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.

Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

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: December 31

Date of reporting period: December 31, 2025

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders for the Goldman Sachs Absolute Return Tracker Fund, Goldman Sachs Commodity Strategy Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs International Equity Dividend and Premium Fund, Goldman Sachs U.S. Equity Dividend and Premium Fund, Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio), Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth and Income Strategy Portfolio), and Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) is filed herewith.

Annual Shareholder Report

December 31, 2025

Goldman Sachs Absolute Return Tracker Fund

GARTX: Class A

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Absolute Return Tracker Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$106	1.01%

How did the Fund perform and what affected its performance?

Virtually all asset classes were impacted by U.S. monetary policy, inflation expectations, tariffs, AI, geopolitics, and commodity and currency movements. Hedge funds generally posted positive returns, led by equity long/short strategies. Relative value, global macro and event-driven hedge fund strategies also performed well.

Top Contributors to Performance:

The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets.
On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.
The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund’s allocation, contributed most positively to the Fund’s absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains.
The relative value hedge fund sub-strategy was the second biggest contributor to the Fund’s absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively.
The Fund’s macro hedge fund sub-strategy contributed to the Fund’s absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.
The Fund’s event-driven hedge fund sub-strategy contributed positively to the Fund’s absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains.

Top Detractors from Performance:

Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.
Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.
Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor.
Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

Goldman Sachs Absolute Return Tracker Fund

Class A

Performance Overview

The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

Fund Performance

	Class A (including sales charges)	Class A (excluding sales charges)	ICE BofAML Three Month U.S. Treasury Bill Index	MSCI World Index (Net, USD, Unhedged)
1/1/16	$9,450	$10,000	$10,000	$10,000
12/16	$9,871	$10,446	$10,033	$10,751
12/17	$10,556	$11,170	$10,119	$13,159
12/18	$10,260	$10,857	$10,308	$12,013
12/19	$11,323	$11,982	$10,543	$15,337
12/20	$11,697	$12,377	$10,613	$17,776
12/21	$12,409	$13,131	$10,619	$21,654
12/22	$11,587	$12,262	$10,773	$17,726
12/23	$12,798	$13,543	$11,314	$21,942
12/24	$13,647	$14,441	$11,908	$26,039
12/25	$14,923	$15,791	$12,405	$31,532

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class A	9.35%	4.99%	4.67%
Class A including sales charges	3.39%	3.82%	4.09%
ICE BofAML Three Month U.S. Treasury Bill Index	4.18%	3.17%	2.18%
MSCI World Index (Net, USD, Unhedged)	21.09%	12.14%	12.16%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

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

Goldman Sachs Absolute Return Tracker Fund

Class A

Key Fund Statistics

Total Net Assets as of Period End	$5,560,131,787
# of Portfolio Holdings as of Period End	3,137
Portfolio Turnover Rate for the Period	134%
Total Net Advisory Fees Paid for the Period	$29,881,927

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.

Asset Class Exposure (%)*

Header	Gross	Long	Short	Net
Cash and Short-Term Investments	152.5	88.6	63.9	24.6
Commodities	3.5	1.9	1.6	0.4
Convertible Securities	2.4	2.4	-	2.4
Credit	14.5	14.5	-	14.5
Developed Markets Currency	2.7	1.3	1.4	-0.1
Developed Markets Equity Volatility	7.5	1.8	5.7	-3.9
Developed Markets ex US Equity	14.8	12.2	2.6	9.6
Developed markets FI volatility	1.5	1.5	-	1.5
Emerging Markets Currency	3.8	2.0	1.7	0.3
Emerging Markets Equity	8.4	8.4	-	8.4
Global Real Estate	0.2	0.2	-	0.2
Interest rate	0.8	0.2	0.6	-0.5
Long-Term Fixed Income	10.2	5.0	5.2	-0.1
Medium-Term Fixed Income	2.0	1.4	0.6	0.8
Preferred	3.1	3.1	-	3.1
Short-Term Fixed Income	8.8	8.4	0.4	8.0
US Equity	86.6	57.3	29.2	28.1

* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Forward foreign currency exchange contracts for individual currency crosses are aggregated by settlement date and counterparty in the determination of gross exposure. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country.

Goldman Sachs Absolute Return Tracker Fund

Class A

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC (“ICE DATA”) is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Absolute Return Tracker Fund

38145N246-AR-1225

Class A

Annual Shareholder Report

December 31, 2025

Goldman Sachs Absolute Return Tracker Fund

GCRTX: Class C

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$183	1.76%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets.
On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.
The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund’s allocation, contributed most positively to the Fund’s absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains.
The relative value hedge fund sub-strategy was the second biggest contributor to the Fund’s absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively.
The Fund’s macro hedge fund sub-strategy contributed to the Fund’s absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.
The Fund’s event-driven hedge fund sub-strategy contributed positively to the Fund’s absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains.

Top Detractors from Performance:

Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.
Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.
Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor.
Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

Goldman Sachs Absolute Return Tracker Fund

Class C

Performance Overview

Fund Performance

	Class C (including sales charges)	Class C (excluding sales charges)	ICE BofAML Three Month U.S. Treasury Bill Index	MSCI World Index (Net, USD, Unhedged)
1/1/16	$9,900	$10,000	$10,000	$10,000
12/16	$10,259	$10,363	$10,033	$10,751
12/17	$10,885	$10,995	$10,119	$13,159
12/18	$10,493	$10,599	$10,308	$12,013
12/19	$11,510	$11,626	$10,543	$15,337
12/20	$11,791	$11,910	$10,613	$17,776
12/21	$12,417	$12,543	$10,619	$21,654
12/22	$11,519	$11,636	$10,773	$17,726
12/23	$12,608	$12,735	$11,314	$21,942
12/24	$13,361	$13,496	$11,908	$26,039
12/25	$14,488	$14,635	$12,405	$31,532

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class C	8.44%	4.20%	3.88%
Class C including sales charges	7.42%	4.20%	3.88%
ICE BofAML Three Month U.S. Treasury Bill Index	4.18%	3.17%	2.18%
MSCI World Index (Net, USD, Unhedged)	21.09%	12.14%	12.16%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Absolute Return Tracker Fund

Class C

Key Fund Statistics

Total Net Assets as of Period End	$5,560,131,787
# of Portfolio Holdings as of Period End	3,137
Portfolio Turnover Rate for the Period	134%
Total Net Advisory Fees Paid for the Period	$29,881,927

What did the Fund invest in?

Asset Class Exposure (%)*

Header	Gross	Long	Short	Net
Cash and Short-Term Investments	152.5	88.6	63.9	24.6
Commodities	3.5	1.9	1.6	0.4
Convertible Securities	2.4	2.4	-	2.4
Credit	14.5	14.5	-	14.5
Developed Markets Currency	2.7	1.3	1.4	-0.1
Developed Markets Equity Volatility	7.5	1.8	5.7	-3.9
Developed Markets ex US Equity	14.8	12.2	2.6	9.6
Developed markets FI volatility	1.5	1.5	-	1.5
Emerging Markets Currency	3.8	2.0	1.7	0.3
Emerging Markets Equity	8.4	8.4	-	8.4
Global Real Estate	0.2	0.2	-	0.2
Interest rate	0.8	0.2	0.6	-0.5
Long-Term Fixed Income	10.2	5.0	5.2	-0.1
Medium-Term Fixed Income	2.0	1.4	0.6	0.8
Preferred	3.1	3.1	-	3.1
Short-Term Fixed Income	8.8	8.4	0.4	8.0
US Equity	86.6	57.3	29.2	28.1

Goldman Sachs Absolute Return Tracker Fund

Class C

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Absolute Return Tracker Fund

38145N238-AR-1225

Class C

Annual Shareholder Report

December 31, 2025

Goldman Sachs Absolute Return Tracker Fund

GSGPX: Class P

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$67	0.64%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets.
On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.
The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund’s allocation, contributed most positively to the Fund’s absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains.
The relative value hedge fund sub-strategy was the second biggest contributor to the Fund’s absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively.
The Fund’s macro hedge fund sub-strategy contributed to the Fund’s absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.
The Fund’s event-driven hedge fund sub-strategy contributed positively to the Fund’s absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains.

Top Detractors from Performance:

Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.
Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.
Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor.
Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

Goldman Sachs Absolute Return Tracker Fund

Class P

Performance Overview

Fund Performance

	Class P	ICE BofAML Three Month U.S. Treasury Bill Index	MSCI World Index (Net, USD, Unhedged)
4/17/18	$10,000	$10,000	$10,000
12/18	$9,683	$10,144	$9,021
12/19	$10,741	$10,375	$11,518
12/20	$11,130	$10,444	$13,349
12/21	$11,851	$10,449	$16,262
12/22	$11,121	$10,601	$13,311
12/23	$12,314	$11,133	$16,478
12/24	$13,196	$11,717	$19,554
12/25	$14,478	$12,207	$23,679

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception
Class P (Commenced April 17, 2018)	9.71%	5.40%	4.91%
ICE BofAML Three Month U.S. Treasury Bill Index	4.18%	3.17%	2.62%
MSCI World Index (Net, USD, Unhedged)	21.09%	12.14%	11.82%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Absolute Return Tracker Fund

Class P

Key Fund Statistics

Total Net Assets as of Period End	$5,560,131,787
# of Portfolio Holdings as of Period End	3,137
Portfolio Turnover Rate for the Period	134%
Total Net Advisory Fees Paid for the Period	$29,881,927

What did the Fund invest in?

Asset Class Exposure (%)*

Header	Gross	Long	Short	Net
Cash and Short-Term Investments	152.5	88.6	63.9	24.6
Commodities	3.5	1.9	1.6	0.4
Convertible Securities	2.4	2.4	-	2.4
Credit	14.5	14.5	-	14.5
Developed Markets Currency	2.7	1.3	1.4	-0.1
Developed Markets Equity Volatility	7.5	1.8	5.7	-3.9
Developed Markets ex US Equity	14.8	12.2	2.6	9.6
Developed markets FI volatility	1.5	1.5	-	1.5
Emerging Markets Currency	3.8	2.0	1.7	0.3
Emerging Markets Equity	8.4	8.4	-	8.4
Global Real Estate	0.2	0.2	-	0.2
Interest rate	0.8	0.2	0.6	-0.5
Long-Term Fixed Income	10.2	5.0	5.2	-0.1
Medium-Term Fixed Income	2.0	1.4	0.6	0.8
Preferred	3.1	3.1	-	3.1
Short-Term Fixed Income	8.8	8.4	0.4	8.0
US Equity	86.6	57.3	29.2	28.1

Goldman Sachs Absolute Return Tracker Fund

Class P

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Absolute Return Tracker Fund

38150B202-AR-1225

Class P

Annual Shareholder Report

December 31, 2025

Goldman Sachs Absolute Return Tracker Fund

GRRTX: Class R

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$132	1.26%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets.
On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.
The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund’s allocation, contributed most positively to the Fund’s absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains.
The relative value hedge fund sub-strategy was the second biggest contributor to the Fund’s absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively.
The Fund’s macro hedge fund sub-strategy contributed to the Fund’s absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.
The Fund’s event-driven hedge fund sub-strategy contributed positively to the Fund’s absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains.

Top Detractors from Performance:

Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.
Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.
Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor.
Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

Goldman Sachs Absolute Return Tracker Fund

Class R

Performance Overview

Fund Performance

	Class R	ICE BofAML Three Month U.S. Treasury Bill Index	MSCI World Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000
12/16	$10,420	$10,033	$10,751
12/17	$11,122	$10,119	$13,159
12/18	$10,774	$10,308	$12,013
12/19	$11,858	$10,543	$15,337
12/20	$12,222	$10,613	$17,776
12/21	$12,922	$10,619	$21,654
12/22	$12,045	$10,773	$17,726
12/23	$13,263	$11,314	$21,942
12/24	$14,112	$11,908	$26,039
12/25	$15,400	$12,405	$31,532

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R	9.13%	4.73%	4.41%
ICE BofAML Three Month U.S. Treasury Bill Index	4.18%	3.17%	2.18%
MSCI World Index (Net, USD, Unhedged)	21.09%	12.14%	12.16%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Absolute Return Tracker Fund

Class R

Key Fund Statistics

Total Net Assets as of Period End	$5,560,131,787
# of Portfolio Holdings as of Period End	3,137
Portfolio Turnover Rate for the Period	134%
Total Net Advisory Fees Paid for the Period	$29,881,927

What did the Fund invest in?

Asset Class Exposure (%)*

Header	Gross	Long	Short	Net
Cash and Short-Term Investments	152.5	88.6	63.9	24.6
Commodities	3.5	1.9	1.6	0.4
Convertible Securities	2.4	2.4	-	2.4
Credit	14.5	14.5	-	14.5
Developed Markets Currency	2.7	1.3	1.4	-0.1
Developed Markets Equity Volatility	7.5	1.8	5.7	-3.9
Developed Markets ex US Equity	14.8	12.2	2.6	9.6
Developed markets FI volatility	1.5	1.5	-	1.5
Emerging Markets Currency	3.8	2.0	1.7	0.3
Emerging Markets Equity	8.4	8.4	-	8.4
Global Real Estate	0.2	0.2	-	0.2
Interest rate	0.8	0.2	0.6	-0.5
Long-Term Fixed Income	10.2	5.0	5.2	-0.1
Medium-Term Fixed Income	2.0	1.4	0.6	0.8
Preferred	3.1	3.1	-	3.1
Short-Term Fixed Income	8.8	8.4	0.4	8.0
US Equity	86.6	57.3	29.2	28.1

Goldman Sachs Absolute Return Tracker Fund

Class R

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Absolute Return Tracker Fund

38145N121-AR-1225

Class R

Annual Shareholder Report

December 31, 2025

Goldman Sachs Absolute Return Tracker Fund

GARUX: Class R6

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$67	0.64%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets.
On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.
The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund’s allocation, contributed most positively to the Fund’s absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains.
The relative value hedge fund sub-strategy was the second biggest contributor to the Fund’s absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively.
The Fund’s macro hedge fund sub-strategy contributed to the Fund’s absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.
The Fund’s event-driven hedge fund sub-strategy contributed positively to the Fund’s absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains.

Top Detractors from Performance:

Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.
Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.
Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor.
Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

Goldman Sachs Absolute Return Tracker Fund

Class R6

Performance Overview

Fund Performance

	Class R6	ICE BofAML Three Month U.S. Treasury Bill Index	MSCI World Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000
12/16	$10,486	$10,033	$10,751
12/17	$11,258	$10,119	$13,159
12/18	$10,981	$10,308	$12,013
12/19	$12,169	$10,543	$15,337
12/20	$12,622	$10,613	$17,776
12/21	$13,427	$10,619	$21,654
12/22	$12,598	$10,773	$17,726
12/23	$13,952	$11,314	$21,942
12/24	$14,938	$11,908	$26,039
12/25	$16,393	$12,405	$31,532

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R6	9.74%	5.37%	5.06%
ICE BofAML Three Month U.S. Treasury Bill Index	4.18%	3.17%	2.18%
MSCI World Index (Net, USD, Unhedged)	21.09%	12.14%	12.16%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Absolute Return Tracker Fund

Class R6

Key Fund Statistics

Total Net Assets as of Period End	$5,560,131,787
# of Portfolio Holdings as of Period End	3,137
Portfolio Turnover Rate for the Period	134%
Total Net Advisory Fees Paid for the Period	$29,881,927

What did the Fund invest in?

Asset Class Exposure (%)*

Header	Gross	Long	Short	Net
Cash and Short-Term Investments	152.5	88.6	63.9	24.6
Commodities	3.5	1.9	1.6	0.4
Convertible Securities	2.4	2.4	-	2.4
Credit	14.5	14.5	-	14.5
Developed Markets Currency	2.7	1.3	1.4	-0.1
Developed Markets Equity Volatility	7.5	1.8	5.7	-3.9
Developed Markets ex US Equity	14.8	12.2	2.6	9.6
Developed markets FI volatility	1.5	1.5	-	1.5
Emerging Markets Currency	3.8	2.0	1.7	0.3
Emerging Markets Equity	8.4	8.4	-	8.4
Global Real Estate	0.2	0.2	-	0.2
Interest rate	0.8	0.2	0.6	-0.5
Long-Term Fixed Income	10.2	5.0	5.2	-0.1
Medium-Term Fixed Income	2.0	1.4	0.6	0.8
Preferred	3.1	3.1	-	3.1
Short-Term Fixed Income	8.8	8.4	0.4	8.0
US Equity	86.6	57.3	29.2	28.1

Goldman Sachs Absolute Return Tracker Fund

Class R6

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Absolute Return Tracker Fund

38147X325-AR-1225

Class R6

Annual Shareholder Report

December 31, 2025

Goldman Sachs Absolute Return Tracker Fund

GJRTX: Institutional Class

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$68	0.65%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets.
On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.
The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund’s allocation, contributed most positively to the Fund’s absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains.
The relative value hedge fund sub-strategy was the second biggest contributor to the Fund’s absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively.
The Fund’s macro hedge fund sub-strategy contributed to the Fund’s absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.
The Fund’s event-driven hedge fund sub-strategy contributed positively to the Fund’s absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains.

Top Detractors from Performance:

Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.
Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.
Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor.
Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

Goldman Sachs Absolute Return Tracker Fund

Institutional Class

Performance Overview

The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

Fund Performance

	Institutional Shares	ICE BofAML Three Month U.S. Treasury Bill Index	MSCI World Index (Net, USD, Unhedged)
1/1/16	$1,000,000	$1,000,000	$1,000,000
12/16	$1,048,400	$1,003,271	$1,075,105
12/17	$1,126,611	$1,011,859	$1,315,932
12/18	$1,098,783	$1,030,826	$1,201,295
12/19	$1,218,661	$1,054,316	$1,533,694
12/20	$1,262,654	$1,061,349	$1,777,589
12/21	$1,344,474	$1,061,871	$2,165,410
12/22	$1,260,176	$1,077,326	$1,772,570
12/23	$1,396,653	$1,131,354	$2,194,214
12/24	$1,494,977	$1,190,771	$2,603,894
12/25	$1,640,139	$1,240,514	$3,153,162

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Institutional Shares	9.71%	5.37%	5.07%
ICE BofAML Three Month U.S. Treasury Bill Index	4.18%	3.17%	2.18%
MSCI World Index (Net, USD, Unhedged)	21.09%	12.14%	12.16%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Absolute Return Tracker Fund

Institutional Class

Key Fund Statistics

Total Net Assets as of Period End	$5,560,131,787
# of Portfolio Holdings as of Period End	3,137
Portfolio Turnover Rate for the Period	134%
Total Net Advisory Fees Paid for the Period	$29,881,927

What did the Fund invest in?

Asset Class Exposure (%)*

Header	Gross	Long	Short	Net
Cash and Short-Term Investments	152.5	88.6	63.9	24.6
Commodities	3.5	1.9	1.6	0.4
Convertible Securities	2.4	2.4	-	2.4
Credit	14.5	14.5	-	14.5
Developed Markets Currency	2.7	1.3	1.4	-0.1
Developed Markets Equity Volatility	7.5	1.8	5.7	-3.9
Developed Markets ex US Equity	14.8	12.2	2.6	9.6
Developed markets FI volatility	1.5	1.5	-	1.5
Emerging Markets Currency	3.8	2.0	1.7	0.3
Emerging Markets Equity	8.4	8.4	-	8.4
Global Real Estate	0.2	0.2	-	0.2
Interest rate	0.8	0.2	0.6	-0.5
Long-Term Fixed Income	10.2	5.0	5.2	-0.1
Medium-Term Fixed Income	2.0	1.4	0.6	0.8
Preferred	3.1	3.1	-	3.1
Short-Term Fixed Income	8.8	8.4	0.4	8.0
US Equity	86.6	57.3	29.2	28.1

Goldman Sachs Absolute Return Tracker Fund

Institutional Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Absolute Return Tracker Fund

38145N220-AR-1225

Institutional Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Absolute Return Tracker Fund

GSRTX: Investor Class

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$80	0.76%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets.
On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.
The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund’s allocation, contributed most positively to the Fund’s absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains.
The relative value hedge fund sub-strategy was the second biggest contributor to the Fund’s absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively.
The Fund’s macro hedge fund sub-strategy contributed to the Fund’s absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.
The Fund’s event-driven hedge fund sub-strategy contributed positively to the Fund’s absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains.

Top Detractors from Performance:

Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.
Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.
Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor.
Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

Goldman Sachs Absolute Return Tracker Fund

Investor Class

Performance Overview

Fund Performance

	Investor Shares	ICE BofAML Three Month U.S. Treasury Bill Index	MSCI World Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000
12/16	$10,477	$10,033	$10,751
12/17	$11,237	$10,119	$13,159
12/18	$10,947	$10,308	$12,013
12/19	$12,114	$10,543	$15,337
12/20	$12,544	$10,613	$17,776
12/21	$13,340	$10,619	$21,654
12/22	$12,490	$10,773	$17,726
12/23	$13,824	$11,314	$21,942
12/24	$14,782	$11,908	$26,039
12/25	$16,194	$12,405	$31,532

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Investor Shares	9.55%	5.24%	4.94%
ICE BofAML Three Month U.S. Treasury Bill Index	4.18%	3.17%	2.18%
MSCI World Index (Net, USD, Unhedged)	21.09%	12.14%	12.16%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Absolute Return Tracker Fund

Investor Class

Key Fund Statistics

Total Net Assets as of Period End	$5,560,131,787
# of Portfolio Holdings as of Period End	3,137
Portfolio Turnover Rate for the Period	134%
Total Net Advisory Fees Paid for the Period	$29,881,927

What did the Fund invest in?

Asset Class Exposure (%)*

Header	Gross	Long	Short	Net
Cash and Short-Term Investments	152.5	88.6	63.9	24.6
Commodities	3.5	1.9	1.6	0.4
Convertible Securities	2.4	2.4	-	2.4
Credit	14.5	14.5	-	14.5
Developed Markets Currency	2.7	1.3	1.4	-0.1
Developed Markets Equity Volatility	7.5	1.8	5.7	-3.9
Developed Markets ex US Equity	14.8	12.2	2.6	9.6
Developed markets FI volatility	1.5	1.5	-	1.5
Emerging Markets Currency	3.8	2.0	1.7	0.3
Emerging Markets Equity	8.4	8.4	-	8.4
Global Real Estate	0.2	0.2	-	0.2
Interest rate	0.8	0.2	0.6	-0.5
Long-Term Fixed Income	10.2	5.0	5.2	-0.1
Medium-Term Fixed Income	2.0	1.4	0.6	0.8
Preferred	3.1	3.1	-	3.1
Short-Term Fixed Income	8.8	8.4	0.4	8.0
US Equity	86.6	57.3	29.2	28.1

Goldman Sachs Absolute Return Tracker Fund

Investor Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Absolute Return Tracker Fund

38145N113-AR-1225

Investor Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Commodity Strategy Fund

GSCAX: Class A

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Commodity Strategy Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$100	0.93%

How did the Fund perform and what affected its performance?

Aggressive U.S. trade policies, tariffs, deregulation, supply/demand shocks and constraints, U.S. and international monetary policy, currency dynamics, China’s economic trajectory, geopolitical developments and weather anomalies led to bifurcated commodities markets in 2025 wherein gains in metals and livestock offset weakness in energy and agriculture.

Top Contributors to Performance:

The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock.
In energy, the Fund’s underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis.
In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence.
In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%.
In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%.
In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain.
The Fund’s roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund’s returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund’s exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund’s portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.
In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.
Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.
In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted.
In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.
In precious metals, underweights to gold and silver dampened results.

Goldman Sachs Commodity Strategy Fund

Class A

Performance Overview

Fund Performance

	Class A (including sales charges)	Class A (excluding sales charges)	BCOM (Gross, USD, Unhedged)	S&P 500^® Index
1/1/16	$9,550	$10,000	$10,000	$10,000
12/16	$10,690	$11,194	$11,177	$11,196
12/17	$11,111	$11,635	$11,367	$13,640
12/18	$9,426	$9,870	$10,089	$13,042
12/19	$10,963	$11,480	$10,865	$17,149
12/20	$8,419	$8,815	$10,525	$20,304
12/21	$11,199	$11,727	$13,379	$26,132
12/22	$12,920	$13,528	$15,532	$21,399
12/23	$11,634	$12,182	$14,303	$27,025
12/24	$12,274	$12,852	$15,072	$33,786
12/25	$14,103	$14,767	$17,450	$39,827

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class A	14.90%	10.86%	3.97%
Class A including sales charges	9.68%	9.84%	3.50%
BCOM (Gross, USD, Unhedged)	15.77%	10.63%	5.72%
S&P 500^® Index	17.88%	14.42%	14.81%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Commodity Strategy Fund

Class A

Key Fund Statistics

Total Net Assets as of Period End	$337,225,710
# of Portfolio Holdings as of Period End	73
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$1,659,455

Material Fund Changes

This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund’s Investment Adviser agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest expenses on short sales, interest, broker fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund’s average daily net assets.

What did the Fund invest in?

Sector Exposure (%)*

Header	Gross	Long	Short	Net
Energy	34.3	29.3	-5.0	24.3
Agriculture	28.7	28.0	-0.7	27.3
Precious Metals	28.2	28.2	-	28.2
Industrial Metals	16.1	15.7	-0.4	15.2
Livestock	5.0	5.0	-	5.0

* Sector exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given sector), divided by the Fund's net assets exposure within each sector. "Net Exposure" represents the net exposure within the Fund to a given sector, calculated as the difference between long and short exposures. Short-term Investments include money market funds and U.S. Treasury Bills and generally represent the collateral for Fund's derivative positions.

Goldman Sachs Commodity Strategy Fund

Class A

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

"Bloomberg" and the "Bloomberg Commodity Index" are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Goldman Sachs. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review or recommend Goldman Sachs' product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Index.

The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Commodity Strategy Fund

38143H373-AR-1225

Class A

Annual Shareholder Report

December 31, 2025

Goldman Sachs Commodity Strategy Fund

GSCCX: Class C

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$180	1.68%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock.
In energy, the Fund’s underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis.
In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence.
In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%.
In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%.
In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain.
The Fund’s roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund’s returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund’s exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund’s portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.
In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.
Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.
In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted.
In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.
In precious metals, underweights to gold and silver dampened results.

Goldman Sachs Commodity Strategy Fund

Class C

Performance Overview

Fund Performance

	Class C (including sales charges)	Class C (excluding sales charges)	BCOM (Gross, USD, Unhedged)	S&P 500^® Index
1/1/16	$9,900	$10,000	$10,000	$10,000
12/16	$10,995	$11,106	$11,177	$11,196
12/17	$11,342	$11,457	$11,367	$13,640
12/18	$9,546	$9,642	$10,089	$13,042
12/19	$11,029	$11,141	$10,865	$17,149
12/20	$8,401	$8,486	$10,525	$20,304
12/21	$11,093	$11,205	$13,379	$26,132
12/22	$12,702	$12,830	$15,532	$21,399
12/23	$11,358	$11,473	$14,303	$27,025
12/24	$11,890	$12,010	$15,072	$33,786
12/25	$13,557	$13,694	$17,450	$39,827

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class C	14.02%	10.04%	3.19%
Class C including sales charges	12.88%	10.04%	3.19%
BCOM (Gross, USD, Unhedged)	15.77%	10.63%	5.72%
S&P 500^® Index	17.88%	14.42%	14.81%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Commodity Strategy Fund

Class C

Key Fund Statistics

Total Net Assets as of Period End	$337,225,710
# of Portfolio Holdings as of Period End	73
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$1,659,455

Material Fund Changes

What did the Fund invest in?

Sector Exposure (%)*

Header	Gross	Long	Short	Net
Energy	34.3	29.3	-5.0	24.3
Agriculture	28.7	28.0	-0.7	27.3
Precious Metals	28.2	28.2	-	28.2
Industrial Metals	16.1	15.7	-0.4	15.2
Livestock	5.0	5.0	-	5.0

Goldman Sachs Commodity Strategy Fund

Class C

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Commodity Strategy Fund

38143H365-AR-1225

Class C

Annual Shareholder Report

December 31, 2025

Goldman Sachs Commodity Strategy Fund

GGRPX: Class P

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$63	0.59%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock.
In energy, the Fund’s underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis.
In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence.
In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%.
In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%.
In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain.
The Fund’s roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund’s returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund’s exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund’s portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.
In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.
Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.
In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted.
In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.
In precious metals, underweights to gold and silver dampened results.

Goldman Sachs Commodity Strategy Fund

Class P

Performance Overview

Fund Performance

	Class P	BCOM (Gross, USD, Unhedged)	S&P 500^® Index
4/17/18	$10,000	$10,000	$10,000
12/18	$8,169	$8,749	$9,394
12/19	$9,536	$9,422	$12,351
12/20	$7,352	$9,127	$14,624
12/21	$9,812	$11,602	$18,822
12/22	$11,366	$13,469	$15,413
12/23	$10,261	$12,403	$19,465
12/24	$10,865	$13,070	$24,335
12/25	$12,519	$15,132	$28,686

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception
Class P (Commenced April 17, 2018)	15.23%	11.23%	2.96%
BCOM (Gross, USD, Unhedged)	15.77%	10.63%	5.52%
S&P 500^® Index	17.88%	14.42%	14.64%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Commodity Strategy Fund

Class P

Key Fund Statistics

Total Net Assets as of Period End	$337,225,710
# of Portfolio Holdings as of Period End	73
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$1,659,455

Material Fund Changes

What did the Fund invest in?

Sector Exposure (%)*

Header	Gross	Long	Short	Net
Energy	34.3	29.3	-5.0	24.3
Agriculture	28.7	28.0	-0.7	27.3
Precious Metals	28.2	28.2	-	28.2
Industrial Metals	16.1	15.7	-0.4	15.2
Livestock	5.0	5.0	-	5.0

Goldman Sachs Commodity Strategy Fund

Class P

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Commodity Strategy Fund

38150B707-AR-1225

Class P

Annual Shareholder Report

December 31, 2025

Goldman Sachs Commodity Strategy Fund

GCCRX: Class R

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$127	1.18%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock.
In energy, the Fund’s underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis.
In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence.
In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%.
In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%.
In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain.
The Fund’s roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund’s returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund’s exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund’s portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.
In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.
Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.
In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted.
In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.
In precious metals, underweights to gold and silver dampened results.

Goldman Sachs Commodity Strategy Fund

Class R

Performance Overview

Fund Performance

	Class R	BCOM (Gross, USD, Unhedged)	S&P 500^® Index
1/1/16	$10,000	$10,000	$10,000
12/16	$11,163	$11,177	$11,196
12/17	$11,565	$11,367	$13,640
12/18	$9,784	$10,089	$13,042
12/19	$11,360	$10,865	$17,149
12/20	$8,700	$10,525	$20,304
12/21	$11,547	$13,379	$26,132
12/22	$13,287	$15,532	$21,399
12/23	$11,933	$14,303	$27,025
12/24	$12,561	$15,072	$33,786
12/25	$14,391	$17,450	$39,827

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R	14.57%	10.58%	3.70%
BCOM (Gross, USD, Unhedged)	15.77%	10.63%	5.72%
S&P 500^® Index	17.88%	14.42%	14.81%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Commodity Strategy Fund

Class R

Key Fund Statistics

Total Net Assets as of Period End	$337,225,710
# of Portfolio Holdings as of Period End	73
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$1,659,455

Material Fund Changes

What did the Fund invest in?

Sector Exposure (%)*

Header	Gross	Long	Short	Net
Energy	34.3	29.3	-5.0	24.3
Agriculture	28.7	28.0	-0.7	27.3
Precious Metals	28.2	28.2	-	28.2
Industrial Metals	16.1	15.7	-0.4	15.2
Livestock	5.0	5.0	-	5.0

Goldman Sachs Commodity Strategy Fund

Class R

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Commodity Strategy Fund

38145N394-AR-1225

Class R

Annual Shareholder Report

December 31, 2025

Goldman Sachs Commodity Strategy Fund

GCCUX: Class R6

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$64	0.59%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock.
In energy, the Fund’s underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis.
In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence.
In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%.
In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%.
In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain.
The Fund’s roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund’s returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund’s exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund’s portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.
In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.
Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.
In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted.
In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.
In precious metals, underweights to gold and silver dampened results.

Goldman Sachs Commodity Strategy Fund

Class R6

Performance Overview

Fund Performance

	Class R6	BCOM (Gross, USD, Unhedged)	S&P 500^® Index
1/1/16	$10,000	$10,000	$10,000
12/16	$11,228	$11,177	$11,196
12/17	$11,710	$11,367	$13,640
12/18	$9,958	$10,089	$13,042
12/19	$11,638	$10,865	$17,149
12/20	$8,965	$10,525	$20,304
12/21	$11,962	$13,379	$26,132
12/22	$13,857	$15,532	$21,399
12/23	$12,512	$14,303	$27,025
12/24	$13,246	$15,072	$33,786
12/25	$15,279	$17,450	$39,827

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R6	15.35%	11.25%	4.33%
BCOM (Gross, USD, Unhedged)	15.77%	10.63%	5.72%
S&P 500^® Index	17.88%	14.42%	14.81%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Commodity Strategy Fund

Class R6

Key Fund Statistics

Total Net Assets as of Period End	$337,225,710
# of Portfolio Holdings as of Period End	73
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$1,659,455

Material Fund Changes

What did the Fund invest in?

Sector Exposure (%)*

Header	Gross	Long	Short	Net
Energy	34.3	29.3	-5.0	24.3
Agriculture	28.7	28.0	-0.7	27.3
Precious Metals	28.2	28.2	-	28.2
Industrial Metals	16.1	15.7	-0.4	15.2
Livestock	5.0	5.0	-	5.0

Goldman Sachs Commodity Strategy Fund

Class R6

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Commodity Strategy Fund

38147X317-AR-1225

Class R6

Annual Shareholder Report

December 31, 2025

Goldman Sachs Commodity Strategy Fund

GCCIX: Institutional Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$65	0.60%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock.
In energy, the Fund’s underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis.
In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence.
In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%.
In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%.
In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain.
The Fund’s roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund’s returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund’s exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund’s portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.
In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.
Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.
In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted.
In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.
In precious metals, underweights to gold and silver dampened results.

Goldman Sachs Commodity Strategy Fund

Institutional Class

Performance Overview

Fund Performance

	Institutional Shares	BCOM (Gross, USD, Unhedged)	S&P 500^® Index
1/1/16	$1,000,000	$1,000,000	$1,000,000
12/16	$1,123,600	$1,117,667	$1,119,599
12/17	$1,171,690	$1,136,714	$1,364,025
12/18	$997,225	$1,008,885	$1,304,222
12/19	$1,164,460	$1,086,478	$1,714,874
12/20	$896,401	$1,052,538	$2,030,390
12/21	$1,196,875	$1,337,873	$2,613,222
12/22	$1,385,383	$1,553,179	$2,139,945
12/23	$1,251,694	$1,430,283	$2,702,486
12/24	$1,325,293	$1,507,243	$3,378,640
12/25	$1,527,533	$1,744,967	$3,982,741

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Institutional Shares	15.26%	11.24%	4.32%
BCOM (Gross, USD, Unhedged)	15.77%	10.63%	5.72%
S&P 500^® Index	17.88%	14.42%	14.81%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Commodity Strategy Fund

Institutional Class

Key Fund Statistics

Total Net Assets as of Period End	$337,225,710
# of Portfolio Holdings as of Period End	73
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$1,659,455

Material Fund Changes

What did the Fund invest in?

Sector Exposure (%)*

Header	Gross	Long	Short	Net
Energy	34.3	29.3	-5.0	24.3
Agriculture	28.7	28.0	-0.7	27.3
Precious Metals	28.2	28.2	-	28.2
Industrial Metals	16.1	15.7	-0.4	15.2
Livestock	5.0	5.0	-	5.0

Goldman Sachs Commodity Strategy Fund

Institutional Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Commodity Strategy Fund

38143H381-AR-1225

Institutional Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Commodity Strategy Fund

GCCTX: Investor Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$73	0.68%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock.
In energy, the Fund’s underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis.
In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence.
In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%.
In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%.
In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain.
The Fund’s roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund’s returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund’s exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund’s portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.
In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.
Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.
In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted.
In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.
In precious metals, underweights to gold and silver dampened results.

Goldman Sachs Commodity Strategy Fund

Investor Class

Performance Overview

Fund Performance

	Investor Shares	BCOM (Gross, USD, Unhedged)	S&P 500^® Index
1/1/16	$10,000	$10,000	$10,000
12/16	$11,224	$11,177	$11,196
12/17	$11,682	$11,367	$13,640
12/18	$9,933	$10,089	$13,042
12/19	$11,595	$10,865	$17,149
12/20	$8,922	$10,525	$20,304
12/21	$11,896	$13,379	$26,132
12/22	$13,775	$15,532	$21,399
12/23	$12,427	$14,303	$27,025
12/24	$13,143	$15,072	$33,786
12/25	$15,130	$17,450	$39,827

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Investor Shares	15.12%	11.13%	4.23%
BCOM (Gross, USD, Unhedged)	15.77%	10.63%	5.72%
S&P 500^® Index	17.88%	14.42%	14.81%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Commodity Strategy Fund

Investor Class

Key Fund Statistics

Total Net Assets as of Period End	$337,225,710
# of Portfolio Holdings as of Period End	73
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$1,659,455

Material Fund Changes

What did the Fund invest in?

Sector Exposure (%)*

Header	Gross	Long	Short	Net
Energy	34.3	29.3	-5.0	24.3
Agriculture	28.7	28.0	-0.7	27.3
Precious Metals	28.2	28.2	-	28.2
Industrial Metals	16.1	15.7	-0.4	15.2
Livestock	5.0	5.0	-	5.0

Goldman Sachs Commodity Strategy Fund

Investor Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Commodity Strategy Fund

38145N386-AR-1225

Investor Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Dynamic Global Equity Fund

GAPAX: Class A

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Dynamic Global Equity Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$61	0.55%

How did the Fund perform and what affected its performance?

The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. Further boosting sentiment was an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

Long-term strategic asset allocation contributed most positively to the Fund’s performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.
Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund’s relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance.
Security selection within the underlying funds detracted from the Fund’s performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

Goldman Sachs Dynamic Global Equity Fund

Class A

Performance Overview

Fund Performance

	Class A (including sales charges)	Class A (excluding sales charges)	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$9,450	$10,000	$10,000
12/16	$10,095	$10,683	$10,786
12/17	$12,716	$13,456	$13,372
12/18	$11,267	$11,922	$12,113
12/19	$14,158	$14,982	$15,335
12/20	$16,025	$16,958	$17,828
12/21	$19,241	$20,361	$21,133
12/22	$15,526	$16,429	$17,252
12/23	$18,665	$19,751	$21,082
12/24	$21,903	$23,178	$24,769
12/25	$26,556	$28,101	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class A	21.24%	10.62%	10.88%
Class A including sales charges	14.60%	9.38%	10.25%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Dynamic Global Equity Fund

Class A

Key Fund Statistics

Total Net Assets as of Period End	$441,124,147
# of Portfolio Holdings as of Period End	17
Portfolio Turnover Rate for the Period	36%
Total Net Advisory Fees Paid for the Period	$610,086

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	55.5%
Exchange-Traded Funds	38.2%
Investment Companies	2.3%

Goldman Sachs Dynamic Global Equity Fund

Class A

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Global Equity Fund

38142V571-AR-1225

Class A

Annual Shareholder Report

December 31, 2025

Goldman Sachs Dynamic Global Equity Fund

GAXCX: Class C

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$143	1.30%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Long-term strategic asset allocation contributed most positively to the Fund’s performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.
Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund’s relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance.
Security selection within the underlying funds detracted from the Fund’s performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

Goldman Sachs Dynamic Global Equity Fund

Class C

Performance Overview

Fund Performance

	Class C (including sales charges)	Class C (excluding sales charges)	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$9,900	$10,000	$10,000
12/16	$10,491	$10,597	$10,786
12/17	$13,122	$13,255	$13,372
12/18	$11,542	$11,659	$12,113
12/19	$14,396	$14,541	$15,335
12/20	$16,170	$16,334	$17,828
12/21	$19,274	$19,468	$21,133
12/22	$15,436	$15,592	$17,252
12/23	$18,426	$18,612	$21,082
12/24	$21,454	$21,670	$24,769
12/25	$25,815	$26,076	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class C	20.33%	9.80%	10.05%
Class C including sales charges	19.12%	9.80%	10.05%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Dynamic Global Equity Fund

Class C

Key Fund Statistics

Total Net Assets as of Period End	$441,124,147
# of Portfolio Holdings as of Period End	17
Portfolio Turnover Rate for the Period	36%
Total Net Advisory Fees Paid for the Period	$610,086

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	55.5%
Exchange-Traded Funds	38.2%
Investment Companies	2.3%

Goldman Sachs Dynamic Global Equity Fund

Class C

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Global Equity Fund

38142V555-AR-1225

Class C

Annual Shareholder Report

December 31, 2025

Goldman Sachs Dynamic Global Equity Fund

GADPX: Class P

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$20	0.18%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Long-term strategic asset allocation contributed most positively to the Fund’s performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.
Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund’s relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance.
Security selection within the underlying funds detracted from the Fund’s performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

Goldman Sachs Dynamic Global Equity Fund

Class P

Performance Overview

Fund Performance

	Class P	MSCI^® ACWI Index (Net, USD, Unhedged)
4/17/18	$10,000	$10,000
12/18	$8,720	$8,955
12/19	$11,004	$11,337
12/20	$12,501	$13,179
12/21	$15,069	$15,622
12/22	$12,206	$12,753
12/23	$14,734	$15,585
12/24	$17,349	$18,311
12/25	$21,109	$22,401

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception
Class P (Commenced April 17, 2018)	21.67%	11.04%	10.17%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.02%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Dynamic Global Equity Fund

Class P

Key Fund Statistics

Total Net Assets as of Period End	$441,124,147
# of Portfolio Holdings as of Period End	17
Portfolio Turnover Rate for the Period	36%
Total Net Advisory Fees Paid for the Period	$610,086

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	55.5%
Exchange-Traded Funds	38.2%
Investment Companies	2.3%

Goldman Sachs Dynamic Global Equity Fund

Class P

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Global Equity Fund

38150B814-AR-1225

Class P

Annual Shareholder Report

December 31, 2025

Goldman Sachs Dynamic Global Equity Fund

GAPRX: Class R

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$88	0.80%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Long-term strategic asset allocation contributed most positively to the Fund’s performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.
Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund’s relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance.
Security selection within the underlying funds detracted from the Fund’s performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

Goldman Sachs Dynamic Global Equity Fund

Class R

Performance Overview

Fund Performance

	Class R	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000
12/16	$10,650	$10,786
12/17	$13,387	$13,372
12/18	$11,830	$12,113
12/19	$14,830	$15,335
12/20	$16,746	$17,828
12/21	$20,055	$21,133
12/22	$16,147	$17,252
12/23	$19,368	$21,082
12/24	$22,658	$24,769
12/25	$27,401	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R	20.93%	10.34%	10.60%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Dynamic Global Equity Fund

Class R

Key Fund Statistics

Total Net Assets as of Period End	$441,124,147
# of Portfolio Holdings as of Period End	17
Portfolio Turnover Rate for the Period	36%
Total Net Advisory Fees Paid for the Period	$610,086

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	55.5%
Exchange-Traded Funds	38.2%
Investment Companies	2.3%

Goldman Sachs Dynamic Global Equity Fund

Class R

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Global Equity Fund

38145N741-AR-1225

Class R

Annual Shareholder Report

December 31, 2025

Goldman Sachs Dynamic Global Equity Fund

GAPUX: Class R6

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$20	0.18%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Long-term strategic asset allocation contributed most positively to the Fund’s performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.
Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund’s relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance.
Security selection within the underlying funds detracted from the Fund’s performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

Goldman Sachs Dynamic Global Equity Fund

Class R6

Performance Overview

Fund Performance

	Class R6	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000
12/16	$10,714	$10,786
12/17	$13,557	$13,372
12/18	$12,066	$12,113
12/19	$15,220	$15,335
12/20	$17,292	$17,828
12/21	$20,845	$21,133
12/22	$16,887	$17,252
12/23	$20,375	$21,082
12/24	$23,994	$24,769
12/25	$29,203	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R6	21.71%	11.04%	11.30%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Dynamic Global Equity Fund

Class R6

Key Fund Statistics

Total Net Assets as of Period End	$441,124,147
# of Portfolio Holdings as of Period End	17
Portfolio Turnover Rate for the Period	36%
Total Net Advisory Fees Paid for the Period	$610,086

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	55.5%
Exchange-Traded Funds	38.2%
Investment Companies	2.3%

Goldman Sachs Dynamic Global Equity Fund

Class R6

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Global Equity Fund

38148U403-AR-1225

Class R6

Annual Shareholder Report

December 31, 2025

Goldman Sachs Dynamic Global Equity Fund

GAPIX: Institutional Class

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$21	0.19%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Long-term strategic asset allocation contributed most positively to the Fund’s performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.
Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund’s relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance.
Security selection within the underlying funds detracted from the Fund’s performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

Goldman Sachs Dynamic Global Equity Fund

Institutional Class

Performance Overview

Fund Performance

	Institutional Shares	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$1,000,000	$1,000,000
12/16	$1,072,000	$1,078,643
12/17	$1,355,866	$1,337,216
12/18	$1,205,771	$1,211,325
12/19	$1,521,442	$1,533,506
12/20	$1,728,358	$1,782,776
12/21	$2,082,672	$2,113,255
12/22	$1,687,381	$1,725,177
12/23	$2,035,825	$2,108,199
12/24	$2,397,184	$2,476,895
12/25	$2,917,133	$3,030,169

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Institutional Shares	21.69%	11.03%	11.29%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Dynamic Global Equity Fund

Institutional Class

Key Fund Statistics

Total Net Assets as of Period End	$441,124,147
# of Portfolio Holdings as of Period End	17
Portfolio Turnover Rate for the Period	36%
Total Net Advisory Fees Paid for the Period	$610,086

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	55.5%
Exchange-Traded Funds	38.2%
Investment Companies	2.3%

Goldman Sachs Dynamic Global Equity Fund

Institutional Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Global Equity Fund

38142V472-AR-1225

Institutional Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Dynamic Global Equity Fund

GAPTX: Investor Class

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$33	0.30%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Long-term strategic asset allocation contributed most positively to the Fund’s performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.
Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund’s relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance.
Security selection within the underlying funds detracted from the Fund’s performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

Goldman Sachs Dynamic Global Equity Fund

Investor Class

Performance Overview

Fund Performance

	Investor Shares	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000
12/16	$10,701	$10,786
12/17	$13,521	$13,372
12/18	$12,009	$12,113
12/19	$15,128	$15,335
12/20	$17,167	$17,828
12/21	$20,662	$21,133
12/22	$16,720	$17,252
12/23	$20,151	$21,082
12/24	$23,703	$24,769
12/25	$28,804	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Investor Shares	21.52%	10.90%	11.15%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Dynamic Global Equity Fund

Investor Class

Key Fund Statistics

Total Net Assets as of Period End	$441,124,147
# of Portfolio Holdings as of Period End	17
Portfolio Turnover Rate for the Period	36%
Total Net Advisory Fees Paid for the Period	$610,086

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	55.5%
Exchange-Traded Funds	38.2%
Investment Companies	2.3%

Goldman Sachs Dynamic Global Equity Fund

Investor Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Global Equity Fund

38145N733-AR-1225

Investor Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Dynamic Global Equity Fund

GAPSX: Service Class

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$76	0.69%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Long-term strategic asset allocation contributed most positively to the Fund’s performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.
Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund’s relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance.
Security selection within the underlying funds detracted from the Fund’s performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

Goldman Sachs Dynamic Global Equity Fund

Service Class

Performance Overview

Fund Performance

	Service Shares	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000
12/16	$10,668	$10,786
12/17	$13,419	$13,372
12/18	$11,879	$12,113
12/19	$14,907	$15,335
12/20	$16,856	$17,828
12/21	$20,211	$21,133
12/22	$16,292	$17,252
12/23	$19,565	$21,082
12/24	$22,918	$24,769
12/25	$27,743	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Service Shares	21.05%	10.47%	10.73%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs Dynamic Global Equity Fund

Service Class

Key Fund Statistics

Total Net Assets as of Period End	$441,124,147
# of Portfolio Holdings as of Period End	17
Portfolio Turnover Rate for the Period	36%
Total Net Advisory Fees Paid for the Period	$610,086

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	55.5%
Exchange-Traded Funds	38.2%
Investment Companies	2.3%

Goldman Sachs Dynamic Global Equity Fund

Service Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Global Equity Fund

38142V464-AR-1225

Service Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs International Equity Dividend and Premium Fund

GIDAX: Class A

Fund Overview

This annual shareholder report contains important information about Goldman Sachs International Equity Dividend and Premium Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$136	1.19%

How did the Fund perform and what affected its performance?

The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. The market advance was supported by an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund’s returns versus its benchmark, the MSCI EAFE Index (Index).
The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.
Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
On the sector level, stock selection in real estate detracted from the Fund’s relative performance.
In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund’s positioning.

Goldman Sachs International Equity Dividend and Premium Fund

Class A

Performance Overview

Fund Performance

	Class A (including sales charges)	Class A (excluding sales charges)	Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	MSCI EAFE Index (Net, USD, Unhedged)
1/1/16	$9,450	$10,000	$10,000	$10,000
12/16	$9,512	$10,066	$10,209	$10,100
12/17	$11,734	$12,417	$10,964	$12,628
12/18	$10,169	$10,761	$10,832	$10,887
12/19	$11,635	$12,313	$11,573	$13,284
12/20	$11,744	$12,427	$12,637	$14,322
12/21	$12,794	$13,538	$12,042	$15,935
12/22	$11,477	$12,145	$10,085	$13,632
12/23	$13,303	$14,077	$10,662	$16,118
12/24	$12,967	$13,721	$10,482	$16,735
12/25	$16,745	$17,720	$11,338	$21,959

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class A	29.14%	7.35%	5.88%
Class A including sales charges	22.11%	6.13%	5.29%
Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	8.17%	-2.14%	1.26%
MSCI EAFE Index (Net, USD, Unhedged)	31.22%	8.92%	8.18%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs International Equity Dividend and Premium Fund

Class A

Key Fund Statistics

Total Net Assets as of Period End	$152,534,131
# of Portfolio Holdings as of Period End	277
Portfolio Turnover Rate for the Period	16%
Total Net Advisory Fees Paid for the Period	$1,192,812

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Financials	26.5%
Industrials	19.7%
Health Care	10.4%
Consumer Discretionary	9.3%
Information Technology	7.6%
Consumer Staples	6.6%
Materials	5.8%
Communication Services	5.0%
Utilities	4.5%
Other	4.5%

Goldman Sachs International Equity Dividend and Premium Fund

Class A

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

Bloomberg Index Services Limited. BLOOMBERG^® is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Dow Jones Indices, a division of S&P Global (“S&P DJI”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Dividend and Premium Fund

38144N486-AR-1225

Class A

Annual Shareholder Report

December 31, 2025

Goldman Sachs International Equity Dividend and Premium Fund

GIDCX: Class C

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$223	1.95%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund’s returns versus its benchmark, the MSCI EAFE Index (Index).
The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.
Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
On the sector level, stock selection in real estate detracted from the Fund’s relative performance.
In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund’s positioning.

Goldman Sachs International Equity Dividend and Premium Fund

Class C

Performance Overview

Fund Performance

	Class C (including sales charges)	Class C (excluding sales charges)	Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	MSCI EAFE Index (Net, USD, Unhedged)
1/1/16	$9,900	$10,000	$10,000	$10,000
12/16	$9,879	$9,979	$10,209	$10,100
12/17	$12,102	$12,224	$10,964	$12,628
12/18	$10,407	$10,512	$10,832	$10,887
12/19	$11,816	$11,935	$11,573	$13,284
12/20	$11,837	$11,956	$12,637	$14,322
12/21	$12,810	$12,939	$12,042	$15,935
12/22	$11,402	$11,517	$10,085	$13,632
12/23	$13,111	$13,244	$10,662	$16,118
12/24	$12,686	$12,815	$10,482	$16,735
12/25	$16,272	$16,436	$11,338	$21,959

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class C	28.26%	6.57%	5.09%
Class C including sales charges	27.24%	6.57%	5.09%
Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	8.17%	-2.14%	1.26%
MSCI EAFE Index (Net, USD, Unhedged)	31.22%	8.92%	8.18%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs International Equity Dividend and Premium Fund

Class C

Key Fund Statistics

Total Net Assets as of Period End	$152,534,131
# of Portfolio Holdings as of Period End	277
Portfolio Turnover Rate for the Period	16%
Total Net Advisory Fees Paid for the Period	$1,192,812

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Financials	26.5%
Industrials	19.7%
Health Care	10.4%
Consumer Discretionary	9.3%
Information Technology	7.6%
Consumer Staples	6.6%
Materials	5.8%
Communication Services	5.0%
Utilities	4.5%
Other	4.5%

Goldman Sachs International Equity Dividend and Premium Fund

Class C

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Dividend and Premium Fund

38144N478-AR-1225

Class C

Annual Shareholder Report

December 31, 2025

Goldman Sachs International Equity Dividend and Premium Fund

GGHPX: Class P

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$101	0.88%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund’s returns versus its benchmark, the MSCI EAFE Index (Index).
The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.
Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
On the sector level, stock selection in real estate detracted from the Fund’s relative performance.
In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund’s positioning.

Goldman Sachs International Equity Dividend and Premium Fund

Class P

Performance Overview

Fund Performance

	Class P	Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	MSCI EAFE Index (Net, USD, Unhedged)
4/17/18	$10,000	$10,000	$10,000
12/18	$8,565	$9,742	$8,548
12/19	$9,835	$10,409	$10,430
12/20	$9,967	$11,366	$11,245
12/21	$10,901	$10,831	$12,511
12/22	$9,814	$9,071	$10,703
12/23	$11,398	$9,589	$12,655
12/24	$11,154	$9,427	$13,139
12/25	$14,457	$10,197	$17,241

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception
Class P (Commenced April 17, 2018)	29.61%	7.72%	4.89%
Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	8.17%	-2.14%	0.25%
MSCI EAFE Index (Net, USD, Unhedged)	31.22%	8.92%	7.32%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs International Equity Dividend and Premium Fund

Class P

Key Fund Statistics

Total Net Assets as of Period End	$152,534,131
# of Portfolio Holdings as of Period End	277
Portfolio Turnover Rate for the Period	16%
Total Net Advisory Fees Paid for the Period	$1,192,812

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Financials	26.5%
Industrials	19.7%
Health Care	10.4%
Consumer Discretionary	9.3%
Information Technology	7.6%
Consumer Staples	6.6%
Materials	5.8%
Communication Services	5.0%
Utilities	4.5%
Other	4.5%

Goldman Sachs International Equity Dividend and Premium Fund

Class P

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Dividend and Premium Fund

38150B616-AR-1225

Class P

Annual Shareholder Report

December 31, 2025

Goldman Sachs International Equity Dividend and Premium Fund

GIDUX: Class R6

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$101	0.88%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund’s returns versus its benchmark, the MSCI EAFE Index (Index).
The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.
Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
On the sector level, stock selection in real estate detracted from the Fund’s relative performance.
In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund’s positioning.

Goldman Sachs International Equity Dividend and Premium Fund

Class R6

Performance Overview

Fund Performance

	Class R6	Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	MSCI EAFE Index (Net, USD, Unhedged)
4/30/18	$10,000	$10,000	$10,000
12/18	$8,675	$9,906	$8,560
12/19	$9,963	$10,584	$10,444
12/20	$10,097	$11,557	$11,260
12/21	$11,044	$11,013	$12,529
12/22	$9,941	$9,223	$10,718
12/23	$11,548	$9,750	$12,673
12/24	$11,301	$9,586	$13,157
12/25	$14,651	$10,369	$17,265

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception
Class R6 (Commenced April 30, 2018)	29.65%	7.73%	5.10%
Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	8.17%	-2.14%	0.47%
MSCI EAFE Index (Net, USD, Unhedged)	31.22%	8.92%	7.37%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs International Equity Dividend and Premium Fund

Class R6

Key Fund Statistics

Total Net Assets as of Period End	$152,534,131
# of Portfolio Holdings as of Period End	277
Portfolio Turnover Rate for the Period	16%
Total Net Advisory Fees Paid for the Period	$1,192,812

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Financials	26.5%
Industrials	19.7%
Health Care	10.4%
Consumer Discretionary	9.3%
Information Technology	7.6%
Consumer Staples	6.6%
Materials	5.8%
Communication Services	5.0%
Utilities	4.5%
Other	4.5%

Goldman Sachs International Equity Dividend and Premium Fund

Class R6

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Dividend and Premium Fund

38150C507-AR-1225

Class R6

Annual Shareholder Report

December 31, 2025

Goldman Sachs International Equity Dividend and Premium Fund

GIDHX: Institutional Class

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$102	0.89%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund’s returns versus its benchmark, the MSCI EAFE Index (Index).
The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.
Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
On the sector level, stock selection in real estate detracted from the Fund’s relative performance.
In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund’s positioning.

Goldman Sachs International Equity Dividend and Premium Fund

Institutional Class

Performance Overview

Fund Performance

	Institutional Shares	Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	MSCI EAFE Index (Net, USD, Unhedged)
1/1/16	$1,000,000	$1,000,000	$1,000,000
12/16	$1,009,200	$1,020,859	$1,010,002
12/17	$1,249,894	$1,096,351	$1,262,849
12/18	$1,087,908	$1,083,197	$1,088,699
12/19	$1,249,136	$1,157,283	$1,328,371
12/20	$1,264,001	$1,263,681	$1,432,193
12/21	$1,382,564	$1,204,201	$1,593,506
12/22	$1,244,446	$1,008,536	$1,363,217
12/23	$1,445,424	$1,066,175	$1,611,840
12/24	$1,414,347	$1,048,167	$1,673,463
12/25	$1,833,560	$1,133,780	$2,195,939

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Institutional Shares	29.64%	7.72%	6.24%
Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	8.17%	-2.14%	1.26%
MSCI EAFE Index (Net, USD, Unhedged)	31.22%	8.92%	8.18%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs International Equity Dividend and Premium Fund

Institutional Class

Key Fund Statistics

Total Net Assets as of Period End	$152,534,131
# of Portfolio Holdings as of Period End	277
Portfolio Turnover Rate for the Period	16%
Total Net Advisory Fees Paid for the Period	$1,192,812

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Financials	26.5%
Industrials	19.7%
Health Care	10.4%
Consumer Discretionary	9.3%
Information Technology	7.6%
Consumer Staples	6.6%
Materials	5.8%
Communication Services	5.0%
Utilities	4.5%
Other	4.5%

Goldman Sachs International Equity Dividend and Premium Fund

Institutional Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Dividend and Premium Fund

38144N494-AR-1225

Institutional Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs International Equity Dividend and Premium Fund

GIRVX: Investor Class

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$108	0.94%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund’s returns versus its benchmark, the MSCI EAFE Index (Index).
The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.
Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
On the sector level, stock selection in real estate detracted from the Fund’s relative performance.
In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund’s positioning.

Goldman Sachs International Equity Dividend and Premium Fund

Investor Class

Performance Overview

Fund Performance

	Investor Shares	Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	MSCI EAFE Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000
12/16	$10,096	$10,209	$10,100
12/17	$12,477	$10,964	$12,628
12/18	$10,842	$10,832	$10,887
12/19	$12,437	$11,573	$13,284
12/20	$12,586	$12,637	$14,322
12/21	$13,738	$12,042	$15,935
12/22	$12,352	$10,085	$13,632
12/23	$14,344	$10,662	$16,118
12/24	$14,007	$10,482	$16,735
12/25	$18,169	$11,338	$21,959

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Investor Shares	29.71%	7.61%	6.15%
Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)	8.17%	-2.14%	1.26%
MSCI EAFE Index (Net, USD, Unhedged)	31.22%	8.92%	8.18%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs International Equity Dividend and Premium Fund

Investor Class

Key Fund Statistics

Total Net Assets as of Period End	$152,534,131
# of Portfolio Holdings as of Period End	277
Portfolio Turnover Rate for the Period	16%
Total Net Advisory Fees Paid for the Period	$1,192,812

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Financials	26.5%
Industrials	19.7%
Health Care	10.4%
Consumer Discretionary	9.3%
Information Technology	7.6%
Consumer Staples	6.6%
Materials	5.8%
Communication Services	5.0%
Utilities	4.5%
Other	4.5%

Goldman Sachs International Equity Dividend and Premium Fund

Investor Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Dividend and Premium Fund

38145C547-AR-1225

Investor Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs U.S. Equity Dividend and Premium Fund

GSPAX: Class A

Fund Overview

This annual shareholder report contains important information about Goldman Sachs U.S. Equity Dividend and Premium Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$107	1.00%

How did the Fund perform and what affected its performance?

The broad U.S. equity market was volatile but strong amid tariff uncertainty, mixed economic data, elevated valuations and a government shutdown. The market advance was supported by easing trade tensions, corporate earnings results, better inflation data, resilient consumer spending, AI growth optimism and the Fed’s monetary easing.

Top Contributors to Performance:

Stock selection in the information technology and real estate sectors added to the Fund’s performance relative to its benchmark, the S&P 500^® Index (Index).
Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund’s lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index.
In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund’s relative performance.
As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class A

Performance Overview

Fund Performance

	Class A (including sales charges)	Class A (excluding sales charges)	Bloomberg U.S. Aggregate Bond Index	S&P 500^® Index
1/1/16	$9,450	$10,000	$10,000	$10,000
12/16	$10,656	$11,276	$10,265	$11,196
12/17	$12,236	$12,948	$10,628	$13,640
12/18	$11,425	$12,090	$10,630	$13,042
12/19	$14,238	$15,066	$11,556	$17,149
12/20	$16,182	$17,124	$12,424	$20,304
12/21	$19,811	$20,964	$12,232	$26,132
12/22	$16,871	$17,853	$10,641	$21,399
12/23	$20,420	$21,609	$11,229	$27,025
12/24	$24,888	$26,337	$11,369	$33,786
12/25	$28,263	$29,908	$12,199	$39,827

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class A	13.56%	11.79%	11.57%
Class A including sales charges	7.34%	10.53%	10.94%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
S&P 500^® Index	17.88%	14.42%	14.81%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class A

Key Fund Statistics

Total Net Assets as of Period End	$3,701,649,154
# of Portfolio Holdings as of Period End	186
Portfolio Turnover Rate for the Period	29%
Total Net Advisory Fees Paid for the Period	$22,687,419

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Information Technology	35.2%
Financials	12.9%
Communication Services	11.2%
Consumer Discretionary	9.8%
Health Care	9.5%
Industrials	7.7%
Consumer Staples	4.9%
Energy	3.6%
Utilities	2.2%
Other	3.3%

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class A

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Dividend and Premium Fund

38143H712-AR-1225

Class A

Annual Shareholder Report

December 31, 2025

Goldman Sachs U.S. Equity Dividend and Premium Fund

GSPQX: Class C

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$186	1.75%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Stock selection in the information technology and real estate sectors added to the Fund’s performance relative to its benchmark, the S&P 500^® Index (Index).
Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund’s lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index.
In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund’s relative performance.
As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class C

Performance Overview

Fund Performance

	Class C (including sales charges)	Class C (excluding sales charges)	Bloomberg U.S. Aggregate Bond Index	S&P 500^® Index
1/1/16	$9,900	$10,000	$10,000	$10,000
12/16	$11,083	$11,195	$10,265	$11,196
12/17	$12,634	$12,761	$10,628	$13,640
12/18	$11,701	$11,819	$10,630	$13,042
12/19	$14,477	$14,623	$11,556	$17,149
12/20	$16,338	$16,503	$12,424	$20,304
12/21	$19,848	$20,048	$12,232	$26,132
12/22	$16,775	$16,945	$10,641	$21,399
12/23	$20,151	$20,354	$11,229	$27,025
12/24	$24,374	$24,621	$11,369	$33,786
12/25	$27,484	$27,762	$12,199	$39,827

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class C	12.76%	10.96%	10.74%
Class C including sales charges	11.70%	10.96%	10.74%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
S&P 500^® Index	17.88%	14.42%	14.81%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class C

Key Fund Statistics

Total Net Assets as of Period End	$3,701,649,154
# of Portfolio Holdings as of Period End	186
Portfolio Turnover Rate for the Period	29%
Total Net Advisory Fees Paid for the Period	$22,687,419

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Information Technology	35.2%
Financials	12.9%
Communication Services	11.2%
Consumer Discretionary	9.8%
Health Care	9.5%
Industrials	7.7%
Consumer Staples	4.9%
Energy	3.6%
Utilities	2.2%
Other	3.3%

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class C

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Dividend and Premium Fund

38143H696-AR-1225

Class C

Annual Shareholder Report

December 31, 2025

Goldman Sachs U.S. Equity Dividend and Premium Fund

GSFPX: Class P

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$72	0.67%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Stock selection in the information technology and real estate sectors added to the Fund’s performance relative to its benchmark, the S&P 500^® Index (Index).
Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund’s lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index.
In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund’s relative performance.
As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class P

Performance Overview

Fund Performance

	Class P	Bloomberg U.S. Aggregate Bond Index	S&P 500^® Index
4/17/18	$10,000	$10,000	$10,000
12/18	$9,327	$10,225	$9,394
12/19	$11,665	$11,117	$12,351
12/20	$13,309	$11,951	$14,624
12/21	$16,361	$11,767	$18,822
12/22	$13,974	$10,236	$15,413
12/23	$16,970	$10,802	$19,465
12/24	$20,740	$10,937	$24,335
12/25	$23,644	$11,736	$28,686

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception
Class P (Commenced April 17, 2018)	14.00%	12.17%	11.80%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.10%
S&P 500^® Index	17.88%	14.42%	14.64%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class P

Key Fund Statistics

Total Net Assets as of Period End	$3,701,649,154
# of Portfolio Holdings as of Period End	186
Portfolio Turnover Rate for the Period	29%
Total Net Advisory Fees Paid for the Period	$22,687,419

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Information Technology	35.2%
Financials	12.9%
Communication Services	11.2%
Consumer Discretionary	9.8%
Health Care	9.5%
Industrials	7.7%
Consumer Staples	4.9%
Energy	3.6%
Utilities	2.2%
Other	3.3%

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class P

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Dividend and Premium Fund

38150B194-AR-1225

Class P

Annual Shareholder Report

December 31, 2025

Goldman Sachs U.S. Equity Dividend and Premium Fund

GIDWX: Class R6

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$72	0.67%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Stock selection in the information technology and real estate sectors added to the Fund’s performance relative to its benchmark, the S&P 500^® Index (Index).
Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund’s lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index.
In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund’s relative performance.
As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class R6

Performance Overview

Fund Performance

	Class R6	Bloomberg U.S. Aggregate Bond Index	S&P 500^® Index
4/30/18	$10,000	$10,000	$10,000
12/18	$9,522	$10,225	$9,598
12/19	$11,911	$11,117	$12,620
12/20	$13,600	$11,951	$14,942
12/21	$16,708	$11,767	$19,231
12/22	$14,280	$10,236	$15,748
12/23	$17,330	$10,802	$19,888
12/24	$21,197	$10,937	$24,864
12/25	$24,151	$11,736	$29,309

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception
Class R6 (Commenced April 30, 2018)	13.94%	12.16%	12.17%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.11%
S&P 500^® Index	17.88%	14.42%	15.03%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class R6

Key Fund Statistics

Total Net Assets as of Period End	$3,701,649,154
# of Portfolio Holdings as of Period End	186
Portfolio Turnover Rate for the Period	29%
Total Net Advisory Fees Paid for the Period	$22,687,419

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Information Technology	35.2%
Financials	12.9%
Communication Services	11.2%
Consumer Discretionary	9.8%
Health Care	9.5%
Industrials	7.7%
Consumer Staples	4.9%
Energy	3.6%
Utilities	2.2%
Other	3.3%

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class R6

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Dividend and Premium Fund

38150C804-AR-1225

Class R6

Annual Shareholder Report

December 31, 2025

Goldman Sachs U.S. Equity Dividend and Premium Fund

GSPKX: Institutional Class

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$73	0.68%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Stock selection in the information technology and real estate sectors added to the Fund’s performance relative to its benchmark, the S&P 500^® Index (Index).
Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund’s lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index.
In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund’s relative performance.
As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Institutional Class

Performance Overview

Fund Performance

	Institutional Shares	Bloomberg U.S. Aggregate Bond Index	S&P 500^® Index
1/1/16	$1,000,000	$1,000,000	$1,000,000
12/16	$1,132,100	$1,026,475	$1,119,599
12/17	$1,305,425	$1,062,831	$1,364,025
12/18	$1,223,444	$1,062,952	$1,304,222
12/19	$1,530,039	$1,155,606	$1,714,874
12/20	$1,746,692	$1,242,353	$2,030,390
12/21	$2,145,288	$1,223,195	$2,613,222
12/22	$1,833,577	$1,064,056	$2,139,945
12/23	$2,224,863	$1,122,886	$2,702,486
12/24	$2,720,562	$1,136,925	$3,378,640
12/25	$3,100,897	$1,219,931	$3,982,741

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Institutional Shares	13.98%	12.16%	11.97%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
S&P 500^® Index	17.88%	14.42%	14.81%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Institutional Class

Key Fund Statistics

Total Net Assets as of Period End	$3,701,649,154
# of Portfolio Holdings as of Period End	186
Portfolio Turnover Rate for the Period	29%
Total Net Advisory Fees Paid for the Period	$22,687,419

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Information Technology	35.2%
Financials	12.9%
Communication Services	11.2%
Consumer Discretionary	9.8%
Health Care	9.5%
Industrials	7.7%
Consumer Staples	4.9%
Energy	3.6%
Utilities	2.2%
Other	3.3%

Goldman Sachs U.S. Equity Dividend and Premium Fund

Institutional Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Dividend and Premium Fund

38143H720-AR-1225

Institutional Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs U.S. Equity Dividend and Premium Fund

GVIRX: Investor Class

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$80	0.75%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Stock selection in the information technology and real estate sectors added to the Fund’s performance relative to its benchmark, the S&P 500^® Index (Index).
Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund’s lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics.
The Fund’s dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

The sale of call options on the Index detracted from the Fund’s total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.
The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index.
In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund’s relative performance.
As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Investor Class

Performance Overview

Fund Performance

	Investor Shares	Bloomberg U.S. Aggregate Bond Index	S&P 500^® Index
1/1/16	$10,000	$10,000	$10,000
12/16	$11,296	$10,265	$11,196
12/17	$13,011	$10,628	$13,640
12/18	$12,169	$10,630	$13,042
12/19	$15,211	$11,556	$17,149
12/20	$17,332	$12,424	$20,304
12/21	$21,280	$12,232	$26,132
12/22	$18,173	$10,641	$21,399
12/23	$22,031	$11,229	$27,025
12/24	$26,917	$11,369	$33,786
12/25	$30,656	$12,199	$39,827

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Investor Shares	13.89%	12.07%	11.84%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
S&P 500^® Index	17.88%	14.42%	14.81%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

Goldman Sachs U.S. Equity Dividend and Premium Fund

Investor Class

Key Fund Statistics

Total Net Assets as of Period End	$3,701,649,154
# of Portfolio Holdings as of Period End	186
Portfolio Turnover Rate for the Period	29%
Total Net Advisory Fees Paid for the Period	$22,687,419

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Sector Allocation (%)

Information Technology	35.2%
Financials	12.9%
Communication Services	11.2%
Consumer Discretionary	9.8%
Health Care	9.5%
Industrials	7.7%
Consumer Staples	4.9%
Energy	3.6%
Utilities	2.2%
Other	3.3%

Goldman Sachs U.S. Equity Dividend and Premium Fund

Investor Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Dividend and Premium Fund

38145C513-AR-1225

Investor Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Conservative Allocation Fund

GIPAX: Class A

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio) (the “Fund”) for the period of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$58	0.55%

How did the Fund perform and what affected its performance?

Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund’s returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund’s returns.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Conservative Allocation Fund

Class A

Performance Overview

Fund Performance

	Class A (including sales charges)	Class A (excluding sales charges)	Conservative Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)
1/1/16	$9,450	$10,000	$10,000	$10,000	$10,000
12/16	$9,927	$10,505	$10,555	$10,786	$10,395
12/17	$11,038	$11,681	$11,724	$13,372	$10,710
12/18	$10,276	$10,875	$11,423	$12,113	$10,899
12/19	$11,843	$12,532	$13,187	$15,335	$11,795
12/20	$13,114	$13,878	$14,660	$17,828	$12,453
12/21	$14,102	$14,923	$15,585	$21,133	$12,280
12/22	$12,115	$12,820	$13,418	$17,252	$10,902
12/23	$13,577	$14,368	$15,168	$21,082	$11,681
12/24	$14,693	$15,549	$16,520	$24,769	$12,078
12/25	$16,380	$17,334	$18,456	$30,302	$12,665

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class A	11.48%	4.54%	5.65%
Class A including sales charges	5.36%	3.36%	5.05%
Conservative Allocation Composite Index*	11.72%	4.71%	6.31%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

Goldman Sachs Conservative Allocation Fund

Class A

Key Fund Statistics

Total Net Assets as of Period End	$609,340,655
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	24%
Total Net Advisory Fees Paid for the Period	$848,220

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying fixed income, equity, and alternative funds, with increased fixed income and equity allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Fixed Income	45.2%
Exchange-Traded Funds	26.6%
Equity	22.7%
Investment Companies	1.3%
Dynamic	0.9%

Goldman Sachs Conservative Allocation Fund

Class A

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Conservative Allocation Fund

38142V688-AR-1225

Class A

Annual Shareholder Report

December 31, 2025

Goldman Sachs Conservative Allocation Fund

GIPCX: Class C

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$137	1.30%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund’s returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund’s returns.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Conservative Allocation Fund

Class C

Performance Overview

Fund Performance

	Class C (including sales charges)	Class C (excluding sales charges)	Conservative Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)
1/1/16	$9,900	$10,000	$10,000	$10,000	$10,000
12/16	$10,321	$10,425	$10,555	$10,786	$10,395
12/17	$11,384	$11,499	$11,724	$13,372	$10,710
12/18	$10,521	$10,627	$11,423	$12,113	$10,899
12/19	$12,025	$12,147	$13,187	$15,335	$11,795
12/20	$13,220	$13,353	$14,660	$17,828	$12,453
12/21	$14,109	$14,252	$15,585	$21,133	$12,280
12/22	$12,035	$12,157	$13,418	$17,252	$10,902
12/23	$13,388	$13,523	$15,168	$21,082	$11,681
12/24	$14,373	$14,518	$16,520	$24,769	$12,078
12/25	$15,913	$16,073	$18,456	$30,302	$12,665

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class C	10.71%	3.78%	4.86%
Class C including sales charges	9.62%	3.78%	4.86%
Conservative Allocation Composite Index*	11.72%	4.71%	6.31%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

Goldman Sachs Conservative Allocation Fund

Class C

Key Fund Statistics

Total Net Assets as of Period End	$609,340,655
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	24%
Total Net Advisory Fees Paid for the Period	$848,220

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Fixed Income	45.2%
Exchange-Traded Funds	26.6%
Equity	22.7%
Investment Companies	1.3%
Dynamic	0.9%

Goldman Sachs Conservative Allocation Fund

Class C

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Conservative Allocation Fund

38142V662-AR-1225

Class C

Annual Shareholder Report

December 31, 2025

Goldman Sachs Conservative Allocation Fund

GAOPX: Class P

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$19	0.18%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund’s returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund’s returns.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Conservative Allocation Fund

Class P

Performance Overview

Fund Performance

	Class P	Conservative Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)
4/17/18	$10,000	$10,000	$10,000	$10,000
12/18	$9,333	$9,707	$8,955	$10,193
12/19	$10,797	$11,207	$11,337	$11,030
12/20	$12,004	$12,458	$13,179	$11,646
12/21	$12,958	$13,244	$15,622	$11,484
12/22	$11,176	$11,403	$12,753	$10,196
12/23	$12,572	$12,890	$15,585	$10,924
12/24	$13,656	$14,039	$18,311	$11,295
12/25	$15,279	$15,684	$22,401	$11,844

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception
Class P (Commenced April 17, 2018)	11.89%	4.94%	5.65%
Conservative Allocation Composite Index*	11.72%	4.71%	6.01%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.02%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.22%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

Goldman Sachs Conservative Allocation Fund

Class P

Key Fund Statistics

Total Net Assets as of Period End	$609,340,655
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	24%
Total Net Advisory Fees Paid for the Period	$848,220

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Fixed Income	45.2%
Exchange-Traded Funds	26.6%
Equity	22.7%
Investment Companies	1.3%
Dynamic	0.9%

Goldman Sachs Conservative Allocation Fund

Class P

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Conservative Allocation Fund

38150C408-AR-1225

Class P

Annual Shareholder Report

December 31, 2025

Goldman Sachs Conservative Allocation Fund

GIPRX: Class R

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$84	0.80%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund’s returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund’s returns.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Conservative Allocation Fund

Class R

Performance Overview

Fund Performance

	Class R	Conservative Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,504	$10,555	$10,786	$10,395
12/17	$11,639	$11,724	$13,372	$10,710
12/18	$10,817	$11,423	$12,113	$10,899
12/19	$12,433	$13,187	$15,335	$11,795
12/20	$13,728	$14,660	$17,828	$12,453
12/21	$14,733	$15,585	$21,133	$12,280
12/22	$12,626	$13,418	$17,252	$10,902
12/23	$14,112	$15,168	$21,082	$11,681
12/24	$15,237	$16,520	$24,769	$12,078
12/25	$16,931	$18,456	$30,302	$12,665

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R	11.12%	4.28%	5.40%
Conservative Allocation Composite Index*	11.72%	4.71%	6.31%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

Goldman Sachs Conservative Allocation Fund

Class R

Key Fund Statistics

Total Net Assets as of Period End	$609,340,655
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	24%
Total Net Advisory Fees Paid for the Period	$848,220

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Fixed Income	45.2%
Exchange-Traded Funds	26.6%
Equity	22.7%
Investment Companies	1.3%
Dynamic	0.9%

Goldman Sachs Conservative Allocation Fund

Class R

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Conservative Allocation Fund

38145N816-AR-1225

Class R

Annual Shareholder Report

December 31, 2025

Goldman Sachs Conservative Allocation Fund

GIPUX: Class R6

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$19	0.18%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund’s returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund’s returns.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Conservative Allocation Fund

Class R6

Performance Overview

Fund Performance

	Class R6	Conservative Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,548	$10,555	$10,786	$10,395
12/17	$11,765	$11,724	$13,372	$10,710
12/18	$10,998	$11,423	$12,113	$10,899
12/19	$12,725	$13,187	$15,335	$11,795
12/20	$14,136	$14,660	$17,828	$12,453
12/21	$15,267	$15,585	$21,133	$12,280
12/22	$13,181	$13,418	$17,252	$10,902
12/23	$14,813	$15,168	$21,082	$11,681
12/24	$16,089	$16,520	$24,769	$12,078
12/25	$18,002	$18,456	$30,302	$12,665

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R6	11.89%	4.95%	6.05%
Conservative Allocation Composite Index*	11.72%	4.71%	6.31%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

Goldman Sachs Conservative Allocation Fund

Class R6

Key Fund Statistics

Total Net Assets as of Period End	$609,340,655
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	24%
Total Net Advisory Fees Paid for the Period	$848,220

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Fixed Income	45.2%
Exchange-Traded Funds	26.6%
Equity	22.7%
Investment Companies	1.3%
Dynamic	0.9%

Goldman Sachs Conservative Allocation Fund

Class R6

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Conservative Allocation Fund

38148U106-AR-1225

Class R6

Annual Shareholder Report

December 31, 2025

Goldman Sachs Conservative Allocation Fund

GIPIX: Institutional Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$20	0.19%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund’s returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund’s returns.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Conservative Allocation Fund

Institutional Class

Performance Overview

Fund Performance

	Institutional Shares	Conservative Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)
1/1/16	$1,000,000	$1,000,000	$1,000,000	$1,000,000
12/16	$1,053,800	$1,055,549	$1,078,643	$1,039,485
12/17	$1,176,357	$1,172,392	$1,337,216	$1,071,042
12/18	$1,099,541	$1,142,261	$1,211,325	$1,089,922
12/19	$1,271,949	$1,318,745	$1,533,506	$1,179,472
12/20	$1,412,881	$1,465,995	$1,782,776	$1,245,293
12/21	$1,524,922	$1,558,472	$2,113,255	$1,227,966
12/22	$1,316,160	$1,341,846	$1,725,177	$1,090,199
12/23	$1,480,417	$1,516,784	$2,108,199	$1,168,110
12/24	$1,606,549	$1,652,007	$2,476,895	$1,207,774
12/25	$1,797,567	$1,845,554	$3,030,169	$1,266,518

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Institutional Shares	11.89%	4.93%	6.03%
Conservative Allocation Composite Index*	11.72%	4.71%	6.31%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

Goldman Sachs Conservative Allocation Fund

Institutional Class

Key Fund Statistics

Total Net Assets as of Period End	$609,340,655
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	24%
Total Net Advisory Fees Paid for the Period	$848,220

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Fixed Income	45.2%
Exchange-Traded Funds	26.6%
Equity	22.7%
Investment Companies	1.3%
Dynamic	0.9%

Goldman Sachs Conservative Allocation Fund

Institutional Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Conservative Allocation Fund

38142V548-AR-1225

Institutional Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Conservative Allocation Fund

GIPTX: Investor Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$32	0.30%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund’s returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund’s returns.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Conservative Allocation Fund

Investor Class

Performance Overview

Fund Performance

	Investor Shares	Conservative Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,534	$10,555	$10,786	$10,395
12/17	$11,736	$11,724	$13,372	$10,710
12/18	$10,960	$11,423	$12,113	$10,899
12/19	$12,658	$13,187	$15,335	$11,795
12/20	$14,050	$14,660	$17,828	$12,453
12/21	$15,139	$15,585	$21,133	$12,280
12/22	$13,051	$13,418	$17,252	$10,902
12/23	$14,659	$15,168	$21,082	$11,681
12/24	$15,897	$16,520	$24,769	$12,078
12/25	$17,777	$18,456	$30,302	$12,665

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Investor Shares	11.83%	4.81%	5.92%
Conservative Allocation Composite Index*	11.72%	4.71%	6.31%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

Goldman Sachs Conservative Allocation Fund

Investor Class

Key Fund Statistics

Total Net Assets as of Period End	$609,340,655
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	24%
Total Net Advisory Fees Paid for the Period	$848,220

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Fixed Income	45.2%
Exchange-Traded Funds	26.6%
Equity	22.7%
Investment Companies	1.3%
Dynamic	0.9%

Goldman Sachs Conservative Allocation Fund

Investor Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Conservative Allocation Fund

38145N790-AR-1225

Investor Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Conservative Allocation Fund

GIPSX: Service Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$73	0.69%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund’s returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund’s returns.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund’s performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Conservative Allocation Fund

Service Class

Performance Overview

Fund Performance

	Service Shares	Conservative Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,569	$10,555	$10,786	$10,395
12/17	$11,736	$11,724	$13,372	$10,710
12/18	$10,923	$11,423	$12,113	$10,899
12/19	$12,560	$13,187	$15,335	$11,795
12/20	$13,885	$14,660	$17,828	$12,453
12/21	$14,918	$15,585	$21,133	$12,280
12/22	$12,803	$13,418	$17,252	$10,902
12/23	$14,331	$15,168	$21,082	$11,681
12/24	$15,478	$16,520	$24,769	$12,078
12/25	$17,230	$18,456	$30,302	$12,665

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Service Shares	11.32%	4.41%	5.59%
Conservative Allocation Composite Index*	11.72%	4.71%	6.31%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

Goldman Sachs Conservative Allocation Fund

Service Class

Key Fund Statistics

Total Net Assets as of Period End	$609,340,655
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	24%
Total Net Advisory Fees Paid for the Period	$848,220

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Fixed Income	45.2%
Exchange-Traded Funds	26.6%
Equity	22.7%
Investment Companies	1.3%
Dynamic	0.9%

Goldman Sachs Conservative Allocation Fund

Service Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Conservative Allocation Fund

38142V530-AR-1225

Service Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Moderate Allocation Fund

GOIAX: Class A

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth & Income Strategy Portfolio) (the “Fund”) for the period of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$59	0.55%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Moderate Allocation Fund

Class A

Performance Overview

Fund Performance

	Class A (including sales charges)	Class A (excluding sales charges)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Moderate Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$9,450	$10,000	$10,000	$10,000	$10,000
12/16	$9,994	$10,576	$10,395	$10,634	$10,786
12/17	$11,612	$12,288	$10,710	$12,256	$13,372
12/18	$10,574	$11,190	$10,899	$11,667	$12,113
12/19	$12,541	$13,271	$11,795	$13,899	$15,335
12/20	$14,087	$14,907	$12,453	$15,754	$17,828
12/21	$15,816	$16,736	$12,280	$17,375	$21,133
12/22	$13,364	$14,142	$10,902	$14,711	$17,252
12/23	$15,329	$16,221	$11,681	$17,072	$21,082
12/24	$17,037	$18,028	$12,078	$19,076	$24,769
12/25	$19,693	$20,839	$12,665	$21,977	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class A	15.59%	6.92%	7.61%
Class A including sales charges	9.22%	5.72%	7.00%
Moderate Allocation Composite Index*	15.21%	6.88%	8.19%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

Goldman Sachs Moderate Allocation Fund

Class A

Key Fund Statistics

Total Net Assets as of Period End	$1,064,953,637
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	19%
Total Net Advisory Fees Paid for the Period	$1,472,959

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	32.9%
Exchange-Traded Funds	30.8%
Fixed Income	30.4%
Investment Companies	1.7%
Dynamic	0.9%

Goldman Sachs Moderate Allocation Fund

Class A

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Moderate Allocation Fund

38142V654-AR-1225

Class A

Annual Shareholder Report

December 31, 2025

Goldman Sachs Moderate Allocation Fund

GOICX: Class C

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$140	1.30%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Moderate Allocation Fund

Class C

Performance Overview

Fund Performance

	Class C (including sales charges)	Class C (excluding sales charges)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Moderate Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$9,900	$10,000	$10,000	$10,000	$10,000
12/16	$10,382	$10,487	$10,395	$10,634	$10,786
12/17	$11,972	$12,093	$10,710	$12,256	$13,372
12/18	$10,820	$10,929	$10,899	$11,667	$12,113
12/19	$12,744	$12,872	$11,795	$13,899	$15,335
12/20	$14,207	$14,350	$12,453	$15,754	$17,828
12/21	$15,832	$15,992	$12,280	$17,375	$21,133
12/22	$13,274	$13,408	$10,902	$14,711	$17,252
12/23	$15,116	$15,269	$11,681	$17,072	$21,082
12/24	$16,674	$16,843	$12,078	$19,076	$24,769
12/25	$19,130	$19,324	$12,665	$21,977	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class C	14.73%	6.13%	6.80%
Class C including sales charges	13.59%	6.13%	6.80%
Moderate Allocation Composite Index*	15.21%	6.88%	8.19%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

Goldman Sachs Moderate Allocation Fund

Class C

Key Fund Statistics

Total Net Assets as of Period End	$1,064,953,637
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	19%
Total Net Advisory Fees Paid for the Period	$1,472,959

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	32.9%
Exchange-Traded Funds	30.8%
Fixed Income	30.4%
Investment Companies	1.7%
Dynamic	0.9%

Goldman Sachs Moderate Allocation Fund

Class C

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Moderate Allocation Fund

38142V639-AR-1225

Class C

Annual Shareholder Report

December 31, 2025

Goldman Sachs Moderate Allocation Fund

GGSPX: Class P

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$19	0.18%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Moderate Allocation Fund

Class P

Performance Overview

Fund Performance

	Class P	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Moderate Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
4/17/18	$10,000	$10,000	$10,000	$10,000
12/18	$9,071	$10,193	$9,459	$8,955
12/19	$10,804	$11,030	$11,269	$11,337
12/20	$12,180	$11,646	$12,773	$13,179
12/21	$13,722	$11,484	$14,088	$15,622
12/22	$11,638	$10,196	$11,928	$12,753
12/23	$13,403	$10,924	$13,842	$15,585
12/24	$14,955	$11,295	$15,465	$18,311
12/25	$17,340	$11,844	$17,818	$22,401

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception
Class P (Commenced April 17, 2018)	15.95%	7.32%	7.39%
Moderate Allocation Composite Index*	15.21%	6.88%	7.77%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.22%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.02%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

Goldman Sachs Moderate Allocation Fund

Class P

Key Fund Statistics

Total Net Assets as of Period End	$1,064,953,637
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	19%
Total Net Advisory Fees Paid for the Period	$1,472,959

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	32.9%
Exchange-Traded Funds	30.8%
Fixed Income	30.4%
Investment Companies	1.7%
Dynamic	0.9%

Goldman Sachs Moderate Allocation Fund

Class P

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Moderate Allocation Fund

38150B715-AR-1225

Class P

Annual Shareholder Report

December 31, 2025

Goldman Sachs Moderate Allocation Fund

GPIRX: Class R

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$86	0.80%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Moderate Allocation Fund

Class R

Performance Overview

Fund Performance

	Class R	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Moderate Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,542	$10,395	$10,634	$10,786
12/17	$12,211	$10,710	$12,256	$13,372
12/18	$11,100	$10,899	$11,667	$12,113
12/19	$13,131	$11,795	$13,899	$15,335
12/20	$14,717	$12,453	$15,754	$17,828
12/21	$16,474	$12,280	$17,375	$21,133
12/22	$13,883	$10,902	$14,711	$17,252
12/23	$15,881	$11,681	$17,072	$21,082
12/24	$17,615	$12,078	$19,076	$24,769
12/25	$20,306	$12,665	$21,977	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R	15.28%	6.65%	7.33%
Moderate Allocation Composite Index*	15.21%	6.88%	8.19%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

Goldman Sachs Moderate Allocation Fund

Class R

Key Fund Statistics

Total Net Assets as of Period End	$1,064,953,637
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	19%
Total Net Advisory Fees Paid for the Period	$1,472,959

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	32.9%
Exchange-Traded Funds	30.8%
Fixed Income	30.4%
Investment Companies	1.7%
Dynamic	0.9%

Goldman Sachs Moderate Allocation Fund

Class R

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Moderate Allocation Fund

38145N782-AR-1225

Class R

Annual Shareholder Report

December 31, 2025

Goldman Sachs Moderate Allocation Fund

GOIUX: Class R6

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$19	0.18%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Moderate Allocation Fund

Class R6

Performance Overview

Fund Performance

	Class R6	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Moderate Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,609	$10,395	$10,634	$10,786
12/17	$12,382	$10,710	$12,256	$13,372
12/18	$11,316	$10,899	$11,667	$12,113
12/19	$13,477	$11,795	$13,899	$15,335
12/20	$15,194	$12,453	$15,754	$17,828
12/21	$17,122	$12,280	$17,375	$21,133
12/22	$14,525	$10,902	$14,711	$17,252
12/23	$16,715	$11,681	$17,072	$21,082
12/24	$18,651	$12,078	$19,076	$24,769
12/25	$21,638	$12,665	$21,977	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R6	16.02%	7.32%	8.02%
Moderate Allocation Composite Index*	15.21%	6.88%	8.19%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

Goldman Sachs Moderate Allocation Fund

Class R6

Key Fund Statistics

Total Net Assets as of Period End	$1,064,953,637
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	19%
Total Net Advisory Fees Paid for the Period	$1,472,959

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	32.9%
Exchange-Traded Funds	30.8%
Fixed Income	30.4%
Investment Companies	1.7%
Dynamic	0.9%

Goldman Sachs Moderate Allocation Fund

Class R6

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Moderate Allocation Fund

38148U205-AR-1225

Class R6

Annual Shareholder Report

December 31, 2025

Goldman Sachs Moderate Allocation Fund

GOIIX: Institutional Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$21	0.19%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Moderate Allocation Fund

Institutional Class

Performance Overview

Fund Performance

	Institutional Shares	Moderate Allocation Composite Index*	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$1,000,000	$1,000,000	$1,000,000	$1,000,000
12/16	$1,061,700	$1,063,382	$1,039,485	$1,078,643
12/17	$1,237,942	$1,225,597	$1,071,042	$1,337,216
12/18	$1,131,108	$1,166,699	$1,089,922	$1,211,325
12/19	$1,347,941	$1,389,862	$1,179,472	$1,533,506
12/20	$1,519,399	$1,575,366	$1,245,293	$1,782,776
12/21	$1,711,451	$1,737,522	$1,227,966	$2,113,255
12/22	$1,451,482	$1,471,150	$1,090,199	$1,725,177
12/23	$1,671,236	$1,707,242	$1,168,110	$2,108,199
12/24	$1,864,431	$1,907,562	$1,207,774	$2,476,895
12/25	$2,162,740	$2,197,723	$1,266,518	$3,030,169

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Institutional Shares	16.00%	7.31%	8.01%
Moderate Allocation Composite Index*	15.21%	6.88%	8.19%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

Goldman Sachs Moderate Allocation Fund

Institutional Class

Key Fund Statistics

Total Net Assets as of Period End	$1,064,953,637
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	19%
Total Net Advisory Fees Paid for the Period	$1,472,959

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	32.9%
Exchange-Traded Funds	30.8%
Fixed Income	30.4%
Investment Companies	1.7%
Dynamic	0.9%

Goldman Sachs Moderate Allocation Fund

Institutional Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Moderate Allocation Fund

38142V522-AR-1225

Institutional Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Moderate Allocation Fund

GPITX: Investor Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$32	0.30%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Moderate Allocation Fund

Investor Class

Performance Overview

Fund Performance

	Investor Shares	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Moderate Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,606	$10,395	$10,634	$10,786
12/17	$12,344	$10,710	$12,256	$13,372
12/18	$11,273	$10,899	$11,667	$12,113
12/19	$13,405	$11,795	$13,899	$15,335
12/20	$15,104	$12,453	$15,754	$17,828
12/21	$16,989	$12,280	$17,375	$21,133
12/22	$14,390	$10,902	$14,711	$17,252
12/23	$16,550	$11,681	$17,072	$21,082
12/24	$18,436	$12,078	$19,076	$24,769
12/25	$21,357	$12,665	$21,977	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Investor Shares	15.84%	7.17%	7.88%
Moderate Allocation Composite Index*	15.21%	6.88%	8.19%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

Goldman Sachs Moderate Allocation Fund

Investor Class

Key Fund Statistics

Total Net Assets as of Period End	$1,064,953,637
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	19%
Total Net Advisory Fees Paid for the Period	$1,472,959

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	32.9%
Exchange-Traded Funds	30.8%
Fixed Income	30.4%
Investment Companies	1.7%
Dynamic	0.9%

Goldman Sachs Moderate Allocation Fund

Investor Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Moderate Allocation Fund

38145N774-AR-1225

Investor Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Moderate Allocation Fund

GOISX: Service Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$74	0.69%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt.
Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.
Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.
Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Moderate Allocation Fund

Service Class

Performance Overview

Fund Performance

	Service Shares	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Moderate Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,560	$10,395	$10,634	$10,786
12/17	$12,253	$10,710	$12,256	$13,372
12/18	$11,150	$10,899	$11,667	$12,113
12/19	$13,214	$11,795	$13,899	$15,335
12/20	$14,827	$12,453	$15,754	$17,828
12/21	$16,611	$12,280	$17,375	$21,133
12/22	$14,020	$10,902	$14,711	$17,252
12/23	$16,064	$11,681	$17,072	$21,082
12/24	$17,834	$12,078	$19,076	$24,769
12/25	$20,580	$12,665	$21,977	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Service Shares	15.40%	6.77%	7.48%
Moderate Allocation Composite Index*	15.21%	6.88%	8.19%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

Goldman Sachs Moderate Allocation Fund

Service Class

Key Fund Statistics

Total Net Assets as of Period End	$1,064,953,637
# of Portfolio Holdings as of Period End	27
Portfolio Turnover Rate for the Period	19%
Total Net Advisory Fees Paid for the Period	$1,472,959

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Equity	32.9%
Exchange-Traded Funds	30.8%
Fixed Income	30.4%
Investment Companies	1.7%
Dynamic	0.9%

Goldman Sachs Moderate Allocation Fund

Service Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Moderate Allocation Fund

38142V514-AR-1225

Service Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Growth Allocation Fund

GGSAX: Class A

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) (the “Fund”) for the period of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$60	0.55%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund’s returns.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund’s exposures to U.S. information technology and health care stocks adding most to returns.
The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall.
Security selection within the underlying funds had a rather neutral impact on the Fund’s performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most.

Top Detractors from Performance:

The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Growth Allocation Fund

Class A

Performance Overview

Fund Performance

	Class A (including sales charges)	Class A (excluding sales charges)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Growth Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$9,450	$10,000	$10,000	$10,000	$10,000
12/16	$10,055	$10,640	$10,395	$10,711	$10,786
12/17	$12,168	$12,877	$10,710	$12,805	$13,372
12/18	$10,832	$11,463	$10,899	$11,898	$12,113
12/19	$13,241	$14,012	$11,795	$14,616	$15,335
12/20	$15,095	$15,974	$12,453	$16,817	$17,828
12/21	$17,592	$18,616	$12,280	$19,233	$21,133
12/22	$14,577	$15,425	$10,902	$15,998	$17,252
12/23	$17,103	$18,098	$11,681	$19,054	$21,082
12/24	$19,516	$20,652	$12,078	$21,835	$24,769
12/25	$23,191	$24,540	$12,665	$25,929	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class A	18.83%	8.96%	9.39%
Class A including sales charges	12.26%	7.74%	8.77%
Growth Allocation Composite Index*	18.75%	9.04%	9.99%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

Goldman Sachs Growth Allocation Fund

Class A

Key Fund Statistics

Total Net Assets as of Period End	$1,116,666,389
# of Portfolio Holdings as of Period End	26
Portfolio Turnover Rate for the Period	20%
Total Net Advisory Fees Paid for the Period	$1,522,121

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Exchange-Traded Funds	45.0%
Equity	42.5%
Fixed Income	5.4%
Investment Companies	1.6%
Dynamic	0.9%

Goldman Sachs Growth Allocation Fund

Class A

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Growth Allocation Fund

38142V621-AR-1225

Class A

Annual Shareholder Report

December 31, 2025

Goldman Sachs Growth Allocation Fund

GGSCX: Class C

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$142	1.30%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund’s returns.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund’s exposures to U.S. information technology and health care stocks adding most to returns.
The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall.
Security selection within the underlying funds had a rather neutral impact on the Fund’s performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most.

Top Detractors from Performance:

The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Growth Allocation Fund

Class C

Performance Overview

Fund Performance

	Class C (including sales charges)	Class C (excluding sales charges)	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Growth Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$9,900	$10,000	$10,000	$10,000	$10,000
12/16	$10,452	$10,558	$10,395	$10,711	$10,786
12/17	$12,551	$12,678	$10,710	$12,805	$13,372
12/18	$11,099	$11,211	$10,899	$11,898	$12,113
12/19	$13,464	$13,600	$11,795	$14,616	$15,335
12/20	$15,234	$15,387	$12,453	$16,817	$17,828
12/21	$17,621	$17,799	$12,280	$19,233	$21,133
12/22	$14,491	$14,638	$10,902	$15,998	$17,252
12/23	$16,878	$17,048	$11,681	$19,054	$21,082
12/24	$19,118	$19,311	$12,078	$21,835	$24,769
12/25	$22,553	$22,781	$12,665	$25,929	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class C	17.97%	8.16%	8.57%
Class C including sales charges	16.77%	8.16%	8.57%
Growth Allocation Composite Index*	18.75%	9.04%	9.99%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

Goldman Sachs Growth Allocation Fund

Class C

Key Fund Statistics

Total Net Assets as of Period End	$1,116,666,389
# of Portfolio Holdings as of Period End	26
Portfolio Turnover Rate for the Period	20%
Total Net Advisory Fees Paid for the Period	$1,522,121

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Exchange-Traded Funds	45.0%
Equity	42.5%
Fixed Income	5.4%
Investment Companies	1.6%
Dynamic	0.9%

Goldman Sachs Growth Allocation Fund

Class C

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Growth Allocation Fund

38142V597-AR-1225

Class C

Annual Shareholder Report

December 31, 2025

Goldman Sachs Growth Allocation Fund

GGPPX: Class P

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$20	0.18%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund’s returns.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund’s exposures to U.S. information technology and health care stocks adding most to returns.
The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall.
Security selection within the underlying funds had a rather neutral impact on the Fund’s performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most.

Top Detractors from Performance:

The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Growth Allocation Fund

Class P

Performance Overview

Fund Performance

	Class P	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Growth Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
4/13/18	$10,000	$10,000	$10,000	$10,000
12/18	$8,861	$10,193	$9,209	$8,955
12/19	$10,874	$11,030	$11,312	$11,337
12/20	$12,441	$11,646	$13,016	$13,179
12/21	$14,560	$11,484	$14,886	$15,622
12/22	$12,107	$10,196	$12,382	$12,753
12/23	$14,265	$10,924	$14,748	$15,585
12/24	$16,336	$11,295	$16,898	$18,311
12/25	$19,485	$11,844	$20,067	$22,401

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception
Class P (Commenced April 17, 2018)	19.27%	9.38%	9.03%
Growth Allocation Composite Index*	18.75%	9.04%	9.45%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.22%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.02%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

Goldman Sachs Growth Allocation Fund

Class P

Key Fund Statistics

Total Net Assets as of Period End	$1,116,666,389
# of Portfolio Holdings as of Period End	26
Portfolio Turnover Rate for the Period	20%
Total Net Advisory Fees Paid for the Period	$1,522,121

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Exchange-Traded Funds	45.0%
Equity	42.5%
Fixed Income	5.4%
Investment Companies	1.6%
Dynamic	0.9%

Goldman Sachs Growth Allocation Fund

Class P

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Growth Allocation Fund

38150B681-AR-1225

Class P

Annual Shareholder Report

December 31, 2025

Goldman Sachs Growth Allocation Fund

GGSRX: Class R

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$87	0.80%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund’s returns.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund’s exposures to U.S. information technology and health care stocks adding most to returns.
The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall.
Security selection within the underlying funds had a rather neutral impact on the Fund’s performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most.

Top Detractors from Performance:

The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Growth Allocation Fund

Class R

Performance Overview

Fund Performance

	Class R	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Growth Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,618	$10,395	$10,711	$10,786
12/17	$12,813	$10,710	$12,805	$13,372
12/18	$11,380	$10,899	$11,898	$12,113
12/19	$13,882	$11,795	$14,616	$15,335
12/20	$15,777	$12,453	$16,817	$17,828
12/21	$18,350	$12,280	$19,233	$21,133
12/22	$15,160	$10,902	$15,998	$17,252
12/23	$17,748	$11,681	$19,054	$21,082
12/24	$20,207	$12,078	$21,835	$24,769
12/25	$23,947	$12,665	$25,929	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R	18.51%	8.70%	9.12%
Growth Allocation Composite Index*	18.75%	9.04%	9.99%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

Goldman Sachs Growth Allocation Fund

Class R

Key Fund Statistics

Total Net Assets as of Period End	$1,116,666,389
# of Portfolio Holdings as of Period End	26
Portfolio Turnover Rate for the Period	20%
Total Net Advisory Fees Paid for the Period	$1,522,121

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Exchange-Traded Funds	45.0%
Equity	42.5%
Fixed Income	5.4%
Investment Companies	1.6%
Dynamic	0.9%

Goldman Sachs Growth Allocation Fund

Class R

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Growth Allocation Fund

38145N766-AR-1225

Class R

Annual Shareholder Report

December 31, 2025

Goldman Sachs Growth Allocation Fund

GGSUX: Class R6

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$20	0.18%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund’s returns.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund’s exposures to U.S. information technology and health care stocks adding most to returns.
The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall.
Security selection within the underlying funds had a rather neutral impact on the Fund’s performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most.

Top Detractors from Performance:

The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Growth Allocation Fund

Class R6

Performance Overview

Fund Performance

	Class R6	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Growth Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,678	$10,395	$10,711	$10,786
12/17	$12,975	$10,710	$12,805	$13,372
12/18	$11,606	$10,899	$11,898	$12,113
12/19	$14,243	$11,795	$14,616	$15,335
12/20	$16,292	$12,453	$16,817	$17,828
12/21	$19,065	$12,280	$19,233	$21,133
12/22	$15,853	$10,902	$15,998	$17,252
12/23	$18,668	$11,681	$19,054	$21,082
12/24	$21,392	$12,078	$21,835	$24,769
12/25	$25,514	$12,665	$25,929	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R6	19.27%	9.38%	9.81%
Growth Allocation Composite Index*	18.75%	9.04%	9.99%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

Goldman Sachs Growth Allocation Fund

Class R6

Key Fund Statistics

Total Net Assets as of Period End	$1,116,666,389
# of Portfolio Holdings as of Period End	26
Portfolio Turnover Rate for the Period	20%
Total Net Advisory Fees Paid for the Period	$1,522,121

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Exchange-Traded Funds	45.0%
Equity	42.5%
Fixed Income	5.4%
Investment Companies	1.6%
Dynamic	0.9%

Goldman Sachs Growth Allocation Fund

Class R6

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Growth Allocation Fund

38148U304-AR-1225

Class R6

Annual Shareholder Report

December 31, 2025

Goldman Sachs Growth Allocation Fund

GGSIX: Institutional Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$21	0.19%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund’s returns.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund’s exposures to U.S. information technology and health care stocks adding most to returns.
The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall.
Security selection within the underlying funds had a rather neutral impact on the Fund’s performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most.

Top Detractors from Performance:

The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Growth Allocation Fund

Institutional Class

Performance Overview

Fund Performance

	Institutional Shares	Growth Allocation Composite Index*	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$1,000,000	$1,000,000	$1,000,000	$1,000,000
12/16	$1,067,800	$1,071,081	$1,039,485	$1,078,643
12/17	$1,297,697	$1,280,529	$1,071,042	$1,337,216
12/18	$1,159,493	$1,189,776	$1,089,922	$1,211,325
12/19	$1,423,509	$1,461,565	$1,179,472	$1,533,506
12/20	$1,627,498	$1,681,664	$1,245,293	$1,782,776
12/21	$1,904,661	$1,923,309	$1,227,966	$2,113,255
12/22	$1,583,344	$1,599,824	$1,090,199	$1,725,177
12/23	$1,865,655	$1,905,440	$1,168,110	$2,108,199
12/24	$2,136,548	$2,183,468	$1,207,774	$2,476,895
12/25	$2,548,261	$2,592,907	$1,266,518	$3,030,169

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Institutional Shares	19.27%	9.38%	9.80%
Growth Allocation Composite Index*	18.75%	9.04%	9.99%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

Goldman Sachs Growth Allocation Fund

Institutional Class

Key Fund Statistics

Total Net Assets as of Period End	$1,116,666,389
# of Portfolio Holdings as of Period End	26
Portfolio Turnover Rate for the Period	20%
Total Net Advisory Fees Paid for the Period	$1,522,121

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Exchange-Traded Funds	45.0%
Equity	42.5%
Fixed Income	5.4%
Investment Companies	1.6%
Dynamic	0.9%

Goldman Sachs Growth Allocation Fund

Institutional Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Growth Allocation Fund

38142V498-AR-1225

Institutional Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Growth Allocation Fund

GGSTX: Investor Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$33	0.30%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund’s returns.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund’s exposures to U.S. information technology and health care stocks adding most to returns.
The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall.
Security selection within the underlying funds had a rather neutral impact on the Fund’s performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most.

Top Detractors from Performance:

The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Growth Allocation Fund

Investor Class

Performance Overview

Fund Performance

	Investor Shares	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Growth Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,672	$10,395	$10,711	$10,786
12/17	$12,945	$10,710	$12,805	$13,372
12/18	$11,555	$10,899	$11,898	$12,113
12/19	$14,155	$11,795	$14,616	$15,335
12/20	$16,176	$12,453	$16,817	$17,828
12/21	$18,903	$12,280	$19,233	$21,133
12/22	$15,705	$10,902	$15,998	$17,252
12/23	$18,480	$11,681	$19,054	$21,082
12/24	$21,141	$12,078	$21,835	$24,769
12/25	$25,179	$12,665	$25,929	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Investor Shares	19.10%	9.25%	9.67%
Growth Allocation Composite Index*	18.75%	9.04%	9.99%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

Goldman Sachs Growth Allocation Fund

Investor Class

Key Fund Statistics

Total Net Assets as of Period End	$1,116,666,389
# of Portfolio Holdings as of Period End	26
Portfolio Turnover Rate for the Period	20%
Total Net Advisory Fees Paid for the Period	$1,522,121

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Exchange-Traded Funds	45.0%
Equity	42.5%
Fixed Income	5.4%
Investment Companies	1.6%
Dynamic	0.9%

Goldman Sachs Growth Allocation Fund

Investor Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Growth Allocation Fund

38145N758-AR-1225

Investor Class

Annual Shareholder Report

December 31, 2025

Goldman Sachs Growth Allocation Fund

GGSSX: Service Class

Fund Overview

This report describes changes to the Fund that occurred during the Period.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$75	0.69%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.
Within the strategic asset allocation, the Fund’s exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund’s returns.
Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund’s exposures to U.S. information technology and health care stocks adding most to returns.
The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall.
Security selection within the underlying funds had a rather neutral impact on the Fund’s performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most.

Top Detractors from Performance:

The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall.
Within our short-term dynamic views, the Fund’s exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.
Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

Goldman Sachs Growth Allocation Fund

Service Class

Performance Overview

Fund Performance

	Service Shares	Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	Growth Allocation Composite Index*	MSCI^® ACWI Index (Net, USD, Unhedged)
1/1/16	$10,000	$10,000	$10,000	$10,000
12/16	$10,627	$10,395	$10,711	$10,786
12/17	$12,846	$10,710	$12,805	$13,372
12/18	$11,425	$10,899	$11,898	$12,113
12/19	$13,950	$11,795	$14,616	$15,335
12/20	$15,882	$12,453	$16,817	$17,828
12/21	$18,488	$12,280	$19,233	$21,133
12/22	$15,296	$10,902	$15,998	$17,252
12/23	$17,931	$11,681	$19,054	$21,082
12/24	$20,427	$12,078	$21,835	$24,769
12/25	$24,239	$12,665	$25,929	$30,302

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Service Shares	18.66%	8.82%	9.25%
Growth Allocation Composite Index*	18.75%	9.04%	9.99%
Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)	4.86%	0.34%	2.39%
MSCI^® ACWI Index (Net, USD, Unhedged)	22.34%	11.19%	11.71%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

Goldman Sachs Growth Allocation Fund

Service Class

Key Fund Statistics

Total Net Assets as of Period End	$1,116,666,389
# of Portfolio Holdings as of Period End	26
Portfolio Turnover Rate for the Period	20%
Total Net Advisory Fees Paid for the Period	$1,522,121

Material Fund Changes

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

What did the Fund invest in?

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.

Fund Allocation (%)

Exchange-Traded Funds	45.0%
Equity	42.5%
Fixed Income	5.4%
Investment Companies	1.6%
Dynamic	0.9%

Goldman Sachs Growth Allocation Fund

Service Class

Additional Information

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Growth Allocation Fund

38142V480-AR-1225

Service Class

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 19(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. Michael Latham is the “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.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.


	2025			2024			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	4,071,995		$	4,464,656	Financial Statement audits.

Audit-Related Fees:

• PwC		$	462,000		$	687,528	Other attest services.

Tax Fees:

• PwC		$	0		$	0

All Other Fees:

• PwC		$	0		$	0

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates* that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.


	2025			2024			Description of Services Rendered



Audit-Related Fees:

• PwC		$	2,081,340		$	2,122,312	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds’ Adviser.

*	These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

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

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

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended December 31, 2025 and December 31, 2024 were approximately $462,000 and $687,528, respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2025 and December 31, 2024 were approximately $19.0 million and $20.7 million, respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

Item 4(i) – Not applicable.

Item 4(j) – Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

INVESTMENTS.

Schedule of Investments is included in Item 7 of this report.

ITEM 7.

FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

LOGO

Goldman Sachs Funds Annual Financial Statements December 31, 2025 Fund of Funds Goldman Sachs Conservative Allocation Fund* Goldman Sachs Dynamic Global Equity Fund Goldman Sachs Growth Allocation Fund** Goldman Sachs Moderate Allocation Fund*** *Effective after the close of business on February 13, 2026, Goldman Sachs Balanced Strategy Portfolio was renamed the Goldman Sachs Conservative Allocation Fund. **Effective after the close of business on February 13, 2026, Goldman Sachs Growth Strategy Portfolio was renamed the Goldman Sachs Growth Allocation Fund. ***Effective after the close of business on February 13, 2026, Goldman Sachs Growth and Income Strategy Portfolio was renamed the Goldman Sachs Moderate Allocation Fund.

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Schedule of Investments

December 31, 2025


Shares	Description	Value

Underlying Funds – 95.4%

Dynamic*^(a)– 0.9%
626,306	Goldman Sachs Managed Futures Strategy Fund — Class R6	$	5,881,013


Equity^(a)– 22.7%
1,465,798	Goldman Sachs Large Cap Value Insights Fund — Class R6		36,307,807
989,168	Goldman Sachs Large Cap Growth Insights Fund — Class R6		36,134,318
1,804,810	Goldman Sachs International Equity Insights Fund — Class R6		32,757,302
1,277,755	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		14,259,743
251,795	Goldman Sachs Small Cap Equity Insights Fund — Class R6		7,339,828
459,688	Goldman Sachs Global Infrastructure Fund — Class R6		5,934,573
314,619	Goldman Sachs International Small Cap Insights Fund — Class R6		5,106,266
24,809	Goldman Sachs Energy Infrastructure Fund — Class R6		322,028

			138,161,865


Exchange Traded Funds – 26.6%
1,385,030	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		64,057,637
365,378	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		34,491,683
375,234	Goldman Sachs MarketBeta International Equity ETF^(a)		26,012,271
187,808	Goldman Sachs MarketBeta Emerging Markets Equity ETF^(a)		10,571,543
63,491	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		8,404,304
117,248	Goldman Sachs ActiveBeta International Equity ETF^(a)		5,034,629
19,348	iShares MSCI USA Quality Factor ETF		3,842,900
39,972	iShares U.S. Real Estate ETF		3,752,971
10,517	iShares U.S. Technology ETF		2,100,035
49,119	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		2,044,333
10,039	State Street Health Care Select Sector SPDR ETF		1,554,037


Shares	Description	Value

Underlying Funds – (continued)

Exchange Traded Funds – (continued)
2,526	iShares MSCI Mexico ETF	$	175,128

			162,041,471


Fixed Income^(a)– 45.2%
20,170,491	Goldman Sachs Global Core Fixed Income Fund — Class R6		231,557,243
1,928,669	Goldman Sachs Inflation Protected Securities Fund — Class R6		18,515,219
1,058,886	Goldman Sachs Emerging Markets Debt Fund — Class R6		10,980,646
1,398,296	Goldman Sachs High Yield Fund — Class R6		7,998,254
746,874	Goldman Sachs High Yield Floating Rate Fund — Class R6		6,415,647

			275,467,009

TOTAL UNDERLYING FUNDS – 95.4% (Cost $527,189,039)		$	581,551,358


Shares	Dividend Rate	Value

Investment Company^(a)– 1.3%

Goldman Sachs Financial Square Government Fund — Institutional Shares
7,627,610	3.686%	$	7,627,610
(Cost $ 7,627,610)

TOTAL INVESTMENTS – 96.7% (Cost $ 534,816,649)		$	589,178,968

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.3%			20,161,687

NET ASSETS – 100.0%		$	609,340,655



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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

MS & Co. Int. PLC

EUR

2,470,000

USD

2,894,040

03/18/26

19,388

USD

592,592

HKD

4,600,000

03/18/26


The accompanying notes are an integral part of these financial statements.		1

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty

Currency

Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

MS & Co. Int. PLC (continued)

USD

6,924,979

JPY

1,064,000,000

03/18/26

$ 86,315

USD

178,712

NOK

1,800,000

03/18/26

193

USD

57,886

NZD

100,000

03/18/26

141

TOTAL

$106,113

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss



MS & Co. Int. PLC	USD	2,085,368	AUD	3,160,000		03/18/26		$ (23,572	)
	USD	2,893,520	CHF	2,290,000		03/18/26		(21,708	)
	USD	589,215	DKK	3,750,000		03/18/26		(3,520	)
	USD	11,078,641	EUR	9,450,000		03/18/26		(67,873	)
	USD	4,642,468	GBP	3,480,000		03/18/26		(47,419	)
	USD	198,188	ILS	640,000		03/18/26		(2,843	)
	USD	487,422	MXN	9,000,000		03/18/26		(8,523	)
	USD	989,603	SEK	9,225,000		03/18/26		(16,556	)
	USD	436,066	SGD	560,000		03/18/26		(1,828	)



TOTAL								$(193,842	)

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)



Long position contracts:
Euro Stoxx 50 Index		22		03/20/26		$ 1,510,155			$ 14,184
FTSE/JSE Top 40 Index		7		03/19/26		462,211			8,379
IFSC NIFTY 50 Index		68		01/27/26		3,573,468			(12,227)
Mini-MDAX Index		9		03/20/26		326,823			5,238
MSCI EAFE Index		11		03/20/26		1,596,155			5,685
S&P 500 E-Mini Index		109		03/20/26		37,564,125			(382,375)



Total									$(361,116)



Short position contracts:
FTSE 100 Index		(12)		03/20/26		(1,607,997	)		(23,591)
S&P Toronto Stock Exchange 60 Index		(6)		03/19/26		(1,627,831	)		(7,850)



Total									$ (31,441)



TOTAL FUTURES CONTRACTS									$(392,557)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)			Credit Spread at December 31, 2025^(b)	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)



Protection Purchased:
CDX.NA.HY Index 45		(5.000	)%	3.168%	12/20/30	$	2,910	$	(225,216	)	$	(213,224	)	$	(11,992	)

(a)

Payments made quarterly.

(b)

Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

Financing Rate

Notional

Unrealized

Paid/(Received)

Termination

Amount

Appreciation/

Reference Obligation/Index

by the Fund^(a)

Counterparty

Date^#

(000s)

(Depreciation)*

SXDR Index

12MEURO+0.470

JPMorgan Securities, Inc.

02/03/26

EUR378

$ (2,425)

SXDR Index

12MEURO+0.480

JPMorgan Securities, Inc.

02/03/26

EUR854

(5,505)

SXDR Index

12MEURO+0.495

MS & Co. Int. PLC

02/03/26

EUR375

(2,434)

TOTAL

$(10,364)

(a)

Payments made quarterly.

The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
XLV	Index BofA Securities LLC		$135.000		06/18/2026		4,693			$ 63,355,500			$ 108,051			$ 51,288			$ 56,763



Written option contracts
Calls
XLV	Index BofA Securities LLC		146.000		06/18/2026		(9,386	)		(137,035,600	)		(129,344	)		(50,873	)		(78,471)



TOTAL							(4,693	)		$(73,680,100	)		$(21,293	)		$ 415			$(21,708)


The accompanying notes are an integral part of these financial statements.		3

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
Call CHF/Put NOK	MS & Co. Int. PLC		$ 14.810		03/18/2026		422,000		$ 422,000		$ 26		$ 7,108	$ (7,082)
Call CHF/Put NOK	MS & Co. Int. PLC		14.888		03/18/2026		448,000		448,000		21		8,819	(8,798)
Call CHF/Put NOK	MS & Co. Int. PLC		14.209		06/17/2026		1,029,000		1,029,000		4,570		19,419	(14,849)
Call CHF/Put NOK	MS & Co. Int. PLC		14.297		09/16/2026		1,469,000		1,469,000		14,408		25,157	(10,749)
Call CHF/Put NOK	MS & Co. Int. PLC		14.658		12/16/2026		1,554,000		1,554,000		19,046		24,970	(5,924)
Call CHF/Put SEK	MS & Co. Int. PLC		14.076		03/18/2026		487,000		487,000		1		8,037	(8,036)
Call CHF/Put SEK	MS & Co. Int. PLC		13.954		03/18/2026		513,000		513,000		1		7,933	(7,932)
Call CHF/Put SEK	MS & Co. Int. PLC		13.248		06/17/2026		1,169,000		1,169,000		1,179		21,860	(20,681)
Call CHF/Put SEK	MS & Co. Int. PLC		13.045		09/16/2026		1,685,000		1,685,000		7,973		25,255	(17,282)
Call CHF/Put SEK	MS & Co. Int. PLC		12.920		12/16/2026		1,772,000		1,772,000		17,906		27,692	(9,786)
Call EUR/Put GBP	MS & Co. Int. PLC		0.886		06/11/2026		570,000		570,000		5,896		8,490	(2,594)
Call JPY/Put KRW	MS & Co. Int. PLC		10.554		03/18/2026		48,936,000		48,936,000		81		4,981	(4,900)
Call JPY/Put KRW	MS & Co. Int. PLC		10.967		03/18/2026		48,949,000		48,949,000		17		5,855	(5,838)
Call JPY/Put KRW	MS & Co. Int. PLC		10.883		06/17/2026		89,736,000		89,736,000		694		9,169	(8,475)
Call JPY/Put KRW	MS & Co. Int. PLC		10.589		09/16/2026		135,170,000		135,170,000		4,163		12,296	(8,133)
Call JPY/Put KRW	MS & Co. Int. PLC		10.715		12/16/2026		150,047,000		150,047,000		6,605		12,826	(6,221)
Call USD/Put CAD	MS & Co. Int. PLC		1.474		03/18/2026		1,538,000		1,538,000		65		13,398	(13,333)
Call USD/Put CAD	MS & Co. Int. PLC		1.508		03/18/2026		1,554,000		1,554,000		8		15,391	(15,383)
Call USD/Put CAD	MS & Co. Int. PLC		1.425		06/17/2026		3,237,000		3,237,000		7,037		21,429	(14,392)
Call USD/Put CAD	MS & Co. Int. PLC		1.429		09/16/2026		4,720,000		4,720,000		17,204		30,793	(13,589)
Call USD/Put CAD	MS & Co. Int. PLC		1.431		12/16/2026		4,810,000		4,810,000		24,468		29,923	(5,455)
Call USD/Put CLP	MS & Co. Int. PLC		1,166.190		03/18/2026		524,000		524,000		5		10,037	(10,032)
Call USD/Put CLP	MS & Co. Int. PLC		1,173.249		03/18/2026		565,000		565,000		4		10,310	(10,306)
Call USD/Put CLP	MS & Co. Int. PLC		1,093.270		06/17/2026		1,064,000		1,064,000		1,481		18,362	(16,881)
Call USD/Put CLP	MS & Co. Int. PLC		1,092.440		09/16/2026		1,496,000		1,496,000		5,576		25,834	(20,258)
Call USD/Put CLP	MS & Co. Int. PLC		1,040.580		12/16/2026		2,012,000		2,012,000		21,136		29,321	(8,185)
Call USD/Put KRW	MS & Co. Int. PLC		1,526.850		03/18/2026		373,000		373,000		498		5,215	(4,717)
Call USD/Put KRW	MS & Co. Int. PLC		1,589.310		03/18/2026		351,000		351,000		56		5,195	(5,139)
Call USD/Put KRW	MS & Co. Int. PLC		1,493.850		06/17/2026		740,000		740,000		5,996		9,590	(3,594)
Call USD/Put KRW	MS & Co. Int. PLC		1,479.730		09/16/2026		1,144,000		1,144,000		16,397		11,806	4,591
Call USD/Put KRW	MS & Co. Int. PLC		1,581.730		12/16/2026		1,192,000		1,192,000		6,866		12,063	(5,197)
Call USD/Put MXN	MS & Co. Int. PLC		26.302		03/18/2026		237,000		237,000		—		4,689	(4,689)
Call USD/Put MXN	MS & Co. Int. PLC		25.536		03/18/2026		268,000		268,000		—		5,033	(5,033)
Call USD/Put MXN	MS & Co. Int. PLC		22.541		06/17/2026		586,000		586,000		604		8,867	(8,263)
Call USD/Put MXN	MS & Co. Int. PLC		21.614		09/15/2026		804,000		804,000		4,333		11,826	(7,493)
Call USD/Put NOK	MS & Co. Int. PLC		12.700		03/18/2026		155,000		155,000		—		2,557	(2,557)
Call USD/Put NOK	MS & Co. Int. PLC		12.959		03/18/2026		159,000		159,000		—		2,703	(2,703)
Call USD/Put SEK	MS & Co. Int. PLC		12.199		03/18/2026		469,000		469,000		—		7,316	(7,316)
Call USD/Put SEK	MS & Co. Int. PLC		12.275		03/18/2026		477,000		477,000		—		7,818	(7,818)
Call USD/Put SEK	MS & Co. Int. PLC		10.537		06/17/2026		684,000		684,000		581		10,280	(9,699)
Call USD/Put SEK	MS & Co. Int. PLC		10.074		09/16/2026		972,000		972,000		5,357		12,532	(7,175)
Call USD/Put SEK	MS & Co. Int. PLC		10.040		12/16/2026		1,082,000		1,082,000		9,490		12,438	(2,948)



							515,169,000		$515,169,000		$209,749		$564,593	$(354,844)


Puts
Put AUD/Call JPY	MS & Co. Int. PLC		84.720		03/18/2026		1,223,000		1,223,000		89		15,021	(14,932)
Put AUD/Call JPY	MS & Co. Int. PLC		82.000		03/18/2026		1,330,000		1,330,000		37		16,562	(16,525)
Put AUD/Call JPY	MS & Co. Int. PLC		81.740		06/17/2026		2,480,000		2,480,000		1,481		27,566	(26,085)
Put AUD/Call JPY	MS & Co. Int. PLC		86.090		09/16/2026		3,635,000		3,635,000		10,268		36,725	(26,457)
Put AUD/Call JPY	MS & Co. Int. PLC		90.000		12/16/2026		3,640,000		3,640,000		26,886		38,032	(11,146)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)


Put AUD/Call USD	MS & Co. Int. PLC		$ 0.588		03/18/2026		494,000		$ 494,000		$ 49		$ 5,024		$ (4,975)
Put AUD/Call USD	MS & Co. Int. PLC		0.571		03/18/2026		526,000		526,000		13		5,142		(5,129)
Put AUD/Call USD	MS & Co. Int. PLC		0.597		06/17/2026		1,032,000		1,032,000		1,517		9,512		(7,995)
Put AUD/Call USD	MS & Co. Int. PLC		0.613		09/16/2026		1,486,000		1,486,000		7,631		12,606		(4,975)
Put AUD/Call USD	MS & Co. Int. PLC		0.607		12/16/2026		1,453,000		1,453,000		9,954		12,446		(2,492)
Put CAD/Call JPY	MS & Co. Int. PLC		96.150		03/18/2026		635,000		635,000		17		8,405		(8,388)
Put CAD/Call JPY	MS & Co. Int. PLC		93.500		03/18/2026		674,000		674,000		5		8,523		(8,518)
Put CAD/Call JPY	MS & Co. Int. PLC		94.010		06/17/2026		1,252,000		1,252,000		441		13,867		(13,426)
Put CAD/Call JPY	MS & Co. Int. PLC		95.680		09/16/2026		1,885,000		1,885,000		2,961		18,299		(15,338)
Put CAD/Call JPY	MS & Co. Int. PLC		102.300		12/16/2026		2,030,000		2,030,000		14,104		18,285		(4,181)
Put NZD/Call JPY	MS & Co. Int. PLC		77.160		03/18/2026		646,000		646,000		131		7,026		(6,895)
Put NZD/Call JPY	MS & Co. Int. PLC		75.130		03/18/2026		705,000		705,000		67		7,661		(7,594)
Put NZD/Call JPY	MS & Co. Int. PLC		75.890		06/17/2026		1,295,000		1,295,000		1,520		13,130		(11,610)
Put NZD/Call JPY	MS & Co. Int. PLC		77.260		09/16/2026		1,938,000		1,938,000		6,272		16,881		(10,609)
Put NZD/Call JPY	MS & Co. Int. PLC		79.800		12/16/2026		2,095,000		2,095,000		15,400		18,903		(3,503)
Put NZD/Call USD	MS & Co. Int. PLC		0.535		03/18/2026		267,000		267,000		161		2,471		(2,310)
Put NZD/Call USD	MS & Co. Int. PLC		0.522		03/18/2026		289,000		289,000		69		2,568		(2,499)
Put NZD/Call USD	MS & Co. Int. PLC		0.554		06/17/2026		561,000		561,000		3,022		4,845		(1,823)
Put NZD/Call USD	MS & Co. Int. PLC		0.550		09/16/2026		821,000		821,000		6,003		6,089		(86)
Put NZD/Call USD	MS & Co. Int. PLC		0.537		12/16/2026		1,651,000		1,651,000		11,419		12,436		(1,017)
Put USD/Call INR	MS & Co. Int. PLC		88.745		01/02/2026		1,090,000		1,090,000		1		4,687		(4,686)



							35,133,000		$ 35,133,000		$119,518		$342,712		$(223,194)



Total purchased option contracts							550,302,000		$550,302,000		$329,267		$907,305		$(578,038)



Written option contracts
Calls
Call EUR/Put GBP	MS & Co. Int. PLC		0.908		06/11/2026		(570,000)		(570,000)		(2,390)		(3,365)		975



TOTAL							549,732,000		$549,732,000		$326,877		$903,940		$(577,063)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)



Written option contracts
Calls
S&P 500 Index		$7,020.000		01/02/2026		(5)		$ (3,510,000)		$ (37)		$ (376)		$ 339
S&P 500 Index		7,015.000		01/05/2026		(5)		(3,507,500)		(25)		(932)		907
S&P 500 Index		6,990.000		01/07/2026		(5)		(3,495,000)		(300)		(1,269)		969
S&P 500 Index		7,125.000		01/07/2026		(4)		(2,850,000)		(20)		(3,773)		3,753
S&P 500 Index		7,050.000		01/14/2026		(4)		(2,820,000)		(1,010)		(4,007)		2,997
S&P 500 Index		7,125.000		01/21/2026		(4)		(2,850,000)		(920)		(3,086)		2,166
S&P 500 Index		7,150.000		01/28/2026		(4)		(2,860,000)		(1,940)		(3,095)		1,155



						(31)		$(21,892,500)		$ (4,252)		$ (16,538)		$12,286



Puts
S&P 500 Index		6,845.000		01/02/2026		(10)		(6,845,000)		(15,200)		(9,370)		(5,830)
S&P 500 Index		6,845.000		01/05/2026		(10)		(6,845,000)		(22,350)		(12,732)		(9,618)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)


Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)


S&P 500 Index	$6,575.000		01/07/2026		(7)		$ (4,602,500)		$ (700)		$ (25,222	)	$24,522
S&P 500 Index	6,805.000		01/07/2026		(10)		(6,805,000)		(17,850)		(12,221	)	(5,629)
S&P 500 Index	6,525.000		01/14/2026		(7)		(4,567,500)		(4,235)		(24,507	)	20,272
S&P 500 Index	6,690.000		01/21/2026		(7)		(4,683,000)		(20,020)		(15,529	)	(4,491)
S&P 500 Index	6,675.000		01/28/2026		(7)		(4,672,500)		(26,215)		(22,249	)	(3,966)


					(58)		$(39,020,500)		$(106,570)		$(121,830	)	$15,260



Total written option contracts					(89)		$(60,913,000)		$(110,822)		$(138,368	)	$27,546

EXCHANGE TRADED OPTIONS ON FUTURES


Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
3 Month SOFR		$96.250		03/13/2026		51		$ 127,500		$ 30,600		$ 63,868	$ (33,268)
3 Month SOFR		96.625		03/13/2026		62		155,000		6,200		92,369	(86,169)
3 Month SOFR		96.750		03/13/2026		32		80,000		2,200		52,074	(49,874)
3 Month SOFR		97.000		03/13/2026		96		240,000		3,600		41,337	(37,737)
3 Month SOFR		96.250		06/12/2026		46		115,000		51,175		65,404	(14,229)
3 Month SOFR		96.625		06/12/2026		59		147,500		26,550		93,062	(66,512)
3 Month SOFR		96.750		06/12/2026		33		82,500		10,725		51,227	(40,502)
3 Month SOFR		97.000		06/12/2026		36		90,000		6,525		23,921	(17,396)
3 Month SOFR		97.125		06/12/2026		41		102,500		5,638		21,093	(15,455)
3 Month SOFR		97.250		06/12/2026		54		135,000		6,075		25,756	(19,681)
3 Month SOFR		96.375		09/11/2026		46		115,000		57,213		66,232	(9,019)
3 Month SOFR		96.500		09/11/2026		84		210,000		84,525		92,565	(8,040)
3 Month SOFR		96.625		09/11/2026		56		140,000		44,800		93,230	(48,430)
3 Month SOFR		97.000		09/11/2026		51		127,500		20,400		39,625	(19,225)
3 Month SOFR		97.250		09/11/2026		42		105,000		11,025		27,382	(16,357)
3 Month SOFR		96.000		12/11/2026		73		182,500		165,163		147,056	18,107
3 Month SOFR		96.375		12/11/2026		44		110,000		62,425		68,302	(5,877)
3 Month SOFR		96.500		12/11/2026		142		355,000		168,625		192,278	(23,653)
3 Month SOFR		96.000		03/12/2027		71		177,500		164,187		149,239	14,948
3 Month SOFR		96.250		03/12/2027		48		120,000		84,900		96,094	(11,194)
3 Month SOFR		96.500		03/12/2027		80		200,000		104,000		105,157	(1,157)
3 Month SOFR		97.250		03/12/2027		126		315,000		59,850		59,322	528
3 Month SOFR		96.000		06/11/2027		63		157,500		146,868		135,573	11,295
3 Month SOFR		96.250		06/11/2027		48		120,000		87,300		98,494	(11,194)
3 Month SOFR		96.500		06/11/2027		146		365,000		200,750		203,549	(2,799)
3 Month SOFR		96.250		09/10/2027		49		122,500		89,731		99,321	(9,590)
3 Month SOFR		96.500		09/10/2027		71		177,500		100,288		103,977	(3,689)
3 Month SOFR		96.500		12/10/2027		88		220,000		124,300		132,172	(7,872)
3 Month SOFR		96.375		03/10/2028		78		195,000		122,850		131,778	(8,928)



TOTAL						1,916		$4,790,000		$2,048,488		$2,571,457	$(522,969)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)




Currency Abbreviations:
AUD		—Australian Dollar
CHF		—Swiss Franc
DKK		—Denmark Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
ILS		—Israeli Shekel
JPY		—Japanese Yen
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
SGD		—Singapore Dollar
USD		—U.S. Dollar




Investment Abbreviations:
ETF		—Exchange Traded Fund
MSCI		—Morgan Stanley Capital International
SPDR		—Standard and Poor’s Depository Receipt




Abbreviations:
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.HY Ind 45		—CDX North America High Yield Index 45
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments

December 31, 2025


Shares	Description	Value

Underlying Funds – 93.7%

Equity^(a)– 55.5%
2,969,713	Goldman Sachs Large Cap Value Insights Fund — Class R6	$	73,559,798
1,992,479	Goldman Sachs Large Cap Growth Insights Fund — Class R6		72,785,241
2,905,006	Goldman Sachs International Equity Insights Fund — Class R6		52,725,861
2,546,416	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		28,418,004
520,931	Goldman Sachs Global Infrastructure Fund — Class R6		6,725,220
212,636	Goldman Sachs Small Cap Equity Insights Fund — Class R6		6,198,350
260,761	Goldman Sachs International Small Cap Insights Fund — Class R6		4,232,158

			244,644,632


Exchange Traded Funds – 38.2%
770,521	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		72,737,182
496,327	Goldman Sachs MarketBeta International Equity ETF^(a)		34,406,777
390,369	Goldman Sachs MarketBeta Emerging Markets Equity ETF^(a)		21,973,520
135,595	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		17,948,710
202,666	Goldman Sachs ActiveBeta International Equity ETF^(a)		8,702,478
113,420	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		4,720,540
39,950	iShares U.S. Real Estate ETF		3,750,906


Shares	Description	Value

Underlying Funds – (continued)

Exchange Traded Funds – (continued)
14,627	iShares MSCI USA Quality Factor ETF	$	2,905,215
6,536	iShares U.S. Technology ETF		1,305,109

			168,450,437

TOTAL UNDERLYING FUNDS – 93.7% (Cost $316,927,964)		$	413,095,069


Shares	Dividend Rate	Value

Investment Company^(a)– 2.3%
Goldman Sachs Financial Square Government Fund — Institutional Shares
10,253,559	3.686%	$	10,253,559
(Cost $ 10,253,559)

TOTAL INVESTMENTS – 96.0% (Cost $ 327,181,523)		$	423,348,628

OTHER ASSETS IN EXCESS OF LIABILITIES – 4.0%			17,775,519

NET ASSETS – 100.0%		$	441,124,147

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

(a)

Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain



MS & Co. Int. PLC	EUR	1,880,000	USD	2,202,751	03/18/26	$	14,757
	USD	208,696	HKD	1,620,000	03/18/26		27
	USD	2,290,971	JPY	352,000,000	03/18/26		28,555
	USD	64,535	NOK	650,000	03/18/26		70
	USD	17,366	NZD	30,000	03/18/26		42



TOTAL						$	43,451

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss


MS & Co. Int. PLC	USD	752,316	AUD	1,140,000	03/18/26	$	(8,504	)
	USD	1,036,108	CHF	820,000	03/18/26		(7,773	)
	USD	213,689	DKK	1,360,000	03/18/26		(1,277	)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss



MS & Co. Int. PLC (continued)	USD	3,774,944	EUR	3,220,000		03/18/26		$(23,128	)
	USD	1,580,840	GBP	1,185,000		03/18/26		(16,147	)
	USD	74,321	ILS	240,000		03/18/26		(1,066	)
	USD	337,913	SEK	3,150,000		03/18/26		(5,653	)
	USD	147,951	SGD	190,000		03/18/26		(620	)



TOTAL								$(64,168	)

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)



Long position contracts:
Euro Stoxx 50 Index		16		03/20/26	$	1,098,295			$ 10,316
IFSC NIFTY 50 Index		42		01/27/26		2,207,142			(7,552	)
MSCI EAFE Index		10		03/20/26		1,451,050			5,168
S&P 500 E-Mini Index		147		03/20/26		50,659,875			(538,814	)
S&P Toronto Stock Exchange 60 Index		24		03/19/26		6,511,326			31,114



Total									$(499,768	)



Short position contracts:
FTSE 100 Index		(9)		03/20/26		(1,205,998	)		(17,693	)



TOTAL FUTURES CONTRACTS									$(517,461	)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
Call CHF/Put NOK	MS & Co. Int. PLC	$	13.881		03/18/2026		559,000	$	559,000	$	661		$ 9,780		$ (9,119	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.209		06/17/2026		950,000		950,000		4,219		17,928		(13,709	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.297		09/16/2026		1,861,000		1,861,000		18,253		31,870		(13,617	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.658		12/16/2026		1,730,000		1,730,000		21,203		27,798		(6,595	)
Call CHF/Put SEK	MS & Co. Int. PLC		12.805		03/18/2026		634,000		634,000		127		10,412		(10,285	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.248		06/17/2026		1,079,000		1,079,000		1,088		20,177		(19,089	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.045		09/16/2026		2,136,000		2,136,000		10,107		32,015		(21,908	)
Call CHF/Put SEK	MS & Co. Int. PLC		12.920		12/16/2026		1,973,000		1,973,000		19,937		30,833		(10,896	)
Call JPY/Put KRW	MS & Co. Int. PLC		11.102		03/18/2026		59,627,000		59,627,000		12		5,299		(5,287	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.883		06/17/2026		82,810,000		82,810,000		641		8,462		(7,821	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.589		09/16/2026		171,282,000		171,282,000		5,275		15,582		(10,307	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.715		12/16/2026		167,028,000		167,028,000		7,352		14,277		(6,925	)
Call USD/Put CAD	MS & Co. Int. PLC		1.504		03/18/2026		1,808,000		1,808,000		11		14,873		(14,862	)
Call USD/Put CAD	MS & Co. Int. PLC		1.425		06/17/2026		2,987,000		2,987,000		6,494		19,774		(13,280	)
Call USD/Put CAD	MS & Co. Int. PLC		1.429		09/16/2026		5,980,000		5,980,000		21,797		39,014		(17,217	)
Call USD/Put CAD	MS & Co. Int. PLC		1.431		12/16/2026		5,354,000		5,354,000		27,236		33,307		(6,071	)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)


Call USD/Put CLP	MS & Co. Int. PLC	$	1,066.790		03/18/2026		682,000	$	682,000	$	153		$ 11,847		$(11,694)
Call USD/Put CLP	MS & Co. Int. PLC		1,093.270		06/17/2026		982,000		982,000		1,367		16,947		(15,580)
Call USD/Put CLP	MS & Co. Int. PLC		1,092.440		09/16/2026		1,896,000		1,896,000		7,066		32,742		(25,676)
Call USD/Put CLP	MS & Co. Int. PLC		1,040.580		12/16/2026		2,240,000		2,240,000		23,531		32,644		(9,113)
Call USD/Put KRW	MS & Co. Int. PLC		1,559.160		03/18/2026		516,000		516,000		241		5,759		(5,518)
Call USD/Put KRW	MS & Co. Int. PLC		1,493.850		06/17/2026		683,000		683,000		5,534		8,852		(3,318)
Call USD/Put KRW	MS & Co. Int. PLC		1,479.730		09/16/2026		1,449,000		1,449,000		20,769		14,954		5,815
Call USD/Put KRW	MS & Co. Int. PLC		1,581.730		12/16/2026		1,326,000		1,326,000		7,638		13,419		(5,781)
Call USD/Put MXN	MS & Co. Int. PLC		24.200		03/18/2026		335,000		335,000		1		5,555		(5,554)
Call USD/Put MXN	MS & Co. Int. PLC		22.541		06/17/2026		541,000		541,000		557		8,186		(7,629)
Call USD/Put MXN	MS & Co. Int. PLC		21.614		09/15/2026		1,019,000		1,019,000		5,491		14,988		(9,497)
Call USD/Put NOK	MS & Co. Int. PLC		11.867		03/18/2026		219,000		219,000		4		3,263		(3,259)
Call USD/Put SEK	MS & Co. Int. PLC		11.060		03/18/2026		652,000		652,000		1		10,150		(10,149)
Call USD/Put SEK	MS & Co. Int. PLC		10.537		06/17/2026		631,000		631,000		536		9,484		(8,948)
Call USD/Put SEK	MS & Co. Int. PLC		10.074		09/16/2026		1,232,000		1,232,000		6,790		15,884		(9,094)
Call USD/Put SEK	MS & Co. Int. PLC		10.040		12/16/2026		1,204,000		1,204,000		10,560		13,840		(3,280)



							523,405,000	$	523,405,000	$	234,652		$549,915		$(315,263)



Puts
Put AUD/Call JPY	MS & Co. Int. PLC		82.400		03/18/2026		1,646,000		1,646,000		54		16,966		(16,912)
Put AUD/Call JPY	MS & Co. Int. PLC		81.740		06/17/2026		2,289,000		2,289,000		1,367		25,443		(24,076)
Put AUD/Call JPY	MS & Co. Int. PLC		86.090		09/16/2026		4,606,000		4,606,000		13,011		46,535		(33,524)
Put AUD/Call JPY	MS & Co. Int. PLC		90.000		12/16/2026		4,052,000		4,052,000		29,929		42,337		(12,408)
Put AUD/Call USD	MS & Co. Int. PLC		0.585		03/18/2026		698,000		698,000		53		5,759		(5,706)
Put AUD/Call USD	MS & Co. Int. PLC		0.597		06/17/2026		953,000		953,000		1,401		8,784		(7,383)
Put AUD/Call USD	MS & Co. Int. PLC		0.613		09/16/2026		1,883,000		1,883,000		9,670		15,974		(6,304)
Put AUD/Call USD	MS & Co. Int. PLC		0.607		12/16/2026		1,618,000		1,618,000		11,084		13,860		(2,776)
Put CAD/Call JPY	MS & Co. Int. PLC		92.800		03/18/2026		817,000		817,000		4		8,670		(8,666)
Put CAD/Call JPY	MS & Co. Int. PLC		94.010		06/17/2026		1,155,000		1,155,000		406		12,792		(12,386)
Put CAD/Call JPY	MS & Co. Int. PLC		95.680		09/16/2026		2,389,000		2,389,000		3,753		23,192		(19,439)
Put CAD/Call JPY	MS & Co. Int. PLC		102.300		12/16/2026		2,260,000		2,260,000		15,701		20,356		(4,655)
Put NZD/Call JPY	MS & Co. Int. PLC		75.830		03/18/2026		871,000		871,000		108		8,129		(8,021)
Put NZD/Call JPY	MS & Co. Int. PLC		75.890		06/17/2026		1,195,000		1,195,000		1,403		12,116		(10,713)
Put NZD/Call JPY	MS & Co. Int. PLC		77.260		09/16/2026		2,456,000		2,456,000		7,948		21,393		(13,445)
Put NZD/Call JPY	MS & Co. Int. PLC		79.800		12/16/2026		2,333,000		2,333,000		17,149		21,050		(3,901)
Put NZD/Call USD	MS & Co. Int. PLC		0.537		03/18/2026		382,000		382,000		271		2,902		(2,631)
Put NZD/Call USD	MS & Co. Int. PLC		0.554		06/17/2026		518,000		518,000		2,790		4,473		(1,683)
Put NZD/Call USD	MS & Co. Int. PLC		0.550		09/16/2026		1,041,000		1,041,000		7,611		7,721		(110)
Put NZD/Call USD	MS & Co. Int. PLC		0.537		12/16/2026		1,838,000		1,838,000		12,713		13,845		(1,132)



							35,000,000	$	35,000,000	$	136,426		$332,297		$(195,871)



Total purchased option contracts							558,405,000	$	558,405,000	$	371,078		$882,212		$(511,134)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)



Written option contracts
Calls
S&P 500 Index	$	7,020.000		01/02/2026		(5)		$ (3,510,000	)		$ (38	)		$ (376	)		$ 338
S&P 500 Index		7,015.000		01/05/2026		(5)		(3,507,500	)		(25	)		(932	)		907
S&P 500 Index		6,990.000		01/07/2026		(5)		(3,495,000	)		(300	)		(1,269	)		969
S&P 500 Index		7,125.000		01/07/2026		(4)		(2,850,000	)		(20	)		(3,773	)		3,753
S&P 500 Index		7,050.000		01/14/2026		(4)		(2,820,000	)		(1,010	)		(4,007	)		2,997
S&P 500 Index		7,125.000		01/21/2026		(4)		(2,850,000	)		(920	)		(3,086	)		2,166
S&P 500 Index		7,150.000		01/28/2026		(4)		(2,860,000	)		(1,940	)		(3,095	)		1,155



						(31)		$(21,892,500	)		$ (4,253	)		$ (16,538	)		$ 12,285



Puts
S&P 500 Index		6,845.000		01/02/2026		(11)		(7,529,500	)		(16,720	)		(10,307	)		(6,413	)
S&P 500 Index		6,845.000		01/05/2026		(11)		(7,529,500	)		(24,585	)		(14,005	)		(10,580	)
S&P 500 Index		6,575.000		01/07/2026		(8)		(5,260,000	)		(800	)		(28,825	)		28,025
S&P 500 Index		6,805.000		01/07/2026		(11)		(7,485,500	)		(19,635	)		(13,443	)		(6,192	)
S&P 500 Index		6,525.000		01/14/2026		(8)		(5,220,000	)		(4,840	)		(28,008	)		23,168
S&P 500 Index		6,690.000		01/21/2026		(8)		(5,352,000	)		(22,880	)		(17,748	)		(5,132	)
S&P 500 Index		6,675.000		01/28/2026		(8)		(5,340,000	)		(29,960	)		(25,428	)		(4,532	)



						(65)		$(43,716,500	)		$(119,420	)		$(137,764	)		$ 18,344



Total written option contracts						(96)		$(65,609,000	)		$(123,673	)		$(154,302	)		$ 30,629

EXCHANGE TRADED OPTIONS ON FUTURES


Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
3 Month SOFR	$	96.250		03/13/2026		46	$	115,000	$	27,600	$	57,607		$ (30,007	)
3 Month SOFR		96.625		03/13/2026		38		95,000		3,800		56,613		(52,813	)
3 Month SOFR		96.750		03/13/2026		107		267,500		7,356		189,398		(182,042	)
3 Month SOFR		97.000		03/13/2026		124		310,000		4,650		51,402		(46,752	)
3 Month SOFR		96.250		06/12/2026		42		105,000		46,725		59,716		(12,991	)
3 Month SOFR		96.625		06/12/2026		36		90,000		16,200		56,784		(40,584	)
3 Month SOFR		96.750		06/12/2026		111		277,500		36,075		200,195		(164,120	)
3 Month SOFR		97.000		06/12/2026		30		75,000		5,438		19,934		(14,496	)
3 Month SOFR		97.125		06/12/2026		77		192,500		10,588		36,238		(25,650	)
3 Month SOFR		97.250		06/12/2026		44		110,000		4,950		20,986		(16,036	)
3 Month SOFR		96.375		09/11/2026		42		105,000		52,237		60,472		(8,235	)
3 Month SOFR		96.500		09/11/2026		158		395,000		158,988		153,410		5,578
3 Month SOFR		96.625		09/11/2026		34		85,000		27,200		56,604		(29,404	)
3 Month SOFR		97.000		09/11/2026		42		105,000		16,800		32,632		(15,832	)
3 Month SOFR		97.250		09/11/2026		34		85,000		8,925		22,167		(13,242	)
3 Month SOFR		96.000		12/11/2026		60		150,000		135,750		120,868		14,882
3 Month SOFR		96.375		12/11/2026		39		97,500		55,331		60,540		(5,209	)
3 Month SOFR		96.500		12/11/2026		203		507,500		241,063		239,423		1,640
3 Month SOFR		96.000		03/12/2027		58		145,000		134,125		121,914		12,211
3 Month SOFR		96.250		03/12/2027		39		97,500		68,981		78,076		(9,095	)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)


Description	Exercise Price		Expiration Date		Number of Contracts	Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)


3 Month SOFR	$	96.500		03/12/2027	151	$	377,500	$	196,300	$	174,283	$	22,017
3 Month SOFR		97.250		03/12/2027	124		310,000		58,900		58,381		519
3 Month SOFR		96.000		06/11/2027	52		130,000		121,225		111,902		9,323
3 Month SOFR		96.250		06/11/2027	39		97,500		70,931		80,026		(9,095	)
3 Month SOFR		96.500		06/11/2027	215		537,500		295,625		274,596		21,029
3 Month SOFR		96.250		09/10/2027	40		100,000		73,250		81,078		(7,828	)
3 Month SOFR		96.500		09/10/2027	70		175,000		98,875		102,512		(3,637	)
3 Month SOFR		96.500		12/10/2027	87		217,500		122,888		130,671		(7,783	)
3 Month SOFR		96.375		03/10/2028	76		190,000		119,700		128,399		(8,699	)



TOTAL					2,218	$	5,545,000	$	2,220,476	$	2,836,827	$	(616,351	)




Currency Abbreviations:
AUD		—Australian Dollar
CHF		—Swiss Franc
DKK		—Denmark Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
ILS		—Israeli Shekel
JPY		—Japanese Yen
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
SGD		—Singapore Dollar
USD		—U.S. Dollar




Investment Abbreviations:
ETF		—Exchange Traded Fund
MSCI		—Morgan Stanley Capital International




Abbreviations:
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Schedule of Investments

December 31, 2025


Shares	Description	Value

Underlying Funds – 93.8%

Dynamic*^(a)– 0.9%
1,053,803	Goldman Sachs Managed Futures Strategy Fund — Class R6	$	9,895,210


Equity^(a)– 42.5%
3,769,066	Goldman Sachs Large Cap Growth Insights Fund — Class R6		137,683,972
5,507,414	Goldman Sachs Large Cap Value Insights Fund — Class R6		136,418,633
6,188,735	Goldman Sachs International Equity Insights Fund — Class R6		112,325,536
4,618,493	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		51,542,379
574,222	Goldman Sachs Small Cap Equity Insights Fund — Class R6		16,738,583
685,585	Goldman Sachs International Small Cap Insights Fund — Class R6		11,127,043
674,292	Goldman Sachs Global Infrastructure Fund — Class R6		8,705,110
24,901	Goldman Sachs Energy Infrastructure Fund — Class R6		323,222

			474,864,478


Exchange Traded Funds – 45.0%
1,948,234	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		183,913,290
1,327,002	Goldman Sachs MarketBeta International Equity ETF^(a)		91,991,494
1,068,406	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		49,413,778
1,100,168	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		45,678,975
329,019	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		43,552,245
625,408	Goldman Sachs MarketBeta Emerging Markets Equity ETF^(a)		35,203,653
604,255	Goldman Sachs ActiveBeta International Equity ETF^(a)		25,946,710
197,259	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		8,209,920
35,742	iShares MSCI USA Quality Factor ETF		7,099,076
50,919	iShares U.S. Real Estate ETF		4,780,785


Shares	Description	Value

Underlying Funds – (continued)

Exchange Traded Funds – (continued)
16,996	iShares U.S. Technology ETF	$	3,393,761
18,033	State Street Health Care Select Sector SPDR ETF		2,791,508
2,712	iShares MSCI Mexico ETF		188,023

			502,163,218


Fixed Income^(a)– 5.4%
3,711,238	Goldman Sachs Emerging Markets Debt Fund — Class R6		38,485,541
1,310,621	Goldman Sachs High Yield Floating Rate Fund — Class R6		11,258,236
1,845,956	Goldman Sachs High Yield Fund — Class R6		10,558,866

			60,302,643

TOTAL UNDERLYING FUNDS – 93.8% (Cost $822,560,090)			$1,047,225,549


Shares	Dividend Rate	Value

Investment Company^(a)– 1.6%

Goldman Sachs Financial Square Government Fund — Institutional Shares
18,508,106	3.686%	$	18,508,106
(Cost $ 18,508,106)

TOTAL INVESTMENTS – 95.4% (Cost $ 841,068,196)			$1,065,733,655

OTHER ASSETS IN EXCESS OF LIABILITIES – 4.6%			50,932,734

NET ASSETS – 100.0%			$1,116,666,389

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

Non-income producing security.

(a)

Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain



MS & Co. Int. PLC	EUR	4,650,000	USD	5,448,294	03/18/26	$	36,499
	USD	1,107,890	HKD	8,600,000	03/18/26		143
	USD	12,893,218	JPY	1,981,000,000	03/18/26		160,705
	USD	322,674	NOK	3,250,000	03/18/26		349


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty

Currency Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

MS & Co. Int. PLC (continued)

USD

104,195

NZD

180,000

03/18/26

253

TOTAL

197,949

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss



MS & Co. Int. PLC	USD	3,655,993	AUD	5,540,000		03/18/26	$	(41,326	)
	USD	5,496,425	CHF	4,350,000		03/18/26		(41,236	)
	USD	1,055,873	DKK	6,720,000		03/18/26		(6,308	)
	USD	20,246,364	EUR	17,270,000		03/18/26		(124,039	)
	USD	8,491,181	GBP	6,365,000		03/18/26		(86,730	)
	USD	371,603	ILS	1,200,000		03/18/26		(5,331	)
	USD	859,759	MXN	15,875,000		03/18/26		(15,034	)
	USD	1,826,340	SEK	17,025,000		03/18/26		(30,555	)
	USD	802,050	SGD	1,030,000		03/18/26		(3,362	)



TOTAL							$	(353,921	)

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)



Long position contracts:
Euro Stoxx 50 Index		39		03/20/26	$	2,677,094			$ 25,144
FTSE/JSE Top 40 Index		8		03/19/26		528,242			9,576
IFSC NIFTY 50 Index		126		01/27/26		6,621,426			(22,656	)
Mini-MDAX Index		16		03/20/26		581,019			10,523
MSCI EAFE Index		17		03/20/26		2,466,785			8,787
S&P 500 E-Mini Index		160		03/20/26		55,140,000			(552,670	)



Total									$(521,296	)



Short position contracts:
FTSE 100 Index		(21)		03/20/26		(2,813,995	)		(41,284	)
S&P Toronto Stock Exchange 60 Index		(11)		03/19/26		(2,984,358	)		(14,392	)


Total									$ (55,676	)



TOTAL FUTURES CONTRACTS									$(576,972	)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index

Financing Rate

Received/(Paid)

by the Fund^(a)

Credit
Spread at
December 31,
2025^(b)

Termination
Date

Notional
Amount
(000s)

Value

Upfront
Premiums
(Received)
Paid

Unrealized
Appreciation/
(Depreciation)

Protection Purchased:

CDX.NA.HY Index 45

(5.000)%

3.168%

12/20/30

$5,340

$(413,283)

$(391,271)

$(22,012)

(a)

Payments made quarterly.

(b)

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate

Paid/(Received)

by the Fund^(a),*

Counterparty

Termination
Date^#

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)

SXDR Index

12MEURO+0.470%

JPMorgan Securities, Inc.

02/03/26

EUR 661

$ (4,242)

SXDR Index

12M EURO+0.480

JPMorgan Securities, Inc.

02/03/26

EUR1,530

(9,861)

SXDR Index

12M EURO+0.495

JPMorgan Securities, Inc.

02/03/26

EUR 680

(4,408)

TOTAL

$(18,511)

(a)

Payments made quarterly.

There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
XLV Index	BofA Securities LLC		$135.000		06/18/2026		8,292			$ 111,942,000			$ 190,913			$ 90,620			$ 100,293



Written option contracts
Calls
XLV Index	BofA Securities LLC		146.000		06/18/2026		(16,584	)		(242,126,400	)		(228,535	)		(89,886	)		(138,649)



TOTAL							(8,292	)		$(130,184,400	)		$(37,622	)		$ 734			$(38,356)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
Call CHF/Put NOK	MS & Co. Int. PLC	$	14.810		03/18/2026		753,000	$	753,000	$	47		$ 12,683		$ (12,636	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.888		03/18/2026		801,000		801,000		37		15,767		(15,730	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.209		06/17/2026		1,732,000		1,732,000		7,692		32,685		(24,993	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.297		09/16/2026		2,986,000		2,986,000		29,287		51,136		(21,849	)
Call CHF/Put NOK	MS & Co. Int. PLC		10.715		12/16/2026		275,642,000		275,642,000		12,133		23,561		(11,428	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.658		12/16/2026		2,855,000		2,855,000		34,991		45,875		(10,884	)
Call CHF/Put SEK	MS & Co. Int. PLC		14.076		03/18/2026		868,000		868,000		1		14,325		(14,324	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.954		03/18/2026		917,000		917,000		1		14,180		(14,179	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.248		06/17/2026		1,967,000		1,967,000		1,984		36,783		(34,799	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.045		09/16/2026		3,426,000		3,426,000		16,211		51,350		(35,139	)
Call CHF/Put SEK	MS & Co. Int. PLC		12.920		12/16/2026		3,256,000		3,256,000		32,901		50,883		(17,982	)
Call EUR/Put GBP	MS & Co. Int. PLC		0.886		06/11/2026		1,050,000		1,050,000		10,861		15,639		(4,778	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.554		03/18/2026		87,290,000		87,290,000		144		8,885		(8,741	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.967		03/18/2026		87,552,000		87,552,000		31		10,472		(10,441	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.883		06/17/2026		150,977,000		150,977,000		1,168		15,427		(14,259	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.589		09/16/2026		274,790,000		274,790,000		8,463		24,998		(16,535	)
Call USD/Put CAD	MS & Co. Int. PLC		1.474		03/18/2026		2,743,000		2,743,000		115		23,894		(23,779	)
Call USD/Put CAD	MS & Co. Int. PLC		1.508		03/18/2026		2,780,000		2,780,000		14		27,533		(27,519	)
Call USD/Put CAD	MS & Co. Int. PLC		1.425		06/17/2026		5,446,000		5,446,000		11,840		36,053		(24,213	)
Call USD/Put CAD	MS & Co. Int. PLC		1.429		09/16/2026		9,594,000		9,594,000		34,970		62,591		(27,621	)
Call USD/Put CAD	MS & Co. Int. PLC		1.431		12/16/2026		8,836,000		8,836,000		44,949		54,969		(10,020	)
Call USD/Put CLP	MS & Co. Int. PLC		1,166.190		03/18/2026		934,000		934,000		8		17,890		(17,882	)
Call USD/Put CLP	MS & Co. Int. PLC		1,173.249		03/18/2026		1,011,000		1,011,000		7		18,449		(18,442	)
Call USD/Put CLP	MS & Co. Int. PLC		1,093.270		06/17/2026		1,791,000		1,791,000		2,493		30,909		(28,416	)
Call USD/Put CLP	MS & Co. Int. PLC		1,092.440		09/16/2026		3,042,000		3,042,000		11,338		52,532		(41,194	)
Call USD/Put CLP	MS & Co. Int. PLC		1,040.580		12/16/2026		3,697,000		3,697,000		38,837		53,876		(15,039	)
Call USD/Put KRW	MS & Co. Int. PLC		1,526.850		03/18/2026		665,000		665,000		888		9,297		(8,409	)
Call USD/Put KRW	MS & Co. Int. PLC		1,589.310		03/18/2026		627,000		627,000		100		9,280		(9,180	)
Call USD/Put KRW	MS & Co. Int. PLC		1,493.850		06/17/2026		1,245,000		1,245,000		10,088		16,135		(6,047	)
Call USD/Put KRW	MS & Co. Int. PLC		1,479.730		09/16/2026		2,325,000		2,325,000		33,324		23,994		9,330
Call USD/Put KRW	MS & Co. Int. PLC		1,581.730		12/16/2026		2,189,000		2,189,000		12,609		22,153		(9,544	)
Call USD/Put MXN	MS & Co. Int. PLC		26.302		03/18/2026		423,000		423,000		—		8,368		(8,368	)
Call USD/Put MXN	MS & Co. Int. PLC		25.536		03/18/2026		479,000		479,000		—		8,995		(8,995	)
Call USD/Put MXN	MS & Co. Int. PLC		22.541		06/17/2026		987,000		987,000		1,017		14,934		(13,917	)
Call USD/Put MXN	MS & Co. Int. PLC		21.614		09/15/2026		1,634,000		1,634,000		8,806		24,035		(15,229	)
Call USD/Put NOK	MS & Co. Int. PLC		12.700		03/18/2026		277,000		277,000		—		4,570		(4,570	)
Call USD/Put NOK	MS & Co. Int. PLC		12.959		03/18/2026		284,000		284,000		—		4,828		(4,828	)
Call USD/Put SEK	MS & Co. Int. PLC		12.199		03/18/2026		837,000		837,000		1		13,057		(13,056	)
Call USD/Put SEK	MS & Co. Int. PLC		12.275		03/18/2026		853,000		853,000		1		13,982		(13,981	)
Call USD/Put SEK	MS & Co. Int. PLC		10.537		06/17/2026		1,150,000		1,150,000		978		17,285		(16,307	)
Call USD/Put SEK	MS & Co. Int. PLC		10.074		09/16/2026		1,977,000		1,977,000		10,895		25,489		(14,594	)
Call USD/Put SEK	MS & Co. Int. PLC		10.040		12/16/2026		1,987,000		1,987,000		17,428		22,841		(5,413	)



							954,675,000	$	954,675,000	$	396,658		$1,042,588		$ (645,930	)



Puts
Put AUD/Call JPY	MS & Co. Int. PLC		84.720		03/18/2026		2,181,000		2,181,000		159		26,788		(26,629	)
Put AUD/Call JPY	MS & Co. Int. PLC		82.000		03/18/2026		2,379,000		2,379,000		67		29,626		(29,559	)
Put AUD/Call JPY	MS & Co. Int. PLC		81.740		06/17/2026		4,173,000		4,173,000		2,492		46,385		(43,893	)
Put AUD/Call JPY	MS & Co. Int. PLC		86.090		09/16/2026		7,390,000		7,390,000		20,876		74,662		(53,786	)
Put AUD/Call JPY	MS & Co. Int. PLC		90.000		12/16/2026		6,687,000		6,687,000		49,392		69,868		(20,476	)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)


Put AUD/Call USD	MS & Co. Int. PLC	$	0.588		03/18/2026		881,000		$	881,000		$	88			$ 8,959			$ (8,871	)
Put AUD/Call USD	MS & Co. Int. PLC		0.571		03/18/2026		940,000			940,000			24			9,189			(9,165	)
Put AUD/Call USD	MS & Co. Int. PLC		0.597		06/17/2026		1,737,000			1,737,000			2,554			16,011			(13,457	)
Put AUD/Call USD	MS & Co. Int. PLC		0.613		09/16/2026		3,022,000			3,022,000			15,519			25,636			(10,117	)
Put AUD/Call USD	MS & Co. Int. PLC		0.607		12/16/2026		2,670,000			2,670,000			18,290			22,871			(4,581	)
Put CAD/Call JPY	MS & Co. Int. PLC		96.150		03/18/2026		1,133,000			1,133,000			29			14,996			(14,967	)
Put CAD/Call JPY	MS & Co. Int. PLC		93.500		03/18/2026		1,206,000			1,206,000			9			15,250			(15,241	)
Put CAD/Call JPY	MS & Co. Int. PLC		94.010		06/17/2026		2,106,000			2,106,000			741			23,325			(22,584	)
Put CAD/Call JPY	MS & Co. Int. PLC		95.680		09/16/2026		3,833,000			3,833,000			6,021			37,210			(31,189	)
Put CAD/Call JPY	MS & Co. Int. PLC		102.300		12/16/2026		3,729,000			3,729,000			25,908			33,588			(7,680	)
Put NZD/Call JPY	MS & Co. Int. PLC		77.160		03/18/2026		1,153,000			1,153,000			234			12,541			(12,307	)
Put NZD/Call JPY	MS & Co. Int. PLC		75.130		03/18/2026		1,260,000			1,260,000			119			13,691			(13,572	)
Put NZD/Call JPY	MS & Co. Int. PLC		75.890		06/17/2026		2,178,000			2,178,000			2,556			22,083			(19,527	)
Put NZD/Call JPY	MS & Co. Int. PLC		77.260		09/16/2026		3,941,000			3,941,000			12,754			34,328			(21,574	)
Put NZD/Call JPY	MS & Co. Int. PLC		79.800		12/16/2026		3,849,000			3,849,000			28,292			34,729			(6,437	)
Put NZD/Call USD	MS & Co. Int. PLC		0.535		03/18/2026		477,000			477,000			289			4,415			(4,126	)
Put NZD/Call USD	MS & Co. Int. PLC		0.522		03/18/2026		517,000			517,000			124			4,594			(4,470	)
Put NZD/Call USD	MS & Co. Int. PLC		0.554		06/17/2026		944,000			944,000			5,085			8,152			(3,067	)
Put NZD/Call USD	MS & Co. Int. PLC		0.550		09/16/2026		1,669,000			1,669,000			12,203			12,378			(175	)
Put NZD/Call USD	MS & Co. Int. PLC		0.537		12/16/2026		3,033,000			3,033,000			20,977			22,846			(1,869	)
Put USD/Call INR	MS & Co. Int. PLC		88.745		01/02/2026		2,010,000			2,010,000			2			8,643			(8,641	)



							65,098,000		$	65,098,000		$	224,804			$ 632,764			$ (407,960	)



Total purchased option contracts							1,019,773,000		$	1,019,773,000		$	621,462			$1,675,352			$(1,053,890	)



Written option contracts
Calls
Call EUR/Put GBP	MS & Co. Int. PLC		0.908		06/11/2026		(1,050,000	)		(1,050,000	)		(4,403	)		(6,198	)		1,795



TOTAL							1,018,723,000		$	1,018,723,000		$	617,059			$1,669,154			$(1,052,095	)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)



Written option contracts
Calls
S&P 500 Index	$	7,020.000		01/02/2026		(11)	$	(7,722,000	)	$	(83	)		$ (828	)		$ 745
S&P 500 Index		7,015.000		01/05/2026		(11)		(7,716,500	)		(55	)		(2,049	)		1,994
S&P 500 Index		6,990.000		01/07/2026		(11)		(7,689,000	)		(660	)		(2,792	)		2,132
S&P 500 Index		7,125.000		01/07/2026		(8)		(5,700,000	)		(40	)		(7,546	)		7,506
S&P 500 Index		7,050.000		01/14/2026		(8)		(5,640,000	)		(2,020	)		(8,015	)		5,995
S&P 500 Index		7,125.000		01/21/2026		(8)		(5,700,000	)		(1,840	)		(6,171	)		4,331
S&P 500 Index		7,150.000		01/28/2026		(8)		(5,720,000	)		(3,880	)		(6,189	)		2,309



						(65)	$	(45,887,500	)	$	(8,578	)		$ (33,590	)		$ 25,012



Puts
S&P 500 Index		6,845.000		01/02/2026		(21)		(14,374,500	)		(31,920	)		(19,678	)		(12,242)
S&P 500 Index		6,845.000		01/05/2026		(21)		(14,374,500	)		(46,935	)		(26,737	)		(20,198)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)


Description	Exercise Price		Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)


S&P 500 Index		$6,575.000		01/07/2026	(16)	$	(10,520,000	)	$	(1,600	)		$ (57,651	)		$ 56,051
S&P 500 Index		6,805.000		01/07/2026	(21)		(14,290,500	)		(37,485	)		(25,664	)		(11,821)
S&P 500 Index		6,525.000		01/14/2026	(16)		(10,440,000	)		(9,680	)		(56,016	)		46,336
S&P 500 Index		6,690.000		01/21/2026	(16)		(10,704,000	)		(45,760	)		(35,496	)		(10,264)
S&P 500 Index		6,675.000		01/28/2026	(16)		(10,680,000	)		(59,920	)		(50,855	)		(9,065)



					(127)	$	(85,383,500	)	$	(233,300	)		$(272,097	)		$ 38,797



Total written option contracts					(192)	$	(131,271,000	)	$	(241,878	)		$(305,687	)		$ 63,809

EXCHANGE TRADED OPTIONS ON FUTURES


Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
3 Month SOFR		$96.250		03/13/2026		139	$	347,500	$	83,400		$ 174,072		$ (90,672	)
3 Month SOFR		96.625		03/13/2026		115		287,500		11,500		171,329		(159,829	)
3 Month SOFR		96.750		03/13/2026		58		145,000		3,988		94,385		(90,397	)
3 Month SOFR		97.000		03/13/2026		172		430,000		6,450		76,932		(70,482	)
3 Month SOFR		97.500		03/13/2026		150		375,000		2,812		49,044		(46,232	)
3 Month SOFR		96.250		06/12/2026		126		315,000		140,175		179,149		(38,974	)
3 Month SOFR		96.500		06/12/2026		168		420,000		101,850		174,629		(72,779	)
3 Month SOFR		96.625		06/12/2026		109		272,500		49,050		171,928		(122,878	)
3 Month SOFR		96.750		06/12/2026		60		150,000		19,500		93,139		(73,639	)
3 Month SOFR		97.000		06/12/2026		86		215,000		15,588		57,144		(41,556	)
3 Month SOFR		97.125		06/12/2026		97		242,500		13,338		49,903		(36,565	)
3 Month SOFR		97.250		06/12/2026		73		182,500		8,213		34,818		(26,605	)
3 Month SOFR		96.375		09/11/2026		126		315,000		156,712		181,417		(24,705	)
3 Month SOFR		96.500		09/11/2026		368		920,000		370,300		411,934		(41,634	)
3 Month SOFR		96.625		09/11/2026		105		262,500		84,000		174,806		(90,806	)
3 Month SOFR		97.000		09/11/2026		121		302,500		48,400		94,012		(45,612	)
3 Month SOFR		97.250		09/11/2026		57		142,500		14,963		37,162		(22,199	)
3 Month SOFR		96.000		12/11/2026		173		432,500		391,413		348,502		42,911
3 Month SOFR		96.375		12/11/2026		119		297,500		168,831		184,726		(15,895	)
3 Month SOFR		96.500		12/11/2026		450		1,125,000		534,375		573,157		(38,782	)
3 Month SOFR		96.000		03/12/2027		168		420,000		388,500		353,129		35,371
3 Month SOFR		96.250		03/12/2027		65		162,500		114,968		130,127		(15,159	)
3 Month SOFR		96.500		03/12/2027		370		925,000		481,000		484,063		(3,063	)
3 Month SOFR		97.250		03/12/2027		299		747,500		142,025		140,774		1,251
3 Month SOFR		96.000		06/11/2027		149		372,500		347,356		320,642		26,714
3 Month SOFR		96.250		06/11/2027		65		162,500		118,218		133,377		(15,159	)
3 Month SOFR		96.500		06/11/2027		344		860,000		473,000		479,637		(6,637	)
3 Month SOFR		96.250		09/10/2027		66		165,000		120,862		133,779		(12,917	)
3 Month SOFR		96.500		09/10/2027		169		422,500		238,713		247,494		(8,781	)
3 Month SOFR		96.500		12/10/2027		209		522,500		295,213		313,910		(18,697	)
3 Month SOFR		96.375		03/10/2028		184		460,000		289,800		310,861		(21,061	)



TOTAL						4,960	$	12,400,000	$	5,234,513	$	6,379,981	$	(1,145,468	)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)




Currency Abbreviations:
AUD		—Australian Dollar
CHF		—Swiss Franc
DKK		—Denmark Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
ILS		—Israeli Shekel
JPY		—Japanese Yen
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
SGD		—Singapore Dollar
USD		—U.S. Dollar




Investment Abbreviations:
ETF		—Exchange Traded Fund
MSCI		—Morgan Stanley Capital International
SPDR		—Standard and Poor’s Depository Receipt




Abbreviations:
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.HY Ind 45		—CDX North America High Yield Index 45
EURO		—Euro Offered Rate
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Schedule of Investments

December 31, 2025


Shares	Description	Value

Underlying Funds – 95.0%

Dynamic*^(a)– 0.9%
1,019,811	Goldman Sachs Managed Futures Strategy Fund — Class R6	$	9,576,027


Equity^(a)– 32.9%
2,757,997	Goldman Sachs Large Cap Growth Insights Fund — Class R6		100,749,647
4,049,093	Goldman Sachs Large Cap Value Insights Fund — Class R6		100,296,029
4,677,476	Goldman Sachs International Equity Insights Fund — Class R6		84,896,197
3,133,330	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		34,967,960
386,090	Goldman Sachs Small Cap Equity Insights Fund — Class R6		11,254,526
779,795	Goldman Sachs Global Infrastructure Fund — Class R6		10,067,152
474,417	Goldman Sachs International Small Cap Insights Fund — Class R6		7,699,784
28,852	Goldman Sachs Energy Infrastructure Fund — Class R6		374,498

			350,305,793


Exchange Traded Funds – 30.8%
1,254,959	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		118,468,130
1,043,261	Goldman Sachs MarketBeta International Equity ETF^(a)		72,321,774
890,842	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		41,201,442
223,124	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		29,534,924
477,908	Goldman Sachs MarketBeta Emerging Markets Equity ETF^(a)		26,901,011
341,933	Goldman Sachs ActiveBeta International Equity ETF^(a)		14,682,603
34,690	iShares MSCI USA Quality Factor ETF		6,890,128
69,277	iShares U.S. Real Estate ETF		6,504,417
130,954	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		5,450,305
16,184	iShares U.S. Technology ETF		3,231,621
17,067	State Street Health Care Select Sector SPDR ETF		2,641,972


Shares	Description	Value

Underlying Funds – (continued)

Exchange Traded Funds – (continued)
3,887	iShares MSCI Mexico ETF	$	269,486

			328,097,813


Fixed Income^(a)– 30.4%
21,231,152	Goldman Sachs Global Core Fixed Income Fund — Class R6		243,733,625
3,125,238	Goldman Sachs Inflation Protected Securities Fund — Class R6		30,002,286
2,785,885	Goldman Sachs Emerging Markets Debt Fund — Class R6		28,889,624
2,023,724	Goldman Sachs High Yield Fund — Class R6		11,575,700
1,166,923	Goldman Sachs High Yield Floating Rate Fund — Class R6		10,023,867

			324,225,102

TOTAL UNDERLYING FUNDS – 95.0% (Cost $851,330,088)		$	1,012,204,735


Shares	Dividend Rate	Value

Investment Company^(a)– 1.7%

Goldman Sachs Financial Square Government Fund — Institutional Shares
17,730,647	3.686%	$	17,730,647
(Cost $ 17,730,647)

TOTAL INVESTMENTS – 96.7% (Cost $ 869,060,735)		$	1,029,935,382

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.3%			35,018,255

NET ASSETS – 100.0%		$	1,064,953,637


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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain



MS & Co. Int. PLC	EUR	4,490,000	USD	5,260,826	03/18/26	$	35,243
	USD	1,042,189	HKD	8,090,000	03/18/26		134
	USD	12,125,222	JPY	1,863,000,000	03/18/26		151,132


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty

Currency

Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

MS & Co. Int. PLC (continued)

USD

302,817

NOK

3,050,000

03/18/26

$ 327

USD

98,406

NZD

170,000

03/18/26

239

TOTAL

$187,075

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss



MS & Co. Int. PLC	USD	3,438,218	AUD	5,210,000		03/18/26		$(38,865	)
	USD	5,167,903	CHF	4,090,000		03/18/26		(38,771	)
	USD	993,023	DKK	6,320,000		03/18/26		(5,932	)
	USD	19,038,850	EUR	16,240,000		03/18/26		(116,641	)
	USD	7,984,244	GBP	5,985,000		03/18/26		(81,551	)
	USD	346,829	ILS	1,120,000		03/18/26		(4,976	)
	USD	812,370	MXN	15,000,000		03/18/26		(14,205	)
	USD	1,721,748	SEK	16,050,000		03/18/26		(28,805	)
	USD	755,329	SGD	970,000		03/18/26		(3,166	)



TOTAL								$(332,912	)

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)

Long position contracts:
Euro Stoxx 50 Index		38		03/20/26		$2,608,450			$24,500
FTSE/JSE Top 40 Index		9		03/19/26		594,272			10,773
IFSC NIFTY 50 Index		122		01/27/26		6,411,222			(21,936	)
Mini-MDAX Index		16		03/20/26		581,019			9,311
MSCI EAFE Index		20		03/20/26		2,902,100			10,337
S&P 500 E-Mini Index		187		03/20/26		64,444,875			(683,914	)



Total									$(650,929	)



Short position contracts:
FTSE 100 Index		(21)		03/20/26		(2,813,995	)		(41,285	)
S&P Toronto Stock Exchange 60 Index		(11)		03/19/26		(2,984,358	)		(14,392	)



Total									$(55,677	)



TOTAL FUTURES CONTRACTS									$(706,606	)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at December 31, 2025^(b)	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)



Protection Purchased:
CDX.NA.HY Index 44	(5.000)%	3.168%	12/20/30		$5,130	$	(397,031	)	$	(375,886	)		$(21,145)

(a)

Payments made quarterly.

(b)

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate

Paid/(Received)

by the Fund^(a)

Counterparty

Termination
Date^#

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

SXDR Index

12MEURO+0.470%

JPMorgan Securities, Inc.

02/03/26

EUR

654

$ (4,201)

SXDR Index

12MEURO+0.480

JPMorgan Securities, Inc.

02/03/26

EUR

1,475

(9,507)

SXDR Index

12MEURO+0.495

MS & Co. Int. PLC

02/03/26

EUR

657

(4,260)

TOTAL

$(17,968)

(a)

Payments made quarterly.

There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
XLV Index	BofA Securities LLC		$135.000		06/18/2026		8,073			$ 108,985,500			$ 185,871			$ 88,226			$ 97,645



Written option contracts
Calls
XLV Index	BofA Securities LLC		146.000		06/18/2026		(16,146	)		(235,731,600	)		(222,500	)		(87,512	)		(134,988	)



TOTAL							(8,073	)		$(126,746,100	)		$ (36,629	)		$ 714			$ (37,343	)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
Call CHF/Put NOK	MS & Co. Int. PLC		$ 14.810		03/18/2026		710,000		$ 710,000		$ 44		$ 11,958		$ (11,914	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.888		03/18/2026		748,000		748,000		35		14,724		(14,689	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.209		06/17/2026		1,921,000		1,921,000		8,532		36,252		(27,720	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.297		09/16/2026		2,691,000		2,691,000		26,394		46,084		(19,690	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.658		12/16/2026		2,626,000		2,626,000		32,184		42,196		(10,012	)
Call CHF/Put SEK	MS & Co. Int. PLC		14.076		03/18/2026		819,000		819,000		1		13,517		(13,516	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.954		03/18/2026		856,000		856,000		1		13,237		(13,236	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.248		06/17/2026		2,182,000		2,182,000		2,201		40,803		(38,602	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.045		09/16/2026		3,088,000		3,088,000		14,612		46,284		(31,672	)
Call CHF/Put SEK	MS & Co. Int. PLC		12.920		12/16/2026		2,994,000		2,994,000		30,254		46,788		(16,534	)
Call EUR/Put GBP	MS & Co. Int. PLC		0.886		06/11/2026		1,000,000		1,000,000		10,344		14,894		(4,550	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.554		03/18/2026		82,317,000		82,317,000		136		8,379		(8,243	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.967		03/18/2026		81,755,000		81,755,000		29		9,779		(9,750	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.883		06/17/2026		167,485,000		167,485,000		1,296		17,114		(15,818	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.589		09/16/2026		247,647,000		247,647,000		7,626		22,528		(14,902	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.715		12/16/2026		253,495,000		253,495,000		11,158		21,668		(10,510	)
Call USD/Put CAD	MS & Co. Int. PLC		1.474		03/18/2026		2,586,000		2,586,000		109		22,527		(22,418	)
Call USD/Put CAD	MS & Co. Int. PLC		1.508		03/18/2026		2,596,000		2,596,000		13		25,711		(25,698	)
Call USD/Put CAD	MS & Co. Int. PLC		1.425		06/17/2026		6,042,000		6,042,000		13,135		39,998		(26,863	)
Call USD/Put CAD	MS & Co. Int. PLC		1.429		09/16/2026		8,647,000		8,647,000		31,518		56,413		(24,895	)
Call USD/Put CAD	MS & Co. Int. PLC		1.431		12/16/2026		8,126,000		8,126,000		41,337		50,552		(9,215	)
Call USD/Put CLP	MS & Co. Int. PLC		1,166.190		03/18/2026		881,000		881,000		8		16,876		(16,868	)
Call USD/Put CLP	MS & Co. Int. PLC		1,173.249		03/18/2026		944,000		944,000		6		17,226		(17,220	)
Call USD/Put CLP	MS & Co. Int. PLC		1,093.270		06/17/2026		1,987,000		1,987,000		2,766		34,292		(31,526	)
Call USD/Put CLP	MS & Co. Int. PLC		1,092.440		09/16/2026		2,742,000		2,742,000		10,219		47,352		(37,133	)
Call USD/Put CLP	MS & Co. Int. PLC		1,040.580		12/16/2026		3,400,000		3,400,000		35,717		49,548		(13,831	)
Call USD/Put KRW	MS & Co. Int. PLC		1,526.850		03/18/2026		627,000		627,000		837		8,765		(7,928	)
Call USD/Put KRW	MS & Co. Int. PLC		1,589.310		03/18/2026		586,000		586,000		93		8,673		(8,580	)
Call USD/Put KRW	MS & Co. Int. PLC		1,493.850		06/17/2026		1,382,000		1,382,000		11,198		17,911		(6,713	)
Call USD/Put KRW	MS & Co. Int. PLC		1,479.730		09/16/2026		2,095,000		2,095,000		30,028		21,620		8,408
Call USD/Put KRW	MS & Co. Int. PLC		1,581.730		12/16/2026		2,013,000		2,013,000		11,595		20,372		(8,777	)
Call USD/Put MXN	MS & Co. Int. PLC		26.302		03/18/2026		398,000		398,000		—		7,874		(7,874	)
Call USD/Put MXN	MS & Co. Int. PLC		25.536		03/18/2026		448,000		448,000		—		8,413		(8,413	)
Call USD/Put MXN	MS & Co. Int. PLC		22.541		06/17/2026		1,094,000		1,094,000		1,127		16,553		(15,426	)
Call USD/Put MXN	MS & Co. Int. PLC		21.614		09/15/2026		1,473,000		1,473,000		7,938		21,666		(13,728	)
Call USD/Put NOK	MS & Co. Int. PLC		12.700		03/18/2026		261,000		261,000		—		4,307		(4,307	)
Call USD/Put NOK	MS & Co. Int. PLC		12.959		03/18/2026		265,000		265,000		—		4,505		(4,505	)
Call USD/Put SEK	MS & Co. Int. PLC		12.199		03/18/2026		789,000		789,000		1		12,308		(12,307	)
Call USD/Put SEK	MS & Co. Int. PLC		12.275		03/18/2026		797,000		797,000		1		13,064		(13,063	)
Call USD/Put SEK	MS & Co. Int. PLC		10.537		06/17/2026		1,276,000		1,276,000		1,084		19,178		(18,094	)
Call USD/Put SEK	MS & Co. Int. PLC		10.074		09/16/2026		1,782,000		1,782,000		9,821		22,976		(13,155	)
Call USD/Put SEK	MS & Co. Int. PLC		10.040		12/16/2026		1,828,000		1,828,000		16,033		21,013		(4,980	)



							907,399,000		$907,399,000		$369,431		$ 995,898		$ (626,467	)



Puts
Put AUD/Call JPY	MS & Co. Int. PLC		84.720		03/18/2026		2,057,000		2,057,000		150		25,265		(25,115	)
Put AUD/Call JPY	MS & Co. Int. PLC		82.000		03/18/2026		2,222,000		2,222,000		62		27,670		(27,608	)
Put AUD/Call JPY	MS & Co. Int. PLC		81.740		06/17/2026		4,629,000		4,629,000		2,765		51,453		(48,688	)
Put AUD/Call JPY	MS & Co. Int. PLC		86.090		09/16/2026		6,660,000		6,660,000		18,814		67,287		(48,473	)
Put AUD/Call JPY	MS & Co. Int. PLC		90.000		12/16/2026		6,149,000		6,149,000		45,418		64,247		(18,829	)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)


Put AUD/Call USD	MS & Co. Int. PLC		$ 0.588		03/18/2026		830,000			$ 830,000			$ 82			$ 8,440			$ (8,358	)
Put AUD/Call USD	MS & Co. Int. PLC		0.571		03/18/2026		878,000			878,000			22			8,583			(8,561	)
Put AUD/Call USD	MS & Co. Int. PLC		0.597		06/17/2026		1,927,000			1,927,000			2,833			17,762			(14,929	)
Put AUD/Call USD	MS & Co. Int. PLC		0.613		09/16/2026		2,723,000			2,723,000			13,984			23,100			(9,116	)
Put AUD/Call USD	MS & Co. Int. PLC		0.607		12/16/2026		2,455,000			2,455,000			16,818			21,030			(4,212	)
Put CAD/Call JPY	MS & Co. Int. PLC		96.150		03/18/2026		1,068,000			1,068,000			28			14,136			(14,108	)
Put CAD/Call JPY	MS & Co. Int. PLC		93.500		03/18/2026		1,126,000			1,126,000			8			14,238			(14,230	)
Put CAD/Call JPY	MS & Co. Int. PLC		94.010		06/17/2026		2,336,000			2,336,000			822			25,872			(25,050	)
Put CAD/Call JPY	MS & Co. Int. PLC		95.680		09/16/2026		3,454,000			3,454,000			5,426			33,531			(28,105	)
Put CAD/Call JPY	MS & Co. Int. PLC		102.300		12/16/2026		3,429,000			3,429,000			23,824			30,886			(7,062	)
Put NZD/Call JPY	MS & Co. Int. PLC		77.160		03/18/2026		1,087,000			1,087,000			220			11,823			(11,603	)
Put NZD/Call JPY	MS & Co. Int. PLC		75.130		03/18/2026		1,177,000			1,177,000			112			12,790			(12,678	)
Put NZD/Call JPY	MS & Co. Int. PLC		75.890		06/17/2026		2,417,000			2,417,000			2,836			24,506			(21,670	)
Put NZD/Call JPY	MS & Co. Int. PLC		77.260		09/16/2026		3,551,000			3,551,000			11,492			30,931			(19,439	)
Put NZD/Call JPY	MS & Co. Int. PLC		79.800		12/16/2026		3,540,000			3,540,000			26,021			31,941			(5,920	)
Put NZD/Call USD	MS & Co. Int. PLC		0.535		03/18/2026		450,000			450,000			272			4,165			(3,893	)
Put NZD/Call USD	MS & Co. Int. PLC		0.522		03/18/2026		483,000			483,000			116			4,292			(4,176	)
Put NZD/Call USD	MS & Co. Int. PLC		0.554		06/17/2026		1,047,000			1,047,000			5,639			9,041			(3,402	)
Put NZD/Call USD	MS & Co. Int. PLC		0.550		09/16/2026		1,505,000			1,505,000			11,004			11,162			(158	)
Put NZD/Call USD	MS & Co. Int. PLC		0.537		12/16/2026		2,790,000			2,790,000			19,297			21,016			(1,719	)
Put USD/Call INR	MS & Co. Int. PLC		88.745		01/02/2026		1,930,000			1,930,000			2			8,299			(8,297	)



							61,920,000			$ 61,920,000			$208,067			$ 603,466			$ (395,399	)



Total purchased option contracts							969,319,000			$969,319,000			$577,498			$ 1,599,364			$(1,021,866	)



Written option contracts
Calls
Call EUR/Put GBP			0.908		06/11/2026		(1,000,000	)		(1,000,000	)		(4,193	)		(5,904	)		1,711



TOTAL							968,319,000			$968,319,000			$573,305			$1,593,460			$(1,020,155	)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)

Written option contracts
Calls
S&P 500 Index		$7,020.000		01/02/2026		(8	)		$ (5,616,000	)		$ (60	)		$ (602	)		$ 542
S&P 500 Index		7,015.000		01/05/2026		(8	)		(5,612,000	)		(40	)		(1,491	)		1,451
S&P 500 Index		6,990.000		01/07/2026		(8	)		(5,592,000	)		(480	)		(2,030	)		1,550
S&P 500 Index		7,125.000		01/07/2026		(6	)		(4,275,000	)		(30	)		(5,659	)		5,629
S&P 500 Index		7,050.000		01/14/2026		(6	)		(4,230,000	)		(1,515	)		(6,011	)		4,496
S&P 500 Index		7,125.000		01/21/2026		(6	)		(4,275,000	)		(1,380	)		(4,628	)		3,248
S&P 500 Index		7,150.000		01/28/2026		(6	)		(4,290,000	)		(2,910	)		(4,642	)		1,732

						(48	)		$(33,890,000	)		$(6,415	)		$(25,063	)		$18,648

Puts
S&P 500 Index		6,845.000		01/02/2026		(16	)		(10,952,000	)		(24,320	)		(14,993	)		(9,327	)
S&P 500 Index		6,845.000		01/05/2026		(16	)		(10,952,000	)		(35,760	)		(20,371	)		(15,389	)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)


Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
S&P 500 Index		$6,575.000		01/07/2026		(12	)		$ (7,890,000	)		$ (1,200	)		$ (43,238	)		$42,038
S&P 500 Index		6,805.000		01/07/2026		(16	)		(10,888,000	)		(28,560	)		(19,553	)		(9,007	)
S&P 500 Index		6,525.000		01/14/2026		(12	)		(7,830,000	)		(7,260	)		(42,012	)		34,752
S&P 500 Index		6,690.000		01/21/2026		(12	)		(8,028,000	)		(34,320	)		(26,622	)		(7,698	)
S&P 500 Index		6,675.000		01/28/2026		(12	)		(8,010,000	)		(44,940	)		(38,142	)		(6,798	)

						(96	)		$(64,550,000	)		$(176,360	)		$(204,931	)		$28,571

Total written option contracts						(144	)		$(98,440,000	)		$(182,775	)		$(229,994	)		$47,219

EXCHANGE TRADED OPTIONS ON FUTURES


Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)



Purchased option contracts
Calls
3 Month SOFR		$96.250		03/13/2026		112		$ 280,000		$ 67,200		$ 140,260		$ (73,060	)
3 Month SOFR		96.625		03/13/2026		92		230,000		9,200		137,063		(127,863	)
3 Month SOFR		96.750		03/13/2026		37		92,500		2,544		60,211		(57,667	)
3 Month SOFR		97.000		03/13/2026		147		367,500		5,513		64,634		(59,121	)
3 Month SOFR		97.500		03/13/2026		140		350,000		2,625		45,774		(43,149	)
3 Month SOFR		96.250		06/12/2026		101		252,500		112,363		143,604		(31,241	)
3 Month SOFR		96.500		06/12/2026		158		395,000		95,788		164,235		(68,447	)
3 Month SOFR		96.625		06/12/2026		87		217,500		39,150		137,227		(98,077	)
3 Month SOFR		96.750		06/12/2026		38		95,000		12,350		58,988		(46,638	)
3 Month SOFR		97.000		06/12/2026		88		220,000		15,950		58,472		(42,522	)
3 Month SOFR		97.125		06/12/2026		74		185,000		10,175		38,070		(27,895	)
3 Month SOFR		97.250		06/12/2026		72		180,000		8,100		34,341		(26,241	)
3 Month SOFR		96.375		09/11/2026		101		252,500		125,619		145,422		(19,803	)
3 Month SOFR		96.500		09/11/2026		311		777,500		312,944		348,710		(35,766	)
3 Month SOFR		96.625		09/11/2026		83		207,500		66,400		138,180		(71,780	)
3 Month SOFR		97.000		09/11/2026		123		307,500		49,200		95,566		(46,366	)
3 Month SOFR		97.250		09/11/2026		56		140,000		14,700		36,510		(21,810	)
3 Month SOFR		96.000		12/11/2026		177		442,500		400,463		356,559		43,904
3 Month SOFR		96.375		12/11/2026		96		240,000		136,200		149,023		(12,823	)
3 Month SOFR		96.500		12/11/2026		393		982,500		466,688		503,608		(36,920	)
3 Month SOFR		96.000		03/12/2027		172		430,000		397,750		361,537		36,213
3 Month SOFR		96.250		03/12/2027		63		157,500		111,431		126,123		(14,692	)
3 Month SOFR		96.500		03/12/2027		315		787,500		409,500		411,905		(2,405	)
3 Month SOFR		97.250		03/12/2027		269		672,500		127,775		126,652		1,123
3 Month SOFR		96.000		06/11/2027		153		382,500		356,681		329,250		27,431
3 Month SOFR		96.250		06/11/2027		63		157,500		114,581		129,273		(14,692	)
3 Month SOFR		96.500		06/11/2027		285		712,500		391,875		397,796		(5,921	)
3 Month SOFR		96.250		09/10/2027		64		160,000		117,200		129,725		(12,525	)
3 Month SOFR		96.500		09/10/2027		152		380,000		214,700		222,598		(7,898	)
3 Month SOFR		96.500		12/10/2027		188		470,000		265,550		282,368		(16,818	)
3 Month SOFR		96.375		03/10/2028		166		415,000		261,450		280,450		(19,000	)



TOTAL						4,376		$10,940,000		$4,721,665		$5,654,134		$(932,469	)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)




Currency Abbreviations:
AUD		—Australian Dollar
CHF		—Swiss Franc
DKK		—Denmark Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
ILS		—Israeli Shekel
JPY		—Japanese Yen
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
SGD		—Singapore Dollar
USD		—U.S. Dollar





Investment Abbreviations:
ETF		—Exchange Traded Fund
MSCI		—Morgan Stanley Capital International
SPDR		—Standard and Poor’s Depository Receipt





Abbreviations:
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.HY Ind 44		—CDX North America High Yield Index 44
EURO		—Euro Offered Rate
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Assets and Liabilities

December 31, 2025


	Conservative Allocation Fund	Dynamic Global Equity Fund

Assets:

Investments in affiliated issuers, at value (cost $523,911,227 and $319,432,734, respectively)	$577,753,897		$415,387,398
Investments in unaffiliated issuers, at value (cost $10,905,422 and $7,748,789, respectively)	11,425,071		7,961,230
Purchased options, at value (premium paid $3,530,050 and $3,719,039, respectively)	2,485,806		2,591,554
Cash	9,094,007		6,594,891
Foreign currencies, at value (cost $307,188 and $252,859, respectively)	313,358		253,232
Unrealized gain on forward foreign currency exchange contracts	106,113		43,451
Variation margin on swaps contracts	2,385		—
Receivables:
Collateral on certain derivative contracts^(a)	8,549,703		9,439,602
Dividends	1,012,766		32,716
Fund shares sold	370,538		4,183
Due from broker - upfront payment	186,660		—
Investments sold	38,834		43,234
Other assets	71,930		74,086

Total assets	611,411,068		442,425,577



Liabilities:

Variation margin on futures contracts	304,949		454,264
Written option contracts, at value (premium received $192,606 and $154,302, respectively)	242,556		123,673
Unrealized loss on forward foreign currency exchange contracts	193,842		64,168
Unrealized loss on swap contracts	10,364		—
Payables:
Investments purchased	744,582		32,717
Fund shares redeemned	318,600		86,262
Management fees	44,809		33,447
Distribution and Service fees and Transfer Agency fees	27,700		40,763
Income distributions	2,889		—
Due to broker	—		270,000
Accrued printing and mailing fees	55,296		69,507
Accrued expenses	124,826		126,629

Total liabilities	2,070,413		1,301,430



Net Assets:

Paid-in capital	558,997,545		340,450,867
Total distributable earnings	50,343,110		100,673,280

NET ASSETS	$609,340,655		$441,124,147
Net Assets:
Class A	$81,856,020		$178,289,439
Class C	2,558,098		7,508,491
Institutional	451,826,210		20,397,823
Service	289,774		216,644
Investor	2,404,368		8,738,236
Class R6	2,808,482		1,608,020
Class R	11,375,510		6,293,837
Class P	56,222,193		218,071,657
Total Net Assets	$609,340,655		$441,124,147
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A	6,462,380		7,872,007
Class C	201,336		347,810
Institutional	35,687,800		881,577
Service	22,511		9,572
Investor	190,877		394,699
Class R6	221,677		69,231
Class R	903,199		282,185
Class P	4,438,705		9,414,499
Net asset value, offering and redemption price per share:^(b)
Class A	12.67		22.65
Class C	12.71		21.59
Institutional	12.66		23.14
Service	12.87		22.63
Investor	12.60		22.14
Class R6	12.67		23.23
Class R	12.59		22.30
Class P	12.67		23.16

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Forwards		Options
Conservative Allocation Fund		$2,415,072		$155,280		$740,000		$5,239,351
Dynamic Global Equity Fund		3,394,278		220,000		—		5,825,324

(b)

Maximum public offering price per share for Class A Shares of the Conservative Allocation and Dynamic Global Equity Funds is $13.41 and $23.97, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Assets and Liabilities (continued)

December 31, 2025


	Growth Allocation Fund		Moderate Allocation Fund

Assets:

Investments in affiliated issuers, at value (cost $823,745,648 and $850,322,556, respectively)		$1,047,480,502		$1,010,397,758
Investments in unaffiliated issuers, at value (cost $17,322,548 and $18,738,179, respectively)		18,253,153		19,537,624
Purchased options, at value (premium paid $8,145,953 and $7,341,724, respectively)		6,046,888		5,485,034
Cash		16,687,312		15,931,388
Foreign currencies, at value (cost $450,165 and $433,356, respectively)		434,985		419,606
Unrealized gain on forward foreign currency exchange contracts		197,949		187,075
Variation margin on swaps contracts		4,383		4,209
Receivables:
Collateral on certain derivative contracts^(a)		15,441,064		13,544,999
Investments sold		11,085,500		64,367
Fund shares sold		2,700,367		830,024
Interest and dividends		732,935		1,097,061
Due from broker - upfront payment		333,387		323,615
Reimbursement from investment adviser		—		33,140
Other assets		76,470		75,708

Total assets		1,119,474,895		1,067,931,608



Liabilities:

Variation margin on futures contracts		487,329		549,673
Written option contracts, at value (premium received $401,771 and $323,410, respectively)		474,816		409,468
Unrealized loss on forward foreign currency exchange contracts		353,921		332,912
Unrealized loss on swap contracts		18,511		17,968
Payables:
Fund shares redeemned		474,977		149,987
Investments purchased		335,665		924,567
Due to broker		310,000		290,000
Distribution and Service fees and Transfer Agency fees		83,733		61,374
Management fees		73,269		69,639
Accrued expenses		196,285		172,383

Total liabilities		2,808,506		2,977,971



Net Assets:

Paid-in capital		882,144,701		899,125,674
Total distributable earnings		234,521,688		165,827,963

NET ASSETS		$1,116,666,389		$1,064,953,637
Net Assets:
Class A		$362,343,270		$251,630,762
Class C		12,056,322		5,213,063
Institutional		321,699,969		480,236,382
Service		1,934,777		1,960,801
Investor		10,058,118		11,769,919
Class R6		11,522,059		6,032,441
Class R		8,574,032		4,655,726
Class P		388,477,842		303,454,543
Total Net Assets		$1,116,666,389		$1,064,953,637
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		17,907,671		15,327,465
Class C		576,142		329,193
Institutional		15,902,204		29,132,202
Service		95,903		119,817
Investor		506,860		721,874
Class R6		569,307		366,153
Class R		442,129		286,869
Class P		19,191,928		18,423,272
Net asset value, offering and redemption price per share:^(b)
Class A		20.23		16.42
Class C		20.93		15.84
Institutional		20.23		16.48
Service		20.17		16.36
Investor		19.84		16.30
Class R6		20.24		16.48
Class R		19.39		16.23
Class P		20.24		16.47

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Forwards		Options
Growth Allocation Fund		$2,859,534		$284,946		$1,190,000		$11,106,584
Moderate Allocation Fund		3,695,305		273,740		1,110,000		8,465,954

(b)

Maximum public offering price per share for Class A Shares of the Growth Allocation and Moderate Allocation Funds is $21.41 and $17.38, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Operations

For the Fiscal Year Ended December 31, 2025


	Conservative Allocation Fund	Dynamic Global Equity Fund

Investment Income:

Dividends — affiliated issuers	$15,653,034		$ 6,052,293
Dividends — unaffiliated issuers	135,221		110,836
Interest	81,427		107,791


Total investment income	15,869,682		6,270,920



Expenses:

Management fees	848,220		610,086
Transfer Agency fees^(a)	327,293		352,399
Distribution and Service (12b-1) fees^(a)	274,677		507,224
Custody, accounting and administrative services	176,037		164,682
Registration fees	118,954		125,950
Professional fees	118,183		121,596
Printing and mailing costs	79,296		96,279
Trustee fees	28,055		27,733
Service fees — Class C	6,103		16,349
Shareholder Administration fees —Service Class	695		524
Other	20,256		18,016


Total expenses	1,997,769		2,040,838


Less — expense reductions	(518,144)		(539,818	)


Net expenses	1,479,625		1,501,020


NET INVESTMENT INCOME	14,390,057		4,769,900



Realized and unrealized gain (loss):

Capital Gains Distributions	7,500,512		13,416,087
Net realized gain (loss) from:
Investments — unaffiliated issuers	—		(20,818	)
Investments — affiliated issuers	(3,297,565)		35,852,514
Purchased options	(1,966,121)		(1,973,493	)
Futures contracts	1,711,244		3,472,134
Written options	1,693,561		2,038,109
Swap contracts	(187,494)		—
Forward foreign currency exchange contracts	(1,852,381)		(764,148	)
Foreign currency transactions	28,142		(173	)
Net change in unrealized gain (loss) on:
Investments — affiliated issuers	45,063,352		21,353,547
Investments — unaffiliated issuers	560,960		146,077
Purchased options	636,515		514,828
Futures contracts	558,064		1,209,823
Written options	5,438		144,352
Swap contracts	(28,010)		—
Forward foreign currency exchange contracts	(1,125,738)		(121,658	)
Foreign currency translation	9,131		(14,112	)


Net realized and unrealized gain	49,309,610		75,253,069


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$63,699,667		$80,022,969

(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		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Conservative Allocation Fund	$	204,707	$	18,309	$	695	$	50,966	$	122,824	$	3,662	$	165,284	$	111	$	3,599	$	626	$	15,290	$	15,897
Dynamic Global Equity Fund		424,769		49,048		524		32,883		254,861		9,810		7,278		84		11,140		614		9,865		58,747


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended December 31, 2025


	Growth Allocation Fund			Moderate Allocation Fund

Investment Income:

Dividends — affiliated issuers		$ 20,128,308			$ 22,636,221
Dividends — unaffiliated issuers		218,503			232,470
Interest		92,954			114,981


Total investment income		20,439,765			22,983,672



Expenses:

Management fees		1,522,121			1,472,959
Distribution and Service (12b-1) fees^(a)		1,003,653			676,255
Transfer Agency fees^(a)		785,593			656,841
Custody, accounting and administrative services		195,499			202,504
Registration fees		136,249			126,772
Professional fees		118,183			118,214
Printing and mailing costs		112,151			98,182
Service fees — Class C		30,687			12,407
Trustee fees		28,942			28,881
Shareholder Administration fees —Service Class		4,884			4,798
Other		23,774			70,036


Total expenses		3,961,736			3,467,849


Less — expense reductions		(577,692	)		(606,000	)


Net expenses		3,384,044			2,861,849


NET INVESTMENT INCOME		17,055,721			20,121,823



Realized and unrealized gain (loss):

Capital Gains Distributions		26,869,522			19,625,645
Net realized gain (loss) from:
Investments — unaffiliated issuers		(18,372	)		72
Investments — affiliated issuers		6,658,963			(3,140,495	)
Purchased options		(3,853,042	)		(3,290,547	)
Futures contracts		234,829			3,316,589
Written options		3,981,549			2,944,715
Swap contracts		(313,626	)		(314,791	)
Forward foreign currency exchange contracts		(2,878,668	)		(2,801,011	)
Foreign currency transactions		35,821			21,559
Net change in unrealized gain (loss) on:
Investments — affiliated issuers		127,706,701			106,771,556
Investments — unaffiliated issuers		984,147			876,396
Purchased options		1,280,676			1,019,052
Futures contracts		979,040			827,045
Written options		86,149			17,537
Swap contracts		(39,742	)		(43,273	)
Forward foreign currency exchange contracts		(1,788,257	)		(1,651,497	)
Foreign currency translation		19,436			15,376


Net realized and unrealized gain		159,945,126			124,193,928


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$177,000,847			$144,315,751

(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		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Growth Allocation Fund	$	867,885	$	92,059	$	4,884	$	38,825	$	520,731	$	18,412	$	112,672	$	782	$	15,216	$	3,206	$	11,647	$	102,927
Moderate Allocation Fund		612,010		37,223		4,798		22,224		367,206		7,445		172,902		768		17,222		892		6,667		83,739


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Changes in Net Assets


	Conservative Allocation Fund						Dynamic Global Equity Fund
	For the Fiscal Year Ended December 31, 2025			For the Fiscal Year Ended December 31, 2024			For the Fiscal Year Ended December 31, 2025			For the Fiscal Year Ended December 31, 2024

From operations:

Net investment income		$ 14,390,057			$ 17,026,521			$ 4,769,900			$ 5,197,134

Net realized gain		3,629,898			33,651,854			52,020,212			25,350,333

Net change in unrealized gain (loss)		45,679,712			(6,678,737	)		23,232,857			26,070,395


Net increase in net assets resulting from operations		63,699,667			43,999,638			80,022,969			56,617,862



Distributions to shareholders:

From distributable earnings:

Class A Shares		(4,687,220	)		(3,097,514	)		(23,261,726	)		(13,830,894	)

Class C Shares		(126,309	)		(73,179	)		(947,271	)		(507,496	)

Institutional Shares		(25,822,466	)		(15,871,821	)		(2,635,364	)		(1,449,576	)

Service Shares		(15,895	)		(9,623	)		(28,402	)		(22,037	)

Investor Shares		(145,444	)		(114,172	)		(1,166,046	)		(515,083	)

Class R6 Shares		(152,088	)		(81,974	)		(203,257	)		(320,861	)

Class R Shares		(603,965	)		(330,573	)		(812,623	)		(525,970	)

Class P Shares		(3,323,767	)		(2,050,871	)		(28,461,946	)		(14,588,753	)


Total distributions to shareholders		(34,877,154	)		(21,629,727	)		(57,516,635	)		(31,760,670	)



From share transactions:

Proceeds from sales of shares		128,319,346			112,974,795			35,661,830			35,787,441

Reinvestment of distributions		34,604,828			21,451,876			55,882,235			30,814,633

Cost of shares redeemed		(136,857,661	)		(143,120,438	)		(50,207,520	)		(42,258,961	)


Net increase (decrease) in net assets resulting from share transactions		26,066,513			(8,693,767	)		41,336,545			24,343,113


TOTAL INCREASE		54,889,026			13,676,144			63,842,879			49,200,305



Net assets:

Beginning of year		554,451,629			540,775,485			377,281,268			328,080,963


End of year		$609,340,655			$554,451,629			$441,124,147			$377,281,268


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Changes in Net Assets (continued)


	Growth Allocation Fund						Moderate Allocation Fund
	For the Fiscal Year Ended December 31, 2025			For the Fiscal Year Ended December 31, 2024			For the Fiscal Year Ended December 31, 2025			For the Fiscal Year Ended December 31, 2024

From operations:

Net investment income		$ 17,055,721			$ 15,816,888			$ 20,121,823			$ 21,424,112

Net realized gain		30,716,976			101,355,083			16,361,736			78,121,611

Net change in unrealized gain (loss)		129,228,150			4,635,907			107,832,192			(4,744,044	)


Net increase in net assets resulting from operations		177,000,847			121,807,878			144,315,751			94,801,679



Distributions to shareholders:

From distributable earnings:

Class A Shares		(38,563,650	)		(24,432,505	)		(20,394,019	)		(15,280,178	)

Class C Shares		(1,205,902	)		(791,160	)		(397,428	)		(297,459	)

Institutional Shares		(32,975,231	)		(20,416,437	)		(38,738,397	)		(25,234,032	)

Service Shares		(214,448	)		(139,339	)		(160,003	)		(120,291	)

Investor Shares		(1,143,978	)		(733,133	)		(1,004,811	)		(582,259	)

Class R6 Shares		(1,175,183	)		(748,409	)		(432,387	)		(169,737	)

Class R Shares		(922,815	)		(527,750	)		(364,174	)		(271,651	)

Class P Shares		(41,917,016	)		(23,479,850	)		(25,020,769	)		(16,974,710	)


Total distributions to shareholders		(118,118,223	)		(71,268,583	)		(86,511,988	)		(58,930,317	)



From share transactions:

Proceeds from sales of shares		148,639,351			130,500,565			171,747,875			139,264,309

Reinvestment of distributions		115,194,297			69,362,432			85,201,912			57,915,430

Cost of shares redeemed		(177,426,852	)		(127,921,939	)		(179,602,133	)		(144,370,201	)


Net increase in net assets resulting from share transactions		86,406,796			71,941,058			77,347,654			52,809,538


TOTAL INCREASE		145,289,420			122,480,353			135,151,417			88,680,900



Net assets:

Beginning of year		971,376,969			848,896,616			929,802,220			841,121,320


End of year		$1,116,666,389			$971,376,969			$1,064,953,637			$929,802,220


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year


	Conservative Allocation Fund

	Class A Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	12.04			$	11.54			$	10.49			$	12.82			$	12.64


Net investment income^(a)(b)			0.28				0.34				0.23				0.22				0.24

Net realized and unrealized gain (loss)			1.08				0.60				1.02				(2.02	)			0.71


Total from investment operations			1.36				0.94				1.25				(1.80	)			0.95


Distributions to shareholders from net investment income			(0.33	)			(0.44	)			(0.20	)			(0.39	)			(0.34	)

Distributions to shareholders from net realized gains			(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.73	)			(0.44	)			(0.20	)			(0.53	)			(0.77	)


Net asset value, end of year		$	12.67			$	12.04			$	11.54			$	10.49			$	12.82


Total return^(c)			11.48	%			8.22	%			12.07	%			(14.09	)%			7.53	%


Net assets, end of year (in 000s)		$	81,856			$	83,765			$	88,066			$	88,939			$	113,820

Ratio of net expenses to average net assets^(d)			0.55	%			0.55	%			0.56	%			0.56	%			0.56	%

Ratio of total expenses to average net assets^(d)			0.65	%			0.63	%			0.63	%			0.63	%			0.61	%

Ratio of net investment income to average net assets^(b)			2.23	%			2.84	%			2.12	%			1.91	%			1.84	%

Portfolio turnover rate^(e)			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

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

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

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


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Conservative Allocation Fund

	Class C Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	12.07			$	11.57			$	10.51			$	12.83			$	12.67


Net investment income^(a)(b)			0.19				0.25				0.14				0.11				0.12

Net realized and unrealized gain (loss)			1.09				0.60				1.03				(1.99	)			0.73


Total from investment operations			1.28				0.85				1.17				(1.88	)			0.85


Distributions to shareholders from net investment income			(0.24	)			(0.35	)			(0.11	)			(0.30	)			(0.26	)

Distributions to shareholders from net realized gains			(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.64	)			(0.35	)			(0.11	)			(0.44	)			(0.69	)


Net asset value, end of year		$	12.71			$	12.07			$	11.57			$	10.51			$	12.83


Total return^(c)			10.71	%			7.36	%			11.24	%			(14.70	)%			6.73	%


Net assets, end of year (in 000s)		$	2,558			$	2,529			$	2,801			$	3,740			$	6,678

Ratio of net expenses to average net assets^(d)			1.30	%			1.30	%			1.31	%			1.31	%			1.31	%

Ratio of total expenses to average net assets^(d)			1.40	%			1.38	%			1.38	%			1.38	%			1.36	%

Ratio of net investment income to average net assets^(b)			1.49	%			2.04	%			1.31	%			0.98	%			0.91	%

Portfolio turnover rate^(e)			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Conservative Allocation Fund

	Institutional Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	12.03			$	11.54			$	10.49			$	12.81			$	12.63


Net investment income^(a)(b)			0.33				0.38				0.27				0.27				0.29

Net realized and unrealized gain (loss)			1.08				0.60				1.02				(2.02	)			0.71


Total from investment operations			1.41				0.98				1.29				(1.75	)			1.00


Distributions to shareholders from net investment income			(0.38	)			(0.49	)			(0.24	)			(0.43	)			(0.39	)

Distributions to shareholders from net realized gains			(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.78	)			(0.49	)			(0.24	)			(0.57	)			(0.82	)


Net asset value, end of year		$	12.66			$	12.03			$	11.54			$	10.49			$	12.81


Total return^(c)			11.89	%			8.52	%			12.48	%			(13.69	)%			7.93	%


Net assets, end of year (in 000s)		$	451,826			$	403,771			$	381,220			$	355,310			$	426,392

Ratio of net expenses to average net assets^(d)			0.19	%			0.19	%			0.19	%			0.19	%			0.19	%

Ratio of total expenses to average net assets^(d)			0.29	%			0.27	%			0.27	%			0.27	%			0.25	%

Ratio of net investment income to average net assets^(b)			2.62	%			3.18	%			2.49	%			2.31	%			2.23	%

Portfolio turnover rate^(e)			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Conservative Allocation Fund

	Service Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	12.22			$	11.71			$	10.64			$	12.99			$	12.79


Net investment income^(a)(b)			0.27				0.31				0.22				0.21				0.22

Net realized and unrealized gain (loss)			1.10				0.62				1.04				(2.05	)			0.73


Total from investment operations			1.37				0.93				1.26				(1.84	)			0.95


Distributions to shareholders from net investment income			(0.32	)			(0.42	)			(0.19	)			(0.37	)			(0.32	)

Distributions to shareholders from net realized gains			(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.72	)			(0.42	)			(0.19	)			(0.51	)			(0.75	)


Net asset value, end of year		$	12.87			$	12.22			$	11.71			$	10.64			$	12.99


Total return^(c)			11.32	%			8.00	%			11.94	%			(14.18	)%			7.44	%


Net assets, end of year (in 000s)		$	290			$	268			$	351			$	319			$	388

Ratio of net expenses to average net assets^(d)			0.69	%			0.69	%			0.69	%			0.69	%			0.69	%

Ratio of total expenses to average net assets^(d)			0.79	%			0.77	%			0.77	%			0.77	%			0.75	%

Ratio of net investment income to average net assets^(b)			2.11	%			2.59	%			2.00	%			1.82	%			1.67	%

Portfolio turnover rate^(e)			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Conservative Allocation Fund

	Investor Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	11.98			$	11.48			$	10.44			$	12.76			$	12.58


Net investment income^(a)(b)			0.31				0.36				0.26				0.23				0.28

Net realized and unrealized gain (loss)			1.07				0.62				1.01				(1.99	)			0.70


Total from investment operations			1.38				0.98				1.27				(1.76	)			0.98


Distributions to shareholders from net investment income			(0.36	)			(0.48	)			(0.23	)			(0.42	)			(0.37	)

Distributions to shareholders from net realized gains			(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.76	)			(0.48	)			(0.23	)			(0.56	)			(0.80	)


Net asset value, end of year		$	12.60			$	11.98			$	11.48			$	10.44			$	12.76


Total return^(c)			11.83	%			8.44	%			12.32	%			(13.79	)%			7.75	%


Net assets, end of year (in 000s)		$	2,404			$	2,788			$	2,967			$	3,110			$	5,430

Ratio of net expenses to average net assets^(d)			0.30	%			0.30	%			0.31	%			0.31	%			0.31	%

Ratio of total expenses to average net assets^(d)			0.40	%			0.38	%			0.38	%			0.38	%			0.36	%

Ratio of net investment income to average net assets^(b)			2.48	%			3.00	%			2.36	%			2.01	%			2.13	%

Portfolio turnover rate^(e)			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Conservative Allocation Fund

	Class R6 Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	12.04			$	11.54			$	10.50			$	12.82			$	12.63


Net investment income^(a)(b)			0.34				0.39				0.27				0.37				0.21

Net realized and unrealized gain (loss)			1.07				0.60				1.02				(2.12	)			0.79


Total from investment operations			1.41				0.99				1.29				(1.75	)			1.00


Distributions to shareholders from net investment income			(0.38	)			(0.49	)			(0.25	)			(0.43	)			(0.38	)

Distributions to shareholders from net realized gains			(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.78	)			(0.49	)			(0.25	)			(0.57	)			(0.81	)


Net asset value, end of year		$	12.67			$	12.04			$	11.54			$	10.50			$	12.82


Total return^(c)			11.89	%			8.61	%			12.38	%			(13.66	)%			8.00	%


Net assets, end of year (in 000s)		$	2,808			$	2,034			$	2,217			$	2,061			$	277

Ratio of net expenses to average net assets^(d)			0.18	%			0.18	%			0.18	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.27	%			0.26	%			0.26	%			0.26	%			0.24	%

Ratio of net investment income to average net assets^(b)			2.70	%			3.21	%			2.50	%			3.28	%			1.64	%

Portfolio turnover rate^(e)			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Conservative Allocation Fund

	Class R Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	11.98			$	11.48			$	10.44			$	12.76			$	12.58


Net investment income^(a)(b)			0.25				0.30				0.21				0.19				0.22

Net realized and unrealized gain (loss)			1.06				0.61				1.01				(2.01	)			0.70


Total from investment operations			1.31				0.91				1.22				(1.82	)			0.92


Distributions to shareholders from net investment income			(0.30	)			(0.41	)			(0.18	)			(0.36	)			(0.31	)

Distributions to shareholders from net realized gains			(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.70	)			(0.41	)			(0.18	)			(0.50	)			(0.74	)


Net asset value, end of year		$	12.59			$	11.98			$	11.48			$	10.44			$	12.76


Total return^(c)			11.12	%			7.97	%			11.77	%			(14.30	)%			7.32	%


Net assets, end of year (in 000s)		$	11,376			$	9,452			$	10,544			$	8,693			$	10,837

Ratio of net expenses to average net assets^(d)			0.80	%			0.80	%			0.81	%			0.81	%			0.81	%

Ratio of total expenses to average net assets^(d)			0.90	%			0.88	%			0.88	%			0.88	%			0.86	%

Ratio of net investment income to average net assets^(b)			2.03	%			2.54	%			1.90	%			1.67	%			1.65	%

Portfolio turnover rate^(e)			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Conservative Allocation Fund

	Class P Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	12.04			$	11.54			$	10.49			$	12.82			$	12.64


Net investment income^(a)(b)			0.33				0.39				0.27				0.28				0.29

Net realized and unrealized gain (loss)			1.08				0.60				1.03				(2.04	)			0.71


Total from investment operations			1.41				0.99				1.30				(1.76	)			1.00


Distributions to shareholders from net investment income			(0.38	)			(0.49	)			(0.25	)			(0.43	)			(0.39	)

Distributions to shareholders from net realized gains			(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.78	)			(0.49	)			(0.25	)			(0.57	)			(0.82	)


Net asset value, end of year		$	12.67			$	12.04			$	11.54			$	10.49			$	12.82


Total return^(c)			11.89	%			8.62	%			12.49	%			(13.75	)%			7.94	%


Net assets, end of year (in 000s)		$	56,222			$	49,844			$	52,609			$	59,472			$	53,299

Ratio of net expenses to average net assets^(d)			0.18	%			0.18	%			0.18	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.28	%			0.26	%			0.26	%			0.26	%			0.24	%

Ratio of net investment income to average net assets^(b)			2.62	%			3.26	%			2.50	%			2.46	%			2.24	%

Portfolio turnover rate^(e)			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Dynamic Global Equity Fund

	Class A Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	21.39			$	19.79			$	17.31			$	22.80			$	21.36


Net investment income^(a)(b)			0.22				0.28				0.31				0.28				0.31

Net realized and unrealized gain (loss)			4.31				3.21				3.16				(4.67	)			3.96


Total from investment operations			4.53				3.49				3.47				(4.39	)			4.27


Distributions to shareholders from net investment income			(0.51	)			(0.64	)			(0.31	)			(0.52	)			(1.01	)

Distributions to shareholders from net realized gains			(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				(0.03	)			—


Total distributions			(3.27	)			(1.89	)			(0.99	)			(1.10	)			(2.83	)


Net asset value, end of year		$	22.65			$	21.39			$	19.79			$	17.31			$	22.80


Total return^(c)			21.24	%			17.35	%			20.22	%			(19.31	)%			20.07	%


Net assets, end of year (in 000s)		$	178,289			$	165,333			$	155,912			$	140,666			$	185,213

Ratio of net expenses to average net assets^(d)			0.55	%			0.55	%			0.56	%			0.56	%			0.56	%

Ratio of total expenses to average net assets^(d)			0.69	%			0.67	%			0.70	%			0.70	%			0.60	%

Ratio of net investment income to average net assets^(b)			0.97	%			1.27	%			1.62	%			1.42	%			1.29	%

Portfolio turnover rate^(e)			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Dynamic Global Equity Fund

	Class C Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	20.56			$	19.09			$	16.72			$	22.04			$	20.71


Net investment income^(a)(b)			0.02				0.12				0.15				0.11				0.10

Net realized and unrealized gain (loss)			4.15				3.07				3.06				(4.49	)			3.86


Total from investment operations			4.17				3.19				3.21				(4.38	)			3.96


Distributions to shareholders from net investment income			(0.38	)			(0.47	)			(0.16	)			(0.37	)			(0.81	)

Distributions to shareholders from net realized gains			(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				(0.02	)			—


Total distributions			(3.14	)			(1.72	)			(0.84	)			(0.94	)			(2.63	)


Net asset value, end of year		$	21.59			$	20.56			$	19.09			$	16.72			$	22.04


Total return^(c)			20.33	%			16.43	%			19.37	%			(19.91	)%			19.19	%


Net assets, end of year (in 000s)		$	7,508			$	6,317			$	6,436			$	6,659			$	10,309

Ratio of net expenses to average net assets^(d)			1.30	%			1.30	%			1.31	%			1.31	%			1.31	%

Ratio of total expenses to average net assets^(d)			1.44	%			1.42	%			1.45	%			1.45	%			1.35	%

Ratio of net investment income to average net assets^(b)			0.11	%			0.55	%			0.81	%			0.59	%			0.45	%

Portfolio turnover rate^(e)			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Dynamic Global Equity Fund

	Institutional Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	21.78			$	20.12			$	17.58			$	23.13			$	21.63


Net investment income^(a)(b)			0.32				0.36				0.38				0.35				0.39

Net realized and unrealized gain (loss)			4.39				3.27				3.22				(4.73	)			4.03


Total from investment operations			4.71				3.63				3.60				(4.38	)			4.42


Distributions to shareholders from net investment income			(0.59	)			(0.72	)			(0.38	)			(0.58	)			(1.10	)

Distributions to shareholders from net realized gains			(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				(0.04	)			—


Total distributions			(3.35	)			(1.97	)			(1.06	)			(1.17	)			(2.92	)


Net asset value, end of year		$	23.14			$	21.78			$	20.12			$	17.58			$	23.13


Total return^(c)			21.69	%			17.75	%			20.65	%			(18.98	)%			20.50	%


Net assets, end of year (in 000s)		$	20,398			$	16,971			$	16,692			$	14,970			$	19,052

Ratio of net expenses to average net assets^(d)			0.19	%			0.19	%			0.20	%			0.19	%			0.19	%

Ratio of total expenses to average net assets^(d)			0.33	%			0.31	%			0.33	%			0.33	%			0.24	%

Ratio of net investment income to average net assets^(b)			1.37	%			1.60	%			1.99	%			1.80	%			1.62	%

Portfolio turnover rate^(e)			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Dynamic Global Equity Fund

	Service Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	21.38			$	19.79			$	17.30			$	22.78			$	21.35


Net investment income^(a)(b)			0.19				0.24				0.27				0.25				0.29

Net realized and unrealized gain (loss)			4.30				3.21				3.18				(4.66	)			3.94


Total from investment operations			4.49				3.45				3.45				(4.41	)			4.23


Distributions to shareholders from net investment income			(0.48	)			(0.61	)			(0.28	)			(0.52	)			(0.98	)

Distributions to shareholders from net realized gains			(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)


Total distributions			(3.24	)			(1.86	)			(0.96	)			(1.07	)			(2.80	)


Net asset value, end of year		$	22.63			$	21.38			$	19.79			$	17.30			$	22.78


Total return^(c)			21.05	%			17.14	%			20.09	%			(19.39	)%			19.90	%


Net assets, end of year (in 000s)		$	217			$	266			$	252			$	244			$	310

Ratio of net expenses to average net assets^(d)			0.69	%			0.69	%			0.70	%			0.69	%			0.69	%

Ratio of total expenses to average net assets^(d)			0.83	%			0.81	%			0.83	%			0.83	%			0.74	%

Ratio of net investment income to average net assets^(b)			0.81	%			1.12	%			1.45	%			1.30	%			1.21	%

Portfolio turnover rate^(e)			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Dynamic Global Equity Fund

	Investor Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	20.96			$	19.43			$	17.01			$	22.43			$	21.05


Net investment income^(a)(b)			0.30				0.31				0.35				0.33				0.38

Net realized and unrealized gain (loss)			4.21				3.16				3.11				(4.60	)			3.89


Total from investment operations			4.51				3.47				3.46				(4.27	)			4.27


Distributions to shareholders from net investment income			(0.57	)			(0.69	)			(0.36	)			(0.56	)			(1.07	)

Distributions to shareholders from net realized gains			(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				(0.04	)			—


Total distributions			(3.33	)			(1.94	)			(1.04	)			(1.15	)			(2.89	)


Net asset value, end of year		$	22.14			$	20.96			$	19.43			$	17.01			$	22.43


Total return^(c)			21.52	%			17.63	%			20.52	%			(19.08	)%			20.36	%


Net assets, end of year (in 000s)		$	8,738			$	5,931			$	5,682			$	4,888			$	5,797

Ratio of net expenses to average net assets^(d)			0.30	%			0.30	%			0.31	%			0.31	%			0.31	%

Ratio of total expenses to average net assets^(d)			0.44	%			0.42	%			0.45	%			0.45	%			0.35	%

Ratio of net investment income to average net assets^(b)			1.31	%			1.45	%			1.90	%			1.72	%			1.61	%

Portfolio turnover rate^(e)			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Dynamic Global Equity Fund

	Class R6 Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	21.85			$	20.18			$	17.63			$	23.14			$	21.63


Net investment income^(a)(b)			0.24				0.35				0.39				0.01				0.40

Net realized and unrealized gain (loss)			4.49				3.29				3.22				(4.39	)			4.03


Total from investment operations			4.73				3.64				3.61				(4.38	)			4.43


Distributions to shareholders from net investment income			(0.59	)			(0.72	)			(0.38	)			(0.54	)			(1.10	)

Distributions to shareholders from net realized gains			(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				(0.04	)			—


Total distributions			(3.35	)			(1.97	)			(1.06	)			(1.13	)			(2.92	)


Net asset value, end of year		$	23.23			$	21.85			$	20.18			$	17.63			$	23.14


Total return^(c)			21.71	%			17.76	%			20.66	%			(18.99	)%			20.55	%


Net assets, end of year (in 000s)		$	1,608			$	3,808			$	4,139			$	2,980			$	544,796

Ratio of net expenses to average net assets^(d)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.32	%			0.30	%			0.32	%			0.23	%			0.23	%

Ratio of net investment income to average net assets^(b)			1.05	%			1.59	%			2.00	%			0.04	%			1.66	%

Portfolio turnover rate^(e)			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Dynamic Global Equity Fund

	Class R Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	21.10			$	19.56			$	17.12			$	22.56			$	21.17


Net investment income^(a)(b)			0.15				0.22				0.26				0.23				0.23

Net realized and unrealized gain (loss)			4.26				3.16				3.13				(4.61	)			3.94


Total from investment operations			4.41				3.38				3.39				(4.38	)			4.17


Distributions to shareholders from net investment income			(0.45	)			(0.59	)			(0.27	)			(0.48	)			(0.96	)

Distributions to shareholders from net realized gains			(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				(0.03	)			—


Total distributions			(3.21	)			(1.84	)			(0.95	)			(1.06	)			(2.78	)


Net asset value, end of year		$	22.30			$	21.10			$	19.56			$	17.12			$	22.56


Total return^(c)			20.93	%			16.99	%			19.95	%			(19.49	)%			19.76	%


Net assets, end of year (in 000s)		$	6,294			$	6,436			$	5,887			$	5,292			$	6,611

Ratio of net expenses to average net assets^(d)			0.80	%			0.80	%			0.81	%			0.81	%			0.81	%

Ratio of total expenses to average net assets^(d)			0.94	%			0.92	%			0.95	%			0.95	%			0.85	%

Ratio of net investment income to average net assets^(b)			0.66	%			1.02	%			1.38	%			1.19	%			0.97	%

Portfolio turnover rate^(e)			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Dynamic Global Equity Fund

	Class P Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	21.80			$	20.14			$	17.59			$	23.15			$	21.64


Net investment income^(a)(b)			0.33				0.37				0.39				0.35				0.40

Net realized and unrealized gain (loss)			4.38				3.26				3.22				(4.74	)			4.03


Total from investment operations			4.71				3.63				3.61				(4.39	)			4.43


Distributions to shareholders from net investment income			(0.59	)			(0.72	)			(0.38	)			(0.58	)			(1.10	)

Distributions to shareholders from net realized gains			(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				(0.04	)			—


Total distributions			(3.35	)			(1.97	)			(1.06	)			(1.17	)			(2.92	)


Net asset value, end of year		$	23.16			$	21.80			$	20.14			$	17.59			$	23.15


Total return^(c)			21.67	%			17.75	%			20.71	%			(19.00	)%			20.54	%


Net assets, end of year (in 000s)		$	218,072			$	172,219			$	133,081			$	117,502			$	160,360

Ratio of net expenses to average net assets^(d)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.32	%			0.30	%			0.32	%			0.32	%			0.23	%

Ratio of net investment income to average net assets^(b)			1.38	%			1.67	%			2.01	%			1.78	%			1.64	%

Portfolio turnover rate^(e)			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Growth Allocation Fund

	Class A Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	18.99			$	17.87			$	15.44			$	19.62			$	17.88


Net investment income^(a)(b)			0.29				0.29				0.26				0.32				0.47

Net realized and unrealized gain (loss)			3.28				2.26				2.42				(3.68	)			2.49


Total from investment operations			3.57				2.55				2.68				(3.36	)			2.96


Distributions to shareholders from net investment income			(0.54	)			(0.62	)			(0.25	)			(0.56	)			(0.70	)

Distributions to shareholders from net realized gains			(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			(2.33	)			(1.43	)			(0.25	)			(0.82	)			(1.22	)


Net asset value, end of year		$	20.23			$	18.99			$	17.87			$	15.44			$	19.62


Total return^(c)			18.83	%			14.11	%			17.33	%			(17.14	)%			16.54	%


Net assets, end of year (in 000s)		$	362,343			$	338,759			$	325,376			$	297,896			$	387,436

Ratio of net expenses to average net assets^(d)			0.55	%			0.55	%			0.56	%			0.56	%			0.56	%

Ratio of total expenses to average net assets^(d)			0.61	%			0.60	%			0.61	%			0.61	%			0.60	%

Ratio of net investment income to average net assets^(b)			1.44	%			1.47	%			1.54	%			1.87	%			2.40	%

Portfolio turnover rate^(e)			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Growth Allocation Fund

	Class C Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	19.58			$	18.38			$	15.85			$	20.09			$	18.27


Net investment income^(a)(b)			0.13				0.15				0.12				0.18				0.29

Net realized and unrealized gain (loss)			3.38				2.32				2.49				(3.74	)			2.57


Total from investment operations			3.51				2.47				2.61				(3.56	)			2.86


Distributions to shareholders from net investment income			(0.37	)			(0.46	)			(0.08	)			(0.42	)			(0.52	)

Distributions to shareholders from net realized gains			(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			(2.16	)			(1.27	)			(0.08	)			(0.68	)			(1.04	)


Net asset value, end of year		$	20.93			$	19.58			$	18.38			$	15.85			$	20.09


Total return^(c)			17.97	%			13.27	%			16.47	%			(17.76	)%			15.67	%


Net assets, end of year (in 000s)		$	12,056			$	12,621			$	12,068			$	13,496			$	19,334

Ratio of net expenses to average net assets^(d)			1.30	%			1.30	%			1.31	%			1.31	%			1.31	%

Ratio of total expenses to average net assets^(d)			1.36	%			1.35	%			1.36	%			1.36	%			1.35	%

Ratio of net investment income to average net assets^(b)			0.64	%			0.74	%			0.71	%			1.03	%			1.44	%

Portfolio turnover rate^(e)			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Growth Allocation Fund

	Institutional Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	18.98			$	17.86			$	15.42			$	19.61			$	17.86


Net investment income^(a)(b)			0.37				0.37				0.32				0.38				0.57

Net realized and unrealized gain (loss)			3.28				2.25				2.43				(3.68	)			2.47


Total from investment operations			3.65				2.62				2.75				(3.30	)			3.04


Distributions to shareholders from net investment income			(0.61	)			(0.69	)			(0.31	)			(0.63	)			(0.77	)

Distributions to shareholders from net realized gains			(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			(2.40	)			(1.50	)			(0.31	)			(0.89	)			(1.29	)


Net asset value, end of year		$	20.23			$	18.98			$	17.86			$	15.42			$	19.61


Total return^(c)			19.27	%			14.52	%			17.83	%			(16.87	)%			17.03	%


Net assets, end of year (in 000s)		$	321,700			$	278,471			$	211,831			$	195,963			$	249,377

Ratio of net expenses to average net assets^(d)			0.19	%			0.19	%			0.20	%			0.19	%			0.19	%

Ratio of total expenses to average net assets^(d)			0.25	%			0.24	%			0.25	%			0.24	%			0.23	%

Ratio of net investment income to average net assets^(b)			1.84	%			1.89	%			1.91	%			2.24	%			2.88	%

Portfolio turnover rate^(e)			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Growth Allocation Fund

	Service Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	18.94			$	17.82			$	15.39			$	19.56			$	17.83


Net investment income^(a)(b)			0.26				0.24				0.23				0.29				0.46

Net realized and unrealized gain (loss)			3.27				2.27				2.42				(3.66	)			2.46


Total from investment operations			3.53				2.51				2.65				(3.37	)			2.92


Distributions to shareholders from net investment income			(0.51	)			(0.58	)			(0.22	)			(0.54	)			(0.67	)

Distributions to shareholders from net realized gains			(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			(2.30	)			(1.39	)			(0.22	)			(0.80	)			(1.19	)


Net asset value, end of year		$	20.17			$	18.94			$	17.82			$	15.39			$	19.56


Total return^(c)			18.66	%			13.92	%			17.23	%			(17.27	)%			16.41	%


Net assets, end of year (in 000s)		$	1,935			$	1,923			$	2,277			$	1,764			$	2,413

Ratio of net expenses to average net assets^(d)			0.69	%			0.69	%			0.70	%			0.69	%			0.69	%

Ratio of total expenses to average net assets^(d)			0.75	%			0.74	%			0.75	%			0.74	%			0.73	%

Ratio of net investment income to average net assets^(b)			1.28	%			1.27	%			1.41	%			1.70	%			2.36	%

Portfolio turnover rate^(e)			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Growth Allocation Fund

	Investor Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	18.66			$	17.58			$	15.18			$	19.29			$	17.60


Net investment income^(a)(b)			0.34				0.31				0.28				0.34				0.75

Net realized and unrealized gain (loss)			3.22				2.25				2.40				(3.60	)			2.21


Total from investment operations			3.56				2.56				2.68				(3.26	)			2.96


Distributions to shareholders from net investment income			(0.59	)			(0.67	)			(0.28	)			(0.59	)			(0.75	)

Distributions to shareholders from net realized gains			(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			(2.38	)			(1.48	)			(0.28	)			(0.85	)			(1.27	)


Net asset value, end of year		$	19.84			$	18.66			$	17.58			$	15.18			$	19.29


Total return^(c)			19.10	%			14.40	%			17.67	%			(16.92	)%			16.86	%


Net assets, end of year (in 000s)		$	10,058			$	9,643			$	12,556			$	10,006			$	13,836

Ratio of net expenses to average net assets^(d)			0.30	%			0.30	%			0.31	%			0.31	%			0.31	%

Ratio of total expenses to average net assets^(d)			0.36	%			0.35	%			0.36	%			0.36	%			0.35	%

Ratio of net investment income to average net assets^(b)			1.69	%			1.65	%			1.73	%			2.02	%			3.83	%

Portfolio turnover rate^(e)			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Growth Allocation Fund

	Class R6 Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	18.98			$	17.87			$	15.43			$	19.62			$	17.87


Net investment income^(a)(b)			0.37				0.37				0.32				0.42				0.55

Net realized and unrealized gain (loss)			3.29				2.25				2.43				(3.72	)			2.49


Total from investment operations			3.66				2.62				2.75				(3.30	)			3.04


Distributions to shareholders from net investment income			(0.61	)			(0.70	)			(0.31	)			(0.63	)			(0.77	)

Distributions to shareholders from net realized gains			(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			(2.40	)			(1.51	)			(0.31	)			(0.89	)			(1.29	)


Net asset value, end of year		$	20.24			$	18.98			$	17.87			$	15.43			$	19.62


Total return^(c)			19.27	%			14.59	%			17.76	%			(16.85	)%			17.02	%


Net assets, end of year (in 000s)		$	11,522			$	10,009			$	8,211			$	7,255			$	6,263

Ratio of net expenses to average net assets^(d)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.24	%			0.23	%			0.24	%			0.24	%			0.22	%

Ratio of net investment income to average net assets^(b)			1.82	%			1.87	%			1.92	%			2.48	%			2.79	%

Portfolio turnover rate^(e)			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Growth Allocation Fund

	Class R Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	18.30			$	17.27			$	14.93			$	19.01			$	17.36


Net investment income^(a)(b)			0.24				0.24				0.21				0.26				0.44

Net realized and unrealized gain (loss)			3.14				2.18				2.34				(3.56	)			2.39


Total from investment operations			3.38				2.42				2.55				(3.30	)			2.83


Distributions to shareholders from net investment income			(0.50	)			(0.58	)			(0.21	)			(0.52	)			(0.66	)

Distributions to shareholders from net realized gains			(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			(2.29	)			(1.39	)			(0.21	)			(0.78	)			(1.18	)


Net asset value, end of year		$	19.39			$	18.30			$	17.27			$	14.93			$	19.01


Total return^(c)			18.51	%			13.85	%			17.07	%			(17.38	)%			16.31	%


Net assets, end of year (in 000s)		$	8,574			$	7,202			$	6,350			$	5,492			$	7,788

Ratio of net expenses to average net assets^(d)			0.80	%			0.80	%			0.81	%			0.81	%			0.81	%

Ratio of total expenses to average net assets^(d)			0.86	%			0.85	%			0.86	%			0.86	%			0.85	%

Ratio of net investment income to average net assets^(b)			1.22	%			1.26	%			1.31	%			1.58	%			2.31	%

Portfolio turnover rate^(e)			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Growth Allocation Fund

	Class P Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	18.99			$	17.87			$	15.43			$	19.62			$	17.87


Net investment income^(a)(b)			0.37				0.36				0.32				0.39				0.59

Net realized and unrealized gain (loss)			3.28				2.27				2.43				(3.69	)			2.45


Total from investment operations			3.65				2.63				2.75				(3.30	)			3.04


Distributions to shareholders from net investment income			(0.61	)			(0.70	)			(0.31	)			(0.63	)			(0.77	)

Distributions to shareholders from net realized gains			(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			(2.40	)			(1.51	)			(0.31	)			(0.89	)			(1.29	)


Net asset value, end of year		$	20.24			$	18.99			$	17.87			$	15.43			$	19.62


Total return^(c)			19.27	%			14.52	%			17.83	%			(16.85	)%			17.03	%


Net assets, end of year (in 000s)		$	388,478			$	312,750			$	270,227			$	230,411			$	277,169

Ratio of net expenses to average net assets^(d)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.24	%			0.23	%			0.24	%			0.23	%			0.22	%

Ratio of net investment income to average net assets^(b)			1.84	%			1.86	%			1.93	%			2.26	%			2.98	%

Portfolio turnover rate^(e)			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Moderate Allocation Fund

	Class A Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	15.43			$	14.77			$	13.10			$	16.35			$	15.51


Net investment income^(a)(b)			0.28				0.34				0.26				0.28				0.36

Net realized and unrealized gain (loss)			2.10				1.32				1.65				(2.80	)			1.53


Total from investment operations			2.38				1.66				1.91				(2.52	)			1.89


Distributions to shareholders from net investment income			(0.41	)			(0.54	)			(0.24	)			(0.50	)			(0.53	)

Distributions to shareholders from net realized gains			(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(1.39	)			(1.00	)			(0.24	)			(0.73	)			(1.05	)


Net asset value, end of year		$	16.42			$	15.43			$	14.77			$	13.10			$	16.35


Total return^(c)			15.59	%			11.14	%			14.70	%			(15.50	)%			12.27	%


Net assets, end of year (in 000s)		$	251,631			$	242,783			$	242,239			$	228,850			$	297,996

Ratio of net expenses to average net assets^(d)			0.55	%			0.55	%			0.56	%			0.56	%			0.56	%

Ratio of total expenses to average net assets^(d)			0.62	%			0.60	%			0.61	%			0.61	%			0.59	%

Ratio of net investment income to average net assets			1.75	%			2.17	%			1.85	%			1.94	%			2.15	%

Portfolio turnover rate^(e)			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Moderate Allocation Fund

	Class C Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	14.93			$	14.32			$	12.70			$	15.88			$	15.12


Net investment income^(a)(b)			0.16				0.22				0.14				0.15				0.20

Net realized and unrealized gain (loss)			2.02				1.27				1.61				(2.71	)			1.53


Total from investment operations			2.18				1.49				1.75				(2.56	)			1.73


Distributions to shareholders from net investment income			(0.29	)			(0.42	)			(0.13	)			(0.39	)			(0.45	)

Distributions to shareholders from net realized gains			(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(1.27	)			(0.88	)			(0.13	)			(0.62	)			(0.97	)


Net asset value, end of year		$	15.84			$	14.93			$	14.32			$	12.70			$	15.88


Total return^(c)			14.73	%			10.31	%			13.88	%			(16.16	)%			11.44	%


Net assets, end of year (in 000s)		$	5,213			$	5,168			$	5,857			$	6,766			$	10,130

Ratio of net expenses to average net assets^(d)			1.30	%			1.30	%			1.31	%			1.31	%			1.31	%

Ratio of total expenses to average net assets^(d)			1.37	%			1.35	%			1.36	%			1.36	%			1.34	%

Ratio of net investment income to average net assets			0.99	%			1.43	%			1.04	%			1.08	%			1.23	%

Portfolio turnover rate^(e)			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Moderate Allocation Fund

	Institutional Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	15.49			$	14.82			$	13.14			$	16.40			$	15.56


Net investment income^(a)(b)			0.36				0.40				0.31				0.33				0.44

Net realized and unrealized gain (loss)			2.07				1.32				1.66				(2.81	)			1.52


Total from investment operations			2.43				1.72				1.97				(2.48	)			1.96


Distributions to shareholders from net investment income			(0.46	)			(0.59	)			(0.29	)			(0.55	)			(0.60	)

Distributions to shareholders from net realized gains			(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(1.44	)			(1.05	)			(0.29	)			(0.78	)			(1.12	)


Net asset value, end of year		$	16.48			$	15.49			$	14.82			$	13.14			$	16.40


Total return^(c)			16.00	%			11.56	%			15.14	%			(15.19	)%			12.64	%


Net assets, end of year (in 000s)		$	480,236			$	403,567			$	333,697			$	331,731			$	443,099

Ratio of net expenses to average net assets^(d)			0.19	%			0.19	%			0.20	%			0.19	%			0.19	%

Ratio of total expenses to average net assets^(d)			0.26	%			0.24	%			0.24	%			0.24	%			0.23	%

Ratio of net investment income to average net assets			2.18	%			2.51	%			2.20	%			2.29	%			2.65	%

Portfolio turnover rate^(e)			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Moderate Allocation Fund

	Service Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	15.39			$	14.73			$	13.06			$	16.30			$	15.48


Net investment income^(a)(b)			0.26				0.32				0.23				0.25				0.34

Net realized and unrealized gain (loss)			2.07				1.32				1.66				(2.78	)			1.51


Total from investment operations			2.33				1.64				1.89				(2.53	)			1.85


Distributions to shareholders from net investment income			(0.38	)			(0.52	)			(0.22	)			(0.48	)			(0.51	)

Distributions to shareholders from net realized gains			(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(1.36	)			(0.98	)			(0.22	)			(0.71	)			(1.03	)


Net asset value, end of year		$	16.36			$	15.39			$	14.73			$	13.06			$	16.30


Total return^(c)			15.40	%			11.02	%			14.58	%			(15.61	)%			12.03	%


Net assets, end of year (in 000s)		$	1,961			$	1,896			$	1,723			$	1,851			$	2,755

Ratio of net expenses to average net assets^(d)			0.69	%			0.69	%			0.70	%			0.69	%			0.69	%

Ratio of total expenses to average net assets^(d)			0.76	%			0.74	%			0.74	%			0.74	%			0.73	%

Ratio of net investment income to average net assets			1.61	%			2.05	%			1.69	%			1.75	%			2.07	%

Portfolio turnover rate^(e)			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Moderate Allocation Fund

	Investor Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	15.33			$	14.68			$	13.02			$	16.26			$	15.44


Net investment income^(a)(b)			0.33				0.35				0.32				0.32				0.41

Net realized and unrealized gain (loss)			2.07				1.33				1.62				(2.80	)			1.51


Total from investment operations			2.40				1.68				1.94				(2.48	)			1.92


Distributions to shareholders from net investment income			(0.45	)			(0.57	)			(0.28	)			(0.53	)			(0.58	)

Distributions to shareholders from net realized gains			(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(1.43	)			(1.03	)			(0.28	)			(0.76	)			(1.10	)


Net asset value, end of year		$	16.30			$	15.33			$	14.68			$	13.02			$	16.26


Total return^(c)			15.84	%			11.40	%			15.01	%			(15.30	)%			12.48	%


Net assets, end of year (in 000s)		$	11,770			$	8,412			$	13,017			$	7,459			$	8,948

Ratio of net expenses to average net assets^(d)			0.30	%			0.30	%			0.31	%			0.31	%			0.31	%

Ratio of total expenses to average net assets^(d)			0.37	%			0.35	%			0.36	%			0.36	%			0.34	%

Ratio of net investment income to average net assets			2.02	%			2.25	%			2.28	%			2.24	%			2.50	%

Portfolio turnover rate^(e)			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Moderate Allocation Fund

	Class R6 Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	15.48			$	14.81			$	13.14			$	16.40			$	15.55


Net investment income^(a)(b)			0.40				0.42				0.31				0.43				0.32

Net realized and unrealized gain (loss)			2.05				1.31				1.65				(2.91	)			1.64


Total from investment operations			2.45				1.73				1.96				(2.48	)			1.96


Distributions to shareholders from net investment income			(0.47	)			(0.60	)			(0.29	)			(0.55	)			(0.59	)

Distributions to shareholders from net realized gains			(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(1.45	)			(1.06	)			(0.29	)			(0.78	)			(1.11	)


Net asset value, end of year		$	16.48			$	15.48			$	14.81			$	13.14			$	16.40


Total return^(c)			16.02	%			11.58	%			15.08	%			(15.17	)%			12.69	%


Net assets, end of year (in 000s)		$	6,032			$	2,645			$	2,201			$	2,162			$	923

Ratio of net expenses to average net assets^(d)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.25	%			0.23	%			0.23	%			0.23	%			0.22	%

Ratio of net investment income to average net assets			2.46	%			2.69	%			2.23	%			3.02	%			1.94	%

Portfolio turnover rate^(e)			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Moderate Allocation Fund

	Class R Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	15.27			$	14.62			$	12.97			$	16.20			$	15.39


Net investment income^(a)(b)			0.24				0.30				0.21				0.25				0.31

Net realized and unrealized gain (loss)			2.07				1.31				1.64				(2.79	)			1.52


Total from investment operations			2.31				1.61				1.85				(2.54	)			1.83


Distributions to shareholders from net investment income			(0.37	)			(0.50	)			(0.20	)			(0.46	)			(0.50	)

Distributions to shareholders from net realized gains			(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(1.35	)			(0.96	)			(0.20	)			(0.69	)			(1.02	)


Net asset value, end of year		$	16.23			$	15.27			$	14.62			$	12.97			$	16.20


Total return^(c)			15.28	%			10.92	%			14.39	%			(15.73	)%			11.94	%


Net assets, end of year (in 000s)		$	4,656			$	4,259			$	4,230			$	4,346			$	5,579

Ratio of net expenses to average net assets^(d)			0.80	%			0.80	%			0.81	%			0.81	%			0.81	%

Ratio of total expenses to average net assets^(d)			0.87	%			0.85	%			0.86	%			0.86	%			0.84	%

Ratio of net investment income to average net assets			1.51	%			1.92	%			1.57	%			1.75	%			1.87	%

Portfolio turnover rate^(e)			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Moderate Allocation Fund

	Class P Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	15.48			$	14.81			$	13.13			$	16.39			$	15.55


Net investment income^(a)(b)			0.35				0.41				0.31				0.34				0.44

Net realized and unrealized gain (loss)			2.09				1.32				1.66				(2.82	)			1.52


Total from investment operations			2.44				1.73				1.97				(2.48	)			1.96


Distributions to shareholders from net investment income			(0.47	)			(0.60	)			(0.29	)			(0.55	)			(0.60	)

Distributions to shareholders from net realized gains			(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(1.45	)			(1.06	)			(0.29	)			(0.78	)			(1.12	)


Net asset value, end of year		$	16.47			$	15.48			$	14.81			$	13.13			$	16.39


Total return^(c)			15.95	%			11.58	%			15.17	%			(15.19	)%			12.66	%


Net assets, end of year (in 000s)		$	303,455			$	261,073			$	238,157			$	218,480			$	260,202

Ratio of net expenses to average net assets^(d)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.25	%			0.23	%			0.23	%			0.23	%			0.22	%

Ratio of net investment income to average net assets			2.14	%			2.57	%			2.23	%			2.38	%			2.62	%

Portfolio turnover rate^(e)			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)


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

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements

December 31, 2025

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

Funds	A, C, Institutional, Service, Investor, R6, R, P	Diversified

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

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

The Goldman Sachs Conservative Allocation Fund, Goldman Sachs Growth Allocation Fund and Goldman Sachs Moderate Allocation Fund are expected to invest primarily in a combination of domestic and international equity, fixed income and alternative asset underlying funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the universe of unaffiliated funds available, and may also invest in unaffiliated exchange-traded funds (“ETFs”) (collectively, the “Underlying Funds”). The Dynamic Global Equity Fund is expected to invest in a diversified portfolio of global equity asset classes. Such investments may include Underlying Funds, futures, forwards, options, swaps and other instruments with similar economic exposures.

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 valuation policy of the Funds and Underlying Funds is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. 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. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.


		65

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Fund will vary.

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


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid

Conservative Allocation Fund	Quarterly	Annually

Dynamic Global Equity Fund	Annually	Annually

Growth Allocation Fund	Annually	Annually

Moderate Allocation Fund	Quarterly	Annually

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

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

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

F. In-Kind Transactions — The Funds may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with each Fund’s valuation procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Fund’s prospectus.


66

GOLDMAN SACHS FUND OF FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Funds, as prescribed in the Funds’ prospectuses. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Funds’ Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Funds’ single segment is consistent with that presented within the Funds’ financial statements.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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 fund investments held by the Funds (“Valuation Procedures”), 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 Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Underlying Funds (including Money Market Funds) — Underlying Funds include 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 financial statements at SEC.gov.


		67

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.


68

GOLDMAN SACHS FUND OF FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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 Funds’ NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.


		69

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2025:


CONSERVATIVE ALLOCATION FUND

Investment Type	Level 1			Level 2			Level 3



Assets

Underlying Funds	$	581,551,358		$	—		$	—

Investment Company		7,627,610			—			—



Total	$	589,178,968		$	—		$	—



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	106,113		$	—

Futures Contracts^(a)		33,486			—			—

Purchased Option Contracts		2,048,488			437,318			—



Total	$	2,081,974		$	543,431		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(193,842	)	$	—

Futures Contracts^(a)		(426,043	)		—			—

Credit Default Swap Contracts^(a)		—			(11,992	)		—

Total Return Swap Contracts^(a)		—			(10,364	)		—

Written Option Contracts		(110,822	)		(131,734	)		—



Total	$	(536,865	)	$	(347,932	)	$	—

(a)

Amount shown represents unrealized gain (loss) as of fiscal year-end.


DYNAMIC GLOBAL EQUITY FUND

Investment Type	Level 1		Level 2		Level 3



Assets

Underlying Funds	$	413,095,069	$	—	$	—

Investment Company		10,253,559		—		—



Total	$	423,348,628	$	—	$	—



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—	$	43,451	$	—

Futures Contracts^(a)		46,598		—		—

Purchased Option Contracts		2,220,476		371,078		—



Total	$	2,267,074	$	414,529	$	—


70

GOLDMAN SACHS FUND OF FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


DYNAMIC GLOBAL EQUITY FUND (continued)

Derivative Type	Level 1			Level 2			Level 3



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(64,168	)	$	—

Futures Contracts^(a)		(564,059	)		—			—

Written Option Contracts		(123,673	)		—			—



Total	$	(687,732	)	$	(64,168	)	$	—

(a)

Amount shown represents unrealized gain (loss) as of fiscal year-end.


GROWTH ALLOCATION FUND

Investment Type	Level 1			Level 2			Level 3



Assets

Underlying Funds	$	1,047,225,549		$	—		$	—

Investment Company		18,508,106			—			—



Total	$	1,065,733,655		$	—		$	—



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	197,949		$	—

Futures Contracts^(a)		54,030			—			—

Purchased Option Contracts		5,234,513			812,375			—



Total	$	5,288,543		$	1,010,324		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(353,921	)	$	—

Futures Contracts^(a)		(631,002	)		—			—

Credit Default Swap Contracts^(a)		—			(22,012	)		—

Total Return Swap Contracts^(a)		—			(18,511	)		—

Written Option Contracts		(241,878	)		(232,938	)		—



Total	$	(872,880	)	$	(627,382	)	$	—

(a)

Amount shown represents unrealized gain (loss) as of fiscal year-end.


MODERATE ALLOCATION FUND

Investment Type	Level 1		Level 2		Level 3



Assets

Underlying Funds	$	1,012,204,735	$	—	$	—

Investment Company		17,730,647		—		—



Total	$	1,029,935,382	$	—	$	—


		71

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


MODERATE ALLOCATION FUND (continued)

Derivative Type	Level 1			Level 2			Level 3



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	187,075		$	—

Futures Contracts^(a)		54,921			—			—

Purchased Option Contracts		4,721,665			763,369			—



Total	$	4,776,586		$	950,444		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(332,912	)	$	—

Futures Contracts^(a)		(761,527	)		—			—

Credit Default Swap Contracts^(a)		—			(21,145	)		—

Total Return Swap Contracts^(a)		—			(17,968	)		—

Written Option Contracts		(182,775	)		(226,693	)		—



Total	$	(944,302	)	$	(598,718	)	$	—

(a)

Amount shown represents unrealized gain (loss) as of fiscal year-end.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 2025. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.


Conservative Allocation Fund

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities

Credit	—	$	—		Variation margin on swap contracts	$	(11,992	)^(a)

Currency	Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value		435,380		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(196,232	)

Equity	Variation margin on futures contracts; Purchased options, at value		141,537	^(b)	Payable for unrealized loss swap contracts; Variation margin on futures contracts; Written options, at value		(676,573	)^(b)

Interest rate	Purchased options, at value		2,048,488		—		—

Total		$	2,625,405			$	(884,797	)


72

GOLDMAN SACHS FUND OF FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)


Dynamic Global Equity Fund

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities

Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value	$	414,529		Payable for unrealized loss on forward foreign currency exchange contracts	$	(64,168	)

Equity	Variation margin on futures contracts		46,598	^(a)	Variation margin on futures contracts; Written options, at value		(687,732	)^(a)

Interest rate	Purchased options, at value		2,220,476		—		—

Total		$	2,681,603			$	(751,900	)


Growth Allocation Fund

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities

Credit	—	$	—		Variation margin on swaps contracts	$	(22,012	)^(a)

Currency	Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value		819,411		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(358,324	)

Equity	Variation margin on futures contracts; Purchased options, at value		244,943	^(b)	Payable for unrealized loss swap contracts; Variation margin on futures contracts; Written options, at value		(1,119,926	)^(b)

Interest rate	Purchased options, at value		5,234,513		—		—

Total		$	6,298,867			$	(1,500,262	)


Moderate Allocation Fund

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities

Credit	—	$	—		Variation margin on swap contracts	$	(21,145	)^(a)

Currency	Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value		764,573		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(337,105	)

Equity	Variation margin on futures contracts; Purchased options, at value		240,792	^(b)	Payable for unrealized loss swap contracts; Variation margin on futures contracts; Written options, at value		(1,184,770	)^(b)

Interest rate	Purchased options, at value		4,721,665		—		—

Total		$	5,727,030			$	(1,543,020	)

(a)

Aggregate of amounts include $10,364, $18,511 and $17,968 for the Conservative Allocation, Growth Allocation and Moderate Allocation Funds’, respectively, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, a Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which a Fund is entitled to a full return.

(b)

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of December 31, 2025 is reported within the Statements of Assets and Liabilities.


		73

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:


Conservative Allocation Fund

Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		$ (240,555	)		$ (11,992	)

Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options		(2,451,569	)		(1,824,885	)

Equity	Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts		4,139,586			425,761

Interest rate	Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts		(2,048,653	)		1,457,385

Total			$ (601,191	)		$ 46,269


Dynamic Global Equity Fund

Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Currency	Net realized gain (loss) from forward foreign currency exchange contracts and purchased options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts and purchased options		$(1,570,022	)		$ (592,238	)

Equity	Net realized gain (loss) from futures contracts and written option contracts/Net change in unrealized gain (loss) on futures contracts and written option contracts		5,738,182			1,354,175

Interest rate	Net realized gain (loss) from purchased options/Net change in unrealized gain (loss) on purchased options		(1,395,558	)		985,408

Total			$ 2,772,602			$ 1,747,345


74

GOLDMAN SACHS FUND OF FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)


Growth Allocation Fund

Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		$ (394,765	)		$ (22,012	)

Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options		(3,969,642	)		(3,031,060	)

Equity	Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts		5,388,062			853,451

Interest rate	Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts		(3,852,613	)		2,717,487

Total			$(2,828,958	)		$ 517,866


Moderate Allocation Fund

Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		$ (401,601	)		$ (21,145	)

Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options, written options and swap contracts		(3,815,276	)		(2,864,179	)

Equity	Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, Purchased options, written options and swap contracts		7,702,737			634,295

Interest rate	Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts		(3,630,905	)		2,419,893

Total			$ (145,045	)		$ 168,864


		75

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025

4. INVESTMENTS IN DERIVATIVES (continued)

For the fiscal year ended December 31, 2025, the relevant values for each derivative type were as follows:


	Average Number of Contracts, Notional Amounts, or Shares/Units^(a)



Fund	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions



Conservative Allocation Fund		257	$	44,101,875	$	7,307,868		70,731,726	$	4,470,782		336,652	$	6,315,029



Dynamic Global Equity Fund		233		17,187,270		—		65,891,495		—		10,242		—



Growth Allocation Fund		424		75,357,394		12,750,642		131,347,431		7,357,894		606,994		10,642,169



Moderate Allocation Fund		442		70,128,291		12,423,993		124,212,956		7,377,768		582,396		10,472,566

(a)

Amounts disclosed represent the average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of the volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended December 31, 2025.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of average daily net assets of 0.15% for each of the Funds.

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 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 or Class R Shares of the Funds, as set forth below.

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

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


	Distribution and/or Service Plan Rates

	Class A*	Class C	Service	Class R*



Distribution and/or Service Plan	0.25%	0.75%	0.25%	0.50%

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


76

GOLDMAN SACHS FUND OF FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended December 31, 2025, Goldman Sachs retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge

Fund	Class A		Class C



Conservative Allocation Fund		$ 5,077	$287



Dynamic Global Equity Fund		4,337	719



Growth Allocation Fund		9,103	677



Moderate Allocation Fund		10,772	618

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

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

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 are 0.004% for each Fund. These Other Expense limitations will remain in place through at least April 30, 2026 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 fiscal year ended December 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:



Fund	Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions



Conservative Allocation Fund		$1,039		$517,105		$518,144



Dynamic Global Equity Fund		2,125		537,693		539,818



Growth Allocation Fund		5,222		572,470		577,692



Moderate Allocation Fund		2,352		603,648		606,000


		77

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G. Line of Credit Facility — As of December 31, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

H. Other Transactions with Affiliates — The Funds invest primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Funds. The tables below show the transactions in and earnings from investments in these Underlying Funds for the fiscal year ended December 31, 2025 (in thousands):

Conservative Allocation Fund


Underlying Fund	Market Value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change In Unrealized Gain (Loss)			Market Value as of December 31, 2025		Shares as of December 31, 2025		Dividend Income		Capital Gain Distributions

Goldman Sachs Access Investment Grade Corporate Bond ETF		$ 81,153		$ 28,360		$ (45,897)			$(3,117)			$ 3,559			$ 64,058		1,385		$ 2,460		$ —

Goldman Sachs ActiveBeta Emerging Markets Equity ETF		2,107		—		(563	)		83			417			2,044		49		47		—

Goldman Sachs ActiveBeta International Equity ETF		4,497		1,085		(1,943	)		240			1,156			5,035		117		168		—

Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		7,889		—		(621	)		384			752			8,404		63		87		—

Goldman Sachs Emerging Markets Debt Fund — Class R6		6,942		4,828		(1,300	)		(52	)		563			10,981		1,059		427		—

Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		11,989		2,593		(3,700	)		313			3,065			14,260		1,278		293		—

Goldman Sachs Energy Infrastructure Fund — Class R6		306		30		—			—			(14	)		322		25		12		19

Goldman Sachs Financial Square Government Fund — Institutional Shares		5,875		154,481		(152,728	)		—			—			7,628		7,628		412		—

Goldman Sachs Global Core Fixed Income Fund — Class R6		190,791		66,614		(30,700	)		(4,016	)		8,868			231,557		20,170		7,465		—

Goldman Sachs Global Infrastructure Fund — Class R6		5,134		372		—			—			429			5,935		460		126		245


78

GOLDMAN SACHS FUND OF FUNDS



5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Conservative Allocation Fund (continued)


Underlying Fund	Market Value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change In Unrealized Gain (Loss)			Market Value as of December 31, 2025		Shares as of December 31, 2025		Dividend Income		Capital Gain Distributions

Goldman Sachs Global Real Estate Securities Fund — Class R6		$ 6,382		$ —		$ (6,594)			$ 239			$ (27)			$ —		—		$ —		$ —

Goldman Sachs High Yield Floating Rate Fund — Class R6		4,275		2,309		—			—			(168	)		6,416		747		409		—

Goldman Sachs High Yield Fund — Class R6		5,527		2,375		—			—			96			7,998		1,398		375		—

Goldman Sachs Inflation Protected Securities Fund — Class R6		16,739		1,370		—			—			406			18,515		1,929		770		—

Goldman Sachs International Equity Insights Fund — Class R6		29,233		5,812		(10,380	)		695			7,397			32,757		1,805		556		1,756

Goldman Sachs International Small Cap Insights Fund — Class R6		4,289		387		(900	)		207			1,123			5,106		315		159		229

Goldman Sachs Large Cap Growth Insights Fund — Class R6		33,955		6,054		(6,700	)		(202	)		3,027			36,134		989		—		2,454

Goldman Sachs Large Cap Value Insights Fund — Class R6		32,876		3,603		(2,500	)		(350	)		2,679			36,308		1,466		457		2,145

Goldman Sachs Managed Futures Strategy Fund — Class R6		8,299		—		(2,200	)		(552	)		334			5,881		626		—		—

Goldman Sachs MarketBeta Emerging Markets Equity ETF		9,461		—		(1,676	)		291			2,495			10,571		188		267		—

Goldman Sachs MarketBeta International Equity ETF		21,997		2,827		(4,954	)		648			5,494			26,012		375		720		—

Goldman Sachs MarketBeta U.S. Equity ETF		34,753		3,864		(9,146	)		1,891			3,130			34,492		365		389		—

Goldman Sachs Small Cap Equity Insights Fund — Class R6		6,351		707		—			—			282			7,340		252		54		653

Total		$530,820		$287,671		$(282,502)			$(3,298	)		$45,063			$577,754				$15,653		$7,501


		79

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025



5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Dynamic Global Equity Fund


Underlying Fund	Beginning Value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change In Unrealized Gain (Loss)			Ending Value as of December 31, 2025		Shares as of December 31, 2025		Dividend Income		Capital Gain Distributions

Goldman Sachs ActiveBeta Emerging Markets Equity ETF		$ 8,961		$ 1,396		$ (6,657)			$ 423			$ 598			$ 4,721		113		$ 109		$ —

Goldman Sachs ActiveBeta International Equity ETF		19,391		2,519		(15,422	)		3,454			(1,240	)		8,702		203		227		—

Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		60,842		2,093		(48,526	)		29,057			(25,517	)		17,949		136		182		—

Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		9,994		15,119		(3,270	)		87			6,488			28,418		2,546		619		—

Goldman Sachs Financial Square Government Fund — Institutional Shares		14,131		113,669		(117,547	)		—			—			10,253		10,254		550		—

Goldman Sachs Global Infrastructure Fund — Class R6		5,373		1,418		(500	)		30			404			6,725		521		142		277

Goldman Sachs Global Real Estate Securities Fund — Class R6		6,015		—		(6,217	)		151			51			—		—		—		—

Goldman Sachs International Equity Insights Fund — Class R6		23,729		25,365		(7,600	)		277			10,955			52,726		2,905		894		2,965

Goldman Sachs International Small Cap Insights Fund — Class R6		2,830		821		(500	)		135			946			4,232		261		132		189

Goldman Sachs Large Cap Growth Insights Fund — Class R6		38,720		41,288		(11,100	)		(285	)		4,162			72,785		1,992		—		5,088

Goldman Sachs Large Cap Value Insights Fund — Class R6		36,714		35,940		(2,700	)		(146	)		3,752			73,560		2,970		895		4,345

Goldman Sachs MarketBeta Emerging Markets Equity ETF		17,933		—		(963	)		(102	)		5,106			21,974		390		556		—

Goldman Sachs MarketBeta International Equity ETF		38,719		6,457		(18,868	)		734			7,365			34,407		496		957		—

Goldman Sachs MarketBeta U.S. Equity ETF		70,083		6,469		(13,959	)		2,038			8,106			72,737		771		743		—


80

GOLDMAN SACHS FUND OF FUNDS



5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Dynamic Global Equity Fund (continued)


Underlying Fund	Beginning Value as of December 31, 2024		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change In Unrealized Gain (Loss)		Ending Value as of December 31, 2025		Shares as of December 31, 2025		Dividend Income		Capital Gain Distributions

Goldman Sachs Small Cap Equity Insights Fund — Class R6		$ 3,823		$ 2,197		$ —		$ —		$ 178		$ 6,198		213		$ 46		$ 552

Total		$357,258		$254,751		$(253,829)		$35,853		$21,354		$415,387				$6,052		$13,416

Growth Allocation Fund


Underlying Fund	Market Value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change In Unrealized Gain (Loss)			Market Value as of December 31, 2025		Shares as of December 31, 2025		Dividend Income		Capital Gain Distributions

Goldman Sachs Access Investment Grade Corporate Bond ETF		$ 81,510		$ 10,039		$ (43,288)			$(1,216)			$2,369			$ 49,414		1,068		$ 2,579		$ —

Goldman Sachs Access U.S. Aggregate Bond ETF		—		45,195		—			—			484			45,679		1,100		1,232		—

Goldman Sachs ActiveBeta Emerging Markets Equity ETF		6,296		—		—			—			1,914			8,210		197		189		—

Goldman Sachs ActiveBeta International Equity ETF		20,472		3,048		(3,076	)		210			5,293			25,947		604		645		—

Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		37,881		3,348		(3,520	)		1,138			4,705			43,552		329		441		—

Goldman Sachs Emerging Markets Debt Fund — Class R6		34,361		4,430		(3,000	)		(169	)		2,864			38,486		3,711		2,090		—

Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		40,315		9,424		(9,500	)		102			11,201			51,542		4,618		1,124		—

Goldman Sachs Energy Infrastructure Fund — Class R6		307		30		—			—			(14	)		323		25		12		19

Goldman Sachs Financial Square Government Fund — Institutional Shares		14,284		255,071		(250,847	)		—			—			18,508		18,508		695		—

Goldman Sachs Global Infrastructure Fund — Class R6		9,634		3,968		(5,800	)		(195	)		1,098			8,705		674		208		359

Goldman Sachs Global Real Estate Securities Fund — Class R6		11,566		—		(11,949	)		181			202			—		—		—		—


		81

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025



5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth Allocation Fund (continued)


Underlying Fund	Market Value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change In Unrealized Gain (Loss)			Market Value as of December 31, 2025		Shares as of December 31, 2025		Dividend Income		Capital Gain Distributions

Goldman Sachs High Yield Floating Rate Fund — Class R6		$ 6,871		$ 4,652		$ —			$ —			$ (265	)		$ 11,258		1,311		$ 652		$ —

Goldman Sachs High Yield Fund — Class R6		9,731		658		—			—			170			10,559		1,846		658		—

Goldman Sachs International Equity Insights Fund — Class R6		104,186		26,483		(47,500	)		3,687			25,470			112,326		6,189		2,058		6,822

Goldman Sachs International Small Cap Insights Fund — Class R6		8,544		846		(1,000	)		245			2,492			11,127		686		347		498

Goldman Sachs Large Cap Growth Insights Fund — Class R6		121,073		25,525		(18,400	)		(1,504	)		10,990			137,684		3,769		—		9,624

Goldman Sachs Large Cap Value Insights Fund — Class R6		119,209		11,743		(3,000	)		(488	)		8,955			136,419		5,507		1,686		8,058

Goldman Sachs Managed Futures Strategy Fund — Class R6		14,184		—		(3,900	)		(1,002	)		613			9,895		1,054		—		—

Goldman Sachs MarketBeta Emerging Markets Equity ETF		32,185		—		(6,036	)		1,198			7,857			35,204		625		890		—

Goldman Sachs MarketBeta International Equity ETF		81,559		4,599		(15,169	)		1,552			19,450			91,991		1,327		2,591		—

Goldman Sachs MarketBeta U.S. Equity ETF		167,271		16,928		(24,418	)		2,920			21,212			183,913		1,948		1,908		—

Goldman Sachs Small Cap Equity Insights Fund — Class R6		12,979		3,113		—			—			647			16,739		574		123		1,490

Total		$934,418		$429,100		$(450,403)			$6,659			$127,707			$1,047,481				$20,128		$26,870

Moderate Allocation Fund


Underlying Fund	Market Value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change In Unrealized Gain (Loss)		Market Value as of December 31, 2025		Shares as of December 31, 2025		Dividend Income		Capital Gain Distributions

Goldman Sachs Access Investment Grade Corporate Bond ETF		$ 80,873		$ 23,033		$ (62,810	)		$(5,705	)		$ 5,810		$ 41,201		891		$ 1,750		$ —


82

GOLDMAN SACHS FUND OF FUNDS



5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Moderate Allocation Fund (continued)


Underlying Fund	Market Value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change In Unrealized Gain (Loss)		Market Value as of December 31, 2025		Shares as of December 31, 2025		Dividend Income		Capital Gain Distributions

Goldman Sachs ActiveBeta Emerging Markets Equity ETF		$ 4,180		$ —		$ —			$ —			$ 1,270		$ 5,450		131		$ 126		$ —

Goldman Sachs ActiveBeta International Equity ETF		14,560		—		(3,805	)		481			3,447		14,683		342		450		—

Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		25,699		—		—			—			3,836		29,535		223		295		—

Goldman Sachs Emerging Markets Debt Fund — Class R6		23,491		6,840		(3,500	)		(18	)		2,077		28,890		2,786		1,540		—

Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		29,549		3,762		(6,700	)		296			8,061		34,968		3,133		762		—

Goldman Sachs Energy Infrastructure Fund — Class R6		355		35		—			—			(16)		374		29		14		22

Goldman Sachs Financial Square Government Fund — Institutional Shares		12,675		194,953		(189,897	)		—			—		17,731		17,731		603		—

Goldman Sachs Global Core Fixed Income Fund — Class R6		170,685		88,773		(20,600	)		(2,583	)		7,459		243,734		21,231		7,432		—

Goldman Sachs Global Infrastructure Fund — Class R6		8,709		630		—			—			728		10,067		780		214		415

Goldman Sachs Global Real Estate Securities Fund — Class R6		11,087		—		(11,455	)		190			178		—		—		—		—

Goldman Sachs High Yield Floating Rate Fund — Class R6		6,847		3,439		—			—			(262)		10,024		1,167		639		—

Goldman Sachs High Yield Fund — Class R6		9,002		2,414		—			—			160		11,576		2,024		614		—

Goldman Sachs Inflation Protected Securities Fund — Class R6		26,527		2,782		—			—			693		30,002		3,125		1,282		—

Goldman Sachs International Equity Insights Fund — Class R6		77,689		8,556		(23,150	)		1,356			20,445		84,896		4,677		1,499		5,055


		83

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025



5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Moderate Allocation Fund (continued)


Underlying Fund	Market Value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change In Unrealized Gain (Loss)		Market Value as of December 31, 2025		Shares as of December 31, 2025		Dividend Income		Capital Gain Distributions

Goldman Sachs International Small Cap Insights Fund — Class R6		$ 6,145		$ 585		$ (1,000)			$ 272			$ 1,698		$ 7,700		474		$ 240		$ 345

Goldman Sachs Large Cap Growth Insights Fund — Class R6		89,052		21,063		(16,800	)		(232	)		7,667		100,750		2,758		—		6,863

Goldman Sachs Large Cap Value Insights Fund — Class R6		88,718		8,174		(2,900	)		(409	)		6,713		100,296		4,049		1,250		5,924

Goldman Sachs Managed Futures Strategy Fund — Class R6		13,756		—		(3,800	)		(1,003	)		623		9,576		1,020		—		—

Goldman Sachs MarketBeta Emerging Markets Equity ETF		23,489		—		(3,570	)		918			6,064		26,901		478		680		—

Goldman Sachs MarketBeta International Equity ETF		58,545		4,762		(6,978	)		687			15,306		72,322		1,043		1,894		—

Goldman Sachs MarketBeta U.S. Equity ETF		107,418		7,877		(13,820)			2,610			14,383		118,468		1,255		1,269		—

Goldman Sachs Small Cap Equity Insights Fund — Class R6		9,738		1,084		—			—			432		11,254		386		83		1,002

Total		$898,789		$378,762		$(370,785)			$(3,140	)		$106,772		$1,010,398				$22,636		$19,626



6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2025, were as follows:


Fund	Purchases		Sales

Conservative Allocation Fund		$144,416,691		$129,771,528

Dynamic Global Equity Fund		149,745,588		138,172,081

Growth Allocation Fund		189,530,295		202,297,624

Moderate Allocation Fund		200,863,916		180,888,007


84

GOLDMAN SACHS FUND OF FUNDS

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:


	Conservative Allocation		Dynamic Global Equity		Growth Allocation		Moderate Allocation

Distributions paid from:

Ordinary income		$19,102,871		$14,766,494		$ 36,698,019		$29,899,281

Net long-term capital gains		15,774,283		42,750,141		81,420,204		56,612,707

Total taxable distributions		$34,877,154		$57,516,635		$118,118,223		$86,511,988

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:


	Conservative Allocation		Dynamic Global Equity		Growth Allocation		Moderate Allocation

Distributions paid from:

Ordinary income		$21,629,727		$14,952,294		$33,411,659		$34,531,407

Net long-term capital gains		—		16,808,376		37,856,924		24,398,910

Total taxable distributions		$21,629,727		$31,760,670		$71,268,583		$58,930,317

As of December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:


	Conservative Allocation			Dynamic Global Equity			Growth Allocation			Moderate Allocation

Undistributed ordinary income — net	$	619,773		$	1,819,034		$	144,163		$	3,507,026

Undistributed long-term capital gains		3,010,600			6,370,459			14,961,126			9,583,143

Total Undistributed Earnings	$	3,630,373		$	8,189,493		$	15,105,289		$	13,090,169

Timing differences (Qualified Late Year Loss Deferral, Dividends Payable as of Current FYE and Straddles)	$	(334,144	)	$	(322,803	)	$	(601,037	)	$	(533,398	)

Unrealized gains (loss) — net		47,046,881			92,806,590			220,017,436			153,271,192

Total accumulated earnings (loss) net	$	50,343,110		$	100,673,280		$	234,521,688		$	165,827,963

As of December 31, 2025, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Conservative Allocation			Dynamic Global Equity			Growth Allocation			Moderate Allocation

Tax Cost	$	544,089,753		$	332,626,416		$	850,927,162		$	881,182,781

Gross unrealized gain		52,373,552			94,073,857			223,199,184			156,444,102

Gross unrealized loss		(5,326,671	)		(1,267,267	)		(3,181,748	)		(3,172,910	)

Net unrealized gain	$	47,046,881		$	92,806,590		$	220,017,436		$	153,271,192

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions.

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.


		85

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025

8. OTHER RISKS

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

Asset Allocation Risk — The Funds’ allocations to the various asset classes may cause the Funds to underperform other funds with a similar investment objective.

Derivatives Risk — The Funds’ 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 Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Expenses Risk — By investing in the Underlying Funds indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Fund (including operating costs and investment management fees), but also the expenses of the Fund.

Investments in the Underlying Funds Risk — The investments of a Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Funds’ investment performance is directly related to the investment performance of the Underlying Funds it holds. The Funds are subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If a Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

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

Market and Credit Risks — In the normal course of business, a Fund and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of securities in which a Fund and/or an Underlying Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain


86

GOLDMAN SACHS FUND OF FUNDS

8. OTHER RISKS (continued)

disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and/or an Underlying Fund and their investments. Additionally, a Fund and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund and the Underlying Fund have unsettled or open transactions defaults.

Temporary Investments Risk — Although the Funds normally seek to remain substantially invested in the Underlying Funds, the Funds may invest a portion of their assets in high-quality, short-term debt obligations to maintain liquidity, to meet shareholder redemptions and for other short-term cash needs. For temporary defensive purposes during abnormal market or economic conditions, the Funds may invest without limitation in short-term obligations. When the Funds’ assets are invested in such investments, the Funds may not be achieving their investment objective.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

At a meeting held on December 9-10, 2025, the Trustees approved changes to the names, principal investment strategies and blended benchmark index names of the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, and Goldman Sachs Growth Strategy Portfolio. Effective after the close of business on February 13, 2026, the Goldman Sachs Balanced Strategy Portfolio’s name changed to the “Goldman Sachs Conservative Allocation Fund,” the Goldman Sachs Growth and Income Strategy Portfolio’s name changed to the “Goldman Sachs Moderate Allocation Fund,” and the Goldman Sachs Growth Strategy Portfolio’s name changed to the “Goldman Sachs Growth Allocation Fund.” Each Fund’s investment objective has remained the same.

11. SUBSEQUENT EVENTS

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


		87

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025



12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Conservative Allocation Fund

	For the Fiscal Year Ended December 31, 2025						For the Fiscal Year Ended December 31, 2024

	Shares			Dollars			Shares			Dollars

Class A Shares

Shares sold		317,900		$	3,961,847			370,417		$	4,436,865

Reinvestment of distributions		353,571			4,445,168			243,154			2,937,842

Shares redeemed		(1,167,521	)		(14,486,525	)		(1,285,708	)		(15,379,646	)



		(496,050	)		(6,079,510	)		(672,137	)		(8,004,939	)



Class C Shares

Shares sold		29,209			370,512			30,125			361,821

Reinvestment of distributions		9,999			126,217			6,037			73,103

Shares redeemed		(47,315	)		(589,899	)		(68,810	)		(826,108	)



		(8,107	)		(93,170	)		(32,648	)		(391,184	)



Institutional Shares

Shares sold		8,981,762			112,355,314			7,966,091			95,860,019

Reinvestment of distributions		2,052,373			25,810,561			1,312,982			15,864,105

Shares redeemed		(8,904,264	)		(111,260,607	)		(8,767,996	)		(104,947,898	)



		2,129,871			26,905,268			511,077			6,776,226



Service Shares

Shares sold		524			6,901			820			10,037

Reinvestment of distributions		59			757			20			246

Shares redeemed		(6	)		(69	)		(8,855	)		(106,621	)



		577			7,589			(8,015	)		(96,338	)



Investor Shares

Shares sold		47,836			606,207			61,366			723,674

Reinvestment of distributions		11,638			145,443			9,494			114,172

Shares redeemed		(101,392	)		(1,242,684	)		(96,411	)		(1,158,340	)



		(41,918	)		(491,034	)		(25,551	)		(320,494	)



Class R6 Shares

Shares sold		80,344			1,039,987			5,603			69,439

Reinvestment of distributions		11,814			148,950			6,695			80,965

Shares redeemed		(39,425	)		(488,063	)		(35,413	)		(418,935	)



		52,733			700,874			(23,115	)		(268,531	)



Class R Shares

Shares sold		112,713			1,424,626			78,888			958,497

Reinvestment of distributions		48,218			603,965			27,508			330,573

Shares redeemed		(46,974	)		(591,679	)		(235,506	)		(2,812,548	)



		113,957			1,436,912			(129,110	)		(1,523,478	)



Class P Shares

Shares sold		694,545			8,553,952			862,926			10,554,443

Reinvestment of distributions		264,151			3,323,767			169,691			2,050,870

Shares redeemed		(660,825	)		(8,198,135	)		(1,450,526	)		(17,470,342	)



		297,871			3,679,584			(417,909	)		(4,865,029	)



NET INCREASE (DECREASE)		2,048,934		$	26,066,513			(797,408	)	$	(8,693,767	)


88

GOLDMAN SACHS FUND OF FUNDS



12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Dynamic Global Equity Fund

	For the Fiscal Year Ended December 31, 2025						For the Fiscal Year Ended December 31, 2024

	Shares			Dollars			Shares			Dollars

Class A Shares

Shares sold		340,780		$	7,736,489			265,828		$	5,861,215

Reinvestment of distributions		943,385			21,694,957			575,228			12,922,400

Shares redeemed		(1,142,153	)		(26,124,580	)		(987,571	)		(21,642,491	)



		142,012			3,306,866			(146,515	)		(2,858,876	)



Class C Shares

Shares sold		50,269			1,124,724			24,923			520,706

Reinvestment of distributions		43,352			947,271			23,492			507,497

Shares redeemed		(53,119	)		(1,150,112	)		(78,276	)		(1,654,335	)



		40,502			921,883			(29,861	)		(626,132	)



Institutional Shares

Shares sold		79,352			1,870,510			94,781			2,059,848

Reinvestment of distributions		110,039			2,589,990			62,176			1,422,127

Shares redeemed		(87,046	)		(2,008,608	)		(207,298	)		(4,721,754	)



		102,345			2,451,892			(50,341	)		(1,239,779	)



Service Shares

Shares sold		40			956			52			1,139

Reinvestment of distributions		969			22,253			794			17,828

Shares redeemed		(3,894	)		(83,922	)		(1,149	)		(25,098	)



		(2,885	)		(60,713	)		(303	)		(6,131	)



Investor Shares

Shares sold		155,931			3,309,100			93,901			2,056,980

Reinvestment of distributions		51,754			1,166,046			23,385			515,083

Shares redeemed		(95,873	)		(2,155,511	)		(126,858	)		(2,904,701	)



		111,812			2,319,635			(9,572	)		(332,638	)



Class R6 Shares

Shares sold		29,117			682,243			25,913			589,596

Reinvestment of distributions		7,921			187,149			13,733			314,975

Shares redeemed		(142,133	)		(3,151,916	)		(70,429	)		(1,565,599	)



		(105,095	)		(2,282,524	)		(30,783	)		(661,028	)



Class R Shares

Shares sold		30,954			699,865			21,841			471,412

Reinvestment of distributions		35,940			812,623			23,727			525,970

Shares redeemed		(89,705	)		(2,124,300	)		(41,594	)		(875,423	)



		(22,811	)		(611,812	)		3,974			121,959



Class P Shares

Shares sold		877,109			20,237,943			1,065,835			24,226,545

Reinvestment of distributions		1,207,674			28,461,946			637,474			14,588,753

Shares redeemed		(570,383	)		(13,408,571	)		(411,095	)		(8,869,560	)



		1,514,400			35,291,318			1,292,214			29,945,738



NET INCREASE		1,780,280		$	41,336,545			1,028,813		$	24,343,113


		89

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

December 31, 2025



12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Growth Allocation Fund

	For the Fiscal Year Ended December 31, 2025						For the Fiscal Year Ended December 31, 2024

	Shares			Dollars			Shares			Dollars

Class A Shares

Shares sold		721,680		$	14,421,226			678,978		$	13,243,307

Reinvestment of distributions		1,745,220			35,930,768			1,149,640			22,723,233

Shares redeemed		(2,398,191	)		(48,312,866	)		(2,194,936	)		(42,722,417	)



		68,709			2,039,128			(366,318	)		(6,755,877	)



Class C Shares

Shares sold		62,070			1,295,780			108,520			2,084,900

Reinvestment of distributions		56,448			1,195,104			38,530			785,085

Shares redeemed		(187,069	)		(3,872,026	)		(158,922	)		(3,199,813	)



		(68,551	)		(1,381,142	)		(11,872	)		(329,828	)



Institutional Shares

Shares sold		4,001,612			82,781,363			4,222,214			82,565,108

Reinvestment of distributions		1,595,508			32,897,107			1,031,657			20,369,560

Shares redeemed		(4,367,827	)		(87,872,808	)		(2,440,927	)		(47,806,279	)



		1,229,293			27,805,662			2,812,944			55,128,389



Service Shares

Shares sold		6,326			125,274			6,194			119,121

Reinvestment of distributions		3,159			64,796			2,013			39,688

Shares redeemed		(15,122	)		(300,631	)		(34,464	)		(677,664	)



		(5,637	)		(110,561	)		(26,257	)		(518,855	)



Investor Shares

Shares sold		241,518			4,611,657			156,984			3,016,100

Reinvestment of distributions		56,564			1,143,978			37,749			733,133

Shares redeemed		(308,108	)		(6,139,562	)		(392,148	)		(7,350,981	)



		(10,026	)		(383,927	)		(197,415	)		(3,601,748	)



Class R6 Shares

Shares sold		301,265			6,178,910			114,151			2,234,079

Reinvestment of distributions		54,440			1,122,712			35,645			704,133

Shares redeemed		(313,626	)		(6,505,561	)		(82,159	)		(1,618,354	)



		42,079			796,061			67,637			1,319,858



Class R Shares

Shares sold		47,293			909,717			79,579			1,488,146

Reinvestment of distributions		46,798			922,815			27,700			527,750

Shares redeemed		(45,600	)		(861,868	)		(81,315	)		(1,497,477	)



		48,491			970,664			25,964			518,419



Class P Shares

Shares sold		1,868,318			38,315,424			1,339,721			25,749,804

Reinvestment of distributions		2,031,661			41,917,017			1,188,228			23,479,850

Shares redeemed		(1,178,716	)		(23,561,530	)		(1,180,033	)		(23,048,954	)



		2,721,263			56,670,911			1,347,916			26,180,700



NET INCREASE		4,025,621		$	86,406,796			3,652,599		$	71,941,058


90

GOLDMAN SACHS FUND OF FUNDS



12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Moderate Allocation Fund

	For the Fiscal Year Ended December 31, 2025						For the Fiscal Year Ended December 31, 2024

	Shares			Dollars			Shares			Dollars

Class A Shares

Shares sold		500,375		$	8,111,734			592,197		$	9,412,665

Reinvestment of distributions		1,172,820			19,243,759			903,407			14,389,115

Shares redeemed		(2,079,513	)		(33,585,910	)		(2,165,413	)		(34,066,796	)



		(406,318	)		(6,230,417	)		(669,809	)		(10,265,016	)



Class C Shares

Shares sold		44,831			704,568			48,939			753,496

Reinvestment of distributions		25,094			397,428			19,283			297,382

Shares redeemed		(86,893	)		(1,336,297	)		(131,168	)		(1,992,787	)



		(16,968	)		(234,301	)		(62,946	)		(941,909	)



Institutional Shares

Shares sold		7,945,147			130,292,577			6,746,801			106,349,827

Reinvestment of distributions		2,349,046			38,713,793			1,578,144			25,212,765

Shares redeemed		(7,219,101	)		(117,017,367	)		(4,787,782	)		(75,767,782	)



		3,075,092			51,989,003			3,537,163			55,794,810



Service Shares

Shares sold		14,679			232,632			12,159			188,311

Reinvestment of distributions		1,518			24,843			1,144			18,168

Shares redeemed		(19,584	)		(310,151	)		(7,084	)		(111,607	)



		(3,387	)		(52,676	)		6,219			94,872



Investor Shares

Shares sold		503,246			7,840,431			95,410			1,488,988

Reinvestment of distributions		61,655			1,004,811			36,819			582,259

Shares redeemed		(391,599	)		(6,294,794	)		(470,472	)		(7,313,923	)



		173,302			2,550,448			(338,243	)		(5,242,676	)



Class R6 Shares

Shares sold		250,784			4,327,828			62,472			998,759

Reinvestment of distributions		26,162			432,335			10,599			169,380

Shares redeemed		(81,649	)		(1,331,882	)		(50,847	)		(784,486	)



		195,297			3,428,281			22,224			383,653



Class R Shares

Shares sold		23,681			376,162			31,905			497,141

Reinvestment of distributions		22,438			364,174			17,231			271,651

Shares redeemed		(38,146	)		(622,979	)		(59,461	)		(917,112	)



		7,973			117,357			(10,325	)		(148,320	)



Class P Shares

Shares sold		1,223,257			19,861,943			1,235,441			19,575,122

Reinvestment of distributions		1,519,015			25,020,769			1,062,772			16,974,710

Shares redeemed		(1,188,277	)		(19,102,753	)		(1,512,445	)		(23,415,708	)



		1,553,995			25,779,959			785,768			13,134,124



NET INCREASE		4,578,986		$	77,347,654			3,270,051		$	52,809,538


		91

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Growth Allocation Fund and Goldman Sachs Moderate Allocation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Growth Allocation Fund and Goldman Sachs Moderate Allocation Fund (four of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2026

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


92

Goldman Sachs Fund of Funds – Tax Information (unaudited)

For the year ended December 31, 2025, 6.51%, 14.94%, 10.91% and 15.17% of the dividends paid from net investment company taxable income by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund, respectively, qualified for the dividends received deduction available to corporations.

For the year ended December 31, 2025, each Fund has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund from sources within foreign countries and possessions of the United States was $0.0580, $0.2372, $0.1149 and $0.1884 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund during the year from foreign sources was 12.59%, 24.27%, 20.21% and 24.31%, respectively. The total amount of taxes paid by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund to such countries was $0.0052, $0.0221, $0.0100 and $0.0165 per share, respectively.

For the year ended December 31, 2025, 16.40%, 35.74%, 27.99%, and 30.97% of the dividends paid from net investment company taxable income by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund, respectively, qualified for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended December 31, 2025, the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund designated 58.78%, 3.35%, 41.37% and 19.35%, respectively, of the dividends paid from net investment company taxable income as Section 163(j) Interest Dividends.

For the year ended December 31, 2025, 0.45%, 0.59%, 0.50% and 0.37% of the dividends paid from net investment company taxable income by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund, respectively, qualify as section 199A dividends.

During the year ended December 31, 2025, the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund designate $1,976,257,$4,266,148, $1,962,094, and $5,393,737, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund designate $15,774,283, $42,750,141, $56,612,707 and $81,420,204, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2025.


		93

LOGO

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 GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary 2026 Goldman Sachs. All rights reserved. FFAR-26

LOGO

Goldman Sachs Funds Annual Financial Statements December 31, 2025 Alternative Funds II Goldman Sachs Absolute Return Tracker Fund Goldman Sachs Commodity Strategy Fund

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments

December 31, 2025


Shares		Description	Value

	Common Stocks – 44.2%

	Aerospace & Defense – 1.0%
	272	AAR Corp.*	$	22,519
	486	AeroVironment, Inc.*		117,558
	9,907	AerSale Corp.*		70,439
	31	AIRO Group Holdings, Inc.*		254
	8,254	Archer Aviation, Inc. Class A*		62,070
	2,170	Astronics Corp.*		117,701
	1,062	ATI, Inc.*		121,875
	1,878	Axon Enterprise, Inc.*		1,066,572
	15,818	Boeing Co.*		3,434,404
	1,619	BWX Technologies, Inc.		279,828
	4,628	Byrna Technologies, Inc.*		77,704
	1,261	Cadre Holdings, Inc.		51,499
	619	Carpenter Technology Corp.		194,886
	765	Curtiss-Wright Corp.		421,722
	1,893	Ducommun, Inc.*		180,081
	8,625	Eve Holding, Inc.*^(a)		34,414
	17,671	General Dynamics Corp.		5,949,119
	28,525	General Electric Co.		8,786,556
	11,062	HEICO Corp.		3,579,553
	1,866	HEICO Corp. Class A		471,034
	910	Hexcel Corp.		67,249
	10,538	Howmet Aerospace, Inc.		2,160,501
	762	Huntington Ingalls Industries, Inc.		259,133
	8,980	Innovative Solutions & Support, Inc.*		170,081
	39	Intuitive Machines, Inc.*		633
	877	Karman Holdings, Inc.*		64,170
	3,098	Kratos Defense & Security Solutions, Inc.*		235,169
	19,721	L3Harris Technologies, Inc.		5,789,494
	1,785	Leonardo DRS, Inc.		60,851
	242	Loar Holdings, Inc.*		16,456
	4,867	Lockheed Martin Corp.		2,354,022
	1,334	Mercury Systems, Inc.*		97,395
	375	Moog, Inc. Class A		91,331
	1,787	National Presto Industries, Inc.		190,780
	3,023	Northrop Grumman Corp.		1,723,745
	10,379	Park Aerospace Corp.		221,488
	2,060	Red Cat Holdings, Inc.*^(a)		16,336
	311	Redwire Corp.*^(a)		2,364
	5,900	Rocket Lab Corp.*		411,584
	76,317	RTX Corp.		13,996,538
	18,323	Satellogic, Inc. Class A*		34,264
	456	StandardAero, Inc.*		13,078
	2,302	Textron, Inc.		200,665
	1,126	TransDigm Group, Inc.		1,497,411
	1,260	V2X, Inc.*		68,733
	9,291	Virgin Galactic Holdings, Inc.*^(a)		29,824
	3,669	Voyager Technologies, Inc. Class A*		95,908
	551	VSE Corp.		95,196


Shares		Description	Value

	Common Stocks – (continued)

	Aerospace & Defense – (continued)
	1,116	Woodward, Inc.	$	337,389


				55,341,576


	Air Freight & Logistics – 0.1%
	4	Arrive AI, Inc.*		11
	3,128	CH Robinson Worldwide, Inc.		502,857
	2,698	Expeditors International of Washington, Inc.		402,029
	3,983	FedEx Corp.		1,150,529
	49	Forward Air Corp.*		1,225
	1,199	GXO Logistics, Inc.*		63,115
	140	Hub Group, Inc. Class A		5,966
	31,806	International Distribution Services PLC^(b)		158,630
	23,122	Radiant Logistics, Inc.*		146,362
	12,398	United Parcel Service, Inc. Class B		1,229,758


				3,660,482


	Automobile Components – 0.0%
	3,233	Adient PLC*		61,977
	3,642	Aptiv PLC*		277,120
	1,507	Autoliv, Inc.		178,881
	6,436	BorgWarner, Inc.		290,006
	1,012	Cooper-Standard Holdings, Inc.*		33,224
	2,603	Dana, Inc.		61,847
	1,152	Dorman Products, Inc.*		141,915
	176	Fox Factory Holding Corp.*		3,011
	9,711	Garrett Motion, Inc.		169,263
	3,501	Gentex Corp.		81,468
	1,060	Gentherm, Inc.*		38,552
	2,042	Goodyear Tire & Rubber Co.*		17,888
	446	LCI Industries		54,118
	1,033	Lear Corp.		118,382
	16,173	Luminar Technologies, Inc.*^(a)		1,294
	9,233	Motorcar Parts of America, Inc.*		113,935
	1,117	Patrick Industries, Inc.		121,116
	934	Phinia, Inc.		58,552
	3,204	QuantumScape Corp.*		33,386
	10,148	Solid Power, Inc.*		43,129
	1,855	Standard Motor Products, Inc.		68,357
	1,660	Strattec Security Corp.*		126,392
	998	Visteon Corp.		94,910
	1,187	XPEL, Inc.*		59,243


				2,247,966


	Automobiles – 0.8%
	85,783	Ford Motor Co.		1,125,473
	103,998	General Motors Co.		8,457,117
	3,257	Harley-Davidson, Inc.		66,736
	228	Livewire Group, Inc.*		1,008
	76,083	Tesla, Inc.*		34,216,047

The accompanying notes are an integral part of these financial statements. 1

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Automobiles – (continued)
	1,079	Thor Industries, Inc.		$ 110,781


				43,977,162


	Banks – 2.2%
	1,338	1st Source Corp.		83,612
	2,678	ACNB Corp.		129,481
	1,833	Amalgamated Financial Corp.		58,711
	2,293	Amerant Bancorp, Inc.		44,736
	1,357	Ameris Bancorp		100,784
	3,866	Arrow Financial Corp.		121,392
	1,444	Associated Banc-Corp.		37,197
	282	Atlantic Union Bankshares Corp.		9,955
	1,579	Axos Financial, Inc.*		136,047
	2,281	Banc of California, Inc.		44,000
	831	BancFirst Corp.		88,103
	498	Bancorp, Inc.*		33,625
	1,370	Bank First Corp.		166,893
	378,259	Bank of America Corp.		20,804,245
	1,307	Bank of Hawaii Corp.		89,360
	5,280	Bank of Marin Bancorp		137,333
	4,733	Bank of NT Butterfield & Son Ltd.		235,798
	3,724	Bank OZK		171,378
	2,763	Bank7 Corp.		113,228
	1,489	BankUnited, Inc.		66,365
	4,143	Bankwell Financial Group, Inc.		189,832
	1,118	Banner Corp.		70,054
	2,678	Bar Harbor Bankshares		83,152
	5,940	BayCom Corp.		174,636
	13,881	BCB Bancorp, Inc.		112,020
	2,762	Beacon Financial Corp.		72,834
	20,886	Blue Foundry Bancorp*		259,613
	35,991	Blue Ridge Bankshares, Inc.		153,682
	689	BOK Financial Corp.		81,619
	8,214	Bridgewater Bancshares, Inc.*		143,991
	1,224	Burke & Herbert Financial Services Corp.		76,267
	2,842	Business First Bancshares, Inc.		74,290
	2,199	Byline Bancorp, Inc.		64,101
	1,293	C&F Financial Corp.		93,859
	3,845	Cadence Bank		164,720
	7,994	California BanCorp		149,248
	2,197	Camden National Corp.		95,306
	4,495	Capital Bancorp, Inc.		126,624
	3,435	Capital City Bank Group, Inc.		146,228
	15,202	Capitol Federal Financial, Inc.		103,526
	7,405	Carter Bankshares, Inc.*		145,582
	1,684	Cathay General Bancorp		81,489
	2,741	Central Pacific Financial Corp.		85,410
	3,147	Chemung Financial Corp.		175,603


Shares		Description	Value

	Common Stocks – (continued)

	Banks – (continued)
	5,238	ChoiceOne Financial Services, Inc.		$ 154,626
	41,205	Citigroup, Inc.		4,808,211
	8,166	Citizens & Northern Corp.		164,708
	8,614	Citizens Financial Group, Inc.		503,144
	986	Citizens Financial Services, Inc.		56,222
	1,126	City Holding Co.		134,219
	5,754	Civista Bancshares, Inc.		127,854
	3,729	CNB Financial Corp.		97,588
	1,107	Coastal Financial Corp.*		126,851
	3	CoastalSouth Bancshares, Inc.*		70
	8,669	Colony Bankcorp, Inc.		154,482
	3,541	Columbia Banking System, Inc.		98,971
	4,805	Columbia Financial, Inc.*		74,670
	3,345	Comerica, Inc.		290,781
	3,116	Commerce Bancshares, Inc.		163,110
	640	Community Financial System, Inc.		36,762
	1,844	Community Trust Bancorp, Inc.		104,186
	7,574	Community West Bancshares		170,415
	1,801	ConnectOne Bancorp, Inc.		47,222
	1,425	Cullen/Frost Bankers, Inc.		180,448
	971	Customers Bancorp, Inc.*		71,000
	3,183	CVB Financial Corp.		59,204
	1,324	Dime Community Bancshares, Inc.		39,839
	1,084	Eagle Bancorp, Inc.		23,219
	1	Eagle Financial Services, Inc.		40
	3,106	East West Bancorp, Inc.		349,083
	2,222	Eastern Bankshares, Inc.		40,951
	1,531	Enterprise Financial Services Corp.		82,674
	2,453	Equity Bancshares, Inc. Class A		109,526
	2,222	Esquire Financial Holdings, Inc.		226,800
	2,658	Farmers & Merchants Bancorp, Inc.		65,706
	7,555	Farmers National Banc Corp.		100,633
	20,487	FB Bancorp, Inc.*		263,258
	726	FB Financial Corp.		40,511
	1,550	Fidelity D&D Bancorp, Inc.		67,472
	14,119	Fifth Third Bancorp		660,910
	4,650	Financial Institutions, Inc.		144,941
	9,209	Finwise Bancorp*		165,209
	3,842	First BanCorp		79,645
	5,118	First Bancorp, Inc.		135,320
	1,703	First Bancorp/Southern Pines NC		86,495
	9,106	First Bank		149,885
	1,743	First Busey Corp.		41,466

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Banks – (continued)
	2,369	First Business Financial Services, Inc.		$ 128,637
	177	First Citizens BancShares, Inc. Class A		379,874
	3,748	First Commonwealth Financial Corp.		63,191
	2,610	First Community Bankshares, Inc.		88,035
	11	First Community Corp.		326
	2,331	First Financial Bancorp		58,322
	3,021	First Financial Bankshares, Inc.		90,237
	2,320	First Financial Corp.		140,174
	4,112	First Foundation, Inc.*		25,330
	3,150	First Hawaiian, Inc.		79,695
	11,918	First Horizon Corp.		284,840
	832	First Internet Bancorp		17,364
	1,293	First Interstate BancSystem, Inc. Class A		44,738
	1,745	First Merchants Corp.		65,403
	2,073	First Mid Bancshares, Inc.		80,847
	3	First National Corp.		76
	18	First Western Financial, Inc.*		483
	1,981	Firstsun Capital Bancorp*		74,555
	4,457	Five Star Bancorp		159,471
	1,359	Flagstar Bank NA		17,110
	5,554	Flushing Financial Corp.		84,254
	6,861	FNB Corp.		117,323
	3,037	FS Bancorp, Inc.		125,033
	3,209	Fulton Financial Corp.		62,030
	2,845	GBank Financial Holdings, Inc.*		96,417
	2,705	German American Bancorp, Inc.		105,982
	1,200	Glacier Bancorp, Inc.		52,860
	1,546	Great Southern Bancorp, Inc.		95,172
	3,154	Greene County Bancorp, Inc.		70,113
	1,953	Hancock Whitney Corp.		124,367
	4,104	Hanmi Financial Corp.		110,931
	2	Hanover Bancorp, Inc.		46
	3,803	HBT Financial, Inc.		98,308
	10,984	Heritage Commerce Corp.		131,918
	3,299	Heritage Financial Corp.		78,021
	2,389	Hilltop Holdings, Inc.		81,083
	234	Hingham Institution For Savings^(a)		66,447
	2,616	Home Bancorp, Inc.		151,205
	3,417	Home BancShares, Inc.		94,924
	3,076	HomeTrust Bancshares, Inc.		132,083
	3,885	Hope Bancorp, Inc.		42,580
	4,544	Horizon Bancorp, Inc.		77,066
	36,265	Huntington Bancshares, Inc.		629,198
	3,518	Independent Bank Corp.		127,781
	1,791	International Bancshares Corp.		118,994


Shares		Description	Value

	Common Stocks – (continued)

	Banks – (continued)
	5,465	John Marshall Bancorp, Inc.		$ 109,245
	134,296	JPMorgan Chase & Co.		43,272,857
	8,808	Kearny Financial Corp.		65,267
	12,047	KeyCorp		248,650
	1,508	Lakeland Financial Corp.		86,046
	20,079	LINKBANCORP, Inc.		165,853
	95	Live Oak Bancshares, Inc.		3,263
	3,472	M&T Bank Corp.		699,539
	2	MainStreet Bancshares, Inc.		41
	1,457	Mercantile Bank Corp.		70,082
	10	Meridian Corp.		176
	3,536	Metrocity Bankshares, Inc.		93,845
	1,279	Metropolitan Bank Holding Corp.		97,664
	3,774	Mid Penn Bancorp, Inc.		117,069
	2,332	Middlefield Banc Corp.		80,547
	4,658	Midland States Bancorp, Inc.		98,610
	4,541	MidWestOne Financial Group, Inc.		174,829
	4,314	MVB Financial Corp.		111,431
	1,392	National Bank Holdings Corp. Class A		52,910
	17,364	NB Bancorp, Inc.		344,146
	1,246	NBT Bancorp, Inc.		51,734
	1,040	Nicolet Bankshares, Inc.		126,152
	1,220	Northeast Bank		126,795
	5,740	Northeast Community Bancorp, Inc.		129,781
	5,005	Northfield Bancorp, Inc.		57,207
	5,487	Northpointe Bancshares, Inc.		92,072
	5,183	Northrim BanCorp, Inc.		137,920
	5,609	Northwest Bancshares, Inc.		67,308
	5,581	Norwood Financial Corp.		156,547
	21,025	NU Holdings Ltd. Class A*		351,958
	2,496	OceanFirst Financial Corp.		44,803
	1,440	OFG Bancorp		59,011
	6,212	Old National Bancorp		138,590
	5,926	Old Second Bancorp, Inc.		115,557
	6	OP Bancorp		85
	2,153	Orange County Bancorp, Inc.		61,468
	2,152	Origin Bancorp, Inc.		80,937
	3,654	Orrstown Financial Services, Inc.		129,425
	280	Park National Corp.		42,610
	8,596	Parke Bancorp, Inc.		215,244
	1,598	Pathward Financial, Inc.		113,458
	32,759	Patriot National Bancorp, Inc.*^(a)		59,621
	7,692	PCB Bancorp		166,532
	1,752	Peapack-Gladstone Financial Corp.		48,793
	2,549	Peoples Bancorp, Inc.		76,546
	1,663	Peoples Financial Services Corp.		81,005

The accompanying notes are an integral part of these financial statements. 3

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Banks – (continued)
	931	Pinnacle Financial Partners, Inc.	$	88,827
	16,759	Pioneer Bancorp, Inc.*		225,911
	3,284	Plumas Bancorp		146,762
	8,390	PNC Financial Services Group, Inc.		1,751,245
	13,890	Ponce Financial Group, Inc.*		227,102
	45,324	Popular, Inc.		5,643,744
	1,261	Preferred Bank		119,076
	11,302	Primis Financial Corp.		157,211
	4	Princeton Bancorp, Inc.		139
	1,706	Prosperity Bancshares, Inc.		117,902
	3,117	Provident Financial Services, Inc.		61,561
	1,074	QCR Holdings, Inc.		89,464
	5,934	RBB Bancorp		122,478
	2,659	Red River Bancshares, Inc.		189,932
	20,042	Regions Financial Corp.		543,138
	527	Renasant Corp.		18,561
	1,143	Republic Bancorp, Inc. Class A		78,856
	5	Richmond Mutual BanCorp, Inc.		70
	1,495	S&T Bancorp, Inc.		58,828
	1,454	Seacoast Banking Corp. of Florida		45,685
	969	ServisFirst Bancshares, Inc.		69,565
	6,715	Shore Bancshares, Inc.		118,721
	2,750	Sierra Bancorp		89,870
	2,692	Simmons First National Corp. Class A		50,744
	3,575	SmartFinancial, Inc.		132,239
	2,650	South Plains Financial, Inc.		102,820
	2,714	Southern First Bancshares, Inc.*		139,825
	1,694	Southern Missouri Bancorp, Inc.		100,149
	3,185	Southside Bancshares, Inc.		96,792
	1,310	Southstate Bank Corp.		123,284
	2,516	Stellar Bancorp, Inc.		77,845
	23,246	Sterling Bancorp, Inc.*^(b)		—
	1,601	Stock Yards Bancorp, Inc.		103,985
	2,968	Synovus Financial Corp.		148,548
	955	Texas Capital Bancshares, Inc.*		86,466
	6,961	TFS Financial Corp.		93,138
	3,706	Third Coast Bancshares, Inc.*		140,865
	4,234	Timberland Bancorp, Inc.		151,577
	627	Tompkins Financial Corp.		45,470
	2,094	Towne Bank		69,877
	1,643	TriCo Bancshares		77,829
	64	Triumph Financial, Inc.*		4,008
	26,888	Truist Financial Corp.		1,323,158
	2,925	TrustCo Bank Corp.		120,890
	2,852	Trustmark Corp.		111,085


Shares		Description	Value

	Common Stocks – (continued)

	Banks – (continued)
	32,515	U.S. Bancorp	$	1,735,000
	1,159	UMB Financial Corp.		133,331
	21	Union Bankshares, Inc.		498
	2,370	United Bankshares, Inc.		91,008
	1,566	United Community Banks, Inc.		48,891
	2,962	Unity Bancorp, Inc.		153,195
	2,593	Univest Financial Corp.		84,895
	5,752	USCB Financial Holdings, Inc.		105,952
	16,297	Valley National Bancorp		190,349
	1,679	WaFd, Inc.		53,778
	3,223	Washington Trust Bancorp, Inc.		95,240
	3,798	Webster Financial Corp.		239,046
	189,326	Wells Fargo & Co.		17,645,183
	1,088	WesBanco, Inc.		36,165
	6,672	West BanCorp, Inc.		148,052
	2,380	Westamerica BanCorp		113,835
	1,677	Western Alliance Bancorp		140,985
	1,514	Wintrust Financial Corp.		211,687
	1,126	WSFS Financial Corp.		62,200
	3,456	Zions Bancorp NA		202,314


				124,147,175


	Beverages – 0.3%
	784	Boston Beer Co., Inc. Class A*		152,982
	3,510	Brown-Forman Corp. Class B		91,471
	1,747	Brown-Forman Corp. Class A		45,964
	3,751	Celsius Holdings, Inc.*		171,571
	93,932	Coca-Cola Co.		6,566,786
	1,555	Coca-Cola Consolidated, Inc.		238,381
	2,810	Constellation Brands, Inc. Class A		387,668
	26,256	Keurig Dr. Pepper, Inc.		735,430
	422	MGP Ingredients, Inc.		10,255
	4,936	Molson Coors Beverage Co. Class B		230,412
	22,077	Monster Beverage Corp.*		1,692,644
	5,989	National Beverage Corp.*		190,989
	30,088	PepsiCo, Inc.		4,318,230
	10,109	Primo Brands Corp.		165,282
	4,856	Vita Coco Co., Inc.*		257,416
	211	Zevia PBC Class A*		489


				15,255,970


	Biotechnology – 0.8%
	269	89bio, Inc.*^(b)		91
	48,584	AbbVie, Inc.		11,100,958
	13,652	Abeona Therapeutics, Inc.*		71,946
	5,824	Absci Corp.*^(a)		20,326
	9,035	ACADIA Pharmaceuticals, Inc.*		241,325
	38	Actuate Therapeutics, Inc.*		233

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Biotechnology – (continued)
	37,390	Acumen Pharmaceuticals, Inc.*	$	78,893
	450	ADC Therapeutics SA*		1,589
	5,382	ADMA Biologics, Inc.*		98,168
	16,373	Adverum Biotechnologies, Inc.*		13,098
	13,300	Agenus, Inc.*		41,762
	45,612	Akebia Therapeutics, Inc.*		73,435
	2,353	Akero Therapeutics, Inc.*		1,529
	5,637	Aldeyra Therapeutics, Inc.*		29,200
	2,957	Alector, Inc.*		4,613
	6,474	Alkermes PLC*		181,143
	14,492	Allogene Therapeutics, Inc.*		19,854
	3,661	Alnylam Pharmaceuticals, Inc.*		1,455,797
	3,830	Altimmune, Inc.*		13,826
	13,725	Amgen, Inc.		4,492,330
	14,973	Amicus Therapeutics, Inc.*		213,216
	121	AnaptysBio, Inc.*		5,866
	9,307	Anavex Life Sciences Corp.*^(a)		33,133
	6,218	Anika Therapeutics, Inc.*		59,755
	15,857	Annexon, Inc.*		79,602
	678	Apellis Pharmaceuticals, Inc.*		17,031
	204	Apogee Therapeutics, Inc.*		15,398
	63,647	Applied Therapeutics, Inc.*		6,365
	19,698	Arbutus Biopharma Corp.*		94,747
	213	Arcellx, Inc.*		13,888
	61	Arcturus Therapeutics Holdings, Inc.*		374
	315	Arcus Biosciences, Inc.*		7,506
	7,568	Arcutis Biotherapeutics, Inc.*		219,775
	1,467	Ardelyx, Inc.*		8,553
	1,377	ArriVent Biopharma, Inc.*		27,705
	750	Arrowhead Pharmaceuticals, Inc.*		49,792
	6,813	ARS Pharmaceuticals, Inc.*		79,371
	8,474	Artiva Biotherapeutics, Inc.*^(a)		36,353
	3,714	Astria Therapeutics, Inc.*		48,616
	18,302	aTyr Pharma, Inc.*		14,332
	9,035	Aura Biosciences, Inc.*		49,241
	724	Aurinia Pharmaceuticals, Inc.*		11,548
	1,104	Avidity Biosciences, Inc.*		79,632
	23,641	Avita Medical, Inc.*		81,561
	594	Beam Therapeutics, Inc.*		16,466
	6,169	Benitec Biopharma, Inc.*		83,096
	13	Bicara Therapeutics, Inc.*		219
	16,079	BioCryst Pharmaceuticals, Inc.*		125,416
	2,872	Biogen, Inc.*		505,443
	562	Biohaven Ltd.*		6,345
	3,582	BioMarin Pharmaceutical, Inc.*		212,878


Shares		Description	Value

	Common Stocks – (continued)

	Biotechnology – (continued)
	18,635	Biomea Fusion, Inc.*	$	23,107
	495	Black Diamond Therapeutics, Inc.*		1,203
	835	Blueprint Medicines Corp.*^(b)		384
	2,694	Bridgebio Pharma, Inc.*		206,064
	29	Bright Minds Biosciences, Inc.*		2,263
	6,802	C4 Therapeutics, Inc.*		12,992
	13,823	Cabaletta Bio, Inc.*		30,272
	7,343	Candel Therapeutics, Inc.*^(a)		41,488
	11,413	Capricor Therapeutics, Inc.*^(a)		329,379
	31,820	Cardiff Oncology, Inc.*^(a)		89,414
	2,594	CareDx, Inc.*		48,871
	7,231	Cargo Therapeutics, Inc.*^(b)		—
	28,974	Caribou Biosciences, Inc.*		46,069
	3,646	Caris Life Sciences, Inc.*^(a)		98,369
	4,343	Cartesian Therapeutics, Inc.*		31,313
	6,583	Catalyst Pharmaceuticals, Inc.*		153,647
	1,697	Celcuity, Inc.*		169,259
	347	CG oncology, Inc.*		14,407
	20,041	Cibus, Inc.*		34,871
	944	Cidara Therapeutics, Inc.*		208,520
	14,308	Climb Bio, Inc.*		57,232
	814	Cogent Biosciences, Inc.*		28,913
	29,759	Coherus Oncology, Inc.*		42,258
	15,778	Compass Therapeutics, Inc.*		84,728
	3,334	Corbus Pharmaceuticals Holdings, Inc.*		27,139
	7,042	Corvus Pharmaceuticals, Inc.*		54,223
	5,359	Cullinan Therapeutics, Inc.*		55,466
	81	Cytokinetics, Inc.*		5,147
	29,858	CytomX Therapeutics, Inc.*		127,195
	206	Day One Biopharmaceuticals, Inc.*		1,920
	48	Denali Therapeutics, Inc.*		792
	5,025	Design Therapeutics, Inc.*		47,135
	14,276	DiaMedica Therapeutics, Inc.*		113,637
	9	Dianthus Therapeutics, Inc.*		371
	213	Disc Medicine, Inc.*		16,914
	8,595	Dynavax Technologies Corp.*		132,191
	218	Dyne Therapeutics, Inc.*		4,264
	8,453	Editas Medicine, Inc.*		17,329
	37,731	Eledon Pharmaceuticals, Inc.*		56,974
	1,152	Emergent BioSolutions, Inc.*		14,239
	4,730	Enanta Pharmaceuticals, Inc.*		74,592
	8,802	Entrada Therapeutics, Inc.*		90,485
	3,174	Erasca, Inc.*		11,807
	2,842	Exact Sciences Corp.*		288,634
	11,762	Exelixis, Inc.*		515,528
	26,264	Fate Therapeutics, Inc.*		25,807
	39	Fennec Pharmaceuticals, Inc.*		300
	5,468	Foghorn Therapeutics, Inc.*		29,527
	19,823	Galectin Therapeutics, Inc.*^(a)		82,464

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Biotechnology – (continued)
	28,889	Genelux Corp.*^(a)	$	125,956
	3,396	Geron Corp.*		4,483
	30,306	Gilead Sciences, Inc.		3,719,758
	31,447	Gossamer Bio, Inc.*		97,486
	481	GRAIL, Inc.*		41,169
	10,112	Greenwich Lifesciences, Inc.*^(a)		212,453
	7,480	Gyre Therapeutics, Inc.*^(a)		52,809
	3,609	Halozyme Therapeutics, Inc.*		242,886
	79,232	Heron Therapeutics, Inc.*		103,002
	23,907	HilleVax, Inc.*^(b)		3,347
	14,556	Humacyte, Inc.*^(a)		13,981
	2,897	Immatics NV*		30,419
	1,179	ImmunityBio, Inc.*^(a)		2,334
	480	Immunome, Inc.*		10,310
	425	Immunovant, Inc.*		10,804
	5,894	Incyte Corp.*		582,150
	32	Inhibikase Therapeutics, Inc.*		66
	3,227	Inhibrx Biosciences, Inc.*		254,933
	130	Inmune Bio, Inc.*		203
	14,146	Inovio Pharmaceuticals, Inc.*^(a)		24,614
	4,271	Insmed, Inc.*		743,325
	27,498	Invivyd, Inc.*		67,920
	973	Ionis Pharmaceuticals, Inc.*		76,974
	915	Ironwood Pharmaceuticals, Inc.*		3,084
	2,729	iTeos Therapeutics, Inc.*^(b)		281
	10,425	Jade Biosciences, Inc.		160,858
	79	Janux Therapeutics, Inc.*		1,090
	8,954	Kalaris Therapeutics, Inc.*		75,572
	2,262	KalVista Pharmaceuticals, Inc.*		36,531
	1,733	Keros Therapeutics, Inc.*		35,284
	6,883	Kodiak Sciences, Inc.*		192,449
	169	Korro Bio, Inc.*		1,354
	307	Krystal Biotech, Inc.*		75,688
	314	Kymera Therapeutics, Inc.*		24,432
	8,718	Kyverna Therapeutics, Inc.*		81,949
	3,524	Larimar Therapeutics, Inc.*		13,426
	1,158	Lexeo Therapeutics, Inc.*		11,499
	58,040	Lineage Cell Therapeutics, Inc.*		96,927
	10,869	Lunai Bioworks, Inc.*		9,583
	1,103	Lyell Immunopharma, Inc.*		33,950
	14,817	MacroGenics, Inc.*		23,855
	492	Madrigal Pharmaceuticals, Inc.*		286,511
	1,882	MannKind Corp.*		10,671
	12,640	MeiraGTx Holdings PLC*		100,488
	230	Metsera, Inc.*^(b)		1,127
	20,620	MiMedx Group, Inc.*		139,597
	243	Mineralys Therapeutics, Inc.*		8,818
	2,707	Mirum Pharmaceuticals, Inc.*		213,826


Shares		Description	Value

	Common Stocks – (continued)

	Biotechnology – (continued)
	2,322	Monopar Therapeutics, Inc.*^(a)	$	151,627
	730	Monte Rosa Therapeutics, Inc.*		11,446
	123	MoonLake Immunotherapeutics*		1,621
	6,605	Myriad Genetics, Inc.*		40,621
	3,527	Natera, Inc.*		808,000
	1,971	Neurocrine Biosciences, Inc.*		279,547
	16,227	Nkarta, Inc.*		30,020
	766	Novavax, Inc.*^(a)		5,148
	241	Nurix Therapeutics, Inc.*		4,572
	287	Nuvalent, Inc. Class A*		28,869
	80	Nuvectis Pharma, Inc.*		604
	44,859	Ocugen, Inc.*^(a)		60,560
	937	Olema Pharmaceuticals, Inc.*		23,425
	14,112	Organogenesis Holdings, Inc.*		73,100
	102	ORIC Pharmaceuticals, Inc.*		834
	45,492	Outlook Therapeutics, Inc.*^(a)		71,877
	1,885	Palvella Therapeutics, Inc.*		197,303
	2,424	Perspective Therapeutics, Inc.*		6,666
	77,637	PMV Pharmaceuticals, Inc.*		97,046
	10	Praxis Precision Medicines, Inc.*		2,947
	7,343	Precigen, Inc.*		30,694
	3,542	Prime Medicine, Inc.*		12,291
	1,679	ProKidney Corp.*^(a)		3,761
	1,528	Protagonist Therapeutics, Inc.*		133,456
	74,338	Protalix BioTherapeutics, Inc.*		133,808
	373	Prothena Corp. PLC*		3,562
	5,015	PTC Therapeutics, Inc.*		380,939
	30,093	Puma Biotechnology, Inc.*		179,053
	1,415	RAPT Therapeutics, Inc.*		47,926
	2,280	Recursion Pharmaceuticals, Inc. Class A*^(a)		9,325
	1,924	Regeneron Pharmaceuticals, Inc.		1,485,078
	92	Regulus Therapeutics, Inc.*^(b)		107
	343	Revolution Medicines, Inc.*		27,320
	6,643	Rezolute, Inc.*		15,677
	1,818	Rhythm Pharmaceuticals, Inc.*		194,599
	3,549	Rigel Pharmaceuticals, Inc.*		152,004
	80	Rocket Pharmaceuticals, Inc.*		281
	3,738	Sage Therapeutics, Inc.*^(b)		673
	93	Sana Biotechnology, Inc.*		379
	44,456	Sangamo Therapeutics, Inc.*		18,672
	2,466	Sarepta Therapeutics, Inc.*		53,068
	3,519	Savara, Inc.*		21,220
	2,650	Scholar Rock Holding Corp.*		116,732

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Biotechnology – (continued)
	626	SELLAS Life Sciences Group, Inc.*	$	2,360
	23,744	Sera Prognostics, Inc. Class A*		70,045
	2,532	Seres Therapeutics, Inc.*		37,676
	77	Sionna Therapeutics, Inc.*		3,168
	9,712	Skye Bioscience, Inc.*		7,281
	1,460	Soleno Therapeutics, Inc.*		67,598
	1,334	Solid Biosciences, Inc.*		7,524
	208	Spyre Therapeutics, Inc.*		6,814
	279	Stoke Therapeutics, Inc.*		8,855
	3,217	Summit Therapeutics, Inc.*		56,265
	2,589	Sutro Biopharma, Inc.*		29,955
	494	Syndax Pharmaceuticals, Inc.*		10,379
	8,104	Taysha Gene Therapies, Inc.*		44,572
	2,018	Tectonic Therapeutic, Inc.*^(a)		42,095
	13,441	Tenaya Therapeutics, Inc.*		9,563
	130,978	Tevogen Bio Holdings, Inc.*		43,367
	4,465	TG Therapeutics, Inc.*		133,102
	80,755	Tiziana Life Sciences Ltd.*^(a)		120,325
	2,765	Tonix Pharmaceuticals Holding Corp.*^(a)		43,189
	5,762	Travere Therapeutics, Inc.*		220,166
	25,561	TriSalus Life Sciences, Inc.*		178,416
	20,243	TScan Therapeutics, Inc.*		20,243
	160	TuHURA Biosciences, Inc.*		121
	368	Twist Bioscience Corp.*		11,673
	565	Ultragenyx Pharmaceutical, Inc.*		12,995
	849	United Therapeutics Corp.*		413,675
	2,612	UroGen Pharma Ltd.*		61,173
	29,258	Vanda Pharmaceuticals, Inc.*		258,056
	320	Vera Therapeutics, Inc.*		16,205
	487	Veracyte, Inc.*		20,503
	8,155	Verastem, Inc.*		62,957
	1,865	Vericel Corp.*		67,159
	6,904	Vertex Pharmaceuticals, Inc.*		3,129,997
	2,973	Vigil Neuroscience, Inc.*^(b)		149
	54	Viking Therapeutics, Inc.*		1,900
	601	Viridian Therapeutics, Inc.*		18,703
	1,876	Vor BioPharma, Inc.*		24,538
	8,113	Voyager Therapeutics, Inc.*		31,884
	16,831	XBiotech, Inc.*		40,226
	472	Xenon Pharmaceuticals, Inc.*		21,155
	2,095	XOMA Royalty Corp.*		55,706
	14,011	Zentalis Pharmaceuticals, Inc.*		18,915
	14,324	Zura Bio Ltd.*		75,058
	4,529	Zymeworks, Inc.*		119,249


				42,294,087


	Broadline Retail – 2.1%
	48,412	1stdibs.com, Inc.*		289,988
	492,963	Amazon.com, Inc.*		113,785,720
	34,785	Coupang, Inc.*		820,578


Shares		Description	Value

	Common Stocks – (continued)

	Broadline Retail – (continued)
	392	Dillard’s, Inc. Class A	$	237,685
	11,302	eBay, Inc.		984,404
	2,928	Etsy, Inc.*		162,328
	4,832	Groupon, Inc.*		85,092
	3,967	Kohl’s Corp.		80,967
	10,504	Macy’s, Inc.		231,613
	1,690	Ollie’s Bargain Outlet Holdings, Inc.*		185,241
	6,935	Savers Value Village, Inc.*		64,773


				116,928,389


	Building Products – 0.1%
	2,419	A.O. Smith Corp.		161,783
	422	AAON, Inc.		32,177
	361	Advanced Drainage Systems, Inc.		52,284
	2,213	Allegion PLC		352,354
	42	Apogee Enterprises, Inc.		1,529
	1,550	Armstrong World Industries, Inc.		296,205
	1,309	AZZ, Inc.		140,299
	1,777	Builders FirstSource, Inc.*		182,836
	602	Carlisle Cos., Inc.		192,556
	13,217	Carrier Global Corp.		698,386
	154	CSW Industrials, Inc.		45,204
	827	Fortune Brands Innovations, Inc.		41,367
	253	Gibraltar Industries, Inc.*		12,508
	996	Griffon Corp.		73,355
	2,750	Hayward Holdings, Inc.*		42,487
	1,967	Insteel Industries, Inc.		62,295
	2,637	Janus International Group, Inc.*		17,246
	13,644	Johnson Controls International PLC		1,633,869
	802	Lennox International, Inc.		389,435
	3,387	Masco Corp.		214,939
	2,877	Masterbrand, Inc.*		31,762
	422	Modine Manufacturing Co.*		56,341
	1,159	Owens Corning		129,704
	5,386	Resideo Technologies, Inc.*		189,156
	792	Simpson Manufacturing Co., Inc.		127,884
	677	Tecnoglass, Inc.		34,067
	6,109	Trane Technologies PLC		2,377,623
	514	Trex Co., Inc.*		18,031
	747	UFP Industries, Inc.		68,014
	4,728	Zurn Elkay Water Solutions Corp.		219,805


				7,895,501


	Capital Markets – 1.7%
	4,421	Acadian Asset Management, Inc.		207,787

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Capital Markets – (continued)
	839	Affiliated Managers Group, Inc.	$	241,867
	12,587	AlTi Global, Inc.*		58,404
	2,692	Ameriprise Financial, Inc.		1,319,995
	4,823	ARES Management Corp. Class A		779,541
	3,359	Artisan Partners Asset Management, Inc. Class A		136,846
	15,769	B Riley Financial, Inc.*^(a)		73,641
	15	Bakkt Holdings, Inc.*		151
	17,005	Bank of New York Mellon Corp.		1,974,110
	6,270	BGC Group, Inc. Class A		55,991
	3,259	Blackrock, Inc.		3,488,238
	19,371	Blackstone, Inc.		2,985,846
	5,760	Blue Owl Capital, Inc.		86,054
	829	Brookfield Asset Management Ltd. Class A		43,431
	67,943	Carlyle Group, Inc.		4,016,111
	2,774	Cboe Global Markets, Inc.		696,274
	114,288	Charles Schwab Corp.		11,418,514
	24,911	CME Group, Inc.		6,802,696
	1,822	Cohen & Steers, Inc.		114,385
	3,819	Coinbase Global, Inc. Class A*		863,629
	1,318	Diamond Hill Investment Group, Inc.		223,401
	372	Donnelley Financial Solutions, Inc.*		17,369
	368	Evercore, Inc. Class A		125,212
	747	FactSet Research Systems, Inc.		216,772
	5,432	Federated Hermes, Inc.		282,844
	2,637	Forge Global Holdings, Inc.*		117,505
	7,693	Franklin Resources, Inc.		183,786
	95	Freedom Holding Corp.*		11,560
	11,096	GCM Grosvenor, Inc. Class A		125,607
	614	Hamilton Lane, Inc. Class A		82,466
	12,404	Houlihan Lokey, Inc.		2,160,653
	1,542	Innventure, Inc.*^(a)		6,446
	68,839	Interactive Brokers Group, Inc. Class A		4,427,036
	12,239	Intercontinental Exchange, Inc.		1,982,228
	10,612	Invesco Ltd.		278,777
	2,444	Janus Henderson Group PLC		116,261
	1,971	Jefferies Financial Group, Inc.		122,143
	13,812	KKR & Co., Inc.		1,760,754
	790	Lazard, Inc.		38,362
	2,353	LPL Financial Holdings, Inc.		840,421
	230	Marex Group PLC		8,823
	960	MarketAxess Holdings, Inc.		174,000
	1,509	Moelis & Co. Class A		103,729
	14,661	Moody’s Corp.		7,489,572
	71,341	Morgan Stanley		12,665,168


Shares		Description	Value

	Common Stocks – (continued)

	Capital Markets – (continued)
	692	Morningstar, Inc.	$	150,378
	1,345	MSCI, Inc.		771,667
	46,879	Nasdaq, Inc.		4,553,357
	5,040	Northern Trust Corp.		688,414
	7,074	Open Lending Corp.*		10,965
	2,257	Oppenheimer Holdings, Inc. Class A		163,158
	7,831	P10, Inc. Class A		76,822
	9,419	Patria Investments Ltd. Class A		149,668
	673	Perella Weinberg Partners		11,643
	314	Piper Sandler Cos.		106,669
	1,186	PJT Partners, Inc. Class A		198,299
	4,622	Raymond James Financial, Inc.		742,247
	13,809	Robinhood Markets, Inc. Class A*		1,561,798
	20,822	S&P Global, Inc.		10,881,369
	3,241	SEI Investments Co.		265,827
	9	Siebert Financial Corp.*		32
	7,206	State Street Corp.		929,646
	434	StepStone Group, Inc. Class A		27,850
	2,098	Stifel Financial Corp.		262,712
	2,182	StoneX Group, Inc.*		207,574
	3,290	T. Rowe Price Group, Inc.		336,830
	1,676	TPG, Inc.		106,996
	2,199	Tradeweb Markets, Inc. Class A		236,480
	3,428	Value Line, Inc.		131,738
	1,110	Victory Capital Holdings, Inc. Class A		70,030
	4,864	Virtu Financial, Inc. Class A		162,068
	296	Virtus Investment Partners, Inc.		48,292
	10,180	WisdomTree, Inc.		124,094
	225	XP, Inc. Class A		3,683


				91,904,712


	Chemicals – 0.5%
	1,775	AdvanSix, Inc.		30,708
	4,032	Air Products & Chemicals, Inc.		995,985
	27,674	Alto Ingredients, Inc.*		79,701
	5,306	American Vanguard Corp.*		20,269
	8,841	Arq, Inc.*		28,910
	211	Ashland, Inc.		12,379
	3,437	ASP Isotopes, Inc.*		18,388
	39	Avient Corp.		1,218
	2,250	Axalta Coating Systems Ltd.*		72,697
	953	Balchem Corp.		146,152
	853	Cabot Corp.		56,537
	2,345	Celanese Corp.		99,147
	4,134	CF Industries Holdings, Inc.		319,724
	937	Chemours Co.		11,047
	15,462	Corteva, Inc.		1,036,418

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Chemicals – (continued)
	3,106	Dow, Inc.	$	72,618
	5,631	DuPont de Nemours, Inc.		226,366
	391	Eastman Chemical Co.		24,958
	5,707	Ecolab, Inc.		1,498,202
	6,579	Ecovyst, Inc.*		64,014
	779	Element Solutions, Inc.		19,467
	6,032	Flotek Industries, Inc.*		103,931
	811	Hawkins, Inc.		115,211
	366	HB Fuller Co.		21,762
	757	Ingevity Corp.*		44,799
	807	Innospec, Inc.		61,768
	2,455	International Flavors & Fragrances, Inc.		165,442
	2,778	Intrepid Potash, Inc.*		77,034
	932	Koppers Holdings, Inc.		25,239
	3,079	Kronos Worldwide, Inc.		13,609
	32,004	Linde PLC		13,646,186
	4,849	LSB Industries, Inc.*		41,216
	1,123	LyondellBasell Industries NV Class A		48,626
	184	Minerals Technologies, Inc.		11,215
	5,796	Mosaic Co.		139,626
	312	NewMarket Corp.		214,425
	1,636	Olin Corp.		34,078
	52,844	Origin Materials, Inc.*		11,187
	1,915	Orion SA		10,111
	3,307	Perimeter Solutions, Inc.*		91,042
	3,420	PPG Industries, Inc.		350,413
	1,962	PureCycle Technologies, Inc.*^(a)		16,854
	1,653	Rayonier Advanced Materials, Inc.*		9,736
	2,200	Resonac Holdings Corp.		91,730
	2,634	RPM International, Inc.		273,936
	440	Scotts Miracle-Gro Co.		25,674
	2,180	Sensient Technologies Corp.		204,811
	23,635	Sherwin-Williams Co.		7,658,449
	117	Solesence, Inc.*		187
	3,230	Solstice Advanced Materials, Inc.*		156,913
	993	Stepan Co.		47,028
	18,542	Trinseo PLC		9,215


				28,556,358


	Commercial Services & Supplies – 0.4%
	1,114	ABM Industries, Inc.		47,122
	8,047	ACCO Brands Corp.		30,015
	1,044	ACV Auctions, Inc. Class A*		8,373
	1,925	Brady Corp. Class A		150,862
	2,262	BrightView Holdings, Inc.*		28,660
	919	Brink’s Co.		107,275
	1,447	Casella Waste Systems, Inc. Class A*		141,719
	938	Cimpress PLC*		62,461
	9,599	Cintas Corp.		1,805,284


Shares		Description	Value

	Common Stocks – (continued)

	Commercial Services & Supplies – (continued)
	5,137	Civeo Corp.	$	117,483
	904	Clean Harbors, Inc.*		211,970
	2,947	CompX International, Inc.		68,577
	100,622	Copart, Inc.*		3,939,351
	9,839	CoreCivic, Inc.*		188,023
	2,681	Deluxe Corp.		59,867
	12,313	Ennis, Inc.		221,757
	7,911	GEO Group, Inc.*		127,525
	8,520	Healthcare Services Group, Inc.*		162,902
	3,433	HNI Corp.		144,323
	5,463	Interface, Inc.		152,527
	1,321	LanzaTech Global, Inc.*		18,177
	2,138	Liquidity Services, Inc.*		64,803
	476	MillerKnoll, Inc.		8,701
	961	MSA Safety, Inc.		153,895
	10,591	NL Industries, Inc.		57,933
	6,887	OPENLANE, Inc.*		205,095
	17	Perma-Fix Environmental Services, Inc.*		214
	9,962	Pitney Bowes, Inc.		105,298
	14,904	Quad/Graphics, Inc.		93,448
	71	RB Global, Inc.		7,304
	24,039	Republic Services, Inc.		5,094,585
	10,122	Rollins, Inc.		607,523
	3,516	Tetra Tech, Inc.		117,927
	401	UniFirst Corp.		77,353
	5,951	Veralto Corp.		593,791
	8,795	Virco Mfg. Corp.		56,200
	34,707	Waste Management, Inc.		7,625,475


				22,663,798


	Communications Equipment – 0.5%
	6,365	ADTRAN Holdings, Inc.*		55,312
	269	Applied Optoelectronics, Inc.*		9,377
	27,087	Arista Networks, Inc.*		3,549,210
	1,535	Aviat Networks, Inc.*		32,818
	19	BK Technologies Corp.*		1,417
	2,633	Calix, Inc.*		139,365
	2,325	Ciena Corp.*		543,748
	215,690	Cisco Systems, Inc.		16,614,601
	1,575	Clearfield, Inc.*		45,911
	6,778	CommScope Holding Co., Inc.*		122,885
	1,012	Digi International, Inc.*		43,809
	4,278	Extreme Networks, Inc.*		71,229
	1,547	F5, Inc.*		394,887
	1,475	Harmonic, Inc.*		14,588
	14	Inseego Corp.*		144
	496	Lumentum Holdings, Inc.*		182,821
	15,353	Motorola Solutions, Inc.		5,885,112
	3,467	NETGEAR, Inc.*		85,045
	3,010	NetScout Systems, Inc.*		81,451
	12,620	Ribbon Communications, Inc.*		36,346

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Communications Equipment – (continued)
	26	Ubiquiti, Inc.	$	14,387
	5,225	Viasat, Inc.*		180,053
	8,008	Viavi Solutions, Inc.*		142,702


				28,247,218


	Construction & Engineering – 0.2%
	3,078	AECOM		293,426
	8,250	API Group Corp.*		315,645
	622	Arcosa, Inc.		66,131
	365	Argan, Inc.		114,362
	2,845	Bowman Consulting Group Ltd.*		93,942
	3,982	Centuri Holdings, Inc.*		100,545
	831	Comfort Systems USA, Inc.		775,564
	10,663	Concrete Pumping Holdings, Inc.		71,549
	778	Construction Partners, Inc. Class A*		84,452
	780	Dycom Industries, Inc.*		263,562
	1,108	EMCOR Group, Inc.		677,863
	913	Everus Construction Group, Inc.*		78,116
	2,588	Fluor Corp.*		102,562
	1,937	Granite Construction, Inc.		223,433
	5,223	Great Lakes Dredge & Dock Corp.*		68,526
	368	IES Holdings, Inc.*		143,159
	609	Limbach Holdings, Inc.*		47,411
	1,500	MasTec, Inc.*		326,055
	5,076	Matrix Service Co.*		59,389
	594	MYR Group, Inc.*		129,789
	1,208	NWPX Infrastructure, Inc.*		75,488
	4,004	Orion Group Holdings, Inc.*		39,800
	2,136	Primoris Services Corp.		265,163
	12,337	Quanta Services, Inc.		5,206,954
	14,234	Southland Holdings, Inc.*		47,257
	665	Sterling Infrastructure, Inc.*		203,643
	3,326	Tutor Perini Corp.		222,908
	596	Valmont Industries, Inc.		239,783
	285	WillScot Holdings Corp.		5,367


				10,341,844


	Construction Materials – 0.1%
	10,394	Eagle Materials, Inc.		2,148,232
	586	James Hardie Industries PLC*		12,160
	441	Knife River Corp.*		31,024
	6,386	Martin Marietta Materials, Inc.		3,976,307
	2,483	Smith-Midland Corp.*		90,232
	153	Titan America SA*		2,521
	473	U.S. Lime & Minerals, Inc.		56,637
	2,627	Vulcan Materials Co.		749,273


				7,066,386


Shares		Description	Value

	Common Stocks – (continued)

	Consumer Finance – 0.5%
	3,023	Ally Financial, Inc.	$	136,912
	34,102	American Express Co.		12,616,035
	973	Atlanticus Holdings Corp.*		65,142
	1,138	Bread Financial Holdings, Inc.		84,246
	43,946	Capital One Financial Corp.		10,650,752
	12,651	Consumer Portfolio Services, Inc.*		118,034
	100	Credit Acceptance Corp.*		44,346
	58	Dave, Inc.*		12,842
	595	Enova International, Inc.*		93,534
	11,807	EZCORP, Inc. Class A*		229,292
	1,663	FirstCash Holdings, Inc.		265,049
	5,923	Jefferson Capital, Inc.		132,320
	768	LendingClub Corp.*		14,546
	65	LendingTree, Inc.*		3,451
	15,065	Medallion Financial Corp.		155,019
	250	Navient Corp.		3,250
	983	Nelnet, Inc. Class A		130,700
	257	NerdWallet, Inc. Class A*		3,482
	3,167	OneMain Holdings, Inc.		213,931
	9,117	Oportun Financial Corp.*		48,229
	3,033	OppFi, Inc.		31,725
	4,719	Paragon 28, Inc.*^(b)		425
	1,529	PROG Holdings, Inc.		45,090
	1,418	Regional Management Corp.		54,947
	6,207	SLM Corp.		167,961
	14,640	SoFi Technologies, Inc.*		383,275
	8,691	Synchrony Financial		725,090
	703	Upstart Holdings, Inc.*		30,742
	1	Vroom, Inc.*		20
	412	World Acceptance Corp.*		57,841


				26,518,228


	Consumer Staples Distribution & Retail – 0.8%
	19,667	Albertsons Cos., Inc. Class A		337,682
	260	Andersons, Inc.		13,824
	5,655	BJ’s Wholesale Club Holdings, Inc.*		509,120
	1,283	Casey’s General Stores, Inc.		709,127
	4,039	Chefs’ Warehouse, Inc.*		251,751
	27,282	Costco Wholesale Corp.		23,526,360
	7,856	Dollar General Corp.		1,043,041
	6,711	Dollar Tree, Inc.*		825,520
	5,915	Grocery Outlet Holding Corp.*		59,741
	10,852	HF Foods Group, Inc.*		23,332
	2,647	Ingles Markets, Inc. Class A		181,452
	17,706	Kroger Co.		1,106,271
	7,900	Maplebear, Inc.*		355,342
	3,376	Natural Grocers by Vitamin Cottage, Inc.		84,569
	5,403	Performance Food Group Co.*		485,838
	2,304	PriceSmart, Inc.		282,632
	4,045	Sprouts Farmers Market, Inc.*		322,265

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Consumer Staples Distribution & Retail – (continued)
	14,129	Sysco Corp.	$	1,041,166
	9,191	Target Corp.		898,420
	8,118	U.S. Foods Holding Corp.*		611,448
	9,422	United Natural Foods, Inc.*		317,239
	6,385	Village Super Market, Inc. Class A		225,997
	12,948	Walgreens Boots Alliance, Inc.*^(b)		6,862
	96,441	Walmart, Inc.		10,744,492
	3,103	Weis Markets, Inc.		198,871


				44,162,362


	Containers & Packaging – 0.2%
	32,319	Amcor PLC		269,540
	925	AptarGroup, Inc.		112,813
	7,348	Ardagh Metal Packaging SA		30,127
	1,261	Avery Dennison Corp.		229,351
	2,982	Ball Corp.		157,957
	3,259	Crown Holdings, Inc.		335,579
	2,940	Graphic Packaging Holding Co.		44,276
	1,888	Greif, Inc. Class A		127,818
	7,259	International Paper Co.		285,932
	2,252	Myers Industries, Inc.		42,157
	234	O-I Glass, Inc.*		3,454
	13,320	Packaging Corp. of America		2,746,984
	1,209	Sealed Air Corp.		50,089
	1,360	Silgan Holdings, Inc.		54,903
	153,951	Smurfit WestRock PLC		5,953,285
	1,327	Sonoco Products Co.		57,910
	3,482	TriMas Corp.		123,437


				10,625,612


	Distributors – 0.0%
	2,578	Genuine Parts Co.		316,991
	1,354	GigaCloud Technology, Inc. Class A*		53,185
	223	Gold.com, Inc.		7,593
	5,852	LKQ Corp.		176,731
	600	Pool Corp.		137,250
	2,519	Weyco Group, Inc.		77,056


				768,806


	Diversified Consumer Services – 0.1%
	28,670	ADT, Inc.		231,367
	1,927	Adtalem Global Education, Inc.*		199,387
	5,960	American Public Education, Inc.*		225,288
	459	Bright Horizons Family Solutions, Inc.*		46,543
	5,479	Carriage Services, Inc.		231,762
	2,573	Chegg, Inc.*		2,393
	11,390	Coursera, Inc.*		83,830
	5,595	Driven Brands Holdings, Inc.*		82,918


Shares		Description	Value

	Common Stocks – (continued)

	Diversified Consumer Services – (continued)
	790	Duolingo, Inc.*	$	138,645
	591	European Wax Center, Inc. Class A*		2,128
	3,176	Frontdoor, Inc.*		183,223
	200	Graham Holdings Co. Class B		219,720
	1,148	Grand Canyon Education, Inc.*		190,924
	4,445	H&R Block, Inc.		193,713
	2,683	KinderCare Learning Cos., Inc.*		11,590
	8,136	Laureate Education, Inc.*		273,939
	10,224	Lincoln Educational Services Corp.*		246,910
	2,254	Matthews International Corp. Class A		58,874
	104	McGraw Hill, Inc.*		1,716
	6,964	Mister Car Wash, Inc.*		38,720
	90,052	Nerdy, Inc.*		93,654
	5,078	OneSpaWorld Holdings Ltd.		105,318
	6,512	Perdoceo Education Corp.		190,997
	2,898	Service Corp. International		225,957
	717	Strategic Education, Inc.		57,503
	2,249	Stride, Inc.*		146,028
	5,470	Udemy, Inc.*		31,999
	5,305	Universal Technical Institute, Inc.*		138,620
	28	Zspace, Inc.*		13


				3,653,679


	Diversified REITs – 0.0%
	8,078	Alexander & Baldwin, Inc.		166,730
	13,089	Alpine Income Property Trust, Inc.		218,848
	3,475	American Assets Trust, Inc.		65,782
	15,352	Armada Hoffler Properties, Inc.		101,630
	6,118	Broadstone Net Lease, Inc.		106,270
	8,150	CTO Realty Growth, Inc.		150,041
	3,710	Essential Properties Realty Trust, Inc.		110,039
	12,220	Gladstone Commercial Corp.		130,387
	13,165	Global Net Lease, Inc.		113,219
	16,838	NexPoint Diversified Real Estate Trust		64,489
	5,216	WP Carey, Inc.		335,702


				1,563,137


	Diversified Telecommunication Services – 0.2%
	3,089	Anterix, Inc.*		67,433
	3,208	AST SpaceMobile, Inc.*		232,997
	158,296	AT&T, Inc.		3,932,073
	1,436	ATN International, Inc.		32,741
	1,174	Bandwidth, Inc. Class A*		18,138
	895	Cogent Communications Holdings, Inc.		19,296

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Diversified Telecommunication Services – (continued)
	7,070	Frontier Communications Parent, Inc.*	$	269,155
	4	GCI Liberty, Inc. Class A*		147
	43	GCI Liberty, Inc. Class C*		1,600
	1,997	Globalstar, Inc.*		121,897
	3,502	IDT Corp. Class B		179,337
	657	Iridium Communications, Inc.		11,419
	6,961	Liberty Latin America Ltd. Class A*		51,442
	7,447	Liberty Latin America Ltd. Class C*		55,555
	22,539	Lumen Technologies, Inc.*		175,128
	3,031	Shenandoah Telecommunications Co.		35,038
	2,013	Uniti Group, Inc.		14,111
	92,337	Verizon Communications, Inc.		3,760,886


				8,978,393


	Electric Utilities – 0.5%
	5,037	Alliant Energy Corp.		327,455
	11,434	American Electric Power Co., Inc.		1,318,454
	5,878	Constellation Energy Corp.		2,076,521
	16,566	Duke Energy Corp.		1,941,701
	3,413	Edison International		204,848
	9,574	Entergy Corp.		884,925
	5,426	Evergy, Inc.		393,331
	6,584	Eversource Energy		443,301
	22,417	Exelon Corp.		977,157
	10,681	FirstEnergy Corp.		478,188
	8,293	Genie Energy Ltd. Class B		114,278
	7,956	Hawaiian Electric Industries, Inc.*		97,859
	1,940	IDACORP, Inc.		245,526
	1,724	MGE Energy, Inc.		135,196
	120,719	NextEra Energy, Inc.		9,691,321
	4,674	NRG Energy, Inc.		744,288
	5,517	OGE Energy Corp.		235,576
	1,081	Oklo, Inc.*		77,573
	1,238	Otter Tail Corp.		100,043
	32,946	PG&E Corp.		529,442
	2,554	Pinnacle West Capital Corp.		226,540
	2,713	Portland General Electric Co.		130,197
	15,476	PPL Corp.		541,969
	23,041	Southern Co.		2,009,175
	4,420	TXNM Energy, Inc.		260,250
	12,359	Xcel Energy, Inc.		912,836


				25,097,950


	Electrical Equipment – 0.6%
	741	Acuity, Inc.		266,790
	1,968	Allient, Inc.		105,780
	869	American Superconductor Corp.*		25,010
	4,539	AMETEK, Inc.		931,902


Shares		Description	Value

	Common Stocks – (continued)

	Electrical Equipment – (continued)
	1,664	Amprius Technologies, Inc.*	$	13,129
	204	Array Technologies, Inc.*		1,881
	801	Atkore, Inc.		50,663
	47,918	Blink Charging Co.*		31,961
	3,157	Bloom Energy Corp. Class A*		274,312
	2,338	ChargePoint Holdings, Inc.*^(a)		15,524
	28,205	Eaton Corp. PLC		8,983,574
	11,456	Emerson Electric Co.		1,520,440
	21,711	Energy Vault Holdings, Inc.*		100,088
	299	EnerSys		43,878
	1,024	Enovix Corp.*		7,485
	6,030	Eos Energy Enterprises, Inc.*		69,104
	383	Fluence Energy, Inc.*		7,576
	2,564	FuelCell Energy, Inc.*		18,743
	7,139	GE Vernova, Inc.		4,665,836
	1,323	Generac Holdings, Inc.*		180,417
	7,317	GrafTech International Ltd.*		113,487
	7,293	Hubbell, Inc.		3,238,894
	17,529	Hyliion Holdings Corp.*		32,253
	16,079	KULR Technology Group, Inc.*		47,594
	2,665	LSI Industries, Inc.		48,823
	182	NANO Nuclear Energy, Inc.*^(a)		4,370
	4,204	Nextpower, Inc. Class A*		366,210
	1,594	NuScale Power Corp.*		22,587
	1,771	nVent Electric PLC		180,589
	111	Powell Industries, Inc.		35,385
	37	Power Solutions International, Inc.*		2,114
	508	Preformed Line Products Co.		105,009
	822	Regal Rexnord Corp.		115,343
	2,302	Rockwell Automation, Inc.		895,639
	1,627	Sensata Technologies Holding PLC		54,163
	13,212	SES AI Corp.*		23,782
	168	Shoals Technologies Group, Inc. Class A*		1,428
	98,489	SKYX Platforms Corp.*		213,721
	5,431	Stem, Inc.*		81,737
	88	SunPower, Inc.*		138
	16,004	T1 Energy, Inc.*		106,907
	2,325	Thermon Group Holdings, Inc.*		86,397
	48,029	Vertiv Holdings Co. Class A		7,781,178
	145	Vicor Corp.*		15,892


				30,887,733


	Electronic Equipment, Instruments & Components – 0.3%
	15,047	908 Devices, Inc.*		78,997
	480	Advanced Energy Industries, Inc.		100,498
	1,908	Aeva Technologies, Inc.*		25,338
	32,504	Amphenol Corp. Class A		4,392,591
	3,715	Arlo Technologies, Inc.*		51,973

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Electronic Equipment, Instruments & Components – (continued)
	945	Arrow Electronics, Inc.*	$	104,120
	1,930	Avnet, Inc.		92,794
	694	Badger Meter, Inc.		121,041
	518	Bel Fuse, Inc. Class B		87,868
	567	Belden, Inc.		66,084
	42	Benchmark Electronics, Inc.		1,796
	1,728	CDW Corp.		235,354
	564	Climb Global Solutions, Inc.		57,974
	503	Cognex Corp.		18,098
	1,019	Coherent Corp.*		188,077
	15,392	Corning, Inc.		1,347,724
	676	Crane NXT Co.		31,819
	1,407	CTS Corp.		60,318
	2,149	Daktronics, Inc.*		42,486
	56	ePlus, Inc.		4,911
	4,812	Evolv Technologies Holdings, Inc.*		34,454
	225	Fabrinet*		102,438
	6,934	Flex Ltd.*		418,952
	3,525	Frequency Electronics, Inc.*		189,786
	36,509	Identiv, Inc.*		140,195
	228	Insight Enterprises, Inc.*		18,575
	1,352	Itron, Inc.*		125,547
	2,621	Jabil, Inc.		597,640
	3,171	Keysight Technologies, Inc.*		644,315
	1,115	Kimball Electronics, Inc.*		31,019
	1,938	Knowles Corp.*		41,531
	1,126	Lightwave Logic, Inc.*		3,648
	35	Littelfuse, Inc.		8,852
	1,833	Methode Electronics, Inc.		12,171
	47,041	MicroVision, Inc.*^(a)		38,955
	4,715	Mirion Technologies, Inc.*		110,425
	15	M-Tron Industries, Inc.*		798
	1,051	Napco Security Technologies, Inc.		43,827
	63	Neonode, Inc.*		110
	653	nLight, Inc.*		24,494
	329	Novanta, Inc.*		39,148
	494	OSI Systems, Inc.*		126,000
	316	Ouster, Inc.*		6,838
	1,501	PC Connection, Inc.		86,698
	563	Plexus Corp.*		82,761
	3,537	Ralliant Corp.		180,069
	1,907	Sanmina Corp.*		286,183
	55	ScanSource, Inc.*		2,148
	22,318	SmartRent, Inc.*		45,082
	19,838	TD SYNNEX Corp.		2,980,263
	6,226	TE Connectivity PLC		1,416,477
	997	Teledyne Technologies, Inc.*		509,198
	1,456	TTM Technologies, Inc.*		100,464
	1,435	Vishay Precision Group, Inc.*		55,247
	3,009	Vontier Corp.		111,875
	36,792	Vuzix Corp.*^(a)		139,074


Shares		Description	Value

	Common Stocks – (continued)

	Electronic Equipment, Instruments & Components – (continued)
	453	Zebra Technologies Corp. Class A*	$	109,997


				15,975,115


	Energy Equipment & Services – 0.1%
	2,445	Archrock, Inc.		63,619
	346	Atlas Energy Solutions, Inc.		3,259
	19,838	Baker Hughes Co.		903,423
	837	Bristow Group, Inc.*		30,651
	426	Cactus, Inc. Class A		19,460
	1,843	DMC Global, Inc.*		12,330
	73	Energy Services of America Corp.		596
	1,797	Expro Group Holdings NV*		23,990
	599	Flowco Holdings, Inc. Class A		11,225
	1,624	Forum Energy Technologies, Inc.*		60,007
	4,721	Geospace Technologies Corp.*		79,832
	103,010	Halliburton Co.		2,911,063
	522	Helix Energy Solutions Group, Inc.*		3,273
	1,729	Innovex International, Inc.*		37,813
	954	Kodiak Gas Services, Inc.		35,680
	401	Liberty Energy, Inc.		7,402
	528	National Energy Services Reunited Corp.*		8,268
	3,314	Natural Gas Services Group, Inc.		111,516
	397	Noble Corp. PLC		11,211
	6,981	NOV, Inc.		109,113
	517	Oceaneering International, Inc.*		12,423
	1,219	Oil States International, Inc.*		8,253
	5,508	Patterson-UTI Energy, Inc.		33,654
	4,075	Ranger Energy Services, Inc. Class A		56,968
	3,876	SEACOR Marine Holdings, Inc.*		23,334
	143	Seadrill Ltd.*		4,948
	29	Select Water Solutions, Inc.		305
	26,572	SLB Ltd.		1,019,833
	543	Solaris Energy Infrastructure, Inc.		24,962
	7,499	TechnipFMC PLC		334,155
	7,195	TETRA Technologies, Inc.*		67,417
	731	Tidewater, Inc.*		36,923
	891	Weatherford International PLC		69,730


				6,136,636


	Entertainment – 0.7%
	3,870	Atlanta Braves Holdings, Inc. Class C*		152,671

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Entertainment – (continued)
	42	Atlanta Braves Holdings, Inc. Class A*	$	1,785
	2,846	Cinemark Holdings, Inc.		66,141
	23,733	CuriosityStream, Inc.		90,185
	5,308	Electronic Arts, Inc.		1,084,584
	10,030	Eventbrite, Inc. Class A*		44,633
	133	Golden Matrix Group, Inc.*		107
	272	IMAX Corp.*		10,053
	1,164	Liberty Live Holdings, Inc. Class A*		94,866
	1,532	Liberty Live Holdings, Inc. Class C*		127,401
	4,906	Liberty Media Corp.-Liberty Formula One Class C*		483,290
	1,278	Liberty Media Corp.-Liberty Formula One Class A*		114,228
	7,382	Lionsgate Studios Corp.*		67,398
	4,631	Live Nation Entertainment, Inc.*		659,917
	1,586	Madison Square Garden Entertainment Corp.*		85,470
	647	Madison Square Garden Sports Corp.*		167,347
	7,417	Marcus Corp.		115,038
	273,462	Netflix, Inc.*		25,639,797
	57,091	Playstudios, Inc.*		37,195
	9,397	Playtika Holding Corp.		37,118
	11,667	Reservoir Media, Inc.*		88,319
	15,975	ROBLOX Corp. Class A*		1,294,454
	1,871	Roku, Inc.*		202,985
	14,105	Skillz, Inc.*^(a)		60,793
	4,259	Spotify Technology SA*		2,473,244
	13,783	Starz Entertainment Corp.*		161,261
	4,229	Take-Two Interactive Software, Inc.*		1,082,751
	1,398	TKO Group Holdings, Inc.		292,182
	1,764	Vivid Seats, Inc. Class A*^(a)		12,718
	38,419	Walt Disney Co.		4,370,930
	49,914	Warner Bros Discovery, Inc.*		1,438,521
	3,793	Warner Music Group Corp. Class A		116,331


				40,673,713


	Financial Services – 2.1%
	23,361	Acacia Research Corp.*		87,370
	2,878	Affirm Holdings, Inc.*		214,210
	3,729	Alerus Financial Corp.		83,977
	10,068	Apollo Global Management, Inc.		1,457,444
	4,582	Banco Latinoamericano de Comercio Exterior SA		204,357
	73,539	Berkshire Hathaway, Inc. Class B*		36,964,378
	87,827	Block, Inc.*		5,716,659
	795	Burford Capital Ltd.		7,091


Shares		Description	Value

	Common Stocks – (continued)

	Financial Services – (continued)
	6,886	Cannae Holdings, Inc.	$	108,317
	12,590	Cantaloupe, Inc.*		133,706
	4,404	Cass Information Systems, Inc.		182,854
	773	Chime Financial, Inc. Class A*		19,456
	5,137	Corebridge Financial, Inc.		154,983
	1,566	Corpay, Inc.*		471,256
	3,113	Enact Holdings, Inc.		123,399
	6,167	Equitable Holdings, Inc.		293,858
	2,525	Essent Group Ltd.		164,150
	2,501	Euronet Worldwide, Inc.*		190,351
	3,766	EVERTEC, Inc.		109,553
	481	Federal Agricultural Mortgage Corp. Class C		84,449
	6,787	Finance of America Cos., Inc. Class A*		164,313
	11,339	Fiserv, Inc.*		761,641
	659	Flywire Corp.*		9,331
	2,962	Global Payments, Inc.		229,259
	2,000	International Money Express, Inc.*		30,720
	1,694	Jack Henry & Associates, Inc.		309,121
	653	Jackson Financial, Inc. Class A		69,642
	1,094	Marqeta, Inc. Class A*		5,197
	50,126	Mastercard, Inc. Class A		28,615,931
	719	Merchants Bancorp		24,489
	7,812	MGIC Investment Corp.		228,267
	1,632	NCR Atleos Corp.*		62,196
	3,016	NMI Holdings, Inc.*		123,023
	2,551	Onity Group, Inc.*		116,810
	691	Pagseguro Digital Ltd. Class A		6,661
	905	Paymentus Holdings, Inc. Class A*		28,589
	1,732	Payoneer Global, Inc.*		9,734
	19,857	PayPal Holdings, Inc.		1,159,252
	15,849	Paysign, Inc.*		81,622
	631	PennyMac Financial Services, Inc.		83,191
	155	Priority Technology Holdings, Inc.*		845
	4,000	Radian Group, Inc.		143,960
	2,196	Remitly Global, Inc.*		30,305
	4,628	Repay Holdings Corp.*		16,892
	5,958	Rocket Cos., Inc. Class A		115,347
	13,377	Security National Financial Corp. Class A*		120,527
	90	Sezzle, Inc.*		5,713
	1,132	Shift4 Payments, Inc. Class A*^(a)		71,282
	1,562	StoneCo Ltd. Class A*		23,102
	9,661	Toast, Inc. Class A*		343,062
	415,182	Triller Group, Inc.*^(a)		13,286

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Financial Services – (continued)
	113	UWM Holdings Corp.	$	495
	7,529	Velocity Financial, Inc.*		156,302
	103,164	Visa, Inc. Class A		36,180,646
	2,077	Voya Financial, Inc.		154,716
	247	Walker & Dunlop, Inc.		14,857
	10,774	Waterstone Financial, Inc.		178,310
	18,942	Western Union Co.		176,350
	310	WEX, Inc.*		46,184


				116,682,988


	Food Products – 0.2%
	5,359	Alico, Inc.		194,960
	11,258	Archer-Daniels-Midland Co.		647,222
	11,718	B&G Foods, Inc.^(a)		50,387
	25,649	Beyond Meat, Inc.*^(a)		21,032
	48,856	BRC, Inc. Class A*		54,230
	2,792	Bunge Global SA		248,711
	4,726	Calavo Growers, Inc.		102,791
	3,818	Cal-Maine Foods, Inc.		303,798
	3,813	Campbell’s Co.		106,268
	10,807	Conagra Brands, Inc.		187,069
	4,443	Darling Ingredients, Inc.*		159,948
	6,621	Dole PLC		99,249
	15,045	Flowers Foods, Inc.		163,690
	20	Forafric Global PLC*		221
	7,522	Fresh Del Monte Produce, Inc.		268,009
	83	Freshpet, Inc.*		5,057
	11,526	General Mills, Inc.		535,959
	9,487	Hain Celestial Group, Inc.*		10,151
	3,566	Hershey Co.		648,941
	5,497	Hormel Foods Corp.		130,279
	2,284	Ingredion, Inc.		251,834
	1,470	J&J Snack Foods Corp.		132,844
	2,160	J.M. Smucker Co.		211,270
	2,734	John B Sanfilippo & Son, Inc.		193,020
	17,947	Kraft Heinz Co.		435,215
	1,358	Lamb Weston Holdings, Inc.		56,887
	7,203	Lifeway Foods, Inc.*		174,529
	5,942	Limoneira Co.		75,018
	17,257	Mama’s Creations, Inc.*		232,797
	1,090	Marzetti Co.		179,218
	4,325	McCormick & Co., Inc.		294,576
	7,801	Mission Produce, Inc.*		90,492
	27,134	Mondelez International, Inc. Class A		1,460,623
	4,029	Pilgrim’s Pride Corp.		157,091
	1,828	Post Holdings, Inc.*		181,063
	31	Seaboard Corp.		137,789
	2,727	Seneca Foods Corp. Class A*		301,688
	3,957	Simply Good Foods Co.*		79,457
	595	SunOpta, Inc.*		2,261
	5,153	Tootsie Roll Industries, Inc.		188,754
	2,436	TreeHouse Foods, Inc.*		57,465
	6,628	Tyson Foods, Inc. Class A		388,533
	4,478	Utz Brands, Inc.		46,482


Shares		Description	Value

	Common Stocks – (continued)

	Food Products – (continued)
	3,033	Vital Farms, Inc.*	$	96,874
	7,700	Westrock Coffee Co.*		31,339


				9,395,091


	Gas Utilities – 0.1%
	3,301	Atmos Energy Corp.		553,347
	1,363	Chesapeake Utilities Corp.		170,048
	10,031	MDU Resources Group, Inc.		195,805
	3,136	National Fuel Gas Co.		251,068
	3,655	New Jersey Resources Corp.		168,568
	3,991	Northwest Natural Holding Co.		186,539
	2,264	ONE Gas, Inc.		174,894
	3	RGC Resources, Inc.		64
	1,812	Southwest Gas Holdings, Inc.		144,996
	2,687	Spire, Inc.		222,215
	22,321	Star Group LP		264,281
	9,123	UGI Corp.		341,474


				2,673,299


	Ground Transportation – 0.4%
	407	Avis Budget Group, Inc.*		52,226
	2,646	Covenant Logistics Group, Inc.		58,318
	35,402	CSX Corp.		1,283,322
	4,562	FTAI Infrastructure, Inc.		21,031
	7,082	Heartland Express, Inc.		63,950
	6,687	Hertz Global Holdings, Inc.*^(a)		34,371
	637	JB Hunt Transport Services, Inc.		123,795
	513	Knight-Swift Transportation Holdings, Inc.		26,820
	1,023	Landstar System, Inc.		147,005
	10,218	Lyft, Inc. Class A*		197,923
	9,675	Marten Transport Ltd.		110,101
	4,279	Norfolk Southern Corp.		1,235,433
	2,087	Old Dominion Freight Line, Inc.		327,242
	3,821	PAMT Corp.*		46,158
	60	RXO, Inc.*		758
	744	Ryder System, Inc.		142,394
	688	Schneider National, Inc. Class B		18,253
	54,875	Uber Technologies, Inc.*		4,483,836
	516	U-Haul Holding Co.*		26,011
	1,032	U-Haul Holding Co.		48,236
	42,901	Union Pacific Corp.		9,923,859
	1,570	Werner Enterprises, Inc.		47,116
	25,025	XPO, Inc.*		3,401,148


				21,819,306


	Health Care Equipment & Supplies – 1.2%
	102,580	Abbott Laboratories		12,852,248
	34,432	Accuray, Inc.*		28,393

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Health Care Equipment & Supplies – (continued)
	1,231	Align Technology, Inc.*	$	192,221
	9,210	Alphatec Holdings, Inc.*		193,778
	8,593	AngioDynamics, Inc.*		110,334
	211	Anteris Technologies Global Corp.*		1,053
	2,199	Artivion, Inc.*		100,296
	4,019	AtriCure, Inc.*		158,992
	2,056	Avanos Medical, Inc.*		23,089
	7,154	Axogen, Inc.*		234,150
	4,104	Baxter International, Inc.		78,427
	5,378	Becton Dickinson & Co.		1,043,709
	2,116	Beta Bionics, Inc.*		64,475
	6,867	Bioventus, Inc. Class A*		51,091
	33,463	Boston Scientific Corp.*		3,190,697
	29,771	Butterfly Network, Inc.*		113,130
	24	CapsoVision, Inc.*		257
	43,354	Cerus Corp.*		89,309
	6,322	ClearPoint Neuro, Inc.*		86,485
	379	CONMED Corp.		15,387
	42,010	Cooper Cos., Inc.*		3,443,140
	8,404	CVRx, Inc.*		59,668
	7,173	Delcath Systems, Inc.*		72,447
	1,690	Dentsply Sirona, Inc.		19,317
	9,318	Dexcom, Inc.*		618,436
	12,863	Edwards Lifesciences Corp.*		1,096,571
	5,305	Electromed, Inc.*		154,482
	3,389	Embecta Corp.		40,261
	5,576	Envista Holdings Corp.*		121,055
	40,140	Fractyl Health, Inc.*		88,308
	7,631	GE HealthCare Technologies, Inc.		625,895
	587	Glaukos Corp.*		66,278
	2,196	Globus Medical, Inc. Class A*		191,733
	1,267	Haemonetics Corp.*		101,550
	4,517	Hologic, Inc.*		336,471
	135	ICU Medical, Inc.*		19,260
	7,831	IDEXX Laboratories, Inc.*		5,297,906
	10,439	Inogen, Inc.*		70,150
	1,063	Inspire Medical Systems, Inc.*		98,041
	11,144	Insulet Corp.*		3,167,571
	722	Integer Holdings Corp.*		56,626
	23,817	Intuitive Surgical, Inc.*		13,488,996
	3,236	iRadimed Corp.		314,798
	1,246	iRhythm Technologies, Inc.*		221,090
	2,703	Kestra Medical Technologies Ltd.*		71,684
	269	KORU Medical Systems, Inc.*		1,563
	3,313	Lantheus Holdings, Inc.*		220,480
	1,143	LeMaitre Vascular, Inc.		92,697
	59	LENSAR, Inc.*		686
	190	Lucid Diagnostics, Inc.*		207
	1,130	Masimo Corp.*		146,968
	96,242	Medtronic PLC		9,245,007


Shares		Description	Value

	Common Stocks – (continued)

	Health Care Equipment & Supplies – (continued)
	1,321	Merit Medical Systems, Inc.*	$	116,433
	193	Myomo, Inc.*		176
	39,705	Neuronetics, Inc.*		54,793
	11,200	NeuroPace, Inc.*		172,928
	1,468	Novocure Ltd.*		18,981
	1,186	Omnicell, Inc.*		53,726
	16,877	OraSure Technologies, Inc.*		40,842
	15,479	Orchestra BioMed Holdings, Inc.*		64,238
	8,569	Orthofix Medical, Inc.*		129,906
	2,676	OrthoPediatrics Corp.*		47,526
	5,138	Outset Medical, Inc.*		19,062
	1,141	Penumbra, Inc.*		354,748
	485	PROCEPT BioRobotics Corp.*		15,258
	13	Pro-Dex, Inc.*		500
	30,974	Pulmonx Corp.*		68,453
	110	Pulse Biosciences, Inc.*^(a)		1,510
	182	QuidelOrtho Corp.*		5,198
	3,581	ResMed, Inc.		862,556
	2,539	RxSight, Inc.*		26,456
	3,356	Sanara Medtech, Inc.*		78,363
	3,298	SANUWAVE Health, Inc.*		98,412
	497	Semler Scientific, Inc.*		7,599
	5,408	Senseonics Holdings, Inc.*		29,852
	6,720	SI-BONE, Inc.*		132,518
	19,852	Sight Sciences, Inc.*		157,426
	2,884	Solventum Corp.*		228,528
	807	STAAR Surgical Co.*		18,634
	38,630	Stereotaxis, Inc.*		88,849
	13,665	STERIS PLC		3,464,351
	7,862	Stryker Corp.		2,763,257
	5,790	Tactile Systems Technology, Inc.*		167,910
	2,461	Tandem Diabetes Care, Inc.*		54,093
	763	Teleflex, Inc.		93,117
	428	TransMedics Group, Inc.*		52,066
	13,034	Treace Medical Concepts, Inc.*		31,933
	47	UFP Technologies, Inc.*		10,435
	3,716	Utah Medical Products, Inc.		207,947
	3,790	Zimmer Biomet Holdings, Inc.		340,797


				68,256,240


	Health Care Providers & Services – 0.9%
	9,132	AdaptHealth Corp.*		90,955
	807	Addus HomeCare Corp.*		86,664
	1,919	agilon health, Inc.*		1,322
	11,490	AirSculpt Technologies, Inc.*		22,750
	9,137	Alignment Healthcare, Inc.*		180,456
	1,867	AMN Healthcare Services, Inc.*		29,424
	11,403	Ardent Health, Inc.*		100,688
	2,115	Astrana Health, Inc.*		52,473

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Health Care Providers & Services – (continued)
	2,019	Aveanna Healthcare Holdings, Inc.*	$	16,495
	8,891	BrightSpring Health Services, Inc.*		332,968
	4,846	Brookdale Senior Living, Inc.*		52,288
	6,808	Cardinal Health, Inc.		1,399,044
	1,583	Castle Biosciences, Inc.*		61,579
	5,165	Cencora, Inc.		1,744,479
	10,404	Centene Corp.*		428,125
	389	Chemed Corp.		166,438
	5,577	Cigna Group		1,534,958
	28,326	Clover Health Investments Corp.*		66,566
	514	Community Health Systems, Inc.*		1,604
	4,373	Concentra Group Holdings Parent, Inc.		86,061
	1,567	CorVel Corp.*		106,039
	8,501	Cross Country Healthcare, Inc.*		68,858
	28,211	CVS Health Corp.		2,238,825
	1,185	DaVita, Inc.*		134,628
	7,237	DocGo, Inc.*		6,353
	4,602	Elevance Health, Inc.		1,613,231
	2,832	Encompass Health Corp.		300,588
	7,237	Enhabit, Inc.*		66,725
	1,638	Ensign Group, Inc.		285,340
	1,975	Fulgent Genetics, Inc.*		51,883
	877	GeneDx Holdings Corp.*		114,063
	2,918	Guardant Health, Inc.*		298,044
	5,224	Guardian Pharmacy Services, Inc. Class A*		157,190
	13,684	HCA Healthcare, Inc.		6,388,512
	2,060	HealthEquity, Inc.*		188,717
	46,284	Henry Schein, Inc.*		3,498,145
	3,643	Hims & Hers Health, Inc.*		118,288
	1,302	Hinge Health, Inc. Class A*		60,478
	2,354	Humana, Inc.		602,930
	9,737	InfuSystem Holdings, Inc.*		87,341
	18,212	Innovage Holding Corp.*		94,520
	15,912	Joint Corp.*		138,753
	2,262	Labcorp Holdings, Inc.		567,491
	4,610	LifeStance Health Group, Inc.*		32,454
	3,608	McKesson Corp.		2,959,606
	1,644	Molina Healthcare, Inc.*		285,300
	95	Nano-X Imaging Ltd.*		266
	465	National HealthCare Corp.		63,747
	9,533	National Research Corp.		178,934
	76	NeoGenomics, Inc.*		894
	1,042	Nutex Health, Inc.*		171,534
	36	Omada Health, Inc.*		568
	27,088	Oncology Institute, Inc.*		96,433
	35,059	OPKO Health, Inc.*		44,174


Shares		Description	Value

	Common Stocks – (continued)

	Health Care Providers & Services – (continued)
	5,434	Option Care Health, Inc.*	$	173,127
	8,815	Owens & Minor, Inc.*		24,682
	255	PACS Group, Inc.*		9,789
	11,306	Pediatrix Medical Group, Inc.*		241,835
	1,049	Pennant Group, Inc.*		29,529
	1,929	Privia Health Group, Inc.*		45,737
	5,010	Progyny, Inc.*		128,657
	3,236	Quest Diagnostics, Inc.		561,543
	344	RadNet, Inc.*		24,544
	2	SBC Medical Group Holdings, Inc.*		9
	5,058	Select Medical Holdings Corp.		75,111
	3,997	Sonida Senior Living, Inc.*		130,342
	15,476	Strata Critical Medical, Inc.*		74,440
	2,912	Surgery Partners, Inc.*		44,990
	39,510	Talkspace, Inc.*		143,421
	1,649	Tenet Healthcare Corp.*		327,689
	600	U.S. Physical Therapy, Inc.		46,854
	54,018	UnitedHealth Group, Inc.		17,831,882
	961	Universal Health Services, Inc. Class B		209,517
	33,609	Viemed Healthcare, Inc.*		249,715


				47,849,602


	Health Care REITs – 0.1%
	1,542	Alexandria Real Estate Equities, Inc.		75,465
	5,626	American Healthcare REIT, Inc.		264,760
	5,654	CareTrust REIT, Inc.		204,449
	8,981	Community Healthcare Trust, Inc.		147,468
	28,756	Diversified Healthcare Trust		139,467
	3,460	Global Medical REIT, Inc.		116,740
	7,203	Healthcare Realty Trust, Inc.		122,091
	8,007	Healthpeak Properties, Inc.		128,753
	4,597	LTC Properties, Inc.		158,045
	1,752	National Health Investors, Inc.		133,800
	5,672	Omega Healthcare Investors, Inc.		251,496
	8,694	Sabra Health Care REIT, Inc.		164,664
	6,174	Sila Realty Trust, Inc.		143,916
	41	Strawberry Fields REIT, Inc.		537
	5,043	Universal Health Realty Income Trust		197,736
	9,248	Ventas, Inc.		715,610
	14,034	Welltower, Inc.		2,604,851


				5,569,848


	Health Care Technology – 0.0%
	11,481	American Well Corp. Class A*		56,372
	798	Claritev Corp.*		34,114

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Health Care Technology – (continued)
	3,659	Doximity, Inc. Class A*	$	162,021
	239	Evolent Health, Inc. Class A*		956
	14,700	GoodRx Holdings, Inc. Class A*		39,837
	10,714	Health Catalyst, Inc.*		25,606
	4,745	HealthStream, Inc.		109,467
	9,045	LifeMD, Inc.*		30,843
	3,023	OptimizeRx Corp.*		37,062
	3,217	Phreesia, Inc.*		54,432
	350	Schrodinger, Inc.*		6,258
	2,067	Simulations Plus, Inc.*		37,681
	10,491	Teladoc Health, Inc.*		73,437
	9,631	TruBridge, Inc.*		212,556
	4,051	Veeva Systems, Inc. Class A*		904,305
	3,589	Waystar Holding Corp.*		117,540


				1,902,487


	Hotel & Resort REITs – 0.0%
	2,727	Apple Hospitality REIT, Inc.		32,315
	11,084	Braemar Hotels & Resorts, Inc.		31,811
	11,134	Chatham Lodging Trust		75,822
	6,261	DiamondRock Hospitality Co.		56,099
	10,838	Host Hotels & Resorts, Inc.		192,158
	2,963	Park Hotels & Resorts, Inc.		30,993
	1,904	Pebblebrook Hotel Trust		21,553
	2,735	RLJ Lodging Trust		20,376
	929	Ryman Hospitality Properties, Inc.		87,902
	3,295	Sunstone Hotel Investors, Inc.		29,457
	1,319	Xenia Hotels & Resorts, Inc.		18,651


				597,137


	Hotels, Restaurants & Leisure – 0.7%
	8,641	Accel Entertainment, Inc.*		98,594
	10,764	Airbnb, Inc. Class A*		1,460,890
	4,426	Aramark		163,142
	7,862	Bally’s Corp.*^(a)		129,880
	436	Biglari Holdings, Inc. Class B*		144,940
	1,217	BJ’s Restaurants, Inc.*		47,950
	332	Bloomin’ Brands, Inc.		2,048
	2,499	Booking Holdings, Inc.		13,382,970
	2,237	Boyd Gaming Corp.		190,682
	1,720	Brinker International, Inc.*		246,854
	214	Caesars Entertainment, Inc.*		5,005
	22,598	Carnival Corp.*		690,143
	627	Cava Group, Inc.*		36,799
	31,930	Century Casinos, Inc.*		42,467
	2,012	Cheesecake Factory, Inc.		101,566
	31,580	Chipotle Mexican Grill, Inc.*		1,168,460
	907	Choice Hotels International, Inc.^(a)		86,401
	708	Churchill Downs, Inc.		80,556


Shares		Description	Value

	Common Stocks – (continued)

	Hotels, Restaurants & Leisure – (continued)
	973	Cracker Barrel Old Country Store, Inc.^(a)	$	24,714
	3,212	Darden Restaurants, Inc.		591,072
	11,296	Denny’s Corp.*		70,261
	1,021	Dine Brands Global, Inc.		32,815
	863	Domino’s Pizza, Inc.		359,716
	9,222	DoorDash, Inc. Class A*		2,088,599
	4,899	DraftKings, Inc. Class A*		168,820
	1,716	Dutch Bros, Inc. Class A*		105,054
	8,395	El Pollo Loco Holdings, Inc.*		87,812
	3,535	Expedia Group, Inc.		1,001,501
	2,208	First Watch Restaurant Group, Inc.*		33,297
	4,606	Flutter Entertainment PLC*		990,474
	5,487	Genius Sports Ltd.*		60,467
	4,504	Global Business Travel Group I*		34,456
	3,873	Golden Entertainment, Inc.		105,307
	2,036	Hilton Grand Vacations, Inc.*		91,111
	6,070	Hilton Worldwide Holdings, Inc.		1,743,608
	106	Hyatt Hotels Corp. Class A		16,994
	9,776	Inspired Entertainment, Inc.*		91,503
	98	Jack in the Box, Inc.		1,857
	60	Krispy Kreme, Inc.		241
	247	Kura Sushi USA, Inc. Class A*		12,926
	7,461	Las Vegas Sands Corp.		485,637
	1,707	Life Time Group Holdings, Inc.*		45,372
	3,084	Lindblad Expeditions Holdings, Inc.*		44,471
	5,535	Marriott International, Inc. Class A		1,717,178
	15,296	McDonald’s Corp.		4,674,917
	3,549	MGM Resorts International*		129,503
	1,769	Monarch Casino & Resort, Inc.		169,293
	2,230	Nathan’s Famous, Inc.		208,661
	5,699	Norwegian Cruise Line Holdings Ltd.*		127,202
	768	Papa John’s International, Inc.		29,560
	2,379	Planet Fitness, Inc. Class A*		258,050
	2,601	Portillo’s, Inc. Class A*		11,809
	2,574	Pursuit Attractions & Hospitality, Inc.*		86,692
	2,134	RCI Hospitality Holdings, Inc.		50,875
	16,126	Red Robin Gourmet Burgers, Inc.*		65,310
	537	Red Rock Resorts, Inc. Class A		33,267
	1,296	Restaurant Brands International, Inc.		88,426
	6,552	Royal Caribbean Cruises Ltd.		1,827,484
	5,716	Rush Street Interactive, Inc.*		111,062

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Hotels, Restaurants & Leisure – (continued)
	22,116	Sabre Corp.*	$	30,078
	1,871	Serve Robotics, Inc.*^(a)		19,421
	242	Shake Shack, Inc. Class A*		19,643
	2,413	Sharplink Gaming, Inc.*		21,572
	477	Six Flags Entertainment Corp.*		7,317
	22,072	Starbucks Corp.		1,858,683
	991	Super Group SGHC Ltd.		11,842
	644	Sweetgreen, Inc. Class A*		4,353
	1,626	Texas Roadhouse, Inc.		269,916
	2,180	Travel & Leisure Co.		153,755
	160	United Parks & Resorts, Inc.*		5,808
	454	Vail Resorts, Inc.		60,291
	2,832	Viking Holdings Ltd.*		202,233
	5,610	Wendy’s Co.		46,731
	468	Wingstop, Inc.		111,613
	1,394	Wyndham Hotels & Resorts, Inc.		105,331
	1,674	Wynn Resorts Ltd.		201,432
	3,976	Xponential Fitness, Inc. Class A*		32,722
	6,794	Yum! Brands, Inc.		1,027,796


				40,147,258


	Household Durables – 0.2%
	167	Beazer Homes USA, Inc.*		3,385
	240	Cavco Industries, Inc.*		141,778
	745	Century Communities, Inc.		44,216
	943	Champion Homes, Inc.*		79,684
	10,723	Cricut, Inc. Class A		53,079
	5,181	DR Horton, Inc.		746,219
	45	Dream Finders Homes, Inc. Class A*		770
	5,043	Ethan Allen Interiors, Inc.		115,182
	510	Flexsteel Industries, Inc.		20,140
	50,487	GoPro, Inc. Class A*		71,187
	486	Green Brick Partners, Inc.*		30,453
	3,010	Hamilton Beach Brands Holding Co. Class A		49,515
	145	Helen of Troy Ltd.*		3,081
	6,562	Hooker Furnishings Corp.		74,085
	437	Installed Building Products, Inc.		113,353
	16,457	iRobot Corp.*^(a)		1,810
	291	KB Home		16,415
	2,630	La-Z-Boy, Inc.		98,020
	4,224	Legacy Housing Corp.*		82,452
	5,173	Leggett & Platt, Inc.		56,903
	35,127	Lennar Corp. Class A		3,611,056
	7,638	Lifetime Brands, Inc.		30,170
	2,204	Lovesac Co.*		32,509
	367	M/I Homes, Inc.*		46,958
	167	Meritage Homes Corp.		10,989
	16,587	Mohawk Industries, Inc.*		1,812,959
	63	NVR, Inc.*		459,445


Shares		Description	Value

	Common Stocks – (continued)

	Household Durables – (continued)
	3,942	PulteGroup, Inc.	$	462,239
	71,231	Purple Innovation, Inc.*		49,185
	795	SharkNinja, Inc.*		88,960
	1,842	Smith Douglas Homes Corp.*		30,890
	5,696	Somnigroup International, Inc.		508,539
	3,565	Sonos, Inc.*		62,601
	2,727	Taylor Morrison Home Corp.*		160,538
	1,575	Toll Brothers, Inc.		212,971
	598	TopBuild Corp.*		249,480
	8,161	Traeger, Inc.*		8,814
	2,592	Tri Pointe Homes, Inc.*		81,570
	6,011	Universal Electronics, Inc.*		21,700


				9,743,300


	Household Products – 0.2%
	4,400	Central Garden & Pet Co. Class A*		128,436
	2,654	Central Garden & Pet Co.*		85,326
	5,632	Church & Dwight Co., Inc.		472,243
	2,693	Clorox Co.		271,535
	20,192	Colgate-Palmolive Co.		1,595,572
	869	Energizer Holdings, Inc.		17,284
	8,397	Kimberly-Clark Corp.		847,173
	3,598	Oil-Dri Corp. of America		176,086
	49,651	Procter & Gamble Co.		7,115,485
	2,255	Reynolds Consumer Products, Inc.		51,685
	879	Spectrum Brands Holdings, Inc.		51,931
	1,315	WD-40 Co.		258,924


				11,071,680


	Independent Power and Renewable Electricity Producers – 0.0%
	364	AES Corp.		5,220
	2,370	Brookfield Renewable Corp.		90,866
	2,966	Clearway Energy, Inc. Class C		98,649
	2,322	Clearway Energy, Inc. Class A		72,957
	3,558	Hallador Energy Co.*		67,744
	3,318	Montauk Renewables, Inc.*		5,541
	1,893	Ormat Technologies, Inc.		209,120
	526	Talen Energy Corp.*		197,166
	8,006	Vistra Corp.		1,291,608


				2,038,871


	Industrial Conglomerates – 0.1%
	10,901	3M Co.		1,745,250
	51	Brookfield Business Corp. Class A		1,830
	12,921	Honeywell International, Inc.		2,520,758


				4,267,838


	Industrial REITs – 0.1%
	5,436	Americold Realty Trust, Inc.		69,907
	614	EastGroup Properties, Inc.		109,378

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Industrial REITs – (continued)
	1,561	First Industrial Realty Trust, Inc.	$	89,398
	5,018	Industrial Logistics Properties Trust		27,800
	222	Lineage, Inc.		7,770
	1,885	LXP Industrial Trust		93,458
	8,411	One Liberty Properties, Inc.		170,659
	17,294	Prologis, Inc.		2,207,752
	2,268	STAG Industrial, Inc.		83,372
	1,176	Terreno Realty Corp.		69,043


				2,928,537


	Insurance – 0.8%
	1,978	Abacus Global Management, Inc.		16,912
	10,251	Aflac, Inc.		1,130,378
	6,610	Allstate Corp.		1,375,872
	8,110	American Coastal Insurance Corp.		102,429
	2,317	American Financial Group, Inc.		316,688
	13,644	American International Group, Inc.		1,167,244
	4,130	AMERISAFE, Inc.		158,633
	5,569	Aon PLC Class A		1,965,189
	8,162	Arch Capital Group Ltd.*		782,899
	22,626	Arthur J Gallagher & Co.		5,855,383
	3,667	Aspen Insurance Holdings Ltd. Class A*		136,046
	1,520	Assurant, Inc.		366,092
	2,174	Assured Guaranty Ltd.		195,377
	16,671	Aviva PLC		153,289
	3,647	Axis Capital Holdings Ltd.		390,557
	437	Baldwin Insurance Group, Inc.*		10,501
	3,443	Bowhead Specialty Holdings, Inc.*		98,263
	2,123	Brighthouse Financial, Inc.*		137,549
	5,366	Brown & Brown, Inc.		427,670
	4,145	Cincinnati Financial Corp.		676,961
	11,826	Citizens, Inc.*^(a)		57,120
	3,015	CNA Financial Corp.		143,936
	3,570	CNO Financial Group, Inc.		151,618
	8,640	Crawford & Co. Class A		97,200
	9,998	Donegal Group, Inc. Class A		199,760
	19,823	eHealth, Inc.*		91,186
	2,547	Employers Holdings, Inc.		109,954
	452	Erie Indemnity Co. Class A		129,566
	8,506	Everest Group Ltd.		2,886,511
	3,377	F&G Annuities & Life, Inc.		104,180
	7,015	Fidelity National Financial, Inc.		382,949
	1,913	First American Financial Corp.		117,535
	18,034	Genworth Financial, Inc.*		162,847


Shares		Description	Value

	Common Stocks – (continued)

	Insurance – (continued)
	3,251	Global Indemnity Group LLC Class A	$	92,328
	3,315	Globe Life, Inc.		463,636
	119	Goosehead Insurance, Inc. Class A		8,764
	11,270	Greenlight Capital Re Ltd. Class A*		164,317
	7,415	Hagerty, Inc. Class A*		99,658
	7,348	Hamilton Insurance Group Ltd. Class B*		205,009
	1,870	Hanover Insurance Group, Inc.		341,780
	7,435	Hartford Insurance Group, Inc.		1,024,543
	1,245	HCI Group, Inc.		238,654
	4,294	Heritage Insurance Holdings, Inc.*		125,642
	2,395	Hippo Holdings, Inc.*		72,042
	4,460	Horace Mann Educators Corp.		205,963
	490	Investors Title Co.		122,324
	8,085	James River Group Holdings, Inc.		51,421
	1,567	Kemper Corp.		63,526
	13	Kestrel Group Ltd.*		133
	7,434	Kingstone Cos., Inc.		125,114
	14,834	Kingsway Financial Services, Inc.*		199,517
	490	Kinsale Capital Group, Inc.		191,649
	1,425	Lemonade, Inc.*		101,432
	7,116	Lincoln National Corp.		316,875
	5,146	Loews Corp.		541,925
	393	Markel Group, Inc.*		844,812
	10,962	Marsh & McLennan Cos., Inc.		2,033,670
	15,387	MBIA, Inc.*		110,171
	2,203	Mercury General Corp.		207,214
	12,895	MetLife, Inc.		1,017,931
	13,247	NI Holdings, Inc.*		176,185
	2,759	Octave Specialty Group, Inc.*		21,465
	9,500	Old Republic International Corp.		433,580
	1,207	Oscar Health, Inc. Class A*		17,345
	1,049	Palomar Holdings, Inc.*		141,363
	1,009	Primerica, Inc.		260,685
	4,861	Principal Financial Group, Inc.		428,789
	9,168	ProAssurance Corp.*		221,499
	39,742	Progressive Corp.		9,050,048
	6,845	Prudential Financial, Inc.		772,664
	1,128	Reinsurance Group of America, Inc.		229,503
	1,536	RenaissanceRe Holdings Ltd.		431,862
	2,591	RLI Corp.		165,772
	1,291	Root, Inc. Class A*		93,249
	2,129	Ryan Specialty Holdings, Inc.		109,920
	1,593	Safety Insurance Group, Inc.		124,111

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Insurance – (continued)
	2,158	Selective Insurance Group, Inc.	$	180,560
	896	Selectquote, Inc.*		1,263
	8,671	SiriusPoint Ltd.*		189,808
	2,308	Skyward Specialty Insurance Group, Inc.*		117,962
	11,721	Slide Insurance Holdings, Inc.*		228,325
	756	Stewart Information Services Corp.		53,117
	3,401	Tiptree, Inc.		62,136
	5,563	Travelers Cos., Inc.		1,613,604
	231	Trupanion, Inc.*		8,632
	2,337	TWFG, Inc.*		67,235
	5,454	United Fire Group, Inc.		198,253
	4,900	Universal Insurance Holdings, Inc.		165,620
	5,806	Unum Group		449,965
	9,411	W.R. Berkley Corp.		659,899
	75	White Mountains Insurance Group Ltd.		155,852
	1,961	Willis Towers Watson PLC		644,385


				46,543,000


	Interactive Media & Services – 3.0%
	124,572	Alphabet, Inc. Class C		39,090,694
	144,454	Alphabet, Inc. Class A		45,214,102
	2,052	Angi, Inc.*		26,532
	21,565	Arena Group Holdings, Inc.*		86,260
	9,271	Bumble, Inc. Class A*		33,098
	3,160	Cargurus, Inc.*		121,186
	408	Cars.com, Inc.*		4,978
	2,347	EverQuote, Inc. Class A*		63,369
	47,895	fuboTV, Inc. Class A*		120,695
	9,697	Grindr, Inc.*		131,297
	1,428	IAC, Inc.*		55,835
	76,293	Match Group, Inc.		2,463,501
	3,413	MediaAlpha, Inc. Class A*		44,198
	120,593	Meta Platforms, Inc. Class A		79,602,233
	9,470	Nextdoor Holdings, Inc.*		19,887
	13,736	Pinterest, Inc. Class A*		355,625
	854	QuinStreet, Inc.*		12,272
	2,588	Reddit, Inc. Class A*		594,904
	620	Rumble, Inc.*^(a)		3,918
	1,266	Shutterstock, Inc.		24,181
	11,854	Snap, Inc. Class A*		95,662
	19,469	Taboola.com Ltd.*		89,752
	8,167	Travelzoo*		58,149
	2,274	TripAdvisor, Inc.*		33,109
	30,111	TrueCar, Inc.*		68,051
	547	Trump Media & Technology Group Corp.*		7,242
	5,105	Yelp, Inc.*		155,141
	1,059	Ziff Davis, Inc.*		37,224
	4,740	ZipRecruiter, Inc. Class A*		18,486


Shares		Description	Value

	Common Stocks – (continued)

	Interactive Media & Services – (continued)
	4,129	ZoomInfo Technologies, Inc.*	$	41,992


				168,673,573


	IT Services – 0.3%
	13,875	Accenture PLC Class A		3,722,663
	1,591	Akamai Technologies, Inc.*		138,815
	2,657	Amdocs Ltd.		213,915
	1,587	Applied Digital Corp.*		38,913
	879	ASGN, Inc.*		42,341
	6,403	Backblaze, Inc. Class A*		29,838
	421	BigBear.ai Holdings, Inc.*^(a)		2,273
	7,683	Cloudflare, Inc. Class A*		1,514,703
	10,228	Cognizant Technology Solutions Corp. Class A		848,924
	16,955	Commerce.com, Inc.*		69,855
	786	CoreWeave, Inc. Class A*		56,285
	90	Crexendo, Inc.*		582
	38	CSP, Inc.		475
	425	DigitalOcean Holdings, Inc.*		20,451
	3,587	DXC Technology Co.*		52,550
	463	EPAM Systems, Inc.*		94,859
	1,568	Gartner, Inc.*		395,575
	587	Globant SA*		38,372
	3,301	GoDaddy, Inc. Class A*		409,588
	333	Grid Dynamics Holdings, Inc.*		3,007
	7,978	Hackett Group, Inc.		156,608
	31,842	Information Services Group, Inc.		184,047
	19,765	International Business Machines Corp.		5,854,591
	3,958	Kyndryl Holdings, Inc.*		105,125
	565	MongoDB, Inc.*		237,125
	3,304	Okta, Inc.*		285,697
	132	Rackspace Technology, Inc.*		128
	8,174	Snowflake, Inc.*		1,793,049
	2,313	TSS, Inc.*^(a)		16,353
	5,270	Tucows, Inc. Class A*		118,153
	3,147	Twilio, Inc. Class A*		447,629
	17,012	Unisys Corp.*		46,953
	2,268	VeriSign, Inc.		551,011
	359	VTEX Class A*		1,350


				17,491,803


	Leisure Products – 0.0%
	1,681	Acushnet Holdings Corp.		134,177
	845	Brunswick Corp.		62,733
	27,839	Clarus Corp.		93,261
	5,974	Escalade, Inc.		80,589
	7,635	Funko, Inc. Class A*		25,959
	2,787	Hasbro, Inc.		228,534
	2,773	JAKKS Pacific, Inc.		46,808
	2,024	Johnson Outdoors, Inc. Class A		85,919
	525	Latham Group, Inc.*		3,334

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Leisure Products – (continued)
	355	Malibu Boats, Inc. Class A*	$	10,014
	19,035	Marine Products Corp.		166,747
	2,445	MasterCraft Boat Holdings, Inc.*		46,235
	7,527	Mattel, Inc.*		149,336
	10,831	Peloton Interactive, Inc. Class A*		66,719
	975	Polaris, Inc.		61,669
	10,426	Smith & Wesson Brands, Inc.		102,905
	3,770	Sturm Ruger & Co., Inc.		123,090
	1,832	YETI Holdings, Inc.*		80,919


				1,568,948


	Life Sciences Tools & Services – 0.4%
	575	10X Genomics, Inc. Class A*		9,378
	4,847	Adaptive Biotechnologies Corp.*		78,715
	24,501	Agilent Technologies, Inc.		3,333,851
	12,571	Alpha Teknova, Inc.*		47,770
	37	Atlantic International Corp.*		49
	8,646	Avantor, Inc.*		99,083
	409	BioLife Solutions, Inc.*		9,890
	274	Bio-Rad Laboratories, Inc. Class A*		83,019
	1,174	Bio-Techne Corp.		69,043
	661	Charles River Laboratories International, Inc.*		131,856
	36,031	Codexis, Inc.*		58,731
	949	CryoPort, Inc.*		9,110
	12,317	Danaher Corp.		2,819,608
	1,938	Ginkgo Bioworks Holdings, Inc.*		16,105
	917	ICON PLC*		167,096
	2,206	Illumina, Inc.*		289,339
	2,347	IQVIA Holdings, Inc.*		529,037
	12,627	Lifecore Biomedical, Inc.*		103,289
	40,234	MaxCyte, Inc.*		62,363
	604	Medpace Holdings, Inc.*		339,237
	185	Mesa Laboratories, Inc.		14,523
	337	Mettler-Toledo International, Inc.*		469,842
	64,558	Nautilus Biotechnology, Inc.*		125,888
	8,561	Niagen Bioscience, Inc.*		54,448
	33,051	OmniAb, Inc.*		61,144
	31,996	Pacific Biosciences of California, Inc.*		59,833
	2,009	Personalis, Inc.*		15,992
	5,050	Quanterix Corp.*		32,118
	54,332	Quantum-Si, Inc.*		59,765
	41	Repligen Corp.*		6,718
	1,123	Revvity, Inc.		108,650
	74,889	Seer, Inc.*		137,047
	124	Sotera Health Co.*		2,187
	2,619	Standard BioTools, Inc.*		3,352
	517	Tempus AI, Inc.*		30,529


Shares		Description	Value

	Common Stocks – (continued)

	Life Sciences Tools & Services – (continued)
	21,003	Thermo Fisher Scientific, Inc.	$	12,170,188
	932	Waters Corp.*		354,002
	615	West Pharmaceutical Services, Inc.		169,211


				22,132,006


	Machinery – 0.6%
	16,013	3D Systems Corp.*		28,343
	17	Aebi Schmidt Holding AG		215
	2,000	AGCO Corp.		208,640
	3,509	AirJoule Technologies Corp.*		13,825
	676	Alamo Group, Inc.		113,480
	57	Albany International Corp. Class A		2,890
	1,000	Allison Transmission Holdings, Inc.		97,900
	1,298	Astec Industries, Inc.		56,229
	2,370	Atmus Filtration Technologies, Inc.		123,027
	747	Blue Bird Corp.*		35,109
	10,181	Caterpillar, Inc.		5,832,389
	1,702	CECO Environmental Corp.*		101,865
	1,163	Chart Industries, Inc.*		239,846
	26,574	CNH Industrial NV		245,012
	955	Crane Co.		176,131
	2,829	Cummins, Inc.		1,444,063
	5,148	Deere & Co.		2,396,754
	2,659	Donaldson Co., Inc.		235,747
	4,842	Douglas Dynamics, Inc.		158,091
	2,001	Dover Corp.		390,675
	5,177	Energy Recovery, Inc.*		69,838
	2,480	Enerpac Tool Group Corp.		94,835
	430	Enpro, Inc.		92,076
	451	Esab Corp.		50,386
	815	ESCO Technologies, Inc.		159,243
	1,502	Federal Signal Corp.		163,102
	1,222	Flowserve Corp.		84,782
	4,877	Fortive Corp.		269,259
	1,317	Franklin Electric Co., Inc.		125,813
	5,658	Gates Industrial Corp. PLC*		121,477
	4,347	Gencor Industries, Inc.*		56,337
	2,792	Gorman-Rupp Co.		133,318
	3,327	Graco, Inc.		272,714
	1,794	Graham Corp.*		115,229
	188	Greenbrier Cos., Inc.		8,787
	699	Hillman Solutions Corp.*		6,053
	406	Hyster-Yale, Inc.		12,062
	523	IDEX Corp.		93,063
	6,632	Illinois Tool Works, Inc.		1,633,462
	5,341	Ingersoll Rand, Inc.		423,114
	1,338	ITT, Inc.		232,156
	1,428	JBT Marel Corp.		215,157
	147	Kadant, Inc.		41,898
	2,865	L.B. Foster Co. Class A*		77,212

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Machinery – (continued)
	1,170	Lincoln Electric Holdings, Inc.	$	280,379
	971	Lindsay Corp.		114,452
	5,959	Luxfer Holdings PLC		80,625
	6,470	Manitowoc Co., Inc.*		77,575
	2,853	Mayville Engineering Co., Inc.*		53,408
	27,293	Microvast Holdings, Inc.*		76,420
	595	Middleby Corp.*		88,459
	1,247	Miller Industries, Inc.		46,600
	2,370	Mueller Industries, Inc.		272,076
	4,086	Mueller Water Products, Inc. Class A		97,329
	438	Nordson Corp.		105,308
	4,090	Omega Flex, Inc.		120,410
	22,340	Oshkosh Corp.		2,806,574
	7,816	Otis Worldwide Corp.		682,728
	9,691	PACCAR, Inc.		1,061,261
	9,115	Palladyne AI Corp.*^(a)		38,830
	8,025	Parker-Hannifin Corp.		7,053,654
	3,236	Park-Ohio Holdings Corp.		67,762
	3,062	Pentair PLC		318,877
	1,267	Proto Labs, Inc.*		64,098
	646	RBC Bearings, Inc.*		289,686
	1,840	REV Group, Inc.		111,890
	430	Richtech Robotics, Inc. Class B*		1,389
	1,192	Snap-on, Inc.		410,763
	894	SPX Technologies, Inc.*		178,854
	351	Standex International Corp.		76,265
	590	Stanley Black & Decker, Inc.		43,825
	6,325	Stratasys Ltd.*		54,901
	873	Symbotic, Inc.*		51,944
	1,476	Tennant Co.		108,781
	747	Terex Corp.		39,875
	551	Timken Co.		46,356
	573	Titan International, Inc.*		4,487
	1,432	Toro Co.		112,727
	1,696	Trinity Industries, Inc.		44,842
	1,019	Watts Water Technologies, Inc. Class A		281,264
	3,249	Westinghouse Air Brake Technologies Corp.		693,499
	1,399	Worthington Enterprises, Inc.		72,146
	24,464	Xylem, Inc.		3,331,508


				35,913,431


	Marine Transportation – 0.0%
	17,155	Costamare Bulkers Holdings Ltd.*		264,359
	8,633	Costamare, Inc.		136,315
	6,061	Genco Shipping & Trading Ltd.		111,704
	5,696	Global Ship Lease, Inc. Class A		199,588


Shares		Description	Value

	Common Stocks – (continued)

	Marine Transportation – (continued)
	340	Kirby Corp.*	$	37,461
	578	Matson, Inc.		71,412
	10,649	Pangaea Logistics Solutions Ltd.		73,265
	26,592	Safe Bulkers, Inc.		128,173
	2,321	Star Bulk Carriers Corp.		44,610


				1,066,887


	Media – 0.1%
	1,321	AMC Networks, Inc. Class A*		12,576
	13,941	Boston Omaha Corp. Class A*		172,450
	249	Cable One, Inc.		28,100
	17,411	Cardlytics, Inc.*		20,023
	1,405	Charter Communications, Inc. Class A*		293,294
	25,476	Clear Channel Outdoor Holdings, Inc.		56,302
	75,809	Comcast Corp. Class A		2,265,931
	2,913	DoubleVerify Holdings, Inc.*		33,325
	3,389	EchoStar Corp. Class A*		368,384
	87	Emerald Holding, Inc.		389
	42,332	Entravision Communications Corp. Class A		124,033
	26,209	EW Scripps Co. Class A*		104,574
	6,794	Fox Corp. Class A		496,438
	5,464	Fox Corp. Class B		354,778
	7,961	Gambling.com Group Ltd.*		43,467
	7,141	Gray Media, Inc.		34,562
	1,197	Ibotta, Inc. Class A*		27,208
	32,205	iHeartMedia, Inc. Class A		133,973
	2,994	John Wiley & Sons, Inc. Class A		91,706
	817	Liberty Broadband Corp. Class C*		39,706
	22	Liberty Broadband Corp. Class A*		1,062
	3,017	Magnite, Inc.*		48,966
	1,784	MNTN, Inc. Class A*^(a)		21,301
	8,334	National CineMedia, Inc.		32,419
	5,098	New York Times Co. Class A		353,903
	10,067	News Corp. Class A		262,950
	5,262	News Corp. Class B		155,913
	10,471	Newsmax, Inc.*		80,941
	909	Nexstar Media Group, Inc.		184,572
	149	NIQ Global Intelligence PLC*^(a)		2,457
	3,906	Omnicom Group, Inc.		315,409
	17,422	Paramount Skydance Corp. Class B		233,455
	1,772	PubMatic, Inc. Class A*		15,718
	1,859	Scholastic Corp.		55,082
	3,444	Sinclair, Inc.		52,693
	5,540	Sirius XM Holdings, Inc.		110,772
	19	TechTarget, Inc.*		103

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Media – (continued)
	8,448	TEGNA, Inc.	$	163,976
	2,482	Thryv Holdings, Inc.*		15,016
	6,267	Trade Desk, Inc. Class A*		237,895
	789	USA TODAY Co., Inc.*		4,063


				7,049,885


	Metals & Mining – 0.1%
	4,648	Alcoa Corp.		246,995
	385	Alpha Metallurgical Resources, Inc.*		76,954
	291	American Battery Technology Co.*		972
	384	Anglogold Ashanti PLC		32,747
	1,911	Century Aluminum Co.*		74,873
	14,221	Coeur Mining, Inc.*		253,560
	1,821	Commercial Metals Co.		126,050
	9,678	Compass Minerals International, Inc.*		190,076
	327	Constellium SE*		6,164
	1,848	Contango ORE, Inc.*		48,806
	74	Critical Metals Corp.*^(a)		514
	29,014	Dakota Gold Corp.*		164,799
	7,048	Evraz PLC*^(b)		—
	24,471	Freeport-McMoRan, Inc.		1,242,882
	3,759	Hecla Mining Co.		72,135
	3,254	Idaho Strategic Resources, Inc.*		131,136
	2,873	Ivanhoe Electric, Inc.*		45,910
	728	Kaiser Aluminum Corp.		83,618
	173	Lifezone Metals Ltd.*		739
	59	Materion Corp.		7,335
	3,601	McEwen, Inc.*		66,654
	2,410	Metallus, Inc.*		41,356
	1,701	MP Materials Corp.*		85,934
	23,882	Newmont Corp.		2,384,618
	20,389	NioCorp Developments Ltd.*		108,062
	1,754	Novagold Resources, Inc.*		16,347
	3,236	Nucor Corp.		527,824
	1,571	Olympic Steel, Inc.		67,215
	2,611	Perpetua Resources Corp.*		63,212
	1,110	Ramaco Resources, Inc. Class A*		19,980
	1,294	Reliance, Inc.		373,798
	1,282	Royal Gold, Inc.		284,976
	3,804	Ryerson Holding Corp.		95,709
	1,048	Southern Copper Corp.		150,356
	1,795	Steel Dynamics, Inc.		304,163
	5,009	SunCoke Energy, Inc.		36,065
	15,769	Tredegar Corp.*		113,221
	10,028	U.S. Antimony Corp.*		50,341
	77	U.S. Gold Corp.*		1,495
	10	U.S. Goldmining, Inc.*		88
	814	USA Rare Earth, Inc.*^(a)		9,687
	276	Vox Royalty Corp.		1,308


Shares		Description	Value

	Common Stocks – (continued)

	Metals & Mining – (continued)
	535	Worthington Steel, Inc.	$	18,522


				7,627,196


	Mortgage Real Estate Investment Trusts (REITs) – 0.1%
	5	ACRES Commercial Realty Corp.*		107
	14,958	Adamas Trust, Inc.		109,193
	22,321	AGNC Investment Corp.		239,281
	16,146	Angel Oak Mortgage REIT, Inc.		139,017
	17,081	Annaly Capital Management, Inc.		381,931
	11,903	Apollo Commercial Real Estate Finance, Inc.		115,221
	4,987	Arbor Realty Trust, Inc.		38,699
	17,241	ARES Commercial Real Estate Corp.		82,412
	7,930	ARMOUR Residential REIT, Inc.		140,282
	6,532	Blackstone Mortgage Trust, Inc. Class A		124,957
	18,090	BrightSpire Capital, Inc.		101,304
	6,126	Chimera Investment Corp.		76,146
	13,402	Dynex Capital, Inc.		187,762
	10,624	Ellington Financial, Inc.		144,274
	11,066	Franklin BSP Realty Trust, Inc.		110,992
	29,271	Granite Point Mortgage Trust, Inc.		70,250
	19,068	Invesco Mortgage Capital, Inc.		160,362
	13,472	KKR Real Estate Finance Trust, Inc.		110,740
	11,220	Ladder Capital Corp.		123,308
	7,865	MFA Financial, Inc.		73,223
	10,536	Nexpoint Real Estate Finance, Inc.		148,347
	22,328	Orchid Island Capital, Inc.		160,762
	10,558	PennyMac Mortgage Investment Trust		132,503
	4,598	Ready Capital Corp.		10,024
	15,038	Redwood Trust, Inc.		83,160
	22,951	Rithm Capital Corp.		250,166
	9,693	Rithm Property Trust, Inc.		160,710
	8,916	Starwood Property Trust, Inc.		160,577
	15,045	TPG RE Finance Trust, Inc.		129,537
	11,768	Two Harbors Investment Corp.		123,564


				3,888,811


	Multi-Utilities – 0.1%
	5,717	Ameren Corp.		570,900
	3,568	Avista Corp.		137,511
	2,627	Black Hills Corp.		182,366
	14,869	CenterPoint Energy, Inc.		570,077

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Multi-Utilities – (continued)
	5,876	CMS Energy Corp.	$	410,909
	7,567	Consolidated Edison, Inc.		751,554
	16,851	Dominion Energy, Inc.		987,300
	4,344	DTE Energy Co.		560,289
	10,385	NiSource, Inc.		433,678
	2,874	Northwestern Energy Group, Inc.		185,488
	9,556	Public Service Enterprise Group, Inc.		767,347
	11,527	Sempra		1,017,719
	3,707	Unitil Corp.		179,567
	6,925	WEC Energy Group, Inc.		730,310


				7,485,015


	Office REITs – 0.0%
	7,680	Brandywine Realty Trust		22,426
	1,730	BXP, Inc.		116,740
	21,106	City Office REIT, Inc.		147,531
	3,816	COPT Defense Properties		106,085
	3,468	Cousins Properties, Inc.		89,405
	2,650	Douglas Emmett, Inc.		29,123
	3,619	Easterly Government Properties, Inc.		76,687
	3,527	Empire State Realty Trust, Inc. Class A		22,996
	38,476	Franklin Street Properties Corp.		36,391
	2,304	Highwoods Properties, Inc.		59,489
	718	Hudson Pacific Properties, Inc.*		7,776
	4,577	JBG SMITH Properties		77,855
	3,481	Kilroy Realty Corp.		130,085
	5,441	NET Lease Office Properties		140,323
	1,162	Orion Properties, Inc.		2,626
	9,489	Peakstone Realty Trust		136,167
	2,890	Piedmont Realty Trust, Inc.		24,103
	15,010	Postal Realty Trust, Inc. Class A		242,261
	337	SL Green Realty Corp.		15,458
	4,231	Vornado Realty Trust		140,808


				1,624,335


	Oil, Gas & Consumable Fuels – 1.0%
	30,982	Aemetis, Inc.*		43,065
	7,607	Amplify Energy Corp.*		34,764
	10,222	Antero Midstream Corp.		181,849
	8,080	Antero Resources Corp.*		278,437
	5,932	APA Corp.		145,097
	2,834	Ardmore Shipping Corp.		30,012
	180	BKV Corp.*		4,887
	1,712	California Resources Corp.		76,544
	49	Calumet, Inc.*		974
	344	Centrus Energy Corp. Class A*		83,509
	5,286	Cheniere Energy, Inc.		1,027,546


Shares		Description	Value

	Common Stocks – (continued)

	Oil, Gas & Consumable Fuels – (continued)
	40,054	Chevron Corp.	$	6,104,630
	975	Chord Energy Corp.		90,382
	1,827	Civitas Resources, Inc.		49,493
	5,443	CNX Resources Corp.*		200,139
	3,580	Comstock Resources, Inc.*		82,984
	25,262	ConocoPhillips		2,364,776
	882	Core Natural Resources, Inc.		78,066
	14,523	Coterra Energy, Inc.		382,245
	192	CVR Energy, Inc.*		4,884
	371	Delek U.S. Holdings, Inc.		11,004
	5,478	Devon Energy Corp.		200,659
	7,019	DHT Holdings, Inc.		85,702
	1,510	Diamondback Energy, Inc.		226,998
	446	Dorian LPG Ltd.		10,856
	2,331	DT Midstream, Inc.		278,974
	12,174	Empire Petroleum Corp.*^(a)		37,009
	4,849	Energy Fuels, Inc.*		70,504
	11,676	EOG Resources, Inc.		1,226,097
	10	Epsilon Energy Ltd.		46
	13,448	EQT Corp.		720,813
	31,133	Evolution Petroleum Corp.		110,211
	3,119	Excelerate Energy, Inc. Class A		87,488
	5,172	Expand Energy Corp.		570,782
	205,281	Exxon Mobil Corp.		24,703,516
	4,162	FLEX LNG Ltd.*		103,842
	3,586	Frontline PLC		78,247
	27,798	FutureFuel Corp.		88,676
	27,611	Gevo, Inc.*		55,222
	14,375	Granite Ridge Resources, Inc.		67,562
	710	Gulfport Energy Corp.*		147,673
	2,420	HF Sinclair Corp.		111,514
	5,321	Infinity Natural Resources, Inc. Class A*		78,378
	105	International Seaways, Inc.		5,098
	39,688	Kinder Morgan, Inc.		1,091,023
	339	Kinetik Holdings, Inc.		12,221
	39	Kolibri Global Energy, Inc.*		153
	3,303	Lightbridge Corp.*		41,750
	2,375	Magnolia Oil & Gas Corp. Class A		51,989
	5,727	Marathon Petroleum Corp.		931,382
	1,541	Matador Resources Co.		65,400
	3,077	Murphy Oil Corp.		96,156
	4,693	Navigator Holdings Ltd.		81,283
	3,068	NextDecade Corp.*		16,168
	22,225	NextNRG, Inc.*^(a)		32,226
	38,733	Nordic American Tankers Ltd.		133,241
	13,238	Occidental Petroleum Corp.		544,347
	10,000	ONEOK, Inc.		735,000
	5,022	Ovintiv, Inc.		196,812
	2,497	Par Pacific Holdings, Inc.*		87,745
	3,916	Peabody Energy Corp.		116,305
	2,165	Permian Resources Corp.		30,375
	6,893	Phillips 66		889,473

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Oil, Gas & Consumable Fuels – (continued)
	541	PrimeEnergy Resources Corp.*	$	92,511
	5,425	Range Resources Corp.		191,285
	4,464	REX American Resources Corp.*		144,276
	746	Riley Exploration Permian, Inc.		19,694
	2,185	Ring Energy, Inc.*		1,901
	473	Sable Offshore Corp.*		4,266
	10,585	SandRidge Energy, Inc.		152,742
	1,454	Scorpio Tankers, Inc.		73,907
	11,108	SFL Corp. Ltd.		86,753
	401	Summit Midstream Corp.*		10,699
	4,352	Talos Energy, Inc.*		47,959
	3,252	Tamboran Resources Corp.*		88,552
	4,768	Targa Resources Corp.		879,696
	19,088	Teekay Corp. Ltd.		172,365
	1,068	Teekay Tankers Ltd. Class A		57,053
	1,086	Texas Pacific Land Corp.		311,921
	2,250	Tsakos Energy Navigation Ltd.		50,445
	8,729	Uranium Energy Corp.*		101,955
	27,018	Ur-Energy, Inc.*		37,555
	16,176	VAALCO Energy, Inc.		58,881
	5,690	Valero Energy Corp.		926,275
	1,923	Venture Global, Inc. Class A^(a)		13,115
	26	Verde Clean Fuels, Inc.*		54
	699	Viper Energy, Inc. Class A		27,002
	4,515	Vitesse Energy, Inc.^(a)		86,959
	34,130	W&T Offshore, Inc.^(a)		55,632
	92,638	Williams Cos., Inc.		5,568,470
	2,750	World Kinect Corp.		64,432
	83	XCF Global, Inc. Class A*		23


				54,820,581


	Paper & Forest Products – 0.0%
	1,765	Clearwater Paper Corp.*		30,711
	418	Louisiana-Pacific Corp.		33,757
	835	Magnera Corp.*		12,642
	379	Sylvamo Corp.		18,249


				95,359


	Passenger Airlines – 0.1%
	2,459	Alaska Air Group, Inc.*		123,688
	670	Allegiant Travel Co.*		57,131
	13,582	American Airlines Group, Inc.*		208,212
	1,282	Copa Holdings SA Class A		154,622
	11,986	Delta Air Lines, Inc.		831,828
	7	flyExclusive, Inc.*		29
	356	Frontier Group Holdings, Inc.*		1,677
	7,341	Joby Aviation, Inc.*		96,901
	1,253	SkyWest, Inc.*		125,814


Shares		Description	Value

	Common Stocks – (continued)

	Passenger Airlines – (continued)
	109,812	Southwest Airlines Co.	$	4,538,530
	181	Sun Country Airlines Holdings, Inc.*		2,604
	6,584	United Airlines Holdings, Inc.*		736,223


				6,877,259


	Personal Products – 0.0%
	4,026	Beauty Health Co.*		5,596
	2,207	BellRing Brands, Inc.*		58,993
	22,674	Coty, Inc. Class A*		69,836
	893	Edgewell Personal Care Co.		15,226
	567	elf Beauty, Inc.*		43,115
	2,965	Estee Lauder Cos., Inc. Class A		310,495
	24	FitLife Brands, Inc.*		390
	13,540	Herbalife Ltd.*		174,531
	15,616	Honest Co., Inc.*		40,289
	1,343	Interparfums, Inc.		113,927
	41,769	Kenvue, Inc.		720,515
	11,338	Lifevantage Corp.		69,842
	10,677	Medifast, Inc.*		114,030
	7,959	Nature’s Sunshine Products, Inc.*		171,755
	7,208	Nu Skin Enterprises, Inc. Class A		69,341
	2,878	Olaplex Holdings, Inc.*		3,857
	2,904	USANA Health Sciences, Inc.*		57,005
	15,291	Waldencast PLC Class A*		28,747


				2,067,490


	Pharmaceuticals – 1.4%
	32,352	Aclaris Therapeutics, Inc.*		97,379
	9,295	Alto Neuroscience, Inc.*		165,451
	9,613	Amneal Pharmaceuticals, Inc.*		121,124
	541	Amphastar Pharmaceuticals, Inc.*		14,488
	8,409	Amylyx Pharmaceuticals, Inc.*		101,581
	1,253	ANI Pharmaceuticals, Inc.*		98,912
	8,978	Aquestive Therapeutics, Inc.*		57,998
	41	Arvinas, Inc.*		486
	3,598	Assertio Holdings, Inc.*		32,634
	37,710	Atea Pharmaceuticals, Inc.*		134,625
	9,781	Avadel Pharmaceuticals PLC*		210,780
	1,559	Axsome Therapeutics, Inc.*		284,736
	54	Biote Corp. Class A*		140
	48,338	Bristol-Myers Squibb Co.		2,607,352
	13,972	Cassava Sciences, Inc.*		27,665
	2,200	Collegium Pharmaceutical, Inc.*		101,860
	1,170	Contineum Therapeutics, Inc. Class A*		13,373

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Pharmaceuticals – (continued)
	3,828	Corcept Therapeutics, Inc.*	$	133,214
	9,764	CorMedix, Inc.*^(a)		113,555
	562	Crinetics Pharmaceuticals, Inc.*		26,161
	420	Edgewise Therapeutics, Inc.*		10,422
	7,863	Elanco Animal Health, Inc.*		177,940
	43,852	Eli Lilly & Co.		47,126,867
	261	Enliven Therapeutics, Inc.*		4,019
	25,268	Esperion Therapeutics, Inc.*		93,492
	8,102	Eton Pharmaceuticals, Inc.*^(a)		137,005
	11,856	Evolus, Inc.*		78,842
	1,822	EyePoint, Inc.*		33,288
	2,657	Fulcrum Therapeutics, Inc.*		30,051
	2,990	Harmony Biosciences Holdings, Inc.*		111,886
	1,189	Harrow, Inc.*		58,261
	48,197	Ikena Oncology, Inc.*^(b)		—
	4,242	Indivior PLC*		152,203
	7,278	Innoviva, Inc.*		145,487
	1,706	Jazz Pharmaceuticals PLC*		290,020
	51,539	Johnson & Johnson		10,665,996
	76	Journey Medical Corp.*		586
	401	LENZ Therapeutics, Inc.*		6,416
	670	Ligand Pharmaceuticals, Inc.*		126,677
	2,358	Liquidia Corp.*		81,327
	8	Maze Therapeutics, Inc.*		331
	45	MediWound Ltd.*		831
	52,819	Merck & Co., Inc.		5,559,728
	6,437	Mind Medicine MindMed, Inc.*		86,191
	225	Nektar Therapeutics*		9,513
	4,977	Neumora Therapeutics, Inc.*		8,909
	123	Nuvation Bio, Inc.*		1,102
	5,319	Ocular Therapeutix, Inc.*		64,573
	10,279	Omeros Corp.*^(a)		176,542
	11,251	Organon & Co.		80,670
	8,547	Pacira BioSciences, Inc.*		221,196
	3,954	Perrigo Co. PLC		55,040
	120,787	Pfizer, Inc.		3,007,596
	318	Phathom Pharmaceuticals, Inc.*		5,276
	1,821	Phibro Animal Health Corp. Class A		68,032
	15,496	Pliant Therapeutics, Inc.*		18,905
	2,236	Prestige Consumer Healthcare, Inc.*		137,939
	12,209	Royalty Pharma PLC Class A		471,756
	22,737	scPharmaceuticals, Inc.*^(a)(b)		7,276
	9,354	SIGA Technologies, Inc.		57,153
	5,133	Supernus Pharmaceuticals, Inc.*		255,110
	3,586	Tarsus Pharmaceuticals, Inc.*		293,622
	9,110	Theravance Biopharma, Inc.*		170,448
	7,399	Third Harmonic Bio, Inc.*^(b)		—
	14,932	Trevi Therapeutics, Inc.*		186,949


Shares		Description	Value

	Common Stocks – (continued)

	Pharmaceuticals – (continued)
	3,777	Tvardi Therapeutics, Inc.*	$	16,241
	25,729	Ventyx Biosciences, Inc.*		232,333
	14,960	Veru, Inc.*^(a)		32,014
	23,915	Viatris, Inc.		297,742
	617	WaVe Life Sciences Ltd.*		10,489
	23,417	Xeris Biopharma Holdings, Inc.*		183,823
	16,025	Zevra Therapeutics, Inc.*		143,584
	11,440	Zoetis, Inc.		1,439,381


				76,974,594


	Professional Services – 0.3%
	1,786	Alight, Inc. Class A		3,483
	2,133	Amentum Holdings, Inc.*		61,857
	10,111	Asure Software, Inc.*		95,246
	10,800	Automatic Data Processing, Inc.		2,778,084
	4,666	Barrett Business Services, Inc.		168,956
	2,892	BlackSky Technology, Inc.*		54,225
	2,954	Booz Allen Hamilton Holding Corp.		249,199
	3,383	Broadridge Financial Solutions, Inc.		754,984
	576	CACI International, Inc. Class A*		306,898
	588	CBIZ, Inc.*		29,665
	20,704	Clarivate PLC*		69,151
	2,120	Concentrix Corp.		88,150
	12,825	Conduent, Inc.*		24,624
	692	CRA International, Inc.		138,881
	3,475	CSG Systems International, Inc.		266,498
	392	Dayforce, Inc.*		27,111
	5,677	DLH Holdings Corp.*		32,075
	1,778	Equifax, Inc.		385,790
	5,866	ExlService Holdings, Inc.*		248,953
	1,762	Exponent, Inc.		122,388
	336	First Advantage Corp.*		4,882
	8,307	FiscalNote Holdings, Inc.*^(a)		12,211
	7,963	Forrester Research, Inc.*		64,660
	3,713	Franklin Covey Co.*		62,304
	760	FTI Consulting, Inc.*		129,831
	6,885	HireQuest, Inc.		72,361
	1,032	Huron Consulting Group, Inc.*		178,443
	6,545	IBEX Holdings Ltd.*		249,888
	682	ICF International, Inc.		58,175
	516	Innodata, Inc.*		26,290
	950	Insperity, Inc.		36,784
	2,468	Jacobs Solutions, Inc.		326,911
	1,467	KBR, Inc.		58,973
	2,262	Kelly Services, Inc. Class A		19,906
	3,403	Kforce, Inc.		105,221
	1,391	Korn Ferry		91,834
	8,475	Legalzoom.com, Inc.*		84,157

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Professional Services – (continued)
	15,363	Leidos Holdings, Inc.	$	2,771,485
	27	ManpowerGroup, Inc.		803
	1,574	Maximus, Inc.		135,868
	4,651	Mistras Group, Inc.*		58,835
	977	Parsons Corp.*		60,379
	6,961	Paychex, Inc.		780,885
	1,293	Paycom Software, Inc.		206,052
	970	Paylocity Holding Corp.*		147,925
	5,408	Planet Labs PBC*		106,646
	31	RCM Technologies, Inc.*		634
	1,854	Resolute Holdings Management, Inc.*		382,721
	17,166	Resources Connection, Inc.		86,517
	2,442	Robert Half, Inc.		66,325
	1,027	Science Applications International Corp.		103,378
	2,733	Skillsoft Corp.*		25,417
	9,511	Spire Global, Inc.*^(a)		71,332
	4,917	SS&C Technologies Holdings, Inc.		429,844
	3,435	TaskUS, Inc. Class A*		40,499
	1,084	TIC Solutions, Inc.*		10,959
	1,323	TransUnion		113,447
	529	TriNet Group, Inc.		31,280
	12,297	TrueBlue, Inc.*		55,951
	1,363	TTEC Holdings, Inc.*		4,907
	3,057	UL Solutions, Inc. Class A		241,075
	6,370	Upwork, Inc.*		126,253
	3,474	Verisk Analytics, Inc.		777,099
	3,988	Verra Mobility Corp.*		89,371
	1,470	Willdan Group, Inc.*		152,380


				14,567,316


	Real Estate Management & Development – 0.1%
	6,241	CBRE Group, Inc. Class A*		1,003,490
	24,490	Compass, Inc. Class A*		258,859
	59,584	CoStar Group, Inc.*		4,006,428
	30,679	Douglas Elliman, Inc.*		72,709
	4,798	eXp World Holdings, Inc.		43,422
	28,564	Five Point Holdings LLC Class A*		159,673
	1,794	Forestar Group, Inc.*		44,186
	7,896	FRP Holdings, Inc.*		179,950
	746	Howard Hughes Holdings, Inc.*		59,508
	969	Jones Lang LaSalle, Inc.*		326,039
	5,017	Kennedy-Wilson Holdings, Inc.		48,514
	539	Landbridge Co. LLC Class A		26,406
	3,006	Marcus & Millichap, Inc.		82,034
	4,303	Maui Land & Pineapple Co., Inc.*		72,893
	849	Newmark Group, Inc. Class A		14,722
	17,185	Opendoor Technologies, Inc.*		100,189


Shares		Description	Value

	Common Stocks – (continued)

	Real Estate Management & Development – (continued)
	1,175	RE/MAX Holdings, Inc. Class A*	$	8,918
	10,914	Real Brokerage, Inc.*		39,836
	8,155	RMR Group, Inc. Class A		121,510
	2,548	Seaport Entertainment Group, Inc.*		50,374
	29,338	Seritage Growth Properties Class A*		95,349
	2,247	St. Joe Co.		133,404
	13,274	Star Holdings*		109,245
	2,888	Stratus Properties, Inc.*		69,832
	12,118	Tejon Ranch Co.*		191,101
	3,294	Transcontinental Realty Investors, Inc.*		193,094
	3,446	Zillow Group, Inc. Class C*		235,086
	1,304	Zillow Group, Inc. Class A*		88,972


				7,835,743


	Residential REITs – 0.1%
	4,953	American Homes 4 Rent Class A		158,991
	23,220	Apartment Investment & Management Co. Class A		137,927
	2,022	AvalonBay Communities, Inc.		366,609
	11,176	BRT Apartments Corp.		164,287
	1,505	Camden Property Trust		165,670
	2,698	Centerspace		180,011
	6	Clipper Realty, Inc.		23
	7,371	Elme Communities		128,255
	2,433	Equity LifeStyle Properties, Inc.		147,464
	4,632	Equity Residential		292,001
	670	Essex Property Trust, Inc.		175,326
	3,843	Independence Realty Trust, Inc.		67,176
	6,230	Invitation Homes, Inc.		173,132
	1,561	Mid-America Apartment Communities, Inc.		216,838
	2,920	NexPoint Residential Trust, Inc.		87,892
	2,583	Sun Communities, Inc.		320,060
	3,238	UDR, Inc.		118,770
	11,210	UMH Properties, Inc.		178,351
	6,207	Veris Residential, Inc.		92,360


				3,171,143


	Retail REITs – 0.1%
	3,381	Acadia Realty Trust		69,446
	2,475	Agree Realty Corp.		178,274
	685	Alexander’s, Inc.		149,289
	6,072	Brixmor Property Group, Inc.		159,208
	4,115	CBL & Associates Properties, Inc.		152,255
	3,951	Curbline Properties Corp.		91,703

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Retail REITs – (continued)
	839	Federal Realty Investment Trust	$	84,571
	10,612	FrontView REIT, Inc.		156,633
	5,345	Getty Realty Corp.		146,293
	3,839	InvenTrust Properties Corp.		108,298
	10,114	Kimco Realty Corp.		205,011
	2,751	Kite Realty Group Trust		65,941
	10,233	NETSTREIT Corp.		180,510
	2,856	NNN REIT, Inc.		113,183
	2,753	Phillips Edison & Co., Inc.		97,924
	17,642	Realty Income Corp.		994,479
	3,121	Regency Centers Corp.		215,443
	4,605	Saul Centers, Inc.		145,196
	6,436	Simon Property Group, Inc.		1,191,368
	9,804	SITE Centers Corp.		62,942
	4,174	Tanger, Inc.		139,286
	4,782	Urban Edge Properties		91,767
	12,502	Whitestone REIT		173,653


				4,972,673


	Semiconductors & Semiconductor Equipment – 4.4%
	365	ACM Research, Inc. Class A*		14,399
	115,642	Advanced Micro Devices, Inc.*		24,765,891
	832	Aehr Test Systems*		16,798
	4,041	Aeluma, Inc.*		69,384
	253	Ambarella, Inc.*		17,923
	19	Ambiq Micro, Inc.*		542
	9,272	Analog Devices, Inc.		2,514,566
	54,581	Applied Materials, Inc.		14,026,771
	2,212	Astera Labs, Inc.*		367,988
	24,111	Atomera, Inc.*		53,285
	15	Axcelis Technologies, Inc.*		1,205
	8,780	AXT, Inc.*		143,553
	927	Blaize Holdings, Inc.*^(a)		1,808
	123,275	Broadcom, Inc.		42,665,478
	2,086	CEVA, Inc.*		44,891
	511	Cirrus Logic, Inc.*		60,554
	922	Credo Technology Group Holding Ltd.*		132,667
	59	Diodes, Inc.*		2,911
	1,675	Enphase Energy, Inc.*		53,684
	153	Entegris, Inc.		12,890
	432	First Solar, Inc.*		112,851
	362	FormFactor, Inc.*		20,192
	47,342	GCT Semiconductor Holding, Inc.*^(a)		56,810
	1,518	GLOBALFOUNDRIES, Inc.*		53,009
	161	Impinj, Inc.*		28,016
	463	indie Semiconductor, Inc. Class A*		1,634
	77,583	Intel Corp.*		2,862,813
	9,420	KLA Corp.		11,446,054
	35,008	Kopin Corp.*		81,919


Shares		Description	Value

	Common Stocks – (continued)

	Semiconductors & Semiconductor Equipment – (continued)
	187	Kulicke & Soffa Industries, Inc.	$	8,520
	33,789	Lam Research Corp.		5,784,001
	1,085	Lattice Semiconductor Corp.*		79,834
	484	MACOM Technology Solutions Holdings, Inc.*		82,900
	12,617	Marvell Technology, Inc.		1,072,193
	98	MaxLinear, Inc.*		1,708
	3,433	Microchip Technology, Inc.		218,751
	21,294	Micron Technology, Inc.		6,077,521
	232	MKS, Inc.		37,074
	862	Monolithic Power Systems, Inc.		781,282
	987	Navitas Semiconductor Corp.*		7,047
	2,040	NVE Corp.		121,033
	616,448	NVIDIA Corp.		114,967,552
	2,893	ON Semiconductor Corp.*		156,656
	68	Onto Innovation, Inc.*		10,734
	2,357	PDF Solutions, Inc.*		67,245
	724	Penguin Solutions, Inc.*		14,161
	415	Power Integrations, Inc.		14,749
	2,815	Qnity Electronics, Inc. Class W/I		229,845
	726	Qorvo, Inc.*		61,354
	23,467	QUALCOMM, Inc.		4,014,030
	1,482	Rambus, Inc.*		136,181
	3,953	Rigetti Computing, Inc.*		87,559
	542	Semtech Corp.*		39,940
	201	Silicon Laboratories, Inc.*		26,271
	179	SiTime Corp.*		63,221
	163	SkyWater Technology, Inc.*		2,960
	1,335	Skyworks Solutions, Inc.		84,652
	21	Synaptics, Inc.*		1,554
	1,103	Teradyne, Inc.		213,497
	65,482	Texas Instruments, Inc.		11,360,472
	19	Ultra Clean Holdings, Inc.*		481
	48	Universal Display Corp.		5,605


				245,461,069


	Software – 4.9%
	21,227	8x8, Inc.*		41,817
	8,920	A10 Networks, Inc.		157,795
	1,037	ACI Worldwide, Inc.*		49,579
	762	Adeia, Inc.		13,145
	32,310	Adobe, Inc.*		11,308,177
	401	Agilysys, Inc.*		47,655
	98	Airship AI Holdings, Inc.*		283
	1,632	Alarm.com Holdings, Inc.*		83,265
	424	Alkami Technology, Inc.*		9,782
	4,752	Amplitude, Inc. Class A*		55,028
	792	Appfolio, Inc. Class A*		184,259
	2,079	Appian Corp. Class A*		73,638
	6,468	AppLovin Corp. Class A*		4,358,268
	9,591	Arteris, Inc.*		148,660

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Software – (continued)
	2,672	Asana, Inc. Class A*	$	36,633
	3,694	Atlassian Corp. Class A*		598,945
	4,926	AudioEye, Inc.*		49,211
	5,793	Aurora Innovation, Inc.*		22,245
	5,943	Autodesk, Inc.*		1,759,187
	4,275	AvePoint, Inc.*		59,380
	4,933	Bentley Systems, Inc. Class B		188,268
	1,154	Bill Holdings, Inc.*		62,939
	925	Bit Digital, Inc.*		1,748
	558	Bitdeer Technologies Group Class A*		6,255
	609	Blackbaud, Inc.*		38,562
	1,160	BlackLine, Inc.*		64,136
	17,927	Blend Labs, Inc. Class A*		54,498
	5,967	Box, Inc. Class A*		178,473
	1,211	Braze, Inc. Class A*		41,525
	763	C3.ai, Inc. Class A*		10,285
	7,367	Cadence Design Systems, Inc.*		2,302,777
	6,448	CCC Intelligent Solutions Holdings, Inc.*		51,262
	1,803	Cerence, Inc.*		19,274
	13	Chaince Digital Holdings, Inc.*		65
	404	Circle Internet Group, Inc.*		32,037
	3,379	Clear Secure, Inc. Class A		118,535
	2,127	Clearwater Analytics Holdings, Inc. Class A*		51,303
	853	Commvault Systems, Inc.*		106,932
	1,740	Confluent, Inc. Class A*		52,618
	1,842	Consensus Cloud Solutions, Inc.*		40,192
	1,802	Core Scientific, Inc.*		26,237
	6,431	Crowdstrike Holdings, Inc. Class A*		3,014,596
	27,677	CS Disco, Inc.*		214,774
	114	Daily Journal Corp.*		55,554
	7,591	Datadog, Inc. Class A*		1,032,300
	8,412	Digimarc Corp.*		55,183
	6,817	Digital Turbine, Inc.*		34,085
	5,230	Docusign, Inc.*		357,732
	1,629	Dolby Laboratories, Inc. Class A		104,614
	6,363	Domo, Inc. Class B*		53,640
	7,005	Dropbox, Inc. Class A*		194,739
	4,133	D-Wave Quantum, Inc.*		108,078
	6,045	Dynatrace, Inc.*		261,990
	13,804	eGain Corp.*		142,043
	1,077	Elastic NV*		81,249
	1,585	EverCommerce, Inc.*^(a)		19,194
	1,502	Exodus Movement, Inc. Class A*^(a)		22,215
	16,447	Expensify, Inc. Class A*		24,835
	466	Fair Isaac Corp.*		787,829
	475	Five9, Inc.*		9,524


Shares		Description	Value

	Common Stocks – (continued)

	Software – (continued)
	16,569	Fortinet, Inc.*	$	1,315,744
	2,081	Freshworks, Inc. Class A*		25,492
	129,018	Gen Digital, Inc.		3,507,999
	1,753	Gitlab, Inc. Class A*		65,790
	2,004	Guidewire Software, Inc.*		402,824
	1,020	HubSpot, Inc.*		409,326
	4,549	I3 Verticals, Inc. Class A*		114,589
	676	Intapp, Inc.*		30,974
	906	InterDigital, Inc.		288,452
	18,959	Intuit, Inc.		12,558,821
	449	Jamf Holding Corp.*		5,841
	1,658	JFrog Ltd.*		103,559
	61,008	Kaltura, Inc.*		100,053
	1,515	Klaviyo, Inc. Class A*		49,192
	1,101	Life360, Inc.*		70,618
	3,178	LiveRamp Holdings, Inc.*		93,338
	983	Manhattan Associates, Inc.*		170,364
	311,993	Microsoft Corp.		150,886,055
	7,402	Mitek Systems, Inc.*		78,091
	245	nCino, Inc.*		6,282
	1,809	NCR Voyix Corp.*		18,452
	3,581	NextNav, Inc.*		59,588
	4,720	Nutanix, Inc. Class A*		243,977
	27,829	ON24, Inc.*		221,519
	4,466	OneSpan, Inc.		57,343
	15,495	Ooma, Inc.*		181,756
	44,513	Oracle Corp.		8,676,029
	773	Pagaya Technologies Ltd. Class A*		16,156
	1,371	PagerDuty, Inc.*		17,974
	56,855	Palantir Technologies, Inc. Class A*		10,105,976
	52,565	Palo Alto Networks, Inc.*		9,682,473
	438	PAR Technology Corp.*		15,891
	2,699	Pegasystems, Inc.		161,184
	721	Porch Group, Inc.*		6,583
	1,577	Procore Technologies, Inc.*		114,711
	1,056	Progress Software Corp.*		45,366
	2,555	PTC, Inc.*		445,107
	512	Q2 Holdings, Inc.*		36,946
	942	Qualys, Inc.*		125,192
	810	Rapid7, Inc.*		12,312
	2,989	Red Violet, Inc.		170,224
	59,904	Rekor Systems, Inc.*		82,668
	9,756	ReposiTrak, Inc.^(a)		120,682
	912	Rezolve AI PLC*^(a)		2,344
	30,951	Rimini Street, Inc.*		120,090
	2,572	RingCentral, Inc. Class A*		74,279
	1,320	Riot Platforms, Inc.*		16,724
	72,777	Roadzen, Inc.*		175,393
	2,139	Roper Technologies, Inc.		952,133
	1,961	Rubrik, Inc. Class A*		149,977
	60,639	Salesforce, Inc.		16,063,877
	3,690	Samsara, Inc. Class A*		130,811

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Software – (continued)
	3,724	SEMrush Holdings, Inc. Class A*	$	44,278
	1,979	SentinelOne, Inc. Class A*		29,685
	77,120	ServiceNow, Inc.*		11,814,013
	315	ServiceTitan, Inc. Class A*		33,548
	10,208	Silvaco Group, Inc.*		41,342
	3,519	SoundHound AI, Inc. Class A*^(a)		35,084
	5,829	SoundThinking, Inc.*		46,807
	4,697	Sprinklr, Inc. Class A*		36,543
	3,334	Sprout Social, Inc. Class A*		37,574
	591	SPS Commerce, Inc.*		52,676
	4,712	Strategy, Inc.*		715,988
	64	Synchronoss Technologies, Inc.*		548
	4,477	Synopsys, Inc.*		2,102,936
	1,638	Telos Corp.*		8,354
	3,481	Tenable Holdings, Inc.*		81,908
	2,475	Teradata Corp.*		75,339
	1,667	Terawulf, Inc.*		19,154
	4,118	Trimble, Inc.*		322,645
	986	Tyler Technologies, Inc.*		447,595
	3,345	UiPath, Inc. Class A*		54,825
	3,346	Unity Software, Inc.*		147,793
	15,728	Upland Software, Inc.*		22,491
	2,365	Varonis Systems, Inc.*		77,572
	21,909	Veritone, Inc.*		101,877
	1,774	Vertex, Inc. Class A*		35,427
	3,085	Viant Technology, Inc. Class A*		37,143
	6,760	Weave Communications, Inc.*		51,308
	64,516	WM Technology, Inc.*		53,232
	5,315	Workday, Inc. Class A*		1,141,556
	835	Workiva, Inc.*		72,019
	16,896	Xperi, Inc.*		99,011
	16,321	Yext, Inc.*		131,547
	2,658	Zeta Global Holdings Corp. Class A*		54,090
	42,118	Zoom Communications, Inc.*		3,634,362
	2,350	Zscaler, Inc.*		528,562


				269,855,020


	Specialized REITs – 0.3%
	12,227	American Tower Corp.		2,146,694
	7,810	Crown Castle, Inc.		694,075
	2,439	CubeSmart		87,926
	6,527	Digital Realty Trust, Inc.		1,009,792
	3,225	EPR Properties		160,927
	1,797	Equinix, Inc.		1,376,790
	2,939	Extra Space Storage, Inc.		382,717
	20,894	Farmland Partners, Inc.		202,463
	5,360	Four Corners Property Trust, Inc.		123,602


Shares		Description	Value

	Common Stocks – (continued)

	Specialized REITs – (continued)
	3,980	Gaming & Leisure Properties, Inc.	$	177,866
	19,008	Gladstone Land Corp.		173,923
	59,377	Iron Mountain, Inc.		4,925,322
	1,876	Lamar Advertising Co. Class A		237,464
	2,212	Millrose Properties, Inc.		66,072
	1,342	National Storage Affiliates Trust		37,858
	3,495	Outfront Media, Inc.		84,230
	2,296	PotlatchDeltic Corp.		91,335
	2,829	Public Storage		734,125
	4,338	Rayonier, Inc.		93,918
	1,910	Safehold, Inc.		26,148
	1,952	SBA Communications Corp.		377,575
	3,537	Smartstop Self Storage REIT, Inc.		109,435
	21,527	VICI Properties, Inc.		605,339
	7,671	Weyerhaeuser Co.		181,726


				14,107,322


	Specialty Retail – 1.2%
	14,151	1-800-Flowers.com, Inc. Class A*		55,613
	1,838	Abercrombie & Fitch Co. Class A*		231,349
	1,533	Academy Sports & Outdoors, Inc.		76,589
	1,493	Advance Auto Parts, Inc.		58,675
	2,971	American Eagle Outfitters, Inc.		78,345
	1,087	America’s Car-Mart, Inc.*		27,458
	684	Arhaus, Inc.*		7,668
	948	Arko Corp.		4,304
	523	Asbury Automotive Group, Inc.*		121,613
	653	AutoNation, Inc.*		134,831
	1,705	AutoZone, Inc.*		5,782,508
	98,262	BARK, Inc.*		59,203
	3,552	Barnes & Noble Education, Inc.*		32,643
	4,565	Bath & Body Works, Inc.		91,665
	2,770	Bed Bath & Beyond, Inc.*		15,124
	3,120	Best Buy Co., Inc.		208,822
	409	Boot Barn Holdings, Inc.*		72,176
	3,677	Buckle, Inc.		196,425
	1,963	Build-A-Bear Workshop, Inc.		120,273
	1,442	Burlington Stores, Inc.*		416,522
	1,501	Caleres, Inc.		18,267
	375	Camping World Holdings, Inc. Class A		3,649
	2,354	CarMax, Inc.*		90,959
	16,683	Carvana Co.*		7,040,560
	7,437	Chewy, Inc. Class A*		245,793
	12,937	Children’s Place, Inc.*		51,489

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Shares		Description	Value

	Common Stocks – (continued)

	Specialty Retail – (continued)
	3,009	Citi Trends, Inc.*	$	125,054
	42,813	Destination XL Group, Inc.*		39,367
	575	Dick’s Sporting Goods, Inc.		113,833
	15,098	Duluth Holdings, Inc. Class B*		31,404
	41	Envela Corp.*		549
	121	EVgo, Inc.*		352
	1,422	Five Below, Inc.*		267,848
	1,138	Floor & Decor Holdings, Inc. Class A*		69,293
	7,607	GameStop Corp. Class A*		152,749
	7,431	Gap, Inc.		190,234
	1,008	Genesco, Inc.*		24,968
	558	Group 1 Automotive, Inc.		219,461
	747	Guess?, Inc.		12,512
	5,110	Haverty Furniture Cos., Inc.		119,370
	57,860	Home Depot, Inc.		19,909,626
	3,495	J Jill, Inc.		47,951
	2,756	Lands’ End, Inc.*		40,017
	8,846	Leslie’s, Inc.*		14,596
	16,322	Lithia Motors, Inc.		5,424,290
	12,033	Lowe’s Cos., Inc.		2,901,878
	299	MarineMax, Inc.*		7,245
	936	Monro, Inc.		18,757
	545	Murphy USA, Inc.		219,918
	7,677	National Vision Holdings, Inc.*		198,220
	295	OneWater Marine, Inc. Class A*		3,192
	68,956	O’Reilly Automotive, Inc.*		6,289,477
	50,652	Outdoor Holding Co.*		86,615
	813	Penske Automotive Group, Inc.		128,690
	19,460	Petco Health & Wellness Co., Inc.*		54,683
	23,368	PetMed Express, Inc.*		74,778
	9,426	RealReal, Inc.*		148,742
	1,547	Revolve Group, Inc.*		46,704
	16	RH*		2,866
	374	RideNow Group, Inc.*		2,064
	7,317	Ross Stores, Inc.		1,318,084
	8,420	Sally Beauty Holdings, Inc.*		120,069
	42	Shoe Carnival, Inc.		709
	1,649	Signet Jewelers Ltd.		136,669
	4,879	Sleep Number Corp.*		41,276
	1,822	Sonic Automotive, Inc. Class A		112,709
	26,392	Sportsman’s Warehouse Holdings, Inc.*		38,532
	6,895	Stitch Fix, Inc. Class A*		36,199
	8,132	ThredUp, Inc. Class A*		51,963
	28,563	Tile Shop Holdings, Inc.*^(a)		100,542
	73,775	TJX Cos., Inc.		11,332,578
	14,363	Torrid Holdings, Inc.*		14,053
	15,279	Tractor Supply Co.		764,103


Shares		Description	Value

	Common Stocks – (continued)

	Specialty Retail – (continued)
	1,290	Ulta Beauty, Inc.*	$	780,463
	2,200	Upbound Group, Inc.		38,632
	3,881	Urban Outfitters, Inc.*		292,084
	3,474	Valvoline, Inc.*		100,954
	2,831	Victoria’s Secret & Co.*		153,355
	4,361	Warby Parker, Inc. Class A*		95,026
	2,089	Wayfair, Inc. Class A*		209,757
	2,883	Williams-Sonoma, Inc.		514,875
	509	Winmark Corp.		206,114
	1,836	Zumiez, Inc.*		47,828


				68,736,400


	Technology Hardware, Storage & Peripherals – 3.1%
	594,024	Apple, Inc.		161,491,365
	6,642	CompoSecure, Inc. Class A*		128,058
	2,704	Corsair Gaming, Inc.*		16,062
	2,319	CPI Card Group, Inc.*		34,043
	41,531	Dell Technologies, Inc. Class C		5,227,922
	2,585	Diebold Nixdorf, Inc.*		175,496
	6,144	Eastman Kodak Co.*		51,978
	17,170	Hewlett Packard Enterprise Co.		412,423
	13,072	HP, Inc.		291,244
	15,261	Immersion Corp.		103,775
	3,293	IonQ, Inc.*		147,757
	3,434	NetApp, Inc.		367,747
	5,624	Pure Storage, Inc. Class A*		376,864
	982	Quantum Computing, Inc.*		10,075
	748	Sandisk Corp.*		177,560
	3,698	Seagate Technology Holdings PLC		1,018,392
	7,670	Super Micro Computer, Inc.*		224,501
	3,187	Turtle Beach Corp.*		44,714
	5,999	Western Digital Corp.		1,033,448


				171,333,424


	Textiles, Apparel & Luxury Goods – 0.1%
	209	Birkenstock Holding PLC*		8,548
	662	Capri Holdings Ltd.*		16,153
	961	Carter’s, Inc.		31,165
	1,268	Columbia Sportswear Co.		69,854
	1,724	Crocs, Inc.*		147,437
	2,782	Deckers Outdoor Corp.*		288,410
	6,796	Ermenegildo Zegna NV		69,659
	7,083	Figs, Inc. Class A*		80,463
	2,707	G-III Apparel Group Ltd.		78,395
	276	Gildan Activewear, Inc.		17,239
	765	Kontoor Brands, Inc.		46,734
	2,996	Levi Strauss & Co. Class A		62,137
	2,097	Lululemon Athletica, Inc.*		435,778
	4,586	Movado Group, Inc.		94,563
	23,447	NIKE, Inc. Class B		1,493,808
	1,385	On Holding AG Class A*		64,375
	816	Oxford Industries, Inc.		27,907

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares		Description	Value

	Common Stocks – (continued)

	Textiles, Apparel & Luxury Goods – (continued)
	1,464	PVH Corp.	$	98,117
	7,517	Ralph Lauren Corp.		2,658,086
	737	Rocky Brands, Inc.		21,616
	691	Steven Madden Ltd.		28,773
	7,091	Superior Group of Cos., Inc.		68,641
	6,437	Tapestry, Inc.		822,456
	5,336	Under Armour, Inc. Class A*^(a)		26,520
	5,019	Under Armour, Inc. Class C*		24,091
	17,114	Unifi, Inc.*		59,899
	23,015	Vera Bradley, Inc.*		55,696
	1,908	VF Corp.		34,497
	2,333	Wolverine World Wide, Inc.		42,344


				6,973,361


	Tobacco – 0.2%
	38,544	Altria Group, Inc.		2,222,447
	19,521	Ispire Technology, Inc.*		54,659
	33,901	Philip Morris International, Inc.		5,437,720
	2,112	Turning Point Brands, Inc.		228,941
	3,309	Universal Corp.		174,550


				8,118,317


	Trading Companies & Distributors – 0.2%
	3,107	AerCap Holdings NV		446,662
	1,803	Air Lease Corp.		115,807
	8,355	Alta Equipment Group, Inc.		38,433
	9,441	Applied Industrial Technologies, Inc.		2,424,166
	326	BlueLinx Holdings, Inc.*		20,026
	226	Boise Cascade Co.		16,634
	3,746	Core & Main, Inc. Class A*		194,680
	3,411	Custom Truck One Source, Inc.*		19,647
	1,016	Distribution Solutions Group, Inc.*		27,828
	5,327	DNOW, Inc.*		70,583
	658	DXP Enterprises, Inc.*		72,242
	3,986	EVI Industries, Inc.		98,215
	32,333	Fastenal Co.		1,297,523
	20,507	Ferguson Enterprises, Inc.		4,565,473
	1,026	FTAI Aviation Ltd.		201,968
	925	GATX Corp.		156,880
	2,537	Global Industrial Co.		74,131
	203	Herc Holdings, Inc.		30,121
	7,318	Hudson Technologies, Inc.*		50,128
	6,492	Karat Packaging, Inc.		146,524
	1,060	McGrath RentCorp		111,226
	1,639	MSC Industrial Direct Co., Inc. Class A		137,840
	6,382	NPK International, Inc.*		76,073
	7,744	QXO, Inc.*		149,382
	2,424	Rush Enterprises, Inc. Class A		130,751
	29	Rush Enterprises, Inc. Class B		1,632


Shares		Description	Value

	Common Stocks – (continued)

	Trading Companies & Distributors – (continued)
	687	SiteOne Landscape Supply, Inc.*	$	85,573
	3,832	Titan Machinery, Inc.*		57,633
	280	Transcat, Inc.*		15,884
	1,229	United Rentals, Inc.		994,654
	521	Watsco, Inc.		175,551
	1,048	WESCO International, Inc.		256,383
	212	Willis Lease Finance Corp.		28,756
	1,175	WW Grainger, Inc.		1,185,634
	739	Xometry, Inc. Class A*		43,948


				13,518,591


	Transportation Infrastructure* – 0.0%
	5,154	Sky Harbour Group Corp.		46,231


	Water Utilities – 0.0%
	2,219	American States Water Co.		160,833
	3,867	American Water Works Co., Inc.		504,643
	6,996	Artesian Resources Corp. Class A		221,144
	21,080	Cadiz, Inc.*		118,259
	2,867	California Water Service Group		124,227
	5,402	Consolidated Water Co. Ltd.		190,637
	5,098	Essential Utilities, Inc.		195,559
	24,068	Global Water Resources, Inc.		203,375
	2,582	H2O America		126,492
	2,283	Middlesex Water Co.		115,109
	17,873	Pure Cycle Corp.*		196,424
	7,256	York Water Co.		231,031


				2,387,733


	Wireless Telecommunication Services – 0.1%
	3,845	Array Digital Infrastructure, Inc.		206,169
	4,930	Gogo, Inc.*		22,974
	14,909	Spok Holdings, Inc.		196,650
	6,417	Telephone & Data Systems, Inc.		263,097
	10,406	T-Mobile U.S., Inc.		2,112,834


				2,801,724


	TOTAL COMMON STOCKS (Cost $2,017,924,826)		$	2,456,299,710


Principal Amount	Interest Rate			Maturity Date		Value

U.S. Treasury Obligations^(d)– 7.1%

U.S. Treasury Bills
$ 100,000,000		0.000	%^(c)		02/17/26		$	99,549,091
150,000,000		0.000	^(c)		02/24/26			149,218,561

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025


Principal Amount	Interest Rate	Maturity Date	Value

U.S. Treasury Obligations^(d)– (continued)
$ 150,000,000	0.000%	04/23/26	$	148,377,233


TOTAL U.S. TREASURY OBLIGATIONS
(Cost $396,976,692)			$	397,144,885



Shares		Description	Value

	Exchange Traded Funds – 30.8%
	3,427,100	Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF^(e)		$ 173,513,730
	898,900	iShares Convertible Bond ETF		88,541,650
	6,635,727	iShares Core MSCI Emerging Markets ETF		446,053,569
	376,700	iShares Global Clean Energy ETF^(a)		6,189,181
	61,000	iShares JP Morgan USD Emerging Markets Bond ETF		5,873,080
	2,533,714	State Street Blackstone Senior Loan ETF		104,566,377
	734,800	State Street Energy Select Sector SPDR ETF		32,852,908
	231,800	State Street Financial Select Sector SPDR ETF		12,695,686
	633,500	State Street Health Care Select Sector SPDR ETF		98,065,800
	595,100	State Street Industrial Select Sector SPDR ETF		92,311,912
	222,000	State Street Materials Select Sector SPDR ETF		10,067,700
	497,122	State Street SPDR Bloomberg Convertible Securities ETF^(a)		44,343,282
	959,500	State Street Technology Select Sector SPDR ETF		138,139,215
	140,100	VanEck Fallen Angel High Yield Bond ETF		4,114,037
	153,700	Vanguard Real Estate ETF		13,600,913
	8,912,200	Vanguard Short-Term Inflation-Protected Securities ETF		440,797,412

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $1,517,486,369)			$1,711,726,452


Shares		Dividend Rate	Value

	Investment Company^(e)– 12.7%

	Goldman Sachs Financial Square Government Fund — Institutional Shares
	707,206,834	3.686%		$ 707,206,834

	(Cost $707,206,834)



	Securities Lending Reinvestment Vehicle^(e)– 0.9%

	Goldman Sachs Financial Square Government Fund — Institutional Shares
	50,132,836	3.686%		$ 50,132,836

	(Cost $50,132,836)

	TOTAL INVESTMENTS – 95.7% (Cost $4,689,727,557)			$5,322,510,717

	OTHER ASSETS IN EXCESS OF LIABILITIES – 4.3%			237,621,070

	NET ASSETS – 100.0%			$5,560,131,787

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

Non-income producing security.

(a)

All or a portion of security is on loan.

(b)

Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(c)

All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(d)

Issued with a zero coupon. Income is recognized through the accretion of discount.

(e)

Represents an affiliated issuer.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain


JPMorgan Securities, Inc.		CAD	38,810,000		USD	28,298,411		03/18/26		$ 72,551
		CHF	8,650,000		USD	10,928,534		03/18/26		83,137
		CLP	6,654,670,000		USD	7,251,861		03/18/26		146,261
		CZK	334,030,000		USD	16,188,512		03/18/26		79,723
		EUR	15,950,000		USD	18,698,314		03/18/26		115,115
		HUF	2,580,030,000		USD	7,846,581		03/18/26		1,322
		ILS	43,350,000		USD	13,423,743		03/18/26		192,992
		MXN	305,440,000		USD	16,546,025		03/18/26		285,259
		PLN	52,870,000		USD	14,585,029		03/18/26		135,876
		SEK	103,260,000		USD	11,074,788		03/18/26		187,647
		USD	19,065,144		IDR	318,189,620,000		03/25/26		54,561
		USD	32,446,540		JPY	4,982,730,000		03/18/26		420,960
		USD	26,947,544		NZD	46,540,000		03/18/26		72,788
		USD	21,150,324		PHP	1,244,760,000		03/18/26		125,393
		USD	11,839,635		TWD	368,350,000		03/18/26		130,558
		ZAR	241,620,000		USD	14,072,405		03/18/26		437,128


TOTAL										$2,541,271

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss


JPMorgan Securities, Inc.		BRL	77,040,000		USD	14,190,803		03/18/26		$ (389,125	)
		HUF	2,668,500,000		USD	8,120,462		03/18/26		(3,452	)
		NOK	70,570,000		USD	7,008,648		03/18/26		(9,721	)
		USD	46,271,466		CAD	64,210,000		03/18/26		(667,452	)
		USD	26,898,721		INR	2,440,070,000		03/18/26		(54,741	)
		USD	16,336,640		KRW	23,830,420,000		03/18/26		(213,297	)


TOTAL										$(1,337,788	)

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)


Long position contracts:
10 Year U.S. Treasury Notes		968	03/20/26	$	108,839,500	$	(775,493	)
2 Year U.S. Treasury Notes		431	03/31/26		89,988,086		(23,245	)
20 Year U.S. Treasury Bonds		286	03/20/26		33,059,812		(454,345	)
3 Month SOFR		4	03/16/27		968,900		(209	)
3 Month SOFR		127	03/14/28		30,716,537		(36,368	)
3 Month SOFR		65	06/15/27		15,743,812		(10,327	)
3 Month SOFR		100	09/14/27		24,213,750		(24,269	)
3 Month SOFR		129	12/14/27		31,219,612		(40,949	)
3M CORRA		82	06/16/26		14,594,423		(12,840	)
3M CORRA		75	09/15/26		13,344,459		(17,727	)
3M CORRA		44	12/15/26		7,822,739		(13,204	)
5 Year German Euro-Btp		15	03/06/26		2,118,533		5,421
5 Year U.S. Treasury Notes		1,059	03/31/26		115,753,665		(421,576	)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)


Long position contracts:
Australian 10 Year Government Bonds		1,019	03/16/26	$	74,452,411		$ (97,807	)
CAC40 Index		162	01/16/26		15,523,781		99,698
Cattle Feeder		13	03/26/26		2,244,612		74,396
Coffee		18	03/19/26		2,354,062		(176,434	)
Copper		72	03/27/26		10,227,600		420,276
DAX Index		29	03/20/26		21,036,374		469,360
Dollar Index		258	03/16/26		25,296,126		(95,173	)
E-Mini Nasdaq 100 Index		127	03/20/26		64,660,145		310,477
E-Mini Russell 2000 Index		127	03/20/26		15,862,300		(382,213	)
Euro Stoxx 50 Index		3,729	03/20/26		255,971,356		5,671,704
French 10 Year Government Bonds		163	03/06/26		23,099,931		(86,134	)
FTSE 100 Index		869	03/20/26		116,445,791		2,528,658
FTSE/JSE Top 40 Index		78	03/19/26		5,150,355		94,408
FTSE/MIB Index		50	03/20/26		13,236,571		236,293
Gold		45	02/25/26		19,534,950		1,153,587
Hang Seng Index		79	01/29/26		13,017,282		(91,735	)
HSCEI		146	01/29/26		8,350,817		(25,627	)
IBEX 35 Index		60	01/16/26		12,184,121		237,867
ICE 3M Sonia Bonds		74	03/16/27		24,106,679		9,411
Ice 3M Sonia Index		39	09/15/26		12,694,358		2,028
Ice 3M Sonia Index		67	12/15/26		21,824,060		7,982
Ice 3M Sonia Index		76	06/15/27		24,750,528		6,982
Ice 3M Sonia Index		74	09/14/27		24,087,977		1,091
Ice 3M Sonia Index		66	12/14/27		21,473,863		(2,794	)
Ice 3M Sonia Index		55	03/14/28		17,886,545		(3,152	)
Live Cattle		36	02/27/26		3,335,040		54,274
LME Lead		328	01/19/26		16,240,756		12,574
LME Lead		29	06/15/26		1,481,095		(11,745	)
LME Lead		16	08/17/26		824,356		(920	)
LME Lead		18	10/19/26		934,020		(23,643	)
LME Nickel		263	01/19/26		26,108,909		2,315,997
LME Nickel		36	02/16/26		3,583,470		416,497
LME Nickel		19	04/13/26		1,901,843		57,109
LME Nickel		10	05/18/26		1,004,696		66,324
LME Nickel		40	06/15/26		4,029,559		270,200
LME Nickel		22	08/17/26		2,229,986		149,547
LME Nickel		32	09/14/26		3,253,023		252,072
LME Primary Aluminum		274	01/19/26		20,404,780		1,862,156
LME Primary Aluminum		210	02/16/26		15,680,962		519,749
LME Primary Aluminum		100	05/18/26		7,513,100		936,560
LME Primary Aluminum		80	07/13/26		6,021,000		241,591
LME Zinc		164	01/19/26		12,683,596		289,864
LME Zinc		28	05/18/26		2,187,262		259,030
LME Zinc		39	04/13/26		3,044,106		134,647
LME Zinc		48	03/16/26		3,742,704		359,173
LME Zinc		123	02/16/26		9,563,373		8,686
Low Sulphur Gas Oil		36	02/12/26		2,232,000		(152,091	)
MSCI Emerging Markets Index		35	03/20/26		2,469,950		72,631
NY Harbor ULSD		35	01/30/26		3,118,605		(309,679	)
Omxs30 Index		548	01/16/26		17,233,444		565,814
S&P 500 E-Mini Index		872	03/20/26		300,513,000		468,820
S&P Mid 400 Emini		24	03/20/26		7,980,480		(123,322	)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)


Long position contracts:
S&P Toronto Stock Exchange 60 Index		55			03/19/26	$	14,921,788			$ 204,654
Silver		13			03/27/26		4,589,195			1,420,938
Soybean Oil		69			03/13/26		3,613,875			(236,299	)
TOPIX Futures		487			03/12/26		106,127,075			745,283
VSTOXX Index		2,030			01/21/26		3,817,050			(311,483	)


Total										$19,053,026


Short position contracts:
10 Year U.K. Long Gilt		(83	)		03/27/26		(10,222,466	)		(14,953	)
3 Month SOFR		(87	)		12/15/26		(21,063,788	)		(14,377	)
3 Month SOFR		(156	)		06/16/26		(37,629,150	)		(23,699	)
3 Month SOFR		(157	)		09/15/26		(37,950,825	)		(13,777	)
30 Year German Euro-Buxl		(148	)		03/06/26		(19,153,127	)		247,648
3M Euribor		(236	)		03/16/26		(67,922,329	)		30,475
3M Euribor		(157	)		06/15/26		(45,185,617	)		21,402
3M Euribor		(95	)		03/15/27		(27,305,331	)		(14,072	)
3M Euribor		(112	)		12/14/26		(32,212,937	)		(11,528	)
3M Euribor		(126	)		09/14/26		(36,256,212	)		1,625
3M Euribor		(95	)		06/14/27		(27,285,793	)		(12,868	)
3M Euribor		(94	)		09/13/27		(26,979,242	)		(10,817	)
3M Euribor		(80	)		12/13/27		(22,945,780	)		(8,727	)
3M SARON		(26	)		06/16/26		(8,210,138	)		2,040
3M SARON		(24	)		09/15/26		(7,579,346	)		1,223
3M SARON		(26	)		12/15/26		(8,209,317	)		(43	)
5 Year German Euro-Bobl		(447	)		03/06/26		(61,020,520	)		39,300
5 Year German Euro-Bund		(896	)		03/06/26		(134,328,555	)		(355,986	)
ASX 90 Day Bank Accepted Bills		(306	)		03/12/26		(202,298,636	)		140,135
ASX 90 Day Bank Accepted Bills		(352	)		06/11/26		(232,641,348	)		174,360
ASX 90 Day Bank Accepted Bills		(338	)		09/10/26		(223,328,579	)		141,881
Brent Crude		(225	)		01/30/26		(13,691,250	)		281,045
Canada 10 Year Government Bonds		(401	)		03/20/26		(35,324,695	)		(75,753	)
CBOE Volatility Index		(674	)		01/21/26		(11,142,905	)		720,644
CBOE Volatility Index		(254	)		02/18/26		(4,707,636	)		630,537
CBOE Volatility Index		(152	)		03/18/26		(3,000,176	)		123,035
Corn		(256	)		03/13/26		(5,635,200	)		60,805
Cotton No.2		(214	)		03/09/26		(6,876,890	)		39,169
Euro-Schatz		(745	)		03/06/26		(93,497,207	)		39,557
Gasoline RBOB		(27	)		01/30/26		(1,944,810	)		(5,593	)
Ice 3M Sonia Index		(44	)		06/16/26		(14,298,115	)		968
Japan 10 Year Government Bond		(71	)		03/13/26		(60,017,301	)		412,999
Lean Hogs		(13	)		02/13/26		(442,520	)		(19,412	)
LME Lead		(328	)		01/19/26		(16,240,756	)		319,193
LME Lead		(29	)		06/15/26		(1,481,095	)		7,842
LME Lead		(256	)		02/16/26		(12,785,280	)		(208,255	)
LME Lead		(16	)		08/17/26		(824,356	)		11,616
LME Lead		(18	)		10/19/26		(934,020	)		(18,000	)
LME Nickel		(263	)		01/19/26		(26,108,909	)		(2,027,454	)
LME Nickel		(203	)		02/16/26		(20,206,791	)		(1,966,110	)
LME Nickel		(19	)		04/13/26		(1,901,843	)		(124,704	)
LME Nickel		(10	)		05/18/26		(1,004,696	)		(70,767	)
LME Nickel		(40	)		06/15/26		(4,029,559	)		(270,555	)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)


Short position contracts:
LME Nickel		(22	)		08/17/26		$ (2,229,986	)		$ (166,783	)
LME Nickel		(32	)		09/14/26		(3,253,023	)		(316,237	)
LME Primary Aluminum		(274	)		01/19/26		(20,404,780	)		(1,783,758	)
LME Primary Aluminum		(100	)		05/18/26		(7,513,100	)		(927,666	)
LME Primary Aluminum		(80	)		07/13/26		(6,021,000	)		(204,301	)
LME Zinc		(164	)		01/19/26		(12,683,596	)		(160,690	)
LME Zinc		(28	)		05/18/26		(2,187,262	)		(200,656	)
LME Zinc		(48	)		03/16/26		(3,742,704	)		(210,995	)
LME Zinc		(39	)		04/13/26		(3,044,106	)		(90,077	)
MSCI EAFE Index		(213	)		03/20/26		(30,907,365	)		(253,907	)
Natural Gas		(57	)		01/28/26		(2,101,020	)		(20,757	)
Sugar 11		(209	)		02/27/26		(3,513,541	)		(213,528	)
Wheat		(312	)		03/13/26		(7,909,200	)		454,640
WTI Crude		(290	)		01/20/26		(16,651,800	)		376,607


Total										$(5,538,059)


TOTAL FUTURES CONTRACTS										$13,514,967

SWAP CONTRACTS — At December 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at December 31, 2025^(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)


Protection Sold:
CDX.NA.HY Index 45	5.000%	3.168%		12/20/30		$ 149,350	$	11,558,777	$	10,727,387		$ 831,390
CDX.NA.IG Index 45	1.000	0.499		12/20/30		51,700		1,186,979		1,157,572		29,407
ICE CD ITXEB 44	1.000	0.505		12/20/30		EUR 260,500		7,157,047		6,720,321		436,726
ICE CD ITXEX 44	5.000	2.438		12/20/30		130,350		17,162,677		15,536,079		1,626,598


TOTAL							$	37,065,480	$	34,141,359		$2,924,121

(a)

Payments made quarterly.

(b)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate

Paid/(Received)
by the Fund

Counterparty

Termination

Date^#

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

CIEQDUV5 Index

0.000(a)

Citibank NA

03/11/26-12/08/26

$ 49,874

$ (125,417

)

CIEQDUV5 Index

12M SOFR(a)

Citibank NA

06/10/26-09/10/26

18,549

(46,644

)

M1WO Index

12M SOFR+0.320(a)

Citibank NA

12/10/26

67,589

(228,546

)

BCOMRS Index

0.000(a)

JPMorgan Securities, Inc.

05/29/26-12/10/26

30,927

332,703

JPGSMARB Index

12M SOFR+0.890(a)

JPMorgan Securities, Inc.

04/09/26-09/10/26

48,814

(873,385

)

JPOSSVHY Index

0.000(b)

JPMorgan Securities, Inc.

01/12/26

82,352

545,639

JPOSSVUA Index

0.000(b)

JPMorgan Securities, Inc.

01/12/26

17,094

219,938

M1WO Index

12M SOFR+0.350(a)

JPMorgan Securities, Inc.

11/12/26

46,491

(156,664

)

Russell 1000 TR Index

12M SOFR+0.700(a)

JPMorgan Securities, Inc.

02/17/26

775,168

(581,699

)

Russell 1000 TR Index

12M SOFR+0.680(a)

JPMorgan Securities, Inc.

03/10/26

246,414

(187,240

)

Russell 1000 TR Index

12M SOFR+0.660(a)

JPMorgan Securities, Inc.

07/29/26

14,724

(11,327

)

Russell 1000 TR Index

12M SOFR+0.640(a)

JPMorgan Securities, Inc.

08/17/26

220,114

(171,414

)

Russell 1000 TR Index

12M SOFR+0.720(a)

JPMorgan Securities, Inc.

09/09/26

65,352

(48,425

)

Russell 1000 TR Index

12M SOFR+0.685(a)

JPMorgan Securities, Inc.

10/08/26

299,149

41,175

TOTAL

$(1,291,306

)

(a)

Payments made monthly.

(b)

Payments made at maturity.

There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

A basket (CIEQDUV5) of common stocks and Investment Company


Common Stocks	Sector	Shares			Value			Weight

Microsoft Corp	Information Technology		(69	)	$	(33,541	)		19.5	%
NVIDIA Corp	Information Technology		(125	)		(23,283	)		13.5
Meta Platforms Inc	Communication Services		(22	)		(14,533	)		8.4
Apple Inc	Information Technology		(52	)		(14,006	)		8.1
Amazon.com Inc	Consumer Discretionary		(50	)		(11,510	)		6.7
Broadcom Inc	Information Technology		(27	)		(9,197	)		5.3
Netflix Inc	Communication Services		(92	)		(8,633	)		5.0
Oracle Corp	Information Technology		(37	)		(7,285	)		4.2
Costco Wholesale Corp	Consumer Staples		(7	)		(5,844	)		3.4
Tesla Inc	Consumer Discretionary		(12	)		(5,267	)		3.1
Home Depot Inc/The	Consumer Discretionary		(15	)		(5,024	)		2.9
Procter & Gamble Co/The	Consumer Staples		(34	)		(4,864	)		2.8
Alphabet Inc	Communication Services		(14	)		(4,274	)		2.5
Berkshire Hathaway Inc	Financials		(8	)		(3,988	)		2.3
JPMorgan Chase & Co	Financials		(10	)		(3,376	)		2.0
Alphabet Inc	Communication Services		(11	)		(3,361	)		2.0
ServiceNow Inc	Information Technology		(17	)		(2,595	)		1.5
Visa Inc	Financials		(7	)		(2,575	)		1.5
AT&T Inc	Communication Services		(101	)		(2,508	)		1.5
Uber Technologies Inc	Industrials		(26	)		(2,107	)		1.2
Linde PLC	Materials		(5	)		(1,960	)		1.1
Advanced Micro Devices Inc	Information Technology		(15	)		(1,914	)		1.1
Abbott Laboratories	Health Care		(9	)		(1,892	)		1.1
AbbVie Inc	Health Care		(8	)		(1,861	)		1.1
Walmart Inc	Consumer Staples		(16	)		(1,801	)		1.0
UnitedHealth Group Inc	Health Care		(5	)		(1,762	)		1.0
Chevron Corp	Energy		(11	)		(1,721	)		1.0
Eli Lilly & Co	Health Care		(2	)		(1,714	)		1.0
Exxon Mobil Corp	Energy		(14	)		(1,711	)		1.0
Intuit Inc	Information Technology		(3	)		(1,683	)		1.0

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (CIEQDUV5) of common stocks and Investment Company (continued)


Common Stocks	Sector	Shares			Value			Weight

Johnson & Johnson	Health Care		(7	)	$	(1,491	)		0.9	%
Verizon Communications Inc	Communication Services		(37	)		(1,489	)		0.9
Philip Morris International Inc	Consumer Staples		(9	)		(1,461	)		0.8
Bank of America Corp	Financials		(25	)		(1,391	)		0.8
Coca-Cola Co/The	Consumer Staples		(20	)		(1,386	)		0.8
Texas Instruments Inc	Information Technology		(8	)		(1,382	)		0.8
General Electric Co	Industrials		(4	)		(1,334	)		0.8
McDonald’s Corp	Consumer Discretionary		(4	)		(1,224	)		0.7
International Business Machines Corp	Information Technology		(4	)		(1,206	)		0.7
PepsiCo Inc	Consumer Staples		(8	)		(1,186	)		0.7
Walt Disney Co/The	Communication Services		(10	)		(1,166	)		0.7
Cisco Systems Inc	Information Technology		(13	)		(1,013	)		0.6
Wells Fargo & Co	Financials		(10	)		(961	)		0.6
Salesforce Inc	Information Technology		(3	)		(880	)		0.5
QUALCOMM Inc	Information Technology		(5	)		(871	)		0.5
The Goldman Sachs Group, Inc.	Investment Companies		(1	)		(718	)		0.4
Morgan Stanley	Financials		(4	)		(681	)		0.4
RTX Corp	Industrials		(4	)		(680	)		0.4
American Express Co	Financials		(2	)		(672	)		0.4
Merck & Co Inc	Health Care		(5	)		(508	)		0.3

A basket (JPOSSVHY) of Options

iShares iBoxx $ High Yield Corporate Bond ETF, 02/20/26	Options		(9,190	)		(3,860	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 02/20/26	Options		(9,190	)		(2,711	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 01/16/26	Options		(12,364	)		(989	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 01/16/26	Options		(12,364	)		(865	)		0.0

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)

Purchased option contracts
Calls
CBOE Volatility Index	$	23.000		01/21/2026		1,610		$	3,703,000		$	68,425		$	441,543			$ (373,118	)
CBOE Volatility Index		25.000		02/18/2026		1,420			3,550,000			164,720			456,175			(291,455	)
CBOE Volatility Index		22.000		03/18/2026		1,520			3,344,000			345,800			412,300			(66,500	)

Total purchased option contracts						4,550		$	10,597,000		$	578,945		$	1,310,018			$ (731,073	)

Written option contracts
Calls
Euro Stoxx 50 Index		5,925.000		01/02/2026		(36	)		(21,330,000	)		(85	)		(2,993	)		2,908
Euro Stoxx 50 Index		5,950.000		01/09/2026		(36	)		(21,420,000	)		(1,862	)		(3,217	)		1,355
Euro Stoxx 50 Index		5,975.000		01/16/2026		(36	)		(21,510,000	)		(4,104	)		(2,189	)		(1,915	)
Euro Stoxx 50 Index		5,950.000		01/23/2026		(36	)		(21,420,000	)		(8,546	)		(4,467	)		(4,079	)
FTSE 100 Index		10,050.000		01/16/2026		(5	)		(5,025,000	)		(2,527	)		(1,196	)		(1,331	)
FTSE 100 Index		10,100.000		01/16/2026		(3	)		(3,030,000	)		(1,011	)		(335	)		(676	)
FTSE 100 Index		10,150.000		01/16/2026		(2	)		(2,030,000	)		(458	)		(473	)		15

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)


Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
FTSE 100 Index	$	10,175.000		01/16/2026		(5)			$ (5,087,500)		$ (944)		$ (656)		$ (288	)
FTSE 100 Index		10,200.000		01/16/2026		(7)			(7,140,000)		(1,085)		(1,324)		239
FTSE 100 Index		10,375.000		02/20/2026		(2)			(2,075,000)		(727)		(496)		(231	)
Nikkei 225 Index		52,500.000		01/09/2026		(3)			(15,750,000)		(843)		(2,509)		1,666
Nikkei 225 Index		53,875.000		01/09/2026		(5)			(26,937,500)		(255)		(9,837)		9,582
Nikkei 225 Index		54,500.000		01/09/2026		(7)			(38,150,000)		(134)		(5,242)		5,108
Nikkei 225 Index		54,500.000		02/13/2026		(1)			(5,450,000)		(1,156)		(1,450)		294
S&P 500 Index		7,020.000		01/02/2026		(20)			(14,040,000)		(150)		(1,505)		1,355
S&P 500 Index		7,015.000		01/05/2026		(20)			(14,030,000)		(100)		(3,726)		3,626
S&P 500 Index		6,990.000		01/07/2026		(20)			(13,980,000)		(1,200)		(3,655)		2,455
S&P 500 Index		7,125.000		01/07/2026		(15)			(10,687,500)		(75)		(14,148)		14,073
S&P 500 Index		7,050.000		01/14/2026		(15)			(10,575,000)		(3,787)		(15,028)		11,241
S&P 500 Index		7,125.000		01/21/2026		(15)			(10,687,500)		(3,450)		(11,571)		8,121
S&P 500 Index		7,150.000		01/28/2026		(15)			(10,725,000)		(7,275)		(10,616)		3,341

						(304)			$(281,080,000)		$ (39,774)		$ (96,633)		$ 56,859
Puts
Euro Stoxx 50 Index		5,525.000		01/02/2026		(72)			(39,780,000)		(85)		(17,255)		17,170
Euro Stoxx 50 Index		5,525.000		01/09/2026		(71)			(39,227,500)		(1,335)		(15,644)		14,309
Euro Stoxx 50 Index		5,575.000		01/16/2026		(72)			(40,140,000)		(6,685)		(16,731)		10,046
Euro Stoxx 50 Index		5,550.000		01/23/2026		(72)			(39,960,000)		(10,408)		(17,536)		7,128
FTSE 100 Index		9,000.000		01/16/2026		(1)			(900,000)		(81)		(863)		782
FTSE 100 Index		9,300.000		01/16/2026		(3)			(2,790,000)		(303)		(1,541)		1,238
FTSE 100 Index		9,400.000		01/16/2026		(7)			(6,580,000)		(802)		(3,893)		3,091
FTSE 100 Index		9,425.000		01/16/2026		(11)			(10,367,500)		(1,260)		(3,660)		2,400
FTSE 100 Index		9,550.000		01/16/2026		(13)			(12,415,000)		(2,103)		(4,118)		2,015
FTSE 100 Index		9,675.000		01/16/2026		(11)			(10,642,500)		(2,891)		(3,556)		665
FTSE 100 Index		9,500.000		02/20/2026		(3)			(2,850,000)		(1,779)		(1,980)		201
Nikkei 225 Index		43,000.000		01/09/2026		(3)			(12,900,000)		(192)		(13,232)		13,040
Nikkei 225 Index		44,750.000		01/09/2026		(6)			(26,850,000)		(651)		(12,656)		12,005
Nikkei 225 Index		46,000.000		01/09/2026		(7)			(32,200,000)		(1,296)		(17,114)		15,818
Nikkei 225 Index		46,250.000		01/09/2026		(7)			(32,375,000)		(1,385)		(12,605)		11,220
Nikkei 225 Index		47,000.000		01/09/2026		(8)			(37,600,000)		(2,503)		(17,246)		14,743
Nikkei 225 Index		44,750.000		02/13/2026		(2)			(8,950,000)		(2,949)		(6,274)		3,325
S&P 500 Index		6,845.000		01/02/2026		(39)			(26,695,500)		(59,280)		(36,545)		(22,735	)
S&P 500 Index		6,845.000		01/05/2026		(39)			(26,695,500)		(87,165)		(49,654)		(37,511	)
S&P 500 Index		6,575.000		01/07/2026		(30)			(19,725,000)		(3,000)		(108,095)		105,095
S&P 500 Index		6,805.000		01/07/2026		(39)			(26,539,500)		(69,615)		(41,642)		(27,973	)
S&P 500 Index		6,525.000		01/14/2026		(30)			(19,575,000)		(18,150)		(105,030)		86,880
S&P 500 Index		6,690.000		01/21/2026		(30)			(20,070,000)		(85,800)		(66,554)		(19,246	)
S&P 500 Index		6,675.000		01/28/2026		(30)			(20,025,000)		(112,350)		(92,633)		(19,717	)

						(606	)		$(515,853,000)		$(472,068)		$(666,057)		$ 193,989

Total written option contracts						(910	)		$(796,933,000)		$(511,842)		$(762,690)		$ 250,848

TOTAL						3,640			$(786,336,000)		$ 67,103		$ 547,328		$(480,225	)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)



Currency Abbreviations:
BRL		—Brazil Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CZK		—Czech Republic Koruna
EUR		—Euro
HUF		—Hungarian Forint
IDR		—Indonesia Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PHP		—Philippines Peso
PLN		—Polish Zloty
SEK		—Swedish Krona
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand



Investment Abbreviations:
ETF		—Exchange Traded Fund
LLC		—Limited Liability Company
LP		—Limited Partnership
MSCI		—Morgan Stanley Capital International
PLC		—Public Limited Company
RB		—Revenue Bond
REIT		—Real Estate Investment Trust



Abbreviations:
CDX.NA.HY Ind 45		—CDX North America High Yield Index 45
CDX.NA.IG Ind 45		—CDX North America Investment Grade Index 45
ICE		—Inter-Continental Exchange
ICE CD ITXEB		—iTraxx Europe Index
ICE CD ITXEX		—iTraxx Europe Crossover Index
SOFR		—Secured Overnight Financing Rate

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments

December 31, 2025


Shares	Dividend Rate	Value

Investment Company^(a)– 11.3%
Goldman Sachs Financial Square Government Fund — Institutional Shares
38,242,953	3.686%	$ 38,242,953
(Cost $38,242,953)


Principal Amount	Interest Rate	Maturity Date		Value

Short-term Investments^(c)– 88.7%

U.S. Treasury Obligations – 88.7%
U.S. Treasury Bills
$67,300,000	0.000%^(b)		01/15/26	$	67,214,020
36,400,000	0.000^(b)		03/24/26		36,112,971
64,400,000	0.000^(b)		04/16/26		63,744,432
42,000,000	0.000		05/28/26		41,403,395
92,100,000	0.000		06/25/26		90,548,355


TOTAL SHORT-TERM INVESTMENTS
(Cost $298,923,186)				$	299,023,173


TOTAL INVESTMENTS – 100.0%
(Cost $337,166,139)				$	337,266,126


LIABILITIES IN EXCESS OF OTHER
ASSETS – ( 0.0)%					(40,416	)


NET ASSETS – 100.0%				$	337,225,710

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

(a)	Represents an affiliated issuer.

(b)	All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)


Long position contracts:
Brent Crude		124		03/31/26	$	7,479,680	$	(431,484	)
Cocoa		26		03/16/26		1,576,900		(21,087	)
Coffee		2		05/18/26		250,013		(23,646	)
Copper		26		05/27/26		3,729,700		424,401
Corn		123		05/14/26		2,756,737		(46,513	)
Cotton No.2		1		05/06/26		32,800		(692	)
FCOJ-A		3		03/11/26		90,540		21,716
Gasoline RBOB		29		04/30/26		2,396,659		(138,746	)
Gold		2		02/25/26		868,220		61,336
Gold		45		06/26/26		19,831,050		505,359
KC HRW Wheat		25		05/14/26		660,000		(41,555	)
Lean Hogs		22		06/12/26		905,300		51,403
Live Cattle		5		06/30/26		453,550		14,139
LME Lead		11		01/19/26		544,660		(29,378	)
LME Lead		11		05/18/26		559,045		(7,478	)
LME Lead		11		03/16/26		552,115		(3,751	)
LME Nickel		20		01/19/26		1,985,468		125,410
LME Nickel		20		05/18/26		2,009,392		177,560
LME Nickel		20		03/16/26		1,996,672		141,242
LME Primary Aluminum		89		01/19/26		6,627,830		809,843
LME Primary Aluminum		87		05/18/26		6,536,397		285,033
LME Primary Aluminum		89		03/16/26		6,662,696		825,890
LME Zinc		27		01/19/26		2,088,153		222,366

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

December 31, 2025

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)


Long position contracts:
LME Zinc		26		05/18/26	$	2,031,029			$ 53,505
LME Zinc		54		03/16/26		4,210,542			233,571
Low Sulphur Gas Oil		28		05/12/26		1,694,000			(140,576	)
Low Sulphur Gas Oil		23		02/12/26		1,426,000			(78,169	)
Natural Gas		42		03/27/26		1,324,260			(387,881	)
Natural Gas		242		01/28/26		8,920,120			(2,040,873	)
NY Harbor ULSD		4		04/30/26		344,232			(34,499	)
Palladium		3		03/27/26		495,420			70,656
Robusta Coffee 10-T		36		05/22/26		1,393,920			(219,776	)
Silver		4		03/27/26		1,412,060			536,068
Silver		18		05/27/26		6,407,100			2,025,063
Soybean		194		05/14/26		7,596,350			(615,946	)
Soybean Oil		56		03/13/26		1,631,616			(85,297	)
Soybean Oil		46		05/14/26		1,354,884			(48,722	)
Sugar 11		131		04/30/26		2,150,915			123,275
Wheat		33		05/14/26		855,525			(91,832	)
WTI Crude		125		01/20/26		7,177,500			(177,869	)


Total									$ 2,042,066


Short position contracts:
Brent Crude		(12)		05/29/26		(722,640	)		(10,337	)
Cocoa		(21)		05/13/26		(1,281,420	)		(13,102	)
FCOJ-A		(9)		05/08/26		(268,785	)		(51,339	)
LME Lead		(11)		01/19/26		(544,660	)		6,382
LME Lead		(4)		05/18/26		(203,289	)		(2,980	)
LME Lead		(11)		03/16/26		(552,115	)		9,539
LME Nickel		(20)		01/19/26		(1,985,468	)		(143,155	)
LME Nickel		(6)		05/18/26		(602,817	)		(39,474	)
LME Nickel		(20)		03/16/26		(1,996,672	)		(179,576	)
LME Nickel		(2)		06/15/26		(201,478	)		(26,562	)
LME Primary Aluminum		(89)		01/19/26		(6,627,830	)		(813,148	)
LME Primary Aluminum		(89)		03/16/26		(6,662,696	)		(292,478	)
LME Primary Aluminum		(17)		05/18/26		(1,277,227	)		(18,536	)
LME Primary Aluminum		(17)		06/15/26		(1,278,188	)		(36,442	)
LME Zinc		(27)		01/19/26		(2,088,153	)		(159,934	)
LME Zinc		(7)		05/18/26		(546,816	)		(6,075	)
LME Zinc		(54)		03/16/26		(4,210,542	)		(164,000	)
Natural Gas		(130)		04/28/26		(4,199,000	)		263,745
Soybean		(13)		03/13/26		(680,875	)		50,341
WTI Crude		(206)		04/21/26		(11,742,000	)		169,384


Total									$(1,457,747)


TOTAL FUTURES CONTRACTS									$ 584,319

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 2025, the Fund had the following swap contracts:

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS^#

Reference Obligation/

Index^(a)

Financing Rate

Paid/(Received)

by the Fund

Counterparty

Termination
Date

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

CRB 3M Forward Index

1 mo. U.S. Treasury Bill Rate +0.11%

Citibank NA

10/30/26

95,084

$ (25)

CRB Future Index

1 mo. U.S. Treasury Bill Rate +0.24

Citibank NA

01/30/26

2,160

(12)

CRB 3M Forward Index

1 mo. U.S. Treasury Bill Rate +0.12

Merrill Lynch International Bank Ltd.

10/30/26

83,966

(23)

CRB Future Index

1 mo. U.S. Treasury Bill Rate +0.25

Merrill Lynch International Bank Ltd.

01/30/26

2,522

(11)

CRB 3M Forward Index

1 mo. U.S. Treasury Bill Rate +0.12

RBC Dominion Securities, Inc.

10/30/26

29,506

(14)

CRB Future Index

1 mo. U.S. Treasury Bill Rate +0.29

RBC Dominion Securities, Inc.

10/30/26

20,353

(32)

CRB Future Index

1 mo. U.S. Treasury Bill Rate +0.25

UBS Switzerland AG

01/30/26

27,213

(39)

TOTAL

$(156)

(a)

Payments made monthly.

There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Statements of Assets and Liabilities^(a)

December 31, 2025


	Absolute Return Tracker Fund		Commodity Strategy Fund

Assets:

Investments in unaffiliated issuers, at value (cost $3,759,200,176 and $298,923,186, respectively)^(b)		$4,391,657,317		$299,023,173
Investments in affiliated issuers, at value (cost $880,394,545 and $38,242,953, respectively)		880,720,564		38,242,953
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		50,132,836		—
Purchased options, at value (premium paid $1,310,018 and $0, respectively)		578,945		—
Cash		169,484,314		777,504
Foreign currencies, at value (cost $780,208 and $0, respectively)		864,159		—
Unrealized gain on swap contracts		1,139,455		—
Unrealized gain on forward foreign currency exchange contracts		2,541,271		—
Unrealized gain on futures contracts		8,490,427		2,890,341
Receivables:
Collateral on certain derivative contracts^(c)		119,950,731		—
Fund shares sold		5,824,975		70,147
Interest and dividends		3,999,287		145,245
Investments sold		294,721		—
Foreign tax reclaims		228,488		—
Reimbursement from investment adviser		38,105		—
Due from broker - upfront payment		—		1,854,740
Other assets		21,653		44,977

Total assets		5,635,967,248		343,049,080




Liabilities:
Unrealized loss on futures contracts		8,783,316		1,922,967
Variation margin on futures contracts		4,374,851		2,032,404
Unrealized loss on swap contracts		2,430,761		156
Unrealized loss on forward foreign currency exchange contracts		1,337,788		—
Written option contracts, at value (premium received $762,690 and $0, respectively)		511,842		—
Variation margin on swaps contracts		151,667		—
Payables:
Payable upon return of securities loaned		50,132,836		—
Fund shares redeemed		3,444,818		176,345
Investments purchased		2,272,150		145,245
Management fees		1,431,490		113,188
Distribution and Service fees and Transfer Agency fees		157,079		9,837
Income distributions		—		525
Interest payable		—		843,045
Accrued expenses		806,863		579,658

Total liabilities		75,835,461		5,823,370




Net Assets:
Paid-in capital		5,058,744,780		356,112,972
Total distributable earnings (loss)		501,387,007		(18,887,262	)

NET ASSETS		$5,560,131,787		$337,225,710
Net Assets:
Class A		$ 40,772,042		$ 17,725,176
Class C		3,876,645		2,503,010
Institutional		2,954,477,471		115,286,191
Investor		1,188,110,094		6,386,200
Class R6		1,151,210,971		99,906,372
Class R		805,793		2,106,364
Class P		220,878,771		93,312,397
Total Net Assets		$5,560,131,787		$337,225,710
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		3,985,114		2,183,438
Class C		429,540		343,890
Institutional		275,791,261		13,909,483
Investor		112,672,513		768,979
Class R6		107,688,037		12,015,047
Class R		82,175		267,975
Class P		20,624,693		11,228,871
Net asset value, offering and redemption price per share:^(d)
Class A		10.23		8.12
Class C		9.03		7.28
Institutional		10.71		8.29
Investor		10.54		8.30
Class R6		10.69		8.32
Class R		9.81		7.86
Class P		10.71		8.31

(a)

Statements of Assets and Liabilities for the Absolute Return Tracker and Commodity Strategy Fund are consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Includes loaned securities having a market value of $48,390,149 and $0, respectively.

(c)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Options

Absolute Return Tracker Fund	$	17,745,053	$	92,970,639	$	9,235,039

(d)

Maximum public offering price per share for Class A Shares of the Absolute Return Tracker and Commodity Strategy Funds is $10.83 and $8.50, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Statements of Operations^(a)

For the Fiscal Year Ended December 31, 2025


	Absolute Return Tracker Fund			Commodity Strategy Fund

Investment Income:
Dividends — unaffiliated issuers (net of tax withholding of $48,281 and $0, respectively)		$ 74,525,302		$	—
Dividends — affiliated issuers		31,975,433			1,142,113
Interest		10,184,701			13,143,604
Securities lending income, net of rebates received or paid to borrowers		849,852			—


Total investment income		117,535,288			14,285,717



Expenses:
Management fees		31,916,692			2,018,634
Transfer Agency fees^(b)		3,067,873			142,231
Custody, accounting and administrative services		1,189,686			405,240
Printing and mailing costs		266,000			153,357
Professional fees		245,947			177,333
Registration fees		199,365			102,013
Distribution and Service (12b-1) fees^(b)		136,681			78,205
Trustee fees		37,137			27,607
Prime broker fees		36,754			—
Service fees — Class C		10,622			7,063

Other		99,359			30,668


Total expenses		37,206,116			3,142,351


Less — expense reductions		(3,371,498	)		(1,000,465)


Net expenses		33,834,618			2,141,886


NET INVESTMENT INCOME		83,700,670			12,143,831



Realized and unrealized gain (loss):

Net realized gain (loss) from:
Investments — unaffiliated issuers		75,535,343			(281,334)
Investments — affiliated issuers		(135,218	)		—
Purchased options		(266,272	)		—
Futures contracts		4,815,396			13,816,221
Written options		5,081,365			—
Swap contracts		(132,906,205	)		21,326,140
Forward foreign currency exchange contracts		(3,898,832	)		—
Foreign currency transactions		(577,327	)		—
Net change in unrealized gain (loss) on:
Investments — affiliated issuers		(6,583	)		—
Investments — unaffiliated issuers		452,768,141			(26,594	)
Purchased options		(475,683	)		—
Futures contracts		8,425,537			1,611,152
Written options		491,222			—
Swap contracts		(15,170,878	)		4,289
Forward foreign currency exchange contracts		(12,606,317	)		—
Foreign currency translation		144,327			—



Net realized and unrealized gain		381,218,016			36,449,874


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$464,918,686		$	48,593,705

(a)

Statement of Operations for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and include the balances of a wholly-owned subsidiary, Cayman Commodity-ART, LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b)

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
Absolute Return Tracker Fund	$100,389	$31,867	$ 4,425	$60,233	$6,373	$1,071,276	$1,551,869	$311,582	$1,328	$65,212
Commodity Strategy Fund	46,879	21,191	10,135	22,502	3,391	46,824	9,397	29,774	2,433	27,910

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Statements of Changes in Net Assets^(a)


	Absolute Return Tracker Fund						Commodity Strategy Fund

	For the Fiscal Year Ended December 31, 2025			For the Fiscal Year Ended December 31, 2024			For the Fiscal Year Ended December 31, 2025			For the Fiscal Year Ended December 31, 2024

From operations:

Net investment income		$ 83,700,670			$ 120,860,261			$ 12,143,831			$ 18,773,346

Net realized gain (loss)		(52,351,750	)		130,946,498			34,861,027			9,629,461

Net change in unrealized gain (loss)		433,569,766			37,711,081			1,588,847			(6,654,142)


Net increase in net assets resulting from operations		464,918,686			289,517,840			48,593,705			21,748,665




Distributions to shareholders:

From distributable earnings:

Class A Shares		(758,095	)		(325,780	)		(2,562,910	)		(768,311)

Class C Shares		(75,617	)		(10,241	)		(377,185	)		(100,272)

Institutional Shares		(62,272,612	)		(28,655,307	)		(16,786,647	)		(4,886,441)

Investor Shares		(24,068,592	)		(7,701,454	)		(940,709	)		(436,124)

Class R6 Shares		(24,220,140	)		(10,828,863	)		(14,839,195	)		(3,999,527)

Class R Shares		(13,675	)		(5,911	)		(300,360	)		(75,553)

Class P Shares		(4,636,534	)		(2,509,999	)		(13,440,102	)		(4,242,762)


Total distributions to shareholders		(116,045,265	)		(50,037,555	)		(49,247,108	)		(14,508,990)




From share transactions:

Proceeds from sales of shares		1,797,394,003			1,391,875,214			47,642,715			73,209,700

Reinvestment of distributions		75,087,797			31,791,028			41,793,305			12,499,133

Cost of shares redeemed		(1,138,845,750	)		(1,316,487,087	)		(84,652,181	)		(344,365,287)


Net increase (decrease) in net assets resulting from share transactions		733,636,050			107,179,155			4,783,839			(258,656,454)


TOTAL INCREASE (DECREASE)		1,082,509,471			346,659,440			4,130,436			(251,416,779)




Net assets:

Beginning of year		4,477,622,316			4,130,962,876			333,095,274			584,512,053


End of year		$ 5,560,131,787			$ 4,477,622,316			$ 337,225,710			$ 333,095,274

(a)

Statements of Changes in Net Assets for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year



	Absolute Return Tracker Fund

	Class A Shares

	Year Ended December 31,

	2025			2024			2023			2022			2021

Per Share Data

Net asset value, beginning of year	$	9.53		$	9.01		$	8.36		$	9.40		$	9.69



Net investment income (loss)^(a)		0.13			0.23			0.26			0.07			(0.01)

Net realized and unrealized gain (loss)		0.76			0.37			0.61			(0.69	)		0.59



Total from investment operations		0.89			0.60			0.87			(0.62	)		0.58



Distributions to shareholders from net investment income		(0.01	)		(0.08	)		(0.22	)		(0.31	)		—

Distributions to shareholders from net realized gains		(0.18	)		—			—			(0.11	)		(0.87)



Total distributions		(0.19	)		(0.08	)		(0.22	)		(0.42	)		(0.87)



Net asset value, end of year	$	10.23		$	9.53		$	9.01		$	8.36		$	9.40



Total return^(b)		9.35	%		6.63	%		10.45	%		(6.62	)%		6.09%


Net assets, end of year (in 000s)	$	40,772		$	40,435		$	42,676		$	41,001		$	57,882

Ratio of net expenses to average net assets		1.01	%		0.99	%		0.97	%		1.00	%		1.04%

Ratio of total expenses to average net assets		1.08	%		1.07	%		1.09	%		1.09	%		1.09%

Ratio of net investment income (loss) to average net assets		1.31	%		2.47	%		2.92	%		0.80	%		(0.10)%

Portfolio turnover rate^(c)		134	%		179	%		126	%		184	%		133%



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Absolute Return Tracker Fund

	Class C Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	8.48			$	8.02			$	7.47			$	8.43			$	8.84



Net investment income (loss)^(a)			0.05				0.14				0.17				0.00	^(b)			(0.08)

Net realized and unrealized gain (loss)			0.68				0.34				0.54				(0.61	)			0.54



Total from investment operations			0.73				0.48				0.71				(0.61	)			0.46



Distributions to shareholders from net investment income			—				(0.02	)			(0.16	)			(0.24	)			—

Distributions to shareholders from net realized gains			(0.18	)			—				—				(0.11	)			(0.87)



Total distributions			(0.18	)			(0.02	)			(0.16	)			(0.35	)			(0.87)



Net asset value, end of year		$	9.03			$	8.48			$	8.02			$	7.47			$	8.43



Total return^(c)			8.44	%			5.97	%			9.45	%			(7.23	)%			5.31%


Net assets, end of year (in 000s)		$	3,877			$	4,579			$	4,497			$	5,574			$	7,973

Ratio of net expenses to average net assets			1.76	%			1.74	%			1.72	%			1.75	%			1.79%

Ratio of total expenses to average net assets			1.83	%			1.82	%			1.84	%			1.84	%			1.84%

Ratio of net investment income (loss) to average net assets			0.52	%			1.71	%			2.12	%			0.06	%			(0.84)%

Portfolio turnover rate^(d)			134	%			179	%			126	%			184	%			133%



(a) Calculated based on the average shares outstanding methodology. (b) Amount is less than $0.005 per share. (c) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Absolute Return Tracker Fund

	Institutional Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	9.97			$	9.42			$	8.73			$	9.80			$	10.03



Net investment income^(a)			0.18				0.28				0.30				0.11				0.03

Net realized and unrealized gain (loss)			0.79				0.38				0.65				(0.72	)			0.61



Total from investment operations			0.97				0.66				0.95				(0.61	)			0.64



Distributions to shareholders from net investment income			(0.05	)			(0.11	)			(0.26	)			(0.35	)			—

Distributions to shareholders from net realized gains			(0.18	)			—				—				(0.11	)			(0.87)



Total distributions			(0.23	)			(0.11	)			(0.26	)			(0.46	)			(0.87)



Net asset value, end of year		$	10.71			$	9.97			$	9.42			$	8.73			$	9.80



Total return^(b)			9.71	%			7.04	%			10.83	%			(6.27	)%			6.48%



Net assets, end of year (in 000s)		$	2,954,477			$	2,526,607			$	2,553,196			$	2,795,272			$	2,955,943

Ratio of net expenses to average net assets			0.65	%			0.63	%			0.61	%			0.63	%			0.68%

Ratio of total expenses to average net assets			0.72	%			0.71	%			0.72	%			0.72	%			0.72%

Ratio of net investment income to average net assets			1.69	%			2.83	%			3.25	%			1.23	%			0.30%

Portfolio turnover rate^(c)			134	%			179	%			126	%			184	%			133%



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Absolute Return Tracker Fund

	Investor Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	9.82			$	9.28			$	8.61			$	9.67			$	9.92



Net investment income^(a)			0.16				0.26				0.30				0.10				0.02

Net realized and unrealized gain (loss)			0.78				0.38				0.62				(0.71	)			0.60



Total from investment operations			0.94				0.64				0.92				(0.61	)			0.62



Distributions to shareholders from net investment income			(0.04	)			(0.10	)			(0.25	)			(0.34	)			—

Distributions to shareholders from net realized gains			(0.18	)			—				—				(0.11	)			(0.87)



Total distributions			(0.22	)			(0.10	)			(0.25	)			(0.45	)			(0.87)



Net asset value, end of year		$	10.54			$	9.82			$	9.28			$	8.61			$	9.67



Total return^(b)			9.55	%			6.93	%			10.68	%			(6.37	)%			6.35%


Net assets, end of year (in 000s)		$	1,188,110			$	741,396			$	581,118			$	248,085			$	243,761

Ratio of net expenses to average net assets			0.76	%			0.74	%			0.72	%			0.75	%			0.79%

Ratio of total expenses to average net assets			0.83	%			0.82	%			0.83	%			0.84	%			0.84%

Ratio of net investment income to average net assets			1.60	%			2.72	%			3.31	%			1.12	%			0.16%

Portfolio turnover rate^(c)			134	%			179	%			126	%			184	%			133%



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Absolute Return Tracker Fund

	Class R6 Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	9.95			$	9.40			$	8.72			$	9.78			$	10.02



Net investment income^(a)			0.18				0.28				0.33				0.11				0.05

Net realized and unrealized gain (loss)			0.79				0.38				0.61				(0.71	)			0.58



Total from investment operations			0.97				0.66				0.94				(0.60	)			0.63



Distributions to shareholders from net investment income			(0.05	)			(0.11	)			(0.26	)			(0.35	)			—

Distributions to shareholders from net realized gains			(0.18	)			—				—				(0.11	)			(0.87)



Total distributions			(0.23	)			(0.11	)			(0.26	)			(0.46	)			(0.87)



Net asset value, end of year		$	10.69			$	9.95			$	9.40			$	8.72			$	9.78


Total return^(b)			9.74	%			7.07	%			10.74	%			(6.17	)%			6.38%


Net assets, end of year (in 000s)		$	1,151,211			$	942,520			$	728,607			$	169,335			$	153,588

Ratio of net expenses to average net assets			0.64	%			0.62	%			0.60	%			0.62	%			0.66%

Ratio of total expenses to average net assets			0.71	%			0.70	%			0.71	%			0.71	%			0.70%

Ratio of net investment income to average net assets			1.70	%			2.84	%			3.54	%			1.23	%			0.51%

Portfolio turnover rate^(c)			134	%			179	%			126	%			184	%			133%



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Absolute Return Tracker Fund

	Class R Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	9.15			$	8.66			$	8.04			$	9.06			$	9.40



Net investment income (loss)^(a)			0.10				0.20				0.22				0.05				(0.03)

Net realized and unrealized gain (loss)			0.74				0.35				0.59				(0.66	)			0.56



Total from investment operations			0.84				0.55				0.81				(0.61	)			0.53



Distributions to shareholders from net investment income			—				(0.06	)			(0.19	)			(0.30	)			—

Distributions to shareholders from net realized gains			(0.18	)			—				—				(0.11	)			(0.87)



Total distributions			(0.18	)			(0.06	)			(0.19	)			(0.41	)			(0.87)



Net asset value, end of year		$	9.81			$	9.15			$	8.66			$	8.04			$	9.06


Total return^(b)			9.13	%			6.40	%			10.11	%			(6.79	)%			5.73%


Net assets, end of year (in 000s)		$	806			$	854			$	787			$	1,486			$	1,536

Ratio of net expenses to average net assets			1.26	%			1.24	%			1.22	%			1.25	%			1.29%

Ratio of total expenses to average net assets			1.33	%			1.32	%			1.34	%			1.34	%			1.34%

Ratio of net investment income (loss) to average net assets			1.03	%			2.26	%			2.63	%			0.60	%			(0.33)%

Portfolio turnover rate^(c)			134	%			179	%			126	%			184	%			133%



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Absolute Return Tracker Fund

	Class P Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	9.97			$	9.41			$	8.73			$	9.79			$	10.02



Net investment income^(a)			0.17				0.28				0.30				0.11				0.03

Net realized and unrealized gain (loss)			0.80				0.39				0.64				(0.71	)			0.61



Total from investment operations			0.97				0.67				0.94				(0.60	)			0.64



Distributions to shareholders from net investment income			(0.05	)			(0.11	)			(0.26	)			(0.35	)			—

Distributions to shareholders from net realized gains			(0.18	)			—				—				(0.11	)			(0.87)



Total distributions			(0.23	)			(0.11	)			(0.26	)			(0.46	)			(0.87)



Net asset value, end of year		$	10.71			$	9.97			$	9.41			$	8.73			$	9.79


Total return^(b)			9.71	%			7.17	%			10.72	%			(6.16	)%			6.48%


Net assets, end of year (in 000s)		$	220,879			$	221,231			$	220,082			$	222,431			$	245,233

Ratio of net expenses to average net assets			0.64	%			0.62	%			0.60	%			0.62	%			0.66%

Ratio of total expenses to average net assets			0.71	%			0.70	%			0.71	%			0.71	%			0.71%

Ratio of net investment income to average net assets			1.67	%			2.83	%			3.28	%			1.23	%			0.33%

Portfolio turnover rate^(c)			134	%			179	%			126	%			184	%			133%



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year



	Commodity Strategy Fund

	Class A Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	8.19			$	8.06			$	9.30			$	8.90			$	7.79



Net investment income (loss)^(a)			0.29				0.35				0.34				0.05				(0.09)

Net realized and unrealized gain (loss)			0.94				0.09				(1.27	)			1.32				2.67



Total from investment operations			1.23				0.44				(0.93	)			1.37				2.58



Distributions to shareholders from net investment income			(1.30	)			(0.31	)			(0.31	)			(0.97	)			(1.47)



Net asset value, end of year		$	8.12			$	8.19			$	8.06			$	9.30			$	8.90



Total return^(b)			14.90	%			5.50	%			(9.95	)%			15.36	%			33.03%



Net assets, end of year (in 000s)		$	17,725			$	19,298			$	22,253			$	35,334			$	40,183

Ratio of net expenses to average net assets			0.93	%			0.94	%			0.94	%			0.92	%			0.92%

Ratio of total expenses to average net assets			1.13	%			1.04	%			1.01	%			0.95	%			1.08%

Ratio of net investment income (loss) to average net assets			3.26	%			4.24	%			4.00	%			0.50	%			(0.90)%

Portfolio turnover rate^(c)			—	%^(d)			—	%^(d)			—	%^(d)			—	%^(d)			83%^(d)



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) 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. (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Commodity Strategy Fund

	Class C Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	7.46			$	7.37			$	8.52			$	8.25			$	7.32



Net investment income (loss)^(a)			0.20				0.26				0.26				(0.01	)			(0.15)

Net realized and unrealized gain (loss)			0.86				0.08				(1.16	)			1.21				2.50



Total from investment operations			1.06				0.34				(0.90	)			1.20				2.35



Distributions to shareholders from net investment income			(1.24	)			(0.25	)			(0.25	)			(0.93	)			(1.42)



Net asset value, end of year		$	7.28			$	7.46			$	7.37			$	8.52			$	8.25



Total return^(b)			14.02	%			4.68	%			(10.58	)%			14.51	%			32.04%



Net assets, end of year (in 000s)		$	2,503			$	2,812			$	3,496			$	6,197			$	3,125

Ratio of net expenses to average net assets			1.68	%			1.69	%			1.69	%			1.67	%			1.67%

Ratio of total expenses to average net assets			1.88	%			1.78	%			1.76	%			1.70	%			1.83%

Ratio of net investment income (loss) to average net assets			2.51	%			3.50	%			3.25	%			(0.05	)%			(1.65)%

Portfolio turnover rate^(c)			—	%^(d)			—	%^(d)			—	%^(d)			—	%^(d)			83%^(d)



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) 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. (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Commodity Strategy Fund

	Institutional Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	8.34			$	8.20			$	9.46			$	9.04			$	7.88



Net investment income (loss)^(a)			0.32				0.38				0.38				0.11				(0.06)

Net realized and unrealized gain (loss)			0.96				0.10				(1.30	)			1.32				2.71



Total from investment operations			1.28				0.48				(0.92	)			1.43				2.65



Distributions to shareholders from net investment income			(1.33	)			(0.34	)			(0.34	)			(1.01	)			(1.49)



Net asset value, end of year		$	8.29			$	8.34			$	8.20			$	9.46			$	9.04



Total return^(b)			15.26	%			5.88	%			(9.65	)%			15.75	%			33.52%



Net assets, end of year (in 000s)		$	115,286			$	116,126			$	253,289			$	339,164			$	206,782

Ratio of net expenses to average net assets			0.60	%			0.61	%			0.61	%			0.59	%			0.59%

Ratio of total expenses to average net assets			0.80	%			0.70	%			0.68	%			0.62	%			0.75%

Ratio of net investment income (loss) to average net assets			3.59	%			4.60	%			4.36	%			1.04	%			(0.57)%

Portfolio turnover rate^(c)			—	%^(d)			—	%^(d)			—	%^(d)			—	%^(d)			83%^(d)



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) 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. (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Commodity Strategy Fund

	Investor Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	8.35			$	8.21			$	9.47			$	9.04			$	7.89



Net investment income (loss)^(a)			0.31				0.38				0.36				0.11				(0.07)

Net realized and unrealized gain (loss)			0.97				0.09				(1.29	)			1.32				2.71



Total from investment operations			1.28				0.47				(0.93	)			1.43				2.64



Distributions to shareholders from net investment income			(1.33	)			(0.33	)			(0.33	)			(1.00	)			(1.49)



Net asset value, end of year		$	8.30			$	8.35			$	8.21			$	9.47			$	9.04



Total return^(b)			15.12	%			5.76	%			(9.78	)%			15.79	%			33.33%



Net assets, end of year (in 000s)		$	6,386			$	9,042			$	22,575			$	115,918			$	33,337

Ratio of net expenses to average net assets			0.68	%			0.69	%			0.69	%			0.67	%			0.67%

Ratio of total expenses to average net assets			0.88	%			0.78	%			0.75	%			0.70	%			0.81%

Ratio of net investment income (loss) to average net assets			3.52	%			4.53	%			4.14	%			1.01	%			(0.66)%

Portfolio turnover rate^(c)			—	%^(d)			—	%^(d)			—	%^(d)			—	%^(d)			83%^(d)



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) 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. (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Commodity Strategy Fund

	Class R6 Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	8.36			$	8.22			$	9.49			$	9.06			$	7.90



Net investment income (loss)^(a)			0.32				0.39				0.38				0.12				(0.05)

Net realized and unrealized gain (loss)			0.97				0.09				(1.30	)			1.32				2.70



Total from investment operations			1.29				0.48				(0.92	)			1.44				2.65



Distributions to shareholders from net investment income			(1.33	)			(0.34	)			(0.35	)			(1.01	)			(1.49)



Net asset value, end of year		$	8.32			$	8.36			$	8.22			$	9.49			$	9.06



Total return^(b)			15.35	%			5.87	%			(9.71	)%			15.84	%			33.44%



Net assets, end of year (in 000s)		$	99,906			$	93,669			$	117,106			$	155,511			$	94,836

Ratio of net expenses to average net assets			0.59	%			0.60	%			0.60	%			0.58	%			0.58%

Ratio of total expenses to average net assets			0.79	%			0.69	%			0.67	%			0.61	%			0.75%

Ratio of net investment income (loss) to average net assets			3.60	%			4.59	%			4.36	%			1.14	%			(0.55)%

Portfolio turnover rate^(c)			—	%^(d)			—	%^(d)			—	%^(d)			—	%^(d)			83%^(d)



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) 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. (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Commodity Strategy Fund

	Class R Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	7.97			$	7.85			$	9.07			$	8.71			$	7.64



Net investment income (loss)^(a)			0.26				0.32				0.31				0.04				(0.11)

Net realized and unrealized gain (loss)			0.91				0.09				(1.24	)			1.27				2.62



Total from investment operations			1.17				0.41				(0.93	)			1.31				2.51



Distributions to shareholders from net investment income			(1.28	)			(0.29	)			(0.29	)			(0.95	)			(1.44)



Net asset value, end of year		$	7.86			$	7.97			$	7.85			$	9.07			$	8.71



Total return^(b)			14.57	%			5.26	%			(10.19	)%			15.07	%			32.73%



Net assets, end of year (in 000s)		$	2,106			$	1,994			$	2,630			$	4,208			$	3,271

Ratio of net expenses to average net assets			1.18	%			1.19	%			1.19	%			1.17	%			1.17%

Ratio of total expenses to average net assets			1.38	%			1.28	%			1.26	%			1.20	%			1.33%

Ratio of net investment income (loss) to average net assets			3.01	%			4.00	%			3.77	%			0.33	%			(1.15)%

Portfolio turnover rate^(c)			—	%^(d)			—	%^(d)			—	%^(d)			—	%^(d)			83%^(d)



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) 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. (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Commodity Strategy Fund

	Class P Shares

	Year Ended December 31,

	2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of year		$	8.36			$	8.22			$	9.49			$	9.06			$	7.90



Net investment income (loss)^(a)			0.32				0.39				0.38				0.12				(0.06)

Net realized and unrealized gain (loss)			0.96				0.09				(1.30	)			1.32				2.71



Total from investment operations			1.28				0.48				(0.92	)			1.44				2.65



Distributions to shareholders from net investment income			(1.33	)			(0.34	)			(0.35	)			(1.01	)			(1.49)



Net asset value, end of year		$	8.31			$	8.36			$	8.22			$	9.49			$	9.06



Total return^(b)			15.23	%			5.88	%			(9.72	)%			15.84	%			33.46%



Net assets, end of year (in 000s)		$	93,312			$	90,155			$	163,164			$	299,911			$	139,858

Ratio of net expenses to average net assets			0.59	%			0.60	%			0.60	%			0.58	%			0.58%

Ratio of total expenses to average net assets			0.79	%			0.69	%			0.67	%			0.61	%			0.72%

Ratio of net investment income (loss) to average net assets			3.60	%			4.60	%			4.34	%			1.04	%			(0.57)%

Portfolio turnover rate^(c)			—	%^(d)			—	%^(d)			—	%^(d)			—	%^(d)			83%^(d)



(a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. (c) 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. (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements

December 31, 2025

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-diversified

Goldman Sachs Absolute Return Tracker Fund	A, C, Institutional, Investor, R6, R and P	Diversified

Goldman Sachs Commodity Strategy Fund	A, C, Institutional, Investor, R6, R and P	Diversified

Class A Shares of the Absolute Return Tracker Fund are sold with a front-end sales charge of up to 5.50%. Class A Shares of the Commodity Strategy Fund are sold with a front-end sales charge of up to 4.50%. 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 management agreements (each, an “Agreement”) with the Trust. Core Commodity Management, LLC (“Core Commodity” or the “Sub-Adviser”) serves as a sub-adviser to the Commodity Strategy Fund. GSAM compensates the Sub-Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Commodity Strategy Fund is not charged any separate or additional investment advisory fees by the Sub-Adviser.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Consolidation for Absolute Return Tracker Fund and Commodity Strategy Fund — Cayman Commodity-ART, LLC., and Cayman Commodity-CSF, LTD., (each a “Subsidiary” and collectively, the “Subsidiaries”), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Absolute Return Tracker and Commodity Strategy Funds, respectively. The Subsidiaries act as investment vehicles for the Funds to enable the Funds to gain exposure to certain types of commodity-linked derivative instruments. The Funds are the sole shareholders of the Subsidiaries, and it is intended that each Fund will remain the sole shareholder and will continue to control its respective Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation.

As of December 31, 2025, the Fund and Subsidiary net assets were as follows:


Fund	Fund Net Assets		Subsidiary Net Assets	% Represented by Subsidiary’s Net Assets

Goldman Sachs Absolute Return Tracker Fund		$5,560,131,787	$136,231,877	2.5%

Goldman Sachs Commodity Strategy Fund		337,225,710	63,612,017	19.0

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

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

December 31, 2025

2. SIGNIFICANT ACCOUNTING POLICIES ( continued)

foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Consolidated Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

D. 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.

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


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid

Absolute Return Tracker Fund	Annually	Annually

Commodity Strategy Fund	Semi-Annually	Annually

The Subsidiaries are classified as controlled foreign corporations under the Code. Therefore, the Funds are required to increase their taxable income by their share of their Subsidiaries’ income. Net losses of a Subsidiary cannot be deducted by the Funds in the current period nor carried forward to offset taxable income in future periods. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

F. 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 Consolidated 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.

GOLDMAN SACHS ALTERNATIVE FUNDS II

2. SIGNIFICANT ACCOUNTING POLICIES ( continued)

G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectus. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Funds’ Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Funds’ single segment, is consistent with that presented within the Funds’ financial statements.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

The Board of Trustees (“Trustees”) has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds (“Valuation Procedures”), 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 Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

December 31, 2025

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 financial statements at SEC.gov.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

December 31, 2025

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2025:

ABSOLUTE RETURN TRACKER FUND


Investment Type	Level 1		Level 2		Level 3


Assets

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

Asia	$	1,365,525	$	91,730	$	—

Australia and Oceania		204,395		—		—

Europe		13,028,584		153,289		158,630

North America		2,440,875,454		14,627		20,722

South America		386,754		—		—
Fixed Income

U.S. Treasury Obligations		397,144,885		—		—

Securities Lending Reinvestment Vehicle		50,132,836		—		—

Exchange Traded Funds		1,711,726,452		—		—

Investment Company		707,206,834		—		—


Total	$	5,322,071,719	$	259,646	$	179,352

GOLDMAN SACHS ALTERNATIVE FUNDS II

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ABSOLUTE RETURN TRACKER FUND (continued)



Derivative Type	Level 1			Level 2			Level 3


Assets

Forward Foreign Currency Exchange Contracts^(b)	$	—		$	2,541,271		$	—

Futures Contracts^(b)		27,292,575			—			—

Credit Default Swap Contracts^(b)		—			2,924,121			—

Total Return Swap Contracts^(b)		—			1,139,455			—

Purchased Option Contracts		578,945			—			—


Total	$	27,871,520		$	6,604,847		$	—


Liabilities

Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(1,337,788	)	$	—

Futures Contracts^(b)		(13,777,608	)		—			—

Total Return Swap Contracts^(b)		—			(2,430,761	)		—

Written Option Contracts		(511,842	)		—			—


Total	$	(14,289,450	)	$	(3,768,549	)	$	—

(a)

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

(b)

Amount shown represents unrealized gain (loss) as of fiscal year-end.

COMMODITY STRATEGY FUND



Investment Type	Level 1			Level 2			Level 3


Assets

Investment Company	$	38,242,953		$	—		$	—

Short-term Investments		299,023,173			—			—


Total	$	337,266,126		$	—		$	—


Derivative Type


Assets^(a)

Futures Contracts	$	7,207,227		$	—		$	—


Liabilities^(a)

Futures Contracts	$	(6,622,908	)	$	—		$	—

Total Return Swap Contracts		—			(156	)		—


Total	$	(6,622,908	)	$	(156	)	$	—

(a)

Amount shown represents unrealized gain (loss) as of fiscal year-end.

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

December 31, 2025



4. INVESTMENTS IN DERIVATIVES

Absolute Return Tracker Fund

Risk

Consolidated Statements of Assets and

Liabilities

Assets

Consolidated Statements of Assets and

Liabilities

Commodity

Unrealized gains on futures contracts; Variation margin on futures contracts

$12,826,164

^(a)

Unrealized losses on futures contracts; Variation margin on futures contracts

$(9,917,109

)^(a)

Credit

Variation margin on swap contracts

2,924,121

^(a)

—

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

2,541,271

Payable for unrealized loss on forward foreign currency exchange contracts; Variation margin on futures contracts

(1,432,961

)

Equity

Receivable for unrealized gain on swap contracts; Variation margin on futures contracts; Purchased options, at value

14,898,283

^(a)

Payable for unrealized loss on swap contracts; Variation margin on futures contracts; Written options, at value

(4,130,890

)^(a)(b)

Interest rate

Variation margin on futures contracts

1,286,528

^(a)

Variation margin on futures contracts

(2,577,039

)^(a)

Total

$34,476,367

$(18,057,999

)

Commodity Strategy Fund


Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities

Commodity	Unrealized gains on futures contracts; Variation margin on futures contracts	$	7,207,227	^(a)	Unrealized losses on futures contracts; Variation margin on futures contracts	$(6,622,908)^(a)

Equity	—		—		Payable for unrealized loss on swap contracts	(156)^(b)

Total		$	7,207,227			$(6,623,064)

(a)

Includes unrealized gain (loss) on futures and centrally cleared swaps described in the Additional Investment Information sections of the the Consolidated Schedules of Investments. Only the variation margin as of December 31, 2025, is reported within the Consolidated Statements of Assets and Liabilities.

(b)

Aggregate of amounts include $2,430,761 for Absolute Return Tracker Fund and $156 for the Commodity Strategy Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, their failure to pay on their obligations or failure to pledge collateral. Such amount does not include incremental charges directly associated with the close-out of the agreements. It also does not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

GOLDMAN SACHS ALTERNATIVE FUNDS II



4 . INVESTMENTS IN DERIVATIVES (continued)

gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Consolidated Statements of Operations:

Absolute Return Tracker Fund


Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)


Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		$ (2,855,337	)	$	5,470,304



Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		18,837,254			1,771,643



Currency	Net realized gain (loss) from forward foreign currency exchange contracts and futures contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts and futures contracts		(6,269,990	)		(12,701,490)



Equity	Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options		(109,096,372	)		(13,482,696)



Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(27,790,103	)		(393,880)


Total			$(127,174,548	)	$	(19,336,119)

Commodity Strategy Fund


Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)


Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$13,816,221	$	1,611,152


Equity	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	21,326,140		4,289


Total		$35,142,361	$	1,615,441

For the fiscal year ended December 31, 2025, the relevant values for each derivative type were as follows:


	Average Number of Contracts, Notional Amounts, or Shares/Units^(a)


Fund	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options


Absolute Return Tracker Fund		26,471	$	653,123,592	$	2,531,655,458		410,500		44,547


Commodity Strategy Fund		3,102		—		233,781,208		—		—

(a)

Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended December 31, 2025.

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

December 31, 2025

5 . AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the fiscal year ended December 31, 2025, 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 Rate	Effective Net Management Rate^{^(a)}


Absolute Return Tracker Fund	0.70%	0.63%	0.60%	0.59%	0.53%	0.63%	0.60%


Commodity Strategy Fund	0.50	0.50	0.45	0.43	0.42	0.50	0.49

Effective Net Management Rate includes 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.

(a)

Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreement (as defined below) after waivers.

GSAM also provides management services to the Subsidiaries pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary’s average daily net assets. In consideration of the Subsidiaries’ management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of each Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by each Subsidiary under the Subsidiary Agreement. For the fiscal year ended December 31, 2025, GSAM waived $547,418 and $314,754 of each Fund’s management fee for the Absolute Return Tracker and Commodity Strategy Funds, respectively.

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 Fund in which the Funds invest. For the fiscal year ended December 31, 2025, the management fee waived by GSAM was for each Fund as follows:


Fund	Management Fee Waived


Absolute Return Tracker Fund		$1,487,347


Commodity Strategy Fund		44,425

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A, Class C and Class R 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, Class C or Class R Shares of the Funds, as set forth below.

GOLDMAN SACHS ALTERNATIVE FUNDS II

5 . AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


	Distribution and/or Service Plan Rates


	Class A*	Class C	Class R*


Distribution and/or Service Plan	0.25%	0.75%	0.50%


	Front End Sales Charge


Fund	Class A


Absolute Return Tracker Fund		$3,876


Commodity Strategy Fund		1,211

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.

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 of the Absolute Return Tracker Fund; 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Commodity Strategy Fund; 0.03% of the average daily net assets of Class R6 and 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 Absolute Return Tracker and Commodity Strategy Funds are 0.014% and 0.074%, respectively. These Other Expense limitations will remain in place through at least April 30, 2026, 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. The Subsidiaries also pay certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit each Subsidiary’s expenses (excluding management fees) to 0.004% of the Subsidiary’s average daily net assets for the Absolute Return Tracker and Commodity Strategy Funds.

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

December 31, 2025

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


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


Absolute Return Tracker Fund		$2,034,765		$6,418		$1,330,315		$3,371,498


Commodity Strategy Fund		359,179		240		641,046		1,000,465

H. Other Transactions with Affiliates — For the fiscal year ended December 31, 2025, Goldman Sachs earned $450,195 and $0 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Absolute Return Tracker and Commodity Strategy Funds, respectively.

The table below shows the transactions in and earnings from investments in the Underlying Fund for the fiscal year ended December 31, 2025:


Fund	Underlying Fund	Beginning Value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change In Unrealized Gain (Loss)			Ending Value as of December 31, 2025		Shares as of December 31, 2025		Dividend Income


Absolute Return Tracker Fund	Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF	$	75,573,576	$	111,943,194	$	(13,861,239)			$(135,218)	$	(6,583	)	$	173,513,730		3,427,100	$	5,647,441


	Goldman Sachs Financial Square Government Fund — Institutional Shares		486,231,739		4,092,362,972		(3,871,387,877	)		—		—			707,206,834		707,206,834		26,327,992


Commodity Strategy Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares		11,079,291		263,624,204		(236,460,542	)		—		—			38,242,953		38,242,953		1,142,113

GOLDMAN SACHS ALTERNATIVE FUNDS II

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2025, were as follows:


Fund	Purchases (Excluding U.S. Government and Agency Obligations)	Sales and Maturities of (Excluding U.S. Government and Agency Obligations)


Absolute Return Tracker Fund	$5,275,124,175	$5,188,687,513

For the fiscal year ended December 31, 2025, there were no purchases and proceeds from sales and maturities of long-term securities for the Commodity Strategy Fund.

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Absolute Return Tracker Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. 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 their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the 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 Consolidated 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 Absolute Return Tracker Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will 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 GSAL is unable to purchase replacement securities, GSAL 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 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 December 31, 2025, are disclosed as “Payable upon return of securities loaned” on the Consolidated Statements of Assets and Liabilities, where applicable.

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

December 31, 2025

7. SECURITIES LENDING (continued)

Both the Absolute Return Tracker Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the fiscal year ended December 31, 2025, are reported under Investment Income on the Consolidated Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:


	For the Fiscal Year Ended December 31, 2025

Fund	Earnings of GSAL Relating to Securities Loaned	Amounts Received by the Fund from Lending to Goldman Sachs	Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of December 31, 2025


Absolute Return Tracker Fund	$83,682	$896,265	$208,971

The following table provides information about the Absolute Return Tracker Fund’s investments in the Government Money Market Fund for the fiscal year ended December 31, 2025:


Fund	Beginning Value as of December 31, 2024	Purchases at cost	Proceeds from Sales	Ending Value as of December 31, 2025	Shares as of December 31, 2025


Absolute Return Tracker Fund	$23,455,375	$1,720,310,930	$(1,693,633,469)	$50,132,836	50,132,836

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:


	Absolute Return Tracker Fund		Commodity Strategy Fund


Distributions paid from:

Ordinary income		$116,045,265	$	49,247,108


Total taxable distributions		$116,045,265	$	49,247,108

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:


	Absolute Return Tracker Fund		Commodity Strategy Fund


Distributions paid from:

Ordinary income		$50,037,555	$	14,508,990


Total taxable distributions		$50,037,555	$	14,508,990

GOLDMAN SACHS ALTERNATIVE FUNDS II

8. TAX INFORMATION (continued)

As of December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:


	Absolute Return Tracker Fund		Commodity Strategy Fund


Undistributed ordinary income — net	$	26,135,068	$	1,416,335


Capital loss carryforwards:

Perpetual Short-Term		—		(3,114,668	)

Perpetual Long-Term		—		(18,256,290	)


Total capital loss carryforwards		—		(21,370,958	)


Timing differences (Real Estate Investment Trusts and Straddle Loss Deferral)	$	(89,548,538)	$	—

Unrealized gains (loss) — net		564,800,477		1,067,361


Total accumulated earnings (loss) net	$	501,387,007	$	(18,887,262)

As of December 31, 2025, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Absolute Return Tracker Fund			Commodity Strategy Fund


Tax Cost	$	4,770,738,523		$	336,782,928


Gross unrealized gain		632,099,788			1,067,361

Gross unrealized loss		(67,299,311	)		—


Net unrealized gain	$	564,800,477		$	1,067,361

The Absolute Return Tracker and Commodity Strategy Funds reclassed $2,396,890 and 5,414,889, respectively, from paid in capital to distributable earnings for the year ending December 31, 2025. In order to present certain components of the Funds’ capital accounts on a tax-basis,certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from differences in the tax treatment of underlying fund investments.

9. OTHER RISKS

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

Commodity Sector Risk — Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

December 31, 2025

9. OTHER RISKS (continued)

which the Subsidiaries enter into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the Subsidiaries’, and therefore the Funds’, share values to fluctuate.

Derivatives Risk — The Funds’ 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 Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the

GOLDMAN SACHS ALTERNATIVE FUNDS II

9. OTHER RISKS (continued)

investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in 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 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 Funds’ 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, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, 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.

Subsidiary Risk — The Subsidiaries are not registered under the Act and are not subject to all the investor protections of the Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Funds and/or the Subsidiaries to operate as described in the Prospectus and the SAI and could adversely affect the Funds.

Tax Risk — The Funds seek to gain exposure to the commodity markets through investments in the Subsidiaries. The tax treatment of the Funds’ investments in the Subsidiaries could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Funds’ taxable income or any gains and distributions made by the Funds. If the IRS were to successfully assert that a Fund’s income from such investments was not “qualifying income,” the Funds may fail to qualify as regulated investment companies (“RIC”) under Subchapter M of the

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

December 31, 2025

9. OTHER RISKS (continued)

Code if over 10% of their gross income was derived from these investments. If the Funds failed to qualify as RICs, they would be subject to federal and state income tax on all of their taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

10. INDEMNIFICATIONS

11. SUBSEQUENT EVENTS

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Absolute Return Tracker Fund


	For the Fiscal Year Ended December 31, 2025						For the Fiscal Year Ended December 31, 2024


	Shares			Dollars			Shares			Dollars


Class A Shares

Shares sold		1,426,522		$	14,129,870			1,903,364		$	17,779,659

Reinvestment of distributions		67,771			694,708			31,100			296,692

Shares redeemed		(1,749,963	)		(17,324,524	)		(2,432,292	)		(22,805,394	)


		(255,670	)		(2,499,946	)		(497,828	)		(4,729,043	)


Class C Shares

Shares sold		146,118			1,288,460			201,235			1,676,190

Reinvestment of distributions		5,784			52,226			901			7,643

Shares redeemed		(262,390	)		(2,297,258	)		(222,574	)		(1,845,114	)


		(110,488	)		(956,572	)		(20,438	)		(161,281	)


Institutional Shares

Shares sold		78,531,508			817,665,372			72,186,420			708,967,973

Reinvestment of distributions		3,913,439			42,121,262			2,004,720			19,987,067

Shares redeemed		(60,016,420	)		(618,893,098	)		(91,950,023	)		(901,286,511	)


		22,428,527			240,893,536			(17,758,883	)		(172,331,471	)


Investor Shares

Shares sold		58,853,941			595,118,845			31,022,149			299,487,491

Reinvestment of distributions		2,272,011			24,051,595			783,417			7,693,150

Shares redeemed		(23,939,697	)		(242,922,319	)		(18,954,413	)		(183,577,234	)


		37,186,255			376,248,121			12,851,153			123,603,407


Class R6 Shares

Shares sold		34,095,578			353,018,741			33,913,557			334,359,828

Reinvestment of distributions		327,448			3,517,797			129,705			1,290,566

Shares redeemed		(21,441,918	)		(220,833,754	)		(16,854,738	)		(163,541,015	)


		12,981,108			135,702,784			17,188,524			172,109,379


Class R Shares

Shares sold		27,003			253,837			26,126			238,217

Reinvestment of distributions		1,394			13,675			646			5,911

Shares redeemed		(39,478	)		(376,569	)		(24,460	)		(217,708	)


		(11,081	)		(109,057	)		2,312			26,420


Class P Shares

Shares sold		1,516,044			15,918,878			3,008,783			29,365,856

Reinvestment of distributions		430,787			4,636,534			251,755			2,509,999

Shares redeemed		(3,514,302	)		(36,198,228	)		(4,445,724	)		(43,214,111	)


		(1,567,471	)		(15,642,816	)		(1,185,186	)		(11,338,256	)


NET INCREASE		70,651,180		$	733,636,050			10,579,654		$	107,179,155

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

December 31, 2025

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Commodity Strategy Fund


	For the Fiscal Year Ended December 31, 2025						For the Fiscal Year Ended December 31, 2024


	Shares			Dollars			Shares			Dollars


Class A Shares

Shares sold		291,615		$	2,545,205			424,356		$	3,490,209

Reinvestment of distributions		288,364			2,393,543			86,497			712,737

Shares redeemed		(752,119	)		(6,521,304	)		(916,104	)		(7,525,135	)


		(172,140	)		(1,582,556	)		(405,251	)		(3,322,189	)


Class C Shares

Shares sold		34,761			274,507			42,146			313,216

Reinvestment of distributions		50,020			372,165			13,194			99,238

Shares redeemed		(117,750	)		(949,319	)		(153,025	)		(1,154,851	)


		(32,969	)		(302,647	)		(97,685	)		(742,397	)


Institutional Shares

Shares sold		2,340,864			20,754,138			4,822,070			39,675,404

Reinvestment of distributions		1,812,319			15,350,796			519,695			4,358,981

Shares redeemed		(4,166,434	)		(37,046,673	)		(22,310,476	)		(183,827,761	)


		(13,251	)		(941,739	)		(16,968,711	)		(139,793,376	)


Investor Shares

Shares sold		195,016			1,740,766			258,155			2,141,555

Reinvestment of distributions		110,734			940,709			51,511			433,964

Shares redeemed		(619,043	)		(5,535,077	)		(1,976,623	)		(16,522,207	)


		(313,293	)		(2,853,602	)		(1,666,957	)		(13,946,688	)


Class R6 Shares

Shares sold		2,232,375			19,916,380			2,197,749			18,496,124

Reinvestment of distributions		1,058,723			8,998,384			306,261			2,576,326

Shares redeemed		(2,475,295	)		(22,041,906	)		(5,546,015	)		(46,794,510	)


		815,803			6,872,858			(3,042,005	)		(25,722,060	)


Class R Shares

Shares sold		46,264			393,719			47,333			380,442

Reinvestment of distributions		37,072			297,606			9,363			75,125

Shares redeemed		(65,451	)		(554,453	)		(141,560	)		(1,133,496	)


		17,885			136,872			(84,864	)		(677,929	)


Class P Shares

Shares sold		229,730			2,018,000			1,041,843			8,712,750

Reinvestment of distributions		1,583,022			13,440,102			504,028			4,242,762

Shares redeemed		(1,368,359	)		(12,003,449	)		(10,612,179	)		(87,407,327	)


		444,393			3,454,653			(9,066,308	)		(74,451,815	)


NET INCREASE (DECREASE)		746,428		$	4,783,839			(31,331,781	)	$	(258,656,454	)

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Absolute Return Tracker Fund and Goldman Sachs Commodity Strategy Fund

Opinions on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Goldman Sachs Absolute Return Tracker Fund and Goldman Sachs Commodity Strategy Fund and each of their subsidiaries (two of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2025, the related consolidated statements of operations for the year ended December 31, 2025, the consolidated statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2026

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

Goldman Sachs Trust – Alternative Funds II - Tax Information (Unaudited)

For the year ended December 31, 2025, 13.42% of the dividends paid from net investment company taxable income by the Absolute Return Tracker Fund qualify for the dividends received deduction available to corporations.

For the year ended December 31, 2025, 30.27% of the dividends paid from net investment company taxable income by the Absolute Return Tracker Fund qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended December 31, 2025, the Absolute Return Tracker Fund and Commodity Strategy Fund designated 26.41% and 21.83%, respectively, of the dividends paid from net investment company taxable income as Section 163(j) Interest Dividends.

For the year ended December 31, 2025, 1.26% of the dividends paid from net investment company taxable income by the Absolute Return Tracker Fund qualify as section 199A dividends.

During the year ended December 31, 2025, the Absolute Return Tracker Fund designates $90,060,854 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

LOGO

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 GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary © 2026 Goldman Sachs. All rights reserved. SELSAT2AR-26

LOGO

Goldman Sachs Funds Annual Financial Statements December 31, 2025 Tax-Advantaged Equity Funds II Goldman Sachs International Equity Dividend and Premium Fund Goldman Sachs U.S. Equity Dividend and Premium Fund Asset Management

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

December 31, 2025



Shares	Description	Value

Common Stocks – 99.2%

Australia – 7.5%
34,848	ANZ Group Holdings Ltd. (Banks)	$	842,541
65,202	APA Group (Gas Utilities)		389,595
71,686	BHP Group Ltd. (Metals & Mining)		2,163,421
28,587	Coles Group Ltd. (Consumer Staples Distribution & Retail)		408,601
4,110	Commonwealth Bank of Australia (Banks)		438,697
24	CSL Ltd. (Biotechnology)		2,762
32,204	Goodman Group (Industrial REITs)		662,699
125,683	Medibank Pvt Ltd. (Insurance)		401,100
85,124	National Australia Bank Ltd. (Banks)		2,393,409
50,500	Origin Energy Ltd. (Electric Utilities)		385,644
416	Rio Tinto Ltd. (Metals & Mining)		40,583
30,353	Telstra Group Ltd. (Diversified Telecommunication Services)		98,482
82,009	Transurban Group (Transportation Infrastructure)		776,100
5,953	Wesfarmers Ltd. (Broadline Retail)		320,706
42,396	Westpac Banking Corp. (Banks)		1,087,946
67,220	Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)		1,048,135

			11,460,421


Austria – 0.7%
18,000	OMV AG (Oil, Gas & Consumable Fuels)		1,001,654


Belgium – 0.7%
13,960	Ageas SA (Insurance)		978,050
540	UCB SA (Pharmaceuticals)		150,458

			1,128,508


China – 0.1%
52,000	SITC International Holdings Co. Ltd. (Marine Transportation)		186,076


Denmark – 1.9%
337	AP Moller - Maersk AS Class B (Marine Transportation)		773,264
4,380	Coloplast AS Class B (Health Care Equipment & Supplies)		375,520
6,220	Danske Bank AS (Banks)		310,604
26,827	Novo Nordisk AS Class B (Pharmaceuticals)		1,360,624
2,108	Tryg AS (Insurance)		55,127

			2,875,139


Finland – 2.2%
20,276	Kesko OYJ Class B (Consumer Staples Distribution & Retail)		457,514
7,878	Kone OYJ Class B (Machinery)		558,101
28,499	Metso OYJ (Machinery)		495,858
77,713	Nordea Bank Abp (Banks)		1,461,972
5,423	Orion OYJ Class B (Pharmaceuticals)		404,597



Shares	Description	Value

Common Stocks (continued)

Finland (continued)
3	Stora Enso OYJ Class R (Paper & Forest Products)	$	37

			3,378,079


France – 12.2%
554	Airbus SE (Aerospace & Defense)		128,652
14,223	Amundi SA^(a)(Capital Markets)		1,175,528
36,191	AXA SA (Insurance)		1,736,480
17,244	BNP Paribas SA (Banks)		1,631,403
21,873	Bouygues SA (Construction & Engineering)		1,137,075
1,218	Capgemini SE (IT Services)		202,247
56,944	Credit Agricole SA (Banks)		1,172,355
12,806	Danone SA (Food Products)		1,155,089
1,065	Dassault Systemes SE (Software)		29,754
64,497	Engie SA (Multi-Utilities)		1,694,293
4,124	FDJ UNITED (Hotels, Restaurants & Leisure)		114,155
18,051	Getlink SE (Transportation Infrastructure)		333,204
120	Hermes International SCA (Textiles, Apparel & Luxury Goods)		297,942
1,669	L’Oreal SA (Personal Products)		716,528
3,497	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)		2,635,814
4,048	Orange SA (Diversified Telecommunication Services)		67,547
10,383	Orange SA ADR (Diversified Telecommunication Services)		173,292
3,671	Pernod Ricard SA (Beverages)		314,334
748	Publicis Groupe SA (Media)		77,678
2,275	Rexel SA (Trading Companies & Distributors)		89,230
10,227	Sanofi SA (Pharmaceuticals)		989,515
548	Sartorius Stedim Biotech (Life Sciences Tools & Services)		134,601
3,834	Schneider Electric SE (Electrical Equipment)		1,048,887
7,777	TotalEnergies SE (Oil, Gas & Consumable Fuels)		508,349
1,660	Unibail-Rodamco-Westfield* (Retail REITs)		180,520
6,333	Vinci SA (Construction & Engineering)		890,946

			18,635,418


Germany – 7.7%
1,665	Allianz SE (Insurance)		769,858
22,436	BASF SE (Chemicals)		1,180,551
811	CTS Eventim AG & Co. KGaA (Entertainment)		74,241
13,085	Daimler Truck Holding AG (Machinery)		566,744


The accompanying notes are an integral part of these financial statements.		1

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

December 31, 2025



Shares	Description	Value

Common Stocks (continued)

Germany (continued)
14,740	Deutsche Post AG (Air Freight & Logistics)	$	803,709
35,667	Evonik Industries AG (Chemicals)		556,622
1,241	Heidelberg Materials AG (Construction Materials)		321,738
9,400	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		410,131
1,337	Knorr-Bremse AG (Machinery)		148,330
567	MTU Aero Engines AG (Aerospace & Defense)		235,037
1,425	Nemetschek SE (Software)		154,171
39	Rational AG (Machinery)		30,111
544	Rheinmetall AG (Aerospace & Defense)		992,470
9,299	SAP SE (Software)		2,259,364
7,615	Siemens AG (Industrial Conglomerates)		2,132,781
6,366	Siemens Energy AG* (Electrical Equipment)		893,077
4,920	Siemens Healthineers AG^(a)(Health Care Equipment & Supplies)		257,895

			11,786,830


Hong Kong – 1.6%
74,600	AIA Group Ltd. (Insurance)		767,865
54,000	Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)		266,264
45,000	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		66,551
98	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		88
12,096	Hong Kong Exchanges & Clearing Ltd. (Capital Markets)		632,879
300	Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		20,474
58,000	MTR Corp. Ltd. (Ground Transportation)		222,136
28,444	Sino Land Co. Ltd. (Real Estate Management & Development)		37,428
5,500	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		66,970
24,000	Techtronic Industries Co. Ltd. (Machinery)		276,075

			2,356,730


Israel – 0.4%
13,593	Bank Hapoalim BM (Banks)		307,434
96	CyberArk Software Ltd.* (Software)		42,822
6,559	ICL Group Ltd. (Chemicals)		37,716
2,785	Mizrahi Tefahot Bank Ltd. (Banks)		194,580
1,400	Teva Pharmaceutical Industries Ltd. ADR* (Pharmaceuticals)		43,694

			626,246



Shares	Description	Value

Common Stocks (continued)

Italy – 3.9%
274	Amplifon SpA (Health Care Providers
	& Services)	$	4,393
41,885	BPER Banca SpA (Banks)		565,970
146,400	Enel SpA (Electric Utilities)		1,522,169
371,650	Intesa Sanpaolo SpA (Banks)		2,568,139
1,343	Leonardo SpA (Aerospace & Defense)		76,820
19,999	Mediobanca Banca di Credito Finanziario SpA (Banks)		415,197
5,063	Moncler SpA (Textiles, Apparel & Luxury Goods)		323,628
2,666	Prysmian SpA (Electrical Equipment)		265,953
4,530	Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals)		257,163

			5,999,432


Japan – 21.5%
5,400	Advantest Corp. (Semiconductors & Semiconductor Equipment)		682,818
16,600	Asahi Kasei Corp. (Chemicals)		147,553
9,500	Asics Corp. (Textiles, Apparel & Luxury Goods)		228,061
66,300	Astellas Pharma, Inc. (Pharmaceuticals)		882,421
3,300	Bandai Namco Holdings, Inc. (Leisure Products)		87,833
40,400	Bridgestone Corp. (Automobile Components)		908,970
31,600	Canon, Inc. (Technology Hardware, Storage & Peripherals)		934,999
5,400	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)		283,292
6,000	Dai-ichi Life Holdings, Inc. (Insurance)		49,863
12,300	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		261,185
8,500	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		161,857
109,200	Daiwa Securities Group, Inc. (Capital Markets)		957,006
2,800	Denso Corp. (Automobile Components)		38,674
1,200	Disco Corp. (Semiconductors & Semiconductor Equipment)		365,594
2,800	Eisai Co. Ltd. (Pharmaceuticals)		83,134
12,000	FANUC Corp. (Machinery)		466,989
1,000	Fast Retailing Co. Ltd. (Specialty Retail)		362,588
7,800	Fujikura Ltd. (Electrical Equipment)		864,984
700	Hikari Tsushin, Inc. (Industrial Conglomerates)		196,139
28,000	Hitachi Ltd. (Industrial Conglomerates)		878,124
4,200	Honda Motor Co. Ltd. (Automobiles)		41,222
500	Hoya Corp. (Health Care Equipment & Supplies)		75,835


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND



Shares	Description	Value

Common Stocks (continued)

Japan (continued)
8,600	Inpex Corp. (Oil, Gas & Consumable Fuels)	$	172,005
81,500	ITOCHU Corp. (Trading Companies & Distributors)		1,029,900
14,600	Japan Post Insurance Co. Ltd. (Insurance)		439,074
14,000	Japan Tobacco, Inc. (Tobacco)		503,192
12,400	Kajima Corp. (Construction & Engineering)		462,365
1,700	Kao Corp. (Personal Products)		67,950
200	Keyence Corp. (Electronic Equipment, Instruments & Components)		72,345
22,500	Kirin Holdings Co. Ltd. (Beverages)		336,803
12,500	Komatsu Ltd. (Machinery)		396,656
200	Lasertec Corp. (Semiconductors & Semiconductor Equipment)		38,109
4,300	M3, Inc. (Health Care Technology)		57,847
37,000	Marubeni Corp. (Trading Companies & Distributors)		1,030,449
30,700	Mitsubishi Corp. (Trading Companies & Distributors)		702,191
1,900	Mitsubishi Electric Corp. (Electrical Equipment)		55,398
13,800	Mitsubishi HC Capital, Inc. (Financial Services)		115,440
32,700	Mitsubishi Heavy Industries Ltd. (Machinery)		798,287
92,400	Mitsubishi UFJ Financial Group, Inc. (Banks)		1,466,487
24,200	Mitsui & Co. Ltd. (Trading Companies & Distributors)		718,675
100	Mitsui OSK Lines Ltd. (Marine Transportation)		3,006
18,100	Mizuho Financial Group, Inc. (Banks)		660,551
9,000	MS&AD Insurance Group Holdings, Inc. (Insurance)		211,293
20,700	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		427,827
8,100	Nintendo Co. Ltd. (Entertainment)		546,868
1,000	Nippon Paint Holdings Co. Ltd. (Chemicals)		6,696
6,200	Nippon Yusen KK (Marine Transportation)		200,828
5,400	Nitto Denko Corp. (Chemicals)		128,572
5,200	Nomura Research Institute Ltd. (IT Services)		197,884
40,700	Obayashi Corp. (Construction & Engineering)		851,766
3,200	Obic Co. Ltd. (IT Services)		100,444
200	Olympus Corp. (Health Care Equipment & Supplies)		2,536
4,000	Otsuka Corp. (IT Services)		82,422
9,900	Recruit Holdings Co. Ltd. (Professional Services)		556,296



Shares	Description	Value

Common Stocks (continued)

Japan (continued)
14,800	Resona Holdings, Inc. (Banks)	$	140,862
36,500	Sekisui House Ltd. (Household Durables)		814,433
4,800	Seven & i Holdings Co. Ltd. (Consumer Staples Distribution & Retail)		68,962
3,600	SG Holdings Co. Ltd. (Air Freight & Logistics)		32,946
3,700	Shimadzu Corp. (Electronic Equipment, Instruments & Components)		98,500
16,400	Shin-Etsu Chemical Co. Ltd. (Chemicals)		509,403
1,161,200	SoftBank Corp. (Wireless Telecommunication Services)		1,594,279
1,600	SoftBank Group Corp. (Wireless Telecommunication Services)		44,885
5,100	Sompo Holdings, Inc. (Insurance)		173,105
30,500	Sony Financial Group, Inc.* (Financial Services)		32,323
30,500	Sony Group Corp. (Household Durables)		782,355
11,800	Sumitomo Corp. (Trading Companies & Distributors)		408,427
5,000	Sumitomo Electric Industries Ltd. (Automobile Components)		201,386
32,900	Sumitomo Mitsui Financial Group, Inc. (Banks)		1,058,111
41,200	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		1,279,888
15,000	TDK Corp. (Electronic Equipment, Instruments & Components)		212,216
13,000	Tokio Marine Holdings, Inc. (Insurance)		480,559
5,300	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		1,180,454
300	Tokyo Gas Co. Ltd. (Gas Utilities)		11,893
93,900	Toyota Motor Corp. (Automobiles)		2,016,699
22,500	ZOZO, Inc. (Specialty Retail)		185,554

			32,726,543


Macau – 0.0%
8,000	Sands China Ltd. (Hotels, Restaurants & Leisure)		20,179


Netherlands – 4.1%
1	Akzo Nobel NV (Chemicals)		70
450	Argenx SE* (Biotechnology)		379,595
467	ASM International NV (Semiconductors & Semiconductor Equipment)		282,719
3,046	ASML Holding NV (Semiconductors & Semiconductor Equipment)		3,282,126
10,888	ASR Nederland NV (Insurance)		774,690


The accompanying notes are an integral part of these financial statements.		3

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

December 31, 2025



Shares	Description	Value

Common Stocks (continued)

Netherlands (continued)
1,017	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	$	158,994
42	Heineken NV (Beverages)		3,465
53,861	Koninklijke KPN NV (Diversified Telecommunication Services)		251,677
7,345	Koninklijke Philips NV (Health Care Equipment & Supplies)		199,998
4,789	Magnum Ice Cream Co. NV* (Food Products)		76,279
4,249	NN Group NV (Insurance)		327,787
6,895	Prosus NV (Broadline Retail)		426,931
5,766	Universal Music Group NV (Entertainment)		150,319

			6,314,650


New Zealand – 0.2%
5,287	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)		114,871
36,465	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		117,774

			232,645


Norway – 0.5%
58	Gjensidige Forsikring ASA (Insurance)		1,733
3,774	Kongsberg Gruppen ASA (Aerospace & Defense)		96,710
416	Salmar ASA (Food Products)		25,425
45,454	Telenor ASA (Diversified Telecommunication Services)		661,103

			784,971


Portugal – 0.2%
26,970	EDP SA (Electric Utilities)		124,218
7,432	Galp Energia SGPS SA (Oil, Gas & Consumable Fuels)		127,981
742	Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail)		17,657

			269,856


Singapore – 1.5%
22,099	DBS Group Holdings Ltd. (Banks)		968,038
6,600	Keppel Ltd. (Industrial Conglomerates)		53,062
2,274	Sea Ltd. ADR* (Broadline Retail)		290,094
1,100	Singapore Exchange Ltd. (Capital Markets)		14,481
96,800	Singapore Technologies Engineering Ltd. (Aerospace & Defense)		632,500
100,300	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		354,861

			2,313,036



Shares	Description	Value

Common Stocks (continued)

South Africa – 0.0%
1	Anglo American PLC (Metals & Mining)	$	41
102	Valterra Platinum Ltd. (Metals & Mining)		8,513

			8,554


Spain – 3.2%
36,230	Aena SME SA^(a)(Transportation Infrastructure)		1,012,297
1,047	Amadeus IT Group SA (Hotels, Restaurants & Leisure)		77,489
101,952	CaixaBank SA (Banks)		1,246,478
6,904	Endesa SA (Electric Utilities)		248,519
31,953	Iberdrola SA (Electric Utilities)		691,891
12,096	Industria de Diseno Textil SA (Specialty Retail)		797,909
9,652	Redeia Corp. SA (Electric Utilities)		172,064
10,540	Repsol SA (Oil, Gas & Consumable Fuels)		196,660
92,400	Telefonica SA (Diversified Telecommunication Services)		379,297

			4,822,604


Sweden – 2.7%
7,042	Atlas Copco AB Class A (Machinery)		125,366
40,761	Atlas Copco AB Class B (Machinery)		651,634
1,549	EQT AB (Capital Markets)		60,513
18,328	H & M Hennes & Mauritz AB Class B (Specialty Retail)		367,364
4,836	Securitas AB Class B (Commercial Services & Supplies)		76,908
35,604	Swedbank AB Class A (Banks)		1,235,281
26,849	Tele2 AB Class B (Wireless Telecommunication Services)		449,898
37,960	Telefonaktiebolaget LM Ericsson Class B (Communications Equipment)		369,428
177,809	Telia Co. AB (Diversified Telecommunication Services)		759,949

			4,096,341


Switzerland – 9.7%
9,644	ABB Ltd. (Electrical Equipment)		710,932
5,238	Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods)		1,129,579
299	Geberit AG (Building Products)		232,210
10,445	Holcim AG (Construction Materials)		1,016,824
21,848	Nestle SA (Food Products)		2,168,613
15,605	Novartis AG (Pharmaceuticals)		2,150,305
468	Partners Group Holding AG (Capital Markets)		574,227
6,564	Roche Holding AG (Pharmaceuticals)		2,710,736
10,717	SGS SA (Professional Services)		1,229,323
5,513	SIG Group AG (Containers & Packaging)		78,637


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND



Shares	Description	Value

Common Stocks (continued)

Switzerland (continued)
376	Sonova Holding AG (Health Care Equipment & Supplies)	$	97,259
1,075	Straumann Holding AG (Health Care Equipment & Supplies)		125,564
3,980	Swiss Re AG (Insurance)		663,027
1,651	UBS Group AG (Capital Markets)		76,234
662	VAT Group AG^(a)(Machinery)		317,826
2,007	Zurich Insurance Group AG (Insurance)		1,518,701

			14,799,997


United Arab Emirates – 0.2%
7,315	Experian PLC (Professional Services)		329,808


United Kingdom – 16.0%
1,429	Ashtead Group PLC (Trading Companies & Distributors)		97,428
17,478	AstraZeneca PLC ADR (Pharmaceuticals)		1,606,752
38,835	BAE Systems PLC (Aerospace & Defense)		893,790
11,966	Barratt Redrow PLC (Household Durables)		61,471
2,733	BP PLC ADR (Oil, Gas & Consumable Fuels)		94,917
15,806	British American Tobacco PLC (Tobacco)		896,053
4,415	Coca-Cola Europacific Partners PLC (Beverages)		400,440
7,932	Compass Group PLC (Hotels, Restaurants & Leisure)		251,326
13,945	Diageo PLC (Beverages)		300,486
74,513	Evraz PLC*^(b)(Metals & Mining)		—
31,029	GSK PLC ADR (Pharmaceuticals)		1,521,662
88,128	HSBC Holdings PLC (Banks)		1,386,776
32,780	HSBC Holdings PLC ADR (Banks)		2,578,803
9,096	Imperial Brands PLC (Tobacco)		381,943
19,977	Kingfisher PLC (Specialty Retail)		84,094
379,782	M&G PLC (Financial Services)		1,462,088
47,968	National Grid PLC (Multi-Utilities)		735,756
182,492	Phoenix Group Holdings PLC (Insurance)		1,806,642
3,787	Reckitt Benckiser Group PLC (Household Products)		306,442
17,073	RELX PLC (Professional Services)		687,817
1,647	Rentokil Initial PLC ADR (Commercial Services & Supplies)		48,521
32,916	Rio Tinto PLC ADR (Metals & Mining)		2,634,267
6,703	Rolls-Royce Holdings PLC (Aerospace & Defense)		103,667
15,392	Segro PLC (Industrial REITs)		149,120
68,526	Shell PLC (Oil, Gas & Consumable Fuels)		2,526,196
28,341	SSE PLC (Electric Utilities)		830,899



Shares	Description	Value

Common Stocks (continued)

United Kingdom (continued)
10,345	Unilever PLC ADR (Personal Products)	$	676,563
10,944	Unilever PLC (Personal Products)		716,062
85,247	Vodafone Group PLC ADR (Wireless Telecommunication Services)		1,126,113
8,707	WPP PLC (Media)		39,114

			24,405,208


United States* – 0.5%
926	Amrize Ltd. (Construction Materials)		50,264
1,155	Spotify Technology SA^(c) (Entertainment)		670,720

			720,984


TOTAL COMMON STOCKS (Cost $93,386,200)		$	151,279,909



Shares	Dividend Rate	Value

Preferred Stocks – 0.7%

Germany – 0.7%
Bayerische Motoren Werke AG (Automobiles)
9,829	4.711%	$	1,047,382
Sartorius AG (Life Sciences Tools & Services)
423	0.299		121,809


TOTAL PREFERRED STOCKS (Cost $783,036)		$	1,169,191



Investment Company^(d)– 0.0%

Goldman Sachs Financial Square Government Fund — Institutional Shares
47	3.686%	$	47
(Cost $47)


TOTAL INVESTMENTS – 99.9% (Cost $94,169,283)		$	152,449,147


OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			84,984


NET ASSETS – 100.0%		$	152,534,131


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

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(c)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

December 31, 2025



(d)		Represents an affiliated issuer.

SECTOR ALLOCATION AS OF DECEMBER 31, 2025


Sector	% of Total Market Value

Financials		26.5	%

Industrials		19.7

Health Care		10.5

Consumer Discretionary		9.3

Information Technology		7.6

Consumer Staples		6.6

Materials		5.8

Communication Services		5.0

Utilities		4.5

Energy		3.7

Real Estate		0.8

Investment Company		0.0

		100.0	%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount	Unrealized Appreciation/ (Depreciation)


Short position contracts:
Euro Stoxx 50 Index	(4)	03/20/26	$(274,574)	$(2,680)
FTSE 100 Index	(1)	03/20/26	(134,000)	(2,159)
TOPIX Futures	(1)	03/12/26	(217,920)	(2,549)



TOTAL FUTURES CONTRACTS				$(7,388)

WRITTEN OPTIONS CONTRACTS—At December 31, 2025, the Fund had the following written options contracts:


EXCHANGE TRADED INDEX OPTIONS
Description	Exercise Price			Expiration Date		Number of Contracts			Notional Amount				Market Value				Premiums Paid (Received) by Fund				Unrealized Appreciation/ (Depreciation)


Written option contracts Calls
Euro Stoxx 50 Index		$	5,825.00		03/20/2026		(508	)		$	(295,910,000	)		$	(930,129	)		$	(787,138	)		$	(142,991	)
Nikkei 225 Index			51,000.00		03/13/2026		(46	)			(234,600,000	)			(443,437	)			(625,093	)			181,656
FTSE 100 Index			9,950.00		03/20/2026		(76	)			(75,620,000	)			(204,376	)			(177,903	)			(26,473	)



Total written option contracts							(630	)			(606,130,000	)		$	(1,577,942	)		$	(1,590,134	)		$	12,192




Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
SpA		—Stand-by Purchase Agreement


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

December 31, 2025



Shares	Description	Value

Common Stocks – 100.3%

Aerospace & Defense – 2.2%
78,300	General Electric Co.	$	24,118,749
124,677	RTX Corp.		22,865,762
25,636	TransDigm Group, Inc.		34,092,034

			81,076,545


Air Freight & Logistics – 0.9%
318,406	United Parcel Service, Inc. Class B		31,582,691


Automobiles* – 2.3%
189,762	Tesla, Inc.		85,339,767


Banks – 3.9%
166,276	JPMorgan Chase & Co.^(a)		53,577,453
1,092,000	KeyCorp		22,538,880
87,800	PNC Financial Services Group, Inc.		18,326,494
575,746	U.S. Bancorp		30,721,806
212,160	Wells Fargo & Co.		19,773,312

			144,937,945


Beverages – 1.2%
342,149	Coca-Cola Co.		23,919,636
133,419	PepsiCo, Inc.		19,148,295

			43,067,931


Biotechnology – 1.8%
161,437	AbbVie, Inc.		36,886,740
46,838	Amgen, Inc.		15,330,546
126,600	Gilead Sciences, Inc.		15,538,884
3,600	Mirati Therapeutics, Inc.*^(b)		2,520

			67,758,690


Broadline Retail* – 3.9%
629,978	Amazon.com, Inc.		145,411,522


Building Products – 0.5%
1,800	Advanced Drainage Systems, Inc.		260,694
148,275	Johnson Controls International PLC		17,755,931

			18,016,625


Capital Markets – 3.6%
77,850	ARES Management Corp. Class A		12,582,895
13,300	Blackrock, Inc.		14,235,522
78,375	Blackstone, Inc.		12,080,723
83,600	Blue Owl Capital, Inc.		1,248,984
23,400	Carlyle Group, Inc.		1,383,174
4,700	Evercore, Inc. Class A		1,599,175
823,200	Franklin Resources, Inc.		19,666,248
296,700	Janus Henderson Group PLC		14,114,019
44,700	Jefferies Financial Group, Inc.		2,770,059
153,027	Morgan Stanley		27,166,883
70,125	Robinhood Markets, Inc. Class A*		7,931,138



Shares	Description	Value

Common Stocks – (continued)

Capital Markets – (continued)
166,259	T. Rowe Price Group, Inc.	$	17,021,596

			131,800,416


Chemicals – 0.8%
64,800	Linde PLC		27,630,072
21,250	Solstice Advanced Materials, Inc.*		1,032,325

			28,662,397


Commercial Services & Supplies – 0.0%
600	MSA Safety, Inc.		96,084


Communications Equipment – 1.0%
469,146	Cisco Systems, Inc.		36,138,316


Construction & Engineering – 0.0%
12,625	Everus Construction Group, Inc.*		1,080,195
1,200	Valmont Industries, Inc.		482,784

			1,562,979


Consumer Finance – 0.6%
52,000	American Express Co.		19,237,400
5,600	OneMain Holdings, Inc.		378,280
17,600	SLM Corp.		476,256
18,700	SoFi Technologies, Inc.*		489,566

			20,581,502


Consumer Staples Distribution & Retail – 1.2%
158,600	Target Corp.		15,503,150
268,980	Walmart, Inc.		29,967,062

			45,470,212


Containers & Packaging – 1.0%
2,629,000	Amcor PLC		21,925,860
315,616	International Paper Co.		12,432,114
44,400	Sonoco Products Co.		1,937,616

			36,295,590


Diversified Consumer Services – 0.0%
13,611	ADT, Inc.		109,841
24,800	H&R Block, Inc.		1,080,784

			1,190,625


Diversified REITs – 0.0%
7,100	WP Carey, Inc.		456,956


Diversified Telecommunication Services – 1.5%
664,830	AT&T, Inc.		16,514,377
920,742	Verizon Communications, Inc.^(a)		37,501,822

			54,016,199


Electric Utilities – 1.6%
210,038	Duke Energy Corp.		24,618,554
371,490	Eversource Energy		25,012,422
193,000	OGE Energy Corp.		8,241,100

			57,872,076


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

December 31, 2025



Shares	Description	Value

Common Stocks – (continued)

Electrical Equipment – 1.0%
68,111	Eaton Corp. PLC	$	21,694,035
25,200	GE Vernova, Inc.		16,469,964

			38,163,999


Electronic Equipment, Instruments & Components – 1.0%
259,140	Amphenol Corp. Class A		35,020,180
69,300	Avnet, Inc.		3,331,944

			38,352,124


Entertainment* – 0.8%
283,590	Netflix, Inc.		26,589,398
10,758	ROBLOX Corp. Class A		871,721
3,980	Roku, Inc.		431,790

			27,892,909


Financial Services – 3.1%
17,776	Affirm Holdings, Inc.*		1,323,068
75,508	Berkshire Hathaway, Inc. Class B*		37,954,096
77,969	Block, Inc.*		5,075,002
110,700	Corebridge Financial, Inc.		3,339,819
137,600	Equitable Holdings, Inc.		6,556,640
43,566	Mastercard, Inc. Class A		24,870,958
3,800	Shift4 Payments, Inc. Class A*^(c)		239,286
89,250	Visa, Inc. Class A		31,300,867
426,993	Western Union Co.		3,975,305

			114,635,041


Food Products – 0.8%
39,355	Flowers Foods, Inc.		428,183
1,135,881	Kraft Heinz Co.		27,545,114

			27,973,297


Gas Utilities – 0.0%
50,500	MDU Resources Group, Inc.		985,760


Ground Transportation – 0.5%
100	Avis Budget Group, Inc.*		12,832
16,500	Ryder System, Inc.		3,157,935
70,280	Union Pacific Corp.		16,257,170

			19,427,937


Health Care Equipment & Supplies – 2.4%
166,946	Abbott Laboratories		20,916,664
34,500	Intuitive Surgical, Inc.*		19,539,420
323,253	Medtronic PLC		31,051,683
3,741	Penumbra, Inc.*		1,163,114
49,650	Stryker Corp.		17,450,486

			90,121,367


Health Care Providers & Services – 1.3%
209,375	CVS Health Corp.		16,616,000
21,060	Humana, Inc.		5,394,098
80,702	UnitedHealth Group, Inc.		26,640,537

			48,650,635



Shares	Description	Value

Common Stocks – (continued)

Health Care REITs – 0.9%
6,800	Healthcare Realty Trust, Inc.	$	115,260
5	Omega Healthcare Investors, Inc.		222
168,512	Welltower, Inc.		31,277,512

			31,392,994


Hotels, Restaurants & Leisure – 2.0%
32,250	Aramark		1,188,735
3,200	Booking Holdings, Inc.		17,137,056
72,561	Darden Restaurants, Inc.		13,352,675
18,300	DraftKings, Inc. Class A*		630,618
81,400	McDonald’s Corp.		24,878,282
165,706	Starbucks Corp.		13,954,102
8,000	Travel & Leisure Co.		564,240
5,400	Vail Resorts, Inc.		717,120

			72,422,828


Household Durables – 0.0%
12,600	Somnigroup International, Inc.		1,124,928
200	TopBuild Corp.*		83,438

			1,208,366


Household Products – 0.8%
196,579	Procter & Gamble Co.		28,171,736
26,100	Reynolds Consumer Products, Inc.		598,212

			28,769,948


Industrial Conglomerates – 0.5%
85,000	Honeywell International, Inc.		16,582,650


Industrial REITs – 0.0%
9,200	First Industrial Realty Trust, Inc.		526,884
23	Rexford Industrial Realty, Inc.		891

			527,775


Insurance – 1.7%
10,300	American Financial Group, Inc.		1,407,804
8,800	Axis Capital Holdings Ltd.		942,392
32,300	CNA Financial Corp.		1,542,002
7,096	F&G Annuities & Life, Inc.		218,912
118,282	Fidelity National Financial, Inc.		6,457,014
42,600	First American Financial Corp.		2,617,344
3,300	Hanover Insurance Group, Inc.		603,141
381,341	Old Republic International Corp.		17,404,403
289,628	Prudential Financial, Inc.		32,693,209

			63,886,221


Interactive Media & Services – 8.4%
117,931	Alphabet, Inc. Class C		37,006,748
575,556	Alphabet, Inc. Class A		180,149,028
142,725	Meta Platforms, Inc. Class A		94,211,345

			311,367,121


IT Services – 1.3%
57,439	Accenture PLC Class A		15,410,884


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND



Shares	Description	Value

Common Stocks – (continued)

IT Services – (continued)
13,500	Amdocs Ltd.	$	1,086,885
11,128	Cloudflare, Inc. Class A*		2,193,885
94,954	International Business Machines Corp.		28,126,324
1	Okta, Inc.*		87

			46,818,065


Leisure Products – 0.0%
9,300	Brunswick Corp.		690,432


Life Sciences Tools & Services – 0.1%
8,900	Bruker Corp.		419,279
11,505	Repligen Corp.*		1,885,209

			2,304,488


Machinery – 0.8%
53,040	Caterpillar, Inc.		30,385,025
7,000	Flowserve Corp.		485,660
1,600	Lincoln Electric Holdings, Inc.		383,424

			31,254,109


Media – 0.5%
568,200	Comcast Corp. Class A		16,983,498
84,000	Trade Desk, Inc. Class A*		3,188,640

			20,172,138


Multi-Utilities – 0.6%
387,652	Dominion Energy, Inc.		22,712,531


Oil, Gas & Consumable Fuels – 3.6%
236,741	Chevron Corp.		36,081,696
5,200	DT Midstream, Inc.		622,336
124,530	Expand Energy Corp.		13,743,130
394,585	Exxon Mobil Corp.		47,484,359
664,351	Kinder Morgan, Inc.		18,263,009
240,900	ONEOK, Inc.		17,706,150

			133,900,680


Personal Products – 0.3%
720,570	Kenvue, Inc.		12,429,832


Pharmaceuticals – 3.9%
453,040	Bristol-Myers Squibb Co.		24,436,978
49,655	Eli Lilly & Co.		53,363,236
187,033	Johnson & Johnson		38,706,479
1,129,758	Pfizer, Inc.		28,130,974

			144,637,667


Professional Services – 1.0%
59,091	Automatic Data Processing, Inc.		15,199,978
20,933	Booz Allen Hamilton Holding Corp.		1,765,908
25,500	ManpowerGroup, Inc.		758,115
167,200	Paychex, Inc.		18,756,496

			36,480,497



Shares	Description	Value

Common Stocks – (continued)

Residential REITs – 0.1%
120,300	American Homes 4 Rent Class A	$	3,861,630
1,193	Sun Communities, Inc.		147,825

			4,009,455


Retail REITs – 0.0%
14,300	Brixmor Property Group, Inc.		374,946
8,300	NNN REIT, Inc.		328,929

			703,875


Semiconductors & Semiconductor Equipment – 14.8%
118,075	Advanced Micro Devices, Inc.*		25,286,942
70,600	Analog Devices, Inc.		19,146,720
318,985	Broadcom, Inc.		110,400,709
159,095	Lam Research Corp.		27,233,882
1,759	Marvell Technology, Inc.		149,480
97,795	Micron Technology, Inc.		27,911,671
1,591,071	NVIDIA Corp.		296,734,741
87,145	QUALCOMM, Inc.		14,906,152
159,462	Texas Instruments, Inc.		27,665,062

			549,435,359


Software – 10.0%
22,800	AppLovin Corp. Class A*		15,363,096
5,795	Atlassian Corp. Class A*		939,601
18,629	Confluent, Inc. Class A*		563,341
29,760	Crowdstrike Holdings, Inc. Class A*		13,950,298
4,320	Elastic NV*		325,901
4,929	HubSpot, Inc.*		1,978,008
25,424	Intuit, Inc.		16,841,366
471,630	Microsoft Corp.^(a)		228,089,701
124,098	Oracle Corp.		24,187,941
174,335	Palantir Technologies, Inc. Class A*		30,988,046
69,606	Salesforce, Inc.		18,439,325
4,775	SentinelOne, Inc. Class A*		71,625
92,950	ServiceNow, Inc.*		14,239,010
26,563	Unity Software, Inc.*		1,173,288
6,989	Zscaler, Inc.*		1,571,966

			368,722,513


Specialized REITs – 0.6%
50,100	American Tower Corp.		8,796,057
17,100	CubeSmart		616,455
13,136	Equinix, Inc.		10,064,278
20,849	Gaming & Leisure Properties, Inc.		931,742

			20,408,532


Specialty Retail – 1.5%
18,100	Dick’s Sporting Goods, Inc.		3,583,257
13,400	Gap, Inc.		343,040
97,997	Home Depot, Inc.		33,720,768
9,000	Penske Automotive Group, Inc.		1,424,610
114,800	TJX Cos., Inc.		17,634,428


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

December 31, 2025



Shares	Description	Value

Common Stocks – (continued)

Specialty Retail – (continued)
1,400	Wayfair, Inc. Class A*	$	140,574

			56,846,677


Technology Hardware, Storage & Peripherals – 7.1%
972,438	Apple, Inc.		264,366,995


Tobacco – 0.6%
409,784	Altria Group, Inc.		23,628,145


Trading Companies & Distributors – 0.3%
78,500	MSC Industrial Direct Co., Inc. Class A		6,601,850
10,499	Watsco, Inc.		3,537,638

			10,139,488


TOTAL COMMON STOCKS (Cost $2,276,590,563)		$	3,713,357,518


Shares	Dividend Rate	Value

Investment Company^(d)– 0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
14,375	3.686%	$	14,375
(Cost $14,375)



Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(d)– 0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
236,700	3.686%	$	236,700
(Cost $236,700)


TOTAL INVESTMENTS – 100.3% (Cost $2,276,841,638)		$	3,713,608,593


LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(11,959,439	)


NET ASSETS – 100.0%		$	3,701,649,154


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

(a)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(b)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(c)		All or a portion of security is on loan. (d) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount	Unrealized Appreciation/ (Depreciation)


Short position contracts:
S&P 500 E-Mini Index	(36)	03/20/26	$(12,406,500)	$64,162

WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following written options:


EXCHANGE TRADED INDEX OPTIONS
Description	Exercise Price			Expiration Date		Number of Contracts			Notional Amount				Market Value				Premiums Paid (Received) by Fund				Unrealized Appreciation/ (Depreciation)


Written option contracts
Calls
S&P 500 Index		$	6,980.00		02/27/2026		(728	)		$	(508,144,000	)		$	(6,559,280	)		$	(11,646,362	)		$	5,087,082
S&P 500 Index			6,985.00		01/30/2026		(692	)			(483,362,000	)			(2,806,060	)			(11,772,844	)			8,966,784
S&P 500 Index			6,990.00		03/31/2026		(712	)			(497,688,000	)			(9,690,320	)			(9,539,376	)			(150,944	)



Total written option contracts							(2,132	)			(1,489,194,000	)		$	(19,055,660	)		$	(32,958,582	)		$	13,902,922


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

ADDITIONAL INVESTMENT INFORMATION (continued)




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


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statements of Assets and Liabilities

December 31, 2025


	International Equity Dividend and Premium Fund			U.S. Equity Dividend and Premium Fund

Assets:

Investments in unaffiliated issuers, at value (cost $94,169,236 and $2,276,590,563, respectively)^(a)		$152,449,100			$3,713,357,518
Investments in affiliated issuers, at value (cost $47 and $14,375, respectively)		47			14,375
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—			236,700
Cash		—			1,226,360
Foreign currencies, at value (cost $1,186,662 and $0, respectively)		1,198,863			—
Variation margin on futures contracts		588			93,176
Receivables:
Foreign tax reclaims		1,235,614			—
Dividends		139,853			2,045,448
Investments sold		—			9,539,376
Reimbursement from investment adviser		—			9,382
Fund shares sold		—			2,102,520
Other assets		40,834			72,456

Total assets		155,064,899			3,728,697,311



Liabilities:

Written option contracts, at value (premium received $1,590,134 and $32,958,582, respectively)		1,577,942			19,055,660
Due to custodian (overdraft)		73,413			—
Payables:
Fund shares redeemed		451,766			2,619,016
Management fees		66,968			1,038,447
Distribution and Service fees and Transfer Agency fees		2,333			135,819
Investments purchased		152			14,375
Due to broker		—			3,641,050
Payable upon return of securities loaned		—			236,700
Accrued expenses		358,194			307,090

Total liabilities		2,530,768			27,048,157



Net Assets:

Paid-in capital		177,756,041			2,236,449,313
Total distributable earnings (loss)		(25,221,910	)		1,465,199,841

NET ASSETS		$152,534,131			$3,701,649,154
Net Assets:
Class A		$ 1,284,482			$ 238,786,016
Class C		159,047			58,879,106
Institutional		3,039,221			1,648,328,952
Investor		2,298,173			503,336,227
Class R6		76,820,594			419,639,032
Class P		68,932,614			832,679,821
Total Net Assets		$152,534,131			$3,701,649,154
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		147,222			13,098,156
Class C		19,013			3,244,567
Institutional		356,920			90,793,323
Investor		270,846			27,698,549
Class R6		9,020,063			23,130,047
Class P		8,082,819			45,877,436
Net asset value, offering and redemption price per share:^(b)
Class A		8.72			18.23
Class C		8.37			18.15
Institutional		8.52			18.15
Investor		8.49			18.17
Class R6		8.52			18.14
Class P		8.53			18.15

(a)

Includes loaned securities having a market value of $0 and $226,692, respectively.

(b)

Maximum public offering price per share for Class A Shares of the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds is $9.23 and $19.29, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statements of Operations

For the Fiscal Year Ended December 31, 2025


	International Equity Dividend and Premium Fund				U.S. Equity Dividend and Premium Fund

Investment Income:

Dividends — unaffiliated issuers (net of tax withholding of $512,093 and $0, respectively)		$	5,199,986			$	64,326,608

Dividends — affiliated issuers			16,576				1,471,364

Securities lending income, net of rebates received or paid to borrowers			12,112				43

Interest			2,471				—

Other Income			416,819				—


Total investment income			5,647,964				65,798,015



Expenses:

Management fees			1,193,427				24,399,940

Custody, accounting and administrative services			191,763				282,654

Professional fees			132,447				131,769

Registration fees			79,511				151,266

Printing and mailing costs			51,050				161,240

Transfer Agency fees^(a)			48,439				2,146,921

Trustee fees			27,215				34,096

Distribution and Service (12b-1) fees^(a)			3,978				1,005,492

Service fees — Class C			360				148,768

Other			7,406				87,755


Total expenses			1,735,596				28,549,901


Less — expense reductions			(427,154	)			(2,731,631	)


Net expenses			1,308,442				25,818,270


NET INVESTMENT INCOME			4,339,522				39,979,745



Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers			3,951,143				292,838,686

Futures contracts			420,169				(4,418,719	)

Written options			(5,825,638	)			(75,476,098	)

Foreign currency transactions			124,978				—

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers			34,994,457				201,178,317

Futures contracts			(3,004	)			600,318

Written options			(35,197	)			6,546,360

Foreign currency translation			163,663				—


Net realized and unrealized gain			33,790,571				421,268,864


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	38,130,093			$	461,248,609

(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 A			Class C			Institutional			Investor			Class R6			Class P
International Equity Dividend and Premium Fund		$	2,898		$	1,080		$	1,739		$	216		$	1,335		$	2,926		$	22,621		$	19,602
U.S. Equity Dividend and Premium Fund			559,188			446,304			335,513			89,261			632,862			728,419			119,306			241,560


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statements of Changes in Net Assets


	International Equity Dividend and Premium Fund								U.S. Equity Dividend and Premium Fund

	For the Fiscal Year Ended December 31, 2025				For the Fiscal Year Ended December 31, 2024				For the Fiscal Year Ended December 31, 2025				For the Fiscal Year Ended December 31, 2024

From operations:

Net investment income		$	4,339,522			$	4,799,176			$	39,979,745			$	42,482,122

Net realized gain (loss)			(1,329,348	)			1,106,782				212,943,869				197,994,926

Net change in unrealized gain (loss)			35,119,919				(9,015,100	)			208,324,995				430,148,564


Net increase (decrease) in net assets resulting from operations			38,130,093				(3,109,142	)			461,248,609				670,625,612



Distributions to shareholders:

From distributable earnings:

Class A Shares			(33,385	)			(38,796	)			(14,327,105	)			(13,622,078	)

Class C Shares			(3,521	)			(2,051	)			(3,200,745	)			(3,897,326	)

Institutional Shares			(110,370	)			(118,880	)			(105,297,538	)			(105,625,913	)

Investor Shares			(64,882	)			(41,646	)			(31,879,424	)			(33,396,039	)

Class R6 Shares			(2,487,205	)			(2,528,224	)			(26,854,362	)			(26,735,064	)

Class P Shares			(2,171,047	)			(2,052,023	)			(53,270,270	)			(54,682,135	)


Total distributions to shareholders			(4,870,410	)			(4,781,620	)			(234,829,444	)			(237,958,555	)



From share transactions:

Proceeds from sales of shares			3,900,738				18,378,769				520,985,394				545,220,523

Reinvestment of distributions			4,826,098				4,732,139				218,848,835				221,102,316

Cost of shares redeemed			(39,806,322	)			(18,103,534	)			(797,727,209	)			(769,374,949	)


Net increase (decrease) in net assets resulting from share transactions			(31,079,486	)			5,007,374				(57,892,980	)			(3,052,110	)


TOTAL INCREASE (DECREASE)			2,180,197				(2,883,388	)			168,526,185				429,614,947



Net assets:

Beginning of year			150,353,934				153,237,322				3,533,122,969				3,103,508,022


End of year		$	152,534,131			$	150,353,934			$	3,701,649,154			$	3,533,122,969


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


Schedules of Investments			1

Goldman Sachs Conservative Allocation Fund			1

Goldman Sachs Dynamic Global Equity Fund			8

Goldman Sachs Growth Allocation Fund			13

Goldman Sachs Moderate Allocation Fund			20

Financial Statements			27

Statements of Assets and Liabilities			27

Statements of Operations			29

Statements of Changes in Net Assets			31

Financial Highlights			33

Goldman Sachs Conservative Allocation Fund			33

Goldman Sachs Dynamic Global Equity Fund			41

Goldman Sachs Growth Allocation Fund			49

Goldman Sachs Moderate Allocation Fund			57

Notes to Financial Statements			65

Report of Independent Registered Public Accounting Firm			92

Other Information			93


TABLE OF CONTENTS

Consolidated Schedules of Investments			1

Goldman Sachs Absolute Return Tracker Fund			1

Goldman Sachs Commodity Strategy Fund			43

Consolidated Financial Statements			46

Consolidated Statements of Assets and Liabilities			46

Consolidated Statements of Operations			47

Consolidated Statements of Changes in Net Assets			48

Consolidated Financial Highlights			49

Goldman Sachs Absolute Return Tracker Fund			49

Goldman Sachs Commodity Strategy Fund			56

Consolidated Notes to Financial Statements			63

Report of Independent Registered Public Accounting Firm			83

Other Information			84


TABLE OF CONTENTS

Schedules of Investments			1

Goldman Sachs International

Equity Dividend and Premium Fund			1

Goldman Sachs U.S. Equity

Dividend and Premium Fund			7

Financial Statements			12

Statements of Assets and Liabilities			12

Statements of Operations			13

Statements of Changes in Net Assets			14

Financial Highlights			15

Goldman Sachs International

Equity Dividend and Premium Fund			15

Goldman Sachs U.S. Equity

Dividend and Premium Fund			21

Notes to Financial Statements			27

Report of Independent Registered Public Accounting Firm			43

Other Information			44


	Average Number of Contracts or Shares/Units^(a)

Fund	Futures Contracts	Written Options

International Equity Dividend and Premium Fund	31	7,878

U.S. Equity Dividend and Premium Fund	134	207,800


Fund		Goldman Sachs Enhanced Dividend Global Equity Portfolio



International Equity Dividend and Premium Fund		50%



U.S. Equity Dividend and Premium Fund		8


Fund	Underlying Fund	Beginning Value as of December 31, 2024			Purchases at Cost	Proceeds from Sales	Ending Value as of December 31, 2025			Shares as of December 31, 2025		Dividend Income



International Equity Dividend and Premium Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares		$	—	$ 9,042,570	$ (9,042,523)		$	47		47	$ 16,576



U.S. Equity Dividend and Premium Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares			64,380,674	383,571,602	(447,937,901)			14,375		14,375	1,471,364


	U.S. Equity Dividend and Premium Fund


	For the Fiscal Year Ended December 31, 2025						For the Fiscal Year Ended December 31, 2024


	Shares			Dollars			Shares			Dollars


Class A Shares

Shares sold		2,094,590			$ 36,740,557			2,511,681			$ 41,933,093

Reinvestment of distributions		701,451			12,774,021			694,809			11,986,200

Shares redeemed		(2,430,127	)		(42,638,263	)		(2,278,888	)		(37,864,697	)



		365,914			6,876,315			927,602			16,054,596



Class C Shares

Shares sold		630,083			10,981,054			550,190			9,069,549

Reinvestment of distributions		166,795			3,033,033			211,395			3,637,903

Shares redeemed		(1,277,943	)		(22,076,886	)		(1,766,767	)		(29,253,766	)



		(481,065	)		(8,062,799	)		(1,005,182	)		(16,546,314	)



Institutional Shares

Shares sold		18,011,028			312,592,297			19,349,071			320,371,363

Reinvestment of distributions		5,354,453			97,015,062			5,664,157			97,257,750

Shares redeemed		(24,905,167	)		(429,756,500	)		(21,771,169	)		(360,048,966	)



		(1,539,686	)		(20,149,141	)		3,242,059			57,580,147



Investor Shares

Shares sold		6,051,610			105,544,917			6,241,629			102,690,207

Reinvestment of distributions		1,757,924			31,879,171			1,943,482			33,395,887

Shares redeemed		(9,257,115	)		(160,056,154	)		(11,225,780	)		(185,495,852	)



		(1,447,581	)		(22,632,066	)		(3,040,669	)		(49,409,758	)



Class R6 Shares

Shares sold		1,316,366			22,356,400			1,386,887			22,539,308

Reinvestment of distributions		1,153,857			20,893,743			1,174,478			20,158,805

Shares redeemed		(1,663,114	)		(29,622,180	)		(2,528,343	)		(42,445,515	)



		807,109			13,627,963			33,022			252,598



Class P Shares

Shares sold		1,875,542			32,770,169			2,969,036			48,617,003

Reinvestment of distributions		2,941,134			53,253,805			3,184,595			54,665,771

Shares redeemed		(6,469,587	)		(113,577,226	)		(7,011,179	)		(114,266,153	)



		(1,652,911	)		(27,553,252	)		(857,548	)		(10,983,379	)



NET DECREASE		(3,948,220	)		$ (57,892,980	)		(700,716	)		$ (3,052,110	)


(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)		Not Applicable.

(a)(3)		Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(a)(4)		Not applicable to open-end investment companies.

(a)(5)		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.

(101)		Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.


				Goldman Sachs Trust

By:				/s/ James A. McNamara

				James A. McNamara
				Principal Executive Officer
				Goldman Sachs Trust

Date:				March 4, 2026