Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class A: GADGX

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Institutional Class: GIDGX

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class R6: GRGDX

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class P: GAFPX

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class A: TAGGX

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Institutional Class: TIGGX

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class R6: TRGGX

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class P: GSKPX

Goldman Sachs Large Cap Equity Fund

Class A: GSCGX

Goldman Sachs Large Cap Equity Fund

Class C: GSPCX

Goldman Sachs Large Cap Equity Fund

Institutional Class: GSPIX

Goldman Sachs Large Cap Equity Fund

Service Class: GSPSX

Goldman Sachs Large Cap Equity Fund

Investor Class: GSPTX

Goldman Sachs Large Cap Equity Fund

Class R6: GSPUX

Goldman Sachs Large Cap Equity Fund

Class R: GSPRX

Goldman Sachs Large Cap Equity Fund

Class P: GGGPX

Goldman Sachs Mid Cap Growth Fund

Class A: GGOAX

Goldman Sachs Mid Cap Growth Fund

Class C: GGOCX

Goldman Sachs Mid Cap Growth Fund

Institutional Class: GGOIX

Goldman Sachs Mid Cap Growth Fund

Service Class: GGOSX

Goldman Sachs Mid Cap Growth Fund

Investor Class: GGOTX

Goldman Sachs Mid Cap Growth Fund

Class R6: GGOUX

Goldman Sachs Mid Cap Growth Fund

Class R: GGORX

Goldman Sachs Mid Cap Growth Fund

Class P: GGQPX

Goldman Sachs Small Cap Growth Fund

Class A: GSBDX

Goldman Sachs Small Cap Growth Fund

Class C: GSBAX

Goldman Sachs Small Cap Growth Fund

Institutional Class: GSAJX

Goldman Sachs Small Cap Growth Fund

Investor Class: GSAHX

Goldman Sachs Small Cap Growth Fund

Class R6: GSBEX

Goldman Sachs Small Cap Growth Fund

Class P: GSADX

Goldman Sachs Small/Mid Cap Growth Fund

Class A: GSMAX

Goldman Sachs Small/Mid Cap Growth Fund

Class C: GSMGX

Goldman Sachs Small/Mid Cap Growth Fund

Institutional Class: GSMYX

Goldman Sachs Small/Mid Cap Growth Fund

Service Class: GSMQX

Goldman Sachs Small/Mid Cap Growth Fund

Investor Class: GTMTX

Goldman Sachs Small/Mid Cap Growth Fund

Class R6: GTMUX

Goldman Sachs Small/Mid Cap Growth Fund

Class R: GTMRX

Goldman Sachs Small/Mid Cap Growth Fund

Class P: GSWPX

Goldman Sachs Equity Income Fund

Class A: GSGRX

Goldman Sachs Equity Income Fund

Class C: GSGCX

Goldman Sachs Equity Income Fund

Institutional Class: GSIIX

Goldman Sachs Equity Income Fund

Service Class: GSGSX

Goldman Sachs Equity Income Fund

Investor Class: GRGTX

Goldman Sachs Equity Income Fund

Class R6: GRGUX

Goldman Sachs Equity Income Fund

Class R: GRGRX

Goldman Sachs Equity Income Fund

Class P: GABPX

Goldman Sachs Large Cap Value Fund

Class A: GSLAX

Goldman Sachs Large Cap Value Fund

Class C: GSVCX

Goldman Sachs Large Cap Value Fund

Institutional Class: GSLIX

Goldman Sachs Large Cap Value Fund

Service Class: GSVSX

Goldman Sachs Large Cap Value Fund

Investor Class: GSVTX

Goldman Sachs Large Cap Value Fund

Class R6: GSVUX

Goldman Sachs Large Cap Value Fund

Class R: GSVRX

Goldman Sachs Large Cap Value Fund

Class P: GMYPX

Goldman Sachs Mid Cap Value Fund

Class A: GCMAX

Goldman Sachs Mid Cap Value Fund

Class C: GCMCX

Goldman Sachs Mid Cap Value Fund

Institutional Class: GSMCX

Goldman Sachs Mid Cap Value Fund

Service Class: GSMSX

Goldman Sachs Mid Cap Value Fund

Investor Class: GCMTX

Goldman Sachs Mid Cap Value Fund

Class R6: GCMUX

Goldman Sachs Mid Cap Value Fund

Class R: GCMRX

Goldman Sachs Mid Cap Value Fund

Class P: GMPPX

Goldman Sachs Small Cap Value Fund

Class A: GSSMX

Goldman Sachs Small Cap Value Fund

Class C: GSSCX

Goldman Sachs Small Cap Value Fund

Institutional Class: GSSIX

Goldman Sachs Small Cap Value Fund

Service Class: GSSSX

Goldman Sachs Small Cap Value Fund

Investor Class: GSQTX

Goldman Sachs Small Cap Value Fund

Class R6: GSSUX

Goldman Sachs Small Cap Value Fund

Class R: GSQRX

Goldman Sachs Small Cap Value Fund

Class P: GSYPX

Goldman Sachs Small/Mid Cap Equity Fund

Class A: GMVAX

Goldman Sachs Small/Mid Cap Equity Fund

Class C: GMVCX

Goldman Sachs Small/Mid Cap Equity Fund

Institutional Class: GSMVX

Goldman Sachs Small/Mid Cap Equity Fund

Investor Class: GMVIX

Goldman Sachs Small/Mid Cap Equity Fund

Class R6: GMCUX

Goldman Sachs Small/Mid Cap Equity Fund

Class R: GMVRX

Goldman Sachs Small/Mid Cap Equity Fund

Class P: GSVPX

Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Disclosure

Fund Overview

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Key Fund Statistics

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Disclosure

Fund Overview

What did the Fund invest in?

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Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

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Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

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Key Fund Statistics

Additional Information

Disclosure

Fund Overview

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Key Fund Statistics

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Disclosure

Fund Overview

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Key Fund Statistics

Additional Information

Disclosure

Fund Overview

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Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

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Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

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Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

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Key Fund Statistics

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Disclosure

Fund Overview

What did the Fund invest in?

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Key Fund Statistics

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Disclosure

Fund Overview

What did the Fund invest in?

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Key Fund Statistics

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Disclosure

Fund Overview

What did the Fund invest in?

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Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

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Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

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Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

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Disclosure

Fund Overview

What did the Fund invest in?

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Disclosure

Fund Overview

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Key Fund Statistics

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

What did the Fund invest in?

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Fund Overview

What did the Fund invest in?

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Fund Overview

What did the Fund invest in?

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Fund Overview

What did the Fund invest in?

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Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

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Fund Overview

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What were the Fund costs for the Period?

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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Fund Overview

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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: August 31

Date of reporting period: February 28, 2026

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders for the Goldman Sachs Large Cap Equity Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Equity Income Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, Goldman Sachs Small/Mid Cap Equity Fund, Goldman Sachs Enhanced Dividend Global Equity Portfolio, and Goldman Sachs Tax-Advantaged Global Equity Portfolio is filed herewith.

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

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.

Table Summary
Underlying Funds	85.3%
Exchange-Traded Funds	5.8%
Investment Company	7.0%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$26	0.51%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$511,488,207
# of Portfolio Holdings as of Period End18
Portfolio Turnover Rate for the Period3%
Total Net Advisory Fees Paid for the Period$334,874

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class A

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced Dividend Global Equity Portfolio

38143H167-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Underlying Funds	85.3%
Exchange-Traded Funds	5.8%
Investment Company	7.0%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$10	0.19%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$511,488,207
# of Portfolio Holdings as of Period End18
Portfolio Turnover Rate for the Period3%
Total Net Advisory Fees Paid for the Period$334,874

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced Dividend Global Equity Portfolio

38143H175-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Underlying Funds	85.3%
Exchange-Traded Funds	5.8%
Investment Company	7.0%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$10	0.19%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$511,488,207
# of Portfolio Holdings as of Period End18
Portfolio Turnover Rate for the Period3%
Total Net Advisory Fees Paid for the Period$334,874

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced Dividend Global Equity Portfolio

38148U197-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Underlying Funds	85.3%
Exchange-Traded Funds	5.8%
Investment Company	7.0%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$511,488,207
# of Portfolio Holdings as of Period End18
Portfolio Turnover Rate for the Period3%
Total Net Advisory Fees Paid for the Period$334,874

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class P

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced Dividend Global Equity Portfolio

38150B830-SAR-0226 Class P

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

Table Summary
Underlying Funds	87.8%
Exchange-Traded Funds	1.8%
Investment Company	8.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$29	0.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$5,645,717,738
# of Portfolio Holdings as of Period End17
Portfolio Turnover Rate for the Period3%
Total Net Advisory Fees Paid for the Period$3,666,074

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class A

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tax-Advantaged Global Equity Portfolio

38142B120-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Underlying Funds	87.8%
Exchange-Traded Funds	1.8%
Investment Company	8.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$10	0.19%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$5,645,717,738
# of Portfolio Holdings as of Period End17
Portfolio Turnover Rate for the Period3%
Total Net Advisory Fees Paid for the Period$3,666,074

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tax-Advantaged Global Equity Portfolio

38142B112-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Underlying Funds	87.8%
Exchange-Traded Funds	1.8%
Investment Company	8.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$5,645,717,738
# of Portfolio Holdings as of Period End17
Portfolio Turnover Rate for the Period3%
Total Net Advisory Fees Paid for the Period$3,666,074

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tax-Advantaged Global Equity Portfolio

38148U189-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Underlying Funds	87.8%
Exchange-Traded Funds	1.8%
Investment Company	8.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$5,645,717,738
# of Portfolio Holdings as of Period End17
Portfolio Turnover Rate for the Period3%
Total Net Advisory Fees Paid for the Period$3,666,074

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class P

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tax-Advantaged Global Equity Portfolio

38150B236-SAR-0226 Class P

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Equity Fund (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

Table Summary
Information Technology	30.9%
Financials	12.7%
Industrials	10.4%
Consumer Discretionary	10.0%
Health Care	9.4%
Communication Services	9.3%
Consumer Staples	4.9%
Energy	3.7%
Materials	3.1%
Other	5.4%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$51	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,459,854,834
# of Portfolio Holdings as of Period End139
Portfolio Turnover Rate for the Period35%
Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap Equity Fund

Class A

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

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

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 Large Cap Equity Fund

38141W638-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Information Technology	30.9%
Financials	12.7%
Industrials	10.4%
Consumer Discretionary	10.0%
Health Care	9.4%
Communication Services	9.3%
Consumer Staples	4.9%
Energy	3.7%
Materials	3.1%
Other	5.4%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$89	1.75%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,459,854,834
# of Portfolio Holdings as of Period End139
Portfolio Turnover Rate for the Period35%
Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap Equity Fund

Class C

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38142B344-SAR-0226 Class C

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Information Technology	30.9%
Financials	12.7%
Industrials	10.4%
Consumer Discretionary	10.0%
Health Care	9.4%
Communication Services	9.3%
Consumer Staples	4.9%
Energy	3.7%
Materials	3.1%
Other	5.4%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$36	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,459,854,834
# of Portfolio Holdings as of Period End139
Portfolio Turnover Rate for the Period35%
Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap Equity Fund

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38142B146-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Information Technology	30.9%
Financials	12.7%
Industrials	10.4%
Consumer Discretionary	10.0%
Health Care	9.4%
Communication Services	9.3%
Consumer Staples	4.9%
Energy	3.7%
Materials	3.1%
Other	5.4%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$61	1.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,459,854,834
# of Portfolio Holdings as of Period End139
Portfolio Turnover Rate for the Period35%
Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap Equity Fund

Service Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38142B138-SAR-0226 Service Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Information Technology	30.9%
Financials	12.7%
Industrials	10.4%
Consumer Discretionary	10.0%
Health Care	9.4%
Communication Services	9.3%
Consumer Staples	4.9%
Energy	3.7%
Materials	3.1%
Other	5.4%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$38	0.75%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,459,854,834
# of Portfolio Holdings as of Period End139
Portfolio Turnover Rate for the Period35%
Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap Equity Fund

Investor Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38144N452-SAR-0226 Investor Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Information Technology	30.9%
Financials	12.7%
Industrials	10.4%
Consumer Discretionary	10.0%
Health Care	9.4%
Communication Services	9.3%
Consumer Staples	4.9%
Energy	3.7%
Materials	3.1%
Other	5.4%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$35	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,459,854,834
# of Portfolio Holdings as of Period End139
Portfolio Turnover Rate for the Period35%
Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap Equity Fund

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38147X390-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Information Technology	30.9%
Financials	12.7%
Industrials	10.4%
Consumer Discretionary	10.0%
Health Care	9.4%
Communication Services	9.3%
Consumer Staples	4.9%
Energy	3.7%
Materials	3.1%
Other	5.4%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$63	1.25%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,459,854,834
# of Portfolio Holdings as of Period End139
Portfolio Turnover Rate for the Period35%
Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap Equity Fund

Class R

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38144N460-SAR-0226 Class R

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Information Technology	30.9%
Financials	12.7%
Industrials	10.4%
Consumer Discretionary	10.0%
Health Care	9.4%
Communication Services	9.3%
Consumer Staples	4.9%
Energy	3.7%
Materials	3.1%
Other	5.4%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$35	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,459,854,834
# of Portfolio Holdings as of Period End139
Portfolio Turnover Rate for the Period35%
Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap Equity Fund

Class P

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38150B608-SAR-0226 Class P

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

Table Summary
Industrials	27.2%
Health Care	18.4%
Consumer Discretionary	17.7%
Information Technology	15.9%
Communication Services	5.6%
Materials	3.7%
Consumer Staples	3.2%
Utilities	3.1%
Financials	2.6%
Other	2.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$58	1.15%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$980,388,893
# of Portfolio Holdings as of Period End69
Portfolio Turnover Rate for the Period46%
Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth Fund

Class A

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y104-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	27.2%
Health Care	18.4%
Consumer Discretionary	17.7%
Information Technology	15.9%
Communication Services	5.6%
Materials	3.7%
Consumer Staples	3.2%
Utilities	3.1%
Financials	2.6%
Other	2.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$95	1.90%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$980,388,893
# of Portfolio Holdings as of Period End69
Portfolio Turnover Rate for the Period46%
Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth Fund

Class C

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y302-SAR-0226 Class C

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	27.2%
Health Care	18.4%
Consumer Discretionary	17.7%
Information Technology	15.9%
Communication Services	5.6%
Materials	3.7%
Consumer Staples	3.2%
Utilities	3.1%
Financials	2.6%
Other	2.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$43	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$980,388,893
# of Portfolio Holdings as of Period End69
Portfolio Turnover Rate for the Period46%
Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth Fund

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y401-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	27.2%
Health Care	18.4%
Consumer Discretionary	17.7%
Information Technology	15.9%
Communication Services	5.6%
Materials	3.7%
Consumer Staples	3.2%
Utilities	3.1%
Financials	2.6%
Other	2.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$68	1.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$980,388,893
# of Portfolio Holdings as of Period End69
Portfolio Turnover Rate for the Period46%
Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth Fund

Service Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y500-SAR-0226 Service Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	27.2%
Health Care	18.4%
Consumer Discretionary	17.7%
Information Technology	15.9%
Communication Services	5.6%
Materials	3.7%
Consumer Staples	3.2%
Utilities	3.1%
Financials	2.6%
Other	2.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$45	0.90%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$980,388,893
# of Portfolio Holdings as of Period End69
Portfolio Turnover Rate for the Period46%
Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth Fund

Investor Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38144N346-SAR-0226 Investor Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	27.2%
Health Care	18.4%
Consumer Discretionary	17.7%
Information Technology	15.9%
Communication Services	5.6%
Materials	3.7%
Consumer Staples	3.2%
Utilities	3.1%
Financials	2.6%
Other	2.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$42	0.84%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$980,388,893
# of Portfolio Holdings as of Period End69
Portfolio Turnover Rate for the Period46%
Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth Fund

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38148U601-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	27.2%
Health Care	18.4%
Consumer Discretionary	17.7%
Information Technology	15.9%
Communication Services	5.6%
Materials	3.7%
Consumer Staples	3.2%
Utilities	3.1%
Financials	2.6%
Other	2.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$70	1.40%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$980,388,893
# of Portfolio Holdings as of Period End69
Portfolio Turnover Rate for the Period46%
Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth Fund

Class R

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38144N353-SAR-0226 Class R

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	27.2%
Health Care	18.4%
Consumer Discretionary	17.7%
Information Technology	15.9%
Communication Services	5.6%
Materials	3.7%
Consumer Staples	3.2%
Utilities	3.1%
Financials	2.6%
Other	2.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$42	0.84%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$980,388,893
# of Portfolio Holdings as of Period End69
Portfolio Turnover Rate for the Period46%
Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth Fund

Class P

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38150B699-SAR-0226 Class P

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

Table Summary
Industrials	28.6%
Information Technology	24.1%
Health Care	22.7%
Consumer Discretionary	10.8%
Financials	6.6%
Materials	2.2%
Investment Company	2.2%
Consumer Staples	1.7%
Energy	1.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$63	1.22%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$424,007,615
# of Portfolio Holdings as of Period End114
Portfolio Turnover Rate for the Period60%
Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth Fund

Class A

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C182-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	28.6%
Information Technology	24.1%
Health Care	22.7%
Consumer Discretionary	10.8%
Financials	6.6%
Materials	2.2%
Investment Company	2.2%
Consumer Staples	1.7%
Energy	1.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$102	1.97%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$424,007,615
# of Portfolio Holdings as of Period End114
Portfolio Turnover Rate for the Period60%
Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth Fund

Class C

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C174-SAR-0226 Class C

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	28.6%
Information Technology	24.1%
Health Care	22.7%
Consumer Discretionary	10.8%
Financials	6.6%
Materials	2.2%
Investment Company	2.2%
Consumer Staples	1.7%
Energy	1.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$47	0.91%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$424,007,615
# of Portfolio Holdings as of Period End114
Portfolio Turnover Rate for the Period60%
Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth Fund

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C141-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	28.6%
Information Technology	24.1%
Health Care	22.7%
Consumer Discretionary	10.8%
Financials	6.6%
Materials	2.2%
Investment Company	2.2%
Consumer Staples	1.7%
Energy	1.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$50	0.97%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$424,007,615
# of Portfolio Holdings as of Period End114
Portfolio Turnover Rate for the Period60%
Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth Fund

Investor Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C133-SAR-0226 Investor Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	28.6%
Information Technology	24.1%
Health Care	22.7%
Consumer Discretionary	10.8%
Financials	6.6%
Materials	2.2%
Investment Company	2.2%
Consumer Staples	1.7%
Energy	1.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$47	0.90%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$424,007,615
# of Portfolio Holdings as of Period End114
Portfolio Turnover Rate for the Period60%
Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth Fund

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C158-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	28.6%
Information Technology	24.1%
Health Care	22.7%
Consumer Discretionary	10.8%
Financials	6.6%
Materials	2.2%
Investment Company	2.2%
Consumer Staples	1.7%
Energy	1.6%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$47	0.90%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$424,007,615
# of Portfolio Holdings as of Period End114
Portfolio Turnover Rate for the Period60%
Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth Fund

Class P

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C125-SAR-0226 Class P

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

Table Summary
Industrials	29.8%
Information Technology	25.2%
Health Care	20.6%
Consumer Discretionary	15.0%
Financials	5.5%
Investment Company	1.7%
Materials	1.4%
Energy	0.9%
Consumer Staples	0.7%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$65	1.25%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,224,503,757
# of Portfolio Holdings as of Period End102
Portfolio Turnover Rate for the Period66%
Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth Fund

Class A

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H779-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	29.8%
Information Technology	25.2%
Health Care	20.6%
Consumer Discretionary	15.0%
Financials	5.5%
Investment Company	1.7%
Materials	1.4%
Energy	0.9%
Consumer Staples	0.7%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$104	2.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,224,503,757
# of Portfolio Holdings as of Period End102
Portfolio Turnover Rate for the Period66%
Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth Fund

Class C

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H753-SAR-0226 Class C

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	29.8%
Information Technology	25.2%
Health Care	20.6%
Consumer Discretionary	15.0%
Financials	5.5%
Investment Company	1.7%
Materials	1.4%
Energy	0.9%
Consumer Staples	0.7%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$49	0.93%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,224,503,757
# of Portfolio Holdings as of Period End102
Portfolio Turnover Rate for the Period66%
Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth Fund

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H746-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	29.8%
Information Technology	25.2%
Health Care	20.6%
Consumer Discretionary	15.0%
Financials	5.5%
Investment Company	1.7%
Materials	1.4%
Energy	0.9%
Consumer Staples	0.7%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$75	1.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,224,503,757
# of Portfolio Holdings as of Period End102
Portfolio Turnover Rate for the Period66%
Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth Fund

Service Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H738-SAR-0226 Service Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	29.8%
Information Technology	25.2%
Health Care	20.6%
Consumer Discretionary	15.0%
Financials	5.5%
Investment Company	1.7%
Materials	1.4%
Energy	0.9%
Consumer Staples	0.7%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$52	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,224,503,757
# of Portfolio Holdings as of Period End102
Portfolio Turnover Rate for the Period66%
Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth Fund

Investor Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38144N320-SAR-0226 Investor Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	29.8%
Information Technology	25.2%
Health Care	20.6%
Consumer Discretionary	15.0%
Financials	5.5%
Investment Company	1.7%
Materials	1.4%
Energy	0.9%
Consumer Staples	0.7%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$48	0.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,224,503,757
# of Portfolio Holdings as of Period End102
Portfolio Turnover Rate for the Period66%
Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth Fund

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38148U700-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	29.8%
Information Technology	25.2%
Health Care	20.6%
Consumer Discretionary	15.0%
Financials	5.5%
Investment Company	1.7%
Materials	1.4%
Energy	0.9%
Consumer Staples	0.7%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$78	1.50%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,224,503,757
# of Portfolio Holdings as of Period End102
Portfolio Turnover Rate for the Period66%
Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth Fund

Class R

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38144N338-SAR-0226 Class R

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	29.8%
Information Technology	25.2%
Health Care	20.6%
Consumer Discretionary	15.0%
Financials	5.5%
Investment Company	1.7%
Materials	1.4%
Energy	0.9%
Consumer Staples	0.7%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$48	0.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,224,503,757
# of Portfolio Holdings as of Period End102
Portfolio Turnover Rate for the Period66%
Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth Fund

Class P

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38150B327-SAR-0226 Class P

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

Table Summary
Financials	17.6%
Industrials	14.7%
Health Care	12.3%
Information Technology	11.0%
Energy	8.2%
Communication Services	8.0%
Consumer Staples	7.9%
Utilities	6.7%
Consumer Discretionary	5.4%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$52	0.99%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$436,858,595
# of Portfolio Holdings as of Period End77
Portfolio Turnover Rate for the Period20%
Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs Equity Income Fund

Class A

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38141W588-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	17.6%
Industrials	14.7%
Health Care	12.3%
Information Technology	11.0%
Energy	8.2%
Communication Services	8.0%
Consumer Staples	7.9%
Utilities	6.7%
Consumer Discretionary	5.4%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$91	1.74%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$436,858,595
# of Portfolio Holdings as of Period End77
Portfolio Turnover Rate for the Period20%
Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs Equity Income Fund

Class C

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38142B310-SAR-0226 Class C

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	17.6%
Industrials	14.7%
Health Care	12.3%
Information Technology	11.0%
Energy	8.2%
Communication Services	8.0%
Consumer Staples	7.9%
Utilities	6.7%
Consumer Discretionary	5.4%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$36	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$436,858,595
# of Portfolio Holdings as of Period End77
Portfolio Turnover Rate for the Period20%
Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs Equity Income Fund

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38141W414-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	17.6%
Industrials	14.7%
Health Care	12.3%
Information Technology	11.0%
Energy	8.2%
Communication Services	8.0%
Consumer Staples	7.9%
Utilities	6.7%
Consumer Discretionary	5.4%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$62	1.19%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$436,858,595
# of Portfolio Holdings as of Period End77
Portfolio Turnover Rate for the Period20%
Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs Equity Income Fund

Service Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38141W422-SAR-0226 Service Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	17.6%
Industrials	14.7%
Health Care	12.3%
Information Technology	11.0%
Energy	8.2%
Communication Services	8.0%
Consumer Staples	7.9%
Utilities	6.7%
Consumer Discretionary	5.4%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$39	0.74%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$436,858,595
# of Portfolio Holdings as of Period End77
Portfolio Turnover Rate for the Period20%
Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs Equity Income Fund

Investor Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38144N437-SAR-0226 Investor Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	17.6%
Industrials	14.7%
Health Care	12.3%
Information Technology	11.0%
Energy	8.2%
Communication Services	8.0%
Consumer Staples	7.9%
Utilities	6.7%
Consumer Discretionary	5.4%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$36	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$436,858,595
# of Portfolio Holdings as of Period End77
Portfolio Turnover Rate for the Period20%
Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs Equity Income Fund

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38147X457-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	17.6%
Industrials	14.7%
Health Care	12.3%
Information Technology	11.0%
Energy	8.2%
Communication Services	8.0%
Consumer Staples	7.9%
Utilities	6.7%
Consumer Discretionary	5.4%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$65	1.24%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$436,858,595
# of Portfolio Holdings as of Period End77
Portfolio Turnover Rate for the Period20%
Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs Equity Income Fund

Class R

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38144N445-SAR-0226 Class R

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	17.6%
Industrials	14.7%
Health Care	12.3%
Information Technology	11.0%
Energy	8.2%
Communication Services	8.0%
Consumer Staples	7.9%
Utilities	6.7%
Consumer Discretionary	5.4%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$36	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$436,858,595
# of Portfolio Holdings as of Period End77
Portfolio Turnover Rate for the Period20%
Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs Equity Income Fund

Class P

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38150B798-SAR-0226 Class P

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

Table Summary
Industrials	18.7%
Financials	18.2%
Health Care	11.4%
Information Technology	10.6%
Communication Services	8.2%
Consumer Staples	8.1%
Consumer Discretionary	7.7%
Materials	5.0%
Energy	4.9%
Other	7.3%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$52	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$447,865,702
# of Portfolio Holdings as of Period End64
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value Fund

Class A

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y815-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	18.7%
Financials	18.2%
Health Care	11.4%
Information Technology	10.6%
Communication Services	8.2%
Consumer Staples	8.1%
Consumer Discretionary	7.7%
Materials	5.0%
Energy	4.9%
Other	7.3%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$91	1.75%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$447,865,702
# of Portfolio Holdings as of Period End64
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value Fund

Class C

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y781-SAR-0226 Class C

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	18.7%
Financials	18.2%
Health Care	11.4%
Information Technology	10.6%
Communication Services	8.2%
Consumer Staples	8.1%
Consumer Discretionary	7.7%
Materials	5.0%
Energy	4.9%
Other	7.3%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$37	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$447,865,702
# of Portfolio Holdings as of Period End64
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value Fund

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y773-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	18.7%
Financials	18.2%
Health Care	11.4%
Information Technology	10.6%
Communication Services	8.2%
Consumer Staples	8.1%
Consumer Discretionary	7.7%
Materials	5.0%
Energy	4.9%
Other	7.3%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$63	1.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$447,865,702
# of Portfolio Holdings as of Period End64
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value Fund

Service Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y765-SAR-0226 Service Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	18.7%
Financials	18.2%
Health Care	11.4%
Information Technology	10.6%
Communication Services	8.2%
Consumer Staples	8.1%
Consumer Discretionary	7.7%
Materials	5.0%
Energy	4.9%
Other	7.3%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$39	0.75%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$447,865,702
# of Portfolio Holdings as of Period End64
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value Fund

Investor Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38144N411-SAR-0226 Investor Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	18.7%
Financials	18.2%
Health Care	11.4%
Information Technology	10.6%
Communication Services	8.2%
Consumer Staples	8.1%
Consumer Discretionary	7.7%
Materials	5.0%
Energy	4.9%
Other	7.3%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$36	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$447,865,702
# of Portfolio Holdings as of Period End64
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value Fund

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38147X440-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	18.7%
Financials	18.2%
Health Care	11.4%
Information Technology	10.6%
Communication Services	8.2%
Consumer Staples	8.1%
Consumer Discretionary	7.7%
Materials	5.0%
Energy	4.9%
Other	7.3%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$65	1.25%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$447,865,702
# of Portfolio Holdings as of Period End64
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value Fund

Class R

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38144N429-SAR-0226 Class R

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	18.7%
Financials	18.2%
Health Care	11.4%
Information Technology	10.6%
Communication Services	8.2%
Consumer Staples	8.1%
Consumer Discretionary	7.7%
Materials	5.0%
Energy	4.9%
Other	7.3%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$36	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$447,865,702
# of Portfolio Holdings as of Period End64
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value Fund

Class P

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38150B533-SAR-0226 Class P

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

Table Summary
Industrials	19.5%
Financials	14.9%
Information Technology	11.0%
Consumer Discretionary	8.3%
Materials	8.0%
Energy	7.9%
Real Estate	7.8%
Utilities	7.5%
Health Care	7.3%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$62	1.19%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,131,391,596
# of Portfolio Holdings as of Period End87
Portfolio Turnover Rate for the Period48%
Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value Fund

Class A

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38142V720-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	19.5%
Financials	14.9%
Information Technology	11.0%
Consumer Discretionary	8.3%
Materials	8.0%
Energy	7.9%
Real Estate	7.8%
Utilities	7.5%
Health Care	7.3%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$101	1.94%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,131,391,596
# of Portfolio Holdings as of Period End87
Portfolio Turnover Rate for the Period48%
Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value Fund

Class C

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38142V696-SAR-0226 Class C

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	19.5%
Financials	14.9%
Information Technology	11.0%
Consumer Discretionary	8.3%
Materials	8.0%
Energy	7.9%
Real Estate	7.8%
Utilities	7.5%
Health Care	7.3%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$44	0.84%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,131,391,596
# of Portfolio Holdings as of Period End87
Portfolio Turnover Rate for the Period48%
Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value Fund

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38141W398-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	19.5%
Financials	14.9%
Information Technology	11.0%
Consumer Discretionary	8.3%
Materials	8.0%
Energy	7.9%
Real Estate	7.8%
Utilities	7.5%
Health Care	7.3%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$70	1.34%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,131,391,596
# of Portfolio Holdings as of Period End87
Portfolio Turnover Rate for the Period48%
Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value Fund

Service Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38141W380-SAR-0226 Service Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	19.5%
Financials	14.9%
Information Technology	11.0%
Consumer Discretionary	8.3%
Materials	8.0%
Energy	7.9%
Real Estate	7.8%
Utilities	7.5%
Health Care	7.3%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$49	0.94%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,131,391,596
# of Portfolio Holdings as of Period End87
Portfolio Turnover Rate for the Period48%
Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value Fund

Investor Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38144N361-SAR-0226 Investor Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	19.5%
Financials	14.9%
Information Technology	11.0%
Consumer Discretionary	8.3%
Materials	8.0%
Energy	7.9%
Real Estate	7.8%
Utilities	7.5%
Health Care	7.3%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$43	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,131,391,596
# of Portfolio Holdings as of Period End87
Portfolio Turnover Rate for the Period48%
Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value Fund

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38147X432-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	19.5%
Financials	14.9%
Information Technology	11.0%
Consumer Discretionary	8.3%
Materials	8.0%
Energy	7.9%
Real Estate	7.8%
Utilities	7.5%
Health Care	7.3%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$75	1.44%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,131,391,596
# of Portfolio Holdings as of Period End87
Portfolio Turnover Rate for the Period48%
Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value Fund

Class R

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38144N379-SAR-0226 Class R

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	19.5%
Financials	14.9%
Information Technology	11.0%
Consumer Discretionary	8.3%
Materials	8.0%
Energy	7.9%
Real Estate	7.8%
Utilities	7.5%
Health Care	7.3%
Other	7.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$43	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$1,131,391,596
# of Portfolio Holdings as of Period End87
Portfolio Turnover Rate for the Period48%
Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value Fund

Class P

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38150B475-SAR-0226 Class P

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

Table Summary
Financials	26.1%
Industrials	16.6%
Consumer Discretionary	10.0%
Materials	8.7%
Energy	8.4%
Health Care	8.3%
Information Technology	7.8%
Real Estate	6.5%
Utilities	5.4%
Other	2.2%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$66	1.25%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$940,659,763
# of Portfolio Holdings as of Period End189
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value Fund

Class A

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38141W612-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	26.1%
Industrials	16.6%
Consumer Discretionary	10.0%
Materials	8.7%
Energy	8.4%
Health Care	8.3%
Information Technology	7.8%
Real Estate	6.5%
Utilities	5.4%
Other	2.2%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$105	2.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$940,659,763
# of Portfolio Holdings as of Period End189
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value Fund

Class C

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38142B336-SAR-0226 Class C

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	26.1%
Industrials	16.6%
Consumer Discretionary	10.0%
Materials	8.7%
Energy	8.4%
Health Care	8.3%
Information Technology	7.8%
Real Estate	6.5%
Utilities	5.4%
Other	2.2%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$51	0.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$940,659,763
# of Portfolio Holdings as of Period End189
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value Fund

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38142V209-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	26.1%
Industrials	16.6%
Consumer Discretionary	10.0%
Materials	8.7%
Energy	8.4%
Health Care	8.3%
Information Technology	7.8%
Real Estate	6.5%
Utilities	5.4%
Other	2.2%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$77	1.46%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$940,659,763
# of Portfolio Holdings as of Period End189
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value Fund

Service Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38142V308-SAR-0226 Service Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	26.1%
Industrials	16.6%
Consumer Discretionary	10.0%
Materials	8.7%
Energy	8.4%
Health Care	8.3%
Information Technology	7.8%
Real Estate	6.5%
Utilities	5.4%
Other	2.2%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$53	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$940,659,763
# of Portfolio Holdings as of Period End189
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value Fund

Investor Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38144N296-SAR-0226 Investor Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	26.1%
Industrials	16.6%
Consumer Discretionary	10.0%
Materials	8.7%
Energy	8.4%
Health Care	8.3%
Information Technology	7.8%
Real Estate	6.5%
Utilities	5.4%
Other	2.2%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$50	0.95%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$940,659,763
# of Portfolio Holdings as of Period End189
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value Fund

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38147X424-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	26.1%
Industrials	16.6%
Consumer Discretionary	10.0%
Materials	8.7%
Energy	8.4%
Health Care	8.3%
Information Technology	7.8%
Real Estate	6.5%
Utilities	5.4%
Other	2.2%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$79	1.50%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$940,659,763
# of Portfolio Holdings as of Period End189
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value Fund

Class R

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38144N312-SAR-0226 Class R

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Financials	26.1%
Industrials	16.6%
Consumer Discretionary	10.0%
Materials	8.7%
Energy	8.4%
Health Care	8.3%
Information Technology	7.8%
Real Estate	6.5%
Utilities	5.4%
Other	2.2%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$50	0.95%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$940,659,763
# of Portfolio Holdings as of Period End189
Portfolio Turnover Rate for the Period41%
Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value Fund

Class P

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38150B343-SAR-0226 Class P

Semi-Annual Shareholder Report

February 28, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity Fund (the “Fund”) for the period of September 1, 2025 to February 28, 2026 (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.

Table Summary
Industrials	24.9%
Information Technology	19.1%
Financials	15.4%
Consumer Discretionary	13.5%
Health Care	8.8%
Materials	7.1%
Energy	4.5%
Real Estate	2.7%
Utilities	1.9%
Other	2.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$62	1.17%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$143,066,702
# of Portfolio Holdings as of Period End100
Portfolio Turnover Rate for the Period30%
Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap Equity Fund

Class A

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X101-SAR-0226 Class A

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	24.9%
Information Technology	19.1%
Financials	15.4%
Consumer Discretionary	13.5%
Health Care	8.8%
Materials	7.1%
Energy	4.5%
Real Estate	2.7%
Utilities	1.9%
Other	2.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$101	1.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$143,066,702
# of Portfolio Holdings as of Period End100
Portfolio Turnover Rate for the Period30%
Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap Equity Fund

Class C

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X200-SAR-0226 Class C

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	24.9%
Information Technology	19.1%
Financials	15.4%
Consumer Discretionary	13.5%
Health Care	8.8%
Materials	7.1%
Energy	4.5%
Real Estate	2.7%
Utilities	1.9%
Other	2.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$44	0.84%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$143,066,702
# of Portfolio Holdings as of Period End100
Portfolio Turnover Rate for the Period30%
Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap Equity Fund

Institutional Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X309-SAR-0226 Institutional Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	24.9%
Information Technology	19.1%
Financials	15.4%
Consumer Discretionary	13.5%
Health Care	8.8%
Materials	7.1%
Energy	4.5%
Real Estate	2.7%
Utilities	1.9%
Other	2.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$48	0.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$143,066,702
# of Portfolio Holdings as of Period End100
Portfolio Turnover Rate for the Period30%
Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap Equity Fund

Investor Class

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X408-SAR-0226 Investor Class

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	24.9%
Information Technology	19.1%
Financials	15.4%
Consumer Discretionary	13.5%
Health Care	8.8%
Materials	7.1%
Energy	4.5%
Real Estate	2.7%
Utilities	1.9%
Other	2.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$44	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$143,066,702
# of Portfolio Holdings as of Period End100
Portfolio Turnover Rate for the Period30%
Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap Equity Fund

Class R6

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X416-SAR-0226 Class R6

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	24.9%
Information Technology	19.1%
Financials	15.4%
Consumer Discretionary	13.5%
Health Care	8.8%
Materials	7.1%
Energy	4.5%
Real Estate	2.7%
Utilities	1.9%
Other	2.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$75	1.42%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$143,066,702
# of Portfolio Holdings as of Period End100
Portfolio Turnover Rate for the Period30%
Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap Equity Fund

Class R

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X507-SAR-0226 Class R

Semi-Annual Shareholder Report

February 28, 2026

Table Summary
Industrials	24.9%
Information Technology	19.1%
Financials	15.4%
Consumer Discretionary	13.5%
Health Care	8.8%
Materials	7.1%
Energy	4.5%
Real Estate	2.7%
Utilities	1.9%
Other	2.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$44	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$143,066,702
# of Portfolio Holdings as of Period End100
Portfolio Turnover Rate for the Period30%
Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap Equity Fund

Class P

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

Share Classes Offered

Diversified/ Non-Diversified

Goldman Sachs Enhanced Dividend Global Equity Portfolio

A, Institutional, R6 and P

Diversified

Goldman Sachs Tax-Advantaged Global Equity Portfolio

A, Institutional, R6 and P

Diversified

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38150B319-SAR-0226 Class P

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.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

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.

GOLDMAN SACHS LARGE CAP EQUITY FUND

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 99.6%

Aerospace & Defense – 2.3%
45,906	General Electric Co.	$	15,711,788
33,023	L3Harris Technologies, Inc.		12,038,204
14,121	Woodward, Inc.		5,461,438

			33,211,430


Automobile Components – 0.4%
71,992	Aptiv PLC*		5,294,292


Automobiles – 2.0%
71,374	Tesla, Inc.*		28,728,749


Banks – 2.8%
143,345	Bank of America Corp.		7,142,881
83,421	Citigroup, Inc.		9,192,160
82,902	JPMorgan Chase & Co.		24,895,471

			41,230,512


Beverages – 1.5%
184,913	Coca-Cola Co. (The)		15,081,504
56,937	Coca-Cola Europacific Partners
	PLC (United Kingdom)		6,287,553

			21,369,057


Biotechnology – 1.2%
4,963	Argenx SE ADR (Netherlands)*		3,806,224
29,367	Insmed, Inc.*		4,385,374
14,011	Ionis Pharmaceuticals, Inc.*		1,136,993
5,746	Madrigal Pharmaceuticals, Inc.*		2,482,272
195,567	Roivant Sciences Ltd.*		5,659,709

			17,470,572


Broadline Retail – 3.5%
242,142	Amazon.com, Inc.*		50,849,820


Building Products – 0.8%
54,867	Builders FirstSource, Inc.*		5,722,079
14,343	Trane Technologies PLC		6,631,056

			12,353,135


Capital Markets – 3.2%
6,940	Blackrock, Inc.		7,378,816
44,686	Blackstone, Inc.		5,066,052
69,355	Charles Schwab Corp. (The)		6,602,596
33,944	Intercontinental Exchange, Inc.		5,571,229
67,505	Jefferies Financial Group, Inc.		2,997,222
51,872	Morgan Stanley		8,637,207
7,638	MSCI, Inc.		4,367,637
16,353	Robinhood Markets, Inc., Class A*		1,240,375
12,414	S&P Global, Inc.		5,485,498

			47,346,632


Chemicals – 1.7%
22,245	Linde PLC		11,302,240
24,783	Sherwin-Williams Co. (The)		8,986,068
57,488	Solstice Advanced Materials, Inc.		4,513,383

			24,801,691


Commercial Services & Supplies – 0.4%
37,164	Waste Connections, Inc.		6,397,039


Communications Equipment – 1.0%
61,326	Arista Networks, Inc.*		8,187,021


Shares	Description	Value

Common Stocks – (continued)

Communications Equipment – (continued)
14,543	Motorola Solutions, Inc.	$	7,013,507

			15,200,528


Construction Materials – 0.6%
13,904	Martin Marietta Materials, Inc.		9,407,029


Consumer Finance – 0.9%
64,363	Capital One Financial Corp.		12,591,977


Consumer Staples Distribution & Retail – 2.0%
8,915	Costco Wholesale Corp.		9,011,193
42,098	Performance Food Group Co.*		4,086,032
121,752	Walmart, Inc.		15,578,168

			28,675,393


Containers & Packaging – 0.4%
129,844	International Paper Co.		5,654,706


Electric Utilities – 1.1%
79,174	NextEra Energy, Inc.		7,424,146
209,868	PG&E Corp.		3,987,492
64,268	Xcel Energy, Inc.		5,357,381

			16,769,019


Electrical Equipment – 2.0%
27,505	Eaton Corp. PLC		10,339,679
13,416	GE Vernova, Inc.		11,720,218
17,415	Rockwell Automation, Inc.		7,095,742

			29,155,639


Electronic Equipment, Instruments & Components – 1.0%
70,207	Amphenol Corp., Class A		10,254,434
18,976	Coherent Corp.*		4,913,456

			15,167,890


Energy Equipment & Services – 0.4%
96,001	Baker Hughes Co.		6,265,025


Entertainment – 1.0%
83,016	Netflix, Inc.*		7,989,460
11,696	Spotify Technology SA*		6,022,738

			14,012,198


Financial Services – 3.5%
41,566	Berkshire Hathaway, Inc., Class B*		20,988,752
15,805	Corpay, Inc.*		5,138,206
31,734	Mastercard, Inc., Class A		16,413,142
19,805	Rocket Cos., Inc., Class A		360,253
28,332	Visa, Inc., Class A		9,070,206

			51,970,559


Ground Transportation – 1.8%
207,913	CSX Corp.		8,875,806
60,200	Old Dominion Freight Line, Inc.		12,223,610
76,946	Uber Technologies, Inc.*		5,803,267

			26,902,683


Health Care Equipment & Supplies – 1.6%
76,296	Abbott Laboratories		8,877,040
81,833	Boston Scientific Corp.*		6,288,866
14,888	Intuitive Surgical, Inc.*		7,496,257

			22,662,163


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

GOLDMAN SACHS LARGE CAP EQUITY FUND

Schedule of Investments (continued)

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Health Care Providers & Services – 1.1%
32,442	Cencora, Inc.	$	12,072,966
43,115	Guardant Health, Inc.*		4,048,498

			16,121,464


Health Care REITs – 0.3%
24,474	Welltower, Inc. REIT		5,069,055


Hotels, Restaurants & Leisure – 1.9%
24,726	DoorDash, Inc., Class A*		4,363,397
64,240	DraftKings, Inc., Class A*		1,531,482
37,997	Dutch Bros, Inc., Class A*		2,037,019
18,320	Hilton Worldwide Holdings, Inc.		5,711,810
15,545	Royal Caribbean Cruises Ltd.		4,833,873
66,544	Starbucks Corp.		6,522,643
9,761	Wingstop, Inc.		2,533,077

			27,533,301


Household Products – 1.3%
111,798	Procter & Gamble Co. (The)		18,692,626


Independent Power and Renewable Electricity Producers – 0.2%
19,334	Vistra Corp.		3,361,989


Industrial Conglomerates – 1.4%
54,763	3M Co.		9,053,419
47,584	Honeywell International, Inc.		11,590,986

			20,644,405


Industrial REITs – 0.6%
59,802	Prologis, Inc. REIT		8,525,971


Insurance – 2.2%
31,573	Allstate Corp. (The)		6,773,040
53,147	Arch Capital Group Ltd.*		5,322,672
30,884	Globe Life, Inc.		4,486,210
44,104	Marsh & McLennan Cos., Inc.		8,235,981
25,989	Travelers Cos., Inc. (The)		8,021,245

			32,839,148


Interactive Media & Services – 7.7%
125,314	Alphabet, Inc., Class A		39,067,893
117,470	Alphabet, Inc., Class C		36,583,682
56,519	Meta Platforms, Inc., Class A		36,634,485

			112,286,060


IT Services – 0.6%
18,356	International Business Machines
	Corp.		4,409,295
20,318	Snowflake, Inc.*		3,421,754

			7,831,049


Life Sciences Tools & Services – 1.5%
54,314	Agilent Technologies, Inc.		6,592,633
29,106	Repligen Corp.*		3,746,816
21,574	Thermo Fisher Scientific, Inc.		11,242,427

			21,581,876


Machinery – 1.2%
23,817	Caterpillar, Inc.		17,691,982


Metals & Mining – 0.3%
26,371	Steel Dynamics, Inc.		5,093,031


Shares	Description	Value

Common Stocks – (continued)

Multi-Utilities – 0.9%
87,835	CMS Energy Corp.	$	6,857,279
59,657	Sempra		5,743,179

			12,600,458


Oil, Gas & Consumable Fuels – 3.3%
39,022	Chevron Corp.		7,287,749
82,308	ConocoPhillips		9,338,666
19,296	DT Midstream, Inc.		2,679,056
30,277	Expand Energy Corp.		3,267,494
111,504	Exxon Mobil Corp.		17,004,360
81,432	Kinetik Holdings, Inc.^(a)		3,704,342
28,565	Phillips 66		4,408,436

			47,690,103


Passenger Airlines – 0.4%
54,129	United Airlines Holdings, Inc.*		5,753,913


Personal Care Products – 0.2%
32,341	elf Beauty, Inc.*		2,976,989


Pharmaceuticals – 4.1%
29,535	AstraZeneca PLC (United Kingdom)		6,156,571
24,205	Eli Lilly & Co.		25,463,418
74,249	Johnson & Johnson		18,445,679
81,155	Merck & Co., Inc.		10,048,612

			60,114,280


Real Estate Management & Development – 0.2%
68,724	CoStar Group, Inc.*		3,067,152


Residential REITs – 0.8%
174,132	American Homes 4 Rent, Class A REIT		5,223,960
35,318	AvalonBay Communities, Inc. REIT		6,259,409

			11,483,369


Semiconductors & Semiconductor Equipment – 13.3%
51,677	Advanced Micro Devices, Inc.*		10,346,252
31,049	Applied Materials, Inc.		11,559,543
109,964	Broadcom, Inc.		35,138,996
8,151	KLA Corp.		12,426,607
61,024	Marvell Technology, Inc.		4,985,050
33,213	Micron Technology, Inc.		13,696,045
561,610	NVIDIA Corp.		99,511,676
16,629	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		6,228,891

			193,893,060


Software – 8.1%
12,686	AppLovin Corp., Class A*		5,515,492
20,799	Cadence Design Systems, Inc.*		6,268,819
3,053	Crowdstrike Holdings, Inc., Class A*		1,135,655
25,448	Datadog, Inc., Class A*		2,849,158
11,951	Intuit, Inc.		4,888,317
181,320	Microsoft Corp.		71,211,617
51,497	Oracle Corp.		7,487,664
61,488	Palantir Technologies, Inc., Class A*		8,435,539


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

GOLDMAN SACHS LARGE CAP EQUITY FUND


Shares	Description	Value

Common Stocks – (continued)

Software – (continued)
18,172	Salesforce, Inc.	$	3,539,724
121,286	Samsara, Inc., Class A*		3,505,165
20,094	Zscaler, Inc.*		2,953,617

			117,790,767


Specialized REITs – 1.0%
37,998	American Tower Corp. REIT		7,290,296
6,863	Equinix, Inc. REIT		6,686,347

			13,976,643


Specialty Retail – 2.3%
1,554	AutoZone, Inc.*		5,836,171
39,265	Home Depot, Inc. (The)		14,948,971
30,279	Ross Stores, Inc.		6,226,574
43,845	TJX Cos., Inc. (The)		7,087,983

			34,099,699


Technology Hardware, Storage & Peripherals – 6.9%
336,016	Apple, Inc.		88,768,707
40,154	Dell Technologies, Inc., Class C		5,946,004
21,063	Western Digital Corp.		5,891,321

			100,606,032


Wireless Telecommunication Services – 0.7%
46,126	T-Mobile US, Inc.		10,013,493

TOTAL COMMON STOCKS (Cost $822,732,174)			1,454,825,653

Shares	Dividend Rate	Value

Investment Company – 0.3%^(b)
Goldman Sachs Financial Square Government Fund -Institutional Shares
3,869,286	3.589%		3,869,286
(Cost $3,869,286)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $826,601,460)			1,458,694,939




Securities Lending Reinvestment Vehicle – 0.3%^(b)

Goldman Sachs Financial Square Government Fund - Institutional Shares
3,791,472	3.589%		3,791,472
(Cost $3,791,472)

TOTAL INVESTMENTS – 100.2% (Cost $830,392,932)		$	1,462,486,411

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%			(2,631,577	)

NET ASSETS – 100.0%		$	1,459,854,834



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

*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS MID CAP GROWTH FUND

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 98.6%

Aerospace & Defense – 10.9%
35,141	Axon Enterprise, Inc.*	$	19,060,478
157,587	Howmet Aerospace, Inc.		41,371,315
40,964	L3Harris Technologies, Inc.		14,933,017
177,004	Rocket Lab Corp.*		12,230,976
48,656	Woodward, Inc.		18,818,195

			106,413,981


Beverages – 1.1%
101,549	Coca-Cola Europacific Partners
	PLC (United Kingdom)		11,214,056


Biotechnology – 5.6%
17,455	Alnylam Pharmaceuticals, Inc.*		5,811,119
7,628	Argenx SE ADR (Netherlands)*		5,850,066
82,818	Insmed, Inc.*		12,367,212
116,280	Ionis Pharmaceuticals, Inc.*		9,436,122
11,625	Madrigal Pharmaceuticals, Inc.*		5,022,000
42,206	REVOLUTION Medicines, Inc.*		4,305,856
420,943	Roivant Sciences Ltd.*		12,182,090

			54,974,465


Broadline Retail – 0.8%
87,461	eBay, Inc.		7,946,706


Building Products – 0.8%
71,504	Builders FirstSource, Inc.*		7,457,152


Capital Markets – 0.3%
60,852	Jefferies Financial Group, Inc.		2,701,829


Chemicals – 1.6%
204,986	Solstice Advanced Materials, Inc.		16,093,451


Construction & Engineering – 4.0%
69,808	Quanta Services, Inc.		39,307,489


Construction Materials – 2.1%
30,220	Martin Marietta Materials, Inc.		20,445,945


Consumer Staples Distribution & Retail – 1.0%
14,432	Casey’s General Stores, Inc.		9,894,435


Electrical Equipment – 6.4%
51,144	Rockwell Automation, Inc.		20,838,623
164,834	Vertiv Holdings Co., Class A		42,014,538

			62,853,161


Electronic Equipment, Instruments & Components – 4.7%
68,047	Coherent Corp.*		17,619,410
77,865	Jabil, Inc.		20,633,446
354,568	Mirion Technologies, Inc.*		7,662,214

			45,915,070


Entertainment – 4.2%
148,465	Live Nation Entertainment, Inc.*		24,072,115
245,135	ROBLOX Corp., Class A*		16,830,969

			40,903,084


Financial Services – 2.3%
52,490	Corpay, Inc.*		17,064,499
301,083	Rocket Cos., Inc., Class A		5,476,700

			22,541,199


Ground Transportation – 1.9%
56,666	Old Dominion Freight Line, Inc.	$	11,506,031


Shares	Description	Value

Common Stocks – (continued)

Ground Transportation – (continued)
18,338	Saia, Inc.*	$	7,434,042

			18,940,073


Health Care Equipment & Supplies – 3.0%
274,259	Dexcom, Inc.*		20,138,838
36,204	Insulet Corp.*		8,928,269

			29,067,107


Health Care Providers & Services – 5.9%
121,780	Cencora, Inc.		45,319,209
134,086	Guardant Health, Inc.*		12,590,676

			57,909,885


Hotels, Restaurants & Leisure – 10.7%
170,326	Cava Group, Inc.*		14,046,785
55,250	DoorDash, Inc., Class A*		9,749,967
374,427	DraftKings, Inc., Class A*		8,926,340
188,650	Dutch Bros, Inc., Class A*		10,113,527
113,707	Hilton Worldwide Holdings, Inc.		35,451,568
67,291	Royal Caribbean Cruises Ltd.		20,924,809
23,586	Wingstop, Inc.		6,120,803

			105,333,799


Household Durables – 0.7%
59,089	Lennar Corp., Class A		6,757,418


Independent Power and Renewable Electricity Producers – 3.1%
172,570	Vistra Corp.		30,008,197


Interactive Media & Services – 1.4%
96,607	Reddit, Inc., Class A*		14,086,267


IT Services – 2.5%
117,698	Cloudflare, Inc., Class A*		20,266,419
12,928	MongoDB, Inc.*		4,246,460

			24,512,879


Life Sciences Tools & Services – 3.4%
117,180	Agilent Technologies, Inc.		14,223,308
8,549	Mettler-Toledo International,
	Inc.*		11,683,833
60,496	QIAGEN NV		3,012,701
36,071	Repligen Corp.*		4,643,420

			33,563,262


Oil, Gas & Consumable Fuels – 1.3%
118,536	Expand Energy Corp.		12,792,405


Personal Care Products – 1.1%
113,885	elf Beauty, Inc.*		10,483,114


Pharmaceuticals – 0.5%
108,532	Royalty Pharma PLC, Class A		5,015,264


Semiconductors & Semiconductor Equipment – 4.4%
64,995	Marvell Technology, Inc.		5,309,441
18,657	Monolithic Power Systems, Inc.		21,320,100
52,859	Teradyne, Inc.		16,916,466

			43,546,007


Software – 4.2%
142,311	Datadog, Inc., Class A*		15,933,140
92,632	Elastic NV*		4,823,348
7,931	Fair Isaac Corp.*		11,177,634


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

GOLDMAN SACHS MID CAP GROWTH FUND


Shares	Description	Value

Common Stocks – (continued)

Software – (continued)

65,214	Zscaler, Inc.*	$	9,585,806

			41,519,928


Specialty Retail – 4.2%

41,379	Carvana Co.*		13,827,207

25,083	Five Below, Inc.*		5,606,803

106,183	Ross Stores, Inc.		21,835,472

			41,269,482


Textiles, Apparel & Luxury Goods – 1.2%

258,088	On Holding AG, Class A

	(Switzerland)*		11,995,930


Trading Companies & Distributors – 3.3%

49,816	FTAI Aviation Ltd.		15,233,733

20,124	United Rentals, Inc.		16,904,160

			32,137,893

TOTAL COMMON STOCKS (Cost $763,818,138)			967,600,933


Shares	Dividend Rate	Value

Investment Company – 1.3%^(a)

Goldman Sachs Financial Square Government Fund - Institutional Shares
12,280,741	3.589%		12,280,741
(Cost $12,280,741)

TOTAL INVESTMENTS – 99.9% (Cost $776,098,879)		$	979,881,674

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			507,219

NET ASSETS – 100.0%		$	980,388,893



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

*		Non-income producing security.
(a)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 98.4%

Aerospace & Defense – 5.3%
42,504	Karman Holdings, Inc.*	$	3,745,027
91,062	Loar Holdings, Inc.*		6,446,279
20,953	Moog, Inc., Class A		7,070,171
64,129	Voyager Technologies, Inc., Class A*		1,711,603
15,902	VSE Corp.		3,610,867

			22,583,947


Automobile Components – 0.7%
26,340	Dorman Products, Inc.*		3,104,432


Beverages – 1.0%
71,838	Vita Coco Co., Inc. (The)*		4,170,914


Biotechnology – 9.4%
74,613	Alkermes PLC*		2,245,851
38,036	Apogee Therapeutics, Inc.*		2,662,520
30,458	Arcellx, Inc.*		3,465,816
12,765	Blueprint Medicines Corp.*^(a)		5,872
72,608	CG oncology, Inc.*		4,269,350
27,938	Cytokinetics, Inc.*		1,738,302
36,809	Dianthus Therapeutics, Inc.*		2,031,489
121,062	Erasca, Inc.*		1,653,707
37,118	Ionis Pharmaceuticals, Inc.*		3,012,126
9,774	Krystal Biotech, Inc.*		2,694,105
9,173	Madrigal Pharmaceuticals, Inc.*		3,962,736
74,655	Mineralys Therapeutics, Inc.*		2,184,405
34,905	Protagonist Therapeutics, Inc.*		3,214,053
30,348	REVOLUTION Medicines, Inc.*		3,096,103
32,533	Ultragenyx Pharmaceutical, Inc.*		760,947
59,241	Xenon Pharmaceuticals, Inc.
	(Canada)*		2,560,989

			39,558,371


Broadline Retail – 0.7%
26,136	Ollie’s Bargain Outlet Holdings, Inc.*		2,799,166


Building Products – 1.4%
19,787	CSW Industrials, Inc.		5,823,908


Capital Markets – 3.4%
20,630	Piper Sandler Cos.		6,097,196
42,645	Victory Capital Holdings, Inc.,
	Class A		2,950,181
306,108	WisdomTree, Inc.		5,237,508

			14,284,885


Chemicals – 1.8%
49,778	Ingevity Corp.*		3,585,509
53,514	Solstice Advanced Materials, Inc.		4,201,384

			7,786,893


Commercial Services & Supplies – 1.3%
57,827	Casella Waste Systems, Inc.,
	Class A*		5,387,163


Communications Equipment – 1.2%
62,457	Applied Optoelectronics, Inc.*		5,260,753


Construction & Engineering – 5.8%
94,251	Centuri Holdings, Inc.*		2,921,781
15,127	Dycom Industries, Inc.*		6,353,643


Shares	Description	Value

Common Stocks – (continued)

Construction & Engineering – (continued)
55,510	Fluor Corp.*		2,903,728
24,468	MYR Group, Inc.*		6,605,381
22,393	Primoris Services Corp.		3,375,073
81,487	Solv Energy, Inc., Class A*		2,568,470

			24,728,076


Consumer Finance – 0.9%
26,101	Enova International, Inc.*		3,629,344


Consumer Staples Distribution & Retail – 0.7%
42,048	Chefs’ Warehouse, Inc. (The)*		3,001,807


Diversified Consumer Services – 0.7%
128,953	OneSpaWorld Holdings Ltd.
	(Bahamas)		2,776,358


Electrical Equipment – 1.5%
58,922	Nextpower, Inc., Class A*		6,192,702


Electronic Equipment, Instruments & Components – 7.7%
21,684	Advanced Energy Industries, Inc.		7,276,500
30,770	Badger Meter, Inc.		4,690,271
12,078	Fabrinet (Thailand)*		6,590,119
113,471	Mirion Technologies, Inc.*		2,452,108
35,193	Novanta, Inc.*		4,730,995
20,073	Plexus Corp.*		3,896,772
74,060	Vontier Corp.		3,030,535

			32,667,300


Energy Equipment & Services – 1.7%
122,300	Archrock, Inc.		4,320,859
23,592	Kodiak Gas Services, Inc.		1,287,416
27,878	Solaris Oilfield Infrastructure, Inc.		1,383,585

			6,991,860


Financial Services – 0.7%
179,547	Remitly Global, Inc.*		2,998,435


Ground Transportation – 1.0%
10,845	Saia, Inc.*		4,396,455


Health Care Equipment & Supplies – 5.8%
35,828	Glaukos Corp.*		4,313,691
27,914	iRhythm Holdings, Inc.*		3,733,498
89,420	Kestra Medical Technologies Ltd.*		2,081,698
51,994	LeMaitre Vascular, Inc.		5,624,711
66,416	Merit Medical Systems, Inc.*		5,125,987
26,944	TransMedics Group, Inc.*		3,913,885

			24,793,470


Health Care Providers & Services – 4.8%
107,650	BrightSpring Health Services, Inc.*		4,459,940
22,909	GeneDx Holdings Corp.*		1,826,076
48,958	Guardant Health, Inc.*		4,597,156
108,196	Lumexa Imaging Holdings, Inc.*		1,529,891
86,212	Pennant Group, Inc. (The)*		2,906,207
71,405	RadNet, Inc.*		4,984,783

			20,304,053


Health Care Technology – 0.7%
38,856	HeartFlow, Inc.*		899,905


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

GOLDMAN SACHS SMALL CAP GROWTH FUND


Shares	Description	Value

Common Stocks – (continued)

Health Care Technology – (continued)
88,407	Waystar Holding Corp.*		2,267,640

			3,167,545


Hotels, Restaurants & Leisure – 5.1%
81,287	Black Rock Coffee Bar, Inc., Class A*		1,084,368
42,145	Brinker International, Inc.*		6,245,889
34,966	Cava Group, Inc.*		2,883,646
70,356	Dutch Bros, Inc., Class A*		3,771,785
158,685	Life Time Group Holdings, Inc.*		4,284,495
32,973	Shake Shack, Inc., Class A*		3,165,738

			21,435,921


Household Durables – 0.9%
11,995	Installed Building Products, Inc.		3,931,481


Insurance – 1.7%
40,864	Goosehead Insurance, Inc., Class A*		2,214,829
40,179	Palomar Holdings, Inc.*		4,970,544

			7,185,373


IT Services – 1.1%
84,588	DigitalOcean Holdings, Inc.*		4,742,003


Life Sciences Tools & Services – 0.5%
17,792	Repligen Corp.*		2,290,364


Machinery – 10.0%
27,472	Enpro, Inc.		7,105,633
53,616	Esab Corp.		6,764,731
44,065	Federal Signal Corp.		5,130,488
47,893	Franklin Electric Co., Inc.		4,771,100
34,125	Helios Technologies, Inc.		2,433,795
11,803	RBC Bearings, Inc.*		6,797,584
35,019	Timken Co. (The)		3,795,359
16,747	Watts Water Technologies, Inc., Class A		5,505,409

			42,304,099


Metals & Mining – 0.3%
53,776	Coeur Mining, Inc.*		1,460,018


Pharmaceuticals – 1.4%
95,457	Definium Therapeutics, Inc.*		1,665,725
15,442	Ligand Pharmaceuticals, Inc.*		3,062,303
92,513	WaVe Life Sciences Ltd.*		1,288,706

			6,016,734


Professional Services – 0.7%
43,720	Parsons Corp.*		2,885,520


Semiconductors & Semiconductor Equipment – 9.6%
112,082	Allegro MicroSystems, Inc. (Japan)*		4,087,630
92,091	Ambiq Micro, Inc.*		2,827,194
30,582	Camtek Ltd. (Israel)*		5,119,121
44,140	Credo Technology Group Holding Ltd.*		4,955,598
54,285	FormFactor, Inc.*		5,367,701
77,911	Lattice Semiconductor Corp.*		7,449,850
21,059	Onto Innovation, Inc.*		4,546,427


Shares	Description	Value

Common Stocks – (continued)

Semiconductors & Semiconductor Equipment – (continued)
16,161	SiTime Corp.*		6,430,139

			40,783,660


Software – 4.4%
302,571	Amplitude, Inc., Class A*		2,208,768
116,089	Braze, Inc., Class A*		2,204,530
81,881	Gitlab, Inc., Class A*		2,153,470
78,614	Intapp, Inc.*		1,763,312
70,936	JFrog Ltd.*		2,848,081
176,780	Klaviyo, Inc., Class A*		3,077,740
26,965	ServiceTitan, Inc., Class A*		1,951,996
137,359	Tenable Holdings, Inc.*		2,641,414

			18,849,311


Specialty Retail – 2.0%
21,727	Boot Barn Holdings, Inc.*		4,111,183
20,423	Five Below, Inc.*		4,565,153

			8,676,336


Textiles, Apparel & Luxury Goods – 0.8%
50,176	Kontoor Brands, Inc.		3,271,977


Trading Companies & Distributors – 1.7%
26,824	Herc Holdings, Inc.		3,749,727
7,882	Watsco, Inc.		3,289,395

			7,039,122

TOTAL COMMON STOCKS (Cost $330,794,386)			417,279,756

Shares	Dividend Rate	Value

Investment Company – 2.2%^(b)

Goldman Sachs Financial Square Government Fund - Institutional Shares
9,246,604	3.589%		9,246,604
(Cost $9,246,604)

TOTAL INVESTMENTS – 100.6% (Cost $340,040,990)		$	426,526,360

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%			(2,518,745	)

NET ASSETS – 100.0%		$	424,007,615



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

*		Non-income producing security.
(a)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(b)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 99.1%

Aerospace & Defense – 5.9%
157,155	Karman Holdings, Inc.*	$	13,846,927
302,557	Loar Holdings, Inc.*^(a)		21,418,010
61,006	Moog, Inc., Class A		20,585,255
73,028	VSE Corp.		16,582,468

			72,432,660


Biotechnology – 11.1%
35,334	Ascendis Pharma A/S ADR
	(Denmark)*		8,250,489
165,277	Bridgebio Pharma, Inc.*		10,987,615
87,019	CG oncology, Inc.*		5,116,717
112,482	Cytokinetics, Inc.*		6,998,630
97,886	Insmed, Inc.*		14,617,316
187,207	Ionis Pharmaceuticals, Inc.*		15,191,848
20,245	Madrigal Pharmaceuticals, Inc.*		8,745,840
75,083	Natera, Inc.*		15,620,267
22,286	Praxis Precision Medicines, Inc.*		7,504,810
30,011	Protagonist Therapeutics, Inc.*		2,763,413
133,786	REVOLUTION Medicines, Inc.*		13,648,848
77,319	Rhythm Pharmaceuticals, Inc.*		7,169,791
674,688	Roivant Sciences Ltd.*		19,525,471

			136,141,055


Broadline Retail – 0.6%
70,431	Ollie’s Bargain Outlet Holdings, Inc.*		7,543,160


Building Products – 1.3%
53,324	CSW Industrials, Inc.		15,694,853


Capital Markets – 2.3%
89,724	Houlihan Lokey, Inc.		14,694,099
39,130	Jefferies Financial Group, Inc.		1,737,372
38,810	Piper Sandler Cos.		11,470,296

			27,901,767


Chemicals – 1.0%
157,663	Solstice Advanced Materials, Inc.		12,378,122


Communications Equipment – 1.4%
25,082	Lumentum Holdings, Inc.*		17,580,225


Construction & Engineering – 6.0%
9,683	Comfort Systems USA, Inc.		13,840,590
34,601	Dycom Industries, Inc.*		14,533,112
22,500	EMCOR Group, Inc.		16,303,950
184,290	Fluor Corp.*		9,640,210
52,440	MYR Group, Inc.*		14,156,702
161,381	Solv Energy, Inc., Class A*		5,086,729

			73,561,293


Consumer Finance – 0.9%
75,659	Enova International, Inc.*		10,520,384


Consumer Staples Distribution & Retail – 0.7%
12,013	Casey’s General Stores, Inc.		8,235,993


Electrical Equipment – 2.2%
13,728	Bloom Energy Corp., Class A*		2,137,037
18,587	Hubbell, Inc.		9,509,667
141,868	Nextpower, Inc., Class A*		14,910,327

			26,557,031


Shares	Description	Value

Common Stocks – (continued)

Electronic Equipment, Instruments & Components – 7.9%
58,351	Advanced Energy Industries, Inc.	$	19,580,845
45,059	Badger Meter, Inc.		6,868,343
104,800	Coherent Corp.*		27,135,864
37,879	Fabrinet (Thailand)*		20,667,919
436,945	Mirion Technologies, Inc.*		9,442,381
99,839	Novanta, Inc.*		13,421,357

			97,116,709


Energy Equipment & Services – 0.9%
211,333	Archrock, Inc.		7,466,395
81,444	Solaris Oilfield Infrastructure,
	Inc.		4,042,066

			11,508,461


Financial Services – 2.4%
202,931	Affirm Holdings, Inc.*		9,533,698
280,858	Equitable Holdings, Inc.		11,296,109
287,074	Toast, Inc., Class A*		7,839,991

			28,669,798


Ground Transportation – 1.3%
40,433	Saia, Inc.*		16,391,134


Health Care Equipment & Supplies – 2.6%
154,424	Globus Medical, Inc., Class A*		14,741,315
216,223	Merit Medical Systems, Inc.*		16,688,091

			31,429,406


Health Care Providers & Services – 4.2%
286,752	BrightSpring Health Services,
	Inc.*		11,880,135
73,609	Ensign Group, Inc. (The)		15,764,840
116,167	Guardant Health, Inc.*		10,908,081
179,115	RadNet, Inc.*		12,504,018

			51,057,074


Health Care Technology – 0.5%
261,225	Waystar Holding Corp.*		6,700,421


Hotels, Restaurants & Leisure – 7.8%
86,342	Brinker International, Inc.*		12,795,884
184,274	Cava Group, Inc.*		15,197,077
271,610	Dutch Bros, Inc., Class A*		14,561,012
87,026	Hyatt Hotels Corp., Class A^(a)		14,054,699
381,096	Life Time Group Holdings, Inc.*		10,289,592
172,053	Planet Fitness, Inc., Class A*		14,134,154
79,227	Texas Roadhouse, Inc.		14,488,242

			95,520,660


Household Durables – 2.0%
127,094	SharkNinja, Inc.*		15,616,040
53,932	Toll Brothers, Inc.		8,480,267

			24,096,307


IT Services – 1.6%
23,337	MongoDB, Inc.*		7,665,505
102,341	Twilio, Inc., Class A*		12,379,167

			20,044,672


Life Sciences Tools & Services – 1.8%
225,575	Bio-Techne Corp.		13,308,925


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND


Shares	Description	Value

Common Stocks – (continued)

Life Sciences Tools & Services – (continued)
71,329	Repligen Corp.*	$	9,182,182

			22,491,107


Machinery – 10.3%
64,477	Crane Co.		12,929,573
59,664	Enpro, Inc.		15,432,094
130,818	Esab Corp.		16,505,307
130,133	Federal Signal Corp.		15,151,385
89,716	Franklin Electric Co., Inc.		8,937,508
43,965	IDEX Corp.		9,209,349
77,305	Nordson Corp.		22,684,379
34,526	RBC Bearings, Inc.*		19,884,214
45,151	Timken Co. (The)		4,893,465

			125,627,274


Metals & Mining – 0.3%
153,040	Coeur Mining, Inc.*		4,155,036


Pharmaceuticals – 0.4%
22,370	Ligand Pharmaceuticals, Inc.*		4,436,195


Semiconductors & Semiconductor Equipment – 9.4%
112,391	Credo Technology Group Holding Ltd.*		12,618,138
287,392	Lattice Semiconductor Corp.*		27,480,423
106,632	MACOM Technology Solutions
	Holdings, Inc.*		26,457,532
99,423	Onto Innovation, Inc.*		21,464,431
85,703	Teradyne, Inc.		27,427,531

			115,448,055


Software – 3.8%
302,759	Klaviyo, Inc., Class A*		5,271,034
155,060	Procore Technologies, Inc.*		8,534,503
59,302	PTC, Inc.*		9,286,100
131,318	Rubrik, Inc., Class A*		6,823,283
310,020	SailPoint, Inc.*		4,371,282
213,735	Samsara, Inc., Class A*		6,176,942
84,347	ServiceTitan, Inc., Class A*		6,105,879

			46,569,023


Specialty Retail – 1.7%
49,822	Boot Barn Holdings, Inc.*		9,427,319
55,093	Dick’s Sporting Goods, Inc.		11,218,587

			20,645,906


Technology Hardware, Storage & Peripherals – 1.0%
186,669	Pure Storage, Inc., Class A*		11,987,883


Textiles, Apparel & Luxury Goods – 3.0%
316,422	Amer Sports, Inc. (Finland)*		12,017,708
190,664	On Holding AG, Class A (Switzerland)*		8,862,063
98,658	Tapestry, Inc.		15,338,359

			36,218,130


Trading Companies & Distributors – 2.8%
27,855	Applied Industrial Technologies, Inc.		7,871,266
65,662	Herc Holdings, Inc.		9,178,891
24,248	Watsco, Inc.		10,119,418


Shares	Description	Value

Common Stocks – (continued)

Trading Companies & Distributors – (continued)
25,119	WESCO International, Inc.	$	7,271,950

			34,441,525

TOTAL COMMON STOCKS (Cost $928,572,411)			1,213,101,319


Shares	Dividend Rate	Value



Investment Company – 1.7%^(b)

Goldman Sachs Financial Square Government Fund - Institutional Shares
21,386,463	3.589%		21,386,463
(Cost $21,386,463)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $949,958,874)			1,234,487,782




Securities Lending Reinvestment Vehicle – 0.1%^(b)

Goldman Sachs Financial Square Government Fund - Institutional Shares
875,852	3.589%		875,852
(Cost $875,852)

TOTAL INVESTMENTS – 100.9% (Cost $950,834,726)		$	1,235,363,634

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%			(10,859,877	)

NET ASSETS – 100.0%		$	1,224,503,757



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

*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.


Investment Abbreviations:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)


	Large Cap Equity Fund		Mid Cap Growth Fund		Small Cap Growth Fund

Assets:

Investments in unaffiliated issuers, at value (cost $822,732,174, $763,818,138 and $330,794,386, respectively)^(a)	$	1,454,825,653	$	967,600,933	$	417,279,756

Investments in affiliated issuers, at value (cost $3,869,286, $12,280,741 and $9,246,604, respectively)		3,869,286		12,280,741		9,246,604

Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		3,791,472		—		—

Cash		731,765		—		—

Receivables:

Dividends		1,223,557		230,517		53,604

Investments sold		459,057		5,268,597		2,845,004

Fund shares sold		86,800		922,031		510,648

Reimbursement from investment adviser		34,110		16,268		10,332

Securities lending income		2,500		—		1,673

Other assets		76,711		73,683		49,537

Total assets		1,465,100,911		986,392,770		429,997,158


Liabilities:

Payables:

Payable upon return of securities loaned		3,791,472		—		—

Fund shares redeemed		786,414		1,239,746		200,286

Management fees		330,016		259,227		116,757

Distribution and Service fees and Transfer Agency fees		125,361		52,643		9,616

Investments purchased		—		4,297,329		5,591,427

Accrued expenses		212,814		154,932		71,457

Total liabilities		5,246,077		6,003,877		5,989,543


Net Assets:

Paid-in capital		821,528,476		760,765,942		350,579,347

Total distributable earnings		638,326,358		219,622,951		73,428,268

NET ASSETS	$	1,459,854,834	$	980,388,893	$	424,007,615


Net Assets:

Class A	$	999,543,198	$	213,259,382	$	4,026,831

Class C		17,077,305		8,494,820		1,688,283

Institutional		210,648,581		303,830,048		211,193,585

Service		208,275		22,274,706		—

Investor		24,608,971		128,431,429		164,760,281

Class R6		12,566,205		232,322,092		26,480,206

Class R		9,669,153		30,818,317		—

Class P		185,533,146		40,958,099		15,858,429

Total Net Assets	$	1,459,854,834	$	980,388,893	$	424,007,615

Shares Outstanding $0.001 par value (unlimited number of shares authorized):

Class A		29,932,912		19,650,956		227,478

Class C		1,490,806		429,466		99,952

Institutional		5,011,961		14,459,610		11,675,530

Service		6,846		2,725,433		—

Investor		708,741		9,278,180		9,155,640

Class R6		299,145		11,025,082		1,463,826

Class R		322,303		3,778,606		—

Class P		4,424,592		1,942,305		876,701

Net asset value, offering and redemption price per share:^(b)

Class A	$	33.39	$	10.85	$	17.70

Class C		11.46		19.78		16.89

Institutional		42.03		21.01		18.09

Service		30.42		8.17		—

Investor		34.72		13.84		18.00

Class R6		42.01		21.07		18.09

Class R		30.00		8.16		—

Class P		41.93		21.09		18.09

^(a)	Includes loaned securities having a market value of $3,593,210, $– and $– for Large Cap Equity Fund, Mid Cap Growth Fund and Small Cap Growth Fund, respectively.

^(b)

Maximum public offering price per share for Class A Shares of the Large Cap Equity Fund, Mid Cap Growth Fund and Small Cap Growth Fund is $35.33, $11.48 and $18.73, 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 FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities (continued)

February 28, 2026 (Unaudited)


	Small/Mid Cap Growth Fund

Assets:

Investments in unaffiliated issuers, at value (cost $928,572,411)^(a)	$	1,213,101,319

Investments in affiliated issuers, at value (cost $21,386,463)		21,386,463

Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		875,852

Cash		17,143,563

Receivables:

Investments sold		5,543,206

Fund shares sold		248,670

Dividends		152,958

Securities lending income		42

Other assets		58,388

Total assets		1,258,510,461


Liabilities:

Payables:

Investments purchased		29,980,233

Fund shares redeemed		2,557,324

Payable upon return of securities loaned		875,852

Management fees		346,188

Distribution and Service fees and Transfer Agency fees		48,677

Accrued expenses		198,430

Total liabilities		34,006,704


Net Assets:

Paid-in capital		899,807,371

Total distributable earnings		324,696,386

NET ASSETS	$	1,224,503,757


Net Assets:

Class A	$	209,985,065

Class C		16,833,113

Institutional		437,289,459

Service		905,021

Investor		183,641,151

Class R6		88,095,513

Class R		6,546,973

Class P		281,207,462

Total Net Assets	$	1,224,503,757

Shares Outstanding $0.001 par value (unlimited number of shares authorized):

Class A		10,793,455

Class C		1,382,810

Institutional		18,770,207

Service		50,391

Investor		8,477,749

Class R6		3,773,928

Class R		376,155

Class P		12,043,665

Net asset value, offering and redemption price per share:^(b)

Class A	$	19.45

Class C		12.17

Institutional		23.30

Service		17.96

Investor		21.66

Class R6		23.34

Class R		17.40

Class P		23.35

^(a)

Includes loaned securities having a market value of $811,134 for Small/Mid Cap Growth Fund.

^(b)

Maximum public offering price per share for Class A Shares of the Small/Mid Cap Growth Fund is $20.58. 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.		13

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Six Months Ended February 28, 2026 (Unaudited)


	Large Cap Equity Fund			Mid Cap Growth Fund			Small Cap Growth Fund

Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $11,580, $– and $–, respectively)	$	6,789,844		$	1,588,839		$	288,112

Dividends — affiliated issuers		82,094			274,888			117,700

Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		15,385			—			—

Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		—			39,384			65,969

Total Investment Income		6,887,323			1,903,111			471,781



Expenses:

Management fees		5,041,399			4,522,434			1,652,234

Distribution and/or Service (12b-1) fees^(a)		1,357,636			413,347			9,790

Transfer Agency fees^(a)		870,764			390,691			166,622

Custody, accounting and administrative services		101,558			55,454			31,254

Printing and mailing costs		71,710			50,289			18,797

Professional fees		63,614			67,735			62,324

Registration fees		51,354			35,897			69,991

Service fees — Class C		22,694			11,081			1,841

Service fees — Service		291			—			—

Trustee fees		15,144			14,716			14,049

Shareholder Administration fees — Service Shares		—			28,681			—

Other		19,513			14,672			9,205

Total expenses		7,615,677			5,604,997			2,036,107

Less — expense reductions		(817,639	)		(885,453	)		(205,135	)

Net expenses		6,798,038			4,719,544			1,830,972

NET INVESTMENT INCOME (LOSS)		89,285			(2,816,433	)		(1,359,191	)



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		65,821,632			35,312,717			1,862,010

Foreign currency transactions		(1,248	)		(2,334	)		—

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		2,724,700			(10,948,086	)		34,571,953

Foreign currency translations		32			—			—

Net realized and unrealized gain		68,545,116			24,362,297			36,433,963

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,634,401		$	21,545,864		$	35,074,772

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


	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Large Cap Equity Fund		$1,264,368		$68,083		$291		$24,894		$758,625		$13,617		$40,642		$47		$20,974		$2,051		$7,468		$27,340
Mid Cap Growth Fund		272,752		33,241		28,681		78,673		163,652		6,648		59,401		4,589		90,127		36,267		23,602		6,405
Small Cap Growth Fund		4,267		5,523		–		–		2,560		1,104		37,986		–		119,849		2,856		–		2,267


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations (continued)

For the Six Months Ended February 28, 2026 (Unaudited)


	Small/Mid Cap Growth Fund

Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $–)	$	2,224,004

Dividends — affiliated issuers		231,493

Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		4,060

Total Investment Income		2,459,557



Expenses:

Management fees		5,539,654

Transfer Agency fees^(a)		477,967

Distribution and/or Service (12b-1) fees^(a)		344,249

Custody, accounting and administrative services		71,994

Printing and mailing costs		65,267

Professional fees		63,107

Registration fees		38,129

Service fees — Class C		22,047

Trustee fees		15,117

Shareholder Administration fees — Service Shares		1,123

Other		32,564

Total expenses		6,671,218

Less — expense reductions		(95,792	)

Net expenses		6,575,426

NET INVESTMENT LOSS		(4,115,869	)



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		136,042,323

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(3,214,012	)

Net realized and unrealized gain		132,828,311

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	128,712,442

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


	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Small/Mid Cap Growth Fund		$261,320		$66,141		$1,123		$15,665		$156,793		$13,228		$97,939		$180		$147,680		$14,560		$4,700		$42,887


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets


	Large Cap Equity Fund						Mid Cap Growth Fund

	For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025			For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025

From operations:

Net investment income (loss)	$	89,285		$	2,960,556		$	(2,816,433	)	$	(3,084,185	)

Net realized gain		65,820,384			122,968,484			35,310,383			167,440,803

Net change in unrealized gain (loss)		2,724,732			74,672,930			(10,948,086	)		41,423,658

Net increase in net assets resulting from operations		68,634,401			200,601,970			21,545,864			205,780,276



Distributions to shareholders:

From distributable earnings:

Class A Shares		(110,999,792	)		(111,397,266	)		(45,714,833	)		(31,621,975	)

Class C Shares		(4,885,975	)		(4,918,022	)		(1,118,865	)		(849,304	)

Institutional Shares		(19,445,781	)		(13,667,589	)		(35,698,108	)		(25,038,293	)

Service Shares		(26,219	)		(101,880	)		(6,057,295	)		(3,806,977	)

Investor Shares		(3,086,160	)		(6,342,017	)		(21,347,660	)		(12,134,205	)

Class R6 Shares		(1,284,975	)		(1,331,534	)		(29,201,929	)		(18,054,905	)

Class R Shares		(1,164,404	)		(1,322,424	)		(8,264,354	)		(5,597,392	)

Class P Shares		(16,943,084	)		(15,609,860	)		(5,278,330	)		(3,641,014	)

Total distributions to shareholders		(157,836,390	)		(154,690,592	)		(152,681,374	)		(100,744,065	)



From share transactions:

Proceeds from sales of shares		111,919,093			59,102,972			98,695,709			182,933,340

Reinvestment of distributions		151,675,603			147,901,145			142,934,610			94,851,333

Cost of shares redeemed		(111,907,302	)		(187,324,232	)		(148,884,178	)		(259,755,250	)

Net increase in net assets resulting from share transactions		151,687,394			19,679,885			92,746,141			18,029,423

TOTAL INCREASE (DECREASE)		62,485,405			65,591,263			(38,389,369	)		123,065,634



Net Assets:

Beginning of period	$	1,397,369,429		$	1,331,778,166		$	1,018,778,262		$	895,712,628


End of period	$	1,459,854,834		$	1,397,369,429		$	980,388,893		$	1,018,778,262


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)


	Small Cap Growth Fund						Small/Mid Cap Growth Fund

	For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025			For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025

From operations:

Net investment loss	$	(1,359,191	)	$	(1,138,120	)	$	(4,115,869	)	$	(9,318,653	)

Net realized gain (loss)		1,862,010			(8,141,597	)		136,042,323			126,901,274

Net change in unrealized gain (loss)		34,571,953			28,760,576			(3,214,012	)		(139,513,570	)

Net increase (decrease) in net assets resulting from operations		35,074,772			19,480,859			128,712,442			(21,930,949	)



Distributions to shareholders:

From distributable earnings:

Class A Shares		–			–			(33,451,819	)		(967,308	)

Class C Shares		–			–			(4,141,905	)		(150,950	)

Institutional Shares		–			–			(63,326,110	)		(2,303,826	)

Service Shares		–			–			(158,256	)		(5,907	)

Investor Shares		–			–			(28,283,284	)		(1,034,443	)

Class R6 Shares		–			–			(10,797,560	)		(463,579	)

Class R Shares		–			–			(1,080,075	)		(30,637	)

Class P Shares		–			–			(37,351,901	)		(1,120,968	)

Total distributions to shareholders		–			–			(178,590,910	)		(6,077,618	)



From share transactions:

Proceeds from sales of shares		72,676,768			293,372,263			79,163,217			213,638,339

Reinvestment of distributions		–			–			161,882,845			5,599,277

Cost of shares redeemed		(44,625,780	)		(85,784,884	)		(417,792,132	)		(544,170,985	)

Net increase (decrease) in net assets resulting from share transactions		28,050,988			207,587,379			(176,746,070	)		(324,933,369	)

TOTAL INCREASE (DECREASE)		63,125,760			227,068,238			(226,624,538	)		(352,941,936	)



Net Assets:

Beginning of period	$	360,881,855		$	133,813,617		$	1,451,128,295		$	1,804,070,231


End of period	$	424,007,615		$	360,881,855		$	1,224,503,757		$	1,451,128,295


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

GOLDMAN SACHS LARGE CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Equity Fund

	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	35.69			$	34.59			$	28.07			$	26.18			$	34.35			$	26.94


Net investment income (loss)^(a)			(0.01	)			0.05				0.11				0.09				0.04				(0.05	)

Net realized and unrealized gain (loss)			1.75				5.21				6.55				3.87				(4.79	)			8.52


Total from investment operations			1.74				5.26				6.66				3.96				(4.75	)			8.47


Distributions to shareholders from net investment income			(0.01	)			(0.12	)			(0.11	)			(0.08	)			–				(0.06	)

Distributions to shareholders from net realized gains			(4.03	)			(4.04	)			(0.03	)			(1.99	)			(3.42	)			(1.00	)


Total distributions			(4.04	)			(4.16	)			(0.14	)			(2.07	)			(3.42	)			(1.06	)


Net asset value, end of period		$	33.39			$	35.69			$	34.59			$	28.07			$	26.18			$	34.35


Total Return^(b)			4.79	%			16.11	%			23.80	%			16.13	%			(15.37	)%			32.38	%


Net assets, end of period (in 000’s)		$	999,543			$	1,004,269			$	941,875			$	816,621			$	756,801			$	961,786

Ratio of net expenses to average net assets			1.00	%^(c)			1.00	%			1.01	%			1.04	%			1.07	%			1.11	%

Ratio of total expenses to average net assets			1.13	%^(c)			1.14	%			1.14	%			1.17	%			1.15	%			1.17	%

Ratio of net investment income (loss) to average net assets			(0.06	)%^(c)			0.15	%			0.36	%			0.35	%			0.14	%			(0.17	)%

Portfolio turnover rate^(d)			35	%			56	%			57	%			42	%			63	%			46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Annualized.

(d)

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


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

GOLDMAN SACHS LARGE CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Equity Fund

	Class C Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	14.80			$	16.67			$	13.65			$	13.81			$	19.86			$	16.05


Net investment loss^(a)			(0.05	)			(0.09	)			(0.06	)			(0.05	)			(0.10	)			(0.16	)

Net realized and unrealized gain (loss)			0.74				2.35				3.16				1.91				(2.53	)			4.97


Total from investment operations			0.69				2.26				3.10				1.86				(2.63	)			4.81


Distributions to shareholders from net investment income			–				(0.09	)			(0.05	)			(0.03	)			–				–

Distributions to shareholders from net realized gains			(4.03	)			(4.04	)			(0.03	)			(1.99	)			(3.42	)			(1.00	)


Total distributions			(4.03	)			(4.13	)			(0.08	)			(2.02	)			(3.42	)			(1.00	)


Net asset value, end of period		$	11.46			$	14.80			$	16.67			$	13.65			$	13.81			$	19.86


Total Return^(b)			4.42	%			15.27	%			22.85	%			15.32	%			(16.04	)%			31.41	%


Net assets, end of period (in 000’s)		$	17,077			$	18,384			$	20,425			$	16,921			$	16,518			$	21,144

Ratio of net expenses to average net assets			1.75	%^(c)			1.75	%			1.76	%			1.79	%			1.82	%			1.86	%

Ratio of total expenses to average net assets			1.88	%^(c)			1.89	%			1.89	%			1.92	%			1.90	%			1.92	%

Ratio of net investment loss to average net assets			(0.81	)%^(c)			(0.59	)%			(0.39	)%			(0.40	)%			(0.61	)%			(0.92	)%

Portfolio turnover rate^(d)			35	%			56	%			57	%			42	%			63	%			46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Equity Fund

	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	43.97			$	41.68			$	33.78			$	31.09			$	40.01			$	31.19


Net investment income^(a)			0.05				0.19				0.25				0.21				0.17				0.07

Net realized and unrealized gain (loss)			2.15				6.35				7.88				4.64				(5.67	)			9.90


Total from investment operations			2.20				6.54				8.13				4.85				(5.50	)			9.97


Distributions to shareholders from net investment income			(0.11	)			(0.21	)			(0.20	)			(0.17	)			–				(0.15	)

Distributions to shareholders from net realized gains			(4.03	)			(4.04	)			(0.03	)			(1.99	)			(3.42	)			(1.00	)


Total distributions			(4.14	)			(4.25	)			(0.23	)			(2.16	)			(3.42	)			(1.15	)


Net asset value, end of period		$	42.03			$	43.97			$	41.68			$	33.78			$	31.09			$	40.01


Total Return^(b)			4.93	%			16.49	%			24.17	%			16.54	%			(15.08	)%			32.86	%


Net assets, end of period (in 000’s)		$	210,649			$	146,210			$	135,154			$	104,217			$	93,741			$	118,823

Ratio of net expenses to average net assets			0.70	%^(c)			0.70	%			0.70	%			0.71	%			0.72	%			0.74	%

Ratio of total expenses to average net assets			0.77	%^(c)			0.78	%			0.78	%			0.80	%			0.78	%			0.80	%

Ratio of net investment income to average net assets			0.23	%^(c)			0.45	%			0.67	%			0.69	%			0.49	%			0.20	%

Portfolio turnover rate^(d)			35	%			56	%			57	%			42	%			63	%			46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Equity Fund

	Service Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	32.88			$	32.18			$	26.13			$	24.51			$	32.41			$	25.46


Net investment income (loss)^(a)			(0.04	)			(0.01	)			0.05				0.05				(0.03	)			(0.08	)

Net realized and unrealized gain (loss)			1.61				4.82				6.09				3.60				(4.45	)			8.04


Total from investment operations			1.57				4.81				6.14				3.65				(4.48	)			7.96


Distributions to shareholders from net investment income			–				(0.07	)			(0.06	)			(0.04	)			–				(0.01	)

Distributions to shareholders from net realized gains			(4.03	)			(4.04	)			(0.03	)			(1.99	)			(3.42	)			(1.00	)


Total distributions			(4.03	)			(4.11	)			(0.09	)			(2.03	)			(3.42	)			(1.01	)


Net asset value, end of period		$	30.42			$	32.88			$	32.18			$	26.13			$	24.51			$	32.41


Total Return^(b)			4.67	%			15.87	%			23.57	%			15.99	%			(15.50	)%			32.21	%


Net assets, end of period (in 000’s)		$	208			$	646			$	788			$	960			$	486			$	2,151

Ratio of net expenses to average net assets			1.20	%^(c)			1.20	%			1.20	%			1.21	%			1.23	%			1.24	%

Ratio of total expenses to average net assets			1.27	%^(c)			1.28	%			1.28	%			1.30	%			1.28	%			1.30	%

Ratio of net investment income (loss) to average net assets			(0.22	)%^(c)			(0.04	)%			0.17	%			0.20	%			(0.11	)%			(0.30	)%

Portfolio turnover rate^(d)			35	%			56	%			57	%			42	%			63	%			46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Equity Fund

	Investor Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	36.98			$	35.69			$	28.96			$	26.96			$	35.18			$	27.56


Net investment income^(a)			0.03				0.15				0.19				0.16				0.13				0.02

Net realized and unrealized gain (loss)			1.82				5.38				6.75				3.98				(4.93	)			8.73


Total from investment operations			1.85				5.53				6.94				4.14				(4.80	)			8.75


Distributions to shareholders from net investment income			(0.08	)			(0.20	)			(0.18	)			(0.15	)			–				(0.13	)

Distributions to shareholders from net realized gains			(4.03	)			(4.04	)			(0.03	)			(1.99	)			(3.42	)			(1.00	)


Total distributions			(4.11	)			(4.24	)			(0.21	)			(2.14	)			(3.42	)			(1.13	)


Net asset value, end of period		$	34.72			$	36.98			$	35.69			$	28.96			$	26.96			$	35.18


Total Return^(b)			4.92	%			16.40	%			24.10	%			16.43	%			(15.16	)%			32.71	%


Net assets, end of period (in 000’s)		$	24,609			$	30,108			$	55,087			$	40,556			$	36,346			$	21,889

Ratio of net expenses to average net assets			0.75	%^(c)			0.75	%			0.76	%			0.79	%			0.81	%			0.86	%

Ratio of total expenses to average net assets			0.88	%^(c)			0.89	%			0.89	%			0.92	%			0.90	%			0.92	%

Ratio of net investment income to average net assets			0.19	%^(c)			0.42	%			0.61	%			0.61	%			0.44	%			0.08	%

Portfolio turnover rate^(d)			35	%			56	%			57	%			42	%			63	%			46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Equity Fund

	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	43.94			$	41.62			$	33.72			$	31.04			$	39.96			$	31.14


Net investment income^(a)			0.05				0.19				0.25				0.22				0.19				0.07

Net realized and unrealized gain (loss)			2.16				6.34				7.88				4.62				(5.69	)			9.90


Total from investment operations			2.21				6.53				8.13				4.84				(5.50	)			9.97


Distributions to shareholders from net investment income			(0.11	)			(0.17	)			(0.20	)			(0.17	)			–				(0.15	)

Distributions to shareholders from net realized gains			(4.03	)			(4.04	)			(0.03	)			(1.99	)			(3.42	)			(1.00	)


Total distributions			(4.14	)			(4.21	)			(0.23	)			(2.16	)			(3.42	)			(1.15	)


Net asset value, end of period		$	42.01			$	43.94			$	41.62			$	33.72			$	31.04			$	39.96


Total Return^(b)			4.96	%			16.47	%			24.19	%			16.55	%			(15.07	)%			32.92	%


Net assets, end of period (in 000’s)		$	12,566			$	13,576			$	14,113			$	88,467			$	78,897			$	8,707

Ratio of net expenses to average net assets			0.69	%^(c)			0.69	%			0.69	%			0.70	%			0.70	%			0.73	%

Ratio of total expenses to average net assets			0.76	%^(c)			0.77	%			0.76	%			0.79	%			0.77	%			0.78	%

Ratio of net investment income to average net assets			0.24	%^(c)			0.47	%			0.68	%			0.70	%			0.56	%			0.21	%

Portfolio turnover rate^(d)			35	%			56	%			57	%			42	%			63	%			46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Equity Fund

	Class R Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	32.48			$	31.85			$	25.86			$	24.29			$	32.19			$	25.32


Net investment income (loss)^(a)			(0.05	)			(0.03	)			0.03				0.02				(0.03	)			(0.12	)

Net realized and unrealized gain (loss)			1.60				4.77				6.04				3.57				(4.45	)			8.01


Total from investment operations			1.55				4.74				6.07				3.59				(4.48	)			7.89


Distributions to shareholders from net investment income			–				(0.07	)			(0.05	)			(0.03	)			–				(0.02	)

Distributions to shareholders from net realized gains			(4.03	)			(4.04	)			(0.03	)			(1.99	)			(3.42	)			(1.00	)


Total distributions			(4.03	)			(4.11	)			(0.08	)			(2.02	)			(3.42	)			(1.02	)


Net asset value, end of period		$	30.00			$	32.48			$	31.85			$	25.86			$	24.29			$	32.19


Total Return^(b)			4.67	%			15.81	%			23.48	%			15.85	%			(15.58	)%			32.09	%


Net assets, end of period (in 000’s)		$	9,669			$	10,388			$	10,346			$	8,577			$	8,186			$	12,608

Ratio of net expenses to average net assets			1.25	%^(c)			1.25	%			1.26	%			1.29	%			1.32	%			1.36	%

Ratio of total expenses to average net assets			1.38	%^(c)			1.39	%			1.39	%			1.42	%			1.40	%			1.42	%

Ratio of net investment income (loss) to average net assets			(0.32	)%^(c)			(0.09	)%			0.11	%			0.10	%			(0.12	)%			(0.42	)%

Portfolio turnover rate^(d)			35	%			56	%			57	%			42	%			63	%			46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Equity Fund

	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	43.87			$	41.60			$	33.71			$	31.03			$	39.94			$	31.13


Net investment income^(a)			0.05				0.19				0.25				0.22				0.18				0.07

Net realized and unrealized gain (loss)			2.15				6.34				7.87				4.62				(5.67	)			9.89


Total from investment operations			2.20				6.53				8.12				4.84				(5.49	)			9.96


Distributions to shareholders from net investment income			(0.11	)			(0.22	)			(0.20	)			(0.17	)			–				(0.15	)

Distributions to shareholders from net realized gains			(4.03	)			(4.04	)			(0.03	)			(1.99	)			(3.42	)			(1.00	)


Total distributions			(4.14	)			(4.26	)			(0.23	)			(2.16	)			(3.42	)			(1.15	)


Net asset value, end of period		$	41.93			$	43.87			$	41.60			$	33.71			$	31.03			$	39.94


Total Return^(b)			4.95	%			16.48	%			24.20	%			16.56	%			(15.08	)%			32.90	%


Net assets, end of period (in 000’s)		$	185,533			$	173,788			$	153,988			$	120,003			$	109,347			$	132,700

Ratio of net expenses to average net assets			0.69	%^(c)			0.69	%			0.69	%			0.70	%			0.71	%			0.73	%

Ratio of total expenses to average net assets			0.76	%^(c)			0.77	%			0.77	%			0.79	%			0.77	%			0.79	%

Ratio of net investment income to average net assets			0.25	%^(c)			0.46	%			0.68	%			0.70	%			0.50	%			0.21	%

Portfolio turnover rate^(d)			35	%			56	%			57	%			42	%			63	%			46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Growth Fund

	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	13.39			$	12.38			$	10.84			$	11.03			$	18.20			$	17.14


Net investment loss^(a)			(0.06	)			(0.06	)			(0.06	)			(0.05	)			(0.10	)			(0.15	)

Net realized and unrealized gain (loss)			0.32				2.99				1.60				0.86				(3.93	)			5.26


Total from investment operations			0.26				2.93				1.54				0.81				(4.03	)			5.11


Distributions to shareholders from net realized gains			(2.80	)			(1.92	)			–				(1.00	)			(3.14	)			(4.05	)


Net asset value, end of period		$	10.85			$	13.39			$	12.38			$	10.84			$	11.03			$	18.20


Total Return^(b)			2.10	%			24.11	%			14.21	%			7.76	%			(25.93	)%			33.85	%


Net assets, end of period (in 000’s)		$	213,259			$	232,496			$	239,246			$	244,602			$	262,404			$	404,921

Ratio of net expenses to average net assets			1.15	%^(c)			1.15	%			1.15	%			1.19	%			1.24	%			1.24	%

Ratio of total expenses to average net assets			1.37	%^(c)			1.37	%			1.37	%			1.39	%			1.37	%			1.37	%

Ratio of net investment loss to average net assets			(0.76	)%^(c)			(0.51	)%			(0.50	)%			(0.51	)%			(0.73	)%			(0.87	)%

Portfolio turnover rate^(d)			46	%			79	%			63	%			43	%			50	%			57	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Growth Fund

	Class C Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	22.21			$	19.63			$	17.31			$	17.15			$	102.96			$	162.72


Net investment loss^(a)			(0.16	)			(0.26	)			(0.23	)			(0.21	)			(0.48	)			(1.68	)

Net realized and unrealized gain (loss)			0.53				4.76				2.55				1.37				(9.97	)			39.12


Total from investment operations			0.37				4.50				2.32				1.16				(10.45	)			37.44


Distributions to shareholders from net realized gains			(2.80	)			(1.92	)			–				(1.00	)			(75.36	)			(97.20	)


Net asset value, end of period		$	19.78			$	22.21			$	19.63			$	17.31			$	17.15			$	102.96


Total Return^(b)			1.75	%			23.15	%			13.40	%			7.00	%			(26.40	)%			32.89	%


Net assets, end of period (in 000’s)		$	8,495			$	9,442			$	9,664			$	10,235			$	13,261			$	23,337

Ratio of net expenses to average net assets			1.90	%^(c)			1.90	%			1.90	%			1.94	%			1.99	%			1.99	%

Ratio of total expenses to average net assets			2.12	%^(c)			2.12	%			2.12	%			2.14	%			2.12	%			2.12	%

Ratio of net investment loss to average net assets			(1.51	)%^(c)			(1.26	)%			(1.25	)%			(1.26	)%			(1.48	)%			(1.62	)%

Portfolio turnover rate^(d)			46	%			79	%			63	%			43	%			50	%			57	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Growth Fund

	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	23.31			$	20.32			$	17.73			$	17.37			$	26.68			$	23.41


Net investment loss^(a)			(0.06	)			(0.05	)			(0.04	)			(0.03	)			(0.08	)			(0.13	)

Net realized and unrealized gain (loss)			0.56				4.96				2.63				1.39				(6.09	)			7.45


Total from investment operations			0.50				4.91				2.59				1.36				(6.17	)			7.32


Distributions to shareholders from net realized gains			(2.80	)			(1.92	)			–				(1.00	)			(3.14	)			(4.05	)


Net asset value, end of period		$	21.01			$	23.31			$	20.32			$	17.73			$	17.37			$	26.68


Total Return^(b)			2.25	%			24.45	%			14.61	%			8.11	%			(25.69	)%			34.27	%


Net assets, end of period (in 000’s)		$	303,830			$	309,564			$	264,134			$	275,045			$	313,137			$	478,127

Ratio of net expenses to average net assets			0.85	%^(c)			0.85	%			0.85	%			0.87	%			0.90	%			0.90	%

Ratio of total expenses to average net assets			1.01	%^(c)			1.01	%			1.01	%			1.02	%			1.00	%			1.00	%

Ratio of net investment loss to average net assets			(0.47	)%^(c)			(0.21	)%			(0.20	)%			(0.20	)%			(0.39	)%			(0.53	)%

Portfolio turnover rate^(d)			46	%			79	%			63	%			43	%			50	%			57	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Growth Fund

	Service Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	10.78			$	10.29			$	9.03			$	9.36			$	15.97			$	15.50


Net investment loss^(a)			(0.01	)			(0.07	)			(0.07	)			(0.06	)			(0.10	)			(0.16	)

Net realized and unrealized gain (loss)			0.20				2.48				1.33				0.73				(3.37	)			4.68


Total from investment operations			0.19				2.41				1.26				0.67				(3.47	)			4.52


Distributions to shareholders from net realized gains			(2.80	)			(1.92	)			–				(1.00	)			(3.14	)			(4.05	)


Net asset value, end of period		$	8.17			$	10.78			$	10.29			$	9.03			$	9.36			$	15.97


Total Return^(b)			1.96	%			23.93	%			13.95	%			7.64	%			(26.06	)%			33.59	%


Net assets, end of period (in 000’s)		$	22,275			$	23,318			$	22,649			$	21,916			$	21,107			$	33,114

Ratio of net expenses to average net assets			1.35	%^(c)			1.35	%			1.35	%			1.37	%			1.40	%			1.40	%

Ratio of total expenses to average net assets			1.51	%^(c)			1.51	%			1.51	%			1.52	%			1.50	%			1.50	%

Ratio of net investment loss to average net assets			(0.96	)%^(c)			(0.71	)%			(0.70	)%			(0.70	)%			(0.90	)%			(1.03	)%

Portfolio turnover rate^(d)			46	%			79	%			63	%			43	%			50	%			57	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Growth Fund

	Investor Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.30			$	14.69			$	12.83			$	12.84			$	20.61			$	18.90


Net investment loss^(a)			(0.09	)			(0.04	)			(0.04	)			(0.03	)			(0.07	)			(0.12	)

Net realized and unrealized gain (loss)			0.43				3.57				1.90				1.02				(4.56	)			5.88


Total from investment operations			0.34				3.53				1.86				0.99				(4.63	)			5.76


Distributions to shareholders from net realized gains			(2.80	)			(1.92	)			–				(1.00	)			(3.14	)			(4.05	)


Net asset value, end of period		$	13.84			$	16.30			$	14.69			$	12.83			$	12.84			$	20.61


Total Return^(b)			2.23	%			24.42	%			14.50	%			8.09	%			(25.79	)%			34.19	%


Net assets, end of period (in 000’s)		$	128,431			$	115,989			$	94,163			$	69,632			$	70,759			$	105,878

Ratio of net expenses to average net assets			0.90	%^(c)			0.90	%			0.90	%			0.93	%			0.99	%			0.99	%

Ratio of total expenses to average net assets			1.12	%^(c)			1.12	%			1.12	%			1.14	%			1.12	%			1.12	%

Ratio of net investment loss to average net assets			(0.53	)%^(c)			(0.26	)%			(0.26	)%			(0.26	)%			(0.48	)%			(0.62	)%

Portfolio turnover rate^(d)			46	%			79	%			63	%			43	%			50	%			57	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Growth Fund

	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	23.36			$	20.36			$	17.76			$	17.40			$	26.72			$	23.44


Net investment loss^(a)			(0.22	)			(0.04	)			(0.04	)			(0.03	)			(0.08	)			(0.13	)

Net realized and unrealized gain (loss)			0.73				4.96				2.64				1.39				(6.10	)			7.46


Total from investment operations			0.51				4.92				2.60				1.36				(6.18	)			7.33


Distributions to shareholders from net realized gains			(2.80	)			(1.92	)			–				(1.00	)			(3.14	)			(4.05	)


Net asset value, end of period		$	21.07			$	23.36			$	20.36			$	17.76			$	17.40			$	26.72


Total Return^(b)			2.28	%			24.45	%			14.64	%			8.10	%			(25.69	)%			34.27	%


Net assets, end of period (in 000’s)		$	232,322			$	250,356			$	195,528			$	192,601			$	199,472			$	283,233

Ratio of net expenses to average net assets			0.84	%^(c)			0.84	%			0.84	%			0.86	%			0.89	%			0.89	%

Ratio of total expenses to average net assets			1.00	%^(c)			1.00	%			1.00	%			1.01	%			0.99	%			0.99	%

Ratio of net investment loss to average net assets			(0.45	)%^(c)			(0.20	)%			(0.19	)%			(0.18	)%			(0.38	)%			(0.53	)%

Portfolio turnover rate^(d)			46	%			79	%			63	%			43	%			50	%			57	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Growth Fund

	Class R Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	10.76			$	10.29			$	9.03			$	9.37			$	15.99			$	15.53


Net investment loss^(a)			(0.08	)			(0.08	)			(0.07	)			(0.07	)			(0.11	)			(0.17	)

Net realized and unrealized gain (loss)			0.28				2.47				1.33				0.73				(3.37	)			4.68


Total from investment operations			0.20				2.39				1.26				0.66				(3.48	)			4.51


Distributions to shareholders from net realized gains			(2.80	)			(1.92	)			–				(1.00	)			(3.14	)			(4.05	)


Net asset value, end of period		$	8.16			$	10.76			$	10.29			$	9.03			$	9.37			$	15.99


Total Return^(b)			2.06	%			23.72	%			13.95	%			7.53	%			(26.10	)%			33.44	%


Net assets, end of period (in 000’s)		$	30,818			$	32,778			$	31,067			$	31,403			$	33,397			$	54,987

Ratio of net expenses to average net assets			1.40	%^(c)			1.40	%			1.40	%			1.43	%			1.49	%			1.49	%

Ratio of total expenses to average net assets			1.62	%^(c)			1.62	%			1.62	%			1.64	%			1.62	%			1.62	%

Ratio of net investment loss to average net assets			(1.01	)%^(c)			(0.76	)%			(0.75	)%			(0.76	)%			(0.98	)%			(1.12	)%

Portfolio turnover rate^(d)			46	%			79	%			63	%			43	%			50	%			57	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Growth Fund

	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	23.38			$	20.37			$	17.78			$	17.41			$	26.74			$	23.45


Net investment loss^(a)			(0.01	)			(0.04	)			(0.04	)			(0.03	)			(0.08	)			(0.13	)

Net realized and unrealized gain (loss)			0.52				4.97				2.63				1.40				(6.11	)			7.47


Total from investment operations			0.51				4.93				2.59				1.37				(6.19	)			7.34


Distributions to shareholders from net realized gains			(2.80	)			(1.92	)			–				(1.00	)			(3.14	)			(4.05	)


Net asset value, end of period		$	21.09			$	23.38			$	20.37			$	17.78			$	17.41			$	26.74


Total Return^(b)			2.29	%			24.49	%			14.57	%			8.15	%			(25.68	)%			34.26	%


Net assets, end of period (in 000’s)		$	40,958			$	44,836			$	39,261			$	43,066			$	50,932			$	90,649

Ratio of net expenses to average net assets			0.84	%^(c)			0.84	%			0.84	%			0.86	%			0.89	%			0.89	%

Ratio of total expenses to average net assets			1.00	%^(c)			1.00	%			1.00	%			1.01	%			0.99	%			0.99	%

Ratio of net investment loss to average net assets			(0.45	)%^(c)			(0.19	)%			(0.19	)%			(0.19	)%			(0.40	)%			(0.53	)%

Portfolio turnover rate^(d)			46	%			79	%			63	%			43	%			50	%			57	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Growth Fund

	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.24			$	14.83			$	12.01			$	11.16			$	16.89			$	12.81


Net investment loss^(a)			(0.08	)			(0.11	)^(b)			(0.09	)^(c)			(0.10	)			(0.10	)^(d)			(0.16	)^(e)

Net realized and unrealized gain (loss)			1.54				1.52				2.91				0.95				(4.04	)			5.36


Total from investment operations			1.46				1.41				2.82				0.85				(4.14	)			5.20


Distributions to shareholders from net investment income			–				–				–				–				–				(0.02	)

Distributions to shareholders from net realized gains			–				–				–				–				(1.59	)			(1.10	)


Total distributions			–				–				–				–				(1.59	)			(1.12	)


Net asset value, end of period		$	17.70			$	16.24			$	14.83			$	12.01			$	11.16			$	16.89


Total Return^(f)			8.99	%			9.51	%			23.48	%			7.62	%			(26.55	)%			41.87	%


Net assets, end of period (in 000’s)		$	4,027			$	3,129			$	1,325			$	561			$	451			$	669

Ratio of net expenses to average net assets			1.22	%^(g)			1.22	%			1.22	%			1.24	%			1.28	%			1.28	%

Ratio of total expenses to average net assets			1.36	%^(g)			1.40	%			1.68	%			2.09	%			2.16	%			3.50	%

Ratio of net investment loss to average net assets			(0.99	)%^(g)			(0.72	)%			(0.70	)%^(c)			(0.85	)%			(0.74	)%^(d)			(1.01	)%^(e)

Portfolio turnover rate^(h)			60	%			73	%			69	%			87	%			81	%			101	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

(c)

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

(d)

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

(e)

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

(f)

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

(g)

Annualized.

(h)

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


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Growth Fund

	Class C Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	15.55			$	14.31			$	11.67			$	10.93			$	16.69			$	12.74


Net investment loss^(a)			(0.14	)			(0.21	)^(b)			(0.19	)^(c)			(0.17	)			(0.20	)^(d)			(0.27	)^(e)

Net realized and unrealized gain (loss)			1.48				1.45				2.83				0.91				(3.97	)			5.32


Total from investment operations			1.34				1.24				2.64				0.74				(4.17	)			5.05


Distributions to shareholders from net realized gains			–				–				–				–				(1.59	)			(1.10	)


Net asset value, end of period		$	16.89			$	15.55			$	14.31			$	11.67			$	10.93			$	16.69


Total Return^(f)			8.62	%			8.67	%			22.62	%			6.77	%			(27.08	)%			40.86	%


Net assets, end of period (in 000’s)		$	1,688			$	1,252			$	551			$	112			$	72			$	119

Ratio of net expenses to average net assets			1.97	%^(g)			1.97	%			1.97	%			2.00	%			2.03	%			2.03	%

Ratio of total expenses to average net assets			2.11	%^(g)			2.15	%			2.39	%			2.84	%			2.92	%			4.09	%

Ratio of net investment loss to average net assets			(1.74	)%^(g)			(1.48	)%			(1.45	)%^(c)			(1.58	)%			(1.48	)%^(d)			(1.78	)%^(e)

Portfolio turnover rate^(h)			60	%			73	%			69	%			87	%			81	%			101	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

(c)

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

(d)

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

(e)

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

(f)

(g)

Annualized.

(h)


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Growth Fund

	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.57			$	15.09			$	12.17			$	11.28			$	16.98			$	12.84


Net investment loss^(a)			(0.06	)			(0.06	)^(b)			(0.05	)^(c)			(0.06	)			(0.04	)^(d)			(0.10	)^(e)

Net realized and unrealized gain (loss)			1.58				1.54				2.97				0.95				(4.07	)			5.37


Total from investment operations			1.52				1.48				2.92				0.89				(4.11	)			5.27


Distributions to shareholders from net investment income			–				–				–				–				–				(0.03	)

Distributions to shareholders from net realized gains			–				–				–				–				(1.59	)			(1.10	)


Total distributions			–				–				–				–				(1.59	)			(1.13	)


Net asset value, end of period		$	18.09			$	16.57			$	15.09			$	12.17			$	11.28			$	16.98


Total Return^(f)			9.17	%			9.81	%			23.99	%			7.89	%			(26.21	)%			42.36	%


Net assets, end of period (in 000’s)		$	211,194			$	177,868			$	27,220			$	22,012			$	18,661			$	14,313

Ratio of net expenses to average net assets			0.91	%^(g)			0.91	%			0.91	%			0.91	%			0.91	%			0.91	%

Ratio of total expenses to average net assets			1.00	%^(g)			1.03	%			1.42	%			1.73	%			1.75	%			2.93	%

Ratio of net investment loss to average net assets			(0.67	)%^(g)			(0.38	)%			(0.38	)%^(c)			(0.49	)%			(0.34	)%^(d)			(0.66	)%^(e)

Portfolio turnover rate^(h)			60	%			73	%			69	%			87	%			81	%			101	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

(c)

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

(d)

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

(e)

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

(f)

(g)

Annualized.

(h)


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Growth Fund

	Investor Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.49			$	15.02			$	12.13			$	11.24			$	16.96			$	12.83


Net investment loss^(a)			(0.06	)			(0.07	)^(b)			(0.06	)^(c)			(0.08	)			(0.06	)^(d)			(0.12	)^(e)

Net realized and unrealized gain (loss)			1.57				1.54				2.95				0.97				(4.07	)			5.37


Total from investment operations			1.51				1.47				2.89				0.89				(4.13	)			5.25


Distributions to shareholders from net investment income			–				–				–				–				–				(0.02	)

Distributions to shareholders from net realized gains			–				–				–				–				(1.59	)			(1.10	)


Total distributions			–				–				–				–				(1.59	)			(1.12	)


Net asset value, end of period		$	18.00			$	16.49			$	15.02			$	12.13			$	11.24			$	16.96


Total Return^(f)			9.16	%			9.79	%			23.83	%			7.92	%			(26.37	)%			42.21	%


Net assets, end of period (in 000’s)		$	164,760			$	155,057			$	85,612			$	5,116			$	67			$	91

Ratio of net expenses to average net assets			0.97	%^(g)			0.97	%			0.97	%			0.98	%			1.03	%			1.03	%

Ratio of total expenses to average net assets			1.11	%^(g)			1.15	%			1.29	%			1.77	%			1.90	%			3.13	%

Ratio of net investment loss to average net assets			(0.72	)%^(g)			(0.46	)%			(0.42	)%^(c)			(0.63	)%			(0.48	)%^(d)			(0.78	)%^(e)

Portfolio turnover rate^(h)			60	%			73	%			69	%			87	%			81	%			101	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

(c)

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

(d)

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

(e)

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

(f)

(g)

Annualized.

(h)


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Growth Fund

	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.57			$	15.09			$	12.18			$	11.28			$	16.99			$	12.84


Net investment loss^(a)			(0.06	)			(0.06	)^(b)			(0.05	)^(c)			(0.06	)			(0.05	)^(d)			(0.10	)^(e)

Net realized and unrealized gain (loss)			1.58				1.54				2.96				0.96				(4.07	)			5.38


Total from investment operations			1.52				1.48				2.91				0.90				(4.12	)			5.28


Distributions to shareholders from net investment income			–				–				–				–				–				(0.03	)

Distributions to shareholders from net realized gains			–				–				–				–				(1.59	)			(1.10	)


Total distributions			–				–				–				–				(1.59	)			(1.13	)


Net asset value, end of period		$	18.09			$	16.57			$	15.09			$	12.18			$	11.28			$	16.99


Total Return^(f)			9.17	%			9.81	%			23.89	%			7.98	%			(26.25	)%			42.44	%


Net assets, end of period (in 000’s)		$	26,480			$	8,591			$	105			$	80			$	68			$	92

Ratio of net expenses to average net assets			0.90	%^(g)			0.90	%			0.90	%			0.90	%			0.90	%			0.90	%

Ratio of total expenses to average net assets			0.98	%^(g)			1.03	%			1.40	%			1.72	%			1.77	%			3.00	%

Ratio of net investment loss to average net assets			(0.71	)%^(g)			(0.39	)%			(0.37	)%^(c)			(0.49	)%			(0.35	)%^(d)			(0.65	)%^(e)

Portfolio turnover rate^(h)			60	%			73	%			69	%			87	%			81	%			101	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

(c)

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

(d)

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

(e)

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

(f)

(g)

Annualized.

(h)


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Growth Fund

	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.56			$	15.08			$	12.17			$	11.27			$	16.98			$	12.84


Net investment loss^(a)			(0.06	)			(0.06	)^(b)			(0.05	)^(c)			(0.06	)			(0.04	)^(d)			(0.10	)^(e)

Net realized and unrealized gain (loss)			1.59				1.54				2.96				0.96				(4.08	)			5.37


Total from investment operations			1.53				1.48				2.91				0.90				(4.12	)			5.27


Distributions to shareholders from net investment income			–				–				–				–				–				(0.03	)

Distributions to shareholders from net realized gains			–				–				–				–				(1.59	)			(1.10	)


Total distributions			–				–				–				–				(1.59	)			(1.13	)


Net asset value, end of period		$	18.09			$	16.56			$	15.08			$	12.17			$	11.27			$	16.98


Total Return^(f)			9.24	%			9.81	%			23.91	%			7.99	%			(26.27	)%			42.38	%


Net assets, end of period (in 000’s)		$	15,858			$	14,985			$	19,001			$	12,859			$	11,540			$	5,349

Ratio of net expenses to average net assets			0.90	%^(g)			0.90	%			0.90	%			0.90	%			0.90	%			0.90	%

Ratio of total expenses to average net assets			0.99	%^(g)			1.04	%			1.39	%			1.72	%			1.75	%			3.00	%

Ratio of net investment loss to average net assets			(0.65	)%^(g)			(0.39	)%			(0.37	)%^(c)			(0.49	)%			(0.35	)%^(d)			(0.64	)%^(e)

Portfolio turnover rate^(h)			60	%			73	%			69	%			87	%			81	%			101	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

(c)

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

(d)

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

(e)

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

(f)

(g)

Annualized.

(h)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Growth Fund

	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	20.85			$	21.09			$	18.04			$	17.06			$	28.31			$	23.56


Net investment loss^(a)			(0.09	)			(0.17	)			(0.14	)			(0.12	)			(0.17	)			(0.25	)

Net realized and unrealized gain (loss)			2.12				0.01				3.19				1.10				(7.31	)			8.84


Total from investment operations			2.03				(0.16	)			3.05				0.98				(7.48	)			8.59


Distributions to shareholders from net realized gains			(3.43	)			(0.08	)			–				–				(3.74	)			(3.84	)

Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–


Total distributions			(3.43	)			(0.08	)			–				–				(3.77	)			(3.84	)


Net asset value, end of period		$	19.45			$	20.85			$	21.09			$	18.04			$	17.06			$	28.31


Total Return^(b)			10.24	%			(0.78	)%			16.91	%			5.74	%			(29.64	)%			39.05	%


Net assets, end of period (in 000’s)		$	209,985			$	214,352			$	260,222			$	255,118			$	276,714			$	470,941

Ratio of net expenses to average net assets			1.25	%^(c)			1.25	%			1.24	%			1.26	%			1.22	%			1.21	%

Ratio of total expenses to average net assets			1.29	%^(c)			1.29	%			1.28	%			1.30	%			1.27	%			1.26	%

Ratio of net investment loss to average net assets			(0.88	)%^(c)			(0.82	)%			(0.72	)%			(0.70	)%			(0.79	)%			(0.94	)%

Portfolio turnover rate^(d)			66	%			105	%			69	%			62	%			65	%			60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Growth Fund

	Class C Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	14.29			$	14.59			$	12.57			$	11.98			$	21.23			$	18.59


Net investment loss^(a)			(0.11	)			(0.22	)			(0.19	)			(0.18	)			(0.24	)			(0.34	)

Net realized and unrealized gain (loss)			1.42				–				2.21				0.77				(5.24	)			6.82


Total from investment operations			1.31				(0.22	)			2.02				0.59				(5.48	)			6.48


Distributions to shareholders from net realized gains			(3.43	)			(0.08	)			–				–				(3.74	)			(3.84	)

Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–


Total distributions			(3.43	)			(0.08	)			–				–				(3.77	)			(3.84	)


Net asset value, end of period		$	12.17			$	14.29			$	14.59			$	12.57			$	11.98			$	21.23


Total Return^(b)			9.86	%			(1.54	)%			16.07	%			4.92	%			(30.18	)%			38.00	%


Net assets, end of period (in 000’s)		$	16,833			$	19,309			$	29,348			$	59,508			$	76,089			$	145,721

Ratio of net expenses to average net assets			2.00	%^(c)			2.00	%			1.99	%			2.01	%			1.97	%			1.96	%

Ratio of total expenses to average net assets			2.04	%^(c)			2.04	%			2.04	%			2.05	%			2.02	%			2.01	%

Ratio of net investment loss to average net assets			(1.62	)%^(c)			(1.57	)%			(1.46	)%			(1.45	)%			(1.54	)%			(1.69	)%

Portfolio turnover rate^(d)			66	%			105	%			69	%			62	%			65	%			60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Growth Fund

	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	24.30			$	24.48			$	20.88			$	19.68			$	31.94			$	26.09


Net investment loss^(a)			(0.07	)			(0.12	)			(0.09	)			(0.07	)			(0.11	)			(0.18	)

Net realized and unrealized gain (loss)			2.50				0.02				3.69				1.27				(8.38	)			9.87


Total from investment operations			2.43				(0.10	)			3.60				1.20				(8.49	)			9.69


Distributions to shareholders from net realized gains			(3.43	)			(0.08	)			–				–				(3.74	)			(3.84	)

Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–


Total distributions			(3.43	)			(0.08	)			–				–				(3.77	)			(3.84	)


Net asset value, end of period		$	23.30			$	24.30			$	24.48			$	20.88			$	19.68			$	31.94


Total Return^(b)			10.41	%			(0.42	)%			17.24	%			6.10	%			(29.42	)%			39.51	%


Net assets, end of period (in 000’s)		$	437,289			$	577,644			$	739,233			$	759,588			$	824,359			$	1,303,226

Ratio of net expenses to average net assets			0.93	%^(c)			0.93	%			0.92	%			0.93	%			0.90	%			0.89	%

Ratio of net investment loss to average net assets			(0.55	)%^(c)			(0.50	)%			(0.40	)%			(0.37	)%			(0.47	)%			(0.63	)%

Portfolio turnover rate^(d)			66	%			105	%			69	%			62	%			65	%			60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Growth Fund

	Service Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	19.51			$	19.77			$	16.94			$	16.05			$	26.92			$	22.60


Net investment loss^(a)			(0.10	)			(0.19	)			(0.16	)			(0.14	)			(0.27	)			(0.27	)

Net realized and unrealized gain (loss)			1.98				0.01				2.99				1.03				(6.83	)			8.43


Total from investment operations			1.88				(0.18	)			2.83				0.89				(7.10	)			8.16


Distributions to shareholders from net realized gains			(3.43	)			(0.08	)			–				–				(3.74	)			(3.84	)

Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–


Total distributions			(3.43	)			(0.08	)			–				–				(3.77	)			(3.84	)


Net asset value, end of period		$	17.96			$	19.51			$	19.77			$	16.94			$	16.05			$	26.92


Total Return^(b)			10.17	%			(0.93	)%			16.71	%			5.55	%			(29.78	)%			38.78	%


Net assets, end of period (in 000’s)		$	905			$	902			$	1,427			$	1,206			$	1,267			$	22,781

Ratio of net expenses to average net assets			1.43	%^(c)			1.43	%			1.42	%			1.43	%			1.39	%			1.39	%

Ratio of total expenses to average net assets			1.43	%^(c)			1.43	%			1.42	%			1.43	%			1.39	%			1.40	%

Ratio of net investment income (loss) to average net assets			(1.05	)%^(c)			(1.00	)%			(0.90	)%			(0.87	)%			(1.10	)%			1.12	%

Portfolio turnover rate^(d)			66	%			105	%			69	%			62	%			65	%			60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Growth Fund

	Investor Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	22.82			$	23.02			$	19.64			$	18.53			$	30.33			$	24.96


Net investment loss^(a)			(0.07	)			(0.13	)			(0.10	)			(0.09	)			(0.13	)			(0.19	)

Net realized and unrealized gain (loss)			2.34				0.01				3.48				1.20				(7.90	)			9.40


Total from investment operations			2.27				(0.12	)			3.38				1.11				(8.03	)			9.21


Distributions to shareholders from net realized gains			(3.43	)			(0.08	)			–				–				(3.74	)			(3.84	)

Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–


Total distributions			(3.43	)			(0.08	)			–				–				(3.77	)			(3.84	)


Net asset value, end of period		$	21.66			$	22.82			$	23.02			$	19.64			$	18.53			$	30.33


Total Return^(b)			10.42	%			(0.54	)%			17.21	%			5.99	%			(29.47	)%			39.37	%


Net assets, end of period (in 000’s)		$	183,641			$	218,478			$	300,627			$	344,304			$	428,149			$	815,104

Ratio of net expenses to average net assets			1.00	%^(c)			1.00	%			0.99	%			1.01	%			0.97	%			0.96	%

Ratio of total expenses to average net assets			1.04	%^(c)			1.04	%			1.03	%			1.05	%			1.02	%			1.01	%

Ratio of net investment loss to average net assets			(0.63	)%^(c)			(0.57	)%			(0.47	)%			(0.45	)%			(0.55	)%			(0.69	)%

Portfolio turnover rate^(d)			66	%			105	%			69	%			62	%			65	%			60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Growth Fund

	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	24.34			$	24.52			$	20.91			$	19.71			$	31.98			$	26.12


Net investment loss^(a)			(0.06	)			(0.12	)			(0.09	)			(0.07	)			(0.10	)			(0.18	)

Net realized and unrealized gain (loss)			2.49				0.02				3.70				1.27				(8.40	)			9.88


Total from investment operations			2.43				(0.10	)			3.61				1.20				(8.50	)			9.70


Distributions to shareholders from net realized gains			(3.43	)			(0.08	)			–				–				(3.74	)			(3.84	)

Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–


Total distributions			(3.43	)			(0.08	)			–				–				(3.77	)			(3.84	)


Net asset value, end of period		$	23.34			$	24.34			$	24.52			$	20.91			$	19.71			$	31.98


Total Return^(b)			10.43	%			(0.42	)%			17.26	%			6.09	%			(29.41	)%			39.51	%


Net assets, end of period (in 000’s)		$	88,096			$	108,706			$	135,738			$	150,699			$	156,599			$	139,453

Ratio of net expenses to average net assets			0.92	%^(c)			0.92	%			0.91	%			0.92	%			0.89	%			0.88	%

Ratio of net investment loss to average net assets			(0.54	)%^(c)			(0.49	)%			(0.39	)%			(0.36	)%			(0.43	)%			(0.61	)%

Portfolio turnover rate^(d)			66	%			105	%			69	%			62	%			65	%			60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Growth Fund

	Class R Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	19.01			$	19.28			$	16.54			$	15.68			$	26.41			$	22.24


Net investment loss^(a)			(0.10	)			(0.20	)			(0.17	)			(0.15	)			(0.20	)			(0.29	)

Net realized and unrealized gain (loss)			1.92				0.01				2.91				1.01				(6.76	)			8.30


Total from investment operations			1.82				(0.19	)			2.74				0.86				(6.96	)			8.01


Distributions to shareholders from net realized gains			(3.43	)			(0.08	)			–				–				(3.74	)			(3.84	)

Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–


Total distributions			(3.43	)			(0.08	)			–				–				(3.77	)			(3.84	)


Net asset value, end of period		$	17.40			$	19.01			$	19.28			$	16.54			$	15.68			$	26.41


Total Return^(b)			10.12	%			(1.01	)%			16.57	%			5.48	%			(29.82	)%			38.72	%


Net assets, end of period (in 000’s)		$	6,547			$	6,324			$	7,378			$	8,576			$	9,301			$	14,818

Ratio of net expenses to average net assets			1.50	%^(c)			1.50	%			1.49	%			1.51	%			1.47	%			1.46	%

Ratio of total expenses to average net assets			1.54	%^(c)			1.54	%			1.53	%			1.55	%			1.52	%			1.51	%

Ratio of net investment loss to average net assets			(1.13	)%^(c)			(1.07	)%			(0.97	)%			(0.95	)%			(1.04	)%			(1.20	)%

Portfolio turnover rate^(d)			66	%			105	%			69	%			62	%			65	%			60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Growth Fund

	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	24.34			$	24.53			$	20.91			$	19.71			$	31.98			$	26.12


Net investment loss^(a)			(0.06	)			(0.12	)			(0.09	)			(0.07	)			(0.11	)			(0.18	)

Net realized and unrealized gain (loss)			2.50				0.01				3.71				1.27				(8.39	)			9.88


Total from investment operations			2.44				(0.11	)			3.62				1.20				(8.50	)			9.70


Distributions to shareholders from net realized gains			(3.43	)			(0.08	)			–				–				(3.74	)			(3.84	)

Distributions to shareholders from return of capital			–				–				–				–				(0.03	)			–


Total distributions			(3.43	)			(0.08	)			–				–				(3.77	)			(3.84	)


Net asset value, end of period		$	23.35			$	24.34			$	24.53			$	20.91			$	19.71			$	31.98


Total Return^(b)			10.48	%			(0.46	)%			17.31	%			6.09	%			(29.41	)%			39.51	%


Net assets, end of period (in 000’s)		$	281,207			$	305,413			$	330,098			$	323,206			$	345,549			$	601,794

Ratio of net expenses to average net assets			0.92	%^(c)			0.92	%			0.91	%			0.92	%			0.89	%			0.88	%

Ratio of net investment loss to average net assets			(0.55	)%^(c)			(0.49	)%			(0.39	)%			(0.36	)%			(0.46	)%			(0.61	)%

Portfolio turnover rate^(d)			66	%			105	%			69	%			62	%			65	%			60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

February 28, 2026 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-Diversified

Large Cap Equity Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified

Mid Cap Growth Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified

Small Cap Growth Fund	A, C, Institutional, Investor, R6, and P	Diversified

Small/Mid Cap Growth Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The Funds’ and underlying funds’ (“Underlying Funds”) valuation policy is to value investments at fair value.

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

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


48

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

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

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

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

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

F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures (“ASU 2023-07”). 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’ 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;


		49

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

The Board of Trustees (“Trustees”) has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds (“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.

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

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

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 28, 2026:


50

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


Large Cap Equity Fund

Investment Type	Level 1		Level 2		Level 3



Assets

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

Asia	$	6,228,891	$	—	$	—

Europe		16,250,348		—		—

North America		1,432,346,414		—		—

Investment Company		3,869,286		—		—

Securities Lending Reinvestment Vehicle		3,791,472		—		—



Total	$	1,462,486,411	$	—	$	—



Mid Cap Growth Fund

Investment Type	Level 1		Level 2		Level 3



Assets

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

Europe	$	29,060,052	$	—	$	—

North America		938,540,881		—		—

Investment Company		12,280,741		—		—



Total	$	979,881,674	$	—	$	—



Small Cap Growth Fund

Investment Type	Level 1		Level 2		Level 3



Assets

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

Asia	$	15,796,870	$	—	$	—

North America		401,477,014		—		5,872

Investment Company		9,246,604		—		—



Total	$	426,520,488	$	—	$	5,872



Small/Mid Cap Growth Fund

Investment Type	Level 1		Level 2		Level 3



Assets

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

Asia	$	20,667,919	$	—	$	—

Europe		29,130,260		—		—

North America		1,163,303,140		—		—

Investment Company		21,386,463		—		—

Securities Lending Reinvestment Vehicle		875,852		—		—



Total	$	1,235,363,634	$	—	$	—

(a)

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

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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


		51

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

For the six months ended February 28, 2026, 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^



Large Cap Equity Fund	0.71%	0.64%	0.61%	0.61%	0.61%	0.69%	0.66%



Mid Cap Growth Fund	0.92	0.92	0.83	0.79	0.77	0.92	0.81



Small Cap Growth Fund	0.85	0.85	0.77	0.73	0.71	0.85	0.85



Small/Mid Cap Growth Fund	0.85	0.85	0.77	0.73	0.71	0.85	0.85

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

The Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the six months ended February 28, 2026, the management fee waived by GSAM for each Fund was as follows:


Fund	Management Fee Waived



Large Cap Equity Fund	$	3,388



Mid Cap Growth Fund		12,018



Small Cap Growth Fund		4,995



Small/Mid Cap Growth Fund		9,818

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

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

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


52

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


	Distribution and/or Service Plan Rates

	Class A*	Class C	Service	Class R*



Distribution and/or Service Plan	0.25%	0.75%	0.25%	0.50%

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended February 28, 2026, Goldman Sachs retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C


Large Cap Equity Fund		$ 11,479		$ 203



Mid Cap Growth Fund		4,932		317



Small Cap Growth Fund		66		—



Small/Mid Cap Growth Fund		3,323		—

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

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

For the six months ended February 28, 2026, the transfer agency fee waivers were as follows:


	Large Cap Equity Fund	Mid Cap Growth Fund	Small Cap Growth Fund	Small/Mid Cap Growth Fund



Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)^*	0.06%	0.06%	0.05%	0.04%

These arrangements will remain in effect through at least December 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.


		53

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

percentage rate of average daily net assets for Large Cap Equity, Mid Cap Growth, Small Cap Growth, and Small/Mid Cap Growth are 0.004%, 0.004%, 0.024%, and 0.044%, respectively. These Other Expense limitations will remain in place through at least December 29, 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 six months ended February 28, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


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



Large Cap Equity Fund		$ 200,432		$ 320,265		$ 296,942		$ 817,639



Mid Cap Growth Fund		540,726		113,609		231,118		885,453



Small Cap Growth Fund		–		41,172		163,963		205,135



Small/Mid Cap Growth Fund		–		85,974		9,818		95,792

G. Line of Credit Facility — As of February 28, 2026, 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 six months ended February 28, 2026, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the six months ended February 28, 2026, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:


	Goldman Sachs Large Cap Equity Fund	Goldman Sachs Mid Cap Growth Fund	Goldman Sachs Small Cap Growth Fund	Goldman Sachs Small/Mid Cap Growth Fund



Brokerage commissions paid	$22,506	$22,979	$3,663	$31,021

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund —Institutional Shares for the six months ended February 28, 2026.



Large Cap Equity Fund
Underlying Fund	Beginning value as of August 31, 2025	Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2026		Shares as of February 28, 2026		Dividend Income



Goldman Sachs Financial Square Government Fund - Institutional Shares

	$ 606	$	66,630,999	$	(62,762,319	)	$	3,869,286		3,869,286	$	82,094


Mid Cap Growth Fund
Underlying Fund	Beginning value as of August 31, 2025	Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2026		Shares as of February 28, 2026		Dividend Income



Goldman Sachs Financial Square Government Fund - Institutional Shares

	15,470,536		154,420,644		(157,610,424	)		12,280,741		12,280,741		274,888


54

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Small Cap Growth Fund
Underlying Fund	Beginning value as of August 31, 2025	Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2026		Shares as of February 28, 2026		Dividend Income



Goldman Sachs Financial Square Government Fund - Institutional Shares

	$ 8,876,030	$	82,099,708	$	(81,729,134	)	$	9,246,604		9,246,604	$	117,700



Small/Mid Cap Growth Fund
Underlying Fund	Beginning value as of August 31, 2025	Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2026		Shares as of February 28, 2026		Dividend Income



Goldman Sachs Financial Square Government Fund - Institutional Shares

	1,734,763		317,546,397		(297,894,697	)		21,386,463		21,386,463		231,493

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 28, 2026, were as follows:


Fund	Purchases		Sales



Large Cap Equity Fund	$	510,011,579	$	518,053,808



Mid Cap Growth Fund		451,513,614		510,298,072



Small Cap Growth Fund		254,226,473		229,637,273



Small/Mid Cap Growth Fund		860,457,105		1,229,246,197

6. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York (“BNY”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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


		55

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

6. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, BNY may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNY is unable to purchase replacement securities, BNY will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2026, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNY received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2026, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2026.


Fund	Beginning value as of August 31, 2025		Purchases at Cost		Proceeds from Sales		Ending value as of February 28, 2026



Large Cap Equity Fund	$	—	$	33,182,157	$	(29,390,685)	$	3,791,472



Mid Cap Growth Fund		—		68,996,893		(68,996,893)		—



Small Cap Growth Fund		3,208,990		43,181,299		(46,390,289)		—



Small/Mid Cap Growth Fund		494,130		68,157,144		(67,775,422)		875,852

7. TAX INFORMATION

As of the Funds’ most current year end, August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:


	Large Cap Equity Fund		Mid Cap Growth Fund			Small Cap Growth Fund			Small/Mid Cap Growth Fund



Capital loss carryforwards:

Perpetual Short-Term	$	—	$	—		$	(2,459,914)		$	—



Timing differences — (Qualified late Year Loss Deferral and Post October Losses)		—		(2,048,916	)		(8,062,173	)		(81,464,888)

As of February 28, 2026, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


56

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

7. TAX INFORMATION (continued)


	Large Cap Equity Fund			Mid Cap Growth Fund			Small Cap Growth Fund			Small/Mid Cap Growth Fund



Tax Cost	$	837,147,858		$	777,926,241		$	343,078,824		$	961,128,280



Gross unrealized gain		636,068,712			236,713,571			90,675,726			316,851,725

Gross unrealized loss		(10,730,159	)		(34,758,138	)		(7,228,190	)		(42,616,371)



Net unrealized gain (loss)	$	625,338,553		$	201,955,433		$	83,447,536		$	274,235,354

The difference between GAAP-basis and tax basis unrealized gain (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments and underlying fund investments,

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

8. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or 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.

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


		57

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

8. OTHER RISKS (continued)

shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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 the Fund has unsettled or open transactions defaults.

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

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

9. INDEMNIFICATIONS

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

10 . SUBSEQUENT EVENTS

Subsequent events 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.


58

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

11 SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Large Cap Equity Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		461,232		$	16,174,552			526,792		$	17,689,815

Reinvestment of distributions		3,153,239			106,132,669			3,184,876			106,239,150

Shares redeemed		(1,816,724	)		(64,013,157	)		(2,804,625	)		(93,717,783)



		1,797,747			58,294,064			907,043			30,211,182



Class C Shares

Shares sold		127,572			1,700,161			217,838			3,212,196

Reinvestment of distributions		411,582			4,757,880			341,846			4,764,682

Shares redeemed		(290,824	)		(3,690,442	)		(542,607	)		(7,687,340)



		248,330			2,767,599			17,077			289,538



Institutional Shares

Shares sold		1,799,127			80,513,102			384,352			15,665,410

Reinvestment of distributions		435,299			18,464,663			301,478			12,376,072

Shares redeemed		(547,995	)		(23,669,399	)		(602,673	)		(24,634,141)



		1,686,431			75,308,366			83,157			3,407,341



Service Shares

Shares sold		2			69			526			17,152

Reinvestment of distributions		338			10,371			3,099			95,252

Shares redeemed		(13,156	)		(436,395	)		(8,465	)		(247,487)



		(12,816	)		(425,955	)		(4,840	)		(135,083)



Investor Shares

Shares sold		68,261			2,546,804			239,865			8,095,779

Reinvestment of distributions		88,082			3,086,161			183,447			6,342,016

Shares redeemed		(261,708	)		(9,555,991	)		(1,152,557	)		(37,762,856)



		(105,365	)		(3,923,026	)		(729,245	)		(23,325,061)



Class R6 Shares

Shares sold		31,783			1,394,916			64,527			2,682,100

Reinvestment of distributions		27,071			1,147,751			28,834			1,182,052

Shares redeemed		(68,657	)		(2,943,311	)		(123,520	)		(5,044,689)



		(9,803	)		(400,644	)		(30,159	)		(1,180,537)



Class R Shares

Shares sold		26,877			850,664			27,156			825,612

Reinvestment of distributions		37,455			1,133,025			42,545			1,292,061

Shares redeemed		(61,820	)		(2,010,970	)		(74,774	)		(2,317,309)



		2,512			(27,281	)		(5,073	)		(199,636)



Class P Shares

Shares sold		192,300			8,738,825			275,093			10,914,908

Reinvestment of distributions		400,371			16,943,083			381,002			15,609,860

Shares redeemed		(129,273	)		(5,587,637	)		(396,328	)		(15,912,627)



		463,398			20,094,271			259,767			10,612,141



NET INCREASE IN SHARES		4,070,435		$	151,687,394			497,727		$	19,679,885


		59

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Mid Cap Growth Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025


	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		1,083,756		$	12,524,700			1,703,754		$	21,298,289

Reinvestment of distributions		3,969,060			42,746,777			2,276,829			29,644,314

Shares redeemed		(2,763,351	)		(33,303,372	)		(5,938,269	)		(75,013,213)



		2,289,465			21,968,105			(1,957,686	)		(24,070,610)



Class C Shares

Shares sold		20,869			426,160			69,254			1,450,585

Reinvestment of distributions		55,623			1,093,544			38,312			831,754

Shares redeemed		(72,138	)		(1,502,248	)		(174,758	)		(3,493,860)



		4,354			17,456			(67,192	)		(1,211,521)



Institutional Shares

Shares sold		1,596,944			33,829,078			2,706,367			59,038,459

Reinvestment of distributions		1,604,098			33,429,391			1,033,535			23,368,225

Shares redeemed		(2,023,151	)		(44,141,556	)		(3,458,660	)		(75,957,720)



		1,177,891			23,116,913			281,242			6,448,964



Service Shares

Shares sold		186,253			1,783,242			560,324			6,150,950

Reinvestment of distributions		737,324			5,979,700			356,765			3,742,461

Shares redeemed		(361,602	)		(3,203,506	)		(954,040	)		(10,344,617)



		561,975			4,559,436			(36,951	)		(451,206)



Investor Shares

Shares sold		1,832,936			27,780,934			2,043,573			32,405,822

Reinvestment of distributions		1,554,819			21,347,660			767,017			12,134,205

Shares redeemed		(1,225,219	)		(18,284,744	)		(2,103,131	)		(32,532,389)



		2,162,536			30,843,850			707,459			12,007,638



Class R6 Shares

Shares sold		894,559			19,959,382			2,340,437			51,820,055

Reinvestment of distributions		1,187,429			24,817,267			701,917			15,905,454

Shares redeemed		(1,772,014	)		(38,681,221	)		(1,930,045	)		(42,091,462)



		309,974			6,095,428			1,112,309			25,634,047



Class R Shares

Shares sold		239,254			2,144,721			433,648			4,372,911

Reinvestment of distributions		1,017,523			8,241,941			532,815			5,583,906

Shares redeemed		(523,911	)		(4,687,774	)		(940,687	)		(9,807,258)



		732,866			5,698,888			25,776			149,559



Class P Shares

Shares sold		11,093			247,492			318,289			6,396,269

Reinvestment of distributions		252,431			5,278,330			160,539			3,641,014

Shares redeemed		(238,897	)		(5,079,757	)		(488,145	)		(10,514,731)



		24,627			446,065			(9,317	)		(477,448)



NET INCREASE IN SHARES		7,263,688		$	92,746,141			55,640		$	18,029,423


60

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Growth Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		52,254		$	884,947			126,819		$	1,914,123

Shares redeemed		(17,474	)		(298,398	)		(23,445	)		(357,464)



		34,780			586,549			103,374			1,556,659



Class C Shares

Shares sold		22,738			361,515			57,799			825,608

Shares redeemed		(3,314	)		(54,344	)		(15,784	)		(232,427)



		19,424			307,171			42,015			593,181



Institutional Shares

Shares sold		1,616,663			27,964,317			10,709,571			173,285,989

Shares redeemed		(678,263	)		(11,716,982	)		(1,776,825	)		(27,027,926)



		938,400			16,247,335			8,932,746			146,258,063



Investor Shares

Shares sold		1,433,464			24,291,735			7,021,864			106,955,976

Shares redeemed		(1,683,620	)		(28,967,588	)		(3,314,829	)		(50,434,206)



		(250,156	)		(4,675,853	)		3,707,035			56,521,770



Class R6 Shares

Shares sold		1,125,038			19,148,765			563,109			8,616,776

Shares redeemed		(179,789	)		(3,099,452	)		(51,466	)		(799,942)



		945,249			16,049,313			511,643			7,816,834



Class P Shares

Shares sold		1,498			25,489			118,047			1,773,791

Shares redeemed		(29,398	)		(489,016	)		(473,122	)		(6,932,919)



		(27,900	)		(463,527	)		(355,075	)		(5,159,128)



NET INCREASE IN SHARES		1,659,796		$	28,050,988			12,941,738		$	207,587,379


		Small/Mid Cap Growth Fund



	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		421,933			$ 8,287,093			831,866			$ 17,019,719

Reinvestment of distributions		1,614,882			30,472,818			39,308			882,072

Shares redeemed		(1,524,211	)		(30,380,540	)		(2,931,208	)		(59,928,881)



		512,604			8,379,371			(2,060,034	)		(42,027,090)



Class C Shares

Shares sold		46,009			596,974			143,627			2,057,283

Reinvestment of distributions		336,449			3,980,197			9,376			144,957

Shares redeemed		(350,576	)		(4,565,738	)		(813,867	)		(11,443,602)



		31,882			11,433			(660,864	)		(9,241,362)


		61

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small/Mid Cap Growth Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		1,230,624		$	28,693,388			3,513,868		$	83,136,211

Reinvestment of distributions		2,232,113			50,401,109			74,198			1,935,817

Shares redeemed		(8,465,926	)		(203,823,258	)		(10,009,242	)		(235,926,310)



		(5,003,189	)		(124,728,761	)		(6,421,176	)		(150,854,282)



Service Shares

Shares sold		4,452			78,885			5,856			111,956

Reinvestment of distributions		5,746			100,153			199			4,185

Shares redeemed		(6,061	)		(109,066	)		(31,969	)		(594,508)



		4,137			69,972			(25,914	)		(478,367)



Investor Shares

Shares sold		308,985			6,813,878			1,472,950			32,525,406

Reinvestment of distributions		1,346,167			28,269,498			42,188			1,034,443

Shares redeemed		(2,749,633	)		(61,064,848	)		(5,003,354	)		(110,305,443)



		(1,094,481	)		(25,981,472	)		(3,488,216	)		(76,745,594)



Class R6 Shares

Shares sold		687,253			15,618,545			1,302,402			31,270,706

Reinvestment of distributions		452,789			10,246,605			17,095			446,678

Shares redeemed		(1,832,649	)		(45,609,822	)		(2,388,683	)		(55,858,919)



		(692,607	)		(19,744,672	)		(1,069,186	)		(24,141,535)



Class R Shares

Shares sold		27,702			500,180			70,690			1,293,861

Reinvestment of distributions		62,792			1,060,564			1,471			30,157

Shares redeemed		(46,950	)		(866,128	)		(122,179	)		(2,300,369)



		43,544			694,616			(50,018	)		(976,351)



Class P Shares

Shares sold		796,224			18,574,274			1,941,643			46,223,197

Reinvestment of distributions		1,650,548			37,351,901			42,883			1,120,968

Shares redeemed		(2,948,918	)		(71,372,732	)		(2,897,869	)		(67,812,953)



		(502,146	)		(15,446,557	)		(913,343	)		(20,468,788)



NET DECREASE IN SHARES		(6,700,256)			$ (176,746,070)			(14,688,751)			$ (324,933,369)


62

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LOGO

Goldman Sachs Funds Semi-Annual Financial Statements February 28, 2026 Goldman Sachs Fundamental Equity Value Funds Goldman Sachs Equity Income Fund Goldman Sachs Large Cap Value Fund Goldman Sachs Mid Cap Value Fund Goldman Sachs Small Cap Value Fund Goldman Sachs Small/Mid Cap Equity Fund

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 99.6%

Aerospace & Defense – 2.2%
15,337	General Electric Co.	$	5,249,241
12,116	L3Harris Technologies, Inc.		4,416,767

			9,666,008


Banks – 9.7%
196,980	Bank of America Corp.		9,815,514
63,227	Citigroup, Inc.		6,966,983
65,384	Citizens Financial Group, Inc.		3,935,463
57,927	JPMorgan Chase & Co.		17,395,478
42,911	SouthState Bank Corp.		4,234,028

			42,347,466


Beverages – 2.0%
44,986	Coca-Cola Co. (The)		3,669,058
44,892	Coca-Cola Europacific Partners PLC (United Kingdom)		4,957,424

			8,626,482


Biotechnology – 0.7%
13,399	AbbVie, Inc.		3,109,640


Building Products – 1.4%
12,916	Trane Technologies PLC		5,971,325


Capital Markets – 5.3%
3,975	Blackrock, Inc.		4,226,339
27,946	Intercontinental Exchange, Inc.		4,586,777
40,856	KKR & Co., Inc.		3,582,254
46,838	Morgan Stanley		7,798,995
31,687	Nasdaq, Inc.		2,775,148

			22,969,513


Chemicals – 2.2%
19,281	Linde PLC		9,796,290


Commercial Services & Supplies – 1.2%
22,988	Republic Services, Inc.		5,264,252


Communications Equipment – 1.7%
93,826	Cisco Systems, Inc.		7,455,414


Consumer Finance – 1.0%
22,553	Capital One Financial Corp.		4,412,269


Consumer Staples Distribution & Retail – 3.6%
4,318	Costco Wholesale Corp.		4,364,591
88,299	Walmart, Inc.		11,297,857

			15,662,448


Containers & Packaging – 0.9%
88,638	International Paper Co.		3,860,185


Diversified Telecommunication Services – 1.6%
249,355	AT&T, Inc.		6,984,433


Electric Utilities – 2.5%
63,225	NextEra Energy, Inc.		5,928,608
61,813	Xcel Energy, Inc.		5,152,732

			11,081,340


Electrical Equipment – 1.6%
19,091	Eaton Corp. PLC		7,176,689


Electronic Equipment, Instruments & Components – 0.9%
26,893	Amphenol Corp., Class A		3,927,992


Shares	Description	Value

Common Stocks – (continued)

Entertainment – 1.4%
58,626	Walt Disney Co. (The)	$	6,216,701


Ground Transportation – 1.5%
150,426	CSX Corp.		6,421,686


Health Care Equipment & Supplies – 1.4%
52,867	Abbott Laboratories		6,151,075


Health Care REITs – 0.6%
144,196	Healthpeak Properties, Inc. REIT		2,549,385


Hotels, Restaurants & Leisure – 2.2%
15,076	Hilton Worldwide Holdings, Inc.		4,700,395
50,407	Starbucks Corp.		4,940,894

			9,641,289


Household Durables – 1.0%
37,733	Lennar Corp., Class A		4,315,146


Household Products – 2.3%
61,194	Procter & Gamble Co. (The)		10,231,637


Industrial Conglomerates – 2.9%
33,846	3M Co.		5,595,421
28,961	Honeywell International, Inc.		7,054,610

			12,650,031


Industrial REITs – 1.2%
35,655	Prologis, Inc. REIT		5,083,334


Insurance – 1.6%
22,102	Marsh & McLennan Cos., Inc.		4,127,327
40,441	MetLife, Inc.		2,914,583

			7,041,910


Interactive Media & Services – 2.7%
37,391	Alphabet, Inc., Class A		11,657,018


IT Services – 1.4%
25,609	International Business Machines Corp.		6,151,538


Life Sciences Tools & Services – 2.2%
34,023	Agilent Technologies, Inc.		4,129,712
25,750	Danaher Corp.		5,423,980

			9,553,692


Machinery – 2.6%
15,032	Caterpillar, Inc.		11,166,221


Media – 1.3%
68,508	New York Times Co. (The), Class A		5,466,253


Metals & Mining – 1.2%
51,188	Rio Tinto PLC ADR (Australia)		5,085,016


Multi-Utilities – 3.5%
43,727	Ameren Corp.		4,953,395
51,392	CMS Energy Corp.		4,012,173
34,874	Dominion Energy, Inc.		2,201,944
45,093	National Grid PLC ADR (United Kingdom)		4,228,371

			15,395,883


Office REITs – 0.3%
27,427	BXP, Inc. REIT		1,579,247


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

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Oil, Gas & Consumable Fuels – 8.2%
56,600	ConocoPhillips	$	6,421,836
33,672	EOG Resources, Inc.		4,178,022
109,646	Exxon Mobil Corp.		16,721,015
30,240	Phillips 66		4,666,939
47,339	Shell PLC ADR		3,953,280

			35,941,092


Pharmaceuticals – 8.0%
19,446	AstraZeneca PLC (United Kingdom)		4,053,519
4,886	Eli Lilly & Co.		5,140,023
66,342	Johnson & Johnson		16,481,343
73,317	Merck & Co., Inc.		9,078,111

			34,752,996


Residential REITs – 0.8%
18,923	AvalonBay Communities, Inc. REIT		3,353,723


Retail REITs – 0.7%
37,864	Regency Centers Corp. REIT		2,991,256


Semiconductors & Semiconductor Equipment – 3.9%
19,870	Applied Materials, Inc.		7,397,601
12,328	Broadcom, Inc.		3,939,412
27,074	Texas Instruments, Inc.		5,742,666

			17,079,679


Software – 1.2%
6,932	Microsoft Corp.		2,722,474
12,989	Salesforce, Inc.		2,530,127

			5,252,601


Specialty Retail – 2.2%
11,652	Home Depot, Inc. (The)		4,436,149
32,953	TJX Cos., Inc. (The)		5,327,182

			9,763,331


Technology Hardware, Storage & Peripherals – 1.9%
33,599	Dell Technologies, Inc., Class C		4,975,340
157,336	Hewlett Packard Enterprise Co.		3,378,004

			8,353,344


Trading Companies & Distributors – 1.3%
128,201	Fastenal Co.		5,902,374


Water Utilities – 0.6%
19,561	American Water Works Co., Inc.		2,660,883


Wireless Telecommunication Services – 1.0%
20,835	T-Mobile US, Inc.		4,523,070

TOTAL COMMON STOCKS (Cost $305,518,010)			435,243,157


Shares	Dividend Rate	Value

Investment Company – 0.0%^(a)

Goldman Sachs Financial Square Government Fund - Institutional Shares
916	3.589%	$	916
(Cost $916)

TOTAL INVESTMENTS – 99.6% (Cost $305,518,926)		$	435,244,073

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			1,614,522

NET ASSETS – 100.0%		$	436,858,595


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.




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


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 100.0%

Aerospace & Defense – 3.5%
15,418	L3Harris Technologies, Inc.	$	5,620,478
28,825	RTX Corp.		5,840,521
11,027	Woodward, Inc.		4,264,803

			15,725,802


Banks – 8.2%
242,138	Bank of America Corp.		12,065,737
70,164	Citigroup, Inc.		7,731,371
56,070	JPMorgan Chase & Co.		16,837,821

			36,634,929


Beverages – 1.5%
79,739	Coca-Cola Co. (The)		6,503,513


Biotechnology – 0.8%
2,358	Argenx SE ADR (Netherlands)*		1,808,397
4,032	Madrigal Pharmaceuticals, Inc.*		1,741,824

			3,550,221


Broadline Retail – 3.1%
65,745	Amazon.com, Inc.*		13,806,450


Building Products – 0.5%
20,991	Builders FirstSource, Inc.*		2,189,151


Capital Markets – 4.7%
34,066	Intercontinental Exchange, Inc.		5,591,252
29,929	Jefferies Financial Group, Inc.		1,328,848
64,724	Morgan Stanley		10,777,193
38,138	Nasdaq, Inc.		3,340,126

			21,037,419


Chemicals – 2.5%
16,287	Sherwin-Williams Co. (The)		5,905,504
66,677	Solstice Advanced Materials, Inc.		5,234,811

			11,140,315


Commercial Services & Supplies – 1.6%
41,416	Waste Connections, Inc.		7,128,936


Communications Equipment – 1.0%
35,056	Arista Networks, Inc.*		4,679,976


Construction Materials – 1.2%
8,029	Martin Marietta Materials, Inc.		5,432,180


Consumer Finance – 1.5%
34,339	Capital One Financial Corp.		6,718,082


Consumer Staples Distribution & Retail – 3.7%
3,939	Casey’s General Stores, Inc.		2,700,539
108,146	Walmart, Inc.		13,837,281

			16,537,820


Containers & Packaging – 1.3%
130,992	International Paper Co.		5,704,702


Electric Utilities – 3.0%
82,306	NextEra Energy, Inc.		7,717,834
149,377	PPL Corp.		5,822,715

			13,540,549


Electrical Equipment – 4.4%
21,562	Eaton Corp. PLC		8,105,587
5,184	GE Vernova, Inc.		4,528,742


Shares	Description	Value

Common Stocks – (continued)

Electrical Equipment – (continued)
17,790	Rockwell Automation, Inc.	$	7,248,536

			19,882,865


Electronic Equipment, Instruments & Components – 2.5%
22,396	Coherent Corp.*		5,798,996
19,833	Jabil, Inc.		5,255,547

			11,054,543


Financial Services – 1.7%
15,148	Berkshire Hathaway, Inc., Class B*		7,648,983


Ground Transportation – 2.7%
120,407	CSX Corp.		5,140,175
34,376	Old Dominion Freight Line, Inc.		6,980,047

			12,120,222


Health Care Equipment & Supplies – 3.0%
72,044	Abbott Laboratories		8,382,319
65,496	Boston Scientific Corp.*		5,033,368

			13,415,687


Hotels, Restaurants & Leisure – 1.7%
76,281	Starbucks Corp.		7,477,064


Household Products – 2.9%
78,074	Procter & Gamble Co. (The)		13,053,973


Industrial Conglomerates – 3.6%
51,494	3M Co.		8,512,988
31,838	Honeywell International, Inc.		7,755,418

			16,268,406


Industrial REITs – 1.6%
50,144	Prologis, Inc. REIT		7,149,030


Insurance – 2.1%
35,533	Marsh & McLennan Cos., Inc.		6,635,432
8,950	Travelers Cos., Inc. (The)		2,762,328

			9,397,760


Interactive Media & Services – 7.2%
74,521	Alphabet, Inc., Class A		23,232,667
13,894	Meta Platforms, Inc., Class A		9,005,813

			32,238,480


Life Sciences Tools & Services – 2.5%
36,918	Agilent Technologies, Inc.		4,481,107
13,010	Thermo Fisher Scientific, Inc.		6,779,641

			11,260,748


Machinery – 2.3%
13,984	Caterpillar, Inc.		10,387,735


Multi-Utilities – 1.3%
52,292	Ameren Corp.		5,923,638


Oil, Gas & Consumable Fuels – 5.0%
63,080	Chevron Corp.		11,780,821
28,040	DT Midstream, Inc.		3,893,073
60,113	Expand Energy Corp.		6,487,395

			22,161,289


Pharmaceuticals – 5.1%
64,322	Johnson & Johnson		15,979,514


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Pharmaceuticals – (continued)
54,897	Merck & Co., Inc.	$	6,797,347

			22,776,861


Residential REITs – 1.2%
31,528	AvalonBay Communities, Inc. REIT		5,587,707


Semiconductors & Semiconductor Equipment – 6.8%
34,071	Advanced Micro Devices, Inc.*		6,821,355
21,246	Applied Materials, Inc.		7,909,886
23,518	Micron Technology, Inc.		9,698,118
18,948	Teradyne, Inc.		6,063,928

			30,493,287


Software – 0.3%
3,151	AppLovin Corp., Class A*		1,369,960


Specialty Retail – 3.0%
19,646	Home Depot, Inc. (The)		7,479,625
36,500	TJX Cos., Inc. (The)		5,900,590

			13,380,215


Wireless Telecommunication Services – 1.0%
19,890	T-Mobile US, Inc.		4,317,920

TOTAL COMMON STOCKS (Cost $338,134,614)			447,696,418

Shares	Dividend Rate	Value

Investment Company – 0.1%^(a)

Goldman Sachs Financial Square Government Fund - Institutional Shares
586,129	3.589%		586,129
(Cost $586,129)

TOTAL INVESTMENTS – 100.1% (Cost $338,720,743)		$	448,282,547

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(416,845)

NET ASSETS – 100.0%		$	447,865,702


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

*		Non-income producing security.
(a)		Represents an affiliated issuer.




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


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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 99.3%

Aerospace & Defense – 2.5%
76,074	L3Harris Technologies, Inc.	$	27,732,016


Automobile Components – 1.0%
152,988	Aptiv PLC*		11,250,737


Automobiles – 0.7%
552,205	Ford Motor Co.		7,780,568


Banks – 4.1%
333,675	Fifth Third Bancorp		16,506,902
458,141	First Horizon Corp.		10,899,174
92,120	SouthState Bank Corp.		9,089,481
69,533	Wintrust Financial Corp.		10,016,924

			46,512,481


Beverages – 2.6%
269,402	Coca-Cola Europacific Partners PLC (United Kingdom)		29,750,063


Broadline Retail – 1.7%
213,832	eBay, Inc.		19,428,775


Building Products – 1.1%
119,724	Builders FirstSource, Inc.*		12,486,016


Capital Markets – 4.1%
541,561	Invesco Ltd.		14,221,392
180,930	Jefferies Financial Group, Inc.		8,033,292
113,378	Nasdaq, Inc.		9,929,645
94,617	Raymond James Financial, Inc.		14,483,970

			46,668,299


Chemicals – 3.0%
108,821	RPM International, Inc.		12,418,653
139,675	Solstice Advanced Materials, Inc.		10,965,884
104,264	Westlake Corp.		10,987,340

			34,371,877


Communications Equipment – 0.8%
13,549	Lumentum Holdings, Inc.*		9,496,630


Construction Materials – 2.2%
36,089	Martin Marietta Materials, Inc.		24,416,735


Consumer Finance – 1.1%
176,065	Synchrony Financial		12,167,852


Consumer Staples Distribution & Retail – 2.8%
19,734	Casey’s General Stores, Inc.		13,529,433
186,848	Performance Food Group Co.*		18,135,467

			31,664,900


Containers & Packaging – 1.6%
427,810	International Paper Co.		18,631,125


Electric Utilities – 3.2%
130,012	Exelon Corp.		6,431,694
30,194	NRG Energy, Inc.		5,403,518
476,415	PG&E Corp.		9,051,885
394,973	PPL Corp.		15,396,047

			36,283,144


Electrical Equipment – 4.2%
89,378	AMETEK, Inc.		21,381,005
65,486	Rockwell Automation, Inc.		26,682,271

			48,063,276


Shares	Description	Value

Common Stocks – (continued)

Electronic Equipment, Instruments & Components – 4.3%
79,478	Coherent Corp.*	$	20,579,239
296,318	Ingram Micro Holding Corp.		6,130,819
30,065	Jabil, Inc.		7,966,924
620,046	Mirion Technologies, Inc.*		13,399,194

			48,076,176


Entertainment – 0.6%
44,978	Live Nation Entertainment, Inc.*		7,292,733


Financial Services – 2.8%
317,950	Equitable Holdings, Inc.		12,787,949
107,689	Global Payments, Inc.		8,233,901
642,726	Rocket Cos., Inc., Class A		11,691,186

			32,713,036


Ground Transportation – 1.7%
94,783	Old Dominion Freight Line, Inc.		19,245,688


Health Care Equipment & Supplies – 0.4%
56,141	Dexcom, Inc.*		4,122,434


Health Care Providers & Services – 3.9%
52,853	Cencora, Inc.		19,668,715
28,642	Humana, Inc.		5,457,447
88,201	Quest Diagnostics, Inc.		18,690,674

			43,816,836


Hotels, Restaurants & Leisure – 0.9%
119,792	Wyndham Hotels & Resorts, Inc.		9,798,986


Household Durables – 2.0%
118,586	Lennar Corp., Class A		13,561,495
71,318	SharkNinja, Inc.*		8,762,843

			22,324,338


Insurance – 2.7%
86,159	American Financial Group, Inc.		11,457,424
67,312	Arch Capital Group Ltd.*		6,741,297
84,685	Globe Life, Inc.		12,301,343

			30,500,064


IT Services – 0.5%
15,853	MongoDB, Inc.*		5,207,235


Life Sciences Tools & Services – 2.2%
122,653	Agilent Technologies, Inc.		14,887,622
7,467	Mettler-Toledo International, Inc.*		10,205,074

			25,092,696


Machinery – 3.8%
34,606	IDEX Corp.		7,248,919
137,137	Ingersoll Rand, Inc.		12,910,077
43,392	ITT, Inc.		8,782,974
158,007	Stanley Black & Decker, Inc.		13,666,025

			42,607,995


Media – 1.0%
131,348	Omnicom Group, Inc.		11,202,671


Metals & Mining – 1.1%
66,752	Steel Dynamics, Inc.		12,891,814


Multi-Utilities – 4.3%
182,154	CMS Energy Corp.		14,220,763


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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Multi-Utilities – (continued)
408,077	NiSource, Inc.	$	19,302,042
177,256	Public Service Enterprise Group, Inc.		15,256,424

			48,779,229


Office REITs – 0.8%
318,856	Kilroy Realty Corp. REIT		9,508,286


Oil, Gas & Consumable Fuels – 7.9%
403,963	BKV Corp. (Thailand)*		12,656,161
81,014	DT Midstream, Inc.		11,247,984
52,193	EOG Resources, Inc.		6,476,107
133,718	Expand Energy Corp.		14,430,846
91,122	HF Sinclair Corp.		4,557,011
110,637	Kinetik Holdings, Inc.^(a)		5,032,877
385,345	Permian Resources Corp., Class A		7,047,960
119,405	Phillips 66		18,427,774
38,992	Targa Resources Corp.		9,194,314

			89,071,034


Passenger Airlines – 1.9%
206,189	United Airlines Holdings, Inc.*		21,917,891


Pharmaceuticals – 0.9%
209,614	Royalty Pharma PLC, Class A		9,686,263


Real Estate Management & Development – 1.0%
77,735	CBRE Group, Inc., Class A*		11,478,350


Residential REITs – 2.5%
79,410	AvalonBay Communities, Inc. REIT		14,073,834
99,703	Mid-America Apartment Communities, Inc. REIT		13,346,244

			27,420,078


Semiconductors & Semiconductor Equipment – 2.6%
78,277	Marvell Technology, Inc.		6,394,448
153,150	ON Semiconductor Corp.*		10,181,412
40,475	Teradyne, Inc.		12,953,214

			29,529,074


Specialized REITs – 3.5%
133,904	Digital Realty Trust, Inc. REIT		23,727,789
531,876	VICI Properties, Inc. REIT		16,067,974

			39,795,763


Specialty Retail – 2.1%
114,372	Ross Stores, Inc.		23,519,458


Technology Hardware, Storage & Peripherals – 2.9%
434,151	Hewlett Packard Enterprise Co.		9,321,222
10,975	Sandisk Corp.*		6,973,076
57,577	Western Digital Corp.		16,104,287

			32,398,585


Trading Companies & Distributors – 4.3%
385,918	Fastenal Co.		17,767,665
36,223	United Rentals, Inc.		30,427,320

			48,194,985

TOTAL COMMON STOCKS (Cost $876,640,020)			1,122,896,192



Shares	Dividend Rate	Value

Investment Company – 0.7%^(b)

Goldman Sachs Financial Square Government Fund - Institutional Shares
7,900,247	3.589%	$	7,900,247
(Cost $7,900,247)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $884,540,267)			1,130,796,439




Securities Lending Reinvestment Vehicle – 0.3%^(b)

Goldman Sachs Financial Square Government Fund - Institutional Shares
3,839,184	3.589%		3,839,184
(Cost $3,839,184)

TOTAL INVESTMENTS – 100.3% (Cost $888,379,451)		$	1,134,635,623

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(3,244,027)

NET ASSETS – 100.0%		$	1,131,391,596


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

*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.




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


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 98.7%

Aerospace & Defense – 2.2%
79,593	Mercury Systems, Inc.*	$	7,086,165
16,530	Moog, Inc., Class A		5,577,718
56,534	V2X, Inc.*		3,943,246
13,702	VSE Corp.		3,111,313

			19,718,442


Automobile Components – 2.3%
121,863	Dana, Inc.		4,172,589
54,040	Patrick Industries, Inc.		6,689,612
121,099	Phinia, Inc.		8,795,420
28,129	Visteon Corp.		2,691,101

			22,348,722


Banks – 17.4%
121,046	Ameris Bancorp		9,400,432
296,071	Atlantic Union Bankshares Corp.		10,972,391
332,017	Banc of California, Inc.		6,132,354
117,017	CoastalSouth Bancshares, Inc.		2,872,767
231,295	Columbia Banking System, Inc.		6,580,343
108,322	Community Financial System, Inc.		6,558,897
292,091	ConnectOne Bancorp, Inc.		7,749,174
133,266	FB Financial Corp.		7,288,318
183,163	First Merchants Corp.		7,158,010
250,443	Glacier Bancorp, Inc.		11,392,652
52,703	Nicolet Bankshares, Inc.		8,050,910
229,538	Northpointe Bancshares, Inc.		4,145,456
361,886	Old Second Bancorp, Inc.		7,103,822
189,598	Origin Bancorp, Inc.		7,887,277
295,466	Renasant Corp.		11,124,295
229,630	Seacoast Banking Corp. of Florida		7,146,086
70,340	SouthState Bank Corp.		6,940,448
119,688	TriCo Bancshares		5,718,693
109,522	UMB Financial Corp.		12,691,409
711,047	Valley National Bancorp		8,966,303
215,723	WesBanco, Inc.		7,522,261

			163,402,298


Biotechnology – 4.1%
91,745	Alkermes PLC*		2,761,525
19,714	Apogee Therapeutics, Inc.*		1,379,980
49,930	CG oncology, Inc.*		2,935,884
99,713	Cytokinetics, Inc.*		6,204,143
41,526	Dianthus Therapeutics, Inc.*		2,291,820
61,826	Halozyme Therapeutics, Inc.*		4,298,762
68,747	Immunovant, Inc.*		1,906,354
7,935	Krystal Biotech, Inc.*		2,187,203
40,512	Mineralys Therapeutics, Inc.*		1,185,381
11,407	Praxis Precision Medicines, Inc.*		3,841,307
20,737	Protagonist Therapeutics, Inc.*		1,909,463
44,038	REVOLUTION Medicines, Inc.*		4,492,757
44,488	Ultragenyx Pharmaceutical, Inc.*		1,040,574
42,772	Xenon Pharmaceuticals, Inc. (Canada)*		1,849,034

			38,284,187


Building Products – 0.7%
43,228	Griffon Corp.		3,684,755


Shares	Description	Value

Common Stocks – (continued)

Building Products – (continued)
294,405	Masterbrand, Inc.*	$	2,979,378

			6,664,133


Capital Markets – 1.5%
453,705	Perella Weinberg Partners		8,398,080
20,637	Piper Sandler Cos.		6,099,265

			14,497,345


Chemicals – 3.9%
53,593	Ashland, Inc.		3,342,060
179,442	Avient Corp.		7,369,683
132,220	Element Solutions, Inc.		4,639,600
115,804	HB Fuller Co.		7,610,639
83,284	Ingevity Corp.*		5,998,947
26,349	Quaker Chemical Corp.		3,874,093
48,842	Solstice Advanced Materials, Inc.		3,834,585

			36,669,607


Commercial Services & Supplies – 0.5%
361,887	BrightView Holdings, Inc.*		4,990,422


Communications Equipment – 0.3%
64,922	Digi International, Inc.*		3,169,492


Construction & Engineering – 3.1%
78,550	Arcosa, Inc.		8,442,554
257,132	Centuri Holdings, Inc.*		7,971,092
52,056	Fluor Corp.*		2,723,049
54,249	Granite Construction, Inc.		7,294,320
9,060	MYR Group, Inc.*		2,445,838

			28,876,853


Consumer Finance – 1.6%
78,668	Bread Financial Holdings, Inc.		5,574,415
26,368	Enova International, Inc.*		3,666,470
271,908	Jefferson Capital, Inc.		5,609,462

			14,850,347


Containers & Packaging – 1.2%
55,018	Greif, Inc., Class A		3,998,158
301,808	O-I Glass, Inc.*		4,044,227
72,032	TriMas Corp.		2,815,011

			10,857,396


Electric Utilities – 1.3%
62,064	IDACORP, Inc.		8,935,354
36,586	MGE Energy, Inc.		3,000,784

			11,936,138


Electrical Equipment – 0.3%
26,937	Nextpower, Inc., Class A*		2,831,079


Electronic Equipment, Instruments & Components – 3.6%
10,973	Bel Fuse, Inc., Class B		2,520,608
184,351	Knowles Corp.*		5,008,817
20,018	Littelfuse, Inc.		7,055,544
185,609	Mirion Technologies, Inc.*		4,011,010
30,884	Rogers Corp.*		3,330,222
36,749	Sanmina Corp.*		5,705,650
62,664	TTM Technologies, Inc.*		6,532,095

			34,163,946


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Energy Equipment & Services – 2.9%
74,940	Kodiak Gas Services, Inc.	$	4,089,476
188,045	Liberty Energy, Inc.		5,282,184
201,017	Noble Corp. PLC		9,132,202
77,854	Oceaneering International, Inc.*		2,763,817
139,974	Seadrill Ltd. (Norway)*		6,142,059

			27,409,738


Financial Services – 1.6%
163,372	NMI Holdings, Inc.*		6,422,153
64,421	PennyMac Financial Services, Inc.		5,922,223
55,382	Walker & Dunlop, Inc.		2,548,126

			14,892,502


Food Products – 0.4%
80,709	Fresh Del Monte Produce, Inc.		3,464,837


Gas Utilities – 3.3%
31,179	Chesapeake Utilities Corp.		4,239,409
157,375	MDU Resources Group, Inc.		3,254,515
93,226	ONE Gas, Inc.		8,151,681
88,978	Southwest Gas Holdings, Inc.		7,845,190
84,015	Spire, Inc.		7,696,614

			31,187,409


Ground Transportation – 1.1%
51,054	ArcBest Corp.		5,241,204
71,051	Knight-Swift Transportation Holdings, Inc.		4,470,529

			9,711,733


Health Care Equipment & Supplies – 1.5%
48,845	Globus Medical, Inc., Class A*		4,662,744
97,789	LivaNova PLC*		6,903,903
36,107	Merit Medical Systems, Inc.*		2,786,738

			14,353,385


Health Care Providers & Services – 0.9%
240,330	Lumexa Imaging Holdings, Inc.*		3,398,266
282,687	NeoGenomics, Inc.*		2,778,813
32,594	RadNet, Inc.*		2,275,387

			8,452,466


Hotel & Resort REITs – 0.5%
47,650	Ryman Hospitality Properties,
	Inc. REIT		4,705,437


Hotels, Restaurants & Leisure – 0.9%
69,018	Black Rock Coffee Bar, Inc., Class A*		920,700
34,710	Churchill Downs, Inc.		3,190,890
80,222	Life Time Group Holdings, Inc.*		2,165,994
42,169	Red Rock Resorts, Inc., Class A		2,553,333

			8,830,917


Household Durables – 3.3%
42,393	Century Communities, Inc.		2,850,081
12,348	Installed Building Products, Inc.		4,047,181
93,592	La-Z-Boy, Inc.		3,343,106
124,104	Meritage Homes Corp.		9,359,924
166,856	Taylor Morrison Home Corp.*		10,994,142

			30,594,434


Shares	Description	Value

Common Stocks – (continued)

Household Products – 0.3%
36,229	Spectrum Brands Holdings, Inc. $		2,839,629


Industrial REITs – 1.2%
163,879	Terreno Realty Corp. REIT		10,825,847


Insurance – 2.9%
469,465	Abacus Global Management, Inc.^(a)		4,286,215
142,791	CNO Financial Group, Inc.		5,970,092
255,490	Exzeo Group, Inc.*		4,282,012
25,242	HCI Group, Inc.		4,453,194
95,750	Skyward Specialty Insurance Group, Inc.*		4,449,503
220,035	Slide Insurance Holdings, Inc.*		4,180,665

			27,621,681


IT Services – 0.3%
60,165	ASGN, Inc.*		2,581,079


Leisure Products – 0.4%
69,191	Polaris, Inc.		4,202,661


Life Sciences Tools & Services – 0.6%
140,402	10X Genomics, Inc., Class A*		3,236,266
14,853	Charles River Laboratories International, Inc.*		2,651,112

			5,887,378


Machinery – 7.0%
34,098	Alamo Group, Inc.		7,280,946
168,202	Alliance Laundry Holdings, Inc.*		3,772,771
74,079	Atmus Filtration Technologies, Inc.		4,780,318
26,274	Esab Corp.		3,314,991
21,865	ESCO Technologies, Inc.		6,062,946
302,511	Gates Industrial Corp. PLC*		8,340,228
43,420	Gorman-Rupp Co. (The)		2,788,867
18,623	Graham Corp.*		1,512,560
80,482	Helios Technologies, Inc.		5,739,976
35,746	SPX Technologies, Inc.*		8,112,197
26,341	Standex International Corp.		6,901,342
110,717	Terex Corp.		7,616,222

			66,223,364


Metals & Mining – 3.6%
247,204	Coeur Mining, Inc.*		6,711,589
158,527	Commercial Metals Co.		11,620,029
150,460	Constellium SE*		3,744,949
107,150	Ryerson Holding Corp.		2,803,044
165,704	SSR Mining, Inc. (Canada)*		5,334,012
95,290	Worthington Steel, Inc.		3,960,252

			34,173,875


Mortgage Real Estate Investment Trusts (REITs) – 1.1%
621,484	Ladder Capital Corp. REIT		6,444,789
406,133	Rithm Capital Corp. REIT		4,081,637

			10,526,426


Multi-Utilities – 0.8%
101,552	Black Hills Corp.		7,480,320


Office REITs – 0.7%
222,707	COPT Defense Properties REIT		7,077,628


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

GOLDMAN SACHS SMALL CAP VALUE FUND


Shares	Description	Value

Common Stocks – (continued)

Oil, Gas & Consumable Fuels – 5.5%
119,123	California Resources Corp.	$	7,009,197
9,595	Centrus Energy Corp., Class A*		1,943,851
205,455	CNX Resources Corp.*		8,583,910
34,531	Core Natural Resources, Inc.		2,834,305
264,609	DHT Holdings, Inc.		5,157,229
39,919	Kinetik Holdings, Inc.^(a)		1,815,915
304,774	Magnolia Oil & Gas Corp., Class A		8,478,813
114,228	Murphy Oil Corp.		3,786,658
108,113	PBF Energy, Inc., Class A		3,848,823
76,144	Scorpio Tankers, Inc. (Monaco)		6,021,468
163,673	Talos Energy, Inc.*		2,004,994

			51,485,163


Passenger Airlines – 0.4%
38,739	SkyWest, Inc.*		4,031,955


Personal Care Products – 0.3%
117,826	Edgewell Personal Care Co.		2,679,363


Pharmaceuticals – 1.1%
20,394	Ligand Pharmaceuticals, Inc.*		4,044,334
36,338	Prestige Consumer Healthcare, Inc.*		2,518,223
49,307	Supernus Pharmaceuticals, Inc.*		2,698,572
108,665	WaVe Life Sciences Ltd.*		1,513,704

			10,774,833


Professional Services – 0.4%
128,915	Amentum Holdings, Inc.*		3,850,691


Real Estate Management & Development – 1.2%
187,802	Forestar Group, Inc.*		5,393,674
386,835	Newmark Group, Inc., Class A		5,616,844

			11,010,518


Residential REITs – 1.0%
374,729	Independence Realty Trust, Inc.
	REIT		6,209,260
166,944	UMH Properties, Inc. REIT		2,517,515

			8,726,775


Retail REITs – 1.1%
170,539	Curbline Properties Corp. REIT		4,742,690
181,224	InvenTrust Properties Corp. REIT		5,654,189

			10,396,879


Semiconductors & Semiconductor Equipment – 3.5%
54,327	Aehr Test Systems*		2,033,460
55,263	Axcelis Technologies, Inc.*		4,565,276
136,444	Cohu, Inc.*		4,120,609
55,660	FormFactor, Inc.*		5,503,661
21,025	Onto Innovation, Inc.*		4,539,087
61,846	Semtech Corp.*		5,579,746
13,796	Silicon Laboratories, Inc.*		2,821,696
67,053	Ultra Clean Holdings, Inc.*		4,068,776

			33,232,311


Specialized REITs – 0.9%
182,892	Four Corners Property Trust, Inc. REIT		4,667,404


Shares	Description	Value

Common Stocks – (continued)

Specialized REITs – (continued)
114,582	Smartstop Self Storage REIT, Inc. REIT	$	3,821,310

			8,488,714


Specialty Retail – 2.2%
73,931	Academy Sports & Outdoors, Inc.		4,445,471
53,625	Advance Auto Parts, Inc.		2,851,241
166,819	American Eagle Outfitters, Inc.		4,098,743
6,430	Group 1 Automotive, Inc.		2,094,508
33,659	Signet Jewelers Ltd.		3,237,659
52,579	Urban Outfitters, Inc.*		3,480,730

			20,208,352


Textiles, Apparel & Luxury Goods – 0.8%
210,986	Capri Holdings Ltd.*		4,327,323
47,356	Kontoor Brands, Inc.		3,088,085

			7,415,408


Trading Companies & Distributors – 1.0%
33,611	Boise Cascade Co.		2,780,974
208,723	DNOW, Inc.*		2,458,757
30,426	Herc Holdings, Inc.		4,253,251

			9,492,982

TOTAL COMMON STOCKS (Cost $684,322,419)			928,097,097


Shares	Dividend Rate	Value

Investment Company – 1.3%^(b)

Goldman Sachs Financial Square Government Fund - Institutional Shares
12,113,831	3.589%		12,113,831
(Cost $12,113,831)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $696,436,250)			940,210,928



Securities Lending Reinvestment Vehicle – 0.0%^(b)

Goldman Sachs Financial Square Government Fund - Institutional Shares
408,808	3.589%		408,808
(Cost $408,808)

TOTAL INVESTMENTS – 100.0% (Cost $696,845,058)		$	940,619,736

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			40,027

NET ASSETS – 100.0%		$	940,659,763


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

*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2026 (Unaudited)




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


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

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 98.8%

Aerospace & Defense – 5.2%
16,297	ATI, Inc.*	$	2,666,026
5,028	BWX Technologies, Inc.		1,035,668
2,412	Curtiss-Wright Corp.		1,689,196
13,900	Karman Holdings, Inc.*		1,224,729
19,724	Leonardo DRS, Inc.		855,824

			7,471,443


Automobile Components – 0.9%
10,464	Patrick Industries, Inc.		1,295,339


Banks – 7.5%
20,722	East West Bancorp, Inc.		2,268,023
65,807	First Horizon Corp.		1,565,549
18,604	Prosperity Bancshares, Inc.		1,309,163
15,569	SouthState Bank Corp.		1,536,193
13,739	UMB Financial Corp.		1,592,075
81,490	Valley National Bancorp		1,027,589
9,950	Wintrust Financial Corp.		1,433,397

			10,731,989


Biotechnology – 3.5%
41,101	Alkermes PLC*		1,237,140
9,732	Blueprint Medicines Corp.*^(a)		4,477
11,139	Cytokinetics, Inc.*		693,069
2,816	Madrigal Pharmaceuticals, Inc.*		1,216,512
6,757	Natera, Inc.*		1,405,726
5,519	Rhythm Pharmaceuticals, Inc.*		511,777

			5,068,701


Capital Markets – 2.6%
4,305	Evercore, Inc., Class A		1,329,556
13,592	Jefferies Financial Group, Inc.		603,485
24,123	Stifel Financial Corp.		1,786,308

			3,719,349


Chemicals – 4.1%
51,020	Element Solutions, Inc.		1,790,292
22,516	HB Fuller Co.		1,479,751
12,142	RPM International, Inc.		1,385,645
16,252	Solstice Advanced Materials, Inc.		1,275,945

			5,931,633


Communications Equipment – 1.4%
2,761	Lumentum Holdings, Inc.*		1,935,212


Construction & Engineering – 2.1%
9,845	MasTec, Inc.*		2,934,007


Consumer Finance – 0.7%
19,187	OneMain Holdings, Inc.		1,055,669


Consumer Staples Distribution & Retail – 0.9%
1,913	Casey’s General Stores, Inc.		1,311,534


Containers & Packaging – 0.9%
10,980	Crown Holdings, Inc.		1,258,308


Electric Utilities – 1.1%
10,921	IDACORP, Inc.		1,572,296


Electrical Equipment – 2.8%
23,566	nVent Electric PLC		2,789,272
5,829	Regal Rexnord Corp.		1,288,092

			4,077,364


Shares	Description	Value

Common Stocks – (continued)

Electronic Equipment, Instruments & Components – 4.7%
14,531	Coherent Corp.*	$	3,762,512
24,319	Flex Ltd.*		1,532,583
8,694	TD SYNNEX Corp.		1,363,306

			6,658,401


Energy Equipment & Services – 1.7%
26,242	Archrock, Inc.		927,130
22,591	TechnipFMC PLC (United Kingdom)		1,498,009

			2,425,139


Financial Services – 1.2%
15,796	Affirm Holdings, Inc.*		742,096
36,167	MGIC Investment Corp.		959,510

			1,701,606


Ground Transportation – 1.8%
22,797	Knight-Swift Transportation Holdings, Inc.		1,434,387
2,857	Saia, Inc.*		1,158,199

			2,592,586


Health Care Equipment & Supplies – 2.5%
19,996	Globus Medical, Inc., Class A*		1,908,818
8,726	Merit Medical Systems, Inc.*		673,473
2,683	Penumbra, Inc.*		923,998

			3,506,289


Health Care Providers & Services – 0.8%
5,153	Ensign Group, Inc. (The)		1,103,618


Hotels, Restaurants & Leisure – 4.3%
6,162	Brinker International, Inc.*		913,208
7,635	Hyatt Hotels Corp., Class A		1,233,053
17,453	Red Rock Resorts, Inc., Class A		1,056,779
8,438	Texas Roadhouse, Inc.		1,543,057
18,760	Viking Holdings Ltd.*		1,463,655

			6,209,752


Household Durables – 3.6%
5,260	Installed Building Products, Inc.		1,724,018
13,888	SharkNinja, Inc.*		1,706,419
10,514	Toll Brothers, Inc.		1,653,221

			5,083,658


Insurance – 3.4%
11,315	American Financial Group, Inc.		1,504,669
6,940	Hanover Insurance Group, Inc. (The)		1,253,572
3,639	RenaissanceRe Holdings Ltd. (Bermuda)		1,100,652
25,902	Ryan Specialty Holdings, Inc.		1,019,244

			4,878,137


Life Sciences Tools & Services – 2.1%
15,927	Bio-Techne Corp.		939,693
5,835	Charles River Laboratories International, Inc.*		1,041,489
7,439	Repligen Corp.*		957,623

			2,938,805


Machinery – 9.6%
27,614	Alliance Laundry Holdings, Inc.*		619,382


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

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

Schedule of Investments (continued)

February 28, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Machinery – (continued)
10,249	Crane Co.	$	2,055,232
14,079	Esab Corp.		1,776,347
24,872	Flowserve Corp.		2,201,669
6,809	Lincoln Electric Holdings, Inc.		1,954,524
3,916	Nordson Corp.		1,149,111
3,824	RBC Bearings, Inc.*		2,202,318
8,072	SPX Technologies, Inc.*		1,831,860

			13,790,443


Metals & Mining – 2.1%
30,849	Coeur Mining, Inc.*		837,550
11,163	Commercial Metals Co.		818,248
4,182	Reliance, Inc.		1,320,007

			2,975,805


Multi-Utilities – 0.8%
24,255	NiSource, Inc.		1,147,261


Oil, Gas & Consumable Fuels – 2.8%
28,120	Magnolia Oil & Gas Corp., Class A		782,298
89,869	Permian Resources Corp., Class A		1,643,704
39,173	Range Resources Corp.		1,617,062

			4,043,064


Professional Services – 1.6%
2,632	CACI International, Inc., Class A*		1,605,967
6,623	Paylocity Holding Corp.*		705,283

			2,311,250


Real Estate Management & Development – 0.9%
3,925	Jones Lang LaSalle, Inc.*		1,238,534


Retail REITs – 0.9%
16,705	Regency Centers Corp. REIT		1,319,695


Semiconductors & Semiconductor Equipment – 8.9%
20,082	Lattice Semiconductor Corp.*		1,920,241
15,180	MACOM Technology Solutions Holdings, Inc.*		3,766,462
3,635	Nova Ltd. (Israel)*		1,595,256
6,524	Onto Innovation, Inc.*		1,408,466
4,588	SiTime Corp.*		1,825,473
6,924	Teradyne, Inc.		2,215,888

			12,731,786


Software – 3.2%
9,180	Guidewire Software, Inc.*		1,334,038
1,616	HubSpot, Inc.*		427,448
16,894	Procore Technologies, Inc.*		929,846
9,086	PTC, Inc.*		1,422,777
38,502	SailPoint, Inc.*		542,878

			4,656,987


Specialized REITs – 0.9%
31,833	CubeSmart REIT		1,309,610


Specialty Retail – 3.6%
10,149	Boot Barn Holdings, Inc.*		1,920,394
9,551	Five Below, Inc.*		2,134,935


Shares	Description	Value

Common Stocks – (continued)

Specialty Retail – (continued)
3,393	Group 1 Automotive, Inc.	$	1,105,236

			5,160,565


Technology Hardware, Storage & Peripherals – 0.9%
19,856	Pure Storage, Inc., Class A*		1,275,152


Textiles, Apparel & Luxury Goods – 1.1%
40,912	Amer Sports, Inc. (Finland)*		1,553,838


Trading Companies & Distributors – 1.7%
8,622	Applied Industrial Technologies, Inc.		2,436,405

TOTAL COMMON STOCKS (Cost $103,927,360)			141,411,230


Shares	Dividend Rate	Value

Investment Company – 1.2%^(b)

Goldman Sachs Financial Square Government Fund - Institutional Shares
1,705,092	3.589%		1,705,092
(Cost $1,705,092)

TOTAL INVESTMENTS – 100.0% (Cost $105,632,452)		$	143,116,322

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%			(49,620)

NET ASSETS – 100.0%		$	143,066,702


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

*		Non-income producing security.
(a)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(b)		Represents an affiliated issuer.




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


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)


	Equity Income Fund		Large Cap Value Fund		Mid Cap Value Fund

Assets:

Investments in unaffiliated issuers, at value (cost $305,518,010, $338,134,614 and $876,640,020, respectively)^(a)	$	435,243,157	$	447,696,418	$	1,122,896,192
Investments in affiliated issuers, at value (cost $916, $586,129 and $7,900,247, respectively)		916		586,129		7,900,247
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—		—		3,839,184
Cash		43,461		—		938,941
Receivables:
Investments sold		1,100,244		5,136,707		—
Dividends		697,721		579,675		735,562
Reimbursement from investment adviser		18,910		25,367		—
Fund shares sold		2,727		48,703		411,995
Foreign tax reclaims		2,323		—		2,625
Securities lending income		85		—		3,776
Other assets		67,481		66,377		66,964

Total assets		437,177,025		454,139,376		1,136,795,486


Liabilities:

Payables:
Management fees		98,905		109,757		278,486
Fund shares redeemed		73,724		220,615		753,098
Accrued professional fees		41,918		42,100		42,799
Distribution and Service fees and Transfer Agency fees		36,813		19,033		83,150
Custody, accounting and administrative services		35,367		35,964		73,250
Accrued Printing and mailing costs		31,423		24,959		57,226
Payable upon return of securities loaned		—		—		3,839,184
Investments purchased		—		5,820,891		262,741
Accrued expenses		280		355		13,956

Total liabilities		318,430		6,273,674		5,403,890


Net Assets:

Paid-in capital		291,967,822		325,632,071		846,067,144
Total distributable earnings		144,890,773		122,233,631		285,324,452

NET ASSETS	$	436,858,595	$	447,865,702	$	1,131,391,596

Net Assets:
Class A	$	333,157,429	$	88,577,134	$	426,845,671
Class C		3,757,189		4,406,401		4,572,019
Institutional		20,748,436		128,666,928		300,920,017
Service		51,252		1,165,857		28,085,838
Investor		3,667,312		5,260,913		67,716,903
Class R6		9,541,879		3,521,208		109,484,058
Class R		919,520		2,425,923		19,167,751
Class P		65,015,578		213,841,338		174,599,339
Total Net Assets	$	436,858,595	$	447,865,702	$	1,131,391,596
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		6,663,042		5,456,471		11,459,847
Class C		80,886		298,101		161,928
Institutional		403,908		7,771,881		7,898,481
Service		1,017		72,264		784,628
Investor		73,537		323,993		1,902,121
Class R6		185,721		203,946		2,877,289
Class R		18,522		157,937		549,068
Class P		1,265,826		12,386,903		4,589,157
Net asset value, offering and redemption price per share:^(b)
Class A	$	50.00	$	16.23	$	37.25
Class C		46.45		14.78		28.23
Institutional		51.37		16.56		38.10
Service		50.42		16.13		35.80
Investor		49.87		16.24		35.60
Class R6		51.38		17.27		38.05
Class R		49.65		15.36		34.91
Class P		51.36		17.26		38.05

^(a)	Includes loaned securities having a market value of $–, $– and $3,638,427 for Equity Income Fund, Large Cap Value Fund and Mid Cap Value Fund, respectively.

^(b)

Maximum public offering price per share for Class A Shares of the Equity Income Fund, Large Cap Value Fund and Mid Cap Value Fund is $52.91, $17.17 and $39.42, 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.		15

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities (continued)

February 28, 2026 (Unaudited)


	Small Cap Value Fund		Small/Mid Cap Equity Fund

Assets:

Investments in unaffiliated issuers, at value (cost $684,322,419 and $103,927,360, respectively)^(a)	$	928,097,097	$	141,411,230
Investments in affiliated issuers, at value (cost $12,113,831 and $1,705,092, respectively)		12,113,831		1,705,092
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		408,808		—
Cash		—		661,113
Receivables:
Investments sold		5,632,746		776,899
Dividends		819,915		35,165
Fund shares sold		174,798		75,535
Reimbursement from investment adviser		33,877		13,495
Securities lending income		4,321		—
Other assets		66,091		58,006

Total assets		947,351,484		144,736,535


Liabilities:

Payables:
Investments purchased		5,091,225		1,557,580
Fund shares redeemed		543,346		17,160
Payable upon return of securities loaned		408,808		—
Management fees		308,025		37,439
Distribution and Service fees and Transfer Agency fees		39,939		2,053
Accrued expenses		300,378		55,601

Total liabilities		6,691,721		1,669,833


Net Assets:

Paid-in capital		672,249,571		105,250,698
Total distributable earnings		268,410,192		37,816,004

NET ASSETS	$	940,659,763	$	143,066,702

Net Assets:
Class A	$	206,786,141	$	2,608,493
Class C		762,864		456,048
Institutional		193,806,955		15,934,771
Service		6,719,705		—
Investor		18,768,788		4,030,811
Class R6		232,033,444		27,171,717
Class R		31,288,927		99,843
Class P		250,492,939		92,765,019
Total Net Assets	$	940,659,763	$	143,066,702
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		6,113,898		147,202
Class C		76,985		27,181
Institutional		4,671,204		880,550
Service		217,646		—
Investor		567,055		224,447
Class R6		5,600,736		1,502,880
Class R		994,069		5,664
Class P		6,046,830		5,134,504
Net asset value, offering and redemption price per share:^(b)
Class A	$	33.82	$	17.72
Class C		9.91		16.78
Institutional		41.49		18.10
Service		30.87		—
Investor		33.10		17.96
Class R6		41.43		18.08
Class R		31.48		17.63
Class P		41.43		18.07

^(a)	Includes loaned securities having a market value of $386,542 and $– for Small Cap Value Fund and Small/Mid Cap Equity Fund, respectively.

^(b)

Maximum public offering price per share for Class A Shares of the Small Cap Value Fund and Small/Mid Cap Equity Fund is $35.79 and $18.75, 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.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2026 (Unaudited)


	Equity Income Fund			Large Cap Value Fund			Mid Cap Value Fund

Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $228, $3,663 and $–, respectively)	$	4,308,103		$	3,090,469		$	9,081,428

Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		5,993			12,850			26,526

Dividends — affiliated issuers		5,784			33,616			190,546

Total Investment Income		4,319,880			3,136,935			9,298,500



Expenses:

Management fees		1,438,805			1,620,039			4,067,831

Distribution and/or Service (12b-1) fees^(a)		416,234			129,388			606,902

Transfer Agency fees^(a)		260,637			129,167			483,762

Professional fees		64,545			64,727			65,426

Registration fees		49,222			52,417			49,514

Custody, accounting and administrative services		31,490			31,311			59,305

Printing and mailing costs		27,116			21,003			51,432

Trustee fees		14,097			14,114			14,792

Service fees — Class C		4,506			5,307			5,761

Shareholder Administration fees — Service Shares		60			1,407			33,382

Other		7,912			8,217			15,968

Total expenses		2,314,624			2,077,097			5,454,075

Less — expense reductions		(368,429	)		(408,046	)		(33,534	)

Net expenses		1,946,195			1,669,051			5,420,541

NET INVESTMENT INCOME		2,373,685			1,467,884			3,877,959



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		17,528,213			22,711,141			69,270,980

Foreign currency transactions		(1,044	)		44			(6,365	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		22,436,394			20,230,879			42,386,896

Foreign currency translations		—			36			18

Net realized and unrealized gain		39,963,563			42,942,100			111,651,529

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	42,337,248		$	44,409,984		$	115,529,488

^(a)

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


	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Equity Income Fund		$400,463		$13,518		$60		$2,192		$240,279		$2,704		$3,922		$9		$2,731		$1,267		$658		$9,067
Large Cap Value Fund		106,220		15,923		1,407		5,838		63,732		3,185		25,159		225		3,856		474		1,752		30,784
Mid Cap Value Fund		511,780		17,284		33,382		44,456		307,069		3,457		56,931		5,341		57,988		15,287		13,337		24,352


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations (continued)

For the Six Months Ended February 28, 2026 (Unaudited)


	Small Cap Value Fund			Small/Mid Cap Equity Fund

Investment income:

Dividends — unaffiliated issuers	$	6,560,853		$	673,864

Dividends — affiliated issuers		106,358			18,720

Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		27,437			769

Total Investment Income		6,694,648			693,353



Expenses:

Management fees		4,434,579			557,567

Distribution and/or Service (12b-1) fees^(a)		327,418			4,968

Transfer Agency fees^(a)		294,832			25,960

Professional fees		65,031			83,827

Custody, accounting and administrative services		56,243			19,345

Registration fees		49,933			52,327

Printing and mailing costs		17,547			18,407

Service fees — Service		16,424			—

Service fees — Class C		847			567

Trustee fees		14,605			13,822

Other		21,538			5,772

Total expenses		5,298,997			782,562

Less — expense reductions		(570,107	)		(192,567	)

Net expenses		4,728,890			589,995

NET INVESTMENT INCOME		1,965,758			103,358



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		58,473,824			2,711,426

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		45,134,142			13,449,111

Net realized and unrealized gain		103,607,966			16,160,537

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	105,573,724		$	16,263,895

^(a)

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


	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Small Cap Value Fund		$250,517		$2,542		$74,359		$150,311		$508		$36,536		$1,314		$13,897		$34,321		$22,308		$35,637
Small/Mid Cap Equity Fund		3,076		1,701		191		1,846		340		3,092		–		3,105		3,720		57		13,800


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets


	Equity Income Fund						Large Cap Value Fund
	For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025			For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025

From operations:

Net investment income	$	2,373,685		$	5,410,965		$	1,467,884		$	4,706,740

Net realized gain		17,527,169			31,695,824			22,711,185			49,401,157

Net change in unrealized gain (loss)		22,436,394			150,885			20,230,915			(24,940,677	)


Net increase in net assets resulting from operations		42,337,248			37,257,674			44,409,984			29,167,220



Distributions to shareholders:

From distributable earnings:

Class A Shares		(28,005,711	)		(29,043,804	)		(11,021,744	)		(9,784,589	)

Class C Shares		(326,643	)		(362,053	)		(547,175	)		(683,220	)

Institutional Shares		(1,698,068	)		(1,779,993	)		(16,398,500	)		(14,500,655	)

Service Shares		(4,119	)		(7,735	)		(148,546	)		(117,532	)

Investor Shares		(323,666	)		(316,410	)		(675,228	)		(517,026	)

Class R6 Shares		(728,371	)		(656,544	)		(397,066	)		(352,060	)

Class R Shares		(74,610	)		(73,209	)		(300,130	)		(311,391	)

Class P Shares		(5,242,006	)		(4,965,019	)		(25,619,662	)		(23,325,551	)


Total distributions to shareholders		(36,403,194	)		(37,204,767	)		(55,108,051	)		(49,592,024	)



From share transactions:

Proceeds from sales of shares		10,930,193			25,024,980			14,681,670			21,766,877

Reinvestment of distributions		35,754,084			36,468,242			54,254,754			48,770,592

Cost of shares redeemed		(32,497,942	)		(50,235,893	)		(45,811,266	)		(68,075,025	)


Net increase in net assets resulting from share transactions		14,186,335			11,257,329			23,125,158			2,462,444


TOTAL INCREASE (DECREASE)		20,120,389			11,310,236			12,427,091			(17,962,360	)



Net Assets:

Beginning of period	$	416,738,206		$	405,427,970		$	435,438,611		$	453,400,971


End of period	$	436,858,595		$	416,738,206		$	447,865,702		$	435,438,611


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets (continued)


	Mid Cap Value Fund						Small Cap Value Fund
	For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025			For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025

From operations:

Net investment income	$	3,877,959		$	9,551,701		$	1,965,758		$	5,809,643

Net realized gain		69,264,615			130,706,329			58,473,824			161,561,274

Net change in unrealized gain (loss)		42,386,914			(42,422,963	)		45,134,142			(108,734,301	)


Net increase in net assets resulting from operations		115,529,488			97,835,067			105,573,724			58,636,616



Distributions to shareholders:

From distributable earnings:

Class A Shares		(52,810,923	)		(29,533,099	)		(37,018,325	)		(44,600,975	)

Class C Shares		(735,484	)		(424,563	)		(291,491	)		(385,634	)

Institutional Shares		(37,052,929	)		(20,756,025	)		(28,707,092	)		(47,622,163	)

Service Shares		(3,459,069	)		(1,850,239	)		(1,314,833	)		(1,630,463	)

Investor Shares		(8,966,836	)		(6,863,791	)		(3,529,528	)		(4,696,033	)

Class R6 Shares		(13,134,196	)		(7,436,609	)		(34,778,899	)		(51,317,108	)

Class R Shares		(2,412,785	)		(1,352,197	)		(5,741,268	)		(6,534,651	)

Class P Shares		(21,106,436	)		(10,635,540	)		(36,146,374	)		(39,897,883	)


Total distributions to shareholders		(139,678,658	)		(78,852,063	)		(147,527,810	)		(196,684,910	)



From share transactions:

Proceeds from sales of shares		63,679,333			125,119,190			70,747,434			151,106,414

Reinvestment of distributions		131,889,202			74,519,264			142,593,108			190,677,413

Cost of shares redeemed		(147,224,313	)		(327,062,123	)		(178,916,832	)		(467,655,443	)


Net increase (decrease) in net assets resulting from share transactions		48,344,222			(127,423,669	)		34,423,710			(125,871,616	)


TOTAL INCREASE (DECREASE)		24,195,052			(108,440,665	)		(7,530,376	)		(263,919,910	)



Net Assets:

Beginning of period	$	1,107,196,544		$	1,215,637,209		$	948,190,139		$	1,212,110,049


End of period	$	1,131,391,596		$	1,107,196,544		$	940,659,763		$	948,190,139


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets (continued)


	Small/Mid Cap Equity Fund
	For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025

From operations:

Net investment income	$	103,358		$	970,959

Net realized gain		2,711,426			8,155,929

Net change in unrealized gain (loss)		13,449,111			(6,587,609	)


Net increase in net assets resulting from operations		16,263,895			2,539,279



Distributions to shareholders:

From distributable earnings:

Class A Shares		(137,071	)		(45,131	)

Class C Shares		(25,589	)		(7,756	)

Institutional Shares		(863,781	)		(386,678	)

Investor Shares		(215,485	)		(106,671	)

Class R6 Shares		(1,338,272	)		(599,514	)

Class R Shares		(5,073	)		(1,679	)

Class P Shares		(4,780,610	)		(2,055,339	)


Total distributions to shareholders		(7,365,881	)		(3,202,768	)



From share transactions:

Proceeds from sales of shares		7,346,471			28,849,212

Reinvestment of distributions		7,365,547			3,202,641

Cost of shares redeemed		(23,181,783	)		(43,926,929	)


Net decrease in net assets resulting from share transactions		(8,469,765	)		(11,875,076	)


TOTAL INCREASE (DECREASE)		428,249			(12,538,565	)



Net Assets:

Beginning of period	$	142,638,453		$	155,177,018


End of period	$	143,066,702		$	142,638,453


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Equity Income Fund

	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	49.49			$	49.46			$	42.36			$	41.89			$	47.25			$	37.94


Net investment income^(a)			0.26				0.61				0.67				0.78				0.71				0.59

Net realized and unrealized gain (loss)			4.63				3.90				8.41				1.93				(2.31	)			9.28


Total from investment operations			4.89				4.51				9.08				2.71				(1.60	)			9.87


Distributions to shareholders from net investment income			(0.30	)			(0.64	)			(0.69	)			(0.77	)			(0.73	)			(0.56	)

Distributions to shareholders from net realized gains			(4.08	)			(3.84	)			(1.29	)			(1.47	)			(3.03	)			–


Total distributions			(4.38	)			(4.48	)			(1.98	)			(2.24	)			(3.76	)			(0.56	)


Net asset value, end of period		$	50.00			$	49.49			$	49.46			$	42.36			$	41.89			$	47.25


Total Return^(b)			10.45	%			9.66	%			22.17	%			6.55	%			(3.79	)%			26.23	%


Net assets, end of period (in 000’s)		$	333,157			$	322,504			$	327,114			$	294,458			$	300,621			$	334,886

Ratio of net expenses to average net assets			0.99	%^(c)			0.99	%			1.01	%			1.04	%			1.04	%			1.04	%

Ratio of total expenses to average net assets			1.18	%^(c)			1.19	%			1.20	%			1.19	%			1.18	%			1.20	%

Ratio of net investment income to average net assets			1.08	%^(c)			1.28	%			1.50	%			1.86	%			1.58	%			1.40	%

Portfolio turnover rate^(d)			20	%			35	%			31	%			32	%			17	%			44	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Equity Income Fund

	Class C Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	46.26			$	46.51			$	39.95			$	39.62			$	44.89			$	36.06


Net investment income^(a)			0.08				0.24				0.31				0.44				0.36				0.26

Net realized and unrealized gain (loss)			4.31				3.65				7.91				1.83				(2.19	)			8.82


Total from investment operations			4.39				3.89				8.22				2.27				(1.83	)			9.08


Distributions to shareholders from net investment income			(0.12	)			(0.30	)			(0.37	)			(0.47	)			(0.41	)			(0.25	)

Distributions to shareholders from net realized gains			(4.08	)			(3.84	)			(1.29	)			(1.47	)			(3.03	)			–


Total distributions			(4.20	)			(4.14	)			(1.66	)			(1.94	)			(3.44	)			(0.25	)


Net asset value, end of period		$	46.45			$	46.26			$	46.51			$	39.95			$	39.62			$	44.89


Total Return^(b)			10.05	%			8.85	%			21.24	%			5.75	%			(4.51	)%			25.26	%


Net assets, end of period (in 000’s)		$	3,757			$	3,707			$	4,154			$	4,327			$	4,651			$	6,026

Ratio of net expenses to average net assets			1.74	%^(c)			1.74	%			1.76	%			1.79	%			1.79	%			1.79	%

Ratio of total expenses to average net assets			1.93	%^(c)			1.94	%			1.95	%			1.94	%			1.93	%			1.95	%

Ratio of net investment income to average net assets			0.34	%^(c)			0.53	%			0.75	%			1.11	%			0.84	%			0.65	%

Portfolio turnover rate^(d)			20	%			35	%			31	%			32	%			17	%			44	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Equity Income Fund

	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	50.73			$	50.59			$	43.28			$	42.76			$	48.15			$	38.65


Net investment income^(a)			0.34				0.77				0.81				0.93				0.87				0.75

Net realized and unrealized gain (loss)			4.76				3.99				8.61				1.96				(2.37	)			9.44


Total from investment operations			5.10				4.76				9.42				2.89				(1.50	)			10.19


Distributions to shareholders from net investment income			(0.38	)			(0.78	)			(0.82	)			(0.90	)			(0.86	)			(0.69	)

Distributions to shareholders from net realized gains			(4.08	)			(3.84	)			(1.29	)			(1.47	)			(3.03	)			–


Total distributions			(4.46	)			(4.62	)			(2.11	)			(2.37	)			(3.89	)			(0.69	)


Net asset value, end of period		$	51.37			$	50.73			$	50.59			$	43.28			$	42.76			$	48.15


Total Return^(b)			10.62	%			9.98	%			22.54	%			6.86	%			(3.49	)%			26.63	%


Net assets, end of period (in 000’s)		$	20,748			$	19,648			$	19,719			$	25,845			$	31,702			$	33,660

Ratio of net expenses to average net assets			0.69	%^(c)			0.69	%			0.71	%			0.74	%			0.73	%			0.73	%

Ratio of total expenses to average net assets			0.82	%^(c)			0.83	%			0.84	%			0.82	%			0.81	%			0.83	%

Ratio of net investment income to average net assets			1.38	%^(c)			1.58	%			1.80	%			2.18	%			1.90	%			1.73	%

Portfolio turnover rate^(d)			20	%			35	%			31	%			32	%			17	%			44	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Equity Income Fund

	Service Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	49.86			$	49.70			$	42.56			$	42.08			$	47.45			$	38.08


Net investment income^(a)			0.21				0.56				0.58				0.70				0.63				0.48

Net realized and unrealized gain (loss)			4.68				3.90				8.44				1.94				(2.33	)			9.35


Total from investment operations			4.89				4.46				9.02				2.64				(1.70	)			9.83


Distributions to shareholders from net investment income			(0.25	)			(0.46	)			(0.59	)			(0.69	)			(0.64	)			(0.46	)

Distributions to shareholders from net realized gains			(4.08	)			(3.84	)			(1.29	)			(1.47	)			(3.03	)			–


Total distributions			(4.33	)			(4.30	)			(1.88	)			(2.16	)			(3.67	)			(0.46	)


Net asset value, end of period		$	50.42			$	49.86			$	49.70			$	42.56			$	42.08			$	47.45


Total Return^(b)			10.36	%			9.44	%			21.93	%			6.33	%			(3.98	)%			26.01	%


Net assets, end of period (in 000’s)		$	51			$	47			$	91			$	93			$	90			$	103

Ratio of net expenses to average net assets			1.19	%^(c)			1.19	%			1.21	%			1.24	%			1.23	%			1.23	%

Ratio of total expenses to average net assets			1.32	%^(c)			1.33	%			1.34	%			1.31	%			1.31	%			1.33	%

Ratio of net investment income to average net assets			0.88	%^(c)			1.17	%			1.30	%			1.67	%			1.39	%			1.16	%

Portfolio turnover rate^(d)			20	%			35	%			31	%			32	%			17	%			44	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Equity Income Fund

	Investor Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	49.37			$	49.35			$	42.27			$	41.82			$	47.18			$	37.88


Net investment income^(a)			0.32				0.73				0.77				0.88				0.83				0.69

Net realized and unrealized gain (loss)			4.62				3.89				8.39				1.92				(2.32	)			9.27


Total from investment operations			4.94				4.62				9.16				2.80				(1.49	)			9.96


Distributions to shareholders from net investment income			(0.36	)			(0.76	)			(0.79	)			(0.88	)			(0.84	)			(0.66	)

Distributions to shareholders from net realized gains			(4.08	)			(3.84	)			(1.29	)			(1.47	)			(3.03	)			–


Total distributions			(4.44	)			(4.60	)			(2.08	)			(2.35	)			(3.87	)			(0.66	)


Net asset value, end of period		$	49.87			$	49.37			$	49.35			$	42.27			$	41.82			$	47.18


Total Return^(b)			10.60	%			9.93	%			22.47	%			6.78	%			(3.55	)%			26.54	%


Net assets, end of period (in 000’s)		$	3,667			$	3,644			$	3,489			$	4,197			$	4,394			$	3,042

Ratio of net expenses to average net assets			0.74	%^(c)			0.74	%			0.76	%			0.79	%			0.79	%			0.80	%

Ratio of total expenses to average net assets			0.93	%^(c)			0.94	%			0.95	%			0.94	%			0.93	%			0.95	%

Ratio of net investment income to average net assets			1.33	%^(c)			1.53	%			1.74	%			2.10	%			1.86	%			1.66	%

Portfolio turnover rate^(d)			20	%			35	%			31	%			32	%			17	%			44	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Equity Income Fund

	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	50.74			$	50.59			$	43.28			$	42.76			$	48.15			$	38.65


Net investment income^(a)			0.34				0.78				0.82				0.93				0.87				0.75

Net realized and unrealized gain (loss)			4.76				4.00				8.60				1.96				(2.36	)			9.44


Total from investment operations			5.10				4.78				9.42				2.89				(1.49	)			10.19


Distributions to shareholders from net investment income			(0.38	)			(0.79	)			(0.82	)			(0.90	)			(0.87	)			(0.69	)

Distributions to shareholders from net realized gains			(4.08	)			(3.84	)			(1.29	)			(1.47	)			(3.03	)			–


Total distributions			(4.46	)			(4.63	)			(2.11	)			(2.37	)			(3.90	)			(0.69	)


Net asset value, end of period		$	51.38			$	50.74			$	50.59			$	43.28			$	42.76			$	48.15


Total Return^(b)			10.63	%			10.01	%			22.55	%			6.87	%			(3.48	)%			26.64	%


Net assets, end of period (in 000’s)		$	9,542			$	8,129			$	7,057			$	5,817			$	6,582			$	6,981

Ratio of net expenses to average net assets			0.68	%^(c)			0.68	%			0.69	%			0.73	%			0.72	%			0.72	%

Ratio of total expenses to average net assets			0.81	%^(c)			0.82	%			0.83	%			0.81	%			0.80	%			0.82	%

Ratio of net investment income to average net assets			1.38	%^(c)			1.60	%			1.82	%			2.17	%			1.90	%			1.73	%

Portfolio turnover rate^(d)			20	%			35	%			31	%			32	%			17	%			44	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Equity Income Fund

	Class R Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	49.16			$	49.17			$	42.12			$	41.62			$	46.98			$	37.73


Net investment income^(a)			0.20				0.49				0.55				0.67				0.60				0.49

Net realized and unrealized gain (loss)			4.61				3.86				8.37				1.92				(2.31	)			9.22


Total from investment operations			4.81				4.35				8.92				2.59				(1.71	)			9.71


Distributions to shareholders from net investment income			(0.24	)			(0.52	)			(0.58	)			(0.62	)			(0.62	)			(0.46	)

Distributions to shareholders from net realized gains			(4.08	)			(3.84	)			(1.29	)			(1.47	)			(3.03	)			–


Total distributions			(4.32	)			(4.36	)			(1.87	)			(2.09	)			(3.65	)			(0.46	)


Net asset value, end of period		$	49.65			$	49.16			$	49.17			$	42.12			$	41.62			$	46.98


Total Return^(b)			10.34	%			9.37	%			21.89	%			6.23	%			(4.02	)%			25.91	%


Net assets, end of period (in 000’s)		$	920			$	878			$	818			$	676			$	630			$	1,337

Ratio of net expenses to average net assets			1.24	%^(c)			1.24	%			1.26	%			1.29	%			1.29	%			1.29	%

Ratio of total expenses to average net assets			1.43	%^(c)			1.44	%			1.45	%			1.44	%			1.43	%			1.45	%

Ratio of net investment income to average net assets			0.82	%^(c)			1.03	%			1.26	%			1.61	%			1.34	%			1.15	%

Portfolio turnover rate^(d)			20	%			35	%			31	%			32	%			17	%			44	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Equity Income Fund

	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	50.72			$	50.58			$	43.27			$	42.75			$	48.14			$	38.64


Net investment income^(a)			0.34				0.78				0.81				0.93				0.88				0.76

Net realized and unrealized gain (loss)			4.76				3.99				8.61				1.96				(2.37	)			9.43


Total from investment operations			5.10				4.77				9.42				2.89				(1.49	)			10.19


Distributions to shareholders from net investment income			(0.38	)			(0.79	)			(0.82	)			(0.90	)			(0.87	)			(0.69	)

Distributions to shareholders from net realized gains			(4.08	)			(3.84	)			(1.29	)			(1.47	)			(3.03	)			–


Total distributions			(4.46	)			(4.63	)			(2.11	)			(2.37	)			(3.90	)			(0.69	)


Net asset value, end of period		$	51.36			$	50.72			$	50.58			$	43.27			$	42.75			$	48.14


Total Return^(b)			10.63	%			9.99	%			22.55	%			6.87	%			(3.48	)%			26.65	%


Net assets, end of period (in 000’s)		$	65,016			$	58,181			$	42,986			$	67,997			$	57,277			$	40,099

Ratio of net expenses to average net assets			0.68	%^(c)			0.68	%			0.70	%			0.73	%			0.72	%			0.72	%

Ratio of total expenses to average net assets			0.81	%^(c)			0.82	%			0.83	%			0.81	%			0.80	%			0.82	%

Ratio of net investment income to average net assets			1.38	%^(c)			1.59	%			1.81	%			2.17	%			1.94	%			1.74	%

Portfolio turnover rate^(d)			20	%			35	%			31	%			32	%			17	%			44	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Value Fund

	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.79			$	17.64			$	15.02			$	15.03			$	17.86			$	13.92


Net investment income^(a)			0.04				0.14				0.16				0.15				0.15				0.12

Net realized and unrealized gain (loss)			1.60				0.97				3.37				1.15				(0.95	)			4.31


Total from investment operations			1.64				1.11				3.53				1.30				(0.80	)			4.43


Distributions to shareholders from net investment income			(0.12	)			(0.19	)			(0.17	)			(0.16	)			(0.12	)			(0.16	)

Distributions to shareholders from net realized gains			(2.08	)			(1.77	)			(0.74	)			(1.15	)			(1.91	)			(0.33	)


Total distributions			(2.20	)			(1.96	)			(0.91	)			(1.31	)			(2.03	)			(0.49	)


Net asset value, end of period		$	16.23			$	16.79			$	17.64			$	15.02			$	15.03			$	17.86


Total Return^(b)			10.53	%			6.62	%			24.71	%			8.88	%			(5.23	)%			32.64	%


Net assets, end of period (in 000’s)		$	88,577			$	85,382			$	89,817			$	77,915			$	77,259			$	87,359

Ratio of net expenses to average net assets			1.00	%^(c)			1.00	%			1.01	%			1.04	%			1.04	%			1.04	%

Ratio of total expenses to average net assets			1.24	%^(c)			1.24	%			1.25	%			1.24	%			1.22	%			1.24	%

Ratio of net investment income to average net assets			0.45	%^(c)			0.84	%			1.04	%			1.04	%			0.93	%			0.74	%

Portfolio turnover rate^(d)			41	%			74	%			51	%			57	%			46	%			53	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Value Fund

	Class C Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	15.41			$	16.33			$	13.94			$	14.04			$	16.80			$	13.12


Net investment income (loss)^(a)			(0.02	)			0.01				0.05				0.04				0.03				–

Net realized and unrealized gain (loss)			1.47				0.89				3.12				1.06				(0.88	)			4.06


Total from investment operations			1.45				0.90				3.17				1.10				(0.85	)			4.06


Distributions to shareholders from net investment income			–				(0.05	)			(0.04	)			(0.05	)			–				(0.05	)

Distributions to shareholders from net realized gains			(2.08	)			(1.77	)			(0.74	)			(1.15	)			(1.91	)			(0.33	)


Total distributions			(2.08	)			(1.82	)			(0.78	)			(1.20	)			(1.91	)			(0.38	)


Net asset value, end of period		$	14.78			$	15.41			$	16.33			$	13.94			$	14.04			$	16.80


Total Return^(b)			10.13	%			5.80	%			23.78	%			8.03	%			(5.87	)%			31.59	%


Net assets, end of period (in 000’s)		$	4,406			$	4,657			$	6,774			$	8,198			$	10,176			$	12,948

Ratio of net expenses to average net assets			1.75	%^(c)			1.75	%			1.76	%			1.79	%			1.79	%			1.79	%

Ratio of total expenses to average net assets			1.99	%^(c)			1.99	%			2.00	%			1.99	%			1.97	%			1.99	%

Ratio of net investment income (loss) to average net assets			(0.30	)%^(c)			0.09	%			0.31	%			0.30	%			0.18	%			–	%^(d)

Portfolio turnover rate^(e)			41	%			74	%			51	%			57	%			46	%			53	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

Amount is less than 0.005%.

(e)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Value Fund

	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	17.11			$	17.93			$	15.25			$	15.25			$	18.08			$	14.08


Net investment income^(a)			0.06				0.19				0.21				0.20				0.21				0.17

Net realized and unrealized gain (loss)			1.64				0.99				3.43				1.15				(0.96	)			4.37


Total from investment operations			1.70				1.18				3.64				1.35				(0.75	)			4.54


Distributions to shareholders from net investment income			(0.17	)			(0.23	)			(0.22	)			(0.20	)			(0.17	)			(0.21	)

Distributions to shareholders from net realized gains			(2.08	)			(1.77	)			(0.74	)			(1.15	)			(1.91	)			(0.33	)


Total distributions			(2.25	)			(2.00	)			(0.96	)			(1.35	)			(2.08	)			(0.54	)


Net asset value, end of period		$	16.56			$	17.11			$	17.93			$	15.25			$	15.25			$	18.08


Total Return^(b)			10.70	%			6.98	%			25.08	%			9.16	%			(4.88	)%			33.08	%


Net assets, end of period (in 000’s)		$	128,667			$	126,744			$	132,227			$	127,436			$	155,700			$	181,806

Ratio of net expenses to average net assets			0.70	%^(c)			0.70	%			0.71	%			0.73	%			0.73	%			0.73	%

Ratio of total expenses to average net assets			0.88	%^(c)			0.88	%			0.89	%			0.87	%			0.85	%			0.87	%

Ratio of net investment income to average net assets			0.75	%^(c)			1.14	%			1.35	%			1.35	%			1.24	%			1.04	%

Portfolio turnover rate^(d)			41	%			74	%			51	%			57	%			46	%			53	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Value Fund

	Service Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.69			$	17.54			$	14.95			$	14.97			$	17.78			$	13.86


Net investment income^(a)			0.02				0.11				0.13				0.12				0.12				0.09

Net realized and unrealized gain (loss)			1.59				0.96				3.34				1.14				(0.93	)			4.29


Total from investment operations			1.61				1.07				3.47				1.26				(0.81	)			4.38


Distributions to shareholders from net investment income			(0.09	)			(0.15	)			(0.14	)			(0.13	)			(0.09	)			(0.13	)

Distributions to shareholders from net realized gains			(2.08	)			(1.77	)			(0.74	)			(1.15	)			(1.91	)			(0.33	)


Total distributions			(2.17	)			(1.92	)			(0.88	)			(1.28	)			(2.00	)			(0.46	)


Net asset value, end of period		$	16.13			$	16.69			$	17.54			$	14.95			$	14.97			$	17.78


Total Return^(b)			10.40	%			6.45	%			24.38	%			8.66	%			(5.33	)%			32.36	%


Net assets, end of period (in 000’s)		$	1,166			$	1,149			$	1,055			$	964			$	835			$	846

Ratio of net expenses to average net assets			1.20	%^(c)			1.20	%			1.21	%			1.23	%			1.23	%			1.23	%

Ratio of total expenses to average net assets			1.38	%^(c)			1.38	%			1.39	%			1.37	%			1.35	%			1.37	%

Ratio of net investment income to average net assets			0.26	%^(c)			0.64	%			0.84	%			0.85	%			0.74	%			0.55	%

Portfolio turnover rate^(d)			41	%			74	%			51	%			57	%			46	%			53	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Value Fund

	Investor Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.81			$	17.66			$	15.04			$	15.05			$	17.87			$	13.93


Net investment income^(a)			0.06				0.18				0.20				0.19				0.19				0.16

Net realized and unrealized gain (loss)			1.61				0.97				3.37				1.15				(0.94	)			4.31


Total from investment operations			1.67				1.15				3.57				1.34				(0.75	)			4.47


Distributions to shareholders from net investment income			(0.16	)			(0.23	)			(0.21	)			(0.20	)			(0.16	)			(0.20	)

Distributions to shareholders from net realized gains			(2.08	)			(1.77	)			(0.74	)			(1.15	)			(1.91	)			(0.33	)


Total distributions			(2.24	)			(2.00	)			(0.95	)			(1.35	)			(2.07	)			(0.53	)


Net asset value, end of period		$	16.24			$	16.81			$	17.66			$	15.04			$	15.05			$	17.87


Total Return^(b)			10.72	%			6.87	%			24.94	%			9.16	%			(4.94	)%			32.92	%


Net assets, end of period (in 000’s)		$	5,261			$	5,194			$	4,301			$	6,907			$	3,318			$	3,559

Ratio of net expenses to average net assets			0.75	%^(c)			0.75	%			0.76	%			0.79	%			0.79	%			0.79	%

Ratio of total expenses to average net assets			0.99	%^(c)			0.99	%			1.00	%			0.99	%			0.97	%			0.99	%

Ratio of net investment income to average net assets			0.69	%^(c)			1.09	%			1.27	%			1.27	%			1.19	%			0.99	%

Portfolio turnover rate^(d)			41	%			74	%			51	%			57	%			46	%			53	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Value Fund

	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	17.75			$	18.53			$	15.73			$	15.69			$	18.54			$	14.43


Net investment income^(a)			0.07				0.20				0.22				0.21				0.21				0.17

Net realized and unrealized gain (loss)			1.70				1.03				3.54				1.19				(0.97	)			4.48


Total from investment operations			1.77				1.23				3.76				1.40				(0.76	)			4.65


Distributions to shareholders from net investment income			(0.17	)			(0.24	)			(0.22	)			(0.21	)			(0.18	)			(0.21	)

Distributions to shareholders from net realized gains			(2.08	)			(1.77	)			(0.74	)			(1.15	)			(1.91	)			(0.33	)


Total distributions			(2.25	)			(2.01	)			(0.96	)			(1.36	)			(2.09	)			(0.54	)


Net asset value, end of period		$	17.27			$	17.75			$	18.53			$	15.73			$	15.69			$	18.54


Total Return^(b)			10.71	%			6.98	%			25.10	%			9.17	%			(4.86	)%			33.05	%


Net assets, end of period (in 000’s)		$	3,521			$	3,002			$	2,916			$	2,233			$	2,245			$	1,958

Ratio of net expenses to average net assets			0.69	%^(c)			0.69	%			0.70	%			0.72	%			0.72	%			0.72	%

Ratio of total expenses to average net assets			0.87	%^(c)			0.87	%			0.88	%			0.86	%			0.84	%			0.86	%

Ratio of net investment income to average net assets			0.76	%^(c)			1.16	%			1.35	%			1.36	%			1.26	%			1.06	%

Portfolio turnover rate^(d)			41	%			74	%			51	%			57	%			46	%			53	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Value Fund

	Class R Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	15.98			$	16.86			$	14.40			$	14.47			$	17.27			$	13.47


Net investment income^(a)			0.02				0.09				0.12				0.11				0.11				0.07

Net realized and unrealized gain (loss)			1.52				0.93				3.22				1.10				(0.91	)			4.18


Total from investment operations			1.54				1.02				3.34				1.21				(0.80	)			4.25


Distributions to shareholders from net investment income			(0.08	)			(0.13	)			(0.14	)			(0.13	)			(0.09	)			(0.12	)

Distributions to shareholders from net realized gains			(2.08	)			(1.77	)			(0.74	)			(1.15	)			(1.91	)			(0.33	)


Total distributions			(2.16	)			(1.90	)			(0.88	)			(1.28	)			(2.00	)			(0.45	)


Net asset value, end of period		$	15.36			$	15.98			$	16.86			$	14.40			$	14.47			$	17.27


Total Return^(b)			10.38	%			6.39	%			24.38	%			8.60	%			(5.46	)%			32.32	%


Net assets, end of period (in 000’s)		$	2,426			$	2,507			$	2,741			$	4,114			$	3,437			$	3,269

Ratio of net expenses to average net assets			1.25	%^(c)			1.25	%			1.26	%			1.29	%			1.29	%			1.29	%

Ratio of total expenses to average net assets			1.49	%^(c)			1.49	%			1.50	%			1.49	%			1.47	%			1.49	%

Ratio of net investment income to average net assets			0.20	%^(c)			0.59	%			0.80	%			0.78	%			0.69	%			0.49	%

Portfolio turnover rate^(d)			41	%			74	%			51	%			57	%			46	%			53	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Large Cap Value Fund

	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	17.74			$	18.53			$	15.73			$	15.68			$	18.54			$	14.43


Net investment income^(a)			0.07				0.20				0.22				0.21				0.21				0.17

Net realized and unrealized gain (loss)			1.70				1.02				3.54				1.20				(0.98	)			4.48


Total from investment operations			1.77				1.22				3.76				1.41				(0.77	)			4.65


Distributions to shareholders from net investment income			(0.17	)			(0.24	)			(0.22	)			(0.21	)			(0.18	)			(0.21	)

Distributions to shareholders from net realized gains			(2.08	)			(1.77	)			(0.74	)			(1.15	)			(1.91	)			(0.33	)


Total distributions			(2.25	)			(2.01	)			(0.96	)			(1.36	)			(2.09	)			(0.54	)


Net asset value, end of period		$	17.26			$	17.74			$	18.53			$	15.73			$	15.68			$	18.54


Total Return^(b)			10.71	%			6.92	%			25.10	%			9.24	%			(4.92	)%			33.05	%


Net assets, end of period (in 000’s)		$	213,841			$	206,803			$	213,570			$	193,633			$	197,335			$	207,926

Ratio of net expenses to average net assets			0.69	%^(c)			0.69	%			0.70	%			0.72	%			0.72	%			0.72	%

Ratio of total expenses to average net assets			0.87	%^(c)			0.87	%			0.88	%			0.86	%			0.84	%			0.86	%

Ratio of net investment income to average net assets			0.76	%^(c)			1.15	%			1.36	%			1.36	%			1.26	%			1.05	%

Portfolio turnover rate^(d)			41	%			74	%			51	%			57	%			46	%			53	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Value Fund

	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	38.34			$	37.67			$	33.63			$	36.32			$	44.72			$	31.22


Net investment income^(a)			0.10				0.25				0.21				0.19				0.13				–

Net realized and unrealized gain (loss)			3.82				3.03				5.43				1.57				(1.59	)			13.63


Total from investment operations			3.92				3.28				5.64				1.76				(1.46	)			13.63


Distributions to shareholders from net investment income			(0.30	)			(0.27	)			(0.20	)			(0.17	)			(0.11	)			(0.13	)

Distributions to shareholders from net realized gains			(4.71	)			(2.34	)			(1.40	)			(4.28	)			(6.83	)			–


Total distributions			(5.01	)			(2.61	)			(1.60	)			(4.45	)			(6.94	)			(0.13	)


Net asset value, end of period		$	37.25			$	38.34			$	37.67			$	33.63			$	36.32			$	44.72


Total Return^(b)			11.10	%			8.89	%			17.34	%			4.97	%			(4.46	)%			43.77	%


Net assets, end of period (in 000’s)		$	426,846			$	418,208			$	437,847			$	435,463			$	458,090			$	536,384

Ratio of net expenses to average net assets			1.19	%^(c)			1.19	%			1.19	%			1.19	%			1.20	%			1.21	%

Ratio of total expenses to average net assets			1.20	%^(c)			1.20	%			1.20	%			1.21	%			1.21	%			1.21	%

Ratio of net investment income to average net assets			0.53	%^(c)			0.67	%			0.60	%			0.57	%			0.33	%			0.01	%

Portfolio turnover rate^(d)			48	%			73	%			56	%			64	%			69	%			66	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Value Fund

	Class C Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	30.15			$	30.17			$	27.25			$	30.26			$	38.53			$	27.00


Net investment loss^(a)			(0.03	)			(0.02	)			(0.04	)			(0.05	)			(0.14	)			(0.24	)

Net realized and unrealized gain (loss)			2.93				2.40				4.36				1.32				(1.30	)			11.77


Total from investment operations			2.90				2.38				4.32				1.27				(1.44	)			11.53


Distributions to shareholders from net investment income			(0.11	)			(0.06	)			–				(4.28	)			(6.83	)			–

Distributions to shareholders from net realized gains			(4.71	)			(2.34	)			(1.40	)			–				–				–


Total distributions			(4.82	)			(2.40	)			(1.40	)			(4.28	)			(6.83	)			–


Net asset value, end of period		$	28.23			$	30.15			$	30.17			$	27.25			$	30.26			$	38.53


Total Return^(b)			10.67	%			8.09	%			16.40	%			4.24	%			(5.20	)%			42.70	%


Net assets, end of period (in 000’s)		$	4,572			$	4,845			$	5,581			$	6,558			$	9,337			$	12,836

Ratio of net expenses to average net assets			1.94	%^(c)			1.94	%			1.94	%			1.94	%			1.95	%			1.96	%

Ratio of total expenses to average net assets			1.95	%^(c)			1.95	%			1.95	%			1.96	%			1.96	%			1.96	%

Ratio of net investment loss to average net assets			(0.21	)%^(c)			(0.07	)%			(0.13	)%			(0.17	)%			(0.42	)%			(0.73	)%

Portfolio turnover rate^(d)			48	%			73	%			56	%			64	%			69	%			66	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Value Fund

	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	39.16			$	38.42			$	34.27			$	36.92			$	45.34			$	31.65


Net investment income^(a)			0.16				0.38				0.34				0.32				0.28				0.15

Net realized and unrealized gain (loss)			3.91				3.09				5.53				1.61				(1.62	)			13.80


Total from investment operations			4.07				3.47				5.87				1.93				(1.34	)			13.95


Distributions to shareholders from net investment income			(0.42	)			(0.39	)			(0.32	)			(0.30	)			(0.25	)			(0.26	)

Distributions to shareholders from net realized gains			(4.71	)			(2.34	)			(1.40	)			(4.28	)			(6.83	)			–


Total distributions			(5.13	)			(2.73	)			(1.72	)			(4.58	)			(7.08	)			(0.26	)


Net asset value, end of period		$	38.10			$	39.16			$	38.42			$	34.27			$	36.92			$	45.34


Total Return^(b)			11.29	%			9.26	%			17.74	%			5.39	%			(4.12	)%			44.27	%


Net assets, end of period (in 000’s)		$	300,920			$	285,901			$	326,248			$	318,000			$	298,877			$	331,383

Ratio of net expenses to average net assets			0.84	%^(c)			0.84	%			0.84	%			0.84	%			0.83	%			0.84	%

Ratio of total expenses to average net assets			0.84	%^(c)			0.84	%			0.84	%			0.84	%			0.84	%			0.84	%

Ratio of net investment income to average net assets			0.87	%^(c)			1.02	%			0.95	%			0.93	%			0.71	%			0.38	%

Portfolio turnover rate^(d)			48	%			73	%			56	%			64	%			69	%			66	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Value Fund

	Service Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	37.01			$	36.45			$	32.59			$	35.32			$	43.69			$	30.50


Net investment income (loss)^(a)			0.07				0.18				0.15				0.14				0.08				(0.04	)

Net realized and unrealized gain (loss)			3.68				2.93				5.25				1.54				(1.55	)			13.31


Total from investment operations			3.75				3.11				5.40				1.68				(1.47	)			13.27


Distributions to shareholders from net investment income			(0.25	)			(0.21	)			(0.14	)			(0.13	)			(0.07	)			(0.08	)

Distributions to shareholders from net realized gains			(4.71	)			(2.34	)			(1.40	)			(4.28	)			(6.83	)			–


Total distributions			(4.96	)			(2.55	)			(1.54	)			(4.41	)			(6.90	)			(0.08	)


Net asset value, end of period		$	35.80			$	37.01			$	36.45			$	32.59			$	35.32			$	43.69


Total Return^(b)			11.04	%			8.72	%			17.13	%			4.86	%			(4.60	)%			43.57	%


Net assets, end of period (in 000’s)		$	28,086			$	27,223			$	28,250			$	27,582			$	34,533			$	34,851

Ratio of net expenses to average net assets			1.34	%^(c)			1.34	%			1.34	%			1.33	%			1.33	%			1.34	%

Ratio of total expenses to average net assets			1.34	%^(c)			1.34	%			1.34	%			1.34	%			1.34	%			1.34	%

Ratio of net investment income (loss) to average net assets			0.37	%^(c)			0.52	%			0.45	%			0.42	%			0.20	%			(0.12	)%

Portfolio turnover rate^(d)			48	%			73	%			56	%			64	%			69	%			66	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Value Fund

	Investor Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	36.88			$	36.33			$	32.50			$	35.26			$	43.60			$	30.44


Net investment income^(a)			0.15				0.33				0.28				0.27				0.25				0.10

Net realized and unrealized gain (loss)			3.65				2.92				5.24				1.52				(1.55	)			13.28


Total from investment operations			3.80				3.25				5.52				1.79				(1.30	)			13.38


Distributions to shareholders from net investment income			(0.37	)			(0.36	)			(0.29	)			(0.27	)			(0.21	)			(0.22	)

Distributions to shareholders from net realized gains			(4.71	)			(2.34	)			(1.40	)			(4.28	)			(6.83	)			–


Total distributions			(5.08	)			(2.70	)			(1.69	)			(4.55	)			(7.04	)			(0.22	)


Net asset value, end of period		$	35.60			$	36.88			$	36.33			$	32.50			$	35.26			$	43.60


Total Return^(b)			11.25	%			9.17	%			17.61	%			5.24	%			(4.21	)%			44.11	%


Net assets, end of period (in 000’s)		$	67,717			$	91,695			$	98,243			$	76,816			$	68,948			$	42,206

Ratio of net expenses to average net assets			0.94	%^(c)			0.94	%			0.94	%			0.94	%			0.95	%			0.96	%

Ratio of total expenses to average net assets			0.95	%^(c)			0.95	%			0.95	%			0.96	%			0.96	%			0.96	%

Ratio of net investment income to average net assets			0.84	%^(c)			0.93	%			0.85	%			0.82	%			0.65	%			0.26	%

Portfolio turnover rate^(d)			48	%			73	%			56	%			64	%			69	%			66	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Value Fund

	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	39.12			$	38.38			$	34.24			$	36.90			$	45.31			$	31.62


Net investment income^(a)			0.17				0.39				0.34				0.32				0.29				0.15

Net realized and unrealized gain (loss)			3.89				3.09				5.52				1.60				(1.61	)			13.80


Total from investment operations			4.06				3.48				5.86				1.92				(1.32	)			13.95


Distributions to shareholders from net investment income			(0.42	)			(0.40	)			(0.32	)			(0.30	)			(0.26	)			(0.26	)

Distributions to shareholders from net realized gains			(4.71	)			(2.34	)			(1.40	)			(4.28	)			(6.83	)			–


Total distributions			(5.13	)			(2.74	)			(1.72	)			(4.58	)			(7.09	)			(0.26	)


Net asset value, end of period		$	38.05			$	39.12			$	38.38			$	34.24			$	36.90			$	45.31


Total Return^(b)			11.29	%			9.29	%			17.74	%			5.38	%			(4.09	)%			44.33	%


Net assets, end of period (in 000’s)		$	109,484			$	100,267			$	104,310			$	89,605			$	83,400			$	80,114

Ratio of net expenses to average net assets			0.83	%^(c)			0.83	%			0.83	%			0.83	%			0.82	%			0.83	%

Ratio of total expenses to average net assets			0.83	%^(c)			0.83	%			0.83	%			0.83	%			0.83	%			0.83	%

Ratio of net investment income to average net assets			0.88	%^(c)			1.03	%			0.96	%			0.94	%			0.72	%			0.39	%

Portfolio turnover rate^(d)			48	%			73	%			56	%			64	%			69	%			66	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Value Fund

	Class R Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	36.21			$	35.72			$	31.99			$	34.76			$	43.09			$	30.09


Net investment income (loss)^(a)			0.05				0.15				0.12				0.10				0.04				(0.09	)

Net realized and unrealized gain (loss)			3.59				2.86				5.15				1.51				(1.52	)			13.14


Total from investment operations			3.64				3.01				5.27				1.61				(1.48	)			13.05


Distributions to shareholders from net investment income			(0.23	)			(0.18	)			(0.14	)			(0.10	)			(0.02	)			(0.05	)

Distributions to shareholders from net realized gains			(4.71	)			(2.34	)			(1.40	)			(4.28	)			(6.83	)			–


Total distributions			(4.94	)			(2.52	)			(1.54	)			(4.38	)			(6.85	)			(0.05	)


Net asset value, end of period		$	34.91			$	36.21			$	35.72			$	31.99			$	34.76			$	43.09


Total Return^(b)			10.96	%			8.62	%			17.03	%			4.72	%			(4.68	)%			43.41	%


Net assets, end of period (in 000’s)		$	19,168			$	17,306			$	19,808			$	19,373			$	18,760			$	21,249

Ratio of net expenses to average net assets			1.44	%^(c)			1.44	%			1.44	%			1.44	%			1.45	%			1.46	%

Ratio of total expenses to average net assets			1.45	%^(c)			1.45	%			1.45	%			1.46	%			1.46	%			1.46	%

Ratio of net investment income (loss) to average net assets			0.27	%^(c)			0.42	%			0.35	%			0.32	%			0.09	%			(0.23	)%

Portfolio turnover rate^(d)			48	%			73	%			56	%			64	%			69	%			66	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Mid Cap Value Fund

	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	39.11			$	38.37			$	34.23			$	36.89			$	45.30			$	31.62


Net investment income^(a)			0.17				0.39				0.34				0.32				0.29				0.15

Net realized and unrealized gain (loss)			3.90				3.09				5.52				1.60				(1.61	)			13.79


Total from investment operations			4.07				3.48				5.86				1.92				(1.32	)			13.94


Distributions to shareholders from net investment income			(0.42	)			(0.40	)			(0.32	)			(0.30	)			(0.26	)			(0.26	)

Distributions to shareholders from net realized gains			(4.71	)			(2.34	)			(1.40	)			(4.28	)			(6.83	)			–


Total distributions			(5.13	)			(2.74	)			(1.72	)			(4.58	)			(7.09	)			(0.26	)


Net asset value, end of period		$	38.05			$	39.11			$	38.37			$	34.23			$	36.89			$	45.30


Total Return^(b)			11.32	%			9.28	%			17.74	%			5.38	%			(4.09	)%			44.30	%


Net assets, end of period (in 000’s)		$	174,599			$	161,751			$	195,350			$	178,305			$	176,827			$	191,790

Ratio of net expenses to average net assets			0.83	%^(c)			0.83	%			0.83	%			0.83	%			0.82	%			0.83	%

Ratio of total expenses to average net assets			0.83	%^(c)			0.83	%			0.83	%			0.83	%			0.83	%			0.83	%

Ratio of net investment income to average net assets			0.88	%^(c)			1.04	%			0.96	%			0.94	%			0.71	%			0.39	%

Portfolio turnover rate^(d)			48	%			73	%			56	%			64	%			69	%			66	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Value Fund

	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	36.69			$	42.27			$	38.16			$	44.45			$	60.69			$	40.60


Net investment income (loss)^(a)			0.04				0.12				0.12				0.20				0.10				(0.08	)

Net realized and unrealized gain (loss)			4.03				2.64				5.74				0.98				(4.46	)			20.27


Total from investment operations			4.07				2.76				5.86				1.18				(4.36	)			20.19


Distributions to shareholders from net investment income			(0.15	)			(0.47	)			(0.29	)			(0.17	)			(0.03	)			(0.10	)

Distributions to shareholders from net realized gains			(6.79	)			(7.87	)			(1.46	)			(7.30	)			(11.85	)			–


Total distributions			(6.94	)			(8.34	)			(1.75	)			(7.47	)			(11.88	)			(0.10	)


Net asset value, end of period		$	33.82			$	36.69			$	42.27			$	38.16			$	44.45			$	60.69


Total Return^(b)			12.26	%			6.86	%			15.90	%			2.71	%			(9.33	)%			49.77	%


Net assets, end of period (in 000’s)		$	206,786			$	205,965			$	236,140			$	248,764			$	333,814			$	468,122

Ratio of net expenses to average net assets			1.25	%^(c)			1.26	%			1.27	%			1.29	%			1.29	%			1.30	%

Ratio of total expenses to average net assets			1.43	%^(c)			1.44	%			1.43	%			1.41	%			1.36	%			1.36	%

Ratio of net investment income (loss) to average net assets			0.23	%^(c)			0.32	%			0.32	%			0.52	%			0.20	%			(0.15	)%

Portfolio turnover rate^(d)			41	%			82	%			83	%			71	%			65	%			64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Value Fund

	Class C Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	15.42			$	22.41			$	21.07			$	27.87			$	42.63			$	28.68


Net investment loss^(a)			(0.03	)			(0.04	)			(0.09	)			(0.05	)			(0.18	)			(0.33	)

Net realized and unrealized gain (loss)			1.45				1.31				3.07				0.61				(2.73	)			14.28


Total from investment operations			1.42				1.27				2.98				0.56				(2.91	)			13.95


Distributions to shareholders from net investment income			(0.14	)			(0.39	)			(0.18	)			(0.06	)			–				–

Distributions to shareholders from net realized gains			(6.79	)			(7.87	)			(1.46	)			(7.30	)			(11.85	)			–


Total distributions			(6.93	)			(8.26	)			(1.64	)			(7.36	)			(11.85	)			–


Net asset value, end of period		$	9.91			$	15.42			$	22.41			$	21.07			$	27.87			$	42.63


Total Return^(b)			11.83	%			6.06	%			15.01	%			1.96	%			(10.00	)%			48.69	%


Net assets, end of period (in 000’s)		$	763			$	658			$	1,155			$	1,146			$	1,788			$	2,204

Ratio of net expenses to average net assets			2.00	%^(c)			2.01	%			2.02	%			2.04	%			2.04	%			2.05	%

Ratio of total expenses to average net assets			2.18	%^(c)			2.19	%			2.18	%			2.15	%			2.11	%			2.11	%

Ratio of net investment loss to average net assets			(0.55	)%^(c)			(0.26	)%			(0.43	)%			(0.23	)%			(0.54	)%			(0.89	)%

Portfolio turnover rate^(d)			41	%			82	%			83	%			71	%			65	%			64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Value Fund

	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	43.54			$	48.64			$	43.64			$	49.82			$	66.58			$	44.52


Net investment income^(a)			0.11				0.36				0.25				0.36				0.30				0.11

Net realized and unrealized gain (loss)			4.86				2.97				6.60				1.07				(5.02	)			22.22


Total from investment operations			4.97				3.33				6.85				1.43				(4.72	)			22.33


Distributions to shareholders from net investment income			(0.23	)			(0.56	)			(0.39	)			(0.31	)			(0.19	)			(0.27	)

Distributions to shareholders from net realized gains			(6.79	)			(7.87	)			(1.46	)			(7.30	)			(11.85	)			–


Total distributions			(7.02	)			(8.43	)			(1.85	)			(7.61	)			(12.04	)			(0.27	)


Net asset value, end of period		$	41.49			$	43.54			$	48.64			$	43.64			$	49.82			$	66.58


Total Return^(b)			12.41	%			7.13	%			16.22	%			2.96	%			(9.02	)%			50.29	%


Net assets, end of period (in 000’s)		$	193,807			$	185,337			$	348,969			$	630,611			$	1,446,222			$	2,331,482

Ratio of net expenses to average net assets			0.96	%^(c)			0.99	%			1.02	%			1.00	%			0.97	%			0.96	%

Ratio of total expenses to average net assets			1.07	%^(c)			1.08	%			1.07	%			1.03	%			0.99	%			0.99	%

Ratio of net investment income to average net assets			0.51	%^(c)			0.84	%			0.58	%			0.79	%			0.51	%			0.19	%

Portfolio turnover rate^(d)			41	%			82	%			83	%			71	%			65	%			64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Value Fund

	Service Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	34.05			$	39.75			$	35.99			$	42.36			$	58.44			$	39.10


Net investment income (loss)^(a)			–	^(b)			0.10				0.03				0.11				0.01				(0.15	)

Net realized and unrealized gain (loss)			3.71				2.42				5.40				0.93				(4.24	)			19.51


Total from investment operations			3.71				2.52				5.43				1.04				(4.23	)			19.36


Distributions to shareholders from net investment income			(0.10	)			(0.35	)			(0.21	)			(0.11	)			–				(0.02	)

Distributions to shareholders from net realized gains			(6.79	)			(7.87	)			(1.46	)			(7.30	)			(11.85	)			–


Total distributions			(6.89	)			(8.22	)			(1.67	)			(7.41	)			(11.85	)			(0.02	)


Net asset value, end of period		$	30.87			$	34.05			$	39.75			$	35.99			$	42.36			$	58.44


Total Return^(c)			12.13	%			6.61	%			15.63	%			2.46	%			(9.48	)%			49.53	%


Net assets, end of period (in 000’s)		$	6,720			$	6,684			$	9,907			$	14,083			$	17,138			$	27,102

Ratio of net expenses to average net assets			1.46	%^(d)			1.49	%			1.52	%			1.51	%			1.47	%			1.46	%

Ratio of total expenses to average net assets			1.57	%^(d)			1.58	%			1.57	%			1.54	%			1.49	%			1.49	%

Ratio of net investment income (loss) to average net assets			0.02	%^(d)			0.28	%			0.08	%			0.29	%			0.01	%			(0.31	)%

Portfolio turnover rate^(e)			41	%			82	%			83	%			71	%			65	%			64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Value Fund

	Investor Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	36.08			$	41.69			$	37.66			$	43.99			$	60.18			$	40.26


Net investment income^(a)			0.08				0.34				0.21				0.31				0.24				0.05

Net realized and unrealized gain (loss)			3.95				2.48				5.67				0.94				(4.41	)			20.09


Total from investment operations			4.03				2.82				5.88				1.25				(4.17	)			20.14


Distributions to shareholders from net investment income			(0.22	)			(0.56	)			(0.39	)			(0.28	)			(0.17	)			(0.22	)

Distributions to shareholders from net realized gains			(6.79	)			(7.87	)			(1.46	)			(7.30	)			(11.85	)			–


Total distributions			(7.01	)			(8.43	)			(1.85	)			(7.58	)			(12.02	)			(0.22	)


Net asset value, end of period		$	33.10			$	36.08			$	41.69			$	37.66			$	43.99			$	60.18


Total Return^(b)			12.37	%			7.13	%			16.20	%			2.94	%			(9.07	)%			50.14	%


Net assets, end of period (in 000’s)		$	18,769			$	19,287			$	33,030			$	71,845			$	131,530			$	140,918

Ratio of net expenses to average net assets			1.00	%^(c)			1.01	%			1.02	%			1.04	%			1.04	%			1.04	%

Ratio of total expenses to average net assets			1.18	%^(c)			1.19	%			1.18	%			1.15	%			1.11	%			1.11	%

Ratio of net investment income to average net assets			0.48	%^(c)			0.95	%			0.57	%			0.78	%			0.46	%			0.09	%

Portfolio turnover rate^(d)			41	%			82	%			83	%			71	%			65	%			64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Value Fund

	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	43.49			$	48.60			$	43.61			$	49.78			$	66.55			$	44.50


Net investment income^(a)			0.11				0.26				0.26				0.37				0.31				0.11

Net realized and unrealized gain (loss)			4.86				3.07				6.59				1.08				(5.02	)			22.22


Total from investment operations			4.97				3.33				6.85				1.45				(4.71	)			22.33


Distributions to shareholders from net investment income			(0.24	)			(0.57	)			(0.40	)			(0.32	)			(0.21	)			(0.28	)

Distributions to shareholders from net realized gains			(6.79	)			(7.87	)			(1.46	)			(7.30	)			(11.85	)			–


Total distributions			(7.03	)			(8.44	)			(1.86	)			(7.62	)			(12.06	)			(0.28	)


Net asset value, end of period		$	41.43			$	43.49			$	48.60			$	43.61			$	49.78			$	66.55


Total Return^(b)			12.41	%			7.16	%			16.21	%			2.99	%			(9.02	)%			50.31	%


Net assets, end of period (in 000’s)		$	232,033			$	258,264			$	310,155			$	443,791			$	1,145,840			$	1,436,954

Ratio of net expenses to average net assets			0.95	%^(c)			0.97	%			1.01	%			0.99	%			0.96	%			0.95	%

Ratio of total expenses to average net assets			1.06	%^(c)			1.07	%			1.06	%			1.02	%			0.98	%			0.98	%

Ratio of net investment income to average net assets			0.54	%^(c)			0.62	%			0.60	%			0.82	%			0.54	%			0.19	%

Portfolio turnover rate^(d)			41	%			82	%			83	%			71	%			65	%			64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Value Fund

	Class R Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	34.57			$	40.29			$	36.47			$	42.82			$	58.98			$	39.48


Net investment income (loss)^(a)			–	^(b)			0.03				0.03				0.10				(0.03	)			(0.21	)

Net realized and unrealized gain (loss)			3.78				2.51				5.47				0.94				(4.28	)			19.71


Total from investment operations			3.78				2.54				5.50				1.04				(4.31	)			19.50


Distributions to shareholders from net investment income			(0.08	)			(0.39	)			(0.22	)			(0.09	)			–				–

Distributions to shareholders from net realized gains			(6.79	)			(7.87	)			(1.46	)			(7.30	)			(11.85	)			–


Total distributions			(6.87	)			(8.26	)			(1.68	)			(7.39	)			(11.85	)			–


Net asset value, end of period		$	31.48			$	34.57			$	40.29			$	36.47			$	42.82			$	58.98


Total Return^(c)			12.13	%			6.56	%			15.62	%			2.44	%			(9.53	)%			49.39	%


Net assets, end of period (in 000’s)		$	31,289			$	30,170			$	34,566			$	35,901			$	41,857			$	62,339

Ratio of net expenses to average net assets			1.50	%^(d)			1.51	%			1.52	%			1.54	%			1.54	%			1.55	%

Ratio of total expenses to average net assets			1.68	%^(d)			1.69	%			1.68	%			1.66	%			1.61	%			1.61	%

Ratio of net investment income (loss) to average net assets			(0.03	)%^(d)			0.07	%			0.07	%			0.26	%			(0.06	)%			(0.40	)%

Portfolio turnover rate^(e)			41	%			82	%			83	%			71	%			65	%			64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small Cap Value Fund

	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	43.49			$	48.60			$	43.61			$	49.79			$	66.55			$	44.50


Net investment income^(a)			0.11				0.22				0.25				0.35				0.31				0.11

Net realized and unrealized gain (loss)			4.86				3.11				6.60				1.09				(5.01	)			22.22


Total from investment operations			4.97				3.33				6.85				1.44				(4.70	)			22.33


Distributions to shareholders from net investment income			(0.24	)			(0.57	)			(0.40	)			(0.32	)			(0.21	)			(0.28	)

Distributions to shareholders from net realized gains			(6.79	)			(7.87	)			(1.46	)			(7.30	)			(11.85	)			–


Total distributions			(7.03	)			(8.44	)			(1.86	)			(7.62	)			(12.06	)			(0.28	)


Net asset value, end of period		$	41.43			$	43.49			$	48.60			$	43.61			$	49.79			$	66.55


Total Return^(b)			12.41	%			7.17	%			16.21	%			2.97	%			(9.01	)%			50.28	%


Net assets, end of period (in 000’s)		$	250,493			$	241,826			$	238,187			$	263,075			$	265,197			$	333,524

Ratio of net expenses to average net assets			0.95	%^(c)			0.97	%			1.01	%			1.00	%			0.96	%			0.95	%

Ratio of total expenses to average net assets			1.06	%^(c)			1.07	%			1.06	%			1.03	%			0.98	%			0.98	%

Ratio of net investment income to average net assets			0.52	%^(c)			0.52	%			0.58	%			0.80	%			0.53	%			0.18	%

Portfolio turnover rate^(d)			41	%			82	%			83	%			71	%			65	%			64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Equity Fund

	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.70			$	16.75			$	14.37			$	14.86			$	17.26			$	11.50


Net investment income (loss)^(a)			(0.02	)			0.05				0.04				0.06				0.05				0.01

Net realized and unrealized gain (loss)			2.00				0.20				2.43				0.50				(1.48	)			5.80


Total from investment operations			1.98				0.25				2.47				0.56				(1.43	)			5.81


Distributions to shareholders from net investment income			–				(0.13	)			(0.09	)			(0.08	)			(0.04	)			(0.05	)

Distributions to shareholders from net realized gains			(0.96	)			(0.17	)			–				(0.97	)			(0.93	)			–


Total distributions			(0.96	)			(0.30	)			(0.09	)			(1.05	)			(0.97	)			(0.05	)


Net asset value, end of period		$	17.72			$	16.70			$	16.75			$	14.37			$	14.86			$	17.26


Total Return^(b)			12.09	%			1.50	%			17.29	%			4.03	%			(8.91	)%			50.62	%


Net assets, end of period (in 000’s)		$	2,608			$	2,432			$	2,596			$	2,279			$	2,231			$	2,034

Ratio of net expenses to average net assets			1.17	%^(c)			1.17	%			1.18	%			1.20	%			1.21	%			1.21	%

Ratio of total expenses to average net assets			1.48	%^(c)			1.45	%			1.44	%			1.35	%			1.34	%			1.42	%

Ratio of net investment income (loss) to average net assets			(0.18	)%^(c)			0.32	%			0.28	%			0.43	%			0.33	%			0.07	%

Portfolio turnover rate^(d)			30	%			100	%			67	%			56	%			90	%			78	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Equity Fund

	Class C Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	15.92			$	15.98			$	13.73			$	14.26			$	16.68			$	11.17


Net investment loss^(a)			(0.07	)			(0.06	)			(0.06	)			(0.04	)			(0.07	)			(0.10	)

Net realized and unrealized gain (loss)			1.89				0.18				2.31				0.48				(1.42	)			5.61


Total from investment operations			1.82				0.12				2.25				0.44				(1.49	)			5.51


Distributions to shareholders from net investment income			–				(0.01	)			–				–				–				–

Distributions to shareholders from net realized gains			(0.96	)			(0.17	)			–				(0.97	)			(0.93	)			–


Total distributions			(0.96	)			(0.18	)			–				(0.97	)			(0.93	)			–


Net asset value, end of period		$	16.78			$	15.92			$	15.98			$	13.73			$	14.26			$	16.68


Total Return^(b)			11.67	%			0.70	%			16.46	%			3.25	%			(9.56	)%			49.46	%


Net assets, end of period (in 000’s)		$	456			$	484			$	680			$	894			$	997			$	1,483

Ratio of net expenses to average net assets			1.92	%^(c)			1.92	%			1.93	%			1.95	%			1.96	%			1.96	%

Ratio of total expenses to average net assets			2.23	%^(c)			2.20	%			2.19	%			2.10	%			2.09	%			2.17	%

Ratio of net investment loss to average net assets			(0.93	)%^(c)			(0.37	)%			(0.45	)%			(0.32	)%			(0.44	)%			(0.69	)%

Portfolio turnover rate^(d)			30	%			100	%			67	%			56	%			90	%			78	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Equity Fund

	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	17.01			$	17.05			$	14.62			$	15.11			$	17.51			$	11.67


Net investment income^(a)			0.01				0.14				0.10				0.11				0.12				0.07

Net realized and unrealized gain (loss)			2.04				0.18				2.47				0.50				(1.50	)			5.87


Total from investment operations			2.05				0.32				2.57				0.61				(1.38	)			5.94


Distributions to shareholders from net investment income			–				(0.19	)			(0.14	)			(0.13	)			(0.09	)			(0.10	)

Distributions to shareholders from net realized gains			(0.96	)			(0.17	)			–				(0.97	)			(0.93	)			–


Total distributions			(0.96	)			(0.36	)			(0.14	)			(1.10	)			(1.02	)			(0.10	)


Net asset value, end of period		$	18.10			$	17.01			$	17.05			$	14.62			$	15.11			$	17.51


Total Return^(b)			12.28	%			1.86	%			17.72	%			4.33	%			(8.56	)%			51.16	%


Net assets, end of period (in 000’s)		$	15,935			$	15,245			$	23,681			$	24,274			$	23,900			$	18,472

Ratio of net expenses to average net assets			0.84	%^(c)			0.84	%			0.84	%			0.84	%			0.84	%			0.84	%

Ratio of total expenses to average net assets			1.12	%^(c)			1.09	%			1.08	%			0.99	%			0.97	%			1.05	%

Ratio of net investment income to average net assets			0.15	%^(c)			0.87	%			0.63	%			0.79	%			0.72	%			0.44	%

Portfolio turnover rate^(d)			30	%			100	%			67	%			56	%			90	%			78	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Equity Fund

	Investor Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.89			$	16.94			$	14.52			$	15.00			$	17.41			$	11.59


Net investment income^(a)			0.01				0.10				0.08				0.10				0.09				0.07

Net realized and unrealized gain (loss)			2.02				0.19				2.46				0.50				(1.49	)			5.82


Total from investment operations			2.03				0.29				2.54				0.60				(1.40	)			5.89


Distributions to shareholders from net investment income			–				(0.17	)			(0.12	)			(0.11	)			(0.08	)			(0.07	)

Distributions to shareholders from net realized gains			(0.96	)			(0.17	)			–				(0.97	)			(0.93	)			–


Total distributions			(0.96	)			(0.34	)			(0.12	)			(1.08	)			(1.01	)			(0.07	)


Net asset value, end of period		$	17.96			$	16.89			$	16.94			$	14.52			$	15.00			$	17.41


Total Return^(b)			12.25	%			1.72	%			17.64	%			4.28	%			(8.68	)%			50.98	%


Net assets, end of period (in 000’s)		$	4,031			$	4,484			$	5,491			$	9,219			$	11,178			$	13,553

Ratio of net expenses to average net assets			0.92	%^(c)			0.92	%			0.93	%			0.95	%			0.96	%			0.96	%

Ratio of total expenses to average net assets			1.23	%^(c)			1.20	%			1.18	%			1.10	%			1.08	%			1.15	%

Ratio of net investment income to average net assets			0.08	%^(c)			0.61	%			0.53	%			0.69	%			0.55	%			0.40	%

Portfolio turnover rate^(d)			30	%			100	%			67	%			56	%			90	%			78	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Equity Fund

	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.99			$	17.04			$	14.61			$	15.09			$	17.50			$	11.66


Net investment income^(a)			0.01				0.11				0.10				0.11				0.12				0.07

Net realized and unrealized gain (loss)			2.04				0.20				2.47				0.51				(1.51	)			5.87


Total from investment operations			2.05				0.31				2.57				0.62				(1.39	)			5.94


Distributions to shareholders from net investment income			–				(0.19	)			(0.14	)			(0.13	)			(0.09	)			(0.10	)

Distributions to shareholders from net realized gains			(0.96	)			(0.17	)			–				(0.97	)			(0.93	)			–


Total distributions			(0.96	)			(0.36	)			(0.14	)			(1.10	)			(1.02	)			(0.10	)


Net asset value, end of period		$	18.08			$	16.99			$	17.04			$	14.61			$	15.09			$	17.50


Total Return^(b)			12.30	%			1.82	%			17.69	%			4.41	%			(8.56	)%			51.12	%


Net assets, end of period (in 000’s)		$	27,172			$	23,653			$	24,928			$	91,082			$	93,904			$	97,324

Ratio of net expenses to average net assets			0.83	%^(c)			0.83	%			0.83	%			0.83	%			0.83	%			0.83	%

Ratio of total expenses to average net assets			1.11	%^(c)			1.08	%			1.06	%			0.98	%			0.96	%			1.04	%

Ratio of net investment income to average net assets			0.16	%^(c)			0.65	%			0.66	%			0.80	%			0.70	%			0.44	%

Portfolio turnover rate^(d)			30	%			100	%			67	%			56	%			90	%			78	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Equity Fund

	Class R Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.64			$	16.69			$	14.32			$	14.82			$	17.21			$	11.46


Net investment income (loss)^(a)			(0.03	)			0.01				0.01				0.03				0.01				(0.03	)

Net realized and unrealized gain (loss)			1.98				0.20				2.41				0.49				(1.47	)			5.78


Total from investment operations			1.95				0.21				2.42				0.52				(1.46	)			5.75


Distributions to shareholders from net investment income			–				(0.09	)			(0.05	)			(0.05	)			–				–

Distributions to shareholders from net realized gains			(0.96	)			(0.17	)			–				(0.97	)			(0.93	)			–


Total distributions			(0.96	)			(0.26	)			(0.05	)			(1.02	)			(0.93	)			–


Net asset value, end of period		$	17.63			$	16.64			$	16.69			$	14.32			$	14.82			$	17.21


Total Return^(b)			11.95	%			1.27	%			16.97	%			3.75	%			(9.07	)%			50.17	%


Net assets, end of period (in 000’s)		$	100			$	43			$	105			$	107			$	105			$	99

Ratio of net expenses to average net assets			1.42	%^(c)			1.42	%			1.43	%			1.45	%			1.45	%			1.46	%

Ratio of total expenses to average net assets			1.73	%^(c)			1.69	%			1.69	%			1.60	%			1.58	%			1.67	%

Ratio of net investment income (loss) to average net assets			(0.41	)%^(c)			0.09	%			0.04	%			0.18	%			0.07	%			(0.19	)%

Portfolio turnover rate^(d)			30	%			100	%			67	%			56	%			90	%			78	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Small/Mid Cap Equity Fund

	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.98			$	17.03			$	14.60			$	15.09			$	17.49			$	11.66


Net investment income^(a)			0.01				0.11				0.10				0.11				0.12				0.07

Net realized and unrealized gain (loss)			2.04				0.20				2.47				0.50				(1.50	)			5.86


Total from investment operations			2.05				0.31				2.57				0.61				(1.38	)			5.93


Distributions to shareholders from net investment income			–				(0.19	)			(0.14	)			(0.13	)			(0.09	)			(0.10	)

Distributions to shareholders from net realized gains			(0.96	)			(0.17	)			–				(0.97	)			(0.93	)			–


Total distributions			(0.96	)			(0.36	)			(0.14	)			(1.10	)			(1.02	)			(0.10	)


Net asset value, end of period		$	18.07			$	16.98			$	17.03			$	14.60			$	15.09			$	17.49


Total Return^(b)			12.30	%			1.82	%			17.76	%			4.34	%			(8.51	)%			51.04	%


Net assets, end of period (in 000’s)		$	92,765			$	96,298			$	97,695			$	93,063			$	97,396			$	92,056

Ratio of net expenses to average net assets			0.83	%^(c)			0.83	%			0.83	%			0.83	%			0.83	%			0.83	%

Ratio of total expenses to average net assets			1.11	%^(c)			1.08	%			1.07	%			0.98	%			0.96	%			1.04	%

Ratio of net investment income to average net assets			0.16	%^(c)			0.65	%			0.63	%			0.80	%			0.70	%			0.44	%

Portfolio turnover rate^(d)			30	%			100	%			67	%			56	%			90	%			78	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements

February 28, 2026 (Unaudited)

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-Diversified

Equity Income Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified

Large Cap Value Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified

Mid Cap Value Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified

Small Cap Value Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified

Small/Mid Cap Equity Fund	A, C, Institutional, Investor, R6, R and P	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

A Investment Valuation — The Funds’ and underlying funds’ (“Underlying Funds”) valuation policy is to value investments at fair value.

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


		61

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid

Equity Income Fund	Quarterly	Annually

Large Cap Value Fund	Annually	Annually

Mid Cap Value Fund	Annually	Annually

Small Cap Value Fund	Annually	Annually

Small/Mid Cap Equity Fund	Annually	Annually

F. In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with each Fund’s valuation procedures that govern the valuation of the portfolio investments held by the Funds (“Valuation Procedures”), and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.

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’ 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 each Fund’s financial statements.


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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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 the 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:


		63

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 classified in the fair value hierarchy as of February 28, 2026:


Equity Income Fund

Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
Europe	$	13,239,314	$	—	$	—
North America		416,918,827		—		—
Oceania		5,085,016		—		—
Investment Company		916		—		—



Total	$	435,244,073	$	—	$	—



Large Cap Value Fund

Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
Europe	$	1,808,397	$	—	$	—
North America		445,888,021		—		—
Investment Company		586,129		—		—



Total	$	448,282,547	$	—	$	—



Mid Cap Value Fund

Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
Asia	$	12,656,161	$	—	$	—
Europe		29,750,063		—		—
North America		1,080,489,968		—		—
Investment Company		7,900,247		—		—
Securities Lending Reinvestment Vehicle		3,839,184		—		—



Total	$	1,134,635,623	$	—	$	—


64

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


Small Cap Value Fund

Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
Europe	$	12,163,527	$	—	$	—
North America		915,933,570		—		—
Investment Company		12,113,831		—		—
Securities Lending Reinvestment Vehicle		408,808		—		—



Total	$	940,619,736	$	—	$	—



Small/Mid Cap Equity Fund

Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
Asia	$	1,595,256	$	—	$	—
Europe		3,051,847		—		—
North America		136,759,650		—		4,477
Investment Company		1,705,092		—		—



Total	$	143,111,845	$	—	$	4,477

^(a)

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the six months ended February 28, 2026, 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^



Equity Income Fund	0.69%	0.62%	0.59%	0.58%	0.57%	0.69%	0.65%*



Large Cap Value Fund	0.75	0.68	0.65	0.64	0.63	0.75	0.66*



Mid Cap Value Fund	0.75	0.75	0.68	0.65	0.64	0.75	0.75



Small Cap Value Fund	0.98	0.98	0.88	0.84	0.82	0.98	0.92*



Small/Mid Cap Equity Fund	0.80	0.80	0.72	0.68	0.67	0.80	0.80

GSAM agreed to waive a portion of its management fee with respect to the Equity Income Fund, Large Cap Value Fund and Small Cap Value Fund, in order to achieve an effective net management fee rate of 0.65%, 0.66% and 0.92%, respectively, as an annual percentage of each Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.


		65

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 28, 2026, the management fee waived by GSAM for each Fund was as follows:


Fund	Management Fee Waived



Equity Income Fund	$	431



Large Cap Value Fund		1,481



Mid Cap Value Fund		8,075



Small Cap Value Fund		4,530



Small/Mid Cap Equity Fund		785


	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%


66

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


	Front End Sales Charge		Contingent Deferred Sales Charge

Fund	Class A		Class C



Equity Income Fund	$	2,980	$	—



Large Cap Value Fund		7,885		—



Mid Cap Value Fund		4,352		—



Small Cap Value Fund		347		—



Small/Mid Cap Equity Fund		38		—

For the six months ended February 28, 2026, the transfer agency fee waivers were as follows:



	Equity Income Fund	Large Cap Value Fund	Mid Cap Value Fund	Small Cap Value Fund


Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)^*	0.06%	0.06%	0.01%	0.07%

These arrangements will remain in effect through at least December 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.


										Small/Mid Cap Equity Fund


Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) ^*										0.03%

These arrangements will remain in effect through at least December 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Equity Income, Large Cap Value, Small Cap Value and Small/Mid Cap Equity Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 29, 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.


		67

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Shareholder Administration Plan, and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended February 28, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:



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



Equity Income Fund	$	83,841	$	98,546	$	186,042	$	368,429



Large Cap Value Fund		195,890		29,009		183,147		408,046



Mid Cap Value Fund		8,075		25,459		—		33,534



Small Cap Value Fund		276,033		87,276		206,798		570,107



Small/Mid Cap Equity Fund		785		1,070		190,712		192,567



	Goldman Sachs Mid Cap Value Fund	Goldman Sachs Small Cap Value Fund



Brokerage commissions paid	$11,396	$18,378

The tables below show the transactions in and earnings from investments in the Financial Square Government Money Market Fund — Institutional Shares for the six months ended February 28, 2026:


Equity Income Fund

	Beginning value
	as of August 31,							Ending value as of		Shares as of
Underlying Fund	2025		Purchases at Cost		Proceeds from Sales			February 28, 2026		February 28, 2026		Dividend Income



Goldman Sachs Financial Square Government Fund - Institutional Shares
	$	341	$	24,216,838	$	(24,216,263	)	$	916		916	$	5,784



Large Cap Value Fund

	Beginning value
	as of August 31,							Ending value as of		Shares as of
Underlying Fund	2025		Purchases at Cost		Proceeds from Sales			February 28, 2026		February 28, 2026		Dividend Income



Goldman Sachs Financial Square Government Fund - Institutional Shares
		1,159,423		39,185,051		(39,758,345	)		586,129		586,129		33,616


68

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Mid Cap Value Fund

	Beginning value
	as of August 31,							Ending value as of		Shares as of
Underlying Fund	2025		Purchases at Cost		Proceeds from Sales			February 28, 2026		February 28, 2026		Dividend Income



Goldman Sachs Financial Square Government Fund - Institutional Shares
	$	11,772,742	$	126,140,117	$	(130,012,612	)	$	7,900,247		7,900,247	$	190,546



Small Cap Value Fund

	Beginning value
	as of August 31,							Ending value as of		Shares as of
Underlying Fund	2025		Purchases at Cost		Proceeds from Sales			February 28, 2026		February 28, 2026		Dividend Income



Goldman Sachs Financial Square Government Fund - Institutional Shares
		8,029,450		125,810,755		(121,726,374	)		12,113,831		12,113,831		106,358



Small/Mid Cap Equity Fund

	Beginning value
	as of August 31,							Ending value as of		Shares as of
Underlying Fund	2025		Purchases at Cost		Proceeds from Sales			February 28, 2026		February 28, 2026		Dividend Income



Goldman Sachs Financial Square Government Fund - Institutional Shares
		1,088,254		18,545,343		(17,928,505	)		1,705,092		1,705,092		18,720

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 28, 2026, were as follows:



Fund	Purchases		Sales



Equity Income Fund	$	85,785,718	$	105,296,827



Large Cap Value Fund		179,574,231		208,047,582



Mid Cap Value Fund		525,568,722		608,143,547



Small Cap Value Fund		375,489,527		493,353,048



Small/Mid Cap Equity Fund		41,759,709		57,645,914

6. SECURITIES LENDING


		69

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

6. SECURITIES LENDING (continued)

maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“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.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2026.


Fund	Beginning value as of August 31, 2025		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2026

Equity Income Fund	$	1,867,020	$	15,095,868	$	(16,962,888)		$	—

Large Cap Value Fund		—		17,031,387		(17,031,387	)		—

Mid Cap Value Fund		—		34,178,997		(30,339,813	)		3,839,184

Small Cap Value Fund		—		42,037,013		(41,628,205	)		408,808

Small/Mid Cap Equity Fund		179,668		4,439,787		(4,619,455	)		—

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2025, certain timing differences on a tax basis were as follows:


	Large Cap Value Fund		Small/Mid Cap Equity Fund

Timing differences — (Qualified Late Year Loss Deferral and Post October Losses)	$	(1,202,156)	$	(1,989,681)

As of February 28, 2026, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


70

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

7. TAX INFORMATION (continued)


	Equity Income Fund			Large Cap Value Fund			Mid Cap Value Fund			Small Cap Value Fund

Tax Cost	$	305,960,676		$	339,620,402		$	894,104,902		$	710,128,260

Gross unrealized gain		435,244,073			115,489,076			271,310,779			231,268,957

Gross unrealized loss		(305,960,676	)		(6,826,932	)		(30,780,058	)		(777,481	)

Net unrealized gain (loss)	$	129,283,397		$	108,662,144		$	240,530,721		$	230,491,476


	Small/Mid Cap Equity Fund

Tax Cost	$	106,125,363

Gross unrealized gain		40,537,185

Gross unrealized loss		(3,546,226	)

Net unrealized gain (loss)	$	36,990,959

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of passive foreign investment company investments and underlying fund investments.

8. OTHER RISKS

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

Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Value investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.


		71

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

8. OTHER RISKS (continued)

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

REIT Risk — Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.

9. INDEMNIFICATIONS


72

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

10. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund’s financial position or the results of its operations.

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.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Equity Income Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		46,564		$	2,271,560			105,963		$	5,031,739

Reinvestment of distributions		579,382			27,402,576			600,921			28,374,868

Shares redeemed		(479,831	)		(23,358,087	)		(804,054	)		(38,249,933	)

		146,115			6,316,049			(97,170	)		(4,843,326	)

Class C Shares

Shares sold		2,670			122,234			8,408			371,535

Reinvestment of distributions		7,435			326,347			8,196			361,898

Shares redeemed		(9,352	)		(422,330	)		(25,768	)		(1,144,195	)

		753			26,251			(9,164	)		(410,762	)

Institutional Shares

Shares sold		23,649			1,190,634			41,664			2,022,341

Reinvestment of distributions		34,018			1,653,190			35,409			1,713,353

Shares redeemed		(41,076	)		(2,048,345	)		(79,581	)		(3,851,281	)

		16,591			795,479			(2,508	)		(115,587	)

Service Shares

Shares sold		—			—			5,660			270,257

Reinvestment of distributions		70			3,317			146			6,941

Shares redeemed		—			—			(6,685	)		(322,622	)

		70			3,317			(879	)		(45,424	)

Investor Shares

Shares sold		9,544			465,160			20,270			954,955

Reinvestment of distributions		6,859			323,666			6,715			316,410

Shares redeemed		(16,669	)		(810,833	)		(23,878	)		(1,144,553	)

		(266	)		(22,007	)		3,107			126,812


		73

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Equity Income Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Class R6 Shares

Shares sold		30,514		$	1,543,887			43,695		$	2,109,464

Reinvestment of distributions		14,986			728,371			13,566			656,544

Shares redeemed		(19,991	)		(1,004,031	)		(36,535	)		(1,779,176	)

		25,509			1,268,227			20,726			986,832

Class R Shares

Shares sold		190			9,236			301			14,324

Reinvestment of distributions		1,589			74,611			1,561			73,209

Shares redeemed		(1,113	)		(55,407	)		(654	)		(30,754	)

		666			28,440			1,208			56,779

Class P Shares

Shares sold		107,167			5,327,482			270,583			14,250,365

Reinvestment of distributions		107,874			5,242,006			102,665			4,965,019

Shares redeemed		(96,264	)		(4,798,909	)		(76,068	)		(3,713,379	)

		118,777			5,770,579			297,180			15,502,005

NET INCREASE IN SHARES		308,215		$	14,186,335			212,500		$	11,257,329



	Large Cap Value Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		299,660		$	4,903,353			437,253		$	7,065,284

Reinvestment of distributions		675,195			10,457,565			562,664			9,236,001

Shares redeemed		(602,970	)		(9,787,757	)		(1,007,437	)		(16,526,645	)

		371,885			5,573,161			(7,520	)		(225,360	)

Class C Shares

Shares sold		32,594			472,101			73,330			1,114,150

Reinvestment of distributions		39,000			547,175			43,841			660,006

Shares redeemed		(75,670	)		(1,128,105	)		(229,894	)		(3,496,323	)

		(4,076	)		(108,829	)		(112,723	)		(1,722,167	)

Institutional Shares

Shares sold		251,213			4,194,664			266,240			4,463,890

Reinvestment of distributions		1,024,213			16,199,528			856,268			14,317,751

Shares redeemed		(913,266	)		(15,035,947	)		(1,088,268	)		(18,349,356	)

		362,160			5,358,245			34,240			432,285

Service Shares

Shares sold		1,706			27,215			13,982			222,692

Reinvestment of distributions		4,016			61,748			3,227			52,631

Shares redeemed		(2,290	)		(36,067	)		(8,542	)		(136,606	)

		3,432			52,896			8,667			138,717


74

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Large Cap Value Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Investor Shares

Shares sold		26,581		$	434,644			90,654		$	1,469,546

Reinvestment of distributions		43,510			675,228			31,444			517,027

Shares redeemed		(54,983	)		(898,935	)		(56,805	)		(929,605	)

		15,108			210,937			65,293			1,056,968

Class R6 Shares

Shares sold		30,821			531,269			68,467			1,199,806

Reinvestment of distributions		23,936			394,822			20,199			350,235

Shares redeemed		(19,991	)		(341,616	)		(76,868	)		(1,309,716	)

		34,766			584,475			11,798			240,325

Class R Shares

Shares sold		36,328			577,405			22,207			344,632

Reinvestment of distributions		20,504			300,131			19,937			311,390

Shares redeemed		(55,817	)		(900,889	)		(47,766	)		(740,064	)

		1,015			(23,353	)		(5,622	)		(84,042	)

Class P Shares

Shares sold		201,276			3,541,019			325,268			5,886,877

Reinvestment of distributions		1,553,126			25,618,557			1,345,220			23,325,551

Shares redeemed		(1,022,220	)		(17,681,950	)		(1,544,375	)		(26,586,710	)

		732,182			11,477,626			126,113			2,625,718

NET INCREASE IN SHARES		1,516,472		$	23,125,158			120,246		$	2,462,444


	Mid Cap Value Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		285,232		$	10,490,143			505,914		$	18,601,843

Reinvestment of distributions		1,429,386			50,292,855			749,704			28,105,608

Shares redeemed		(1,163,152	)		(42,988,589	)		(1,971,595	)		(72,097,041	)

		551,466			17,794,409			(715,977	)		(25,389,590	)

Class C Shares

Shares sold		6,155			171,567			16,187			454,999

Reinvestment of distributions		24,133			642,745			13,115			387,465

Shares redeemed		(29,046	)		(818,527	)		(53,637	)		(1,555,842	)

		1,242			(4,215	)		(24,335	)		(713,378	)

Institutional Shares

Shares sold		581,089			21,760,290			991,125			36,622,600

Reinvestment of distributions		913,928			32,936,232			483,544			18,500,876

Shares redeemed		(897,372	)		(33,656,755	)		(2,666,488	)		(101,107,593	)

		597,645			21,039,767			(1,191,819	)		(45,984,117	)


		75

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Mid Cap Value Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Service Shares

Shares sold		49,051		$	1,693,284			124,742		$	4,329,394

Reinvestment of distributions		101,997			3,447,255			49,933			1,807,695

Shares redeemed		(101,900	)		(3,672,671	)		(214,245	)		(7,594,914	)

		49,148			1,467,868			(39,570	)		(1,457,825	)

Investor Shares

Shares sold		185,604			6,689,767			610,274			21,728,547

Reinvestment of distributions		266,267			8,966,836			190,325			6,863,688

Shares redeemed		(1,035,777	)		(37,348,199	)		(1,018,421	)		(36,043,797	)

		(583,906	)		(21,691,596	)		(217,822	)		(7,451,562	)

Class R6 Shares

Shares sold		297,058			11,162,816			493,607			18,391,173

Reinvestment of distributions		336,249			12,103,634			179,978			6,878,422

Shares redeemed		(319,157	)		(12,068,479	)		(828,347	)		(31,129,683	)

		314,150			11,197,971			(154,762	)		(5,860,088	)

Class R Shares

Shares sold		53,490			1,905,741			132,283			4,681,678

Reinvestment of distributions		72,615			2,393,610			37,817			1,339,970

Shares redeemed		(54,959	)		(1,930,633	)		(246,724	)		(8,593,725	)

		71,146			2,368,718			(76,624	)		(2,572,077	)

Class P Shares

Shares sold		265,250			9,805,725			556,841			20,308,956

Reinvestment of distributions		586,313			21,106,035			278,271			10,635,540

Shares redeemed		(397,767	)		(14,740,460	)		(1,790,906	)		(68,939,528	)

		453,796			16,171,300			(955,794	)		(37,995,032	)

NET INCREASE (DECREASE) IN SHARES		1,454,687		$	48,344,222			(3,376,703	)	$	(127,423,669	)


	Small Cap Value Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		178,604		$	6,054,457			378,421		$	13,493,566

Reinvestment of distributions		1,091,442			34,980,208			1,152,029			42,127,895

Shares redeemed		(770,156	)		(26,469,304	)		(1,503,419	)		(54,083,865	)

		499,890			14,565,361			27,031			1,537,596

Class C Shares

Shares sold		10,023			103,328			10,034			166,393

Reinvestment of distributions		27,399			260,250			23,092			361,223

Shares redeemed		(3,109	)		(42,444	)		(41,976	)		(657,105	)

		34,313			321,134			(8,850	)		(129,489	)


76

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	$			$			$			$
	Small Cap Value Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		371,210		$	15,466,513			900,464		$	38,661,863

Reinvestment of distributions		689,523			27,118,582			1,048,246			45,389,636

Shares redeemed		(645,829	)		(26,952,814	)		(4,866,519	)		(210,343,012	)

		414,904			15,632,281			(2,917,809	)		(126,291,513	)

Service Shares

Shares sold		16,026			495,617			30,658			1,031,028

Reinvestment of distributions		40,052			1,171,053			43,889			1,488,686

Shares redeemed		(34,736	)		(1,068,199	)		(127,462	)		(4,546,967	)

		21,342			598,471			(52,915	)		(2,027,253	)

Investor Shares

Shares sold		33,141			1,110,940			79,428			2,863,928

Reinvestment of distributions		112,205			3,525,072			130,419			4,690,677

Shares redeemed		(112,899	)		(3,734,300	)		(467,595	)		(17,878,310	)

		32,447			901,712			(257,748	)		(10,323,705	)

Class R6 Shares

Shares sold		396,901			16,466,058			711,511			29,757,664

Reinvestment of distributions		857,613			33,685,877			1,161,664			50,239,202

Shares redeemed		(1,591,985	)		(68,009,660	)		(2,316,889	)		(97,185,503	)

		(337,471	)		(17,857,725	)		(443,714	)		(17,188,637	)

Class R Shares

Shares sold		62,830			2,015,519			264,893			9,639,031

Reinvestment of distributions		191,474			5,705,883			188,010			6,482,211

Shares redeemed		(132,840	)		(4,287,153	)		(438,201	)		(15,910,435	)

		121,464			3,434,249			14,702			210,807

Class P Shares

Shares sold		725,550			29,035,002			1,322,785			55,492,941

Reinvestment of distributions		920,243			36,146,183			922,527			39,897,883

Shares redeemed		(1,159,545	)		(48,352,958	)		(1,585,808	)		(67,050,246	)

		486,248			16,828,227			659,504			28,340,578

NET INCREASE (DECREASE) IN SHARES		1,273,137		$	34,423,710			(2,979,799	)	$	(125,871,616	)

	$			$			$			$
	Small/Mid Cap Equity Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		5,791			$ 98,008			19,284			$ 310,630

Reinvestment of distributions		8,082			137,071			2,631			45,131

Shares redeemed		(12,291	)		(208,673	)		(31,284	)		(512,511	)

		1,582			26,406			(9,369	)		(156,750	)


		77

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small/Mid Cap Equity Fund

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Class C Shares

Shares sold		160		$	2,593			534		$	8,019

Reinvestment of distributions		1,591			25,589			470			7,756

Shares redeemed		(5,005	)		(80,647	)		(13,129	)		(202,583	)

		(3,254	)		(52,465	)		(12,125	)		(186,808	)

Institutional Shares

Shares sold		48,459			837,346			144,043			2,379,182

Reinvestment of distributions		49,881			863,447			22,210			386,551

Shares redeemed		(114,122	)		(1,945,112	)		(658,592	)		(11,004,148	)

		(15,782	)		(244,319	)		(492,339	)		(8,238,415	)

Investor Shares

Shares sold		3,997			68,192			29,390			477,040

Reinvestment of distributions		12,543			215,485			6,167			106,671

Shares redeemed		(57,540	)		(991,331	)		(94,332	)		(1,540,362	)

		(41,000	)		(707,654	)		(58,775	)		(956,651	)

Class R6 Shares

Shares sold		200,623			3,468,356			603,869			10,228,894

Reinvestment of distributions		77,402			1,338,272			34,472			599,514

Shares redeemed		(167,158	)		(2,914,147	)		(709,278	)		(11,468,081	)

		110,867			1,892,481			(70,937	)		(639,673	)

Class R Shares

Shares sold		2,865			47,788			1,053			16,632

Reinvestment of distributions		300			5,073			98			1,679

Shares redeemed		(59	)		(1,020	)		(4,902	)		(79,784	)

		3,106			51,841			(3,751	)		(61,473	)

Class P Shares

Shares sold		160,039			2,824,188			972,766			15,428,815

Reinvestment of distributions		276,656			4,780,610			118,284			2,055,339

Shares redeemed		(973,108	)		(17,040,853	)		(1,157,373	)		(19,119,460	)

		(536,413	)		(9,436,055	)		(66,323	)		(1,635,306	)

NET DECREASE IN SHARES		(480,894	)	$	(8,469,765	)		(713,619	)	$	(11,875,076	)


78

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LOGO

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President and Principal Executive Officer Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Brian J. Wildman* *Effective April 1, 2026. GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 © 2026 Goldman Sachs. All rights reserved. EQVALSAR-26

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Underlying Funds (Class R6 Shares)^(a)– 85.3%

Equity – 85.3%
16,453,660	Goldman Sachs U.S. Equity Dividend and Premium Fund	$	301,266,507
8,967,707	Goldman Sachs International Equity Dividend and Premium Fund		83,668,708
844,125	Goldman Sachs Small Cap Equity Insights Fund		26,750,332
750,682	Goldman Sachs International Small Cap Insights Fund*		14,007,721
794,311	Goldman Sachs Emerging Markets Equity Insights Fund		10,357,814

TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
(Cost $245,404,024)			436,051,082



Exchange-Traded Funds – 5.8%

360,213	iShares Core S&P Mid-Cap ETF		25,751,627

14,058	State Street Health Care Select Sector SPDR ETF		2,252,092

8,246	iShares MSCI Mexico ETF		667,431

21,400	Sprott Physical Uranium Trust*		431,749

2,004	iShares Core MSCI Emerging Markets ETF		153,827

1,395	Vanguard Russell 2000 ETF		147,479

3,628	Sprott Physical Gold Trust*		145,664

8,906	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		132,878

391	Vanguard Real Estate ETF		37,415

249	iShares 7-10 Year Treasury Bond ETF		24,400

56	iShares 20+ Year Treasury Bond ETF		5,086

TOTAL EXCHANGE-TRADED FUNDS
(Cost $24,472,803)			29,749,648


Shares	Dividend Rate	Value

Investment Company – 7.0%^(a)

Goldman Sachs Financial Square Government Fund - Institutional Shares
35,592,651	3.589%	$	35,592,651
(Cost $35,592,651)

TOTAL INVESTMENTS – 98.0% (Cost $305,469,478)		$	501,393,381

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%			10,094,826

NET ASSETS – 100.0%		$	511,488,207

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

Non-income producing security.

(a)

Represents an affiliated issuer.


Currency Abbreviations:
AUD		Australian Dollar
BRL		Brazilian Real
CHF		Swiss Franc
DKK		Danish Krone
EUR		Euro
GBP		British Pound
HKD		Hong Kong Dollar
ILS		Israeli New Shekel
JPY		Japanese Yen
MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
SEK		Swedish Krona
SGD		Singapore Dollar
USD		United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2026, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty

Currency Purchased

Currency Sold

Settlement Date

Unrealized Gain

Morgan Stanley Co., Inc.

USD

834,851

HKD

6,480,000

3/18/2026

5,893

USD

9,310,482

JPY

1,433,272,100

3/18/2026

119,442

TOTAL

125,335

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency Purchased

Currency Sold

Settlement Date

Unrealized Loss

Morgan Stanley Co., Inc.

USD

2,891,027

AUD

4,389,962

3/18/2026

(232,877)


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.
(continued)
	USD	4,020,383	CHF	3,180,844		3/18/2026	$	(125,157	)
	USD	884,638	DKK	5,630,000		3/18/2026		(6,617	)
	USD	15,045,973	EUR	12,834,225		3/18/2026		(132,600	)
	USD	6,202,024	GBP	4,659,415		3/18/2026		(77,556	)
	USD	272,407	ILS	880,000		3/18/2026		(8,558	)
	USD	439,683	MXN	8,125,000		3/18/2026		(31,359	)
	USD	252,841	NOK	2,550,000		3/18/2026		(15,319	)
	USD	80,756	NZD	140,000		3/18/2026		(3,281	)
	USD	1,332,945	SEK	12,450,000		3/18/2026		(47,519	)
	USD	591,574	SGD	760,000		3/18/2026		(10,039	)

TOTAL							$	(690,882	)

FUTURES CONTRACTS — At February 28, 2026, the Portfolio had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
FTSE/JSE Top 40 Index		9		03/19/26	$	678,899	$	58,945
IFSC NIFTY 50		17		03/30/26		859,690		(15,030	)
Mini MDAX Index		12		03/20/26		448,560		17,189
STOXX EUROPE 600 Index		2		03/20/26		74,937		2,740
U.S. Treasury 10 Year Note		66		06/18/26		7,507,500		54,878
U.S. Treasury 2 Year Note		51		06/30/26		10,670,953		18,239
U.S. Treasury 5 Year Note		43		06/30/26		4,735,039		24,425
Total Futures Contracts							$	161,386

SWAP CONTRACTS — At February 28, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the
Fund^(a)

Payments Received by
the Fund

Termination
Date

Notional Amounts

(000’s)

Value

Upfront Premium
(Received) Paid

Unrealized
Appreciation/
(Depreciation)

0.000%^(b)

1 Day BZDIO

1/2/2030

BRL 5,597

$ 10,077

$ –

$ 10,077

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to February 28, 2026.

(b)

Payments made annually.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate
Received (Paid) by
the Fund

Counterparty

Termination
Date^(a)

Notional
Amount (000’s)

Upfront Premium
(Received) Paid

Unrealized
Appreciation/
(Depreciation)*

SXDR

2.271%^(b)

JPMorgan Chase

08/05/2026

$ 1,065

$ –

$ 30,989

TOTAL

$ 30,989

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


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

(a)

The Fund pays/receives annual coupon payments in accordance with the swap contract. 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).

(b)

Payments made quarterly.

PURCHASED & WRITTEN OPTIONS CONTRACTS — At February 28, 2026, the Fund had the following purchased and written option contracts:

OVER-THE-COUNTER OPTIONS ON EQUITIES


Description	Counterparty		Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Calls
Health Care Select Sector SPDR Fund		Morgan Stanley Co., Inc.	$	135.00		06/19/2026		6,281		$	6,281		$	168,429		$	64,887		$	103,542

Description	Counterparty		Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Calls
Health Care Select Sector SPDR Fund		Morgan Stanley Co., Inc.	$	146.00		06/19/2026		(12,561	)	$	(12,561	)	$		(215,209)	$	(64,244	)	$	(150,965)
Puts
iShares Expanded Tech- Software Sector ETF		Morgan Stanley Co., Inc.	$	76.62		04/20/2026		(7,730	)	$	(7,730	)	$		(16,859)	$	(21,438	)	$	4,579
Total written option contracts								(20,291	)	$	(20,291	)	$		(232,068)	$	(85,682	)	$	(146,386)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY
Description	Counterparty		Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:

Calls
CALL EUR/GBP 0.8824 6/26		Bank of America N.A.		EUR 0.88		06/12/2026		780,000		$	780,000		$	8,697		$	11,828		$	(3,131	)

Description	Counterparty		Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)
Written Option Contracts:

Calls
CALL EUR/GBP 0.9075 6/26		Bank of America N.A.		EUR 0.91		06/12/2026		(780,000	)	$	(780,000	)	$	(2,452	)	$	(4,449	)	$	1,997


Investment Abbreviations:
BZDIO		—Brazil Interbank Rate


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

GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments

February 28, 2026 (Unaudited)


Shares	Description	Value

Underlying Funds (Class R6 Shares)^(a)– 87.8%
Equity – 87.8%
69,550,157	Goldman Sachs U.S. Tax- Managed Equity Fund	$	3,814,130,623
46,051,270	Goldman Sachs International Tax-Managed Equity Fund		870,829,522
8,136,013	Goldman Sachs International Small Cap Insights Fund		151,818,006
9,030,693	Goldman Sachs Emerging Markets Equity Insights Fund		117,760,233

TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
(Cost $1,949,453,466)			4,954,538,384



Exchange-Traded Funds – 1.8%

607,602	iShares Core MSCI EAFE ETF		59,739,429

147,535	State Street Health Care Select

	Sector SPDR ETF		23,635,107

79,716	iShares MSCI Mexico ETF		6,452,213

236,600	Sprott Physical Uranium Trust*		4,773,456

22,083	iShares Core MSCI Emerging Markets ETF		1,695,091

15,377	Vanguard Russell 2000 ETF		1,625,656

39,974	Sprott Physical Gold Trust*		1,604,956

98,114	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		1,463,861

4,328	Vanguard Real Estate ETF		414,146

2,743	iShares 7-10 Year Treasury Bond ETF		268,787

627	iShares 20+ Year Treasury Bond ETF		56,944

TOTAL EXCHANGE-TRADED FUNDS
(Cost $88,980,387)			101,729,646


Shares	Dividend Rate	Value

Investment Company – 8.6%^(a)

Goldman Sachs Financial Square Government Fund - Institutional Shares
484,684,983	3.589%	$	484,684,983
(Cost $484,684,983)

TOTAL INVESTMENTS – 98.1% (Cost $2,523,118,836)		$	5,540,953,013

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%			104,764,725

NET ASSETS – 100.0%		$	5,645,717,738

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

Non-income producing security.

(a)

Represents an affiliated issuer.


Currency Abbreviations:
AUD		Australian Dollar
BRL		Brazilian Real
CHF		Swiss Franc
DKK		Danish Krone
EUR		Euro
GBP		British Pound
HKD		Hong Kong Dollar
ILS		Israeli New Shekel
JPY		Japanese Yen
MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
SEK		Swedish Krona
SGD		Singapore Dollar
USD		United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2026, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.
	AUD	2,030,000	USD	1,366,555		3/18/2026	$	77,996
	NOK	50,000	USD	4,975		3/18/2026		283
	USD	3,508,009	GBP	2,600,000		3/18/2026		3,941
	USD	9,241,033	HKD	71,730,000		3/18/2026		64,923
	USD	111,385,963	JPY	17,168,154,282		3/18/2026		1,292,993

TOTAL							$	1,440,136

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency Purchased

Currency Sold

Settlement Date

Unrealized Loss

Morgan Stanley Co., Inc.

USD

31,863,987

AUD

48,384,774

3/18/2026

(2,566,696

)


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

GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc. (continued)
	USD	46,711,734	CHF	36,952,984		3/18/2026	$	(1,448,459	)
	USD	9,605,031	DKK	61,130,000		3/18/2026		(72,131	)
	USD	175,470,699	EUR	149,673,958		3/18/2026		(1,543,258	)
	USD	67,952,858	GBP	51,051,169		3/18/2026		(849,751	)
	USD	3,285,636	ILS	10,600,000		3/18/2026		(98,711	)
	USD	4,532,116	MXN	83,750,000		3/18/2026		(323,237	)
	USD	2,806,045	NOK	28,300,000		3/18/2026		(170,012	)
	USD	847,966	NZD	1,470,000		3/18/2026		(34,422	)
	USD	15,695,864	SEK	146,400,000		3/18/2026		(537,066	)
	USD	6,869,311	SGD	8,820,000		3/18/2026		(112,573	)

TOTAL							$	(7,756,316	)

FUTURES CONTRACTS — At February 28, 2026, the Portfolio had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
FTSE/JSE Top 40 Index		101		03/19/26	$	7,618,757	$	670,106
IFSC NIFTY 50		200		03/30/26		10,114,000		(176,824	)
Mini MDAX Index		128		03/20/26		4,784,632		183,354
STOXX EUROPE 600 Index		24		03/20/26		899,245		32,603
TOPIX Index		7		03/12/26		1,772,580		135,559
U.S. Treasury 10 Year Note		730		06/18/26		83,037,500		606,940
U.S. Treasury 2 Year Note		567		06/30/26		118,635,891		202,774
U.S. Treasury 5 Year Note		478		06/30/26		52,636,016		271,773
Total Futures Contracts							$	1,926,285

SWAP CONTRACTS — At February 28, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the

Fund^(a)

Payments Received by
the Fund

Termination
Date

Notional Amounts

(000’s)

Value

Upfront Premium
(Received) Paid

Unrealized
Appreciation/
(Depreciation)

0.000%^(b)

1 Day BZDIO

1/2/2030

BRL 60,127

136,117

16,494

119,623

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to February 28, 2026.

(b)

Payments made annually.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate
Received (Paid) by
the Fund

Counterparty

Termination
Date^(a)

Notional
Amount (000’s)

Upfront
Premium
(Received) Paid

Unrealized
Appreciation/
(Depreciation)*

SXDR

2.271%^(b)

JPMorgan Chase

08/05/2026

11,723

–

341,261

TOTAL

341,261

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.		7

GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

(a)

(b)

Payments made quarterly.

PURCHASED & WRITTEN OPTIONS CONTRACTS — At February 28, 2026, the Fund had the following purchased and written option contracts:

OVER-THE-COUNTER OPTIONS ON EQUITIES



Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Calls
Health Care Select Sector SPDR Fund	Morgan Stanley Co., Inc.	$	135.00		06/19/2026		67,328	$	67,328	$	1,805,443	$	695,545	$	1,109,898

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Calls
Health Care Select Sector SPDR Fund	Morgan Stanley Co., Inc.	$	146.00		06/19/2026		(134,655)	$	(134,655)	$	(2,307,061)	$	(688,707)	$	(1,618,355)
Puts
EQO IGV.Z U.S. 17Apr26	Morgan Stanley Co., Inc.	$	76.62		04/20/2026		(84,901)	$	(84,901)	$	(185,166)	$	(235,456)	$	50,291
Total written option contracts							(219,556)	$	(219,556)	$	(2,492,227)	$	(924,163)	$	(1,568,064)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Calls
CALL EUR/GBP 0.8824	Bank of America N.A.		EUR 0.88		06/12/2026		8,640,000	$	8,640,000	$	96,330	$	130,698	$	(34,368)

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Calls
CALL EUR/GBP 0.9075	Bank of America N.A.		EUR 0.91		06/12/2026		(8,640,000)	$	(8,640,000)	$	(27,165)	$	(48,974)	$	21,809


Investment Abbreviations:
BZDIO		—Brazil Interbank Rate


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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)


	Enhanced Dividend Global Equity Portfolio		Tax-Advantaged Global Equity Portfolio

Assets:

Investments in affiliated issuers, at value (cost $280,996,675 and $2,434,138,449, respectively)	$	471,643,733	$	5,439,223,367
Investments in unaffiliated issuers, at value (cost $24,472,803 and $88,980,387, respectively)		29,749,648		101,729,646
Purchased Options, at value (premiums paid $76,715 and $826,243, respectively)		177,126		1,901,773
Cash		7,678,445		85,091,668
Foreign Currency, at value (cost $406,232 and $(16,155,765), respectively)		407,308		4,239,099
Receivables:
Collateral on certain derivative contracts^(a)		1,803,396		21,508,035
Fund shares sold		850,580		1,737,148
Investments sold		90,267		1,327,590
Reimbursement from investment adviser		9,581		—
Dividends		9		104
Foreign tax reclaims		—		177,446
Unrealized gain on forward foreign currency exchange contracts		125,335		1,440,136
Unrealized gain on swap contracts		41,066		460,884
Upfront payments received on swap contracts		—		16,494
Variation margin on futures contracts		57,938		665,232
Variation margin on swap contracts		1,005		10,555
Other assets		40,078		47,265

Total assets		512,675,515		5,659,576,442


Liabilities:

Written options, at value (premiums received $90,131 and $973,137, respectively)		234,520		2,519,392
Unrealized loss on forward foreign currency exchange contracts		690,882		7,756,316
Payables:
Fund shares redeemed		113,371		2,645,137
Investments purchased		42,455		470,939
Management fees		23,308		252,136
Distribution and Service fees and Transfer Agency fees		5,421		55,813
Accrued expenses		77,351		158,971

Total liabilities		1,187,308		13,858,704


Net Assets:

Paid-in capital		314,105,776		2,662,856,633
Total distributable earnings		197,382,431		2,982,861,105

NET ASSETS	$	511,488,207	$	5,645,717,738


Net Assets:
Class A	$	3,348,353	$	1,222,629
Institutional		7,709,431		57,334,137
Class R6		20,394		12,425,690
Class P		500,410,029		5,574,735,282
Total Net Assets	$	511,488,207	$	5,645,717,738

Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		221,203		41,814
Institutional		501,262		1,941,386
Class R6		1,330		427,308
Class P		32,658,545		191,692,062

Net asset value, offering and redemption price per share:^(b)
Class A	$	15.14	$	29.24
Institutional		15.38		29.53
Class R6		15.34		29.08
Class P		15.32		29.08

(a)	Segregated for initial margin and/or collateral as follows:


Fund	Futures		Forwards		Swaps
Enhanced Dividend Global Equity Portfolio	$	404,760	$	—	$	1,398,636
Tax-Advantaged Global Equity Portfolio		4,357,659		16,250,000		900,376

(b)	Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio is $16.02 and $30.94, respectively.


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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Operations

For the Six Months Ended February 28, 2026 (Unaudited)


	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio

Investment income:

Dividends from Affiliated Underlying Funds	$	3,776,032		$	51,478,711

Dividends — unaffiliated issuers (net of foreign withholding taxes of $ – and $240, respectively)		232,587			1,507,023

Total Investment Income		4,008,619			52,985,734



Expenses:

Management fees		364,022			4,021,776

Transfer Agency fees^(a)		75,082			807,809

Professional fees		60,120			60,137

Custody, accounting and administrative services		52,826			210,799

Registration fees		24,682			35,037

Printing and mailing costs		14,325			18,092

Trustee fees		14,153			18,931

Distribution and/or Service (12b-1) fees		3,952			1,424

Other		9,095			39,548


Total expenses		618,257			5,213,553


Less — expense reductions		(171,006	)		(364,081	)

Net expenses		447,251			4,849,472

NET INVESTMENT INCOME		3,561,368			48,136,262



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		100,876			2,448,481

Investments in affiliated Underlying Funds		1,807,298			63,319,592

Forward foreign currency exchange contracts		865,776			9,316,583

Swap Contracts		342,713			3,839,441

Written Options		80,897			857,618

Foreign currency transactions		(6,763	)		(86,682	)

Purchased Options		(68,877	)		(752,320	)

Futures contracts		146,716			(5,821,007	)

Capital gain distributions from affiliated Underlying Funds		18,206,065			6,188,021

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		2,879,385			13,147,771

Investment in affiliated Underlying Funds		16,496,712			403,902,532

Futures contracts		70,271			3,232,199

Purchased Options		83,601			896,309

Foreign currency translations		20,722			166,300

Swap Contracts		(224	)		9,750

Written options		(195,663	)		(2,083,133	)

Forward foreign currency exchange contracts		(547,725	)		(6,132,783	)


Net realized and unrealized gain		40,281,780			492,448,672


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	43,843,148		$	540,584,934


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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Operations (continued)

For the Six Months Ended February 28, 2026 (Unaudited)

^(a)

Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Class A		Institutional		Class R6		Class P
Enhanced Dividend Global Equity Portfolio		$2,371		$1,519		$4		$71,188
Tax-Advantaged Global Equity Portfolio		854		11,082		1,772		794,101


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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Changes in Net Assets


	Enhanced Dividend Global Equity Portfolio						Tax-Advantaged Global Equity Portfolio
	For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025			For the Six Months Ended February 28, 2026 (Unaudited)			For the Fiscal Year Ended August 31, 2025

From operations:

Net investment income	$	3,561,368		$	7,653,066		$	48,136,262		$	48,719,857

Net realized gain		21,474,701			19,940,876			79,309,727			175,489,513

Net change in unrealized gain		18,807,079			23,709,150			413,138,945			408,418,447


Net increase in net assets resulting from operations		43,843,148			51,303,092			540,584,934			632,627,817



Distributions to shareholders:

From distributable earnings:

Class A Shares		(164,594)			(184,554	)		(55,624	)		(16,398	)

Institutional Shares		(407,090)			(512,400	)		(2,867,195	)		(993,154	)

Class R6 Shares		(1,029)			(1,171	)		(622,897	)		(213,936	)

Class P Shares		(25,270,376)			(29,814,564	)		(279,632,982	)		(94,037,337	)

Total distributions to shareholders		(25,843,089)			(30,512,689	)		(283,178,698	)		(95,260,825	)



From share transactions:

Proceeds from sales of shares		36,399,973			27,233,021			350,728,282			336,776,517

Reinvestment of distributions		7,832,927			30,510,699			98,812,891			94,933,078

Cost of shares redeemed		(22,627,889	)		(52,752,185	)		(199,184,763	)		(312,003,492	)


Net increase in net assets resulting from share transactions		21,605,011			4,991,535			250,356,410			119,706,103

TOTAL INCREASE		39,605,070			25,781,938			507,762,646			657,073,095



Net Assets:

Beginning of period	$	471,883,137		$	446,101,199		$	5,137,955,092		$	4,480,881,997


End of period	$	511,488,207		$	471,883,137		$	5,645,717,738		$	5,137,955,092


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Enhanced Dividend Global Equity Portfolio
	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data
Net asset value, beginning of period		$	14.61			$	13.99			$	12.30			$	12.08			$	14.54			$	11.76

Net investment income^(a)(b)			0.08				0.19				0.22				0.18				0.25				0.19

Net realized and unrealized gain (loss)			1.23				1.36				1.97				1.14				(1.54	)			2.80

Total from investment operations			1.31				1.55				2.19				1.32				(1.29	)			2.99


Distributions to shareholders from net investment income			(0.17	)			(0.29	)			(0.23	)			(0.22	)			(0.45	)			(0.21	)

Distributions to shareholders from net realized gains			(0.61	)			(0.64	)			(0.27	)			(0.88	)			(0.72	)			–

Total distributions			(0.78	)			(0.93	)			(0.50	)			(1.10	)			(1.17	)			(0.21	)

Net asset value, end of period		$	15.14			$	14.61			$	13.99			$	12.30			$	12.08			$	14.54

Total Return^(c)			9.20	%			11.61	%			18.38	%			11.84	%			(9.61	)%			25.64	%

Net assets, end of period (in 000’s)		$	3,348			$	3,009			$	2,685			$	2,774			$	2,713			$	3,801

Ratio of net expenses to average net assets^(d)			0.51	%^(e)			0.51	%			0.51	%			0.53	%			0.52	%			0.50	%

Ratio of total expenses to average net assets^(d)			0.62	%^(e)			0.64	%			0.64	%			0.65	%			0.61	%			0.63	%

Ratio of net investment income to average net assets			1.14	%^(e)			1.39	%			1.69	%			1.50	%			1.89	%			1.49	%

Portfolio turnover rate^(f)			3	%			17	%			10	%			8	%			23	%			16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

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

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Enhanced Dividend Global Equity Portfolio
	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data
Net asset value, beginning of period		$	14.83			$	14.19			$	12.47			$	12.24			$	14.71			$	11.90

Net investment income^(a)(b)			0.11				0.24				0.26				0.22				0.30				0.25

Net realized and unrealized gain (loss)			1.24				1.37				2.00				1.15				(1.55	)			2.81

Total from investment operations			1.35				1.61				2.26				1.37				(1.25	)			3.06


Distributions to shareholders from net investment income			(0.19	)			(0.33	)			(0.27	)			(0.26	)			(0.50	)			(0.25	)

Distributions to shareholders from net realized gains			(0.61	)			(0.64	)			(0.27	)			(0.88	)			(0.72	)			–

Total distributions			(0.80	)			(0.97	)			(0.54	)			(1.14	)			(1.22	)			(0.25	)

Net asset value, end of period		$	15.38			$	14.83			$	14.19			$	12.47			$	12.24			$	14.71

Total Return^(c)			9.37	%			11.93	%			18.74	%			12.24	%			(9.32	)%			26.05	%

Net assets, end of period (in 000’s)		$	7,709			$	7,952			$	8,428			$	8,456			$	9,109			$	13,638

Ratio of net expenses to average net assets^(d)			0.19	%^(e)			0.19	%			0.19	%			0.20	%			0.17	%			0.13	%

Ratio of total expenses to average net assets^(d)			0.26	%^(e)			0.28	%			0.27	%			0.28	%			0.24	%			0.26	%

Ratio of net investment income to average net assets			1.48	%^(e)			1.72	%			1.99	%			1.83	%			2.24	%			1.87	%

Portfolio turnover rate^(f)			3	%			17	%			10	%			8	%			23	%			16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Enhanced Dividend Global Equity Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data
Net asset value, beginning of period		$	14.79			$	14.16			$	12.44			$	12.21			$	14.68			$	11.88

Net investment income^(a)(b)			0.11				0.24				0.26				0.22				0.30				0.25

Net realized and unrealized gain (loss)			1.24				1.37				2.00				1.15				(1.55	)			2.81

Total from investment operations			1.35				1.61				2.26				1.37				(1.25	)			3.06


Distributions to shareholders from net investment income			(0.19	)			(0.34	)			(0.27	)			(0.26	)			(0.50	)			(0.26	)

Distributions to shareholders from net realized gains			(0.61	)			(0.64	)			(0.27	)			(0.88	)			(0.72	)			–

Total distributions			(0.80	)			(0.98	)			(0.54	)			(1.14	)			(1.22	)			(0.26	)

Net asset value, end of period		$	15.34			$	14.79			$	14.16			$	12.44			$	12.21			$	14.68

Total Return^(c)			9.40	%			12.00	%			18.72	%			12.20	%			(9.25	)%			26.03	%

Net assets, end of period (in 000’s)		$	20			$	19			$	17			$	14			$	12			$	14

Ratio of net expenses to average net assets^(d)			0.19	%^(e)			0.18	%			0.17	%			0.19	%			0.17	%			0.13	%

Ratio of total expenses to average net assets^(d)			0.24	%^(e)			0.25	%			0.24	%			0.25	%			0.22	%			0.23	%

Ratio of net investment income to average net assets			1.47	%^(e)			1.73	%			2.01	%			1.86	%			2.24	%			1.86	%

Portfolio turnover rate^(f)			3	%			17	%			10	%			8	%			23	%			16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Enhanced Dividend Global Equity Portfolio
	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data
Net asset value, beginning of period		$	14.78			$	14.14			$	12.43			$	12.20			$	14.67			$	11.87

Net investment income^(a)(b)			0.11				0.24				0.26				0.22				0.30				0.25

Net realized and unrealized gain (loss)			1.24				1.37				1.99				1.15				(1.55	)			2.81

Total from investment operations			1.35				1.61				2.25				1.37				(1.25	)			3.06


Distributions to shareholders from net investment income			(0.20	)			(0.33	)			(0.27	)			(0.26	)			(0.50	)			(0.26	)

Distributions to shareholders from net realized gains			(0.61	)			(0.64	)			(0.27	)			(0.88	)			(0.72	)			–

Total distributions			(0.81	)			(0.97	)			(0.54	)			(1.14	)			(1.22	)			(0.26	)

Net asset value, end of period		$	15.32			$	14.78			$	14.14			$	12.43			$	12.20			$	14.67

Total Return^(c)			9.34	%			11.99	%			18.73	%			12.20	%			(9.26	)%			26.05	%

Net assets, end of period (in 000’s)		$	500,410			$	460,903			$	434,972			$	403,126			$	391,095			$	470,368

Ratio of net expenses to average net assets^(d)			0.18	%^(e)			0.18	%			0.18	%			0.19	%			0.17	%			0.12	%

Ratio of total expenses to average net assets^(d)			0.25	%^(e)			0.27	%			0.26	%			0.27	%			0.23	%			0.25	%

Ratio of net investment income to average net assets			1.47	%^(e)			1.72	%			2.01	%			1.86	%			2.25	%			1.91	%

Portfolio turnover rate^(f)			3	%			17	%			10	%			8	%			23	%			16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Tax-Advantaged Global Equity Portfolio
	Class A Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data
Net asset value, beginning of period		$	27.84			$	24.92			$	20.43			$	18.81			$	21.83			$	17.16

Net investment income^(a)(b)			0.20				0.17				0.21				0.22				0.21				0.16

Net realized and unrealized gain (loss)			2.63				3.19				4.49				1.98				(2.91	)			4.67

Total from investment operations			2.83				3.36				4.70				2.20				(2.70	)			4.83


Distributions to shareholders from net investment income			(0.17	)			(0.23	)			(0.21	)			(0.19	)			(0.27	)			(0.16	)

Distributions to shareholders from net realized gains			(1.26	)			(0.21	)			–				(0.39	)			(0.05	)			–

Total distributions			(1.43	)			(0.44	)			(0.21	)			(0.58	)			(0.32	)			(0.16	)

Net asset value, end of period		$	29.24			$	27.84			$	24.92			$	20.43			$	18.81			$	21.83

Total Return^(c)			10.36	%			13.67	%			23.19	%			12.09	%			(12.59	)%			28.29	%

Net assets, end of period (in 000’s)		$	1,223			$	1,083			$	878			$	603			$	526			$	606

Ratio of net expenses to average net assets^(d)			0.55	%^(e)			0.55	%			0.55	%			0.56	%			0.55	%			0.50	%

Ratio of total expenses to average net assets^(d)			0.56	%^(e)			0.57	%			0.57	%			0.58	%			0.57	%			0.58	%

Ratio of net investment income to average net assets			1.41	%^(e)			0.68	%			0.92	%			1.18	%			1.03	%			0.81	%

Portfolio turnover rate^(f)			3	%			28	%			9	%			4	%			22	%			16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Tax-Advantaged Global Equity Portfolio
	Institutional Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data
Net asset value, beginning of period		$	28.14			$	25.17			$	20.62			$	18.98			$	22.03			$	17.30

Net investment income^(a)(b)			0.25				0.27				0.30				0.30				0.29				0.23

Net realized and unrealized gain (loss)			2.66				3.22				4.53				1.99				(2.94	)			4.71

Total from investment operations			2.91				3.49				4.83				2.29				(2.65	)			4.94

Distributions to shareholders from net investment income			(0.26	)			(0.31	)			(0.28	)			(0.26	)			(0.35	)			(0.21	)

Distributions to shareholders from net realized gains			(1.26	)			(0.21	)			–				(0.39	)			(0.05	)			–

Total distributions			(1.52	)			(0.52	)			(0.28	)			(0.65	)			(0.40	)			(0.21	)

Net asset value, end of period		$	29.53			$	28.14			$	25.17			$	20.62			$	18.98			$	22.03

Total Return^(c)			10.55	%			14.07	%			23.66	%			12.51	%			(12.31	)%			28.81	%

Net assets, end of period (in 000’s)		$	57,334			$	54,225			$	48,612			$	40,174			$	37,591			$	33,151

Ratio of net expenses to average net assets^(d)			0.19	%^(e)			0.19	%			0.19	%			0.20	%			0.18	%			0.13	%

Ratio of total expenses to average net assets^(d)			0.20	%^(e)			0.21	%			0.21	%			0.22	%			0.20	%			0.21	%

Ratio of net investment income to average net assets			1.76	%^(e)			1.03	%			1.31	%			1.55	%			1.40	%			1.17	%

Portfolio turnover rate^(f)			3	%			28	%			9	%			4	%			22	%			16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Tax-Advantaged Global Equity Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data
Net asset value, beginning of period		$	27.73			$	24.81			$	20.33			$	18.73			$	21.73			$	17.07

Net investment income^(a)(b)			0.26				0.27				0.29				0.29				0.29				0.26

Net realized and unrealized gain (loss)			2.62				3.17				4.48				1.97				(2.89	)			4.62

Total from investment operations			2.88				3.44				4.77				2.26				(2.60	)			4.88

Distributions to shareholders from net investment income			(0.27	)			(0.31	)			(0.29	)			(0.27	)			(0.35	)			(0.22	)

Distributions to shareholders from net realized gains			(1.26	)			(0.21	)			–				(0.39	)			(0.05	)			–

Total distributions			(1.53	)			(0.52	)			(0.29	)			(0.66	)			(0.40	)			(0.22	)

Net asset value, end of period		$	29.08			$	27.73			$	24.81			$	20.33			$	18.73			$	21.73

Total Return^(c)			10.57	%			14.09	%			23.67	%			12.47	%			(12.24	)%			28.84	%

Net assets, end of period (in 000’s)		$	12,426			$	11,311			$	10,112			$	8,284			$	8,343			$	9,971

Ratio of net expenses to average net assets^(d)			0.18	%^(e)			0.18	%			0.18	%			0.19	%			0.16	%			0.12	%

Ratio of total expenses to average net assets^(d)			0.19	%^(e)			0.20	%			0.20	%			0.21	%			0.19	%			0.20	%

Ratio of net investment income to average net assets			1.80	%^(e)			1.05	%			1.31	%			1.54	%			1.41	%			1.36	%

Portfolio turnover rate^(f)			3	%			28	%			9	%			4	%			22	%			16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Tax-Advantaged Global Equity Portfolio
	Class P Shares
	Six Months Ended February 28, 2026 (Unaudited)				Year Ended August 31,
	Six Months Ended February 28, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data
Net asset value, beginning of period		$	27.74			$	24.82			$	20.34			$	18.73			$	21.74			$	17.07

Net investment income^(a)(b)			0.25				0.26				0.29				0.30				0.29				0.23

Net realized and unrealized gain (loss)			2.62				3.18				4.48				1.97				(2.90	)			4.66

Total from investment operations			2.87				3.44				4.77				2.27				(2.61	)			4.89

Distributions to shareholders from net investment income			(0.27	)			(0.31	)			(0.29	)			(0.27	)			(0.35	)			(0.22	)

Distributions to shareholders from net realized gains			(1.26	)			(0.21	)			–				(0.39	)			(0.05	)			–

Total distributions			(1.53	)			(0.52	)			(0.29	)			(0.66	)			(0.40	)			(0.22	)

Net asset value, end of period		$	29.08			$	27.74			$	24.82			$	20.34			$	18.73			$	21.74

Total Return^(c)			10.53	%			14.08	%			23.66	%			12.53	%			(12.28	)%			28.87	%

Net assets, end of period (in 000’s)		$	5,574,735			$	5,071,336			$	4,421,281			$	3,596,886			$	3,232,977			$	3,585,571

Ratio of net expenses to average net assets^(d)			0.18	%^(e)			0.18	%			0.18	%			0.19	%			0.17	%			0.12	%

Ratio of total expenses to average net assets^(d)			0.19	%^(e)			0.20	%			0.20	%			0.21	%			0.19	%			0.20	%

Ratio of net investment income to average net assets			1.80	%^(e)			1.04	%			1.31	%			1.56	%			1.41	%			1.18	%

Portfolio turnover rate^(f)			3	%			28	%			9	%			4	%			22	%			16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements

February 28, 2026 (Unaudited)

1. ORGANIZATION

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

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, Class R6 and Class P Shares are not subject to a sales charge.

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

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange-traded funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The valuation policy of the Portfolios and Underlying Funds is to value investments at fair value.

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

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

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


		21

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

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

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

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

F. Segment Reporting — The Portfolios follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Portfolio operates in one segment. The segment derives its revenues from Portfolio investments made in accordance with the defined investment strategy of the Portfolio, as prescribed in the Portfolios’ prospectuses. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Portfolios’ Investment Adviser. The CODM monitors and actively manages the operating results of each Portfolio. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Portfolios’ single segment, is consistent with that presented within each Portfolio’s 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 Portfolios’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant


22

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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

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

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

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


		23

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options —When the Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by the Portfolio, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Portfolio and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Portfolio and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Portfolio is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.


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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A total return swap is an agreement that gives the Portfolio the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Portfolio may also be required to pay the dollar value of that decline to the counterparty.

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

C. Fair Value Hierarchy— The following is a summary of the Portfolios’ investments classified in the fair value hierarchy as of February 28, 2026:


Enhanced Dividend Global Equity Portfolio

Investment Type	Level 1			Level 2			Level 3



Assets

Underlying Funds	$	436,051,082		$	—		$	—

Exchange-Traded Funds		29,749,648			—			—

Investment Companies		35,592,651			—			—



Total	$	501,393,381		$	—		$	—



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	125,335		$	—

Futures Contracts^(a)		176,416			—			—

Interest Rate Swap Contracts^(a)		—			10,077			—

Purchased Options Contracts		—			177,126			—

Total Return Swap Contracts^(a)		—			30,989			—



Total	$	176,416		$	343,527		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(690,882	)	$	—

Futures Contracts^(a)		(15,030	)		—			—

Written Options Contracts		—			(234,520	)		—



Total	$	(15,030	)	$	(925,402	)	$	—



Tax-Advantaged Global Equity Portfolio

Investment Type	Level 1			Level 2			Level 3



Assets

Underlying Funds	$	4,954,538,384		$	—		$	—

Exchange-Traded Funds		101,729,646			—			—

Investment Companies		484,684,983			—			—



Total	$	5,540,953,013		$	—		$	—



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	1,440,136		$	—

Futures Contracts^(a)		2,103,109			—			—


		25

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



Interest Rate Swap Contracts^(a)	$	—		$	119,623		$	—

Purchased Options Contracts		—			1,901,773			—

Total Return Swap Contracts^(a)		—			341,261			—



Total	$	2,103,109		$	3,802,793		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(7,756,316	)	$	—

Futures Contracts^(a)		(176,824	)		—			—

Written Options Contracts		—			(2,519,392	)		—



Total	$	(176,824	)	$	(10,275,708	)	$	—

^(a)

Amount shown represents unrealized gain (loss) at period 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 February 28, 2026. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure.


Enhanced Dividend Global Equity Portfolio
Risk	Statement of Assets and Liabilities	Assets¹		Statement of Assets and Liabilities	Liabilities¹

Currency	Unrealized gain on forward foreign currency exchange contracts and Purchased options, at value	$	134,032	Unrealized gain on forward foreign currency exchange contracts and Written options, at value	$	(693,334	)

Equity	Purchased options at value, Variation margin on futures and swaps contracts	$	263,262	Written options at value, Variation margin on futures contracts	$	(232,068	)

Interest Rate	Variation margin on futures and swaps contracts	$	107,619	Variation margin on futures and swaps contracts	$	—

Total		$	504,913	Total	$	(925,402	)

Tax-Advantaged Global Equity Portfolio
Risk	Statement of Assets and Liabilities	Assets¹		Statement of Assets and Liabilities	Liabilities¹

Currency	Unrealized gain on forward foreign currency exchange contracts and Purchased options, at value	$	1,536,466	Unrealized gain on forward foreign currency exchange contracts and Written options, at value	$	(7,783,481	)

Equity	Purchased options at value, Variation margin on futures contracts	$	2,991,502	Written options at value, Variation margin on futures contracts	$	(2,492,227	)

Interest Rate	Variation margin on futures and swaps contracts	$	1,201,110	Variation margin on futures and swaps contracts	$	—

Total		$	5,729,078	Total	$	(10,275,708)

⁽¹⁾

Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedule of Investments. Only variation margin as of February 28, 2026 is reported within the Statements of Assets and Liabilities.


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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2026. 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:


Enhanced Dividend Global Equity Portfolio

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Currency	Net realized gain (loss) from forward currency exchange contracts, purchased options, and written options/Net change in unrealized gain (loss) on forward currency exchange contracts, purchased options, and written options	$	850,910		$	(546,503	)

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		412,041			(43,716	)

Interest Rate	Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures, swap contracts, purchased options and written options		104,274			480

Total		$	1,367,225		$	(589,739	)

Tax-Advantaged Global Equity Portfolio

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Currency	Net realized gain (loss) from forward currency exchange contracts, purchased options and written options/Net change in unrealized gain (loss) on forward currency exchange contracts, purchased options and written options		9,153,046			(6,120,277	)

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		(2,931,532	)		2,005,173

Interest Rate	Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures, swap contracts, purchased options and written options		1,218,803			37,446

Total		$	7,440,317		$	(4,077,658	)

For the six months ended February 28, 2026, the relevant values for each derivative type was as follows:


		Average number of Contracts or Notional Amounts^(a)



Fund	Futures Contracts		Forward Contracts	Swap Contracts		Purchased Options	Written Options



Enhanced Dividend Global Equity Portfolio		225	42,239,603		133,996	3,429,766	2,757,424



Tax-Advantaged Global Equity Portfolio		2,426	464,095,670		1,463,016	37,243,983	29,550,089

(a)

Amounts disclosed represent average number of contracts for futures contracts, purchased options and written options, notional amounts for forward contracts and swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 28, 2026.


		27

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio’s average daily net assets. For the six months ended February 28, 2026, the effective net management fee with GSAM was at 0.14% of each Portfolio’s average daily net assets.

The Portfolios invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) and Class R6 Shares of the Goldman Sachs Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Portfolios in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Portfolios invest. For the six months ended February 28, 2026, the management fees waived by GSAM for each Portfolio was as follows:


Fund		Management Fee Waived

Enhanced Dividend Global Equity Portfolio		$ 29,148

Tax-Advantaged Global Equity Portfolio		355,702

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Portfolio, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. During the six months ended February 28, 2026, Goldman Sachs retained front-end sales charges of $288 for the Enhanced Dividend Global Equity Portfolio.

D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A Shares of the Goldman Sachs Enhanced Dividend Global Equity Portfolio through at least December 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolios is 0.014%. These Other Expense limitations will remain in place through at least December 29, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended February 28, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


28

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



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



Enhanced Dividend Global Equity Portfolio	$	29,148	$	632	$	141,226	$	171,006



Tax-Advantaged Global Equity Portfolio		355,702		–		8,379		364,081

F. Line of Credit Facility — As of February 28, 2026, the Portfolios 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 Portfolios based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2026, the Portfolios did not have any borrowings under the facility.

G. Other Transactions with Affiliates — For the six months ended February 28, 2026, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio.

The Portfolios invest primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended February 28, 2026:


Enhanced Dividend Global Equity Portfolio

Underlying Fund	Beginning value as of August 31, 2025		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 28, 2026	Shares as of February 28, 2026		Dividend Income		Capital Gain Distribution


Goldman Sachs U.S. Equity Dividend and Premium Fund

	$ 288,281,853	$	17,065,237	$	(6,301,801)	$	668,039	$	1,553,178	$	301,266,507	16,453,660	$	1,627,883	$	15,437,355



Goldman Sachs Emerging Markets Equity Insights Fund

	8,521,488		193,242		(613,600)		100,618		2,156,066		10,357,814	794,311		193,242		–



Goldman Sachs Energy Infrastructure Fund

	568,004		43,872		(616,433)		133,070		(128,514)		–	–		10,384		33,488



Goldman Sachs Financial Square Government Fund - Institutional Shares

	29,846,434		29,439,464		(23,693,228)		(19)		–		35,592,651	35,592,651		639,911		–



Goldman Sachs International Equity Dividend and Premium Fund

	71,126,030		1,901,169		–		–		10,641,509		83,668,708	8,967,707		743,689		–



Goldman Sachs International Small Cap Insights Fund

	12,478,991		925,826		(1,268,124)		610,296		1,260,733		14,007,721	750,682		380,164		545,662



Goldman Sachs Small Cap Equity Insights Fund

	25,335,668		2,370,320		(2,264,670)		295,275		1,013,740		26,750,332	844,125		180,759		2,189,560



Total	$ 436,158,468	$	51,939,130	$	(34,757,856)	$	1,807,279	$	16,496,712	$	471,643,733		$	3,776,032	$	18,206,065



Tax-Advantaged Global Equity Portfolio

Underlying Fund	Beginning value as of August 31, 2025	Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Ending value as of February 28, 2026		Shares as of February 28, 2026		Dividend Income		Capital Gain Distribution


Goldman Sachs Emerging Markets Equity Insights Fund

	$ 90,299,067	$	2,197,012	$	–		$	–	$	25,264,154		$	117,760,233		9,030,693	$	2,197,012	$	–



Goldman Sachs Energy Infrastructure Fund

	4,648,256		359,024		(5,044,570	)		1,117,193		(1,079,903	)		–		–		84,974		274,050


		29

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Tax-Advantaged Global Equity Portfolio

Underlying Fund	Beginning value as of August 31, 2025	Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 28, 2026		Shares as of February 28, 2026		Dividend Income		Capital Gain Distribution


Goldman Sachs Financial Square Government Fund - Institutional Shares

	$ 305,012,766	$	405,344,705	$	(225,672,488)	$	–	$	–	$	484,684,983		484,684,983	$	8,043,250	$	–



Goldman Sachs International Small Cap Insights Fund

	131,646,220		10,034,255		(10,116,354)		3,679,061		16,574,824		151,818,006		8,136,013		4,120,285		5,913,971



Goldman Sachs International Tax-Managed Equity Fund

	787,161,136		29,127,002		(101,250,000)		37,222,702		118,568,682		870,829,522		46,051,270		17,385,517		–



Goldman Sachs U.S. Tax-Managed Equity Fund

	3,685,800,547		46,674,664		(184,220,000)		21,300,636		244,574,776		3,814,130,623		69,550,157		19,647,673		–



Total	$ 5,004,567,992	$	493,736,662	$	(526,303,412)	$	63,319,592	$	403,902,533	$	5,439,223,367			$	51,478,711	$	6,188,021

As of February 28, 2026, the Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:


Underlying Funds	Enhanced Dividend Global Equity Portfolio		Tax-Advantaged Global Equity Portfolio

Goldman Sachs U.S. Equity Dividend and Premium Fund	8	%	–	%

Goldman Sachs International Equity Dividend & Premium Fund	50		–

Goldman Sachs U.S. Tax-Managed Equity Fund	–		87

Goldman Sachs International Tax-Managed Equity Fund	–		78

As of February 28, 2026, the Goldman Sachs Group, Inc. was the beneficial owner of the following share class of the Portfolios:


Fund		Class R6

Enhanced Dividend Global Equity Portfolio		100%

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2026, were as follows:


Fund		Purchases		Sales

Enhanced Dividend Global Equity Portfolio	$	22,704,410	$	11,709,334

Tax-Advantaged Global Equity Portfolio		143,505,002		299,872,965


30

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year ended August 31, 2025, certain timing differences on a tax-basis were as follows:


		Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio

Timing differences — (Qualified Late Year Loss Deferral/Post October Loss Deferral/ Straddle Deferral)	$	(818,888	)	$	(8,574,087	)

As of February 28, 2026, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


		Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio

Tax Cost	$	319,639,473		$	2,574,509,962

Gross unrealized gain		195,930,211			3,018,005,873

Gross unrealized loss		(14,176,303	)		(51,562,821	)

Net unrealized gain (loss)	$	181,753,908		$	2,966,443,052

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 passive foreign investment companies and swap transactions.

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

8. OTHER RISKS

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

Counterparty Risk — Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with OTC transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.

Derivatives Risk — The Portfolios’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Portfolios. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Portfolios will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Portfolios will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.


		31

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

8. OTHER RISKS (continued)

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

Expenses Risk — By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also the expenses of the Portfolio.

Investments in the Underlying Funds Risk — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. A strategy used by the Underlying Funds may fail to produce the intended results. As of February 28, 2026, the Enhanced Dividend Global Equity Portfolio invested 58.9% and 16.4% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the “U.S. Equity Dividend and Premium Fund”) and the Goldman Sachs International Equity Dividend and Premium Fund (the “International Equity Dividend and Premium Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large capitalization U.S. issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500^® Index at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the S&P 500^® Index or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in non-U.S. issuers with public stock market capitalizations within the range of capitalization of the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, Far East (“EAFE”) Index (“MSCI EAFE Index”) at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio.

As of February 28, 2026, the Tax-Advantaged Global Equity Portfolio invested 58.3% and 13.3% of its net assets in the Goldman Sachs U.S. Tax-Managed Equity Fund (the “U.S. Tax-Managed Equity Fund”) and the Goldman Sachs International Tax-Managed Equity Fund (the “International Tax-Managed Equity Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Tax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Tax-Managed Equity Fund invests primarily in equity investments in U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The International Tax-Managed Equity Fund invests primarily in equity investments in non-U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seek tax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.

The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets.

Large Shareholder Transactions Risk — A Portfolio or an Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Portfolio or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio’s or an Underlying Fund’s NAV and liquidity. These transactions may also accelerate the


32

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

8. OTHER RISKS (continued)

realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Portfolio’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s or the Underlying Fund’s expense ratio. Similarly, large Portfolio or Underlying Fund share purchases may adversely affect a Portfolio’s or an Underlying Fund’s performance to the extent that the Portfolio or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make the Portfolio more volatile. When the Portfolio uses leverage, the sum of that Portfolio’s investment exposure may significantly exceed the amount of assets invested in the Portfolio, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause the Portfolio to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Portfolio can substantially increase the adverse impact to which the Portfolio’s investment portfolio may be subject.

Market and Credit Risks — In the normal course of business, a Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of securities in which a Portfolio and/or an Underlying Fund invests may go up or down in response to the prospects of individual companies, particular sectors, 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 Portfolio and/or an Underlying Fund and their investments. Additionally, a Portfolio and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio and the Underlying Fund have unsettled or open transactions defaults.

Tax-Managed Investment Risk — Because the Investment Adviser balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax-managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders. A high percentage of an Underlying Fund’s NAV may consist of unrealized capital gains, which represent a potential future tax liability to shareholders.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

The Portfolios adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by


		33

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

10. OTHER MATTERS (continued)

jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund’s financial position or the results of its operations.

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.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Enhanced Dividend Global Equity Portfolio

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025

	Shares			Dollars			Shares			Dollars

Class A Shares

Shares sold		18,137		$	267,844			13,006		$	180,134

Reinvestment of distributions		3,109			45,749			13,324			183,678

Shares redeemed		(6,032	)		(89,829	)		(12,255	)		(167,756	)

		15,214			223,764			14,075			196,056

Institutional Shares

Shares sold		60,261			909,263			65,563			902,019

Reinvestment of distributions		8,017			119,784			36,552			511,285

Shares redeemed		(103,259	)		(1,545,464	)		(159,787	)		(2,229,694	)

		(34,981	)		(516,417	)		(57,672	)		(816,390	)

Class R6 Shares

Shares sold		48			719			1			11

Reinvestment of distributions		21			311			84			1,172

Shares redeemed		—			—			—			(1	)

		69			1,030			85			1,182

Class P Shares

Shares sold		2,352,423			35,222,147			1,904,286			26,150,857

Reinvestment of distributions		514,969			7,667,083			2,139,188			29,814,564

Shares redeemed		(1,397,113	)		(20,992,596	)		(3,608,813	)		(50,354,734	)

		1,470,279			21,896,634			434,661			5,610,687

NET INCREASE IN SHARES		1,450,581		$	21,605,011			391,149		$	4,991,535


34

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Tax-Advantaged Global Equity Portfolio

	For the Six Months Ended February 28, 2026 (Unaudited)						For the Fiscal Year Ended August 31, 2025

	Shares			Dollars			Shares			Dollars

Class A Shares

Shares sold		3,544		$	100,998			6,234		$	163,716

Reinvestment of distributions		603			17,072			642			16,397

Shares redeemed		(1,238	)		(35,875	)		(3,201	)		(83,342	)

		2,909			82,195			3,675			96,771

Institutional Shares

Shares sold		101,005			2,906,340			88,276			2,207,660

Reinvestment of distributions		34,689			992,614			38,405			986,797

Shares redeemed		(121,144	)		(3,513,047	)		(131,105	)		(3,309,680	)

		14,550			385,907			(4,424	)		(115,223	)

Class R6 Shares

Shares sold		14,457			407,455			510			12,963

Reinvestment of distributions		7,757			218,603			8,449			213,936

Shares redeemed		(2,765	)		(79,045	)		(8,624	)		(220,327	)

		19,449			547,013			335			6,572

Class P Shares

Shares sold		12,225,936			347,313,489			13,205,709			334,392,178

Reinvestment of distributions		3,462,903			97,584,602			3,701,310			93,715,948

Shares redeemed		(6,842,102	)		(195,556,796	)		(12,229,685	)		(308,390,143	)

		8,846,737			249,341,295			4,677,334			119,717,983

NET INCREASE IN SHARES		8,883,645		$	250,356,410			4,676,920		$	119,706,103


		35

ITEM 8.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10.

REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds’ trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11.

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 16.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a)

Not applicable.

(b)

Not applicable.

ITEM 19.

EXHIBITS.


(a)(1)		Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on August 26, 2022.

(a)(2)		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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


				Goldman Sachs Trust

By:				/s/ James A. McNamara

				James A. McNamara
				Principal Executive Officer
				Goldman Sachs Trust

Date:				May 5, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:				/s/ James A. McNamara

				James A. McNamara
				Principal Executive Officer
				Goldman Sachs Trust

Date:				May 5, 2026

By:				/s/ Joseph F. DiMaria

				Joseph F. DiMaria
				Principal Financial Officer
				Goldman Sachs Trust

Date:				May 5, 2026


Table of Contents	Page

Schedule of Investments

Goldman Sachs Large Cap Equity Fund		3

Goldman Sachs Mid Cap Growth Fund		6

Goldman Sachs Small Cap Growth Fund		8

Goldman Sachs Small/Mid Cap Growth Fund		10

Financial Statements

Statements of Assets and Liabilities		12

Statements of Operations		14

Statements of Changes in Net Assets		16

Financial Highlights

Goldman Sachs Large Cap Equity Fund		18

Goldman Sachs Mid Cap Growth Fund		26

Goldman Sachs Small Cap Growth Fund		34

Goldman Sachs Small/Mid Cap Growth Fund		40

Notes to Financial Statements		48


Table of Contents	Page

Schedules of Investments

Goldman Sachs Equity Income Fund		3

Goldman Sachs Large Cap Value Fund		5

Goldman Sachs Mid Cap Value Fund		7

Goldman Sachs Small Cap Value Fund		9

Goldman Sachs Small/Mid Cap Equity Fund		13

Financial Statements

Statements of Assets and Liabilities		15

Statements of Operations		17

Statements of Changes in Net Assets		19

Financial Highlights

Goldman Sachs Equity Income Fund		22

Goldman Sachs Large Cap Value Fund		30

Goldman Sachs Mid Cap Value Fund		38

Goldman Sachs Small Cap Value Fund		46

Goldman Sachs Small/Mid Cap Equity Fund		54

Notes to Financial Statements		61