shares		(1,063,211	)		(1,367,670	)		–			–
	Institutional Shares		(1,979,323,860	)		(3,861,789,006	)		(971,984,766	)		(1,826,913,610	)
	Capital Shares		(14,827,051	)		(41,430,892	)		(31,129,973	)		(41,696,476	)
	Service Shares		(21,778,385	)		(29,943,775	)		(36,486,774	)		(67,464,668	)
	Preferred Shares		(1,501,365	)		(4,182,906	)		(22,079,510	)		(45,884,337	)
	Select Shares		(10,693,540	)		(20,706,162	)		(2,310,200	)		(5,859,394	)
	Administration Shares		(54,504,723	)		(99,125,318	)		(53,429,584	)		(94,223,573	)
	Cash Management Shares		(582,802	)		(1,291,142	)		(365,261	)		(908,816	)
	Premier Shares		(19,281,238	)		(16,124,159	)		(371,204	)		(646,252	)
	Resource Shares		–			–			(337,433	)		(742,723	)
	Loop Class Shares		(1,090,331	)		(4,909,184	)		–			–
	Seelaus Class Shares		(55,466	)		(27,100,254	)		–			–
	Total distributions to shareholders		(2,104,701,972	)		(4,107,970,494	)		(1,118,494,705	)		(2,084,339,849	)
	From share transactions:
	Proceeds from sales of shares		125,911,954,904			295,884,528,346			133,945,668,209			415,862,061,039
	Reinvestment of distributions		1,262,005,721			2,396,101,440			502,778,901			944,233,062
	Cost of shares redeemed		(130,581,548,738	)		(311,373,669,749	)		(143,406,165,865	)		(410,533,964,153	)
	Net increase (decrease) in net assets resulting from share transactions		(3,407,588,113	)		(13,093,039,963	)		(8,957,718,755	)		6,272,329,948
	TOTAL INCREASE (DECREASE)		(3,417,723,706	)		(13,078,071,798	)		(8,965,061,787	)		6,274,942,818
	Net Assets:
	Beginning of period	$	83,882,218,935		$	96,960,290,733		$	50,362,966,493		$	44,088,023,675
	End of period	$	80,464,495,229		$	83,882,218,935		$	41,397,904,706		$	50,362,966,493

  

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

 

		Financial Square Treasury Solutions Fund
		For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023
	From operations:
	Net investment income	$	360,585,090		$	712,650,725
	Net realized gain (loss) from investment transactions		(1,442,752	)		1,576,143
	Net increase in net assets resulting from operations		359,142,338			714,226,868
	Distributions to shareholders:
	From distributable earnings:
	Institutional Shares		(315,288,710	)		(640,453,144	)
	Capital Shares		(4,230,504	)		(8,754,429	)
	Service Shares		(11,155,886	)		(9,662,626	)
	Preferred Shares		(1,399,101	)		(2,591,509	)
	Select Shares		(42,918	)		(306,624	)
	Administration Shares		(23,485,833	)		(36,164,078	)
	Cash Management Shares		(4,148,323	)		(11,090,008	)
	Premier Shares		(1,780,328	)		(4,186,689	)
	Resource Shares		–			(26	)
	Total distributions to shareholders		(361,531,603	)		(713,209,133	)
	From share transactions:
	Proceeds from sales of shares		24,151,207,854			63,899,985,993
	Reinvestment of distributions		237,503,465			438,300,342
	Cost of shares redeemed		(25,399,384,654	)		(65,049,705,531	)
	Net decrease in net assets resulting from share transactions		(1,010,673,335	)		(711,419,196	)
	TOTAL DECREASE		(1,013,062,600	)		(710,401,461	)
	Net Assets:
	Beginning of period	$	15,286,715,585		$	15,997,117,046
	End of period	$	14,273,652,985		$	15,286,715,585

  

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

 

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Financial Square Federal Instruments Fund
	Class D Shares
	Six Months Ended May 31, 2024 (Unaudited)				Period Ended November 30, 2023(a)
Per Share Data
Net asset value, beginning of period		$	1.00			$	1.00
Net investment income(b)			0.026				0.041
Net realized gain			–				–	(c)
Total from investment operations			0.026				0.041
Distributions to shareholders from net investment income			(0.026	)			(0.041	)
Distributions to shareholders from net realized gains			–	(c)			–	(c)
Total distributions (d)			(0.026	)			(0.041	)
Net asset value, end of period		$	1.00			$	1.00
Total Return(e)			2.63	%			4.90	%
Net assets, end of period (in 000’s)		$	1,216			$	1,441
Ratio of total expenses to average net assets			0.20	%(f)			0.20	%(f)
Ratio of net investment income to average net assets			5.19	%(f)			4.93	%(f)

(a) Commenced operations on January 31, 2023.

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

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

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

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

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Federal Instruments Fund
		Institutional Shares
		Six Months Ended					Year Ended November 30,												For the				Year Ended August 31,
		May 31, 2024 (Unaudited)					2023				2022				2021				Period Ended November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026					0.048				0.012				–	(b)			–	(b)			0.007				0.021
	Net realized gain			–					–	(b)			–	(b)			–	(b)			–	(b)			0.003				0.001
	Total from investment operations			0.026					0.048				0.012				–	(b)			–	(b)			0.010				0.022
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.010	)			(0.022	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.010	)			(0.022	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.63	%				4.90	%			1.18	%			0.01	%			–	%(e)			0.99	%			2.18	%
	Net assets, end of period (in 000’s)		$	5,543,597				$	4,869,355			$	3,229,145			$	2,667,247			$	3,639,742			$	3,761,104			$	1,453,995
	Ratio of net expenses to average net assets			0.20	%(f)				0.20	%			0.18	%			0.09	%			0.14	%(f)			0.15	%			0.18	%
	Ratio of total expenses to average net assets			0.20	%(f)				0.20	%			0.21	%			0.20	%			0.21	%(f)			0.21	%			0.22	%
	Ratio of net investment income to average net assets			5.19	%(f)				4.83	%			1.18	%			–	%(e)			0.01	%(f)			0.67	%			2.15	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Federal Instruments Fund
		Capital Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.045				0.011				–	(b)			–	(b)			0.007				0.019
	Net realized gain			–					0.001				–	(b)			–	(b)			–	(b)			0.002				0.001
	Total from investment operations			0.025					0.046				0.011				–	(b)			–	(b)			0.009				0.020
	Distributions to shareholders from net investment income			(0.025	)				(0.046	)			(0.011	)			–	(b)			–	(b)			(0.009	)			(0.020	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.046	)			(0.011	)			–	(b)			–	(b)			(0.009	)			(0.020	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.55	%				4.74	%			1.08	%			0.01	%			–	%(e)			0.85	%			2.03	%
	Net assets, end of period (in 000’s)		$	57				$	55			$	130			$	527			$	3,267			$	1,135			$	626
	Ratio of net expenses to average net assets			0.35	%(f)				0.35	%			0.27	%			0.09	%			0.15	%(f)			0.28	%			0.33	%
	Ratio of total expenses to average net assets			0.35	%(f)				0.35	%			0.36	%			0.35	%			0.36	%(f)			0.36	%			0.37	%
	Ratio of net investment income (loss) to average net assets			5.04	%(f)				4.49	%			0.66	%			–	%(e)			(0.01	)%(f)			0.74	%			1.90	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Federal Instruments Fund
		Service Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.023					0.043				0.009				–	(b)			–	(b)			0.006				0.016
	Net realized gain			–					–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			0.001
	Total from investment operations			0.023					0.043				0.009				–	(b)			–	(b)			0.006				0.017
	Distributions to shareholders from net investment income			(0.023	)				(0.043	)			(0.009	)			–	(b)			–	(b)			(0.006	)			(0.017	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.023	)				(0.043	)			(0.009	)			–	(b)			–	(b)			(0.006	)			(0.017	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.37	%				4.38	%			0.86	%			0.01	%			–	%(e)			0.63	%			1.67	%
	Net assets, end of period (in 000’s)		$	36,111				$	44,902			$	10,055			$	9,839			$	10,277			$	11,490			$	11,493
	Ratio of net expenses to average net assets			0.70	%(f)				0.70	%			0.51	%			0.09	%			0.15	%(f)			0.50	%			0.68	%
	Ratio of total expenses to average net assets			0.70	%(f)				0.70	%			0.71	%			0.70	%			0.71	%(f)			0.71	%			0.72	%
	Ratio of net investment income (loss) to average net assets			4.69	%(f)				4.31	%			0.86	%			–	%(e)			(0.01	)%(f)			0.57	%			1.64	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Federal Instruments Fund
		Preferred Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.046				0.011				–	(b)			–	(b)			0.004				0.021
	Net realized gain			–					0.001				–	(b)			–	(b)			–	(b)			0.005				–	(b)
	Total from investment operations			0.025					0.047				0.011				–	(b)			–	(b)			0.009				0.021
	Distributions to shareholders from net investment income			(0.025	)				(0.047	)			(0.011	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.047	)			(0.011	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.58	%				4.80	%			1.11	%			0.01	%			–	%(e)			0.89	%			2.08	%
	Net assets, end of period (in 000’s)		$	113,288				$	107,656			$	174,388			$	2,873			$	6,019			$	22,779			$	5,536
	Ratio of net expenses to average net assets			0.30	%(f)				0.30	%			0.28	%			0.09	%			0.15	%(f)			0.24	%			0.28	%
	Ratio of total expenses to average net assets			0.30	%(f)				0.30	%			0.31	%			0.30	%			0.31	%(f)			0.31	%			0.32	%
	Ratio of net investment income (loss) to average net assets			5.09	%(f)				4.61	%			1.75	%			–	%(e)			(0.01	)%(f)			0.39	%			2.09	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Federal Instruments Fund
		Administration Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†,†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.046				0.010				–	(b)			–	(b)			0.007				0.019
	Net realized gain (loss)			–					(0.001	)			–	(b)			–	(b)			–	(b)			0.001				–	(b)
	Total from investment operations			0.025					0.045				0.010				–	(b)			–	(b)			0.008				0.019
	Distributions to shareholders from net investment income			(0.025	)				(0.045	)			(0.010	)			–	(b)			–	(b)			(0.008	)			(0.019	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.045	)			(0.010	)			–	(b)			–	(b)			(0.008	)			(0.019	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.50	%				4.64	%			1.01	%			0.01	%			–	%(e)			0.78	%			1.93	%
	Net assets, end of period (in 000’s)		$	172,048				$	182,443			$	79,251			$	63,937			$	76,144			$	73,011			$	61,267
	Ratio of net expenses to average net assets			0.45	%(f)				0.45	%			0.36	%			0.09	%			0.15	%(f)			0.35	%			0.43	%
	Ratio of total expenses to average net assets			0.45	%(f)				0.45	%			0.46	%			0.45	%			0.46	%(f)			0.46	%			0.47	%
	Ratio of net investment income (loss) to average net assets			4.94	%(f)				4.60	%			1.19	%			–	%(e)			(0.01	)%(f)			0.69	%			1.89	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Federal Instruments Fund
		Cash Management Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.022					0.041				0.007				–	(b)			–	(b)			0.002				0.013
	Net realized gain (loss)			–					(0.001	)			–	(b)			–	(b)			–	(b)			0.003				0.001
	Total from investment operations			0.022					0.040				0.007				–	(b)			–	(b)			0.005				0.014
	Distributions to shareholders from net investment income			(0.022	)				(0.040	)			(0.007	)			–	(b)			–	(b)			(0.005	)			(0.014	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.022	)				(0.040	)			(0.007	)			–	(b)			–	(b)			(0.005	)			(0.014	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.22	%				4.07	%			0.70	%			0.01	%			–	%(e)			0.46	%			1.37	%
	Net assets, end of period (in 000’s)		$	24,843				$	21,081			$	7,791			$	127,537			$	73,555			$	52,216			$	92
	Ratio of net expenses to average net assets			1.00	%(f)				1.00	%			0.58	%			0.09	%			0.15	%(f)			0.45	%			0.98	%
	Ratio of total expenses to average net assets			1.00	%(f)				1.00	%			1.01	%			1.00	%			1.01	%(f)			1.01	%			1.02	%
	Ratio of net investment income (loss) to average net assets			4.39	%(f)				4.07	%			0.33	%			–	%(e)			(0.01	)%(f)			0.12	%			1.34	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Class A Shares
		Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
						2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025				0.047				0.011				–	(b)			–	(b)			0.007				0.019
	Net realized gain (loss)			–	(b)			(0.001	)			–	(b)			–	(b)			–	(b)			0.001				0.001
	Total from investment operations			0.025				0.046				0.011				–	(b)			–	(b)			0.008				0.020
	Distributions to shareholders from net investment income			(0.025	)			(0.046	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.020	)
	Distributions to shareholders from net realized gains			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)			(0.046	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.020	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.51	%			4.67	%			1.07	%			0.03	%			–	%(e)			0.76	%			1.97	%
	Net assets, end of period (in 000’s)		$	3,568,862			$	2,578,102			$	609,601			$	600,756			$	282,556			$	366,871			$	244,295
	Ratio of net expenses to average net assets			0.43	%(f)			0.43	%			0.31	%			0.07	%			0.20	%(f)			0.39	%			0.43	%
	Ratio of total expenses to average net assets			0.43	%(f)			0.43	%			0.43	%			0.43	%			0.43	%(f)			0.43	%			0.43	%
	Ratio of net investment income (loss) to average net assets			4.97	%(f)			4.72	%			0.99	%			0.03	%			(0.01	)%(f)			0.69	%			1.94	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Class C Shares
		Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
						2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.021				0.038				0.007				–	(b)			–	(b)			0.003				0.012
	Net realized gain			–	(b)			–				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.021				0.038				0.007				–	(b)			–	(b)			0.003				0.012
	Distributions to shareholders from net investment income			(0.021	)			(0.038	)			(0.007	)			–	(b)			–	(b)			(0.003	)			(0.012	)
	Distributions to shareholders from net realized gains			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.021	)			(0.038	)			(0.007	)			–	(b)			–	(b)			(0.003	)			(0.012	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.13	%			3.89	%			0.67	%			0.03	%			–	%(e)			0.34	%			1.21	%
	Net assets, end of period (in 000’s)		$	5,392			$	5,211			$	5,578			$	5,029			$	6,327			$	6,529			$	4,532
	Ratio of net expenses to average net assets			1.18	%(f)			1.18	%			0.75	%			0.07	%			0.20	%(f)			0.73	%			1.18	%
	Ratio of total expenses to average net assets			1.18	%(f)			1.18	%			1.18	%			1.18	%			1.18	%(f)			1.18	%			1.18	%
	Ratio of net investment income (loss) to average net assets			4.22	%(f)			3.80	%			0.68	%			0.02	%			(0.01	)%(f)			0.25	%			1.19	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Class D Shares
		Six Months Ended May 31, 2024 (Unaudited)				For the Fiscal Year Ended 2023				Period Ended November 30, 2022(a)
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00
	Net investment income(b)			0.026				0.050				0.008
	Net realized loss			–	(c)			(0.002	)			–
	Total from investment operations			0.026				0.048				0.008
	Distributions to shareholders from net investment income			(0.026	)			(0.048	)			(0.008	)
	Distributions to shareholders from net realized gains			–	(c)			–	(c)			–
	Net asset value, end of period		$	1.00			$	1.00			$	1.00
	Total Return(d)			2.64	%			4.93	%			0.82	%
	Net assets, end of period (in 000’s)		$	86,187			$	81,635			$	10
	Ratio of net expenses to average net assets			0.18	%(e)			0.18	%			0.15	%(e)
	Ratio of total expenses to average net assets			0.18	%(e)			0.18	%			0.18	%(e)
	Ratio of net investment income to average net assets			5.22	%(e)			4.98	%			2.92	%(e)

(a) Commenced operations on August 22, 2022.

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

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

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

(e) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Institutional Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026					0.048				0.012				–	(b)			–	(b)			0.007				0.022
	Net realized gain			–	(b)				–				–	(b)			–	(b)			–	(b)			0.003				–	(b)
	Total from investment operations			0.026					0.048				0.012				–	(b)			–	(b)			0.010				0.022
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.010	)			(0.022	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.010	)			(0.022	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.64	%				4.93	%			1.25	%			0.03	%			0.01	%			0.97	%			2.23	%
	Net assets, end of period (in 000’s)		$	198,139,628				$	214,557,639			$	230,046,292			$	194,824,984			$	154,904,106			$	204,287,540			$	100,539,271
	Ratio of net expenses to average net assets			0.18	%(e)				0.18	%			0.15	%			0.07	%			0.18	%(e)			0.18	%			0.18	%
	Ratio of total expenses to average net assets			0.18	%(e)				0.18	%			0.18	%			0.18	%			0.18	%(e)			0.18	%			0.18	%
	Ratio of net investment income to average net assets			5.22	%(e)				4.82	%			1.30	%			0.02	%			–	%(e)(f)			0.70	%			2.19	%

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

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

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

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

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

(e) Annualized.

(f) Amount is less than 0.005%.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Capital Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.047				0.011				–	(b)			–	(b)			0.008				0.021
	Net realized gain			–	(b)				–				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.025					0.047				0.011				–	(b)			–	(b)			0.008				0.021
	Distributions to shareholders from net investment income			(0.025	)				(0.047	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.021	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.047	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.021	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.56	%				4.77	%			1.14	%			0.03	%			–	%(e)			0.83	%			2.08	%
	Net assets, end of period (in 000’s)		$	3,419,504				$	3,856,324			$	3,087,619			$	1,675,429			$	1,435,345			$	1,291,798			$	1,302,391
	Ratio of net expenses to average net assets			0.33	%(f)				0.33	%			0.27	%			0.07	%			0.19	%(f)			0.32	%			0.33	%
	Ratio of total expenses to average net assets			0.33	%(f)				0.33	%			0.33	%			0.33	%			0.33	%(f)			0.33	%			0.33	%
	Ratio of net investment income (loss) to average net assets			5.07	%(f)				4.70	%			1.40	%			0.02	%			(0.01	)%(f)			0.76	%			2.05	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Service Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.024					0.043				0.009				–	(b)			–	(b)			0.006				0.017
	Net realized gain			–	(b)				–				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.024					0.043				0.009				–	(b)			–	(b)			0.006				0.017
	Distributions to shareholders from net investment income			(0.024	)				(0.043	)			(0.009	)			–	(b)			–	(b)			(0.006	)			(0.017	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.024	)				(0.043	)			(0.009	)			–	(b)			–	(b)			(0.006	)			(0.017	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.39	%				4.41	%			0.92	%			0.03	%			–	%(e)			0.61	%			1.72	%
	Net assets, end of period (in 000’s)		$	1,345,487				$	1,476,967			$	1,190,570			$	908,881			$	860,075			$	1,775,966			$	665,252
	Ratio of net expenses to average net assets			0.68	%(f)				0.68	%			0.50	%			0.07	%			0.20	%(f)			0.53	%			0.68	%
	Ratio of total expenses to average net assets			0.68	%(f)				0.68	%			0.68	%			0.68	%			0.68	%(f)			0.68	%			0.68	%
	Ratio of net investment income (loss) to average net assets			4.72	%(f)				4.34	%			1.01	%			0.02	%			(0.01	)%(f)			0.58	%			1.69	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Preferred Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026					0.048				0.012				–	(b)			–	(b)			0.009				0.021
	Net realized loss			–	(b)				(0.001	)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.026					0.047				0.012				–	(b)			–	(b)			0.009				0.021
	Distributions to shareholders from net investment income			(0.026	)				(0.047	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)				(0.047	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.59	%				4.82	%			1.18	%			0.03	%			–	%(e)			0.88	%			2.13	%
	Net assets, end of period (in 000’s)		$	2,022,614				$	2,183,829			$	1,742,072			$	1,077,741			$	820,201			$	1,627,349			$	1,755,404
	Ratio of net expenses to average net assets			0.28	%(f)				0.28	%			0.23	%			0.07	%			0.20	%(f)			0.28	%			0.28	%
	Ratio of total expenses to average net assets			0.28	%(f)				0.28	%			0.28	%			0.28	%			0.28	%(f)			0.28	%			0.28	%
	Ratio of net investment income (loss) to average net assets			5.12	%(f)				4.76	%			1.40	%			0.02	%			(0.01	)%(f)			0.89	%			2.08	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Select Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026					0.048				0.012				–	(b)			–	(b)			0.009				0.022
	Net realized gain			–	(b)				–				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.026					0.048				0.012				–	(b)			–	(b)			0.009				0.022
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.022	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.022	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.63	%				4.90	%			1.23	%			0.03	%			–	%(e)			0.94	%			2.20	%
	Net assets, end of period (in 000’s)		$	986,173				$	1,355,264			$	1,119,156			$	1,181,542			$	448,540			$	481,493			$	825,651
	Ratio of net expenses to average net assets			0.21	%(f)				0.21	%			0.17	%			0.07	%			0.20	%(f)			0.21	%			0.21	%
	Ratio of total expenses to average net assets			0.21	%(f)				0.21	%			0.21	%			0.21	%			0.21	%(f)			0.21	%			0.21	%
	Ratio of net investment income (loss) to average net assets			5.19	%(f)				4.81	%			1.42	%			0.03	%			(0.01	)%(f)			0.86	%			2.16	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Administration Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.046				0.011				–	(b)			–	(b)			0.008				0.020
	Net realized gain			–	(b)				–				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.025					0.046				0.011				–	(b)			–	(b)			0.008				0.020
	Distributions to shareholders from net investment income			(0.025	)				(0.046	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.020	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.046	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.020	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.51	%				4.67	%			1.07	%			0.03	%			–	%(e)			0.76	%			1.97	%
	Net assets, end of period (in 000’s)		$	10,345,563				$	10,067,366			$	9,178,619			$	7,904,302			$	5,706,517			$	5,421,224			$	4,862,853
	Ratio of net expenses to average net assets			0.43	%(f)				0.43	%			0.32	%			0.07	%			0.20	%(f)			0.39	%			0.43	%
	Ratio of total expenses to average net assets			0.43	%(f)				0.43	%			0.43	%			0.43	%			0.43	%(f)			0.43	%			0.43	%
	Ratio of net investment income (loss) to average net assets			4.97	%(f)				4.59	%			1.07	%			0.02	%			(0.01	)%(f)			0.76	%			1.95	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Cash Management Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.022					0.041				0.008				–	(b)			–	(b)			0.004				0.013
	Net realized gain (loss)			–	(b)				(0.001	)			–	(b)			–	(b)			–	(b)			0.001				0.001
	Total from investment operations			0.022					0.040				0.008				–	(b)			–	(b)			0.005				0.014
	Distributions to shareholders from net investment income			(0.022	)				(0.040	)			(0.008	)			–	(b)			–	(b)			(0.005	)			(0.014	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–				–
	Total distributions (c)			(0.022	)				(0.040	)			(0.008	)			–	(b)			–	(b)			(0.005	)			(0.014	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.23	%				4.09	%			0.76	%			0.03	%			–	%(e)			0.45	%			1.42	%
	Net assets, end of period (in 000’s)		$	664,152				$	542,413			$	148,429			$	302,333			$	168,903			$	198,129			$	96,690
	Ratio of net expenses to average net assets			0.98	%(f)				0.98	%			0.61	%			0.07	%			0.20	%(f)			0.65	%			0.98	%
	Ratio of total expenses to average net assets			0.98	%(f)				0.98	%			0.98	%			0.98	%			0.98	%(f)			0.98	%			0.98	%
	Ratio of net investment income (loss) to average net assets			4.42	%(f)				4.14	%			0.45	%			0.03	%			(0.01	)%(f)			0.35	%			1.35	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Premier Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.024					0.044				0.010				–	(b)			–	(b)			0.007				0.019
	Net realized gain			–	(b)				0.001				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.024					0.045				0.010				–	(b)			–	(b)			0.007				0.019
	Distributions to shareholders from net investment income			(0.024	)				(0.045	)			(0.010	)			–	(b)			–	(b)			(0.007	)			(0.019	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.024	)				(0.045	)			(0.010	)			–	(b)			–	(b)			(0.007	)			(0.019	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.46	%				4.56	%			1.01	%			0.03	%			–	%(e)			0.70	%			1.87	%
	Net assets, end of period (in 000’s)		$	123,065				$	119,784			$	365,028			$	9,922,502			$	219,114			$	195,822			$	190,633
	Ratio of net expenses to average net assets			0.53	%(f)				0.53	%			0.33	%			0.07	%			0.20	%(f)			0.46	%			0.53	%
	Ratio of total expenses to average net assets			0.53	%(f)				0.53	%			0.53	%			0.53	%			0.53	%(f)			0.53	%			0.53	%
	Ratio of net investment income (loss) to average net assets			4.87	%(f)				4.39	%			0.33	%			0.03	%			(0.01	)%(f)			0.70	%			1.85	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Resource Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00		$   1.00
	Net investment income(a)			0.023					0.042				0.008				–	(b)			–	(b)			0.005		0.015
	Net realized gain			–	(b)				–				–	(b)			–	(b)			–	(b)			–	(b)	0.001
	Total from investment operations			0.023					0.042				0.008				–	(b)			–	(b)			0.005		0.016
	Distributions to shareholders from net investment income			(0.023	)				(0.042	)			(0.008	)			–	(b)			–	(b)			(0.005	)	(0.016)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)	–(b)
	Total distributions (c)			(0.023	)				(0.042	)			(0.008	)			–	(b)			–	(b)			(0.005	)	(0.016)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00		$   1.00
	Total Return(d)			2.31	%				4.25	%			0.84	%			0.03	%			–	%(e)			0.53	%	1.57%
	Net assets, end of period (in 000’s)		$	9,785				$	8,513			$	9,214			$	10,447			$	93,981			$	83,378		$  70,841
	Ratio of net expenses to average net assets			0.83	%(f)				0.83	%			0.56	%			0.07	%			0.20	%(f)			0.60	%	0.83%
	Ratio of total expenses to average net assets			0.83	%(f)				0.83	%			0.83	%			0.83	%			0.83	%(f)			0.83	%	0.83%
	Ratio of net investment income (loss) to average net assets			4.57	%(f)				4.16	%			0.83	%			0.02	%			(0.01	)%(f)			0.47	%	1.54%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Class R6 Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026					0.048				0.012				–	(b)			–	(b)			0.009				0.022
	Net realized gain			–	(b)				–				–	(b)			–	(b)			–	(b)			0.001				–	(b)
	Total from investment operations			0.026					0.048				0.012				–	(b)			–	(b)			0.010				0.022
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.010	)			(0.022	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.010	)			(0.022	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.64	%				4.93	%			1.25	%			0.03	%			0.01	%			0.97	%			2.23	%
	Net assets, end of period (in 000’s)		$	382,951				$	316,732			$	268,194			$	311,454			$	91,630			$	115,111			$	96,804
	Ratio of net expenses to average net assets			0.18	%(e)				0.18	%			0.15	%			0.07	%			0.18	%(e)			0.18	%			0.18	%
	Ratio of total expenses to average net assets			0.18	%(e)				0.18	%			0.18	%			0.18	%			0.18	%(e)			0.18	%			0.18	%
	Ratio of net investment income to average net assets			5.22	%(e)				4.83	%			1.26	%			0.03	%			–	%(e)(f)			0.93	%			2.20	%

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

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

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

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

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

(e) Annualized.

(f) Amount is less than 0.005%.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Drexel Hamilton Class Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Period Ended August 31, 2020(a)
							2023				2022				2021
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(b)			0.026					0.049				0.012				–	(c)			–	(c)			0.005
	Net realized gain (loss)			–	(c)				(0.001	)			–	(c)			–	(c)			–	(c)			0.004
	Total from investment operations			0.026					0.048				0.012				–	(c)			–	(c)			0.009
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.012	)			–	(c)			–	(c)			(0.009	)
	Distributions to shareholders from net realized gains			–	(c)				–	(c)			–	(c)			–	(c)			–	(c)			–	(c)
	Total distributions (d)			(0.026	)				(0.048	)			(0.012	)			–	(c)			–	(c)			(0.009	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(e)			2.64	%				4.93	%			1.25	%			0.03	%			0.01	%			0.93	%
	Net assets, end of period (in 000’s)		$	8,071,198				$	11,012,314			$	7,563,684			$	4,948,288			$	3,042,967			$	2,354,098
	Ratio of net expenses to average net assets			0.18	%(f)				0.18	%			0.15	%			0.07	%			0.18	%(f)			0.18	%(f)
	Ratio of total expenses to average net assets			0.18	%(f)				0.18	%			0.18	%			0.18	%			0.18	%(f)			0.18	%(f)
	Ratio of net investment income to average net assets			5.22	%(f)				4.91	%			1.33	%			0.03	%			–	%(f)(g)			0.54	%(f)

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

(a) Commenced operations on September 9, 2019.

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

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

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

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

(f) Annualized.

(g) Amount is less than 0.005%.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Loop Class Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,								Period Ended November 30, 2021(a)
							2023				2022
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00
	Net investment income(b)			0.026					0.049				0.012				–	(c)
	Net realized loss			–	(c)				(0.001	)			–	(c)			–	(c)
	Total from investment operations			0.026					0.048				0.012				–	(c)
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.012	)			–	(c)
	Distributions to shareholders from net realized gains			–	(c)				–	(c)			–	(c)			–	(c)
	Total distributions (d)			(0.026	)				(0.048	)			(0.012	)			–	(c)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00
	Total Return(e)			2.64	%				4.93	%			1.25	%			–	%(f)
	Net assets, end of period (in 000’s)		$	3,061,166				$	2,922,240			$	2,365,925			$	504,408
	Ratio of net expenses to average net assets			0.18	%(g)				0.18	%			0.15	%			0.07	%(g)
	Ratio of total expenses to average net assets			0.18	%(g)				0.18	%			0.18	%			0.18	%(g)
	Ratio of net investment income to average net assets			5.22	%(g)				4.95	%			1.36	%			0.03	%(g)

(a) Commenced operations on August 23, 2021.

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

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

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

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

(f) Amount is less than 0.005%.

(g) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Government Fund
		Seelaus Class Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,								Period Ended November 30, 2021(a)
							2023				2022
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00
	Net investment income(b)			0.026					0.049				0.012				–	(c)
	Net realized loss			–	(c)				(0.001	)			–	(c)			–	(c)
	Total from investment operations			0.026					0.048				0.012				–	(c)
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.012	)			–	(c)
	Distributions to shareholders from net realized gains			–	(c)				–	(c)			–	(c)			–	(c)
	Total distributions (d)			(0.026	)				(0.048	)			(0.012	)			–	(c)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00
	Total Return(e)			2.64	%				4.93	%			1.25	%			–	%(f)
	Net assets, end of period (in 000’s)		$	884,110				$	684,634			$	2,005,266			$	10
	Ratio of net expenses to average net assets			0.18	%(g)				0.18	%			0.15	%			0.07	%(g)
	Ratio of total expenses to average net assets			0.18	%(g)				0.18	%			0.18	%			0.18	%(g)
	Ratio of net investment income to average net assets			5.22	%(g)				4.91	%			1.55	%			0.03	%(g)

(a) Commenced operations on August 23, 2021.

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

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

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

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

(f) Amount is less than 0.005%.

(g) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Money Market Fund
		Institutional Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.0002				$	1.0004			$	1.0004			$	1.0008			$	1.0011			$	1.0006			$	1.0003
	Net investment income(a)			0.0264					0.0487				0.0136				0.0001				–	(b)			0.0152				0.0244
	Net realized and unrealized gain (loss)			0.0002					0.0006				–				0.0001				(0.0001	)			(0.0027	)			0.0004
	Total from investment operations			0.0266					0.0493				0.0136				0.0002				(0.0001	)			0.0125				0.0248
	Distributions to shareholders from net investment income			(0.0264	)				(0.0495	)			(0.0136	)			(0.0001	)			–	(b)			(0.0120	)			(0.0245	)
	Distributions to shareholders from net realized gains			–					–				–	(b)			(0.0005	)			(0.0002	)			–	(b)			–	(b)
	Total distributions (c)			(0.0264	)				(0.0495	)			(0.0136	)			(0.0006	)			(0.0002	)			(0.0120	)			(0.0245	)
	Net asset value, end of period		$	1.0004				$	1.0002			$	1.0004			$	1.0004			$	1.0008			$	1.0011			$	1.0006
	Total Return(d)			2.68	%				5.05	%			1.36	%			0.02	%			(0.01	)%			1.25	%			2.52	%
	Net assets, end of period (in 000’s)		$	834,662				$	2,626,319			$	4,418,991			$	5,494,458			$	4,042,145			$	6,595,783			$	17,728,767
	Ratio of net expenses to average net assets			0.18	%(e)				0.18	%			0.17	%			0.11	%			0.18	%(e)			0.15	%			0.13	%
	Ratio of total expenses to average net assets			0.24	%(e)				0.18	%			0.19	%			0.19	%			0.19	%(e)			0.18	%			0.18	%
	Ratio of net investment income to average net assets			5.30	%(e)				4.87	%			1.38	%			0.01	%			0.01	%(e)			1.52	%			2.44	%

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

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

(b) Amount is less than $0.00005 per share.

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

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

(e) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Money Market Fund
		Service Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.0005				$	1.0006			$	1.0005			$	1.0000			$	1.0006			$	1.0002			$	1.0001
	Net investment income(a)			0.0240					0.0446				0.0100				–	(b)			0.0004				0.0126				0.0199
	Net realized and unrealized gain (loss)			0.0002					–				0.0001				0.0009				(0.0004	)			(0.0041	)			(0.0003	)
	Total from investment operations			0.0242					0.0446				0.0101				0.0009				–				0.0085				0.0196
	Distributions to shareholders from net investment income			(0.0240	)				(0.0447	)			(0.0100	)			–	(b)			(0.0003	)			(0.0081	)			(0.0195	)
	Distributions to shareholders from net realized gains			–					–				–	(b)			(0.0004	)			(0.0003	)			–	(b)			–	(b)
	Total distributions (c)			(0.0240	)				(0.0447	)			(0.0100	)			–				(0.0006	)			(0.0081	)			(0.0195	)
	Net asset value, end of period		$	1.0007				$	1.0005			$	1.0006			$	1.0005			$	1.0000			$	1.0006			$	1.0002
	Total Return(d)			2.42	%				4.53	%			1.03	%			0.11	%			(0.06	)%			0.81	%			1.99	%
	Net assets, end of period (in 000’s)		$	3				$	3			$	3			$	3			$	3			$	3			$	8
	Ratio of net expenses to average net assets			0.69	%(e)				0.68	%			0.53	%			0.11	%			0.26	%(e)			0.64	%			0.63	%
	Ratio of total expenses to average net assets			0.75	%(e)				0.68	%			0.69	%			0.69	%			0.69	%(e)			0.68	%			0.68	%
	Ratio of net investment income to average net assets			4.80	%(e)				4.47	%			1.01	%			–	%(f)			0.03	%(e)			1.26	%			1.99	%

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

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

(b) Amount is less than $0.00005 per share.

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

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

(e) Annualized.

(f) Amount is less than 0.005%.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Money Market Fund
		Preferred Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.0003				$	1.0006			$	1.0006			$	1.0008			$	1.0011			$	1.0006			$	1.0002
	Net investment income(a)			0.0259					0.0486				0.0128				0.0001				–	(b)			0.0136				0.0231
	Net realized and unrealized gain (loss)			0.0002					(0.0004	)			–				0.0002				(0.0001	)			(0.0021	)			0.0008
	Total from investment operations			0.0261					0.0482				0.0128				0.0003				(0.0001	)			0.0115				0.0239
	Distributions to shareholders from net investment income			(0.0259	)				(0.0485	)			(0.0128	)			(0.0001	)			–	(b)			(0.0110	)			(0.0235	)
	Distributions to shareholders from net realized gains			–					–				–	(b)			(0.0004	)			(0.0002	)			–	(b)			–	(b)
	Total distributions (c)			(0.0259	)				(0.0485	)			(0.0128	)			(0.0005	)			(0.0002	)			(0.0110	)			(0.0235	)
	Net asset value, end of period		$	1.0005				$	1.0003			$	1.0006			$	1.0006			$	1.0008			$	1.0011			$	1.0006
	Total Return(d)			2.63	%				4.93	%			1.29	%			0.04	%			(0.03	)%			1.15	%			2.41	%
	Net assets, end of period (in 000’s)		$	72				$	70			$	67			$	66			$	66			$	1,919			$	4,901
	Ratio of net expenses to average net assets			0.28	%(e)				0.28	%			0.25	%			0.11	%			0.24	%(e)			0.25	%			0.23	%
	Ratio of total expenses to average net assets			0.34	%(e)				0.28	%			0.29	%			0.29	%			0.29	%(e)			0.28	%			0.28	%
	Ratio of net investment income (loss) to average net assets			5.19	%(e)				4.86	%			1.29	%			0.01	%			(0.05	)%(e)			1.35	%			2.31	%

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

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

(b) Amount is less than $0.00005 per share.

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

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

(e) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Money Market Fund
		Select Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	0.9999				$	1.0002			$	1.0004			$	1.0007			$	1.0009			$	1.0006			$	1.0003
	Net investment income(a)			0.0263					0.0505				0.0133				0.0001				–	(b)			0.0163				0.0240
	Net realized and unrealized gain (loss)			0.0003					(0.0016	)			(0.0002	)			0.0002				–				(0.0043	)			0.0005
	Total from investment operations			0.0266					0.0489				0.0131				0.0003				–	(b)			0.0120				0.0245
	Distributions to shareholders from net investment income			(0.0263	)				(0.0492	)			(0.0133	)			(0.0001	)			–	(b)			(0.0117	)			(0.0242	)
	Distributions to shareholders from net realized gains			–					–				–	(b)			(0.0005	)			(0.0002	)			–	(b)			–	(b)
	Total distributions (c)			(0.0263	)				(0.0492	)			(0.0133	)			(0.0006	)			(0.0002	)			(0.0117	)			(0.0242	)
	Net asset value, end of period		$	1.0002				$	0.9999			$	1.0002			$	1.0004			$	1.0007			$	1.0009			$	1.0006
	Total Return(d)			2.67	%				5.01	%			1.32	%			0.03	%			(0.01	)%			1.20	%			2.49	%
	Net assets, end of period (in 000’s)		$	4,944				$	4,674			$	1,342			$	3,702			$	2,361			$	2,362			$	34,943
	Ratio of net expenses to average net assets			0.21	%(e)				0.21	%			0.19	%			0.11	%			0.21	%(e)			0.18	%			0.16	%
	Ratio of total expenses to average net assets			0.27	%(e)				0.21	%			0.22	%			0.22	%			0.22	%(e)			0.21	%			0.21	%
	Ratio of net investment income (loss) to average net assets			5.26	%(e)				5.05	%			0.87	%			0.01	%			(0.03	)%(e)			1.63	%			2.40	%

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

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

(b) Amount is less than $0.00005 per share.

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

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

(e) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Money Market Fund
		Administration Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.0002				$	1.0004			$	1.0004			$	1.0007			$	1.0010			$	1.0005			$	1.0003
	Net investment income(a)			0.0252					0.0471				0.0117				0.0001				–	(b)			0.0094				0.0214
	Net realized and unrealized gain (loss)			0.0002					(0.0003	)			–				0.0002				(0.0001	)			0.0007				0.0008
	Total from investment operations			0.0254					0.0468				0.0117				0.0003				(0.0001	)			0.0101				0.0222
	Distributions to shareholders from net investment income			(0.0252	)				(0.0470	)			(0.0117	)			(0.0001	)			–	(b)			(0.0096	)			(0.0220	)
	Distributions to shareholders from net realized gains			–					–				–	(b)			(0.0005	)			(0.0002	)			–	(b)			–	(b)
	Total distributions (c)			(0.0252	)				(0.0470	)			(0.0117	)			(0.0006	)			(0.0002	)			(0.0096	)			(0.0220	)
	Net asset value, end of period		$	1.0004				$	1.0002			$	1.0004			$	1.0004			$	1.0007			$	1.0010			$	1.0005
	Total Return(d)			2.55	%				4.79	%			1.18	%			0.03	%			(0.03	)%			1.01	%			2.25	%
	Net assets, end of period (in 000’s)		$	3,561				$	2,887			$	2,916			$	1,652			$	4,270			$	4,506			$	4,493
	Ratio of net expenses to average net assets			0.43	%(e)				0.43	%			0.37	%			0.11	%			0.24	%(e)			0.38	%			0.38	%
	Ratio of total expenses to average net assets			0.49	%(e)				0.43	%			0.44	%			0.44	%			0.44	%(e)			0.43	%			0.43	%
	Ratio of net investment income (loss) to average net assets			5.03	%(e)				4.71	%			1.27	%			0.01	%			(0.05	)%(e)			0.93	%			2.14	%

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

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

(b) Amount is less than $0.00005 per share.

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

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

(e) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Prime Obligations Fund
		Institutional Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.0009				$	1.0010			$	1.0009			$	1.0010			$	1.0013			$	1.0006			$	1.0003
	Net investment income(a)			0.0264					0.0495				0.0133				–	(b)			–	(b)			0.0130				0.0243
	Net realized and unrealized gain (loss)			0.0002					(0.0001	)			0.0001				0.0001				(0.0001	)			(0.0002	)			0.0004
	Total from investment operations			0.0266					0.0494				0.0134				(0.0001	)			(0.0001	)			0.0128				0.0247
	Distributions to shareholders from net investment income			(0.0264	)				(0.0494	)			(0.0133	)			–	(b)			–	(b)			(0.0121	)			(0.0244	)
	Distributions to shareholders from net realized gains			–	(b)				(0.0001	)			–	(b)			(0.0002	)			(0.0002	)			–				–
	Total distributions (c)			(0.0264	)				(0.0495	)			(0.0133	)			(0.0002	)			(0.0002	)			(0.0121	)			(0.0244	)
	Net asset value, end of period		$	1.0011				$	1.0009			$	1.0010			$	1.0009			$	1.0010			$	1.0013			$	1.0006
	Total Return(d)			2.67	%				5.04	%			1.35	%			0.01	%			(0.01	)%			1.28	%			2.51	%
	Net assets, end of period (in 000’s)		$	2,906,673				$	3,034,065			$	2,184,629			$	1,110,878			$	2,747,965			$	4,619,641			$	6,122,574
	Ratio of net expenses to average net assets			0.18	%(e)				0.18	%			0.18	%			0.13	%			0.18	%(e)			0.16	%			0.13	%
	Ratio of total expenses to average net assets			0.21	%(e)				0.19	%			0.22	%			0.20	%			0.19	%(e)			0.18	%			0.18	%
	Ratio of net investment income to average net assets			5.27	%(e)				4.95	%			1.69	%			–	%(f)			–	%(e)(f)			1.30	%			2.43	%

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

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

(b) Amount is less than $0.00005 per share.

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

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

(e) Annualized.

(f) Amount is less than 0.005%.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Prime Obligations Fund
		Capital Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.0009				$	1.0008			$	1.0008			$	1.0009			$	1.0012			$	1.0006			$	1.0002
	Net investment income(a)			0.0256					0.0472				0.0122				–	(b)			–	(b)			0.0108				0.0227
	Net realized and unrealized gain (loss)			0.0002					0.0009				–				0.0001				(0.0001	)			0.0004				0.0006
	Total from investment operations			0.0258					0.0481				0.0122				0.0001				(0.0001	)			0.0112				0.0233
	Distributions to shareholders from net investment income			(0.0256	)				(0.0479	)			(0.0122	)			–	(b)			–	(b)			(0.0106	)			(0.0229	)
	Distributions to shareholders from net realized gains			–	(b)				(0.0001	)			–	(b)			(0.0002	)			(0.0002	)			–	(b)			–	(b)
	Total distributions (c)			(0.0256	)				(0.0480	)			(0.0122	)			(0.0002	)			(0.0002	)			(0.0106	)			(0.0229	)
	Net asset value, end of period		$	1.0011				$	1.0009			$	1.0008			$	1.0008			$	1.0009			$	1.0012			$	1.0006
	Total Return(d)			2.60	%				4.90	%			1.22	%			0.01	%			(0.03	)%			1.12	%			2.35	%
	Net assets, end of period (in 000’s)		$	303				$	295			$	542			$	911			$	911			$	1,014			$	6,755
	Ratio of net expenses to average net assets			0.33	%(e)				0.33	%			0.28	%			0.14	%			0.23	%(e)			0.31	%			0.28	%
	Ratio of total expenses to average net assets			0.36	%(e)				0.34	%			0.37	%			0.35	%			0.34	%(e)			0.33	%			0.33	%
	Ratio of net investment income (loss) to average net assets			5.12	%(e)				4.72	%			0.99	%			–	%(f)			(0.05	)%(e)			1.07	%			2.27	%

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

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

(b) Amount is less than $0.00005 per share.

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

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

(e) Annualized.

(f) Amount is less than 0.005%.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Prime Obligations Fund
		Preferred Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.0007				$	1.0007			$	1.0007			$	1.0008			$	1.0010			$	1.0004			$	1.0001
	Net investment income (loss)(a)			0.0258					0.0454				0.0125				(0.0002	)			–	(b)			0.0111				0.0233
	Net realized and unrealized gain (loss)			0.0001					0.0030				–				0.0003				(0.0001	)			0.0006				0.0004
	Total from investment operations			0.0259					0.0484				0.0125				0.0001				(0.0001	)			0.0117				0.0237
	Distributions to shareholders from net investment income			(0.0258	)				(0.0484	)			(0.0125	)			–				–	(b)			(0.0111	)			(0.0234	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			(0.0002	)			(0.0001	)			–	(b)			–	(b)
	Total distributions (c)			(0.0258	)				(0.0484	)			(0.0125	)			(0.0002	)			(0.0001	)			(0.0111	)			(0.0234	)
	Net asset value, end of period		$	1.0008				$	1.0007			$	1.0007			$	1.0007			$	1.0008			$	1.0010			$	1.0004
	Total Return(d)			2.61	%				4.95	%			1.26	%			0.01	%			(0.02	)%			1.16	%			2.41	%
	Net assets, end of period (in 000’s)		$	12				$	12			$	14			$	14			$	3,364			$	3,365			$	2,839
	Ratio of net expenses to average net assets			0.28	%(e)				0.28	%			0.26	%			0.14	%			0.22	%(e)			0.26	%			0.23	%
	Ratio of total expenses to average net assets			0.31	%(e)				0.29	%			0.32	%			0.30	%			0.29	%(e)			0.28	%			0.28	%
	Ratio of net investment income (loss) to average net assets			5.16	%(e)				4.54	%			1.23	%			(0.02	)%			(0.05	)%(e)			1.11	%			2.33	%

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

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

(b) Amount is less than $0.00005 per share.

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

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

(e) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Prime Obligations Fund
		Select Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.0008				$	1.0008			$	1.0008			$	1.0010			$	1.0012			$	1.0004			$	1.0002
	Net investment income (loss)(a)			0.0262					0.0492				0.0131				(0.0001	)			–	(b)			0.0120				0.0241
	Net realized and unrealized gain			0.0002					–				–				0.0001				–	(b)			0.0006				0.0002
	Total from investment operations			0.0264					0.0492				0.0131				–				–	(b)			0.0126				0.0243
	Distributions to shareholders from net investment income			(0.0262	)				(0.0491	)			(0.0131	)			–				–	(b)			(0.0118	)			(0.0241	)
	Distributions to shareholders from net realized gains			–	(b)				(0.0001	)			–	(b)			(0.0002	)			(0.0002	)			–	(b)			–	(b)
	Total distributions (c)			(0.0262	)				(0.0492	)			(0.0131	)			(0.0002	)			(0.0002	)			(0.0118	)			(0.0241	)
	Net asset value, end of period		$	1.0010				$	1.0008			$	1.0008			$	1.0008			$	1.0010			$	1.0012			$	1.0004
	Total Return(d)			2.66	%				5.02	%			1.31	%			–	%(e)			(0.01	)%			1.25	%			2.48	%
	Net assets, end of period (in 000’s)		$	7,136				$	9,696			$	8,997			$	7,895			$	38,230			$	76,327			$	98,996
	Ratio of net expenses to average net assets			0.21	%(f)				0.21	%			0.21	%			0.14	%			0.20	%(f)			0.19	%			0.16	%
	Ratio of total expenses to average net assets			0.24	%(f)				0.22	%			0.25	%			0.23	%			0.22	%(f)			0.21	%			0.21	%
	Ratio of net investment income (loss) to average net assets			5.25	%(f)				4.92	%			1.42	%			(0.01	)%			(0.02	)%(f)			1.19	%			2.41	%

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

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

(b) Amount is less than $0.00005 per share.

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Prime Obligations Fund
		Administration Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.0009				$	1.0009			$	1.0008			$	1.0010			$	1.0012			$	1.0005			$	1.0002
	Net investment income (loss)(a)			0.0251					0.0469				0.0115				(0.0002	)			–	(b)			0.0121				0.0222
	Net realized and unrealized gain (loss)			0.0002					0.0001				0.0001				0.0002				–	(b)			(0.0017	)			–	(b)
	Total from investment operations			0.0253					0.0470				0.0116				–				–	(b)			0.0104				0.0222
	Distributions to shareholders from net investment income			(0.0251	)				(0.0469	)			(0.0115	)			–				–	(b)			(0.0097	)			(0.0219	)
	Distributions to shareholders from net realized gains			–	(b)				(0.0001	)			–	(b)			(0.0002	)			(0.0002	)			–	(b)			–	(b)
	Total distributions (c)			(0.0251	)				(0.0470	)			(0.0115	)			(0.0002	)			(0.0002	)			(0.0097	)			(0.0219	)
	Net asset value, end of period		$	1.0011				$	1.0009			$	1.0009			$	1.0008			$	1.0010			$	1.0012			$	1.0005
	Total Return(d)			2.55	%				4.79	%			1.16	%			–	%(e)			(0.02	)%			1.03	%			2.25	%
	Net assets, end of period (in 000’s)		$	6,755				$	6,587			$	6,306			$	5,407			$	81,920			$	8,736			$	9,748
	Ratio of net expenses to average net assets			0.43	%(f)				0.43	%			0.37	%			0.14	%			0.21	%(f)			0.41	%			0.38	%
	Ratio of total expenses to average net assets			0.46	%(f)				0.44	%			0.47	%			0.45	%			0.44	%(f)			0.43	%			0.43	%
	Ratio of net investment income (loss) to average net assets			5.02	%(f)				4.69	%			1.16	%			(0.02	)%			(0.04	)%(f)			1.21	%			2.22	%

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

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

(b) Amount is less than $0.00005 per share.

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Prime Obligations Fund
		Drexel Hamilton Class Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Period Ended August 31, 2020(a)
							2023				2022				2021
	Per Share Data
	Net asset value, beginning of period		$	1.0009				$	1.0008			$	1.0008			$	1.0010			$	1.0012			$	1.0006
	Net investment income (loss)(b)			0.0264					0.0489				0.0133				(0.0001	)			–	(c)			0.0080
	Net realized and unrealized gain			0.0002					0.0007				–				0.0001				–				0.0042
	Total from investment operations			0.0266					0.0496				0.0133				–				–	(c)			0.0122
	Distributions to shareholders from net investment income			(0.0264	)				(0.0494	)			(0.0133	)			–	(c)			–	(c)			(0.0116	)
	Distributions to shareholders from net realized gains			–	(c)				(0.0001	)			–	(c)			(0.0002	)			(0.0002	)			–	(c)
	Total distributions (d)			(0.0264	)				(0.0495	)			(0.0133	)			(0.0002	)			(0.0002	)			(0.0116	)
	Net asset value, end of period		$	1.0011				$	1.0009			$	1.0008			$	1.0008			$	1.0010			$	1.0012
	Total Return(e)			2.66	%				5.06	%			1.34	%			–	%(f)			–	%(f)			1.22	%
	Net assets, end of period (in 000’s)		$	7,239				$	139			$	24,870			$	30,880			$	100,884			$	100,044
	Ratio of net expenses to average net assets			0.18	%(g)				0.18	%			0.18	%			0.13	%			0.18	%(g)			0.16	%(g)
	Ratio of total expenses to average net assets			0.21	%(g)				0.19	%			0.22	%			0.20	%			0.19	%(g)			0.18	%(g)
	Ratio of net investment income (loss) to average net assets			5.23	%(g)				4.88	%			1.41	%			(0.01	)%			(0.01	)%(g)			0.78	%(g)

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

(a) Commenced operations on September 9, 2019.

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

(c) Amount is less than $0.00005 per share.

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

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

(f) Amount is less than 0.005%.

(g) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

		Financial Square Treasury Instruments Fund
		Class D Shares
		Six Months Ended May 31, 2024 (Unaudited)				Period Ended November 30, 2023(a)
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00
	Net investment income(b)			0.026				0.041
	Net realized gain			–	(c)			–
	Total from investment operations			0.026				0.041
	Distributions to shareholders from net investment income			(0.026	)			(0.041	)
	Distributions to shareholders from net realized gains			–	(c)			–	(c)
	Total distributions (d)			(0.026	)			(0.041	)
	Net asset value, end of period		$	1.00			$	1.00
	Total Return(e)			2.62	%			4.14	%
	Net assets, end of period (in 000’s)		$	32,832			$	28,025
	Ratio of net expenses to average net assets			0.20	%(f)			0.24	%(f)
	Ratio of net investment income to average net assets			5.18	%(f)			5.96	%(f)

(a) Commenced operations on January 31, 2023.

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

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

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

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

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Instruments Fund
		Institutional Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026					0.047				0.011				–	(b)			–	(b)			0.007				0.021
	Net realized gain			–	(b)				0.001				–	(b)			–	(b)			–	(b)			0.002				–	(b)
	Total from investment operations			0.026					0.048				0.011				–	(b)			–	(b)			0.009				0.021
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.011	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)				(0.048	)			(0.011	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.62	%				4.84	%			1.14	%			0.01	%			–	%(e)			0.95	%			2.16	%
	Net assets, end of period (in 000’s)		$	75,534,495				$	79,002,981			$	92,045,963			$	101,041,091			$	75,892,232			$	84,038,158			$	51,789,901
	Ratio of net expenses to average net assets			0.20	%(f)				0.20	%			0.17	%			0.07	%			0.16	%(f)			0.20	%			0.20	%
	Ratio of total expenses to average net assets			0.20	%(f)				0.20	%			0.20	%			0.20	%			0.20	%(f)			0.20	%			0.20	%
	Ratio of net investment income to average net assets			5.18	%(f)				4.75	%			1.11	%			0.01	%			–	%(e)(f)			0.71	%			2.11	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Instruments Fund
		Capital Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.045				0.010				–	(b)			–	(b)			0.009				0.020
	Net realized gain (loss)			–	(b)				0.001				–	(b)			–	(b)			–	(b)			(0.001	)			–	(b)
	Total from investment operations			0.025					0.046				0.010				–	(b)			–	(b)			0.008				0.020
	Distributions to shareholders from net investment income			(0.025	)				(0.046	)			(0.010	)			–	(b)			–	(b)			(0.008	)			(0.020	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.046	)			(0.010	)			–	(b)			–	(b)			(0.008	)			(0.020	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.54	%				4.68	%			1.03	%			0.01	%			–	%(e)			0.82	%			2.01	%
	Net assets, end of period (in 000’s)		$	493,702				$	520,343			$	957,608			$	826,871			$	675,659			$	725,405			$	766,401
	Ratio of net expenses to average net assets			0.35	%(f)				0.35	%			0.27	%			0.07	%			0.16	%(f)			0.33	%			0.35	%
	Ratio of total expenses to average net assets			0.35	%(f)				0.35	%			0.35	%			0.35	%			0.35	%(f)			0.35	%			0.35	%
	Ratio of net investment income to average net assets			5.03	%(f)				4.50	%			1.09	%			0.01	%			–	%(e)(f)			0.85	%			1.98	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Instruments Fund
		Service Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.023					0.042				0.008				–	(b)			–	(b)			0.003				0.016
	Net realized gain			–	(b)				0.001				–	(b)			–	(b)			–	(b)			0.003				–	(b)
	Total from investment operations			0.023					0.043				0.008				–	(b)			–	(b)			0.006				0.016
	Distributions to shareholders from net investment income			(0.023	)				(0.043	)			(0.008	)			–	(b)			–	(b)			(0.006	)			(0.016	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.023	)				(0.043	)			(0.008	)			–	(b)			–	(b)			(0.006	)			(0.016	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.37	%				4.32	%			0.82	%			0.01	%			–	%(e)			0.60	%			1.65	%
	Net assets, end of period (in 000’s)		$	1,143,975				$	698,078			$	912,338			$	1,569,931			$	122,542			$	116,172			$	26,723
	Ratio of net expenses to average net assets			0.70	%(f)				0.70	%			0.47	%			0.07	%			0.16	%(f)			0.41	%			0.70	%
	Ratio of total expenses to average net assets			0.70	%(f)				0.70	%			0.70	%			0.70	%			0.70	%(f)			0.70	%			0.70	%
	Ratio of net investment income to average net assets			4.68	%(f)				4.20	%			0.69	%			0.01	%			–	%(e)(f)			0.28	%			1.60	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Instruments Fund
		Preferred Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.048				0.011				–	(b)			–	(b)			0.007				0.020
	Net realized gain (loss)			–	(b)				(0.001	)			–	(b)			–	(b)			–	(b)			0.002				–	(b)
	Total from investment operations			0.025					0.047				0.011				–	(b)			–	(b)			0.009				0.020
	Distributions to shareholders from net investment income			(0.025	)				(0.047	)			(0.011	)			–	(b)			–	(b)			(0.009	)			(0.020	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–				–	(b)
	Total distributions (c)			(0.025	)				(0.047	)			(0.011	)			–	(b)			–	(b)			(0.009	)			(0.020	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.57	%				4.73	%			1.07	%			0.01	%			–	%(e)			0.86	%			2.06	%
	Net assets, end of period (in 000’s)		$	59,770				$	63,099			$	36,610			$	78,191			$	137,607			$	113,769			$	92,406
	Ratio of net expenses to average net assets			0.30	%(f)				0.30	%			0.24	%			0.07	%			0.16	%(f)			0.29	%			0.30	%
	Ratio of total expenses to average net assets			0.30	%(f)				0.30	%			0.30	%			0.30	%			0.30	%(f)			0.30	%			0.30	%
	Ratio of net investment income to average net assets			5.08	%(f)				4.80	%			0.99	%			–	%(e)			–	%(e)(f)			0.68	%			2.02	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Instruments Fund
		Select Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026					0.048				0.011				–	(b)			–	(b)			0.006				0.021
	Net realized gain (loss)			–	(b)				(0.001	)			–	(b)			–	(b)			–	(b)			0.003				–	(b)
	Total from investment operations			0.026					0.047				0.011				–	(b)			–	(b)			0.009				0.021
	Distributions to shareholders from net investment income			(0.026	)				(0.047	)			(0.011	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)				(0.047	)			(0.011	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.61	%				4.81	%			1.12	%			0.01	%			–	%(e)			0.92	%			2.13	%
	Net assets, end of period (in 000’s)		$	418,720				$	590,745			$	444,262			$	208,542			$	336,761			$	495,422			$	141,728
	Ratio of net expenses to average net assets			0.23	%(f)				0.23	%			0.19	%			0.07	%			0.16	%(f)			0.23	%			0.23	%
	Ratio of total expenses to average net assets			0.23	%(f)				0.23	%			0.23	%			0.23	%			0.23	%(f)			0.23	%			0.23	%
	Ratio of net investment income to average net assets			5.16	%(f)				4.80	%			1.38	%			0.01	%			–	%(e)(f)			0.60	%			2.09	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Instruments Fund
		Administration Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.045				0.010				–	(b)			–	(b)			0.008				0.019
	Net realized gain			–	(b)				–				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.025					0.045				0.010				–	(b)			–	(b)			0.008				0.019
	Distributions to shareholders from net investment income			(0.025	)				(0.045	)			(0.010	)			–	(b)			–	(b)			(0.008	)			(0.019	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.045	)			(0.010	)			–	(b)			–	(b)			(0.008	)			(0.019	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.49	%				4.58	%			0.96	%			0.01	%			–	%(e)			0.75	%			1.91	%
	Net assets, end of period (in 000’s)		$	1,918,448				$	2,199,709			$	2,188,569			$	2,038,029			$	1,578,689			$	1,493,968			$	1,716,942
	Ratio of net expenses to average net assets			0.45	%(f)				0.45	%			0.34	%			0.07	%			0.16	%(f)			0.40	%			0.45	%
	Ratio of total expenses to average net assets			0.45	%(f)				0.45	%			0.45	%			0.45	%			0.45	%(f)			0.45	%			0.45	%
	Ratio of net investment income to average net assets			4.93	%(f)				4.49	%			0.95	%			0.01	%			–	%(e)(f)			0.72	%			1.86	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Instruments Fund
		Cash Management Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.022					0.040				0.007				–	(b)			–	(b)			0.004				0.014
	Net realized loss			–	(b)				–				–	(b)			–	(b)			–	(b)			–	(b)			(0.001	)
	Total from investment operations			0.022					0.040				0.007				–	(b)			–	(b)			0.004				0.013
	Distributions to shareholders from net investment income			(0.022	)				(0.040	)			(0.007	)			–	(b)			–	(b)			(0.004	)			(0.013	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.022	)				(0.040	)			(0.007	)			–	(b)			–	(b)			(0.004	)			(0.013	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.21	%				4.01	%			0.66	%			0.01	%			–	%(e)			0.43	%			1.35	%
	Net assets, end of period (in 000’s)		$	41,740				$	31,043			$	6,964			$	11,716			$	9,744			$	10,781			$	12,515
	Ratio of net expenses to average net assets			1.00	%(f)				1.00	%			0.54	%			0.07	%			0.16	%(f)			0.73	%			1.00	%
	Ratio of total expenses to average net assets			1.00	%(f)				1.00	%			1.00	%			1.00	%			1.00	%(f)			1.00	%			1.00	%
	Ratio of net investment income to average net assets			4.38	%(f)				3.99	%			0.31	%			0.01	%			–	%(e)(f)			0.40	%			1.36	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Instruments Fund
		Premier Shares
		Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
						2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.024				0.046				0.009				–	(b)			–	(b)			0.007				0.018
	Net realized loss			–	(b)			(0.002	)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.024				0.044				0.009				–	(b)			–	(b)			0.007				0.018
	Distributions to shareholders from net investment income			(0.024	)			(0.044	)			(0.009	)			–	(b)			–	(b)			(0.007	)			(0.018	)
	Distributions to shareholders from net realized gains			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.024	)			(0.044	)			(0.009	)			–	(b)			–	(b)			(0.007	)			(0.018	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.44	%			4.47	%			0.90	%			0.01	%			–	%(e)			0.69	%			1.80	%
	Net assets, end of period (in 000’s)		$	779,126			$	694,503			$	215,864			$	204,641			$	162,524			$	161,117			$	151,939
	Ratio of net expenses to average net assets			0.55	%(f)			0.55	%			0.39	%			0.07	%			0.16	%(f)			0.45	%			0.55	%
	Ratio of total expenses to average net assets			0.55	%(f)			0.55	%			0.55	%			0.55	%			0.55	%(f)			0.55	%			0.55	%
	Ratio of net investment income to average net assets			4.83	%(f)			4.59	%			0.87	%			0.01	%			–	%(e)(f)			0.65	%			1.76	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Instruments Fund
		Loop Class Shares
		Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,								Period Ended November 30, 2021(a)
						2023				2022
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(b)			0.026				0.046				0.011				–	(c)
	Net realized gain			–	(c)			0.002				–	(c)			–	(c)
	Total from investment operations			0.026				0.048				0.011				–	(c)
	Distributions to shareholders from net investment income			(0.026	)			(0.048	)			(0.011	)			–	(c)
	Distributions to shareholders from net realized gains			–	(c)			–	(c)			–	(c)			–	(c)
	Total distributions (d)			(0.026	)			(0.048	)			(0.011	)			–	(c)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(e)			2.62	%			4.84	%			1.14	%			0.01	%
	Net assets, end of period (in 000’s)		$	41,676			$	41,599			$	152,101			$	200,012
	Ratio of net expenses to average net assets			0.20	%(f)			0.20	%			0.17	%			0.07	%(f)
	Ratio of total expenses to average net assets			0.20	%(f)			0.20	%			0.20	%			0.20	%(f)
	Ratio of net investment income to average net assets			5.18	%(f)			4.60	%			1.08	%			0.01	%(f)

(a) Commenced operations on August 23, 2021.

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

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

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

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

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Instruments Fund
		Seelaus Class Shares
		Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,								Period Ended November 30, 2021(a)
						2023				2022
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(b)			0.026				0.052				0.011				–	(c)
	Net realized loss			–	(c)			(0.004	)			–	(c)			–	(c)
	Total from investment operations			0.026				0.048				0.011				–	(c)
	Distributions to shareholders from net investment income			(0.026	)			(0.048	)			(0.011	)			–	(c)
	Distributions to shareholders from net realized gains			–	(c)			–				–	(c)			–	(c)
	Total distributions (d)			(0.026	)			(0.048	)			(0.011	)			–	(c)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(e)			2.62	%			4.84	%			1.14	%			0.01	%
	Net assets, end of period (in 000’s)		$	11			$	12,094			$	10			$	10
	Ratio of net expenses to average net assets			0.20	%(f)			0.20	%			0.17	%			0.07	%(f)
	Ratio of total expenses to average net assets			0.20	%(f)			0.20	%			0.20	%			0.20	%(f)
	Ratio of net investment income to average net assets			5.21	%(f)			5.17	%			1.15	%			0.03	%(f)

(a) Commenced operations on August 23, 2021.

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

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

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

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

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Obligations Fund
		Institutional Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026					0.048				0.012				–	(b)			–	(b)			0.007				0.022
	Net realized gain			–	(b)				–				–	(b)			–	(b)			–	(b)			0.002				–	(b)
	Total from investment operations			0.026					0.048				0.012				–	(b)			–	(b)			0.009				0.022
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.022	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.022	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.63	%				4.91	%			1.24	%			0.02	%			–	%(e)			0.94	%			2.20	%
	Net assets, end of period (in 000’s)		$	35,579,381				$	44,096,664			$	39,033,144			$	21,699,895			$	34,576,104			$	22,518,304			$	12,649,125
	Ratio of net expenses to average net assets			0.20	%(f)				0.20	%			0.18	%			0.07	%			0.15	%(f)			0.20	%			0.20	%
	Ratio of total expenses to average net assets			0.20	%(f)				0.20	%			0.20	%			0.20	%			0.20	%(f)			0.20	%			0.20	%
	Ratio of net investment income to average net assets			5.19	%(f)				4.80	%			1.56	%			0.01	%			0.01	%(f)			0.68	%			2.17	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Obligations Fund
		Capital Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.047				0.011				–	(b)			–	(b)			0.007				0.020
	Net realized gain (loss)			–	(b)				(0.001	)			–	(b)			–	(b)			–	(b)			0.001				–	(b)
	Total from investment operations			0.025					0.046				0.011				–	(b)			–	(b)			0.008				0.020
	Distributions to shareholders from net investment income			(0.025	)				(0.046	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.020	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.046	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.020	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.55	%				4.75	%			1.13	%			0.02	%			–	%(e)			0.80	%			2.05	%
	Net assets, end of period (in 000’s)		$	1,287,962				$	1,089,014			$	743,723			$	371,230			$	330,016			$	372,260			$	390,680
	Ratio of net expenses to average net assets			0.35	%(f)				0.35	%			0.29	%			0.07	%			0.15	%(f)			0.34	%			0.35	%
	Ratio of total expenses to average net assets			0.35	%(f)				0.35	%			0.35	%			0.35	%			0.35	%(f)			0.35	%			0.35	%
	Ratio of net investment income to average net assets			5.04	%(f)				4.72	%			1.29	%			0.01	%			–	%(e)(f)			0.74	%			2.01	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Obligations Fund
		Service Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.023					0.043				0.009				–	(b)			–	(b)			0.006				0.017
	Net realized gain			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.023					0.043				0.009				–	(b)			–	(b)			0.006				0.017
	Distributions to shareholders from net investment income			(0.023	)				(0.043	)			(0.009	)			–	(b)			–	(b)			(0.006	)			(0.017	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.023	)				(0.043	)			(0.009	)			–	(b)			–	(b)			(0.006	)			(0.017	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.37	%				4.39	%			0.92	%			0.02	%			–	%(e)			0.59	%			1.69	%
	Net assets, end of period (in 000’s)		$	1,647,447				$	1,535,201			$	1,408,940			$	1,703,918			$	911,413			$	937,649			$	936,398
	Ratio of net expenses to average net assets			0.70	%(f)				0.70	%			0.50	%			0.07	%			0.15	%(f)			0.55	%			0.70	%
	Ratio of total expenses to average net assets			0.70	%(f)				0.70	%			0.70	%			0.70	%			0.70	%(f)			0.70	%			0.70	%
	Ratio of net investment income to average net assets			4.69	%(f)				4.30	%			0.89	%			0.01	%			–	%(e)(f)			0.55	%			1.67	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Obligations Fund
		Preferred Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.047				0.012				–	(b)			–	(b)			0.008				0.021
	Net realized gain			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.025					0.047				0.012				–	(b)			–	(b)			0.008				0.021
	Distributions to shareholders from net investment income			(0.025	)				(0.047	)			(0.012	)			–	(b)			–	(b)			(0.008	)			(0.021	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.047	)			(0.012	)			–	(b)			–	(b)			(0.008	)			(0.021	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.58	%				4.81	%			1.17	%			0.02	%			–	%(e)			0.84	%			2.10	%
	Net assets, end of period (in 000’s)		$	776,714				$	1,064,306			$	682,319			$	500,987			$	440,733			$	771,943			$	461,459
	Ratio of net expenses to average net assets			0.30	%(f)				0.30	%			0.25	%			0.07	%			0.15	%(f)			0.30	%			0.30	%
	Ratio of total expenses to average net assets			0.30	%(f)				0.30	%			0.30	%			0.30	%			0.30	%(f)			0.30	%			0.30	%
	Ratio of net investment income (loss) to average net assets			5.09	%(f)				4.73	%			1.27	%			0.01	%			(0.01	)%(f)			0.76	%			2.08	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Obligations Fund
		Select Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026					0.047				0.012				–	(b)			–	(b)			0.007				0.021
	Net realized gain			–	(b)				0.001				–	(b)			–	(b)			–	(b)			0.002				–	(b)
	Total from investment operations			0.026					0.048				0.012				–	(b)			–	(b)			0.009				0.021
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.61	%				4.88	%			1.22	%			0.02	%			–	%(e)			0.91	%			2.17	%
	Net assets, end of period (in 000’s)		$	88,278				$	240,995			$	163,715			$	87,703			$	213,174			$	178,351			$	50,890
	Ratio of net expenses to average net assets			0.23	%(f)				0.23	%			0.20	%			0.07	%			0.15	%(f)			0.23	%			0.23	%
	Ratio of total expenses to average net assets			0.23	%(f)				0.23	%			0.23	%			0.23	%			0.23	%(f)			0.23	%			0.23	%
	Ratio of net investment income to average net assets			5.17	%(f)				4.71	%			1.48	%			0.01	%			–	%(e)(f)			0.70	%			2.08	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Obligations Fund
		Administration Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.046				0.011				–	(b)			–	(b)			0.007				0.019
	Net realized loss			–	(b)				(0.001	)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.025					0.045				0.011				–	(b)			–	(b)			0.007				0.019
	Distributions to shareholders from net investment income			(0.025	)				(0.045	)			(0.011	)			–	(b)			–	(b)			(0.007	)			(0.019	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.045	)			(0.011	)			–	(b)			–	(b)			(0.007	)			(0.019	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.50	%				4.65	%			1.06	%			0.02	%			–	%(e)			0.73	%			1.95	%
	Net assets, end of period (in 000’s)		$	1,966,108				$	2,294,770			$	1,986,064			$	2,923,435			$	2,380,299			$	2,088,737			$	2,034,113
	Ratio of net expenses to average net assets			0.45	%(f)				0.45	%			0.36	%			0.07	%			0.15	%(f)			0.40	%			0.45	%
	Ratio of total expenses to average net assets			0.45	%(f)				0.45	%			0.45	%			0.45	%			0.45	%(f)			0.45	%			0.45	%
	Ratio of net investment income to average net assets			4.94	%(f)				4.56	%			1.15	%			0.01	%			–	%(e)(f)			0.65	%			1.91	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Obligations Fund
		Cash Management Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.022					0.038				0.008				–	(b)			–	(b)			0.003				0.013
	Net realized gain			–	(b)				0.002				–	(b)			–	(b)			–	(b)			0.001				0.001
	Total from investment operations			0.022					0.040				0.008				–	(b)			–	(b)			0.004				0.014
	Distributions to shareholders from net investment income			(0.022	)				(0.040	)			(0.008	)			–	(b)			–	(b)			(0.004	)			(0.014	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.022	)				(0.040	)			(0.008	)			–				–				(0.004	)			(0.014	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.22	%				4.08	%			0.76	%			0.02	%			–	%(e)			0.43	%			1.39	%
	Net assets, end of period (in 000’s)		$	22,030				$	14,974			$	28,115			$	29,933			$	20,187			$	13,015			$	22,364
	Ratio of net expenses to average net assets			1.00	%(f)				1.00	%			0.63	%			0.07	%			0.15	%(f)			0.68	%			1.00	%
	Ratio of total expenses to average net assets			1.00	%(f)				1.00	%			1.00	%			1.00	%			1.00	%(f)			1.00	%			1.00	%
	Ratio of net investment income to average net assets			4.39	%(f)				3.82	%			0.60	%			0.01	%			0.01	%(f)			0.35	%			1.29	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Obligations Fund
		Premier Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.024					0.044				0.010				–	(b)			–	(b)			0.006				0.018
	Net realized gain			–	(b)				–				–	(b)			–	(b)			–	(b)			0.001				–	(b)
	Total from investment operations			0.024					0.044				0.010				–	(b)			–	(b)			0.007				0.018
	Distributions to shareholders from net investment income			(0.024	)				(0.044	)			(0.010	)			–	(b)			–	(b)			(0.007	)			(0.018	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.024	)				(0.044	)			(0.010	)			–	(b)			–	(b)			(0.007	)			(0.018	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.45	%				4.55	%			1.00	%			0.02	%			–	%(e)			0.68	%			1.84	%
	Net assets, end of period (in 000’s)		$	13,312				$	15,290			$	42,003			$	13,495			$	13,573			$	17,568			$	17,485
	Ratio of net expenses to average net assets			0.55	%(f)				0.55	%			0.45	%			0.07	%			0.15	%(f)			0.46	%			0.55	%
	Ratio of total expenses to average net assets			0.55	%(f)				0.55	%			0.55	%			0.55	%			0.55	%(f)			0.55	%			0.55	%
	Ratio of net investment income to average net assets			4.84	%(f)				4.38	%			1.45	%			0.01	%			–	%(e)(f)			0.62	%			1.82	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Obligations Fund
		Resource Shares
		Six Months Ended					Year Ended November 30,												For the				Year Ended August 31,
		May 31, 2024 (Unaudited)					2023				2022				2021				Period Ended November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.023					0.044				0.009				–	(b)			0.001				0.006				0.016
	Net realized loss			–	(b)				(0.002	)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.023					0.042				0.009				–	(b)			0.001				0.006				0.016
	Distributions to shareholders from net investment income			(0.023	)				(0.042	)			(0.009	)			–	(b)			(0.001	)			(0.006	)			(0.016	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.023	)				(0.042	)			(0.009	)			–	(b)			(0.001	)			(0.006	)			(0.016	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.30	%				4.23	%			0.83	%			0.02	%			–	%(e)			0.51	%			1.54	%
	Net assets, end of period (in 000’s)		$	16,674				$	11,752			$	1			$	1			$	1			$	1			$	1
	Ratio of net expenses to average net assets			0.85	%(f)				0.85	%			0.35	%			0.07	%			0.15	%(f)			0.39	%			0.56	%
	Ratio of total expenses to average net assets			0.85	%(f)				0.85	%			0.85	%			0.85	%			0.85	%(f)			0.85	%			0.85	%
	Ratio of net investment income to average net assets			4.54	%(f)				4.38	%			0.88	%			0.03	%			0.34	%(f)			0.59	%			1.59	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Solutions Fund
		Institutional Shares
		Six Months Ended					Year Ended November 30,												For the				Year Ended August 31,
		May 31, 2024 (Unaudited)					2023				2022				2021				Period Ended November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026					0.048				0.012				–	(b)			–	(b)			0.007				0.021
	Net realized gain			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			0.003				–	(b)
	Total from investment operations			0.026					0.048				0.012				–	(b)			–	(b)			0.010				0.021
	Distributions to shareholders from net investment income			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.010	)			(0.021	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)				(0.048	)			(0.012	)			–	(b)			–	(b)			(0.010	)			(0.021	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.63	%				4.91	%			1.24	%			0.01	%			–	%(e)			0.96	%			2.17	%
	Net assets, end of period (in 000’s)		$	12,454,937				$	13,623,371			$	14,341,376			$	9,632,239			$	10,518,867			$	11,543,913			$	7,395,030
	Ratio of net expenses to average net assets			0.20	%(f)				0.20	%			0.17	%			0.09	%			0.17	%(f)			0.20	%			0.20	%
	Ratio of total expenses to average net assets			0.20	%(f)				0.20	%			0.20	%			0.20	%			0.20	%(f)			0.20	%			0.20	%
	Ratio of net investment income to average net assets			5.19	%(f)				4.82	%			1.41	%			–	%(e)			–	%(e)(f)			0.70	%			2.11	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Solutions Fund
		Capital Shares
		Six Months Ended					Year Ended November 30,												For the				Year Ended August 31,
		May 31, 2024 (Unaudited)					2023				2022				2021				Period Ended November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025					0.046				0.011				–	(b)			–	(b)			0.007				0.020
	Net realized gain			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			0.001				–	(b)
	Total from investment operations			0.025					0.046				0.011				–	(b)			–	(b)			0.008				0.020
	Distributions to shareholders from net investment income			(0.025	)				(0.046	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.020	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)				(0.046	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.020	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.56	%				4.76	%			1.13	%			0.01	%			–	%(e)			0.83	%			2.02	%
	Net assets, end of period (in 000’s)		$	187,698				$	164,197			$	206,167			$	243,876			$	234,344			$	201,227			$	162,212
	Ratio of net expenses to average net assets			0.35	%(f)				0.35	%			0.27	%			0.09	%			0.17	%(f)			0.32	%			0.35	%
	Ratio of total expenses to average net assets			0.35	%(f)				0.35	%			0.35	%			0.35	%			0.35	%(f)			0.35	%			0.35	%
	Ratio of net investment income to average net assets			5.04	%(f)				4.60	%			0.94	%			–	%(e)			–	%(e)(f)			0.65	%			1.97	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Solutions Fund
		Service Shares
		Six Months Ended						Year Ended November 30,												For the				Year Ended August 31,
		May 31, 2024 (Unaudited)						2023				2022				2021				Period Ended November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00					$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.023						0.045				0.009				–	(b)			–	(b)			0.005				0.016
	Net realized gain			–	(b)					–	(b)			–	(b)			–	(b)			–	(b)			0.001				–	(b)
	Total from investment operations			0.023						0.045				0.009				–	(b)			–	(b)			0.006				0.016
	Distributions to shareholders from net investment income			(0.023	)					(0.043	)			(0.009	)			–	(b)			–	(b)			(0.006	)			(0.016	)
	Distributions to shareholders from net realized gains			–	(b)					–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.023	)					(0.043	)			(0.009	)			–	(b)			–	(b)			(0.006	)			(0.016	)
	Net asset value, end of period		$	1.00					$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.38	%					4.39	%			0.91	%			0.01	%			–	%(e)			0.62	%			1.66	%
	Net assets, end of period (in 000’s)		$	458,252					$	418,452			$	158,102			$	233,842			$	240,184			$	208,499			$	124,910
	Ratio of net expenses to average net assets			0.70	%(f)					0.70	%			0.45	%			0.09	%			0.17	%(f)			0.50	%			0.70	%
	Ratio of total expenses to average net assets			0.70	%(f)					0.70	%			0.70	%			0.70	%			0.70	%(f)			0.70	%			0.70	%
	Ratio of net investment income to average net assets			4.69	%(f)					4.45	%			0.81	%			–	%(e)			–	%(e)(f)			0.47	%			1.60	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Solutions Fund
		Preferred Shares
		Six Months Ended						Year Ended November 30,												For the				Year Ended August 31,
		May 31, 2024 (Unaudited)						2023				2022				2021				Period Ended November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00					$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025						0.047				0.012				–	(b)			–	(b)			0.008				0.020
	Net realized gain			–	(b)					–	(b)			–	(b)			–	(b)			–	(b)			0.001				–	(b)
	Total from investment operations			0.025						0.047				0.012				–	(b)			–	(b)			0.009				0.020
	Distributions to shareholders from net investment income			(0.025	)					(0.047	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.020	)
	Distributions to shareholders from net realized gains			–	(b)					–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)					(0.047	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.020	)
	Net asset value, end of period		$	1.00					$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.58	%					4.81	%			1.17	%			0.01	%			–	%(e)			0.87	%			2.07	%
	Net assets, end of period (in 000’s)		$	56,203					$	46,330			$	64,568			$	51,188			$	59,340			$	52,791			$	38,419
	Ratio of net expenses to average net assets			0.30	%(f)					0.30	%			0.24	%			0.09	%			0.17	%(f)			0.29	%			0.30	%
	Ratio of total expenses to average net assets			0.30	%(f)					0.30	%			0.30	%			0.30	%			0.30	%(f)			0.30	%			0.30	%
	Ratio of net investment income to average net assets			5.09	%(f)					4.69	%			1.14	%			–	%(e)			–	%(e)(f)			0.78	%			2.04	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Solutions Fund
		Select Shares
		Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
						2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.026				0.046				0.012				–	(b)			–	(b)			0.009				0.021
	Net realized gain			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.026				0.046				0.012				–	(b)			–	(b)			0.009				0.021
	Distributions to shareholders from net investment income			(0.026	)			(0.048	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Distributions to shareholders from net realized gains			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.026	)			(0.048	)			(0.012	)			–	(b)			–	(b)			(0.009	)			(0.021	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.62	%			4.88	%			1.22	%			0.01	%			–	%(e)			0.93	%			2.14	%
	Net assets, end of period (in 000’s)		$	3,007			$	2,039			$	10,533			$	5,519			$	6,547			$	7,067			$	8,325
	Ratio of net expenses to average net assets			0.23	%(f)			0.23	%			0.20	%			0.09	%			0.17	%(f)			0.23	%			0.23	%
	Ratio of total expenses to average net assets			0.23	%(f)			0.23	%			0.23	%			0.23	%			0.23	%(f)			0.23	%			0.23	%
	Ratio of net investment income to average net assets			5.17	%(f)			4.55	%			1.51	%			–	%(e)			–	%(e)(f)			0.91	%			2.07	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Solutions Fund
		Administration Shares
		Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
						2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025				0.045				0.011				–	(b)			–	(b)			0.006				0.019
	Net realized gain			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			0.002				–	(b)
	Total from investment operations			0.025				0.045				0.011				–	(b)			–	(b)			0.008				0.019
	Distributions to shareholders from net investment income			(0.025	)			(0.045	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.019	)
	Distributions to shareholders from net realized gains			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.025	)			(0.045	)			(0.011	)			–	(b)			–	(b)			(0.008	)			(0.019	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.50	%			4.65	%			1.06	%			0.01	%			–	%(e)			0.77	%			1.92	%
	Net assets, end of period (in 000’s)		$	783,759			$	799,651			$	803,909			$	375,220			$	610,539			$	443,470			$	473,937
	Ratio of net expenses to average net assets			0.45	%(f)			0.45	%			0.37	%			0.09	%			0.17	%(f)			0.38	%			0.45	%
	Ratio of total expenses to average net assets			0.45	%(f)			0.45	%			0.45	%			0.45	%			0.45	%(f)			0.45	%			0.45	%
	Ratio of net investment income to average net assets			4.94	%(f)			4.53	%			1.16	%			–	%(e)			–	%(e)(f)			0.61	%			1.85	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Solutions Fund
		Cash Management Shares
		Six Months Ended May 31, 2024 (Unaudited)				Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
						2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.022				0.039				0.008				–	(b)			–	(b)			0.004				0.013
	Net realized gain			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total from investment operations			0.022				0.039				0.008				–	(b)			–	(b)			0.004				0.013
	Distributions to shareholders from net investment income			(0.022	)			(0.040	)			(0.008	)			–	(b)			–	(b)			(0.004	)			(0.013	)
	Distributions to shareholders from net realized gains			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.022	)			(0.040	)			(0.008	)			–	(b)			–	(b)			(0.004	)			(0.013	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.22	%			4.08	%			0.76	%			0.01	%			–	%(e)			0.45	%			1.36	%
	Net assets, end of period (in 000’s)		$	257,735			$	165,859			$	320,794			$	371,768			$	262,647			$	272,981			$	223,501
	Ratio of net expenses to average net assets			1.00	%(f)			1.00	%			0.61	%			0.09	%			0.17	%(f)			0.70	%			1.00	%
	Ratio of total expenses to average net assets			1.00	%(f)			1.00	%			1.00	%			1.00	%			1.00	%(f)			1.00	%			1.00	%
	Ratio of net investment income to average net assets			4.39	%(f)			3.90	%			0.64	%			–	%(e)			–	%(e)(f)			0.37	%			1.31	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Financial Square Treasury Solutions Fund
		Premier Shares
		Six Months Ended May 31, 2024 (Unaudited)					Year Ended November 30,												For the Period Ended November 30, 2020†				Year Ended August 31,
							2023				2022				2021								2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.024					0.044				0.010				–	(b)			–	(b)			0.006				0.018
	Net realized gain			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			0.001				–	(b)
	Total from investment operations			0.024					0.044				0.010				–	(b)			–	(b)			0.007				0.018
	Distributions to shareholders from net investment income			(0.024	)				(0.044	)			(0.010	)			–	(b)			–	(b)			(0.007	)			(0.018	)
	Distributions to shareholders from net realized gains			–	(b)				–	(b)			–	(b)			–	(b)			–	(b)			–	(b)			–	(b)
	Total distributions (c)			(0.024	)				(0.044	)			(0.010	)			–	(b)			–	(b)			(0.007	)			(0.018	)
	Net asset value, end of period		$	1.00				$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.45	%				4.55	%			1.00	%			0.01	%			–	%(e)			0.71	%			1.82	%
	Net assets, end of period (in 000’s)		$	72,063				$	66,816			$	91,667			$	122,233			$	79,208			$	127,497			$	161,003
	Ratio of net expenses to average net assets			0.55	%(f)				0.55	%			0.39	%			0.09	%			0.17	%(f)			0.45	%			0.55	%
	Ratio of total expenses to average net assets			0.55	%(f)				0.55	%			0.55	%			0.55	%			0.55	%(f)			0.55	%			0.55	%
	Ratio of net investment income to average net assets			4.84	%(f)				4.40	%			0.85	%			–	%(e)			–	%(e)(f)			0.63	%			1.77	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Notes to Financial Statements

May 31, 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
Financial Square Federal Instruments Fund	D, Institutional, Capital, Service, Preferred, Administration and Cash Management	Diversified
Financial Square Government Fund	A, C, D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, Class R6 Shares, Drexel Hamilton Class Shares, Loop Class Shares and Seelaus Class Shares	Diversified
Financial Square Money Market Fund	Institutional, Service, Preferred, Select and Administration	Diversified
Financial Square Prime Obligations Fund	Institutional, Capital, Preferred, Select, Administration and Drexel Hamilton Class Shares	Diversified
Financial Square Treasury Instruments Fund	D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Loop Class Shares and Seelaus Class Shares	Diversified
Financial Square Treasury Obligations Fund	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier and Resource	Diversified
Financial Square Treasury Solutions Fund	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, and Premier	Diversified

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

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

The following Funds were designated by the Board of Trustees (“Trustees”) as “institutional money market funds” under Rule 2a-7 under the Act: Financial Square Money Market Fund and Financial Square Prime Obligations Fund (the “Institutional Money Market Funds”). Each of the Institutional Money Market Funds must price its shares at a net asset value (“NAV”) reflecting market-based values of its portfolio securities (i.e., at a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Institutional Money Market Funds have adopted policies and procedures that allow the Trustees to impose a liquidity fee if the Trustees determine that it is in the best interests of a Fund to do so. In addition, effective October 2, 2024, the Institutional Money Market Funds generally must impose a liquidity fee when net sales of Fund shares exceed certain levels.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The investment valuation policy of the Funds, except for the Institutional Money Market Funds, is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Trustees, GSAM evaluates daily the difference between each Fund’s NAV per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The Institutional Money Market Funds’ investment valuation policy is to value its portfolio securities only at market-based values. The market-based

  

108

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

 

 

 

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

E. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

  

  109

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

As of May 31, 2024, all investments, other than those held by the Institutional Money Market Funds, are classified as Level 2 of the fair value hierarchy. All investments for the Institutional Money Market Funds are classified as Level 2, with the exception of treasury securities of G7 countries which are generally classified as Level 1. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

B. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital,

  

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

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

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

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

D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the six months ended May 31, 2024, Goldman Sachs retained $1,233 in CDSCs with respect to Class C Shares of the Financial Square Government Fund.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.

F. Other Agreements — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

In addition, the Funds have entered into certain offset arrangements with the custodian, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

G. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate is 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds and 0.16% for the Financial Square Government, Financial Square Money Market and Financial Square Prime Obligations Funds. The Transfer Agency Fee is 0.01% for all funds.

  

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Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Other contractual annualized rates for each of the Funds are as follows:

	Class A Shares(a)			Class C Shares(a)			Capital Shares			Service Shares			Preferred Shares			Select Shares
Administration, Service and/or Shareholder Administration Fees		N/A			0.25	%		0.15	%		0.25	%		0.10	%		0.03	%
Distribution and/or Service (12b-1) Fees		0.25	%		0.75	%(b)		N/A			0.25	%(c)		N/A			N/A
							Administration Shares			Cash Management Shares			Premier Shares			Resource Shares
Administration, Service and/or Shareholder Administration Fees								0.25	%		0.50	%		0.35	%		0.50	%
Distribution and/or Service (12b-1) Fees								N/A			0.30	%(b)		N/A			0.15	%(b)

(a) Financial Square Government Fund only.

(b) Distribution (12b-1) fee only.

(c) Service (12b-1) fee only.

N/A Fees not applicable to respective share class.

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the six months ended May 31, 2024, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Other Expense Reimbursements	Total Expense Reductions
Financial Square Government Fund	$      9	$      9
Financial Square Money Market Fund	594	594
Financial Square Prime Obligations Fund	345	345

For the six months ended May 31, 2024, the net effective management fee rate was 0.16% for the Financial Square Government Fund, Financial Square Money Market, and Financial Square Prime Obligations, and 0.18% for Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds.

H. Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the six months ended May 31, 2024, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

Fund	Purchases		Sales		Net Realized       Gain/(Loss)
Financial Square Federal Instruments Fund	$	7,698,151	$	—	$	—
Financial Square Government Fund		155,079,865		—		—
Financial Square Money Market Fund		—		112,730,000		—
Financial Square Prime Obligations Fund		—		90,690,000		—
Financial Square Treasury Instruments Fund		—		200,185,967		27,129
Financial Square Treasury Obligations Fund		30,092,355		—		—
Financial Square Treasury Solutions Fund		18,702,975		—		—

  

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of May 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund

Capital Shares

Preferred Shares

Service Shares

Seelaus Class Shares

Financial Square Federal Instruments Fund

100

%

–

%

–

%

–

%

Financial Square Money Market Fund

–

–

39

–

Financial Square Prime Obligations Fund

–

9

–

–

Financial Square Treasury Instruments Fund

–

–

–

100

I. Line of Credit Facility — As of May 31, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended May 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, November 30, 2023, the Funds’ capital loss carryforward and certain timing differences on a tax basis were as follows:

	Federal  Instruments Fund			Government Fund			Money Market  Fund			Prime Obligations  Fund
Capital loss carryforwards:
Perpetual Short-Term	$	(493,410	)	$	(41,163,646	)	$	(7,334,912	)	$	—
Timing differences — Dividends Payable		(3,243,748	)		(508,531,386	)		(1,649,865	)		(1,201,249)
				Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund
Capital loss carryforwards:
Perpetual Short-Term				$	(45,933,266	)	$	—		$	(1,071,449)
Perpetual Long-Term					(1,319,453	)		—			—
Total capital loss carryforwards					(47,252,719	)		—			(1,071,449)
Timing differences — Dividends Payable					(147,584,859	)		(127,941,057	)		(24,159,351)

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

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

  

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Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

6. OTHER RISKS

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

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A 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. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of current income, or minimize the volatility of the Fund’s NAV per share and/ or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

Liquidity Risk — The Funds 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. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund’s ability to maintain a stable $1.00 share price (or, for the Institutional Money market Funds, can increase the volatility of a Fund’s NAV per share). Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

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

  

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7. INDEMNIFICATIONS

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

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

9. SUBSEQUENT EVENTS

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.

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Financial Square Federal Instruments Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2024 (Unaudited)			November 30, 2023
	Shares			Shares
Class D Shares
Shares sold		672,475			15,623,952
Reinvestment of distributions		32,875			391,900
Shares redeemed		(930,893	)		(14,574,660	)
		(225,543	)		1,441,192
Institutional Shares
Shares sold		6,191,588,393			15,223,542,211
Reinvestment of distributions		111,887,851			202,583,320
Shares redeemed		(5,629,017,525	)		(13,786,122,450	)
		674,458,719			1,640,003,081
Capital Shares
Shares sold		—			—
Reinvestment of distributions		1,413			3,861
Shares redeemed		—			(78,421	)
		1,413			(74,560	)
Service Shares
Shares sold		4,278,887			41,384,629
Reinvestment of distributions		138,926			994,836
Shares redeemed		(13,207,058	)		(7,533,677	)
		(8,789,245	)		34,845,788

  

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (continued)

	Financial Square Federal Instruments Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2024 (Unaudited)			November 30, 2023
	Shares			Shares
Preferred Shares
Shares sold		156,185,484			227,803,873
Reinvestment of distributions		3,212,763			6,556,817
Shares redeemed		(153,761,432	)		(301,100,789	)
		5,636,815			(66,740,099	)
Select Shares
Reinvestment of distributions		—			1,316
Shares redeemed		—			(51,316	)
		—			(50,000	)
Administration Shares
Shares sold		140,656,180			390,381,509
Reinvestment of distributions		3,226,259			4,246,158
Shares redeemed		(154,270,241	)		(291,442,209	)
		(10,387,802	)		103,185,458
Cash Management Shares
Shares sold		35,970,284			79,075,044
Reinvestment of distributions		485,421			585,183
Shares redeemed		(32,692,969	)		(66,370,789	)
		3,762,736			13,289,438
NET INCREASE IN SHARES		664,457,093			1,725,847,866

  

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Financial Square Government Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2024 (Unaudited)			November 30, 2023
	Shares			Shares
Class A Shares
Shares sold		2,699,861,354			3,864,020,769
Reinvestment of distributions		76,955,518			72,665,575
Shares redeemed		(1,785,900,471	)		(1,968,192,183	)
		990,916,401			1,968,494,161
Class C Shares
Shares sold		997,174			2,342,066
Reinvestment of distributions		110,867			215,966
Shares redeemed		(927,616	)		(2,924,360	)
		180,425			(366,328	)
Class D Shares
Shares sold		99,067,916			222,067,784
Reinvestment of distributions		2,502,503			3,619,467
Shares redeemed		(97,015,251	)		(144,062,024	)
		4,555,168			81,625,227
Institutional Shares
Shares sold		801,767,202,360			1,709,281,167,244
Reinvestment of distributions		2,674,919,653			5,771,603,696
Shares redeemed		(820,851,460,276	)		(1,730,543,918,279	)
		(16,409,338,263	)		(15,491,147,339	)
Capital Shares
Shares sold		7,238,017,364			16,024,764,086
Reinvestment of distributions		16,187,529			33,725,975
Shares redeemed		(7,690,875,503	)		(15,289,818,201	)
		(436,670,610	)		768,671,860
Service Shares
Shares sold		2,767,999,712			4,940,393,679
Reinvestment of distributions		14,939,515			28,851,225
Shares redeemed		(2,914,359,654	)		(4,682,860,862	)
		(131,420,427	)		286,384,042
Preferred Shares
Shares sold		8,845,053,385			6,919,362,284
Reinvestment of distributions		12,297,150			25,590,909
Shares redeemed		(9,018,476,495	)		(6,503,214,745	)
		(161,125,960	)		441,738,448
Select Shares
Shares sold		1,575,683,513			4,424,529,505
Reinvestment of distributions		21,877,464			54,671,621
Shares redeemed		(1,966,608,008	)		(4,243,105,221	)
		(369,047,031	)		236,095,905

  

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Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (continued)

	Financial Square Government Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2024 (Unaudited)			November 30, 2023
	Shares			Shares
Administration Shares
Shares sold		20,938,780,549			38,738,042,080
Reinvestment of distributions		58,798,515			102,992,227
Shares redeemed		(20,718,930,497	)		(37,952,384,761	)
		278,648,567			888,649,546
Cash Management Shares
Shares sold		1,559,371,921			2,061,358,471
Reinvestment of distributions		11,733,624			12,596,239
Shares redeemed		(1,449,337,524	)		(1,679,972,433	)
		121,768,021			393,982,277
Premier Shares
Shares sold		208,126,008			287,481,937
Reinvestment of distributions		2,654,478			4,785,225
Shares redeemed		(207,493,771	)		(537,515,419	)
		3,286,715			(245,248,257	)
Resource Shares
Shares sold		2,411,802			1,557,257
Reinvestment of distributions		205,528			356,102
Shares redeemed		(1,344,892	)		(2,614,239	)
		1,272,438			(700,880	)
Class R6 Shares
Shares sold		412,083,361			783,381,015
Reinvestment of distributions		9,531,714			13,991,762
Shares redeemed		(355,379,618	)		(748,837,643	)
		66,235,457			48,535,134
Drexel Hamilton Class Shares
Shares sold		64,399,428,076			99,187,153,689
Reinvestment of distributions		48,477,139			102,468,930
Shares redeemed		(67,388,667,978	)		(95,841,074,801	)
		(2,940,762,763	)		3,448,547,818
Loop Class Shares
Shares sold		17,282,211,227			45,907,230,224
Reinvestment of distributions		43,891,789			92,450,535
Shares redeemed		(17,187,040,857	)		(45,443,393,352	)
		139,062,159			556,287,407
Seelaus Class Shares
Shares sold		1,336,753,965			6,886,314,332
Reinvestment of distributions		15,948,991			52,298,893
Shares redeemed		(1,153,187,785	)		(8,259,267,031	)
		199,515,171			(1,320,653,806	)
NET DECREASE IN SHARES		(18,642,924,532	)		(7,939,104,785	)

  

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Financial Square Money Market Fund
	For the Six Months Ended May 31, 2024 (Unaudited)						For the Fiscal Year Ended November 30, 2023
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		5,146,766,827		$	5,148,323,458			15,026,238,376		$	15,030,634,861
Reinvestment of distributions		42,013,889			42,026,834			119,026,171			119,060,826
Shares redeemed		(6,980,169,034	)		(6,982,277,388	)		(16,936,696,256	)		(16,941,946,340	)
		(1,791,388,318	)		(1,791,927,096	)		(1,791,431,709	)		(1,792,250,653	)
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		67			67			122			122
Shares redeemed		—			—			—			—
		67			67			122			122
Preferred Shares
Shares sold		—			—			—			—
Reinvestment of distributions		1,835			1,835			3,310			3,311
Shares redeemed		—			—			—			—
		1,835			1,835			3,310			3,311
Select Shares
Shares sold		6,555,656			6,555,000			9,758,071			9,758,000
Reinvestment of distributions		177,898			177,895			194,833			194,818
Shares redeemed		(6,465,400	)		(6,465,000	)		(6,619,840	)		(6,619,565	)
		268,154			267,895			3,333,064			3,333,253
Administration Shares
Shares sold		594,862			595,000			775,049			775,329
Reinvestment of distributions		78,683			78,701			124,689			124,713
Shares redeemed		(647	)		(647	)		(928,449	)		(929,006	)
		672,898			673,054			(28,711	)		(28,964	)
NET DECREASE IN SHARES		(1,790,445,364	)	$	(1,790,984,245	)		(1,788,128,145	)	$	(1,788,947,153	)

  

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Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Financial Square Prime Obligations Fund
	For the Six Months Ended May 31, 2024 (Unaudited)						For the Fiscal Year Ended November 30, 2023
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		3,063,147,024		$	3,066,015,859			7,218,271,227		$	7,225,082,396
Reinvestment of distributions		70,786,675			70,853,940			123,108,098			123,218,307
Shares redeemed		(3,261,605,566	)		(3,264,649,837	)		(6,492,720,332	)		(6,498,750,424	)
		(127,671,867	)		(127,780,038	)		848,658,993			849,550,279
Capital Shares
Shares sold		—			—			—			—
Reinvestment of distributions		7,635			7,642			19,320			19,336
Shares redeemed		—			—			(265,943	)		(266,164	)
		7,635			7,642			(246,623	)		(246,828	)
Preferred Shares
Shares sold		—			—			1,896,293			1,898,000
Reinvestment of distributions		312			313			15,825			15,837
Shares redeemed		—			—			(1,914,002	)		(1,915,372	)
		312			313			(1,884	)		(1,535	)
Select Shares
Shares sold		4,467,229			4,470,812			17,898,854			17,914,078
Reinvestment of distributions		213,224			213,401			619,710			620,186
Shares redeemed		(7,240,022	)		(7,245,989	)		(17,819,744	)		(17,834,000	)
		(2,559,569	)		(2,561,776	)		698,820			700,264
Administration Shares
Shares sold		27,732			27,757			51,719			51,766
Reinvestment of distributions		139,408			139,539			250,703			250,922
Shares redeemed		(29	)		(31	)		(21,113	)		(21,135	)
		167,111			167,265			281,309			281,553
Drexel Hamilton Class Shares
Shares sold		12,009,192			12,020,000			89,935,345			90,001,315
Reinvestment of distributions		108,351			108,455			80,920			80,983
Shares redeemed		(5,024,784	)		(5,029,306	)		(114,726,110	)		(114,812,415	)
		7,092,759			7,099,149			(24,709,845	)		(24,730,117	)
NET INCREASE (DECREASE) IN SHARES		(122,963,619	)	$	(123,067,445	)		824,676,512		$	825,549,355

  

120

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

 

 

 

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Financial Square Treasury Instruments Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2024 (Unaudited)			November 30, 2023
	Shares			Shares
Class D Shares
Shares sold		62,132,653			94,725,973
Reinvestment of distributions		1,063,229			1,367,762
Shares redeemed		(58,384,464	)		(68,068,931	)
		4,811,418			28,024,804
Institutional Shares
Shares sold		112,040,751,569			267,705,156,936
Reinvestment of distributions		1,196,950,383			2,251,019,401
Shares redeemed		(116,696,676,397	)		(283,013,373,801	)
		(3,458,974,445	)		(13,057,197,464	)
Capital Shares
Shares sold		3,316,232,707			7,637,581,127
Reinvestment of distributions		14,601,449			41,096,265
Shares redeemed		(3,357,413,095	)		(8,116,093,238	)
		(26,578,939	)		(437,415,846	)
Service Shares
Shares sold		1,657,886,720			2,038,762,441
Reinvestment of distributions		3,287,047			2,831,532
Shares redeemed		(1,215,126,963	)		(2,255,996,645	)
		446,046,804			(214,402,672	)
Preferred Shares
Shares sold		230,935,623			417,084,596
Reinvestment of distributions		1,345,681			3,752,623
Shares redeemed		(235,602,912	)		(394,353,199	)
		(3,321,608	)		26,484,020
Select Shares
Shares sold		840,155,035			1,275,716,708
Reinvestment of distributions		10,219,927			18,072,556
Shares redeemed		(1,022,348,909	)		(1,147,373,058	)
		(171,973,947	)		146,416,206
Administration Shares
Shares sold		6,442,618,609			13,308,710,724
Reinvestment of distributions		32,870,887			71,506,073
Shares redeemed		(6,756,510,532	)		(13,369,411,281	)
		(281,021,036	)		10,805,516
Cash Management Shares
Shares sold		71,380,055			135,978,468
Reinvestment of distributions		574,215			1,254,666
Shares redeemed		(61,251,683	)		(113,155,176	)
		10,702,587			24,077,958

  

  121

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Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (continued)

	Financial Square Treasury Instruments Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2024 (Unaudited)			November 30, 2023
	Shares			Shares
Premier Shares
Shares sold		1,073,361,933			946,809,233
Reinvestment of distributions		27			47
Shares redeemed		(988,639,489	)		(468,197,857	)
		84,722,471			478,611,423
Loop Class Shares
Shares sold		88,250,000			223,778,796
Reinvestment of distributions		1,065,303			4,813,716
Shares redeemed		(89,233,731	)		(339,119,142	)
		81,572			(110,526,630	)
Seelaus Class Shares
Shares sold		88,250,000			2,100,223,346
Reinvestment of distributions		27,570			386,774
Shares redeemed		(100,360,561	)		(2,088,526,362	)
		(12,082,991	)		12,083,758
NET DECREASE IN SHARES		(3,407,588,114	)		(13,093,039,961	)

  

122

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Financial Square Treasury Obligations Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2024 (Unaudited)			November 30, 2023
	Shares			Shares
Institutional Shares
Shares sold		121,204,403,948			384,438,590,123
Reinvestment of distributions		470,184,098			882,265,535
Shares redeemed		(130,185,525,075	)		(380,259,638,671	)
		(8,510,937,029	)		5,061,216,987
Capital Shares
Shares sold		2,843,831,518			4,313,561,384
Reinvestment of distributions		5,729,077			16,068,099
Shares redeemed		(2,650,401,105	)		(3,984,390,716	)
		199,159,490			345,238,767
Service Shares
Shares sold		1,589,422,349			7,802,524,332
Reinvestment of distributions		2,873,475			5,245,588
Shares redeemed		(1,479,775,356	)		(7,681,588,061	)
		112,520,468			126,181,859
Preferred Shares
Shares sold		1,367,543,212			3,937,327,356
Reinvestment of distributions		8,741,496			13,562,971
Shares redeemed		(1,663,738,425	)		(3,568,951,427	)
		(287,453,717	)		381,938,900
Select Shares
Shares sold		419,476,928			871,734,758
Reinvestment of distributions		2,256,358			5,740,236
Shares redeemed		(574,430,843	)		(800,205,779	)
		(152,697,557	)		77,269,215
Administration Shares
Shares sold		6,328,445,991			14,090,092,914
Reinvestment of distributions		11,929,017			19,160,673
Shares redeemed		(6,668,693,850	)		(13,800,663,988	)
		(328,318,842	)		308,589,599
Cash Management Shares
Shares sold		72,260,172			184,593,387
Reinvestment of distributions		356,860			817,795
Shares redeemed		(65,557,558	)		(198,552,848	)
		7,059,474			(13,141,666	)
Premier Shares
Shares sold		53,535,583			74,970,967
Reinvestment of distributions		371,426			632,835
Shares redeemed		(55,882,782	)		(102,318,236	)
		(1,975,773	)		(26,714,434	)

  

  123

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (continued)

	Financial Square Treasury Obligations Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2024 (Unaudited)			November 30, 2023
	Shares			Shares
Resource Shares
Shares sold		66,748,507			148,665,818
Reinvestment of distributions		337,094			739,331
Shares redeemed		(62,160,871	)		(137,654,427	)
		4,924,730			11,750,722
NET INCREASE (DECREASE) IN SHARES		(8,957,718,756	)		6,272,329,949

  

124

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

 

 

 

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Financial Square Treasury Solutions Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2024 (Unaudited)			November 30, 2023
	Shares			Shares
Institutional Shares
Shares sold		18,495,459,572			55,985,116,445
Reinvestment of distributions		201,446,840			388,272,523
Shares redeemed		(19,863,242,153	)		(57,092,302,812	)
		(1,166,335,741	)		(718,913,844	)
Capital Shares
Shares sold		792,565,435			1,744,157,751
Reinvestment of distributions		4,230,553			8,617,700
Shares redeemed		(773,264,924	)		(1,794,757,159	)
		23,531,064			(41,981,708	)
Service Shares
Shares sold		1,762,990,742			1,528,761,646
Reinvestment of distributions		8,360,970			5,432,622
Shares redeemed		(1,731,478,785	)		(1,273,866,954	)
		39,872,927			260,327,314
Preferred Shares
Shares sold		98,824,326			137,866,210
Reinvestment of distributions		1,183,168			2,032,057
Shares redeemed		(90,126,713	)		(158,138,872	)
		9,880,781			(18,240,605	)
Select Shares
Shares sold		2,074,875			5,594,000
Reinvestment of distributions		42,918			280,403
Shares redeemed		(1,150,000	)		(14,368,219	)
		967,793			(8,493,816	)
Administration Shares
Shares sold		2,241,732,903			3,203,505,871
Reinvestment of distributions		21,714,028			32,499,776
Shares redeemed		(2,279,209,757	)		(3,240,316,890	)
		(15,762,826	)		(4,311,243	)
Cash Management Shares
Shares sold		533,467,792			907,844,484
Reinvestment of distributions		219,996			453,621
Shares redeemed		(441,773,943	)		(1,063,246,228	)
		91,913,845			(154,948,123	)
Premier Shares
Shares sold		224,092,209			387,139,585
Reinvestment of distributions		304,993			711,613
Shares redeemed		(219,138,379	)		(412,707,336	)
		5,258,823			(24,856,138	)

  

  125

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (continued)

	Financial Square Treasury Solutions Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2024 (Unaudited)			November 30, 2023
	Shares			Shares
Resource Shares*
Reinvestment of distributions		—			24
Shares redeemed		—			(1,060	)
		—			(1,036	)
NET DECREASE IN SHARES		(1,010,673,334	)		(711,419,199	)

*Resource Shares liquidated on July 14, 2023.

  

126

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended May 31, 2024 (Unaudited)

As a shareholder of Class A Shares, Class C Shares, Class D Shares, Institutional Shares, Capital Shares, Service Shares, Preferred Shares, Select Shares, Administration Shares, Cash Management Shares, Premier Shares, Resource Shares, Class R6 Shares, Drexel Hamilton Class Shares, Loop Class Shares or Seelaus Class Shares of a Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service, administration and/or shareholder administration fees (with respect to all share classes except Institutional Shares and Class R6 Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares, Select Shares, Preferred Shares. Capital Shares, Administration Shares, Premier Shares, Service Shares, Class A Shares, Class C Shares, Resource Shares, Cash Management Shares, Class R6 Shares, Drexel Hamilton Class Shares, Loop Class Shares or Seelaus Class Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from December 1, 2023 through May 31, 2024, which represents a period of 183 days in a 365-day year.

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

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

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

127

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Fund Expenses — Six Month Period Ended May 31, 2024 (Unaudited) (continued)

	Financial Square Federal Instruments Fund			Financial Square Government Fund			Financial Square Money Market Fund
Share Class	Beginning  Account Value  12/1/23	Ending  Account Value  5/31/24	Expenses  Paid for the 6 months  ended 5/31/24*	Beginning  Account Value  12/1/23	Ending  Account Value  5/31/24	Expenses  Paid for the 6 months  ended 5/31/24*	Beginning  Account Value  12/1/23	Ending  Account Value  5/31/24	Expenses  Paid for the 6 months  ended 5/31/24*
Class A Shares
Actual	$N/A	$N/A	$N/A	$1,000.00	$1,025.04	$2.18	$N/A	$N/A	$N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,022.85+	2.17	N/A	N/A	N/A
Class C Shares
Actual	N/A	N/A	N/A	1,000.00	1,021.23	5.96	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,019.10+	5.96	N/A	N/A	N/A
Class D Shares
Actual	1,000.00	1,026.20	1.06	1,000.00	1,026.31	0.91	N/A	N/A	N/A
Hypothetical 5% return	1,000.00	1,023.95+	1.06	1,000.00	1,024.10+	0.91	N/A	N/A	N/A
Institutional Shares
Actual	1,000.00	1,026.20	1.06	1,000.00	1,026.31	0.91	1,000.00	1,026.66	0.91
Hypothetical 5% return	1,000.00	1,023.95+	1.06	1,000.00	1,024.10+	0.91	1,000.00	1,024.10+	0.91
Capital Shares
Actual	1,000.00	1,025.43	1.82	1,000.00	1,025.55	1.67	N/A	N/A	N/A
Hypothetical 5% return	1,000.00	1,023.20+	1.82	1,000.00	1,023.35+	1.67	N/A	N/A	N/A
Service Shares
Actual	1,000.00	1,023.66	3.59	1,000.00	1,023.77	3.44	1,000.00	1,024.13	3.34
Hypothetical 5% return	1,000.00	1,021.45+	3.59	1,000.00	1,021.60+	3.44	1,000.00	1,021.70+	3.34
Preferred Shares
Actual	1,000.00	1,025.69	1.57	1,000.00	1,025.80	1.42	1,000.00	1,026.16	1.42
Hypothetical 5% return	1,000.00	1,023.45+	1.57	1,000.00	1,023.60+	1.42	1,000.00	1,023.60+	1.42
Select Shares
Actual	1,000.00	1,000.00	N/A	1,000.00	1,026.16	1.06	1,000.00	1,026.52	1.06
Hypothetical 5% return	1,000.00	1,025.00+	N/A	1,000.00	1,023.95+	1.06	1,000.00	1,023.95+	1.06
Administration Shares
Actual	1,000.00	1,024.93	2.33	1,000.00	1,025.04	2.18	1,000.00	1,025.40	2.18
Hypothetical 5% return	1,000.00	1,022.70+	2.33	1,000.00	1,022.85+	2.17	1,000.00	1,022.85+	2.17
Cash Management Shares
Actual	1,000.00	1,022.13	5.11	1,000.00	1,022.25	4.95	N/A	N/A	N/A
Hypothetical 5% return	1,000.00	1,019.95+	5.10	1,000.00	1,020.10+	4.95	N/A	N/A	N/A
Premier Shares
Actual	N/A	N/A	N/A	1,000.00	1,024.53	2.68	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,022.35+	2.68	N/A	N/A	N/A
Resource Shares
Actual	N/A	N/A	N/A	1,000.00	1,023.01	4.20	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,020.85+	4.19	N/A	N/A	N/A
Class R6 Shares
Actual	N/A	N/A	N/A	1,000.00	1,026.31	0.91	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,024.10+	0.91	N/A	N/A	N/A
Drexel Hamilton Class Shares
Actual	N/A	N/A	N/A	1,000.00	1,026.31	0.91	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,024.10+	0.91	N/A	N/A	N/A
Loop Class Shares
Actual	N/A	N/A	N/A	1,000.00	1,026.31	0.91	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,024.10+	0.91	N/A	N/A	N/A
Seelaus Class Shares
Actual	N/A	N/A	N/A	1,000.00	1,026.31	0.91	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,024.10+	0.91	N/A	N/A	N/A

* 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 May 31, 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.

128

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended May 31, 2024 (Unaudited) (continued)

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

Fund	Class A Shares			Class C Shares			Class D Shares			Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares
Financial Square Federal Instruments Fund		N/A			N/A			0.20	%		0.20	%		0.35	%		0.70	%		0.30	%		N/A			0.45	%		1.00	%		N/A			N/A
Financial Square Government Fund		0.43	%		1.18	%		0.18			0.18			0.33			0.68			0.28			0.21	%		0.43			0.98			0.53	%		0.83	%
Financial Square Money Market Fund		N/A			N/A			N/A			0.18			N/A			0.69			0.28			0.21			0.43			N/A			N/A			N/A

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

Fund

Class R6 Shares

Drexel Hamilton Class Shares

Loop Class Shares

Seelaus Class  Shares

Financial Square Federal Instruments Fund

N/A

N/A

N/A

N/A

Financial Square Government Fund

0.18

%

0.18

%

0.18

%

0.18

%

Financial Square Money Market Fund

N/A

N/A

N/A

N/A

129

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended May 31, 2024 (Unaudited) (continued)

	Financial Square Prime Obligations Fund			Financial Square Treasury Instruments Fund			Financial Square Treasury Obligations  Fund
Share Class	Beginning  Account Value  12/1/23	Ending  Account Value  5/31/24	Expenses  Paid for the 6 months  ended 5/31/24*	Beginning  Account Value  12/1/23	Ending  Account Value  5/31/24	Expenses  Paid for the 6 months  ended 5/31/24*	Beginning  Account Value  12/1/23	Ending  Account Value  5/31/24	Expenses  Paid for the 6 months  ended 5/31/24*
Class D Shares
Actual	$N/A	$N/A	$N/A	$1,000.00	$1,026.15	$1.01	$N/A	$N/A	$N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,024.00+	1.01	N/A	N/A	N/A
Institutional Shares
Actual	1,000.00	1,026.64	0.91	1,000.00	1,026.15	1.01	1,000.00	1,026.23	1.01
Hypothetical 5% return	1,000.00	1,024.10+	0.91	1,000.00	1,024.00+	1.01	1,000.00	1,024.00+	1.01
Capital Shares
Actual	1,000.00	1,025.88	1.67	1,000.00	1,025.38	1.77	1,000.00	1,025.47	1.77
Hypothetical 5% return	1,000.00	1,023.35+	1.67	1,000.00	1,023.25+	1.77	1,000.00	1,023.25+	1.77
Service Shares
Actual	N/A	N/A	N/A	1,000.00	1,023.61	3.54	1,000.00	1,023.69	3.54
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,021.50+	3.54	1,000.00	1,021.50+	3.54
Preferred Shares
Actual	1,000.00	1,026.14	1.52	1,000.00	1,025.64	1.52	1,000.00	1,025.72	1.52
Hypothetical 5% return	1,000.00	1,023.50+	1.52	1,000.00	1,023.50+	1.52	1,000.00	1,023.50+	1.52
Select Shares
Actual	1,000.00	1,026.49	1.06	1,000.00	1,025.99	1.16	1,000.00	1,026.08	1.16
Hypothetical 5% return	1,000.00	1,023.95+	1.06	1,000.00	1,023.85+	1.16	1,000.00	1,023.85+	1.16
Administration Shares
Actual	1,000.00	1,025.38	2.18	1,000.00	1,024.88	2.28	1,000.00	1,024.96	2.28
Hypothetical 5% return	1,000.00	1,022.85+	2.17	1,000.00	1,022.75+	2.28	1,000.00	1,022.75+	2.28
Cash Management Shares
Actual	N/A	N/A	N/A	1,000.00	1,022.08	5.06	1,000.00	1,022.17	5.06
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,020.00+	5.05	1,000.00	1,020.00+	5.05
Premier Shares
Actual	N/A	N/A	N/A	1,000.00	1,024.37	2.78	1,000.00	1,024.45	2.78
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,022.25+	2.78	1,000.00	1,022.25+	2.78
Resource Shares
Actual	N/A	N/A	N/A	N/A	N/A	N/A	1,000.00	1,022.93	4.30
Hypothetical 5% return	N/A	N/A	N/A	N/A	N/A	N/A	1,000.00	1,020.75+	4.29
Drexel Hamilton Class Shares
Actual	1,000.00	1,026.49	0.91	N/A	N/A	N/A	N/A	N/A	N/A
Hypothetical 5% return	1,000.00	1,024.10+	0.91	N/A	N/A	N/A	N/A	N/A	N/A
Loop Class Shares
Actual	N/A	N/A	N/A	1,000.00	1,026.15	1.01	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,024.00+	1.01	N/A	N/A	N/A
Seelaus Class Shares
Actual	N/A	N/A	N/A	1,000.00	1,026.15	1.01	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,024.00+	1.01	N/A	N/A	N/A

130

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended May 31, 2024 (Unaudited) (continued)

* 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 May 31, 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.

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

Fund	Class D Shares			Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares			Drexel Hamilton Class Shares			Loop Class Shares
Financial Square Prime Obligations Fund		N/A			0.18	%		0.33	%		N/A			0.28	%		0.21	%		0.43	%		N/A			N/A			N/A			0.18	%		N/A
Financial Square Treasury Instruments Fund		0.20	%		0.20			0.35			0.70	%		0.30			0.23			0.45			1.00	%		0.55	%		N/A			N/A			0.20	%
Financial Square Treasury Obligations Fund		N/A			0.20			0.35			0.70			0.30			0.23			0.45			1.00			0.55			0.85	%		N/A			N/A

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

Fund	Seelaus Class  Shares
Financial Square Prime Obligations Fund		N/A
Financial Square Treasury Instruments Fund		0.20	%
Financial Square Treasury Obligations Fund		N/A

131

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended May 31, 2024 (Unaudited) (continued)

	Financial Square Treasury Solutions  Fund
Share Class	Beginning  Account Value  12/1/23			Ending  Account Value  5/31/24			Expenses  Paid for the 6 months  ended 5/31/24*
Institutional Shares
Actual		$1,000.00			$1,026.25			$1.01
Hypothetical 5% return		1,000.00			1,024.00	+		1.01
Capital Shares
Actual		1,000.00			1,025.48			1.77
Hypothetical 5% return		1,000.00			1,023.25	+		1.77
Service Shares
Actual		1,000.00			1,023.71			3.54
Hypothetical 5% return		1,000.00			1,021.50	+		3.54
Preferred Shares
Actual		1,000.00			1,025.74			1.52
Hypothetical 5% return		1,000.00			1,023.50	+		1.52
Select Shares
Actual		1,000.00			1,026.09			1.17
Hypothetical 5% return		1,000.00			1,023.85	+		1.16
Administration Shares
Actual		1,000.00			1,024.98			2.28
Hypothetical 5% return		1,000.00			1,022.75	+		2.28
Cash Management Shares
Actual		1,000.00			1,022.19			5.06
Hypothetical 5% return		1,000.00			1,020.00	+		5.05
Premier Shares
Actual		1,000.00			1,024.47			2.78
Hypothetical 5% return		1,000.00			1,022.25	+		2.78

132

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended May 31, 2024 (Unaudited) (continued)

* 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 May 31, 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.

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

Fund	Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares
Financial Square Treasury Solutions Fund		0.20	%		0.35	%		0.70	%		0.30	%		0.23	%		0.45	%		1.00	%		0.55	%

133

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FUNDS PROFILE

 

 

 

Goldman Sachs Funds

May 31, 2024 (Unaudited)

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 $2.56 trillion in assets under supervision as of March 31, 2024, 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

∎ Dynamic Bond Fund⁶

∎ 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 Fund

∎ Short Duration High Yield Fund⁴

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 Fund⁵

∎ 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 Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Goldman Sachs 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 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 April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁵  Effective after the close of business February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.

⁶  Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Fund.

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

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

  

  137

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 Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www. sec.gov. Goldman Sachs & Co. LLC (“Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Fund holdings and allocations shown are as of November 30, 2023 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Financial Square FundsSM is a registered service mark of Goldman Sachs & Co LLC. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your Intermediary or from Goldman Sachs & Co LLC by calling (Class A Shares or Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550). © 2024 Goldman Sachs. All rights reserved. 377675-OTU-2062131 FSQSAR-24

Goldman Sachs Funds Semi-Annual Report May 31, 2024 Investor FundsSM Investor Money Market Investor Tax-Exempt Money Market Goldman Sachs Asset Management

 

 

 

 

Goldman Sachs Investor Funds

∎   INVESTOR MONEY MARKET

∎ INVESTOR TAX-EXEMPT MONEY MARKET

TABLE OF CONTENTS

Market Review	2
Fund Basics	4
Yield Summary	5
Sector Allocations	6
Schedule of Investments	8
Financial Statements	21
Financial Highlights
Money Market	24
Tax-Exempt Money Market	31
Notes to Financial Statements	37
Other Information	47

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 Investor Funds

INVESTOR MONEY MARKET FUNDS

∎  Investor Money Market

∎  Investor Tax-Exempt Money Market

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 a deposit of the 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.

  

  1

MARKET REVIEW

 

 

Goldman Sachs Investor Funds

The following are highlights both of key factors affecting the taxable and tax-exempt money markets and of any key changes made to the Goldman Sachs Investor Funds (the “Funds”) during the six months ended May 31, 2024 (the “Reporting Period”)

 Market and Economic Review

• During the Reporting Period, the taxable and tax-exempt money markets were influenced most by U.S. Federal Reserve (“Fed”) monetary policy, inflation trends and the broader outlook for the U.S. economy.

• In December 2023, when the Reporting Period began, Fed policymakers maintained the targeted federal funds (“fed funds”) rate in a range between 5.25% and 5.50%.

• At its policy meeting that month, the Fed signaled it might have reached the peak of its then-recent monetary policy tightening cycle, with its median dot plot projection indicating 75 basis points of rate cuts in 2024. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee. A basis point is 1/100th of a percentage point.)

• At the end of December, markets were pricing in a total of eight Fed rate cuts in 2024, with the first expected in March.

• The Fed remained on hold in January 2024 but shifted from a hiking bias to a more neutral policy stance.

• In mid-January, the markets were pricing in six to seven Fed rate cuts in 2024.

• In February, a resilient U.S. labor market and upside surprises in inflation led investors to push back their expectations for Fed policy easing, with the market pricing in three or four rate cuts in 2024, commencing in June.

• During March, signals of strong U.S. economic growth and bumpy inflation suggested the Fed might delay interest rate cuts. However, Fed officials maintained a dovish stance at their policy meeting that month, with their projections showing three rate cuts in 2024. (Dovish tends to suggest lower interest rates; opposite of hawkish.)

• In April, strong U.S. economic data and resilient labor markets coincided with upside inflation surprises. The combination appeared to raise the bar for Fed monetary policy easing, increasing the prospect of a prolonged period of elevated interest rates.

• At the end of the month, markets were expecting the first Fed rate cut in December.

• In early May, Fed officials acknowledged the “lack of further progress” on inflation so far in 2024. However, Fed Chair Jerome Powell suggested there could be more disinflation, given anchored inflation expectations and the resolution of demand and supply imbalances, particularly in the labor and housing markets.

• Near the end of the month, inflation data aligned with the possibility of a Fed rate cut in September 2024, contingent on further evidence of disinflation through the summer.

• At their policy meeting in mid-June 2024, after the end of the Reporting Period, Fed officials held the fed funds rate steady and penciled in one interest rate cut before the end of the calendar year.— and signaled they would likely continue tightening monetary policy at an aggressive pace.)

• Throughout the Reporting Period, the taxable and tax-exempt money market yield curves remained inverted. (In an inverted yield curve, shorter-term maturity yields are higher than longer-term maturity yields.)

• On the taxable money market yield curve, the front, or short-term, end of the yield curve stayed virtually unchanged, while the middle and longer-term segments of the yield curve fluctuated as investors priced in their expectations for Fed rate cuts.

• On the tax-exempt money market yield curve, the inversion was in the very front end of the curve, with shorter-term segments of the curve remaining higher than longer-term segments of the curve.

• In this environment, the yields of taxable and tax-exempt money market funds remained mostly flat.

 

2  

MARKET REVIEW

 

 

Fund Changes and Highlights

Goldman Sachs Investor Tax-Exempt Money Market Fund

• At a meeting of the Board of Trustees of Goldman Sachs Trust held on December 12-13, 2023, the Trustees approved the termination of each of the Capital, Premier, Select and Cash Management Share Classes (collectively, the “Terminated Share Classes”) of the Goldman Sachs Investor Tax-Exempt Money Market Fund (the “Fund”).

• Effective December 15, 2023, the Terminated Share Classes of the Fund were no longer sold to new investors or existing shareholders (except through reinvested dividends) and were no longer eligible for exchanges from other Goldman Sachs Funds. In addition, the Terminated Share Classes of the Funds were closed to all new accounts.

• The termination of these classes of Funds occurred on January 12, 2024.

 

  3

FUND BASICS

 

 

Investor Funds

as of May 31, 2024

PERFORMANCE REVIEW^1,2

December 1, 2023-May 31, 2024	Fund Total Return (based on NAV)3	Sec 7-Day Current Yield4	The EPFR/iMoneyNet Money Fund Institutional 30-Day Average Yield5
Investor Money Market Fund	2.69%	5.31%	5.01%6
Investor Tax-Exempt Money Market Fund	1.65	3.28	3.117

  The returns represent past performance. Past performance does not guarantee future results. The Funds’ investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

¹  The Investor Money Market Fund offers seven separate classes of shares (Class A, Class C, Class D, Class I, Service, Administration and Cash Management Shares) and the Investor Tax-Exempt Money Market Fund offers six separate classes of shares (Class A, Class C, Class I, Service, Preferred and Administration Shares), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Class I Shares do not have distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees. The Preferred, Administration, Service, Cash Management, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/ or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees (as applicable) at the following contractual rates: Preferred Shares pay 0.10%, Administration Shares pay 0.25%, Service Shares pay 0.50%, Cash Management Shares pay 0.80%, Class A Shares pay 0.25%, and Class C Shares pay 1.00%. If these fees were reflected in the above performance, performance would have been reduced. In addition, the Funds’ performances do not reflect the deduction of any applicable sales charges.

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

³  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. A Fund’s total return reflects the reinvestment of dividends and other distributions.

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

⁵  Source: EPFR, Inc. May 2024. The EPFR/iMoneyNet Money Fund Institutional 30-Day Average Yield is an annualized yield of 30 days back from the current date listed. This yield includes capital gain/ loss distributions.

⁶  First Tier Retail–Category includes only non-government retail funds that also are not holding any second tier securities. Portfolio holdings of First Tier funds include U.S. Treasury, U.S. other, repos, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.

⁷  Tax-Free National Retail–Category includes all retail national and state tax-free and municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds—6 months & less, put bonds—over 6 months, alternative minimum tax paper and other tax-free holdings. This consists of all funds in the National Tax-Free Retail and State-Specific Retail categories.

 

4  

YIELD SUMMARY

 

 

 

as of May 31, 2024

 

 

 

SUMMARY OF THE CLASS I SHARES^1,2 AS OF 5/31/24

Funds	7-Day Dist. Yield8	SEC 7-Day Effective Yield9	30-Day Average Yield10	Weighted Avg. Maturity (days)11	Weighted Avg. Life (days)12
Investor Money Market Fund	5.31%	5.45%	5.30%	42	113
Investor Tax-Exempt Money Market Fund	3.28%	3.33%	3.36%	16	16

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

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

⁸  The 7-Day Distribution Yield is an annualized measure of a Fund’s dividends per share, divided by the price per share. This yield includes capital gain/loss distribution, if any. This is not an SEC Yield.

⁹  The SEC 7-Day Effective Yield is calculated in accordance with securities industry regulations and does not include net capital gains. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

¹⁰  The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/ loss distribution. This is not an SEC Yield.

¹¹  A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

¹²  A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

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

  

  5

SECTOR ALLOCATIONS

 

 

 

 

 

 

 

GOLDMAN SACHS INVESTOR MONEY MARKET FUND¹³

As of May 31, 2024
Security Type	% of Net Assets
Certificate of Deposit	1.3	%
Certificate of Deposit-Eurodollar	1.8
Certificate of Deposit-Yankeedollar	3.5
Commercial Paper and Corporate Obligations	18.3
Medium Term Notes	1.9
Repurchase Agreements	28.6
Time Deposit	7.7
U.S. Government Agency Obligations	1.9
U.S. Treasury Obligations	16.2
Variable Rate Municipal Debt Obligations	6.9
Variable Rate Obligations	11.0
As of November 30, 2023
Security Type	% of Net Assets
Certificate of Deposit	2.3	%
Certificate of Deposit-Eurodollar	1.2
Certificate of Deposit-Yankeedollar	6.2
Commercial Paper and Corporate Obligations	20.8
Medium Term Notes	0.4
Repurchase Agreements	25.6
Time Deposit	15.3
U.S. Government Agency Obligations	9.2
U.S. Treasury Obligations	8.4
Variable Rate Municipal Debt Obligations	3.0
Variable Rate Obligations	8.3

¹³ The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

6  

SECTOR ALLOCATIONS

 

 

 

 

 

 

 

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND¹⁴

As of May 31, 2024
Security Type	% of Net Assets
Commercial Paper	25.4	%
Municipal Debt Obligations	6.5
Tax Revenue Anticipation Notes	0.4
Variable Rate Obligations	66.2
As of November 30, 2023
Security Type	% of Net Assets
Commercial Paper	27.6	%
General Obligations	8.5
Revenue Anticipation Notes	0.3
Variable Rate Obligations	59.8

¹⁴ The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

  7

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

	Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Commercial Paper and Corporate Obligations – 18.3%
Albion Capital LLC
$		11,487,000		5.355	%	06/03/24	$	11,483,586
		18,547,000		5.355		06/06/24		18,533,219
		16,001,000		5.497		06/17/24		15,962,384
		24,851,000		5.568		06/26/24		24,757,809
		44,853,000		5.506		07/22/24		44,507,968
		13,393,000		5.619		07/31/24		13,271,347
		13,678,000		5.619		08/21/24		13,510,274
		13,436,000		5.598		08/28/24		13,257,659
Antalis
		5,000,000		5.495		08/01/24		4,954,080
		35,000,000		5.506		08/02/24		34,672,692
		40,649,000		5.508		08/05/24		40,250,471
Apple, Inc.
		2,750,000		5.329		06/10/24		2,746,342
Astrazeneca PLC
		8,743,000		5.479		09/04/24		8,618,874
		11,625,000		5.497		09/13/24		11,444,322
		8,901,000		5.515		10/04/24		8,734,415
Atlantic Asset Securitization LLC
		7,585,000		5.492		09/18/24		7,461,215
Banner Health
		3,302,000		5.465		07/24/24		3,275,652
Baptist Healthcare System, Inc.
		17,663,000		5.444		06/13/24		17,631,089
		23,123,000		5.463		06/20/24		23,056,611
		17,006,000		5.453		06/27/24		16,939,308
Barclays Bank PLC-New York Branch
		178,418,000		5.452		06/03/24		178,364,871
Barclays US CCP Funding LLC
		32,125,000		5.477		07/01/24		31,982,311
		18,564,000		5.476		01/16/25		17,947,582
BofA Securities, Inc.
		18,329,000		5.437		09/23/24		18,023,120
		21,487,000		5.311		03/11/25		20,635,685
Bon Secours Mercy Health, Inc.
		8,078,000		5.482		06/05/24		8,073,100
		15,669,000		5.484		06/20/24		15,623,847
CDP Financial, Inc.
		10,000,000		5.394		09/12/24		9,849,792
Citigroup Global Markets, Inc.
		8,785,000		6.111		09/16/24		8,636,951
City Public Service Board of San Antonio
		21,609,000		5.470		06/07/24		21,609,000
		10,804,000		5.520		08/01/24		10,804,000
Collateralized Commercial Paper Flex Co., LLC
		8,255,000		5.560		10/01/24		8,255,000
		10,000,000		5.560		10/02/24		10,000,000
Credit Agricole Corporate and Investment Bank-New York Branch
		7,200,000		5.456		09/30/24		7,071,498
Equitable Short Term Funding LLC
		10,000,000		5.447		10/09/24		9,808,611
Gotham Funding Corp.
		11,020,000		5.550		09/03/24		10,865,194
Liberty Street Funding LLC
		16,667,000		5.919		08/02/24		16,506,830
LMA-Americas LLC
		10,000,000		5.498		08/23/24		9,875,500
		9,885,000		5.520		09/16/24		9,729,871

	Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Commercial Paper and Corporate Obligations – (continued)
$		11,014,000		5.559	%	10/09/24	$	10,802,807
		10,000,000		5.560		10/09/24		9,808,250
		10,000,000		5.469		10/16/24		9,798,306
		5,336,000		5.561		10/17/24		5,227,590
Mizuho Bank, Ltd.-Singapore Branch
		34,707,000		5.469		08/05/24		34,368,920
Mont Blanc Capital Corp.
		10,387,000		5.496		08/20/24		10,262,356
New York Life Short Term Funding, LLC
		50,000,000		5.445		08/21/24		49,395,875
Ridgefield Funding Company, LLC
		8,600,000		5.418		09/16/24		8,465,293
Royal Bank of Canada
		27,874,000		6.104		10/16/24		27,273,609
Royal Bank of Canada-New York Branch
		23,000,000		5.560		12/13/24		23,000,000
Rutgers, The State University of New Jersey
		10,528,000		5.400		06/04/24		10,528,000
Sanofi
		19,950,000		5.448		08/21/24		19,708,954
Sheffield Receivables Company LLC
		14,330,000		5.465		08/20/24		14,158,358
Societe Generale
		11,455,000		5.610		12/09/24		11,132,284
		10,000,000		5.212		01/10/25		9,693,375
SSM Health Care Corp.
		25,638,000		5.531		06/18/24		25,571,534
		3,623,000		5.544		09/24/24		3,560,040
Sumitomo Mitsui Banking Corp.-Brussels Branch
		64,000,000		5.520		07/22/24		63,504,158
Toronto-Dominion Bank (The)
		45,579,000		5.542		09/23/24		44,806,816
		45,935,000		5.579		12/10/24		44,641,470
Totalenergies Capital
		13,051,000		5.422		06/24/24		13,006,474
		43,395,000		5.491		09/13/24		42,719,292
UBS AG
		13,815,000		6.009		07/01/24		13,749,551
UBS AG-London Branch
		31,352,000		5.413		08/28/24		30,948,883
		64,619,000		5.398		10/04/24		63,445,537
		54,439,000		5.656		12/04/24		52,934,215
		27,117,000		5.533		05/12/25		25,755,275
Unitedhealth Group Incorporated
		45,267,000		5.513		09/03/24		44,628,735
		15,592,000		5.511		09/04/24		15,369,814
		28,042,000		5.527		09/23/24		27,562,482
Versailles Commercial Paper LLC
		18,788,000		5.461		09/04/24		18,521,263
Victory Receivables Corporation
		8,000,000		5.472		07/22/24		7,938,800
		44,703,000		5.488		07/26/24		44,333,517
		31,973,000		5.473		08/07/24		31,651,672
		12,114,000		5.497		10/09/24		11,879,964
TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS							$	1,638,885,549

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Certificate of Deposit – 1.3%
Bank of America, National Association
$		9,000,000		5.450	%	10/02/24	$	9,000,000
		24,766,000		5.310		10/10/24		24,766,000
		4,793,000		5.170		02/07/25		4,793,000
Mitsubishi UFJ Trust and Banking Corporation-London Branch
		20,000,000		5.520		07/08/24		19,887,602
		21,000,000		5.530		07/10/24		20,875,398
Wells Fargo Bank, National Association
		19,918,000		5.720		11/19/24		19,918,000
		19,968,000		5.230		12/13/24		19,968,000
TOTAL CERTIFICATE OF DEPOSIT							$	119,208,000
Certificate of Deposit-Eurodollar – 1.8%
Sumitomo Mitsui Banking Corp.-Brussels Branch
		66,000,000		5.492		06/24/24		65,770,613
		15,000,000		5.500		06/28/24		14,938,687
		80,000,000		5.522		07/03/24		79,610,964
TOTAL CERTIFICATE OF DEPOSIT-EURODOLLAR							$	160,320,264
Certificate of Deposit-Yankeedollar – 3.5%
Banco Santander, S.A.
		24,500,000		5.370		03/07/25		24,500,000
Banco Santander, S.A.-New York Branch
		34,886,000		5.750		11/27/24		34,886,000
		11,650,000		5.310		01/02/25		11,650,000
		10,053,000		5.400		03/19/25		10,053,000
BNP Paribas-New York Branch
		35,249,000		5.750		11/27/24		35,249,000
		30,022,000		5.290		02/21/25		30,022,000
Credit Agricole Corporate and Investment Bank-New York Branch
		32,400,000		5.400		09/11/24		32,400,000
HSBC Bank USA, National Association
		6,000,000		5.250		01/03/25		6,000,000
Lloyds Bank Corporate Markets PLC
		8,189,000		6.050		10/07/24		8,189,000
Lloyds Bank Corporate Markets PLC (New York)
		15,721,000		5.950		07/24/24		15,721,000
		24,000,000		5.210		01/03/25		24,000,000
		21,548,000		5.510		05/22/25		21,548,000
MUFG Bank, Ltd.-New York Branch
		17,549,000		5.430		07/15/24		17,549,000
Toronto-Dominion Bank (The)-New York Branch
		38,821,000		5.400		01/03/25		38,821,000
TOTAL CERTIFICATE OF DEPOSIT-YANKEEDOLLAR							$	310,588,000
Medium Term Notes – 1.9%
Banco Santander, S.A.
		5,400,000		5.584		06/27/24		5,388,654
		10,000,000		5.673		06/27/24		9,978,989
		3,600,000		5.676		06/27/24		3,592,436
		11,600,000		5.681		06/27/24		11,575,628
		1,400,000		5.687		06/27/24		1,397,059
		10,600,000		5.783		06/27/24		10,577,729
		600,000		5.823		06/27/24		598,739
		8,800,000		5.886		06/27/24		8,781,511
		200,000		6.336		06/27/24		199,580
		2,200,000		5.557		03/24/25		2,164,484

	Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Medium Term Notes – (continued)
Banco Santander, S.A. (US 1 Year CMT T-Note + 0.45%)
$		8,000,000		5.738	%(a)	06/30/24	$	7,999,899
		4,600,000		5.740	(a)	06/30/24		4,599,942
		19,200,000		5.741	(a)	06/30/24		19,199,756
		11,200,000		5.742	(a)	06/30/24		11,199,858
		24,300,000		5.743	(a)	06/30/24		24,299,692
		2,600,000		5.756	(a)	06/30/24		2,599,967
Deutsche Bank AG-New York Branch
		1,229,000		5.539		05/13/25		1,213,380
		1,717,000		5.562	(b)	05/13/25		1,695,177
		1,696,000		5.572		05/13/25		1,674,444
Equitable Financial Life Global Funding
		4,513,000		5.647	(c)	08/12/24		4,470,782
Toyota Motor Credit Corp. (SOFR + 0.30%)
		12,044,000		5.630	(a)	02/24/25		12,044,000
Toyota Motor Credit Corp. (SOFR + 0.50%)
		11,973,000		5.830	(a)	12/09/24		11,973,000
UBS AG-London Branch
		8,644,000		5.863	(c)	08/09/24		8,562,511
		2,591,000		5.434	(c)	01/13/25		2,528,094
		7,724,000		5.465	(c)	01/13/25		7,536,473
TOTAL MEDIUM TERM NOTES							$	175,851,784
Time Deposits – 7.7%
Canadian Imperial Bank of Commerce
		40,000,000		5.310		06/03/24		40,000,000
Credit Agricole Corporate and Investment Bank-New York Branch
		48,000,000		5.310		06/03/24		48,000,000
DNB Bank ASA-New York Branch
		300,000,000		5.310		06/03/24		300,000,000
National Bank of Canada
		300,000,000		5.310		06/03/24		300,000,000
TOTAL TIME DEPOSITS							$	688,000,000
U.S. Government Agency Obligations – 1.9%
Federal Farm Credit Bank (SOFR + 0.12%)
		1,338,000		5.445	(a)	12/03/24		1,338,000
Federal Farm Credit Bank (SOFR + 0.14%)
		6,664,000		5.472	(a)	11/26/24		6,663,067
		5,998,000		5.473	(a)	11/26/24		5,997,160
Federal Farm Credit Bank (SOFR + 0.17%)
		6,800,000		5.500	(a)	01/23/25		6,800,000
Federal Farm Credit Bank (SOFR + 0.18%)
		8,300,000		5.508	(a)	12/19/24		8,300,398
		6,570,000		5.510	(a)	12/19/24		6,570,315
		19,024,000		5.510	(a)	01/17/25		19,024,000
Federal Farm Credit Bank (SOFR + 0.19%)
		16,900,000		5.520	(a)	12/27/24		16,900,000
Federal Farm Credit Bank (SOFR + 0.20%)
		576,000		5.525	(a)	12/05/24		576,191
Federal Home Loan Bank
		2,200,000		5.245		10/25/24		2,156,058
		2,200,000		5.243		10/31/24		2,154,299
		6,514,000		5.160		12/26/24		6,328,447
		2,361,000		5.180		12/26/24		2,293,746
		9,444,000		5.188		12/26/24		9,174,986
		10,676,000		5.197		12/26/24		10,371,892
		7,082,000		5.219		12/26/24		6,880,268
		8,831,000		5.225		12/26/24		8,579,447

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations – (continued)
$	2,579,000		5.366	%	12/26/24	$	2,505,537
Federal Home Loan Bank (SOFR + 0.12%)
	4,535,000		5.450	(a)	01/03/25		4,535,000
U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	22,685,510		5.500	(a)	12/07/23		22,685,511
	17,692,974		5.490	(a)	06/07/24		17,692,974
	13,923,682		5.500	(a)	06/07/24		13,923,682
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	181,450,978
U.S. Treasury Obligations – 16.2%
United States Treasury Bills
	900		5.375		06/18/24		898
	3,400		5.381		06/18/24		3,391
	1,200		5.389		07/05/24		1,194
	2,027,300		5.392		07/05/24		2,017,210
	1,200		5.396		07/05/24		1,194
	9,953,400		5.384		07/09/24		9,898,631
	1,533,500		5.388		07/09/24		1,525,062
	2,820,200		5.389		07/09/24		2,804,682
	2,568,100		5.394		07/09/24		2,553,969
	1,498,800		5.402		07/09/24		1,490,553
	5,268,200		5.391		07/11/24		5,237,352
	2,584,500		5.390		07/16/24		2,567,507
	1,241,600		5.378		08/06/24		1,229,762
	9,687,600		5.379		08/06/24		9,595,237
	3,132,900		5.380		08/06/24		3,103,030
	416,500		5.384		08/06/24		412,529
	6,791,500		5.349		08/29/24		6,705,451
	68,692,200		5.370		09/03/24		67,753,857
	59,941,400		5.410		09/03/24		59,122,594
	41,806,400		5.412		09/03/24		41,235,320
	287,000		5.426		09/03/24		283,080
	9,234,500		5.415		09/17/24		9,089,472
	6,085,900		5.426		09/24/24		5,983,932
	10,715,000		5.421	(b)	10/01/24		10,529,404
	1,988,200		5.376		10/17/24		1,948,950
	2,131,200		5.376		11/07/24		2,082,658
	3,768,100		5.381		11/07/24		3,682,275
	1,699,100		5.387		11/07/24		1,660,400
	928,300		5.388		11/07/24		907,157
	93,700		5.393		11/07/24		91,566
	428,200		5.370		11/14/24		418,015
	756,500		5.375		11/14/24		738,506
	1,357,600		5.378		11/14/24		1,325,308
	2,706,500		5.382		11/14/24		2,642,123
	1,472,500		5.383		11/14/24		1,437,475
	4,463,500		5.387		11/14/24		4,357,331
	396,700		5.388		11/14/24		387,264
	124,900		5.389		11/14/24		121,929
	1,988,000		5.381		11/21/24		1,938,684
	1,787,600		5.384		11/21/24		1,743,256
	16,240,400		5.387		11/21/24		15,837,531
	734,100		5.396		11/21/24		715,889
	3,201,600		5.397		11/21/24		3,122,179
	264,200		5.398		11/21/24		257,646
	489,500		5.399		11/21/24		477,357
	1,136,700		5.402		11/21/24		1,108,502
	839,000		5.387		11/29/24		817,234

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Treasury Obligations – (continued)
$	4,322,300		4.899	%	12/26/24	$	4,207,548
	85,189,900		5.011		02/20/25		82,256,812
	2,077,100		5.058		03/20/25		1,996,193
	2,541,000		5.060		03/20/25		2,442,023
	10,372,600		5.101		03/20/25		9,968,566
	829,700		5.134		03/20/25		797,381
	8,297,600		5.135		03/20/25		7,974,391
	947,400		5.297		04/17/25		905,340
	947,400		5.305		04/17/25		905,340
	70,593,000		5.221		05/15/25		67,245,948
	13,698,200		5.222		05/15/25		13,048,722
	9,031,500		5.260		05/15/25		8,603,286
	4,515,800		5.263		05/15/25		4,301,691
	9,031,500		5.266		05/15/25		8,603,286
United States Treasury Floating Rate Note
	1,833,400		5.064		12/31/24		1,824,771
	5,616,500		5.066		12/31/24		5,590,065
	3,992,900		5.069		12/31/24		3,974,106
	5,616,500		5.070		12/31/24		5,590,065
	3,992,900		5.073		12/31/24		3,974,107
	2,405,300		5.074		12/31/24		2,393,979
	1,603,500		5.083		12/31/24		1,578,088
	1,202,700		5.084		12/31/24		1,197,039
	8,023,500		5.089		12/31/24		7,985,736
	4,011,800		5.109		12/31/24		3,992,918
	15,971,600		5.113		12/31/24		15,896,426
	10,230,700		5.115		12/31/24		10,105,679
	3,194,400		5.121		12/31/24		3,134,221
	1,769,600		5.073		02/15/25		1,726,448
	884,700		5.075		02/15/25		863,126
	7,243,700		4.994		03/31/25		7,178,675
	9,062,900		5.004		03/31/25		8,981,544
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%)
	11,506,400		5.452	(a)	07/31/25		11,499,801
	47,902,700		5.453	(a)	07/31/25		47,875,227
	191,280,800		5.456	(a)	07/31/25		191,171,098
	7,090,700		5.457	(a)	07/31/25		7,086,633
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%)
	176,990,700		5.476	(a)	04/30/26		176,990,700
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.17%)
	173,424,800		5.504	(a)	10/31/25		173,230,659
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%)
	123,566,900		5.566	(a)	01/31/26		123,610,018
	132,924,700		5.571	(a)	01/31/26		132,971,083
TOTAL U.S. TREASURY OBLIGATIONS						$	1,454,643,285
Variable Rate Municipal Debt Obligations – 6.9%
Alaska Housing Finance Corp.
	34,700,000		5.350	(d)	06/07/24		34,700,000
Banner Health
	81,700,000		5.350	(d)	06/07/24		81,700,000
Colorado Housing and Finance Authority
	42,940,000		5.350	(d)	06/07/24		42,940,000
	4,635,000		5.360	(d)	06/07/24		4,635,000

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Municipal Debt Obligations – (continued)
Illinois Housing Development Authority
$	5,500,000		5.350	%(d)	06/07/24	$	5,500,000
Kimberly-Clark Corp.
	38,000,000		5.380	(c)(d)	06/07/24		38,000,000
Metropolitan Water District of Southern California (The)
	44,500,000		5.330	(d)	06/07/24		44,500,000
	19,700,000		5.350	(d)	06/07/24		19,700,000
Minnesota State Housing Finance Agency
	17,500,000		5.350	(d)	06/07/24		17,500,000
New York State Housing Finance Agency
	21,485,000		5.360	(d)	06/07/24		21,485,000
	2,800,000		5.400	(d)	06/07/24		2,800,000
Nuveen Credit Strategies Income Fund
	31,000,000		5.500	(c)	06/07/24		31,000,000
	15,000,000		5.510	(c)	06/07/24		15,000,000
Nuveen Preferred & Income Opportunities Fund
	35,000,000		5.500	(c)	06/07/24		35,000,000
Regents of The University of California (The)
	26,425,000		5.350	(d)	06/07/24		26,425,000
	10,050,000		5.370	(d)	06/07/24		10,050,000
Rhode Island Housing and Mortgage Finance Corporation
	47,055,000		5.350	(d)	06/07/24		47,055,000
SSM Health Care Corp.
	91,500,000		5.330	(d)	06/07/24		91,500,000
State of New York Mortgage Agency
	12,500,000		5.390	(d)	06/07/24		12,500,000
State of Texas
	23,000,000		5.400	(d)	06/07/24		23,000,000
University of Chicago (The)
	10,860,000		5.330	(d)	06/07/24		10,860,000
TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	615,850,000
Variable Rate Obligations – 11.0%
Bank of America, National Association
	22,181,000		5.800		07/29/24		22,181,000
	24,840,000		5.500		08/16/24		24,840,000
Bank of Nova Scotia (The)
	9,500,000		5.700		01/10/25		9,500,000
Barclays Bank PLC (SOFR + 0.20%)
	79,817,000		5.530	(a)	09/09/24		79,817,000
Barclays Bank PLC (SOFR + 0.38%)
	25,496,000		5.710	(a)	02/07/25		25,496,000
	11,096,000		5.710	(a)	02/21/25		11,096,000
Barclays Bank PLC-New York Branch (SOFR + 0.38%)
	26,728,000		5.710	(a)	05/08/25		26,728,000
Barclays US CCP Funding LLC
	14,468,000		5.530		08/08/24		14,468,233
	9,000,000		5.770		01/23/25		9,000,000
Bedford Row Funding Corp.
	26,754,000		5.500		08/05/24		26,754,938
BNP Paribas (SOFR + 0.31%)
	6,419,000		5.640	(a)	03/07/25		6,419,000
BNP Paribas-New York Branch
	11,464,000		5.150		12/31/24		11,464,000
BNP Paribas-New York Branch (SOFR + 0.44%)
	2,061,000		5.770	(a)	07/08/24		2,061,000
BNP Paribas-New York Branch (SOFR + 0.57%)
	13,210,000		5.900	(a)	10/24/24		13,210,000

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Obligations – (continued)
Citibank, National Association (SOFR + 0.65%)
$	28,221,000		5.976	%(a)	06/17/24	$	28,227,232
Collateralized Commercial Paper Flex Co., LLC
	23,461,000		5.610		10/15/24		23,461,000
	7,750,000		5.630		11/18/24		7,750,000
Collateralized Commercial Paper V Co., LLC
	12,610,000		5.610		10/15/24		12,610,000
	17,000,000		5.630		11/22/24		16,999,426
Credit Agricole Corporate and Investment Bank-New York Branch (SOFR + 0.19%)
	3,000,000		5.520	(a)	08/14/24		2,999,985
Deutsche Bank AG-New York Branch (SOFR + 0.29%)
	35,000,000		5.620	(a)	11/04/24		35,000,000
HSBC Bank PLC
	16,392,000		5.710		01/28/25		16,392,000
	21,232,000		5.660		02/07/25		21,232,000
	8,238,000		5.660		02/14/25		8,238,000
HSBC Bank USA, National Association (SOFR + 0.35%)
	16,058,000		5.680	(a)	05/08/25		16,058,000
ING (U.S.) Funding LLC
	33,317,000		5.560		10/11/24		33,317,000
	43,355,000		5.570		11/18/24		43,355,000
	45,667,000		5.541		12/23/24		45,661,513
	7,831,000		5.630		02/10/25		7,830,442
J.P. Morgan Securities LLC (SOFR + 0.61%)
	15,520,000		5.940	(a)	10/21/24		15,520,000
J.P. Morgan Securities LLC (SOFR + 0.65%)
	13,316,000		5.980	(a)	06/07/24		13,316,000
Lloyds Bank PLC (SOFR + 0.35%)
	11,063,000		5.680	(a)	11/18/24		11,063,000
Matchpoint Finance Public Limited Company
	21,301,000		5.580		11/01/24		21,301,000
Mitsubishi UFJ Trust and Banking Corporation (SOFR + 0.55%)
	8,892,000		5.880	(a)	08/13/24		8,892,000
Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.38%)
	10,000,000		5.710	(a)	04/02/25		10,000,000
Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.40%)
	16,036,000		5.730	(a)	05/01/25		16,036,000
	18,330,000		5.730	(a)(b)	07/01/25		18,330,000
Mizuho Bank, Ltd. (SOFR + 0.17%)
	2,000,000		5.500	(a)	08/20/24		1,999,951
Mizuho Bank, Ltd-New York Branch (SOFR + 0.17%)
	15,000,000		5.501	(a)	08/07/24		14,999,428
MUFG Bank, Ltd. (SOFR + 0.30%)
	7,630,000		5.630	(a)	06/18/24		7,630,530
MUFG Bank, Ltd.-New York Branch (SOFR + 0.17%)
	25,192,000		5.500	(a)	08/14/24		25,192,000
MUFG Bank, Ltd.-New York Branch (SOFR + 0.25%)
	11,400,000		5.579	(a)	07/08/24		11,400,848
Royal Bank of Canada-New York Branch (SOFR + 0.56%)
	13,500,000		5.890		11/04/24		13,500,000
Royal Bank of Canada-New York Branch (SOFR + 0.65%)
	8,000,000		5.973	(a)	07/03/24		8,003,301
Starbird Funding Corp.
	24,928,000		5.510		08/16/24		24,928,000
Sumitomo Mitsui Banking Corp.-New York Branch (SOFR + 0.20%)
	39,500,000		5.530	(a)	09/06/24		39,500,000

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Obligations – (continued)
Sumitomo Mitsui Banking Corp.-New York Branch (SOFR + 0.25%)
$	17,103,000		5.580	%(a)	11/01/24	$	17,102,982
Sumitomo Mitsui Banking Corp.-New York Branch (SOFR + 0.70%)
	24,712,000		6.023	(a)	06/06/24		24,713,977
Toyota Motor Credit Corp. (SOFR + 0.52%)
	7,594,000		5.845	(a)	08/22/24		7,599,787
UBS AG
	18,646,000		5.530		08/13/24		18,646,000
Wells Fargo Bank, National Association (SOFR + 0.49%)
	36,871,000		5.820	(a)	08/05/24		36,871,000
Wells Fargo Bank, National Association (SOFR + 0.60%)
	14,495,000		5.930	(a)	09/12/24		14,495,000
Wells Fargo Bank, National Association (SOFR + 0.64%)
	5,000,000		5.961	(a)	07/17/24		5,003,097
Wells Fargo Bank, National Association (SOFR + 0.65%)
	5,000,000		5.972	(a)	07/05/24		5,002,336
TOTAL VARIABLE RATE OBLIGATIONS						$	993,213,006
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	6,338,010,866
Repurchase Agreements(e) – 28.6%
BNP Paribas
	150,000,000		5.410		06/03/24	$	150,000,000
Maturity Value: $150,067,625
Collateralized by Federal Home Loan Mortgage Corp., 3.286% to 3.650%, due 11/25/27 to 02/25/28, mortgage-backed obligations, 3.873% to 13.824%, due 10/25/41 to 03/27/62, various asset-backed obligations, 7.386% to 8.076%, due 01/16/30 to 04/15/36 and various corporate security issuers, 0.550% to 8.250%, due 06/14/24 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $163,955,283.
	25,000,000		5.490	(f)	06/10/24	$	25,000,000
Maturity Value: $25,202,063
Settlement Date: 04/18/24
Collateralized by various asset-backed obligations, 0.000% to 12.586%, due 09/10/29 to 07/25/59, various corporate security issuers, 3.375% to 15.829%, due 10/01/24 to perpetual maturity and various sovereign debt security issuer, 4.250%, due 01/09/38. The aggregate market value of the collateral, including accrued interest, was $27,855,302.
BofA Securities, Inc.
	150,000,000		5.340		06/03/24	$	150,000,000
Maturity Value: $150,066,750
Collateralized by various corporate security issuers, 0.000%, due 06/03/24 to 02/24/25. The aggregate market value of the collateral, including accrued interest, was $153,000,003.
Fixed Income Clearing Corporation
	500,000,000		5.320		06/03/24	$	500,000,000
Maturity Value: $500,221,667
Collateralized by a U.S. Treasury Interest-Only Stripped Security, 1.750%, due 01/15/34 and a U.S. Treasury Note, 1.375%, due 07/15/33. The aggregate market value of the collateral, including accrued interest, was $510,000,000.

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(e) – (continued)
Fixed Income Clearing Corporation – (continued)
$	200,000,000		5.330	%	06/03/24	$	200,000,000
Maturity Value: $200,088,833
Collateralized by a U.S. Treasury Bill, 0.000%, due 06/11/24. The market value of the collateral, including accrued interest, was $204,000,000.
	300,000,000		5.330		06/03/24	$	300,000,000
Maturity Value: $300,133,250
Collateralized by U.S. Treasury Notes, 1.250% to 2.875%, due 04/15/28 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $306,000,000.
J.P. Morgan Securities LLC
	200,000,000		5.520	(f)	07/15/24	$	200,000,000
Maturity Value: $202,790,666
Settlement Date: 04/15/24
Collateralized by various corporate security issuers, 3.875% to 14.750%, due 09/15/24 to 02/01/32. The aggregate market value of the collateral, including accrued interest, was $221,113,206.
Joint Account III
	151,000,000		5.340		06/03/24	$	151,000,000
Maturity Value: $151,067,195
Mizuho Securities USA LLC
	100,000,000		5.420		06/03/24	$	100,000,000
Maturity Value: $100,045,167
Collateralized by various asset-backed obligations, 1.907% to 11.424%, due 01/16/28 to 09/25/67. The aggregate market value of the collateral, including accrued interest, was $115,000,002.
RBC Capital Markets LLC
	200,000,000		5.420		06/03/24	$	200,000,000
Maturity Value: $200,090,333
Collateralized by Federal Agricultural Mortgage Corp., 5.970%, due 05/13/39 and various corporate security issuers, 0.000% to 9.000%, due 06/03/24 to 12/31/79. The aggregate market value of the collateral, including accrued interest, was $210,034,575.a
Societe Generale
	300,000,000		5.450		06/03/24	$	300,000,000
Maturity Value: $300,136,250
Collateralized by mortgage-backed obligations, 3.242% to 9.428%, due 08/15/34 to 11/25/59, various asset-backed obligation, 5.939%, due 04/25/37, various corporate security issuers, 2.375% to 13.375%, due 07/21/24 to perpetual maturity and various sovereign debt security issuers, 2.875% to 9.875%, due 01/07/25 to 05/13/54. The aggregate market value of the collateral, including accrued interest, was $332,456,218.
TD Securities (USA) LLC
	150,000,000		5.390		06/03/24	$	150,000,000
Maturity Value: $150,067,375
Collateralized by municipal debt obligations, 5.000% to 7.431%, due 03/15/27 to 07/01/43 and various corporate security issuers, 1.618% to 7.624%, due 12/15/25 to 02/15/53. The aggregate market value of the collateral, including accrued interest, was $157,840,948.

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(e) – (continued)
Wells Fargo Securities, LLC
$	140,000,000		5.340	%	06/03/24	$	140,000,000
Maturity Value: $140,062,300
Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 01/20/29 to 05/20/54. The aggregate market value of the collateral, including accrued interest, was $144,199,998.
TOTAL REPURCHASE AGREEMENTS						$	2,566,000,000
TOTAL INVESTMENTS - 99.1%						$	8,904,010,866
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%							82,442,559
NET ASSETS - 100.0%						$	8,986,453,425

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2024.
(b)	All or a portion represents a forward commitment.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Rate shown is that which is in effect on May 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(e)	Unless noted, all repurchase agreements were entered into on May 31, 2024. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.
(f)	The instrument is subject to a demand feature.
	Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
	Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
CMT	—Constant Maturity Treasury Index
MMY	—Money Market Yield
PLC	—Public Limited Company
SOFR	—Secured Overnight Financing Rate
T-Bill	—Treasury Bill

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

Schedule of Investments

May 31, 2024 (Unaudited)

 

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – 98.5%
Alaska – 2.0%
Alaska Housing Finance Corp. Home Mortgage VRDN RB Refunding Series 2009 B RMKT (Wells Fargo Bank N.A., SPA)
$		21,440,000		3.300	%(a)	06/07/2024	$	21,440,000
Alaska Housing Finance Corp. VRDN RB Governmental Purpose Series 2009 B RMKT (FHLB, SPA)
		19,595,000		3.350	(a)	06/07/2024		19,595,000
Valdez Alaska marine Term Revenue
		2,000,000		3.970		06/03/2024		2,000,000
								43,035,000
Arizona – 1.2%
Arizona Board of Regents Arizona State University Variable Rate Demand System Revenue Refunding Bonds Series 2008B (Az)
		2,995,000		3.300		06/07/2024		2,995,000
Arizona Board Of Regents Arizona State University Variable Rate Demand System Revenue Refunding Bonds Series 2008B (Az)
		7,610,000		3.300		06/07/2024		7,610,000
The Industrial Development Authority Of The County Of Maricopa Revenue Bonds (Banner Health), Series 2023B (AZ)
		18,920,000		3.340		06/07/2024		18,920,000
								29,525,000
California – 4.6%
California Health Facilities Financing Authority CP Series A-1
		9,200,000		3.650		08/01/2024		9,200,000
		4,500,000		3.650		08/06/2024		4,500,000
City of Los Angeles, California 2023 Tax and Revenue Anticipation Notes (CA)
		13,225,000		5.000		06/27/2024		13,241,391
County Of Riverside 2023 Tax And Revenue Anticipation Note (Ca)
		5,475,000		5.000		06/28/2024		5,481,646
Regents Of The University Of California (The) Series A
		15,000,000		3.800		08/07/2024		15,000,000
		21,000,000		3.630		08/13/2024		21,000,000
		2,000,000		3.650		08/15/2024		2,000,000
Southern California Public Power Authority Magnolia Power Project A, Refunding Revenue Bonds, 2020-3 (Ca)
		32,700,000		4.070		06/01/2024		32,700,000
								103,123,037
Colorado – 5.3%
City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2006 B RMKT (Barclays Bank PLC, SPA)
		30,620,000		3.310	(a)	06/07/2024		30,620,000
City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2012 A
		1,010,000		3.350	(a)	06/07/2024		1,010,000
City of Colorado Springs Utilities System VRDN RB, Improvement Revenue Bonds Series 2008 A
		2,830,000		3.390	(a)	06/07/2024		2,830,000
Colorado (State of)
		20,980,000		5.000		06/28/2024		21,000,972
Colorado Housing & Finance Authority VRDN RB Refunding for Single Family Mortgage Class I Series 2001 AA-2 (Royal Bank of Canada, SPA)
		9,320,000		3.300	(a)	06/07/2024		9,320,000

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – (continued)
Colorado – (continued)
Denver Colorado City and County Water Commissioners Water Revenue Series A
$		20,165,000		3.700	%	10/16/2024	$	20,165,000
Lower Colorado River Authority Texas Transmission Series A2
		14,874,000		3.660		06/27/2024		14,874,000
State Of Colorado Education Loan Program Tax And Revenue Anticipation Notes Series 2023B
		17,695,000		4.500		06/28/2024		17,711,150
								117,531,122
Connecticut – 1.5%
Connecticut Housing Finance Authority Housing Mortgage Finance Program Bonds, 2019 Subseries B-3 (Variable Rate)
		11,720,000		3.320		06/07/2024		11,720,000
Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2013 Subseries B-6 RMKT (Sumitomo Mitsui Banking Corp., SPA)
		4,290,000		3.360	(a)	06/07/2024		4,290,000
The Ohio State University Variable Rate Demand General Receipts Bonds (Multiyear Debt Issuance Program Ii) Series 2023 A
		17,790,000		3.300		06/07/2024		17,790,000
								33,800,000
District of Columbia – 1.1%
Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2009 D Subseries D-2 (TD Bank N.A., LOC)
		11,310,000		3.360	(a)	06/07/2024		11,310,000
Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2010 C Subseries C-2 RMKT (TD Bank N.A., LOC)
		13,655,000		3.360	(a)	06/07/2024		13,655,000
								24,965,000
Florida – 6.8%
City of Jacksonville VRDN RB Refunding Baptist Medical Centers Series 2019 D
		3,960,000		3.360	(a)	06/07/2024		3,960,000
Highlands County Health Facilities Authority Hospital Revenue Refunding VRDN Series 2012 I
		24,875,000		3.330	(a)	06/07/2024		24,875,000
		28,515,000		3.350	(a)	06/07/2024		28,515,000
Highlands County Health Facilities Authority VRDN RB Adventist Health System Series 2007 A-2
		7,465,000		3.360	(a)	06/07/2024		7,465,000
Miami-Dade County IDA VRDN RB Florida Power & Light Co. Series 2021
		16,000,000		3.450	(a)	06/07/2024		16,000,000
Putnam County Development Authority VRDN PCRB Refunding Florida Power & Light Co. Series 1994
		3,700,000		4.250	(a)	06/03/2024		3,700,000
School Board of Miami-Dade County (The)
		50,000		4.238		06/18/2024		50,034
		37,300,000		5.000		06/18/2024		37,325,224
School District of Broward County, Florida Tax Anticipation Notes, Series 2023 (FL)
		20,000,000		5.000		06/28/2024		20,022,129

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – (continued)
Florida – (continued)
St. Lucie County, Florida Pollution Control Revenue Refunding Bonds (Florida Power & Light Company Project) Series 2000 (Fl)
$		5,635,000		3.500	%	06/07/2024	$	5,635,000
								147,547,387
Georgia – 0.2%
Municipal Electricty Authority of Georgia (The) CP Series B
		5,000,000		3.450		06/05/2024		5,000,000
Illinois – 4.3%
Illinois Finance Authority Revenue Bonds, Series 2008C-2B (Advocate Health Care Network) (Il)
		20,000,000		3.550		06/07/2024		20,000,000
Illinois Finance Authority Revenue Bonds, Series 2008C-3A (Advocate Health Care Network) (Il)
		7,700,000		3.250		06/07/2024		7,700,000
Illinois Finance Authority Revenue Refunding Bonds, Series 2021C (Northwestern Memorial Healthcare) (Daily Period Bonds) (Il)
		3,000,000		3.980		06/01/2024		3,000,000
Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries B
		26,760,000		3.270	(a)	06/07/2024		26,760,000
Illinois Finance Authority VRDN RB University of Chicago Series 2003 B
		8,490,000		3.300	(a)	06/07/2024		8,490,000
Illinois Finance Authority VRDN RB University of Chicago Series 2008
		1,900,000		3.360	(a)	06/07/2024		1,900,000
Illinois Housing Development Authority Revenue Bonds, 2023 Series P(Non-Amt)(Variable Rate) (Social Bonds) (Il) (FNMA/ GNMA/FHLMC)
		23,500,000		3.350		06/07/2024		23,500,000
Llinois Financial Authority Revenue Refunding Bonds, Series 2021B And D (Il)
		4,250,000		4.000		06/03/2024		4,250,000
								95,600,000
Indiana – 0.4%
Indiana Finance Authority Health System Revenue Bonds, Series 2008F (Sisters Of St. Francis Health Services, Inc. Obligated Group) (In)
		5,150,000		3.350		06/07/2024		5,150,000
Purdue University VRDN RB for Student Facilities System Series 2004 A
		4,865,000		3.300	(a)	06/07/2024		4,865,000
								10,015,000
Kentucky – 0.4%
Louisville and Jefferson County Metropolitan Sewer District Revenue Bonds
		10,000,000		3.840		06/03/2024		10,000,000
Louisiana – 2.8%
Industrial Development Board of The Parish of East Baton Rouge, Louisiana, Inc Revenue Bonds, Exxonmobile Project, Series 2010B, Gulf Opportunity Zone Bonds (La)
		4,600,000		3.990		06/03/2024		4,600,000

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – (continued)
Louisiana – (continued)
Industrial Development Board of The Parish of East Baton Rouge. Louisiana, Inc Revenue Bonds, Exxonmobil Project, Series 2010A, Gulf Opportunity Zone Bonds (La)
$		6,905,000		3.990	%	06/01/2024	$	6,905,000
Louisiana Public Facilities Authority Hospital Revenue Bonds (Louisiana Children’S Medical Center Project) 2017B (La)
		7,000,000		3.360		06/07/2024		7,000,000
Louisiana Public Facilities Authority VRDN RB for Air Products and Chemicals Project Series 2007
		12,800,000		4.050	(a)	06/01/2024		12,800,000
Louisiana Public Facilities Authority VRDN RB for Air Products and Chemicals Project Series 2008 C
		29,300,000		4.050	(a)	06/01/2024		29,300,000
State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2023 Series A, Series A-1 (La)
		2,000,000		4.000		06/03/2024		2,000,000
								62,605,000
Massachusetts – 3.5%
Massachusetts Bay Transportation Authority Mass Sales Tax BANS CP Series B
		9,000,000		3.650		06/14/2024		9,000,000
Massachusetts Department Of Transportation Metropolitan Highway System Revenue Bonds (Senior) Variable Rate Demand Obligations, 2010 Series A-1 (Ma)
		12,000,000		3.270		06/07/2024		12,000,000
Massachusetts Department of Transportation Metropolitan Highway System Revenue Refunding Bonds (Subordinated) Commonwealth Contract Assistance Secured Variable Rate Demand Obligations, 2022 Series A-3 (Ma)
		3,200,000		3.350		06/07/2024		3,200,000
Massachusetts Health and Educational Facilities Authority Revenue Bonds, Museum of Fine Arts Issue, Series A-1 (2007)
		15,925,000		4.080		06/03/2024		15,925,000
Massachusetts Housing Finance Agency Variable Rate Rental Housing Development Bonds Mill Road Apartments Issue, Series 2018 (Non-Amt) (Floating Index Rate) (Ma)
		16,350,000		3.300		06/07/2024		16,350,000
Massachusetts Housing Finance Agency VRDN RB Single Family Housing Refunding Series 200 (UBS AG, SPA)
		8,550,000		3.300	(a)	06/07/2024		8,550,000
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue Refunding VRDN Series A-1 (TD Bank N.A., SPA)
		8,300,000		3.350	(a)	06/07/2024		8,300,000
Massachusetts Water Resources Authority Multi-Modal Subordinated General Revenue Refunding Bonds, 2008 Series A (Ma)
		6,920,000		3.300		06/07/2024		6,920,000
								80,245,000
Michigan – 2.1%
Regents of The University of Michigan General Revenue Bonds, Series 2012D-2
		5,785,000		3.250		06/07/2024		5,785,000
University of Michigan General Revenue Bonds, Series 2009-B
		18,779,800		3.620		07/03/2024		18,779,800

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – (continued)
Michigan – (continued)
University of Michigan General Revenue Bonds, Series L1
$		23,285,000		3.520	%	06/03/2024	$	23,285,000
								47,849,800
Minnesota – 2.6%
County of Hennepin GO VRDN Refunding Series 2018 B (TD Bank N.A., SPA)
		4,170,000		3.300	(a)	06/07/2024		4,170,000
Hennepin County General Obligation Bonds, Series 2017B (MN)
		19,300,000		3.310		06/07/2024		19,300,000
Hennepin County General Obligation Bonds, Series A (MN)
		12,000,000		3.550		06/04/2024		12,000,000
		10,000,000		3.550		06/06/2024		10,000,000
Minnesota Housing Finance Agency VRDN Residential Housing Finance RB Refunding Series 2018 H (GNMA/FNMA/ FHLMC)
		7,205,000		3.300	(a)	06/07/2024		7,205,000
Minnesota Housing Finance Agency VRDN Residential Housing Finance RB Refunding Series 2019 D (GNMA/FNMA/ FHLMC) (Royal Bank of Canada, SPA) (GNMA/FNMA/ FHLMC)
		4,185,000		3.300	(a)	06/07/2024		4,185,000
								56,860,000
Mississippi – 2.3%
Mississippi Business Finance Corporation (Chevron U.S.A. Inc. Project) Guld Opportunity Zone Industrial Development Revenue Bonds (Ms)
		1,100,000		3.270		06/07/2024		1,100,000
Mississippi Business Finance Corporation Gulf Opportuity Zone Industrial Development Revenue Bonds (Chevron U.S.A. Inc Project) (Ms)
		2,360,000		3.250		06/07/2024		2,360,000
Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron U.S.A. Inc. Project) (Ms)
		24,500,000		3.970		06/03/2024		24,500,000
Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron U.S.A. Inc. Project) Series 2007 C (Ms)
		2,500,000		4.000		06/03/2024		2,500,000
Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron U.S.A. Inc. Project) Series 2007E Bonds (Ms)
		1,375,000		4.000		06/01/2024		1,375,000
Mississippi Business Finance Corporation Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron Usa Inc. Project) $350,000,000 Series 2010 A – F Goldman Sachs’ Series: $40,000,000 Series 2010B
		5,370,000		3.250		06/07/2024		5,370,000
Mississippi Business Finance Corportation Gulf Opportunity Zone Industrial Development Revenue Bonds Chevron Usa Inc Project (Ms)
		14,155,000		3.250		06/07/2024		14,155,000

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – (continued)
Mississippi – (continued)
Mississippi Development Bank Special Obligation Bonds Jackson County, Mississippi Industrial Water System Project, Series 2009 (Ms)
$		1,245,000		4.000	%	06/01/2024	$	1,245,000
								52,605,000
Missouri – 4.3%
Curators of The University of Missouri Systems Facilities VRDN RB Refunding Series 2007 B
		26,875,000		3.360	(a)	06/07/2024		26,875,000
Health And Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Ascension Health Senior Credit Group) Series 2008C-4 And Series 2008C-5 (Mo)
		4,200,000		3.250		06/07/2024		4,200,000
Missouri Development Finance Board Cultural Facilities VRDN RB for Nelson Gallery Foundation Series 2008 A (U.S. Bank N.A., SPA)
		41,275,000		4.150	(a)	06/01/2024		41,275,000
State of Missouri Health and Educational Facilities Authority Revenue Bonds (Ascension Health Credit Group) Series 2003C-3 (Mo)
		21,450,000		3.250		06/07/2024		21,450,000
								93,800,000
Multi-State – 0.4%
Federal Home Loan Mortgage Corporation Variable Rate Demand Certificates for Multi-Family Housing Series 2014-M031 Class A (FHLMC, LIQ)
		9,730,000		3.390	(b)	06/07/2024		9,730,000
Nebraska – 2.5%
Omaha Public Power District NEB Electric Revenue CP Series A
		15,000,000		3.320		06/03/2024		15,000,000
		5,025,000		3.500		06/06/2024		5,025,000
		14,000,000		3.600		07/02/2024		14,000,000
		7,400,000		3.600		07/03/2024		7,400,000
		6,100,000		3.700		08/05/2024		6,100,000
		8,000,000		3.680		10/16/2024		8,000,000
								55,525,000
New Jersey – 0.9%
New Jersey Educational Facilities Authority Series 1997 A
		20,000,000		3.700		06/03/2024		20,000,000
New York – 8.9%
City Of Rochester New York Bond Anticipation Notes, 2023 Series Ii (Ny)
		5,000,000		4.500		08/01/2024		5,008,858
Long Island Power Authority Electric System General Revenue Bonds, Series 2023D
		54,110,000		3.300		06/07/2024		54,110,000
New York City GO VRDN Series 2012 G Subseries G-6 (Mizuho Bank, Ltd., LOC)
		1,850,000		3.950	(a)	06/03/2024		1,850,000
New York City GO VRDN Series 2017 A Subseries A-6 (JPMorgan Chase Bank N.A., SPA)
		2,520,000		4.100	(a)	06/03/2024		2,520,000
New York City Housing Development Corp. Multi-Family Housing VRDN RB for 90 Washington Street Series 2006 A
		22,155,000		3.400	(a)	06/07/2024		22,155,000

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – (continued)
New York – (continued)
New York City Housing Development Corporation Multi-Family Rental Housing Revenue Bonds The Balton 2009 Series A (Ny)
$		1,915,000		3.250	%	06/07/2024	$	1,915,000
New York City Municipal Water Finance Authority Water And Sewer System Second General Resolution Revenue Bonds, Adjustable Rate Fiscal 2013 Series Aa Subseries Aa-2 Adjustable Rate Bonds (Ny)
		2,200,000		3.300		06/07/2024		2,200,000
New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds, Adjustable Rate Fiscal 2019 Series Bb (Ny)
		3,100,000		3.310		06/07/2024		3,100,000
New York State Dormitory Authority Revenue Non State supported Debt VRDO Columbia University Series 2009 A
		20,000,000		3.200		06/07/2024		20,000,000
New York State Dormitory Authority Revenue Non State supported Debt VRDO Rockefeller University Series 2008 A
		1,000,000		3.360		06/07/2024		1,000,000
New York State Dormitory Authority VRDO CP Series 2002 C
		14,300,000		3.500		07/02/2024		14,300,000
New York State Housing Finance Agency 316 Eleventh Avenue Housing Revenue Bonds 2009 Series A (Ny)
		5,600,000		3.400		06/07/2024		5,600,000
New York State Housing Finance Agency 600 West 42Nd Street Housing Revenue Bonds 2009 Series A (Non-Amt) (NY)
		18,050,000		3.380		06/07/2024		18,050,000
New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004 A RMKT (FNMA, LIQ)(FNMA, LOC)
		14,500,000		3.380	(a)	06/07/2024		14,500,000
New York State Housing Finance Agency VRDN Series 2004 A
		2,600,000		3.300	(a)	06/07/2024		2,600,000
New York State Housing Finance Agency VRDN Series 2009
		1,300,000		3.300	(a)	06/07/2024		1,300,000
The City of New York General Obligation Bonds, Fiscal 2012 Series A Subseries A-3 Adjustable Rate Bonds
		4,225,000		3.300		06/07/2024		4,225,000
The City of New York General Obligation Bonds, Fiscal 2018 Series B Subseries B-4 And B-5
		25,290,000		4.000		06/01/2024		25,290,000
								199,723,858
North Carolina – 3.8%
Board Governors university CP
		11,000,000		3.500		06/10/2024		11,000,000
		8,000,000		3.530		06/10/2024		8,000,000
Board Of Governors Of The University Of North Carolina University Of North Carolina Hospitals At Chapel Hill Revenue Refunding Bonds Series 2003B (Nc)
		1,025,000		3.340		06/07/2024		1,025,000
Charlotte-Mecklenburg Hospital Authority (The) VRDN Series 2018 F
		31,450,000		3.390	(a)	06/07/2024		31,450,000
Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care Revenue Bonds Series 2018H
		4,045,000		4.000		06/01/2024		4,045,000

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – (continued)
North Carolina – (continued)
City of Raleigh VRDN COP for Downtown Improvement Project Series 2004 A (Wells Fargo Bank N.A. SPA)
$		28,265,000		3.370	%	06/07/2024	$	28,265,000
								83,785,000
Ohio – 8.0%
City of Columbia Waterworks & Sewer System VRDN RB Series 2006-1(OH)
		4,285,000		3.310	(a)	06/07/2024		4,285,000
City of Columbia Waterworks & Sewer System VRDN RB Series 2008B (OH)
		19,715,000		3.310	(a)	06/07/2024		19,715,000
County Of Allen, Ohio Adjustable Rate Hospital Facilities Revenue Bonds, Series 2010C Catholic Healthcare Partners (Oh)
		2,275,000		3.900		06/03/2024		2,275,000
County of Franklin, Ohio Hospital Facilities Revenue Bonds Nationwide Childrens Hospital, Series 2008B
		5,100,000		3.360		06/07/2024		5,100,000
Ohio State Adjustable rate Bonds Series 2005A (Oh)
		3,965,000		3.350		06/07/2024		3,965,000
Ohio State Water Development Authority Water Development Revenue Bonds CP (OH)
		5,000,000		3.550		06/05/2024		5,000,000
		15,000,000		3.560		07/02/2024		15,000,000
		14,000,000		3.750		09/03/2024		14,000,000
State of Ohio (Treasurer of State) Capital Facilities Lease- Appropriation Variable Rate Bonds, Series 2020B (Parks And Recreation Improvement Fund Projects)
		35,840,000		3.300		06/07/2024		35,840,000
State of Ohio Capital Facilities Lease Appropriation VRDN for Adult Correctional Building Series 2021 B
		10,000,000		3.300	(a)	06/07/2024		10,000,000
The Ohio State University Variable Rate Demand General Receipts Bonds (Multiyear Debt Issuance Program Ii)
		12,000,000		3.450	(a)	06/07/2024		12,000,000
The Ohio State University Variable Rate Demand General Receipts Bonds (Multiyear Debt Issuance Program Ii) Series 2023 A
		11,360,000		3.300		06/07/2024		11,360,000
The Ohio State University Variable Rate Demand General Receipts Bonds (Multiyear Debt Issuance Program Ii) Series 2023 D2
		10,000,000		3.340		06/07/2024		10,000,000
		32,850,000		3.450		06/07/2024		32,850,000
								181,390,000
Oregon – 0.3%
Oregon Department of Transportation Highway User Tax Revenue CP Series A-2
		5,771,000		3.520		06/05/2024		5,771,000
Pennsylvania – 1.4%
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue Bonds, Series 2023-141B (Non-Amt) (Variable Rate) (Social Bonds)
		30,900,000		3.300		06/07/2024		30,900,000
South Carolina – 1.4%
South Carolina Public Service Authority Variable Rate Revenue Obligations, 2019 Tax-Exempt Refunding Series A (Sc)
		31,000,000		3.520		06/07/2024		31,000,000

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

Schedule of Investments (continued)

May 31, 2024 (Unaudited)

 

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – (continued)
Tennessee – 0.8%
Metropolitan Government Nashville and Davidson County Tennessee H&E Facailities Revenue Bonds CP
$		5,000,000		3.350	%	10/22/2024	$	5,000,000
		5,000,000		3.600		12/02/2024		5,000,000
Metropolitan Government Nashville and Davidson County Tennessee Series 2024
		9,160,900		3.650		07/10/2024		9,160,900
								19,160,900
Texas – 17.0%
Board of Regents of The Texas A&M University System CP Series B
		4,000,000		3.600		06/03/2024		4,000,000
City of Austin, Texas Hotel Occupancy Tax VRDN RB Refunding Subordinate Lien Series 2008 B (Sumitomo Mitsui Banking Corp., LOC)
		14,845,000		3.330	(a)	06/07/2024		14,845,000
City of El Paso Texas Water & Sewer System CP Series A
		9,160,700		3.750		06/13/2024		9,160,700
City of Houston Combined Utility System VRDN First Lien Refunding RB Series 2004 B-6 (Sumitomo Mitsui Banking Corp., LOC)
		1,900,000		3.360	(a)	06/07/2024		1,900,000
City of Houston Combined Utility System VRDN First Lien Refunding RB Series 2018 C (Barclays Bank PLC, LOC)
		2,600,000		3.360		06/07/2024		2,600,000
Dallas Texas Waterworks and Sewer System Revenue Series F
		27,519,600		3.850		06/06/2024		27,519,600
Dallas Texas Waterworks and Sewer System Revenue Series G
		6,871,700		3.750		06/05/2024		6,871,700
Harris County Cultural Education Facilities Finance Corporation Hospital Revenue Bonds (Memorial Hermann Health System) Series 2019E
		4,500,000		3.500		06/07/2024		4,500,000
Harris County Cultural Education Facilities Finance Corporation Revenue Bonds Series A-1
		8,090,000		4.100		06/03/2024		8,090,000
Harris County Cultural Education Facilities Finance Corporation Revenue Bonds Series B-3
		15,000,000		3.800		06/25/2024		15,000,000
Harris County Cultural Education Facilities Finance Corporation Revenue Bonds Series C-1
		35,000,000		4.050		06/03/2024		35,000,000
Harris County Cultural Education Facilities Finance Corporation Revenue Bonds Series C-2
		13,280,000		4.050		06/03/2024		13,280,000
Huntsville Ala Health Care Authority CP
		2,000,000		3.790		06/17/2024		2,000,000
Lower Neches Valley Authority Industrial Development Corporation (Texas) Revenue Bonds (Exxonmobil Project) Series 2011 (Tx)
		12,265,000		4.010		06/03/2024		12,265,000
Lower Neches Valley Authority Industrial Development Corporation (Texas) Revenue Bonds (Exxonmobil Project) Series 2012 (Tx)
		13,400,000		4.010		06/03/2024		13,400,000

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – (continued)
Texas – (continued)
Lower Neches Valley Authority Industrial Development Corporation Revenue Bonds (Exxonmobil Project) Series 2010 (Tx)
$		8,700,000		4.020	%	06/03/2024	$	8,700,000
San Antonio Water System
		2,000,000		3.620		07/02/2024		1,999,963
		3,800,000		3.650		07/02/2024		3,799,929
San Antonio Water System CP Series A-2 Subseries A-1
		25,000,000		3.750		09/20/2024		24,976,875
San Antonio Water System CP Series A-2 Subseries A-1 JPMorgan
		35,000,000		3.800		08/15/2024		35,000,000
State of Texas Veterans Bonds, Series 2011 C (Non-Amt) (Tx)
		2,000,000		3.250		06/07/2024		2,000,000
State of Texas Veterans Bonds, Series 2016
		12,315,000		3.460		06/07/2024		12,315,000
State of Texas Veterans Bonds, Series 2019 (Tx)
		4,855,000		3.400		06/07/2024		4,855,000
State of Texas Veterans Land Board VRDN Series 2022
		200,000		3.550	(a)	06/07/2024		200,000
Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System Revenue Bonds Series 2012B
		23,770,000		3.250		06/07/2024		23,770,000
Tarrant County Health Facilities Development Corporation Hospital Revenue Bonds (Cook Children’S Medical Center Project) Series 2010B
		28,565,000		3.410		06/07/2024		28,565,000
The Board Of Regents Of The University Of Texas System Series A
		5,000,000		3.650		08/30/2024		5,000,000
The University Of Texas System Series 2008 A
		4,890,000		3.350		06/07/2024		4,890,000
University of North Texas Revenue Financing System CP Series A
		24,500,000		3.480		07/02/2024		24,500,000
		14,900,000		3.750		07/09/2024		14,900,000
		5,000,000		3.500		10/17/2024		5,000,000
								370,903,767
Utah – 1.2%
Murray City Utah Variable Rate Demand Hospital Revenue Bonds Series 2005C (Ihc Health Services) (Ut)
		1,360,000		4.000		06/01/2024		1,360,000
Murray City Utah, Hospital Revenue VRDN Series 2003 A
		10,710,000		3.310	(a)	06/07/2024		10,710,000
Murray City Utah, Hospital Revenue VRDN Series 2003 B
		230,000		3.310	(a)	06/07/2024		230,000
Murray City Utah, Hospital Revenue VRDN Series 2005 A
		10,145,000		4.000	(a)	06/01/2024		10,145,000
Utah County, Utah Hospital Revenue Bonds, Series 2018C (Ihc Health Services, Inc.) (Ut)
		2,225,000		4.000		06/01/2024		2,225,000
								24,670,000
Virginia – 2.0%
Economic Development Authority Of The City Of Norfolk Hospital Facilities Revenue And Refunding Bonds (Sentara Healthcare), Series 2016B (Va)
		22,735,000		3.300		06/07/2024		22,735,000

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Variable Rate Obligations – (continued)
Virginia – (continued)
Industrial Development Authority Of Loudoun County Virginia Multi-Modal Revenue Bonds (Howard Huges Medical Institute Issue) Series 2009 B (Va)
$		1,535,000		3.260	%	06/07/2024	$	1,535,000
Loudoun County Va Industrial Development Authority Revenue Bonds Howard Hughes Medical Institute
		4,295,000		3.260		06/07/2024		4,295,000
Norfolk Economic Development Authority Hospital Facilities Revenue Bonds Revenue and Refunding Bonds (Sentara Healthcare), Series 2016B (Va)
		2,905,000		3.250		06/07/2024		2,905,000
Virginia College Building Authority Educational Facilities Revenue Series 2004-University Of Richmond Project (Va)
		6,625,000		3.250		06/07/2024		6,625,000
Virginia College Building Authority Variable Rate Educational Facilities Revenue Bonds (University Of Richmond Project) Series 2006 (Va)
		3,000,000		4.100		06/03/2024		3,000,000
Virginia Commonwealth University Health System Authority General Revenue Refunding Bonds Series 2024B (Va)
		4,800,000		4.000		06/01/2024		4,800,000
								45,895,000
Washington – 1.4%
King County Washington Sewer System CP Series A
		5,000,000		3.650		08/28/2024		5,000,000
Port of Tacoma Subordinate Lien Revenue Bonds, 2008B (Non-Amt) (Wa)
		18,205,000		3.250		06/07/2024		18,205,000
Washington Suburban Sanitary District General Obligation Multi- Modal Bond Anticipation Notes Series B (Md) (CNTY GTD)
		10,000,000		4.000		06/01/2024		10,000,000
								33,205,000
Wisconsin – 3.1%
Public Finance Authority Health Care System Revenue Refunding Bonds (Cone Health) 2023
		20,000,000		3.340		06/07/2024		20,000,000
Wisconsin Health and Educational Facilities Authority Variable Rate Refunding Revenue Bonds, Series 2021A (Froedtert Health, Inc. Obligated Group)
		33,745,000		4.100		06/03/2024		33,745,000
Wisconsin Health and Educational Facilities Authority Variable Rate Refunding Revenue Bonds, Series 2021B (Froedtert Health, Inc. Obligated Group)
		16,600,000		4.100		06/03/2024		16,600,000
								70,345,000
TOTAL MUNICIPAL BONDS (Cost $2,196,110,871)								2,196,110,871
TOTAL INVESTMENTS - 98.5% (Cost $2,196,110,871)							$	2,196,110,871
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%								32,365,065
NET ASSETS - 100.0%							$	2,228,475,936

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)	Variable Rate Demand Instruments – rate shown is that which is in effect on May 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
AMT	- Alternative Minimum Tax (subject to)
BANS	- Bond Anticipation Notes
CP	- Commercial Paper
FHLB	- Insured by Federal Home Loan Bank
FHLMC	- Insured by Federal Home Loan Mortgage Corp.
FNMA	- Insured by Federal National Mortgage Association
GNMA	- Insured by Government National Mortgage Association
GO	- General Obligation
IDA	- Industrial Development Agency
IHC	- Intermountain Health Care
LIQ	- Liquidity Agreement
LOC	- Letter of Credit
PCRB	- Pollution Control Revenue Bond
RB	- Revenue Bond
RMKT	- Remarketed
SPA	- Stand-by Purchase Agreement
UT	- Unlimited Tax
VRDN	- Variable Rate Demand Notes

  

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

May 31, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At May 31, 2024, the Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of June 3, 2024, as follows:

Fund	Principal Amount	Maturity Value	Collateral Value
Investor Money Market	$151,000,000	$151,067,195	$	155,450,216

REPURCHASE AGREEMENTS — At May 31, 2024, the Principal Amounts of the Investor Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate		Investor Money Market
ABN Amro Bank N.V.		5.340%		$11,843,137
Bank of America, N.A.		5.340		29,607,843
Bank of Montreal		5.340		17,764,706
BofA Securities, Inc.		5.340		14,803,922
Credit Agricole Corporate and Investment Bank		5.340		17,764,706
Wells Fargo Securities, LLC		5.340		59,215,686
Total				$151,000,000

At May 31, 2024, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rate	Maturity Dates
Federal Farm Credit Bank	0.790% to 5.470%		09/17/24 to 06/20/33
Federal Home Loan Bank	0.875 to 4.250		06/12/26 to 10/19/38
Federal Home Loan Mortgage Corp.	0.375 to 7.500		11/01/24 to 06/01/54
Federal National Mortgage Association	0.000 to 6.250		07/01/24 to 05/01/53
Government National Mortgage Association	1.500 to 8.000		03/20/28 to 05/20/54
Tennessee Valley Authority	2.875 to 4.650		02/01/27 to 06/15/35
U.S. Treasury Notes	0.375 to 1.000		07/31/27 to 07/31/28

  

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

GOLDMAN SACHS FUNDS - INVESTOR FUNDS

 

 

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

 

		Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
	Assets:
	Investments, at value (cost $6,338,010,866 and $2,196,110,871, respectively)	$	6,338,010,866		$	2,196,110,871
	Repurchase agreements, at value (Cost $2,566,000,000 and $–, respectively)		2,566,000,000			—
	Cash		86,155,998			957,854
	Receivables:
	Fund shares sold		35,121,095			6,631,500
	Interest		25,919,592			13,683,698
	Investments sold		—			18,556,367
	Other assets		418,185			226,247
	Total assets		9,051,625,736			2,236,166,537
	Liabilities:
	Payables:
	Fund shares redeemed		31,036,360			2,635,527
	Investments purchased		30,558,586			—
	Dividend distribution		1,367,845			4,424,381
	Management fees		1,210,451			299,430
	Distribution and Service fees and Transfer Agency fees		627,436			34,527
	Accrued expenses		371,633			296,736
	Total liabilities		65,172,311			7,690,601
	Net Assets:
	Paid-in capital		8,986,684,877			2,228,474,157
	Total distributable earnings (loss)		(231,452	)		1,779
	NET ASSETS	$	8,986,453,425		$	2,228,475,936
	Net Assets:
	Class A Shares	$	2,269,010,140		$	56,877,139
	Class C Shares		11,125			9,368
	Class D Shares		13,255,194			—
	Class I Shares		6,319,458,599			2,169,264,536
	Service Shares		15,650,051			232,692
	Preferred Shares		—			613,689
	Administration Shares		347,979,000			1,478,512
	Cash Management Shares		21,089,316			—
	Total Net Assets	$	8,986,453,425		$	2,228,475,936
	Shares Outstanding $0.001 par value (unlimited number of shares authorized):
	Class A Shares		2,269,136,466			56,876,497
	Class C Shares		11,126			9,368
	Class D Shares		13,255,975			—
	Class I Shares		6,319,811,309			2,169,240,141
	Service Shares		15,650,925			232,689
	Preferred Shares		—			613,682
	Administration Shares		347,998,453			1,478,496
	Cash Management Shares		21,090,493			—
	Net asset value, offering and redemption price per share:	$	1.00		$	1.00

  

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

GOLDMAN SACHS FUNDS - INVESTOR FUNDS

 

 

Statements of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

 

		Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
	Investment Income:
	Interest income	$	244,060,491		$	37,888,924
	Expenses:
	Fund-Level Expenses:
	Management fees		7,095,170			1,749,634
	Transfer Agency fees		443,407			109,342
	Registration fees		438,343			113,144
	Printing and postage fees		208,176			10,721
	Custody, accounting and administrative services		205,308			150,309
	Professional fees		132,917			140,185
	Trustee fees		10,873			10,813
	Shareholder meeting expense		—			2,301
	Other		122,824			5,060
	Subtotal		8,657,018			2,291,509
	Class Specific Expenses:
	Distribution and Service fees - Class A Shares		2,502,724			66,518
	Administration Share fees		411,160			1,884
	Cash Management Share fees		65,429			1
	Service Share fees		55,241			566
	Distribution fees - Cash Management Shares		39,257			—
	Distribution fees - Class C Shares		55			46
	Preferred Share fees		—			200
	Total expenses		11,730,884			2,360,724
	Less - expense reductions		(513,549	)		(277,070	)
	Net expenses		11,217,335			2,083,654
	NET INVESTMENT INCOME	$	232,843,156		$	35,805,270
	Net realized gain from investment transactions		68,550			—
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	232,911,706		$	35,805,270

  

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

GOLDMAN SACHS FUNDS - INVESTOR FUNDS

 

 

Statements of Changes in Net Assets

 

		Investor Money Market Fund						Investor Tax-Exempt Money Market Fund
		For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023			For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended November 30, 2023
	From operations:
	Net investment income	$	232,843,156		$	374,740,755		$	35,805,270		$	62,384,193
	Net realized gain from investment transactions		68,550			415,037			—			12,447
	Net increase in net assets resulting from operations		232,911,706			375,155,792			35,805,270			62,396,640
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(50,826,251	)		(54,372,461	)		(807,707	)		(1,043,008	)
	Class C Shares		(238	)		(736	)		(107	)		(319	)
	Class D Shares		(290,603	)		(201,929	)		—			—
	Class I Shares		(172,634,994	)		(305,506,481	)		(34,977,482	)		(61,074,264	)
	Capital Shares		—			—			(4	)		(34	)
	Service Shares		(534,221	)		(2,182,569	)		(3,146	)		(9,834	)
	Preferred Shares		—			—			(6,443	)		(10,194	)
	Select Shares		—			—			(5	)		(35	)
	Administration Shares		(8,351,456	)		(11,231,011	)		(22,820	)		(246,417	)
	Cash Management Shares		(592,802	)		(1,460,845	)		(4	)		(41	)
	Premier Shares		—			—			(4	)		(30	)
	Resource Shares		—			(273	)		—			(17	)
	Total distributions to shareholders		(233,230,565	)		(374,956,305	)		(35,817,722	)		(62,384,193	)
	From share transactions:
	Proceeds from sales of shares		5,093,788,247			11,273,396,347			1,350,174,421			2,819,004,130
	Reinvestment of distributions		225,432,458			358,658,224			8,992,773			11,541,497
	Cost of shares redeemed		(4,812,464,516	)		(8,876,179,028	)		(1,261,095,815	)		(2,790,135,480	)
	Net increase in net assets resulting from share transactions		506,756,189			2,755,875,543			98,071,379			40,410,147
	TOTAL INCREASE		506,437,330			2,756,075,030			98,058,927			40,422,594
	Net Assets:
	Beginning of period	$	8,480,016,095		$	5,723,941,065		$	2,130,417,009		$	2,089,994,415
	End of period	$	8,986,453,425		$	8,480,016,095		$	2,228,475,936		$	2,130,417,009

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Money Market Fund
		Class A Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025				0.048				0.012				—	(b)			—	(b)			0.009				0.021
	Net realized gain (loss)			—	(b)			(0.001	)			—	(b)			—	(b)			—	(b)			0.001				—	(b)
	Total from investment operations			0.025				0.047				0.012				—	(b)			—	(b)			0.010				0.021
	Distributions to shareholders from net investment income			(0.025	)			(0.047	)			(0.012	)			—	(b)			—	(b)			(0.010	)			(0.021	)
	Distributions to shareholders from net realized gains			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
	Total distributions(c)			(0.025	)			(0.047	)			(0.012	)			—	(b)			—	(b)			(0.010	)			(0.021	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.57	%			4.80	%			1.17	%			0.03	%			—	%(e)			0.98	%			2.14	%
	Net assets, end of period (in 000’s)		$	2,269,010			$	1,728,037			$	442,390			$	140,297			$	221,008			$	249,228			$	169,451
	Ratio of net expenses to average net assets			0.43	%(f)			0.43	%			0.38	%			0.12	%			0.24	%(f)			0.42	%			0.43	%
	Ratio of total expenses to average net assets			0.45	%(f)			0.44	%			0.45	%			0.45	%			0.47	%(f)			0.46	%			0.46	%
	Ratio of net investment income (loss) to average net assets			5.07	%(f)			4.81	%			1.69	%			(0.01	)%			(0.08	)%(f)			0.88	%			2.12	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Money Market Fund
		Class C Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.022				0.039				0.007				—	(b)			—	(b)			0.003				0.014
	Net realized gain			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			0.002				—	(b)
	Total from investment operations			0.022				0.039				0.007				—	(b)			—	(b)			0.005				0.014
	Distributions to shareholders from net investment income			(0.022	)			(0.039	)			(0.007	)			—	(b)			—	(b)			(0.005	)			(0.014	)
	Distributions to shareholders from net realized gains			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
	Total distributions(c)			(0.022	)			(0.039	)			(0.007	)			—	(b)			—	(b)			(0.005	)			(0.014	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.18	%			4.02	%			0.74	%			0.03	%			—	%(e)			0.46	%			1.38	%
	Net assets, end of period (in 000’s)		$	11			$	11			$	34			$	39			$	39			$	53			$	10
	Ratio of net expenses to average net assets			1.18	%(f)			1.18	%			0.79	%			0.12	%			0.24	%(f)			0.79	%			1.18	%
	Ratio of total expenses to average net assets			1.19	%(f)			1.19	%			1.20	%			1.20	%			1.22	%(f)			1.21	%			1.21	%
	Ratio of net investment income (loss) to average net assets			4.34	%(f)			3.87	%			0.62	%			(0.01	)%			(0.08	)%(f)			0.24	%			1.38	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Money Market Fund
		Class D Shares
		Six Months Ended May 31, 2024 (Unaudited)				Period Ended November 30, 2023(a)
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00
	Net investment income(b)			0.027				0.043
	Net realized loss			—	(c)			(0.001	)
	Total from investment operations			0.027				0.042
	Distributions to shareholders from net investment income			(0.027	)			(0.042	)
	Distributions to shareholders from net realized gains			—	(c)			—	(c)
	Total distributions(d)			(0.027	)			(0.042	)
	Net asset value, end of period		$	1.00			$	1.00
	Total Return(e)			2.69	%			4.30	%
	Net assets, end of period (in 000’s)		$	13,255			$	6,124
	Ratio of net expenses to average net assets			0.18	%(f)			0.18	%(f)
	Ratio of total expenses to average net assets			0.20	%(f)			0.19	%(f)
	Ratio of net investment income to average net assets			5.32	%(f)			5.17	%(f)

(a) Commenced operations on January 31, 2023.

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

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

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

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

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Money Market Fund
		Class I Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.027				0.050				0.013				—	(b)			—	(b)			0.011				0.024
	Net realized gain (loss)			—	(b)			(0.001	)			—	(b)			—	(b)			—	(b)			0.001				—	(b)
	Total from investment operations			0.027				0.049				0.013				—	(b)			—	(b)			0.012				0.024
	Distributions to shareholders from net investment income			(0.027	)			(0.049	)			(0.013	)			—	(b)			—	(b)			(0.012	)			(0.024	)
	Distributions to shareholders from net realized gains			—	(b)			—	(b)			—				—	(b)			—	(b)			—	(b)			—	(b)
	Total distributions(c)			(0.027	)			(0.049	)			(0.013	)			—	(b)			—	(b)			(0.012	)			(0.024	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.69	%			5.06	%			1.35	%			0.04	%			0.02	%			1.22	%			2.40	%
	Net assets, end of period (in 000’s)		$	6,319,459			$	6,386,610			$	5,066,681			$	1,400,101			$	1,527,628			$	2,025,657			$	1,316,874
	Ratio of net expenses to average net assets			0.18	%(e)			0.18	%			0.18	%			0.12	%			0.18	%(e)			0.18	%			0.18	%
	Ratio of total expenses to average net assets			0.20	%(e)			0.19	%			0.20	%			0.20	%			0.22	%(e)			0.21	%			0.21	%
	Ratio of net investment income (loss) to average net assets			5.32	%(e)			4.95	%			1.93	%			—	%(f)			(0.02	)%(e)			1.11	%			2.37	%

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

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

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

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

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

(e) Annualized.

(f) Amount is less than 0.005%.

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Money Market Fund
		Service Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.024				0.044				0.010				—	(b)			—	(b)			0.006				0.018
	Net realized gain			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			0.002				0.001
	Total from investment operations			0.024				0.044				0.010				—	(b)			—	(b)			0.008				0.019
	Distributions to shareholders from net investment income			(0.024	)			(0.044	)			(0.010	)			—	(b)			—	(b)			(0.008	)			(0.019	)
	Distributions to shareholders from net realized gains			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
	Total distributions(c)			(0.024	)			(0.044	)			(0.010	)			—	(b)			—	(b)			(0.008	)			(0.019	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.44	%			4.54	%			1.00	%			0.03	%			—	%(e)			0.78	%			1.89	%
	Net assets, end of period (in 000’s)		$	15,650			$	35,861			$	49,040			$	63,427			$	50,167			$	56,453			$	30,615
	Ratio of net expenses to average net assets			0.68	%(f)			0.68	%			0.54	%			0.12	%			0.24	%(f)			0.62	%			0.68	%
	Ratio of total expenses to average net assets			0.70	%(f)			0.69	%			0.70	%			0.70	%			0.72	%(f)			0.71	%			0.71	%
	Ratio of net investment income (loss) to average net assets			4.82	%(f)			4.40	%			1.14	%			(0.01	)%			(0.08	)%(f)			0.62	%			1.75	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Money Market Fund
		Administration Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.025				0.048				0.012				—	(b)			—	(b)			0.009				0.021
	Net realized gain (loss)			—	(b)			(0.001	)			—	(b)			—	(b)			—	(b)			0.001				—	(b)
	Total from investment operations			0.025				0.047				0.012				—	(b)			—	(b)			0.010				0.021
	Distributions to shareholders from net investment income			(0.025	)			(0.047	)			(0.012	)			—	(b)			—	(b)			(0.010	)			(0.021	)
	Distributions to shareholders from net realized gains			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
	Total distributions(c)			(0.025	)			(0.047	)			(0.012	)			—	(b)			—	(b)			(0.010	)			(0.021	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.57	%			4.80	%			1.17	%			0.03	%			—	%(e)			0.98	%			2.14	%
	Net assets, end of period (in 000’s)		$	347,979			$	297,597			$	130,172			$	40,662			$	31,792			$	33,860			$	31,188
	Ratio of net expenses to average net assets			0.43	%(f)			0.43	%			0.39	%			0.12	%			0.24	%(f)			0.42	%			0.43	%
	Ratio of total expenses to average net assets			0.45	%(f)			0.44	%			0.45	%			0.45	%			0.47	%(f)			0.46	%			0.46	%
	Ratio of net investment income (loss) to average net assets			5.07	%(f)			4.77	%			1.64	%			(0.01	)%			(0.08	)%(f)			0.90	%			2.12	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Money Market Fund
		Cash Management Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.023				0.041				0.008				—	(b)			—	(b)			0.004				0.016
	Net realized gain			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			0.002				—	(b)
	Total from investment operations			0.023				0.041				0.008				—	(b)			—	(b)			0.006				0.016
	Distributions to shareholders from net investment income			(0.023	)			(0.041	)			(0.008	)			—	(b)			—	(b)			(0.006	)			(0.016	)
	Distributions to shareholders from net realized gains			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
	Total distributions(c)			(0.023	)			(0.041	)			(0.008	)			—	(b)			—	(b)			(0.006	)			(0.016	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			2.29	%			4.22	%			0.83	%			0.03	%			—	%(e)			0.58	%			1.58	%
	Net assets, end of period (in 000’s)		$	21,089			$	25,776			$	35,614			$	61,039			$	49,812			$	52,017			$	21,414
	Ratio of net expenses to average net assets			0.98	%(f)			0.98	%			0.61	%			0.12	%			0.24	%(f)			0.76	%			0.98	%
	Ratio of total expenses to average net assets			1.00	%(f)			0.99	%			1.00	%			1.00	%			1.02	%(f)			1.01	%			1.01	%
	Ratio of net investment income (loss) to average net assets			4.52	%(f)			4.08	%			0.75	%			—	%(e)			(0.08	)%(f)			0.38	%			1.60	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Tax-Exempt Money Market Fund
		Class A Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.015				0.028				0.006				—	(b)			—	(b)			0.005				0.012
	Net realized gain			—				—				—	(b)			—	(b)			—	(b)			0.001				—	(b)
	Total from investment operations			0.015				0.028				0.006				—	(b)			—	(b)			0.006				0.012
	Distributions to shareholders from net investment income			(0.015	)			(0.028	)			(0.006	)			—	(b)			—	(b)			(0.006	)			(0.012	)
	Distributions to shareholders from net realized gains			—	(b)			—				—				—	(b)			—				—				—	(b)
	Total distributions(c)			(0.015	)			(0.028	)			(0.006	)			—	(b)			—	(b)			(0.006	)			(0.012	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			1.53	%			2.80	%			0.58	%			0.01	%			—	%(e)			0.55	%			1.16	%
	Net assets, end of period (in 000’s)		$	56,877			$	49,348			$	21,573			$	8,728			$	10,756			$	16,678			$	14,846
	Ratio of net expenses to average net assets			0.45	%(f)			0.43	%			0.36	%			0.04	%			0.13	%(f)			0.36	%			0.43	%
	Ratio of total expenses to average net assets			0.47	%(f)			0.44	%			0.46	%			0.45	%			0.48	%(f)			0.45	%			0.45	%
	Ratio of net investment income to average net assets			3.03	%(f)			2.80	%			0.78	%			0.01	%			0.01	%(f)			0.42	%			1.11	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Tax-Exempt Money Market Fund
		Class C Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.012				0.020				0.003				—				—				0.001				0.004
	Net realized gain			—				—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
	Total from investment operations			0.012				0.020				0.003				—	(b)			—	(b)			0.001				0.004
	Distributions to shareholders from net investment income			(0.012	)			(0.020	)			(0.003	)			—				—	(b)			(0.001	)			(0.004	)
	Distributions to shareholders from net realized gains			—	(b)			—				—				—	(b)			—				—				—	(b)
	Total distributions(c)			(0.012	)			(0.020	)			(0.003	)			—	(b)			—	(b)			(0.001	)			(0.004	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			1.15	%			2.04	%			0.25	%			0.01	%			—	%(e)			0.12	%			0.41	%
	Net assets, end of period (in 000’s)		$	9			$	9			$	9			$	9			$	29			$	29			$	9
	Ratio of net expenses to average net assets			1.20	%(f)			1.18	%			0.66	%			0.04	%			0.13	%(f)			0.55	%			1.19	%
	Ratio of total expenses to average net assets			1.22	%(f)			1.19	%			1.21	%			1.20	%			1.23	%(f)			1.20	%			1.20	%
	Ratio of net investment income to average net assets			2.30	%(f)			1.96	%			0.25	%			—	%(e)			0.01	%(f)			0.14	%			0.39	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Tax-Exempt Money Market Fund
		Class I Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.016				0.030				0.008				—	(b)			—	(b)			0.007				0.014
	Net realized gain			—				—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
	Total from investment operations			0.016				0.030				0.008				—	(b)			—	(b)			0.007				0.014
	Distributions to shareholders from net investment income			(0.016	)			(0.030	)			(0.008	)			—	(b)			—	(b)			(0.007	)			(0.014	)
	Distributions to shareholders from net realized gains			—	(b)			—				—				—	(b)			—				—				—	(b)
	Total distributions(c)			(0.016	)			(0.030	)			(0.008	)			—	(b)			—	(b)			(0.007	)			(0.014	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			1.65	%			3.06	%			0.76	%			0.01	%			—	%(e)			0.75	%			1.42	%
	Net assets, end of period (in 000’s)		$	2,169,265			$	2,077,493			$	2,046,960			$	1,559,836			$	1,361,639			$	1,511,106			$	1,444,641
	Ratio of net expenses to average net assets			0.20	%(f)			0.18	%			0.16	%			0.04	%			0.13	%(f)			0.18	%			0.18	%
	Ratio of total expenses to average net assets			0.22	%(f)			0.19	%			0.21	%			0.20	%			0.23	%(f)			0.20	%			0.20	%
	Ratio of net investment income to average net assets			3.28	%(f)			3.01	%			0.80	%			0.01	%			0.01	%(f)			0.73	%			1.40	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Tax-Exempt Money Market Fund
		Service Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.014				0.024				0.004				—	(b)			—	(b)			0.005				0.009
	Net realized loss			—				—				—	(b)			—	(b)			—	(b)			(0.001	)			—	(b)
	Total from investment operations			0.014				0.024				0.004				—	(b)			—	(b)			0.004				0.009
	Distributions to shareholders from net investment income			(0.014	)			(0.024	)			(0.004	)			—	(b)			—	(b)			(0.004	)			(0.009	)
	Distributions to shareholders from net realized gains			—	(b)			—				—				—	(b)			—				—				—	(b)
	Total distributions(c)			(0.014	)			(0.024	)			(0.004	)			—	(b)			—	(b)			(0.004	)			(0.009	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			1.40	%			2.55	%			0.44	%			0.01	%			—	%(e)			0.39	%			0.91	%
	Net assets, end of period (in 000’s)		$	233			$	239			$	821			$	833			$	820			$	818			$	2,102
	Ratio of net expenses to average net assets			0.70	%(f)			0.68	%			0.48	%			0.04	%			0.13	%(f)			0.56	%			0.68	%
	Ratio of total expenses to average net assets			0.72	%(f)			0.69	%			0.71	%			0.70	%			0.73	%(f)			0.70	%			0.70	%
	Ratio of net investment income to average net assets			2.78	%(f)			2.37	%			0.44	%			0.01	%			0.01	%(f)			0.45	%			0.91	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Tax-Exempt Money Market Fund
		Preferred Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	(1.00	)		$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.016				0.028				0.007				—	(b)			—	(b)			0.005				0.013
	Net realized gain			—				—				—	(b)			—	(b)			—	(b)			0.002				—	(b)
	Total from investment operations			0.016				0.028				0.007				—	(b)			—	(b)			0.007				0.013
	Distributions to shareholders from net investment income			(0.016	)			(0.028	)			(0.007	)			—	(b)			—	(b)			(0.007	)			(0.013	)
	Distributions to shareholders from net realized gains			—	(b)			—				—				—	(b)			—				—				—	(b)
	Total distributions(c)			(0.016	)			(0.028	)			(0.007	)			—	(b)			—	(b)			(0.007	)			(0.013	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			1.60	%			2.96	%			0.68	%			0.01	%			—	%(e)			0.66	%			1.32	%
	Net assets, end of period (in 000’s)		$	614			$	255			$	603			$	109			$	278			$	91			$	61
	Ratio of net expenses to average net assets			0.30	%(f)			0.28	%			0.24	%			0.04	%			0.13	%(f)			0.26	%			0.28	%
	Ratio of total expenses to average net assets			0.32	%(f)			0.29	%			0.31	%			0.30	%			0.33	%(f)			0.30	%			0.30	%
	Ratio of net investment income to average net assets			3.22	%(f)			2.84	%			1.01	%			0.01	%			0.01	%(f)			0.45	%			1.31	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Investor Tax-Exempt Money Market Fund
		Administration Shares
		Six Months Ended																For the
		May 31, 2024				Year Ended November 30,												Period Ended				Year Ended August 31,
		(Unaudited)				2023				2022				2021				November 30, 2020†				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Net investment income(a)			0.015				0.026				0.006				—	(b)			—	(b)			0.006				0.012
	Net realized gain			—				—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
	Total from investment operations			0.015				0.026				0.006				—	(b)			—	(b)			0.006				0.012
	Distributions to shareholders from net investment income			(0.015	)			(0.026	)			(0.006	)			—	(b)			—	(b)			(0.006	)			(0.012	)
	Distributions to shareholders from net realized gains			—	(b)			—				—				—	(b)			—				—				—	(b)
	Total distributions(c)			(0.015	)			(0.026	)			(0.006	)			—	(b)			—	(b)			(0.006	)			(0.012	)
	Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
	Total Return(d)			1.53	%			2.80	%			0.58	%			0.01	%			—	%(e)			0.55	%			1.16	%
	Net assets, end of period (in 000’s)		$	1,479			$	3,069			$	20,022			$	314			$	305			$	305			$	298
	Ratio of net expenses to average net assets			0.45	%(f)			0.43	%			0.38	%			0.04	%			0.13	%(f)			0.37	%			0.43	%
	Ratio of total expenses to average net assets			0.47	%(f)			0.44	%			0.46	%			0.45	%			0.48	%(f)			0.45	%			0.45	%
	Ratio of net investment income to average net assets			3.03	%(f)			2.61	%			0.70	%			0.01	%			0.01	%(f)			0.55	%			1.18	%

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

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

  

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

Notes to Financial Statements

May 31, 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
Investor Money Market Fund	A, C, D, I, Service, Administration and Cash  Management	Diversified
Investor Tax-Exempt Money Market Fund	A, C, I, Service, Preferred and Administration	Diversified

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

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

The Funds have adopted policies and procedures that allow the Trustees to impose a liquidity fee if the Trustees determine that it is in the best interests of a Fund to do so.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders

  

37

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

E. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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:

  

38

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

As of May 31, 2024, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

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

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

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

  

  39

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the six months ended May 31, 2024, Goldman Sachs did not retain any CDSCs with respect to Class C Shares of the Investor Money Market and Investor Tax-Exempt Money Market Funds.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.

F. Other Agreements — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

In addition, the Funds have entered into certain offset arrangements with the custodian which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

G. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate and the transfer agency fee rate is 0.16% and 0.01%, respectively, for the Investor Money Market and Investor Tax-Exempt Money Market Funds.

	Class A Shares	Class C Shares	Service Shares	Preferred Shares(a)	Administration Share	Cash Management Shares
Administration, Service and/or Shareholder Administration Fees1	N/A	0.25%	0.25%	0.10%	0.25%	0.50%
Distribution and/or Service (12b-1) Fees	0.25%	0.75%(b)	0.25%(c)	N/A	N/A	0.30%(b)

N/A — Fees not applicable to respective share class

(a) Tax-Exempt Money Market Fund only.

1 Class I Shares and Class D Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees.

(b) Distribution (12b-1) fee only.

(c) Service (12b-1) fee only.

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

For the six months ended May 31, 2024, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Other Expense Reimbursements	Total Expense Reductions
Investor Money Market Fund	$ 514	$ 514
Investor Tax-Exempt Money Market Fund	277	277

For the six months ended May 31, 2024, the net effective management fee rate was 0.16% for the Investor Money Market and for Investor Tax-Exempt Money Market.

H. Other Transactions with Affiliates — Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the six months ended May 31, 2024, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

  

40

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

 

 

 

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund	Purchases		Sales		Net Realized Gain/(Loss)
Investor Money Market Fund	$	203,420,000	$	—	$	—
Investor Tax-Exempt Money Market Fund		3,500,000		—		—

As of May 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund	Class C Shares
Investor Money Market	100%
Investor Tax-Exempt Money Market	100

I. Line of Credit Facility — As of May 31, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended May 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, November 30, 2023, the Funds’ certain timing differences on a tax basis were as follows:

	Investor Money Market Fund	Investor Tax- Exempt Money Market Fund
Timing differences — Dividends Payable	$  (1,172,647)	$  (4,631,062)

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

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

6. OTHER RISKS

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

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

Geographic and Sector Risk — The Investor Tax-Exempt Money Market Fund may invest a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, which may subject the value of the Fund’s investments to risks associated with an adverse economic, business, political or environmental development affecting that state, region or sector.

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A 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. A low interest rate environment poses additional risks to a Fund, because low on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out current income, or minimize the volatility of the Fund’s NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

  

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

6. OTHER RISKS (continued)

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

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. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund’s ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, 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.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial Development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

7. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

  

42

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

 

 

 

 

 

 

9. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

  

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE)

Share activity is as follows:

	Investor Money Market
	For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended  November 30, 2023
	Shares			Shares
Class A Shares
Shares sold		1,463,692,079			2,318,926,844
Reinvestment of distributions		50,823,105			54,364,832
Shares redeemed		(973,453,453	)		(1,087,636,298)
		541,061,731			1,285,655,378
Class C Shares
Shares sold		—			15,054
Reinvestment of distributions		238			682
Shares redeemed		—			(38,765)
		238			(23,029)
Class D Shares
Shares sold		26,973,386			24,631,328
Reinvestment of distributions		290,608			201,942
Shares redeemed		(20,131,905	)		(18,709,384)
		7,132,089			6,123,886
Class I Shares
Shares sold		3,278,967,373			8,241,879,709
Reinvestment of distributions		165,230,958			289,971,629
Shares redeemed		(3,511,134,572	)		(7,212,123,001)
		(66,936,241	)		1,319,728,337
Service Shares
Shares sold		29,032,806			101,179,709
Reinvestment of distributions		522,931			2,145,027
Shares redeemed		(49,766,424	)		(116,506,083)
		(20,210,687	)		(13,181,347)
Administration Shares
Shares sold		226,177,307			444,992,047
Reinvestment of distributions		7,991,027			10,560,449
Shares redeemed		(183,773,300	)		(288,129,930)
		50,395,034			167,422,566
Cash Management Shares
Shares sold		68,945,296			141,771,657
Reinvestment of distributions		573,591			1,413,408
Shares redeemed		(74,204,862	)		(153,024,549)
		(4,685,975	)		(9,839,484)
Resource Shares*
Reinvestment of distributions		—			255
Shares redeemed		—			(11,018)
		—			(10,763)
NET INCREASE IN SHARES		506,756,189			2,755,875,544

* Resource Shares liquidated on July 14, 2023.

  

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

 

 

 

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Investor Tax-Exempt Money Market
	For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended  November 30, 2023
	Shares			Shares
Class A Shares
Shares sold		32,760,983			67,589,048
Reinvestment of distributions		807,405			1,043,041
Shares redeemed		(26,038,689	)		(40,858,178)
		7,529,699			27,773,911
Class C Shares
Shares sold		—			30,000
Reinvestment of distributions		106			317
Shares redeemed		—			(30,132)
		106			185
Class I Shares
Shares sold		1,316,843,676			2,745,237,169
Reinvestment of distributions		8,171,824			10,250,744
Shares redeemed		(1,233,231,354	)		(2,724,966,975)
		91,784,146			30,520,938
Capital Shares*
Reinvestment of distributions		3			30
Shares redeemed		(1,072	)		—
		(1,069	)		30
Service Shares
Shares sold		49,713			150,825
Reinvestment of distributions		99			3,960
Shares redeemed		(56,050	)		(737,293)
		(6,238	)		(582,508)
Preferred Shares
Shares sold		515,974			893,608
Reinvestment of distributions		3,393			6,472
Shares redeemed		(160,702	)		(1,248,092)
		358,665			(348,012)
Select Shares*
Reinvestment of distributions		2			31
Shares redeemed		(1,079	)		—
		(1,077	)		31
Administration Shares
Shares sold		4,075			5,091,481
Reinvestment of distributions		9,934			236,821
Shares redeemed		(1,604,170	)		(22,281,778)
		(1,590,161	)		(16,953,476)

  

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

 

 

Notes to Financial Statements (continued)

May 31, 2024 (Unaudited)

 

 

 

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

	Investor Tax-Exempt Money Market
	For the Six Months Ended May 31, 2024 (Unaudited)			For the Fiscal Year Ended  November 30, 2023
	Shares			Shares
Cash Management Shares*
Shares sold		—			12,000
Reinvestment of distributions		2			39
Shares redeemed		(1,635	)		(12,000)
		(1,633	)		39
Premier Shares*
Reinvestment of distributions		3			28
Shares redeemed		(1,062	)		—
		(1,059	)		28
Resource Shares*
Reinvestment of distributions		—			13
Shares redeemed		—			(1,032)
		—			(1,019)
NET INCREASE IN SHARES		98,071,379			40,410,147

* Resource Shares liquidated on July 14, 2023 and Capital, Premier, Select and Cash Management Shares liquidated on January 12, 2024.

  

46

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended May 31, 2024 (Unaudited)

As a shareholder of Class A Shares, Class C Shares, Class D Shares, Class I Shares, Service Shares, Preferred Shares, Administration Shares or Cash Management Shares of a Fund you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service, administration and/or shareholder administration fees (with respect to all share classes except Class I Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A Shares, Class C Shares, Class D Shares, Class I Shares, Service Shares, Preferred Shares, Administration Shares or Cash Management Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from December 1, 2023 through May 31, 2024, which represents a period of 183 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 column heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Investor Money Market Fund						Investor Tax-Exempt Money Market Fund
Share Class	Beginning  Account Value 12/1/23		Ending  Account Value 5/31/24		Expenses Paid for the  6 months ended  5/31/24*		Beginning  Account Value 12/1/23		Ending  Account Value 5/31/24		Expenses Paid for the  6 months ended  5/31/24*
Class A Shares
Actual		$1,000.00		$1,025.60		$2.18		$1,000.00		$1,015.13		$2.17
Hypothetical 5% return		1,000.00		1,022.85+		2.17		1,000.00		1,022.85+		2.17
Class C Shares
Actual		1,000.00		1,021.79		5.91		1,000.00		1,011.35		5.83
Hypothetical 5% return		1,000.00		1,019.15+		5.91		1,000.00		1,019.20+		5.86
Class D Shares
Actual		1,000.00		1,026.87		0.91		N/A		N/A		N/A
Hypothetical 5% return		1,000.00		1,024.10+		0.91		N/A		N/A		N/A
Class I Shares
Actual		1,000.00		1,026.87		0.91		1,000.00		1,016.39		0.91
Hypothetical 5% return		1,000.00		1,024.10+		0.91		1,000.00		1,024.10+		0.91
Service Shares
Actual		1,000.00		1,024.33		3.44		1,000.00		1,013.87		3.42
Hypothetical 5% return		1,000.00		1,021.60+		3.44		1,000.00		1,021.60+		3.44
Preferred Shares
Actual		N/A		N/A		N/A		1,000.00		1,015.88		1.41
Hypothetical 5% return		N/A		N/A		N/A		1,000.00		1,023.60+		1.42
Administration Shares
Actual		1,000.00		1,025.60		2.18		1,000.00		1,015.13		2.17
Hypothetical 5% return		1,000.00		1,022.85+		2.17		1,000.00		1,022.85+		2.17
Cash Management Shares
Actual		1,000.00		1,022.80		4.96		N/A		N/A		N/A
Hypothetical 5% return		1,000.00		1,020.10+		4.95		N/A		N/A		N/A

* 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 May 31, 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.

  The annualized net expense ratios for the period were as follows:

Fund	Class A Shares	Class C Shares	Class D Shares	Class I Shares	Service Shares	Preferred Shares	Administration Shares	Cash Management Shares
Investor Money Market Fund	0.43%	1.18%	0.18%	0.18%	0.68%	N/A	0.43%	0.98%
Investor Tax-Exempt Money Market Fund	0.45	1.20	N/A	0.20	0.70	0.30%	0.45	N/A

47

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FUNDS PROFILE

 

 

 

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.56 trillion in assets under supervision as of March 31, 2024, 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

∎ Dynamic Bond Fund⁶

∎ 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 Fund

∎ Short Duration High Yield Fund⁴

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 Fund⁵

∎ 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 Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Goldman Sachs GQC 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 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 April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁵ 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.

⁶ Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond Fund.

  Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

^* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

  

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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 web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www. sec.gov. Goldman Sachs & Co. LLC (“Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Fund holdings and allocations shown are as of May 31, 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. Goldman Sachs Investor FundsSM is a registered service mark of Goldman Sachs & Co LLC. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your Intermediary or from Goldman Sachs & Co LLC by calling (Class A Shares or Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550). © 2024 Goldman Sachs. All rights reserved. 377674-OTU-2063292 IMMITEMMSAR-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:		July 19, 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:		July 19, 2024
By:		/s/ Joseph F. DiMaria
		Joseph F. DiMaria
		Principal Financial Officer
		Goldman Sachs Trust
Date:		July 19, 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: July 19, 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: July 19, 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 knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended May 31, 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
Date: July 19, 2024	July 19, 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.