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: November 30

Date of reporting period: May 31, 2026

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders for the Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, Goldman Sachs Financial Square Treasury Solutions Fund, Goldman Sachs Investor Money Market Fund, Goldman Sachs Investor Tax-Exempt California Money Market Fund, Goldman Sachs Investor Tax-Exempt Money Market Fund, Goldman Sachs Investor Tax-Exempt New York Money Market Fund, Stablecoin Reserves Fund, Goldman Sachs Central Government Fund, and Goldman Sachs Government Fund Series II is filed herewith.

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Central Government Fund

Institutional Shares: GCCXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Central Government Fund (the “Fund”) for the period of April 20, 2026 to May 31, 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 1-800-621-2550.

What did the Fund invest in?

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

Sector Allocation (%)

Table Summary
Repurchase Agreements	47.4%
U.S. Treasury Obligations	42.0%
U.S. Government Agency Securities	11.6%

What were the Fund costs for the Period?

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	$0^{Footnote Reference(a)}	0.00%^{Footnote Reference*}

Footnote	Description
Footnote^(a)	Based on the period April 20, 2026 (commencement of operations) through May 31, 2026. Expenses would have been higher if the Fund had been in existence for the full reporting period.
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$5,137,859,963
# of Portfolio Holdings as of Period End103
Total Net Advisory Fees Paid for the Period$0

Goldman Sachs Central Government Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Central Government Fund

38151N502-SAR-0526 Institutional Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Federal Instruments Fund

Class D Shares: FIDXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the “Fund”) for the period of December 1, 2025 to May 31, 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 1-800-621-2550.

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	95.3%
U.S. Government Agency Securities	18.7%

What were the Fund costs for the Period?

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
Class D	$10	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$7,803,648,476
# of Portfolio Holdings as of Period End311
Total Net Advisory Fees Paid for the Period$7,360,931

Goldman Sachs Financial Square Federal Instruments Fund

Class D Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Federal Instruments Fund

38150C333-SAR-0526 Class D Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Federal Instruments Fund

Institutional Shares: FIRXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	95.3%
U.S. Government Agency Securities	18.7%

What were the Fund costs for the Period?

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	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$7,803,648,476
# of Portfolio Holdings as of Period End311
Total Net Advisory Fees Paid for the Period$7,360,931

Goldman Sachs Financial Square Federal Instruments Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Federal Instruments Fund

38148U692-SAR-0526 Institutional Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Federal Instruments Fund

Capital Shares: FIKXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	95.3%
U.S. Government Agency Securities	18.7%

What were the Fund costs for the Period?

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
Capital	$18	0.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$7,803,648,476
# of Portfolio Holdings as of Period End311
Total Net Advisory Fees Paid for the Period$7,360,931

Goldman Sachs Financial Square Federal Instruments Fund

Capital Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Federal Instruments Fund

38148U676-SAR-0526 Capital Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Federal Instruments Fund

Service Shares: FILXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	95.3%
U.S. Government Agency Securities	18.7%

What were the Fund costs for the Period?

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	$35	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$7,803,648,476
# of Portfolio Holdings as of Period End311
Total Net Advisory Fees Paid for the Period$7,360,931

Goldman Sachs Financial Square Federal Instruments Fund

Service Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Federal Instruments Fund

38148U627-SAR-0526 Service Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Federal Instruments Fund

Preferred Shares: FIHXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	95.3%
U.S. Government Agency Securities	18.7%

What were the Fund costs for the Period?

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
Preferred	$15	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$7,803,648,476
# of Portfolio Holdings as of Period End311
Total Net Advisory Fees Paid for the Period$7,360,931

Goldman Sachs Financial Square Federal Instruments Fund

Preferred Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Federal Instruments Fund

38148U650-SAR-0526 Preferred Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Federal Instruments Fund

Administration Shares: FIOXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	95.3%
U.S. Government Agency Securities	18.7%

What were the Fund costs for the Period?

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
Administration	$23	0.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$7,803,648,476
# of Portfolio Holdings as of Period End311
Total Net Advisory Fees Paid for the Period$7,360,931

Goldman Sachs Financial Square Federal Instruments Fund

Administration Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Federal Instruments Fund

38148U684-SAR-0526 Administration Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Federal Instruments Fund

Cash Management Shares: FIWXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	95.3%
U.S. Government Agency Securities	18.7%

What were the Fund costs for the Period?

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
Cash Management	$50	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$7,803,648,476
# of Portfolio Holdings as of Period End311
Total Net Advisory Fees Paid for the Period$7,360,931

Goldman Sachs Financial Square Federal Instruments Fund

Cash Management Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Federal Instruments Fund

38148U668-SAR-0526 Cash Management Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Class A Shares: FSOXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the “Fund”) for the period of December 1, 2025 to May 31, 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.

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Class A	$22	0.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Class A Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38148U452-SAR-0526 Class A Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Class C Shares: FSGXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Class C	$59	1.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Class C Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38148U445-SAR-0526 Class C Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Class D Shares: GSAXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Class D	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Class D Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38150C366-SAR-0526 Class D Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Institutional Shares: FGTXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38141W273-SAR-0526 Institutional Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Capital Shares: GCGXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Capital	$17	0.33%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Capital Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38143H506-SAR-0526 Capital Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Service Shares: FOSXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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	$34	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Service Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38141W257-SAR-0526 Service Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Preferred Shares: GPGXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Preferred	$14	0.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Preferred Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38141W240-SAR-0526 Preferred Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Select Shares: GSGXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Select	$11	0.21%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Select Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38142Y716-SAR-0526 Select Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Administration Shares: FOAXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Administration	$22	0.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Administration Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38141W265-SAR-0526 Administration Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Cash Management Shares: GVCXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Cash Management	$49	0.98%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Cash Management Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38145C828-SAR-0526 Cash Management Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Premier Shares: GGPXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Premier	$27	0.53%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Premier Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38145C836-SAR-0526 Premier Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Resource Shares: GVRXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Resource	$42	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Resource Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38145C810-SAR-0526 Resource Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Class R6 Shares: FGGXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Class R6	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Class R6 Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38148U619-SAR-0526 Class R6 Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Drexel Hamilton Class Shares: VETXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Drexel Hamilton	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Drexel Hamilton Class Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38150C762-SAR-0526 Drexel Hamilton Class Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Loop Class Shares: LDIXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Loop	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Loop Class Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38150C481-SAR-0526 Loop Class Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Government Fund

Seelaus Class Shares: WMNXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	58.6%
U.S. Treasury Obligations	21.2%
U.S. Government Agency Securities	19.3%

What were the Fund costs for the Period?

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
Seelaus	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$269,135,863,832
# of Portfolio Holdings as of Period End471
Total Net Advisory Fees Paid for the Period$223,517,678

Goldman Sachs Financial Square Government Fund

Seelaus Class Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38150C499-SAR-0526 Seelaus Class Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Class D Shares: FRDXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the “Fund”) for the period of December 1, 2025 to May 31, 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 1-800-621-2550.

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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
Class D	$10	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Class D Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38150C341-SAR-0526 Class D Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Institutional Shares: FTIXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38142B500-SAR-0526 Institutional Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Capital Shares: GCIXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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
Capital	$18	0.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Capital Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38143H407-SAR-0526 Capital Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Service Shares: FYSXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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	$35	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Service Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38142B708-SAR-0526 Service Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Preferred Shares: GPIXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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
Preferred	$15	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Preferred Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38142B807-SAR-0526 Preferred Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Select Shares: GSIXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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
Select	$12	0.23%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Select Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38142Y724-SAR-0526 Select Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Administration Shares: FRAXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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
Administration	$23	0.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Administration Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38142B609-SAR-0526 Administration Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Cash Management Shares: GICXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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
Cash Management	$50	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Cash Management Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38145C729-SAR-0526 Cash Management Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Premier Shares: GIPXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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
Premier	$28	0.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Premier Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38145C737-SAR-0526 Premier Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Loop Class Shares: LEIXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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
Loop	$10	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Loop Class Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38150C465-SAR-0526 Loop Class Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Seelaus Class Shares: WOMXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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
Seelaus	$10	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Seelaus Class Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38150C473-SAR-0526 Seelaus Class Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Instruments Fund

Token Shares: GDTXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	114.4%

What were the Fund costs for the Period?

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
Token	$9^{Footnote Reference(a)}	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^(a)	Based on the period June 20, 2025 (commencement of operations) through May 31, 2026. Expenses would have been higher if the Fund had been in existence for the full reporting period.
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$103,483,776,738
# of Portfolio Holdings as of Period End308
Total Net Advisory Fees Paid for the Period$91,024,580

Goldman Sachs Financial Square Treasury Instruments Fund

Token Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38151N106-SAR-0526 Token Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Obligations Fund

Institutional Shares: FTOXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the “Fund”) for the period of December 1, 2025 to May 31, 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 1-800-621-2550.

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	55.1%
U.S. Treasury Obligations	46.4%

What were the Fund costs for the Period?

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	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$38,746,870,203
# of Portfolio Holdings as of Period End319
Total Net Advisory Fees Paid for the Period$39,817,297

Goldman Sachs Financial Square Treasury Obligations Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Obligations Fund

38141W323-SAR-0526 Institutional Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Obligations Fund

Capital Shares: GCTXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	55.1%
U.S. Treasury Obligations	46.4%

What were the Fund costs for the Period?

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
Capital	$18	0.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$38,746,870,203
# of Portfolio Holdings as of Period End319
Total Net Advisory Fees Paid for the Period$39,817,297

Goldman Sachs Financial Square Treasury Obligations Fund

Capital Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Obligations Fund

38143H308-SAR-0526 Capital Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Obligations Fund

Service Shares: FYAXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	55.1%
U.S. Treasury Obligations	46.4%

What were the Fund costs for the Period?

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	$35	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$38,746,870,203
# of Portfolio Holdings as of Period End319
Total Net Advisory Fees Paid for the Period$39,817,297

Goldman Sachs Financial Square Treasury Obligations Fund

Service Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Obligations Fund

38141W299-SAR-0526 Service Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Obligations Fund

Preferred Shares: GPOXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	55.1%
U.S. Treasury Obligations	46.4%

What were the Fund costs for the Period?

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
Preferred	$15	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$38,746,870,203
# of Portfolio Holdings as of Period End319
Total Net Advisory Fees Paid for the Period$39,817,297

Goldman Sachs Financial Square Treasury Obligations Fund

Preferred Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Obligations Fund

38141W281-SAR-0526 Preferred Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Obligations Fund

Select Shares: GSOXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	55.1%
U.S. Treasury Obligations	46.4%

What were the Fund costs for the Period?

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
Select	$12	0.23%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$38,746,870,203
# of Portfolio Holdings as of Period End319
Total Net Advisory Fees Paid for the Period$39,817,297

Goldman Sachs Financial Square Treasury Obligations Fund

Select Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Obligations Fund

38142Y732-SAR-0526 Select Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Obligations Fund

Administration Shares: FGAXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	55.1%
U.S. Treasury Obligations	46.4%

What were the Fund costs for the Period?

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
Administration	$23	0.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$38,746,870,203
# of Portfolio Holdings as of Period End319
Total Net Advisory Fees Paid for the Period$39,817,297

Goldman Sachs Financial Square Treasury Obligations Fund

Administration Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Obligations Fund

38141W315-SAR-0526 Administration Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Obligations Fund

Cash Management Shares: GTOXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	55.1%
U.S. Treasury Obligations	46.4%

What were the Fund costs for the Period?

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
Cash Management	$50	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$38,746,870,203
# of Portfolio Holdings as of Period End319
Total Net Advisory Fees Paid for the Period$39,817,297

Goldman Sachs Financial Square Treasury Obligations Fund

Cash Management Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Obligations Fund

38145C786-SAR-0526 Cash Management Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Obligations Fund

Premier Shares: GTPXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	55.1%
U.S. Treasury Obligations	46.4%

What were the Fund costs for the Period?

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
Premier	$28	0.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$38,746,870,203
# of Portfolio Holdings as of Period End319
Total Net Advisory Fees Paid for the Period$39,817,297

Goldman Sachs Financial Square Treasury Obligations Fund

Premier Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Obligations Fund

38145C794-SAR-0526 Premier Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Obligations Fund

Resource Shares: GTRXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	55.1%
U.S. Treasury Obligations	46.4%

What were the Fund costs for the Period?

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
Resource	$43	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$38,746,870,203
# of Portfolio Holdings as of Period End319
Total Net Advisory Fees Paid for the Period$39,817,297

Goldman Sachs Financial Square Treasury Obligations Fund

Resource Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Obligations Fund

38145C778-SAR-0526 Resource Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Solutions Fund

Institutional Shares: FEDXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the “Fund”) for the period of December 1, 2025 to May 31, 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 1-800-621-2550.

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	110.2%

What were the Fund costs for the Period?

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	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$14,572,110,772
# of Portfolio Holdings as of Period End278
Total Net Advisory Fees Paid for the Period$15,277,708

Goldman Sachs Financial Square Treasury Solutions Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Solutions Fund

38142B880-SAR-0526 Institutional Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Solutions Fund

Capital Shares: GCFXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	110.2%

What were the Fund costs for the Period?

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
Capital	$18	0.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$14,572,110,772
# of Portfolio Holdings as of Period End278
Total Net Advisory Fees Paid for the Period$15,277,708

Goldman Sachs Financial Square Treasury Solutions Fund

Capital Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Solutions Fund

38143H605-SAR-0526 Capital Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Solutions Fund

Service Shares: FVSXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	110.2%

What were the Fund costs for the Period?

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	$35	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$14,572,110,772
# of Portfolio Holdings as of Period End278
Total Net Advisory Fees Paid for the Period$15,277,708

Goldman Sachs Financial Square Treasury Solutions Fund

Service Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Solutions Fund

38142B864-SAR-0526 Service Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Solutions Fund

Preferred Shares: GPFXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	110.2%

What were the Fund costs for the Period?

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
Preferred	$15	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$14,572,110,772
# of Portfolio Holdings as of Period End278
Total Net Advisory Fees Paid for the Period$15,277,708

Goldman Sachs Financial Square Treasury Solutions Fund

Preferred Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Solutions Fund

38142B856-SAR-0526 Preferred Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Solutions Fund

Select Shares: GSFXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	110.2%

What were the Fund costs for the Period?

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
Select	$12	0.23%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$14,572,110,772
# of Portfolio Holdings as of Period End278
Total Net Advisory Fees Paid for the Period$15,277,708

Goldman Sachs Financial Square Treasury Solutions Fund

Select Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Solutions Fund

38142Y690-SAR-0526 Select Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Solutions Fund

Administration Shares: FVAXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	110.2%

What were the Fund costs for the Period?

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
Administration	$23	0.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$14,572,110,772
# of Portfolio Holdings as of Period End278
Total Net Advisory Fees Paid for the Period$15,277,708

Goldman Sachs Financial Square Treasury Solutions Fund

Administration Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Solutions Fund

38142B872-SAR-0526 Administration Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Solutions Fund

Cash Management Shares: GFCXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	110.2%

What were the Fund costs for the Period?

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
Cash Management	$50	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$14,572,110,772
# of Portfolio Holdings as of Period End278
Total Net Advisory Fees Paid for the Period$15,277,708

Goldman Sachs Financial Square Treasury Solutions Fund

Cash Management Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Solutions Fund

38145C752-SAR-0526 Cash Management Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Financial Square Treasury Solutions Fund

Premier Shares: GFPXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
U.S. Treasury Obligations	110.2%

What were the Fund costs for the Period?

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
Premier	$28	0.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$14,572,110,772
# of Portfolio Holdings as of Period End278
Total Net Advisory Fees Paid for the Period$15,277,708

Goldman Sachs Financial Square Treasury Solutions Fund

Premier Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Solutions Fund

38145C760-SAR-0526 Premier Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Government Fund Series II

Institutional Shares: GFGXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Government Fund Series II (the “Fund”) for the period of May 11, 2026 to May 31, 2026 (the “Period”). The Fund is a “Feeder Fund” that invests all its assets in a “Master Fund”. You can find additional information about the Fund at dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

What did the Master Fund invest in?

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

Master Fund’s Sector Allocation (%)

Table Summary
Repurchase Agreements	47.4%
U.S. Treasury Obligations	42.0%
U.S. Government Agency Securities	11.7%

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment^{Footnote Reference†}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Institutional	$1^{Footnote Reference(a)}	0.16%^{Footnote Reference*}

Footnote	Description
Footnote^(a)	Based on the period May 11, 2026 (commencement of operations) through May 31, 2026. Expenses would have been higher if the Fund had been in existence for the full reporting period.
Footnote^*	Annualized
Footnote^†	The expense table reflects the expenses of both the Feeder Fund and the Master Fund.

Key Fund Statistics

Total Net Assets as of Period End$50,108
# of Master Fund's Portfolio Holdings as of Period End103
Total Net Advisory Fees Paid for the Period$4

Goldman Sachs Government Fund Series II

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Government Fund Series II

38151N601-SAR-0526 Institutional Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Money Market Fund

Class A Shares: FMEXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the “Fund”) for the period of December 1, 2025 to May 31, 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.

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Commercial Paper and Corporate Obligations	23.7%
Repurchase Agreements	20.0%
Certificate of Deposit	12.9%
Time Deposits	11.7%
U.S. Treasury Obligations	9.3%
Variable Rate Demand Note	9.1%
U.S. Government Agency Securities	5.6%
Variable Rate Obligations	5.5%
Medium Term Notes	2.0%
Non-Financial Company Commercial Paper	0.0%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Represents less than 0.05%

What were the Fund costs for the Period?

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
Class A	$22	0.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,522,707,084
# of Portfolio Holdings as of Period End467
Total Net Advisory Fees Paid for the Period$9,966,022

Goldman Sachs Investor Money Market Fund

Class A Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Money Market Fund

38148U593-SAR-0526 Class A Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Money Market Fund

Class C Shares: FMGXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Commercial Paper and Corporate Obligations	23.7%
Repurchase Agreements	20.0%
Certificate of Deposit	12.9%
Time Deposits	11.7%
U.S. Treasury Obligations	9.3%
Variable Rate Demand Note	9.1%
U.S. Government Agency Securities	5.6%
Variable Rate Obligations	5.5%
Medium Term Notes	2.0%
Non-Financial Company Commercial Paper	0.0%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Represents less than 0.05%

What were the Fund costs for the Period?

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
Class C	$59	1.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,522,707,084
# of Portfolio Holdings as of Period End467
Total Net Advisory Fees Paid for the Period$9,966,022

Goldman Sachs Investor Money Market Fund

Class C Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Money Market Fund

38148U585-SAR-0526 Class C Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Money Market Fund

Class D Shares: FMDXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Commercial Paper and Corporate Obligations	23.7%
Repurchase Agreements	20.0%
Certificate of Deposit	12.9%
Time Deposits	11.7%
U.S. Treasury Obligations	9.3%
Variable Rate Demand Note	9.1%
U.S. Government Agency Securities	5.6%
Variable Rate Obligations	5.5%
Medium Term Notes	2.0%
Non-Financial Company Commercial Paper	0.0%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Represents less than 0.05%

What were the Fund costs for the Period?

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
Class D	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,522,707,084
# of Portfolio Holdings as of Period End467
Total Net Advisory Fees Paid for the Period$9,966,022

Goldman Sachs Investor Money Market Fund

Class D Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Money Market Fund

38150C358-SAR-0526 Class D Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Money Market Fund

Class I Shares: FMJXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Commercial Paper and Corporate Obligations	23.7%
Repurchase Agreements	20.0%
Certificate of Deposit	12.9%
Time Deposits	11.7%
U.S. Treasury Obligations	9.3%
Variable Rate Demand Note	9.1%
U.S. Government Agency Securities	5.6%
Variable Rate Obligations	5.5%
Medium Term Notes	2.0%
Non-Financial Company Commercial Paper	0.0%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Represents less than 0.05%

What were the Fund costs for the Period?

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
Class I	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,522,707,084
# of Portfolio Holdings as of Period End467
Total Net Advisory Fees Paid for the Period$9,966,022

Goldman Sachs Investor Money Market Fund

Class I Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Money Market Fund

38148U577-SAR-0526 Class I Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Money Market Fund

Service Shares: FHSXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Commercial Paper and Corporate Obligations	23.7%
Repurchase Agreements	20.0%
Certificate of Deposit	12.9%
Time Deposits	11.7%
U.S. Treasury Obligations	9.3%
Variable Rate Demand Note	9.1%
U.S. Government Agency Securities	5.6%
Variable Rate Obligations	5.5%
Medium Term Notes	2.0%
Non-Financial Company Commercial Paper	0.0%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Represents less than 0.05%

What were the Fund costs for the Period?

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	$34	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,522,707,084
# of Portfolio Holdings as of Period End467
Total Net Advisory Fees Paid for the Period$9,966,022

Goldman Sachs Investor Money Market Fund

Service Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Money Market Fund

38148U296-SAR-0526 Service Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Money Market Fund

Administration Shares: FMKXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Commercial Paper and Corporate Obligations	23.7%
Repurchase Agreements	20.0%
Certificate of Deposit	12.9%
Time Deposits	11.7%
U.S. Treasury Obligations	9.3%
Variable Rate Demand Note	9.1%
U.S. Government Agency Securities	5.6%
Variable Rate Obligations	5.5%
Medium Term Notes	2.0%
Non-Financial Company Commercial Paper	0.0%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Represents less than 0.05%

What were the Fund costs for the Period?

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
Administration	$22	0.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,522,707,084
# of Portfolio Holdings as of Period End467
Total Net Advisory Fees Paid for the Period$9,966,022

Goldman Sachs Investor Money Market Fund

Administration Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Money Market Fund

38148U569-SAR-0526 Administration Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Money Market Fund

Cash Management Shares: FHMXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Commercial Paper and Corporate Obligations	23.7%
Repurchase Agreements	20.0%
Certificate of Deposit	12.9%
Time Deposits	11.7%
U.S. Treasury Obligations	9.3%
Variable Rate Demand Note	9.1%
U.S. Government Agency Securities	5.6%
Variable Rate Obligations	5.5%
Medium Term Notes	2.0%
Non-Financial Company Commercial Paper	0.0%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Represents less than 0.05%

What were the Fund costs for the Period?

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
Cash Management	$49	0.98%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,522,707,084
# of Portfolio Holdings as of Period End467
Total Net Advisory Fees Paid for the Period$9,966,022

Goldman Sachs Investor Money Market Fund

Cash Management Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Money Market Fund

38148U320-SAR-0526 Cash Management Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Class A Shares: INCXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the “Fund”) for the period of December 1, 2025 to May 31, 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.

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	58.7%
Non-Financial Company Commercial Paper	16.1%
U.S. Treasury Obligations	12.3%
Other Municipal Security	7.6%
Tender Option Bond	3.1%
Municipal Bond	0.9%

What were the Fund costs for the Period?

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
Class A	$22	0.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,983,183
# of Portfolio Holdings as of Period End44
Total Net Advisory Fees Paid for the Period$7,416

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Class A Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt California Money Market Fund

38150C325-SAR-0526 Class A Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Class I Shares: ICIXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	58.7%
Non-Financial Company Commercial Paper	16.1%
U.S. Treasury Obligations	12.3%
Other Municipal Security	7.6%
Tender Option Bond	3.1%
Municipal Bond	0.9%

What were the Fund costs for the Period?

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
Class I	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,983,183
# of Portfolio Holdings as of Period End44
Total Net Advisory Fees Paid for the Period$7,416

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Class I Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt California Money Market Fund

38150C317-SAR-0526 Class I Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Service Shares: ICSXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	58.7%
Non-Financial Company Commercial Paper	16.1%
U.S. Treasury Obligations	12.3%
Other Municipal Security	7.6%
Tender Option Bond	3.1%
Municipal Bond	0.9%

What were the Fund costs for the Period?

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	$34	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,983,183
# of Portfolio Holdings as of Period End44
Total Net Advisory Fees Paid for the Period$7,416

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Service Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt California Money Market Fund

38150C283-SAR-0526 Service Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Preferred Shares: ICPXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	58.7%
Non-Financial Company Commercial Paper	16.1%
U.S. Treasury Obligations	12.3%
Other Municipal Security	7.6%
Tender Option Bond	3.1%
Municipal Bond	0.9%

What were the Fund costs for the Period?

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
Preferred	$14	0.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,983,183
# of Portfolio Holdings as of Period End44
Total Net Advisory Fees Paid for the Period$7,416

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Preferred Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt California Money Market Fund

38150C275-SAR-0526 Preferred Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Administration Shares: ICBXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	58.7%
Non-Financial Company Commercial Paper	16.1%
U.S. Treasury Obligations	12.3%
Other Municipal Security	7.6%
Tender Option Bond	3.1%
Municipal Bond	0.9%

What were the Fund costs for the Period?

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
Administration	$22	0.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$12,983,183
# of Portfolio Holdings as of Period End44
Total Net Advisory Fees Paid for the Period$7,416

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Administration Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt California Money Market Fund

38150C291-SAR-0526 Administration Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt Money Market Fund

Class A Shares: FKIXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the “Fund”) for the period of December 1, 2025 to May 31, 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.

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	57.1%
Non-Financial Company Commercial Paper	19.3%
Other Municipal Security	7.8%
Tender Option Bond	7.5%
U.S. Treasury Obligations	2.9%

What were the Fund costs for the Period?

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
Class A	$22	0.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$4,367,018,850
# of Portfolio Holdings as of Period End248
Total Net Advisory Fees Paid for the Period$3,260,659

Goldman Sachs Investor Tax-Exempt Money Market Fund

Class A Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt Money Market Fund

38148U353-SAR-0526 Class A Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt Money Market Fund

Class C Shares: FCYXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	57.1%
Non-Financial Company Commercial Paper	19.3%
Other Municipal Security	7.8%
Tender Option Bond	7.5%
U.S. Treasury Obligations	2.9%

What were the Fund costs for the Period?

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
Class C	$59	1.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$4,367,018,850
# of Portfolio Holdings as of Period End248
Total Net Advisory Fees Paid for the Period$3,260,659

Goldman Sachs Investor Tax-Exempt Money Market Fund

Class C Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt Money Market Fund

38148U346-SAR-0526 Class C Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt Money Market Fund

Class I Shares: FTXXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	57.1%
Non-Financial Company Commercial Paper	19.3%
Other Municipal Security	7.8%
Tender Option Bond	7.5%
U.S. Treasury Obligations	2.9%

What were the Fund costs for the Period?

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
Class I	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$4,367,018,850
# of Portfolio Holdings as of Period End248
Total Net Advisory Fees Paid for the Period$3,260,659

Goldman Sachs Investor Tax-Exempt Money Market Fund

Class I Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt Money Market Fund

38141W182-SAR-0526 Class I Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt Money Market Fund

Service Shares: FESXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	57.1%
Non-Financial Company Commercial Paper	19.3%
Other Municipal Security	7.8%
Tender Option Bond	7.5%
U.S. Treasury Obligations	2.9%

What were the Fund costs for the Period?

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	$34	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$4,367,018,850
# of Portfolio Holdings as of Period End248
Total Net Advisory Fees Paid for the Period$3,260,659

Goldman Sachs Investor Tax-Exempt Money Market Fund

Service Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt Money Market Fund

38141W166-SAR-0526 Service Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt Money Market Fund

Preferred Shares: GPTXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	57.1%
Non-Financial Company Commercial Paper	19.3%
Other Municipal Security	7.8%
Tender Option Bond	7.5%
U.S. Treasury Obligations	2.9%

What were the Fund costs for the Period?

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
Preferred	$14	0.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$4,367,018,850
# of Portfolio Holdings as of Period End248
Total Net Advisory Fees Paid for the Period$3,260,659

Goldman Sachs Investor Tax-Exempt Money Market Fund

Preferred Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt Money Market Fund

38141W158-SAR-0526 Preferred Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt Money Market Fund

Administration Shares: FEAXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	57.1%
Non-Financial Company Commercial Paper	19.3%
Other Municipal Security	7.8%
Tender Option Bond	7.5%
U.S. Treasury Obligations	2.9%

What were the Fund costs for the Period?

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
Administration	$22	0.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$4,367,018,850
# of Portfolio Holdings as of Period End248
Total Net Advisory Fees Paid for the Period$3,260,659

Goldman Sachs Investor Tax-Exempt Money Market Fund

Administration Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt Money Market Fund

38141W174-SAR-0526 Administration Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Class A Shares: INBXX

Fund Overview

This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the “Fund”) for the period of December 1, 2025 to May 31, 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.

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	61.6%
Other Municipal Security	13.7%
Non-Financial Company Commercial Paper	7.1%
Tender Option Bond	7.0%
U.S. Treasury Obligations	6.4%

What were the Fund costs for the Period?

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
Class A	$22	0.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$57,005,858
# of Portfolio Holdings as of Period End80
Total Net Advisory Fees Paid for the Period$50,460

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Class A Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

38150C267-SAR-0526 Class A Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Class I Shares: INYXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	61.6%
Other Municipal Security	13.7%
Non-Financial Company Commercial Paper	7.1%
Tender Option Bond	7.0%
U.S. Treasury Obligations	6.4%

What were the Fund costs for the Period?

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
Class I	$9	0.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$57,005,858
# of Portfolio Holdings as of Period End80
Total Net Advisory Fees Paid for the Period$50,460

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Class I Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

38150C259-SAR-0526 Class I Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Service Shares: INSXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	61.6%
Other Municipal Security	13.7%
Non-Financial Company Commercial Paper	7.1%
Tender Option Bond	7.0%
U.S. Treasury Obligations	6.4%

What were the Fund costs for the Period?

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	$34	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$57,005,858
# of Portfolio Holdings as of Period End80
Total Net Advisory Fees Paid for the Period$50,460

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Service Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

38150C234-SAR-0526 Service Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Preferred Shares: INPXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	61.6%
Other Municipal Security	13.7%
Non-Financial Company Commercial Paper	7.1%
Tender Option Bond	7.0%
U.S. Treasury Obligations	6.4%

What were the Fund costs for the Period?

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
Preferred	$14	0.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$57,005,858
# of Portfolio Holdings as of Period End80
Total Net Advisory Fees Paid for the Period$50,460

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Preferred Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

38150C226-SAR-0526 Preferred Shares

Semi-Annual Shareholder Report

May 31, 2026

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Administration Shares: INDXX

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Variable Rate Demand Note	61.6%
Other Municipal Security	13.7%
Non-Financial Company Commercial Paper	7.1%
Tender Option Bond	7.0%
U.S. Treasury Obligations	6.4%

What were the Fund costs for the Period?

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
Administration	$22	0.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$57,005,858
# of Portfolio Holdings as of Period End80
Total Net Advisory Fees Paid for the Period$50,460

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Administration Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

38150C242-SAR-0526 Administration Shares

Semi-Annual Shareholder Report

May 31, 2026

Stablecoin Reserves Fund

Institutional Shares: STBXX

Fund Overview

This semi-annual shareholder report contains important information about Stablecoin Reserves Fund (the “Fund”) for the period of December 1, 2025 to May 31, 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 1-800-621-2550.

What did the Fund invest in?

Sector Allocation (%)

Table Summary
Repurchase Agreements	99.0%

What were the Fund costs for the Period?

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^{Footnote Reference(a)}	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^(a)	Based on the period October 29, 2025 (commencement of operations) through May 31, 2026. Expenses would have been higher if the Fund had been in existence for the full reporting period.
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets as of Period End$145,906,378
# of Portfolio Holdings as of Period End5
Total Net Advisory Fees Paid for the Period$59,736

Stablecoin Reserves Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Stablecoin Reserves Fund

38151N205-SAR-0526 Institutional Shares

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.

LOGO

Goldman Sachs Funds
Semi-Annual Financial Statements
May 31, 2026
Financial Square FundsSM
Goldman Sachs Financial Square Federal Instruments Fund
Goldman Sachs Financial Square Government Fund
Goldman Sachs Financial Square Treasury Instruments Fund
Goldman Sachs Financial Square Treasury Obligations Fund
Goldman Sachs Financial Square Treasury Solutions Fund

Goldman Sachs Financial Square Funds


Table of Contents	Page

Schedules of Investments

Goldman Sachs Financial Square Federal Instruments Fund		3

Goldman Sachs Financial Square Government Fund		7

Goldman Sachs Financial Square Treasury Instruments Fund		23

Goldman Sachs Financial Square Treasury Obligations Fund		26

Goldman Sachs Financial Square Treasury Solutions Fund		34

Financial Statements

Statements of Assets and Liabilities		38

Statements of Operations		41

Statements of Changes in Net Assets		43

Financial Highlights

Goldman Sachs Financial Square Federal Instruments Fund		46

Goldman Sachs Financial Square Government Fund		53

Goldman Sachs Financial Square Treasury Instruments Fund		69

Goldman Sachs Financial Square Treasury Obligations Fund		81

Goldman Sachs Financial Square Treasury Solutions Fund		90

Notes to Financial Statements		98

GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Securities - 18.7%

Federal Farm Credit Banks Funding Corp.
$	1,470,000		3.605	%	07/27/26	$	1,462,042
Federal Farm Credit Banks Funding Corp. ((SOFR + 0.105%))
	2,399,000		3.725	^(a)	04/21/27		2,399,000
	7,974,000		3.725	^(a)	05/14/27		7,974,000
Federal Farm Credit Banks Funding Corp. ((SOFR + 0.110%))
	12,160,000		3.730	^(a)	07/21/27		12,160,000
Federal Farm Credit Banks Funding Corp. ((SOFR + 0.115%))
	6,567,000		3.735	^(a)	05/06/27		6,567,000
Federal Farm Credit Banks Funding Corp. ((SOFR + 0.125%))
	5,015,000		3.745	^(a)	04/29/27		5,015,000
Federal Farm Credit Banks Funding Corp. ((SOFR + 0.130%))
	4,615,000		3.750	^(a)	04/23/27		4,615,000
Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.105%)
	3,216,000		3.733	^(a)	02/17/28		3,216,000
Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.190%)
	2,078,000		3.818	^(a)	11/24/27		2,078,000
Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.200%)
	5,351,000		3.828	^(a)	11/05/27		5,351,000
Federal Farm Credit Banks Funding Corp. (Prime Rate—3.000%)
	2,327,000		3.750	^(a)	10/29/27		2,327,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.020%)
	525,000		3.640	^(a)	11/04/26		525,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.035%)
	2,206,000		3.655	^(a)	11/19/26		2,206,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.040%)
	858,000		3.660	^(a)	03/04/27		858,000
	1,784,000		3.660	^(a)	05/21/27		1,784,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.045%)
	4,805,000		3.665	^(a)	06/22/27		4,805,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.050%)
	7,436,000		3.670	^(a)	05/06/27		7,436,000
	5,314,000		3.670	^(a)	05/20/27		5,314,000
	3,905,000		3.670	^(a)	06/11/27		3,905,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.055%)
	17,841,000		3.675	^(a)	06/28/27		17,841,000
	7,147,000		3.675	^(a)	07/13/27		7,147,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.060%)
	3,041,000		3.680	^(a)	07/28/27		3,041,000
	1,350,000		3.690	^(a)	08/20/27		1,350,000
	4,158,000		3.680	^(a)	10/19/27		4,158,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.065%)
	1,551,000		3.685	^(a)	09/03/27		1,551,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.070%)
	4,633,000		3.690	^(a)	12/07/26		4,633,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.075%)
	3,706,000		3.695	^(a)	11/16/26		3,706,000
	2,206,000		3.695	^(a)	04/19/27		2,206,000
	2,575,000		3.695	^(a)	11/05/27		2,575,000
	605,000		3.695	^(a)	01/11/28		605,000
	1,520,000		3.695	^(a)	02/11/28		1,520,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.080%)
	5,000,000		3.700	^(a)	03/11/27		5,000,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.085%)
	12,841,000		3.705	^(a)	02/26/27		12,841,000
	2,577,000		3.705	^(a)	01/03/28		2,577,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Securities– (continued)

$	2,942,000		3.705	%^(a)	01/18/28	$	2,942,000
	3,002,000		3.705	^(a)	01/21/28		3,002,000
	2,731,000		3.705	^(a)	02/25/28		2,731,000
	1,225,000		3.705	^(a)	03/02/28		1,225,000
	3,216,000		3.705	^(a)	03/24/28		3,216,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.090%)
	2,118,000		3.710	^(a)	02/24/27		2,118,000
	3,657,000		3.710	^(a)	02/02/28		3,657,000
	3,430,000		3.710	^(a)	02/09/28		3,430,000
	2,018,000		3.710	^(a)	02/11/28		2,018,000
	3,375,000		3.710	^(a)	02/17/28		3,375,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.095%)
	1,271,000		3.715	^(a)	02/12/27		1,271,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.100%)
	2,429,000		3.720	^(a)	02/09/27		2,429,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.105%)
	4,168,000		3.725	^(a)	02/01/27		4,168,000
	12,500,000		3.725	^(a)	03/05/27		12,500,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%)
	22,070,000		3.735	^(a)	01/28/27		22,070,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%)
	4,003,000		3.755	^(a)	12/18/26		4,002,974
	2,879,000		3.755	^(a)	01/08/27		2,879,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%)
	3,877,000		3.756	^(a)	09/03/26		3,877,716
Federal Farm Credit Banks Funding Corp. (SOFR + 0.240%)
	2,014,000		3.849	^(a)	01/28/28		2,019,363
Federal Farm Credit Banks Funding Corp. (SOFR + 0.250%)
	2,757,000		3.859	^(a)	11/12/27		2,764,045
Federal Home Loan Bank System
	8,231,000		3.571		06/01/26		8,231,000
	22,219,000		3.619		06/04/26		22,212,501
	13,264,000		3.631		06/09/26		13,253,595
	19,608,000		3.632		06/11/26		19,588,696
	2,472,000		3.622		06/12/26		2,469,349
	31,844,000		3.691		06/17/26		31,792,767
	4,162,000		3.672		06/18/26		4,154,984
	15,979,000		3.684		06/24/26		15,942,116
	24,609,000		3.649		07/21/26		24,488,006
	15,224,000		3.598		07/22/26		15,147,018
	18,229,000		3.696		07/24/26		18,132,064
	9,547,000		3.641		07/27/26		9,494,502
	27,788,000		3.659		07/29/26		27,626,365
	4,922,000		3.653		07/31/26		4,892,384
	2,664,000		3.660		07/31/26		2,647,971
	6,029,000		3.669		07/31/26		5,992,724
	4,879,000		3.672		07/31/26		4,849,643
	75,268,000		3.709		07/31/26		74,815,114
	16,981,000		3.702		08/03/26		16,873,447
	100,484,000		3.704		08/03/26		99,847,561
	44,313,000		3.702		08/04/26		44,028,215
	5,819,000		3.641		08/14/26		5,776,896
	7,494,000		3.644		08/21/26		7,434,479
	16,225,000		3.670		08/24/26		16,090,224
	7,494,000		3.663		08/27/26		7,429,708
	30,963,000		3.636		08/28/26		30,695,457
	21,959,000		3.660		09/09/26		21,742,765
	43,122,000		3.613		09/21/26		42,651,108
	2,875,000		3.716		09/24/26		2,841,892


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

GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Securities– (continued)

$	14,374,000		3.600	%	09/28/26	$	14,208,889
	14,374,000		3.601		09/29/26		14,207,501
	11,863,000		3.722		09/30/26		11,718,970
	14,671,000		3.728		09/30/26		14,492,878
	38,093,000		3.682		10/01/26		37,633,429
	5,049,000		3.603		10/08/26		4,986,129
	8,835,000		3.609		10/13/26		8,717,114
	38,478,000		3.717		10/13/26		37,964,588
	16,530,000		3.723		10/13/26		16,309,440
	12,555,000		3.751		12/04/26		12,320,828
	22,063,000		3.752		12/07/26		21,644,851
	14,029,000		3.712		12/24/26		13,742,094
	1,407,000		3.726		12/24/26		1,378,225
	78,534,000		3.721		12/31/26		76,869,032
	15,688,000		3.762		02/19/27		15,274,833
	12,644,000		3.792		03/01/27		12,295,942
Federal Home Loan Bank System ((SOFR + 0.000%))
	80,000,000		3.620	^(a)	06/08/26		79,999,615
Federal Home Loan Bank System ((SOFR + 0.095%))
	5,515,000		3.715	^(a)	04/14/27		5,515,000
	6,348,000		3.716	^(a)	06/17/27		6,347,277
Federal Home Loan Bank System ((SOFR + 0.100%))
	4,055,000		3.720	^(a)	05/27/27		4,055,000
	11,335,000		3.720	^(a)	06/10/27		11,335,000
Federal Home Loan Bank System ((SOFR + 0.110%))
	1,380,000		3.730	^(a)	07/15/27		1,380,000
	8,010,000		3.730	^(a)	07/19/27		8,009,981
	3,040,000		3.730	^(a)	07/21/27		3,040,000
Federal Home Loan Bank System ((SOFR + 0.130%))
	6,785,000		3.750	^(a)	04/16/27		6,785,000
	4,350,000		3.750	^(a)	04/23/27		4,350,000
Federal Home Loan Bank System (SOFR + 0.005%)
	5,055,000		3.625	^(a)	08/06/26		5,055,000
	3,120,000		3.625	^(a)	08/10/26		3,120,000
Federal Home Loan Bank System (SOFR + 0.010%)
	6,925,000		3.630	^(a)	08/21/26		6,925,000
Federal Home Loan Bank System (SOFR + 0.040%)
	1,375,000		3.660	^(a)	05/27/27		1,375,000
Federal Home Loan Bank System (SOFR + 0.050%)
	6,485,000		3.670	^(a)	05/06/27		6,485,000
Federal Home Loan Bank System (SOFR + 0.060%)
	14,295,000		3.680	^(a)	07/28/27		14,295,000
	7,290,000		3.680	^(a)	07/30/27		7,290,000
	7,045,000		3.680	^(a)	10/20/27		7,045,000
Federal Home Loan Bank System (SOFR + 0.065%)
	8,810,000		3.685	^(a)	11/19/27		8,810,000
Federal Home Loan Bank System (SOFR + 0.070%)
	25,000,000		3.690	^(a)	10/29/27		25,000,000
Federal Home Loan Bank System (SOFR + 0.085%)
	8,000,000		3.705	^(a)	02/26/27		8,000,000
	9,605,000		3.705	^(a)	05/26/28		9,605,000
Federal Home Loan Bank System (SOFR + 0.090%)
	13,000,000		3.710	^(a)	02/19/27		13,000,000
	15,000,000		3.710	^(a)	02/11/28		15,000,000
	2,150,000		3.710	^(a)	05/15/28		2,150,000
Federal Home Loan Bank System (SOFR + 0.095%)
	8,275,000		3.715		04/09/27		8,275,000
Federal Home Loan Bank System (SOFR + 0.100%)
	8,140,000		3.720	^(a)	10/21/26		8,140,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Securities– (continued)

Federal Home Loan Bank System (SOFR + 0.115%)
$	3,265,000		3.735	%^(a)	01/25/27	$	3,265,000
Federal Home Loan Bank System (SOFR + 0.135%)
	18,775,000		3.755	^(a)	01/06/27		18,775,000
Federal Home Loan Bank System (SOFR + 0.140%)
	6,030,000		3.756	^(a)	10/29/26		6,031,658


TOTAL U.S. GOVERNMENT AGENCY SECURITIES						$	1,459,808,965



U.S. Treasury Obligations - 95.3%

U.S. Treasury Notes
	13,524,500		3.750		04/30/27		13,524,277
	3,874,600		3.754		04/30/27		3,762,418
	2,866,000		3.702		05/15/27		2,829,164
	2,630,200		3.789		05/31/27		2,600,161
United States Treasury Bills
	552,549,900		3.629		06/02/26		552,494,658
	42,630,000		3.662		06/02/26		42,625,738
	54,021,600		3.684		06/02/26		54,016,199
	223,882,400		3.638		06/04/26		223,815,216
	56,896,800		3.665		06/04/26		56,879,726
	50,000,000		3.576		06/09/26		49,959,963
	99,090,600		3.626		06/09/26		99,011,254
	17,000,000		3.636		06/09/26		16,986,387
	52,143,700		3.660		06/09/26		52,101,946
	34,694,200		3.665		06/09/26		34,666,419
	1,100,000,000		3.670		06/09/26		1,099,119,184
	30,000,000		3.679		06/09/26		29,975,978
	11,924,900		3.689		06/11/26		11,912,959
	61,375,100		3.647		06/16/26		61,282,977
	77,667,800		3.650		06/16/26		77,551,222
	450,000,000		3.665		06/16/26		449,324,558
	69,189,800		3.681		06/16/26		69,085,947
	100,000,000		3.648		06/18/26		99,830,185
	11,990,300		3.660		06/18/26		11,969,939
	1,438,800		3.665		06/23/26		1,435,626
	652,797,800		3.670		06/23/26		651,357,600
	1,301,300		3.675		06/23/26		1,298,429
	10,452,700		3.690		06/23/26		10,429,639
	13,780,000		3.704		06/25/26		13,746,744
	3,436,600		3.667		06/30/26		3,426,896
	1,100,000,000		3.691	^(b)	06/30/26		1,096,894,061
	5,613,700		3.586		07/02/26		5,596,611
	548,200		3.589		07/02/26		546,531
	1,323,200		3.592		07/02/26		1,319,172
	1,525,700		3.595		07/02/26		1,521,055
	32,301,600		3.600		07/02/26		32,203,269
	1,596,100		3.603		07/02/26		1,591,241
	6,529,600		3.606		07/02/26		6,509,723
	1,220,500		3.607		07/02/26		1,216,785
	103,561,600		3.612		07/02/26		103,246,342
	15,837,200		3.624		07/02/26		15,788,989
	18,806,400		3.681		07/02/26		18,749,150
	16,979,100		3.689		07/02/26		16,927,413
	19,851,500		3.694		07/02/26		19,791,069
	8,132,900		3.697		07/02/26		8,108,142
	11,747,700		3.707		07/02/26		11,711,938
	175,000,000		3.670		07/07/26		174,370,000
	3,293,400		3.694		07/07/26		3,281,544
	9,802,200		3.678		07/09/26		9,764,943


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

GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	27,825,200		3.681	%	07/09/26	$	27,719,438
	212,338,100		3.684		07/09/26		211,531,021
	51,091,900		3.686		07/09/26		50,897,704
	11,596,600		3.665		07/14/26		11,546,804
	39,189,700		3.704		07/16/26		39,012,437
	17,340,700		3.705		07/16/26		17,262,264
	8,391,400		3.697	^(b)	07/30/26		8,341,547
	29,867,000		3.679		08/06/26		29,669,878
	3,276,400		3.720		08/18/26		3,250,667
	2,944,900		3.647		08/20/26		2,921,570
	14,302,800		3.694		08/25/26		14,181,082
	4,628,400		3.698		08/25/26		4,589,012
	78,070,200		3.699		08/25/26		77,405,818
	38,467,100		3.694		09/01/26		38,113,203
	1,204,000		3.689		09/08/26		1,192,038
	6,384,600		3.704		09/08/26		6,321,170
	16,505,300		3.709		09/08/26		16,341,322
	387,700		3.681		09/17/26		383,540
	42,032,000		3.686		09/17/26		41,581,006
	44,451,100		3.691		09/17/26		43,974,150
	12,404,100		3.723		09/17/26		12,271,007
	83,797,200		3.714		09/22/26		82,845,031
	13,818,900		3.720	^(b)	09/29/26		13,653,313
	400,200		3.691		10/15/26		394,764
	7,332,200		3.707		10/15/26		7,232,601
	5,164,300		3.712		10/15/26		5,094,149
	5,816,500		3.723		10/15/26		5,737,490
	19,584,800		3.707		10/22/26		19,305,515
	29,298,300		3.619		10/29/26		28,865,127
	20,980,500		3.695		10/29/26		20,670,305
	40,000,000		3.707		10/29/26		39,408,604
	15,024,600		3.712		10/29/26		14,802,463
	5,262,500		3.697		11/05/26		5,180,223
	587,200		3.702		11/12/26		577,546
	1,783,000		3.723		11/12/26		1,753,688
	9,508,000		3.728		11/12/26		9,351,690
	5,699,700		3.728		11/19/26		5,601,964
	2,058,900		3.711		04/15/27		1,994,522
	1,915,300		3.714		04/15/27		1,855,412
	7,667,800		3.717		04/15/27		7,428,042
	957,600		3.722		04/15/27		927,658
	4,189,700		3.728		04/15/27		4,058,696
	4,788,000		3.733		04/15/27		4,638,288
United States Treasury Floating Rate Note
	369,700		3.934		08/31/26		366,855
	1,332,000		3.977		08/31/26		1,331,269
	1,586,900		3.611		03/15/27		1,594,253
	1,369,400		3.683		03/15/27		1,375,745
	7,703,800		3.528		03/31/27		7,721,219
	7,451,700		3.532		03/31/27		7,468,550
	7,334,600		3.543		03/31/27		7,351,185
	3,001,600		3.558		03/31/27		3,008,387
	3,628,100		3.583		03/31/27		3,636,304
	3,482,500		3.591		03/31/27		3,490,375
	3,898,500		3.594		03/31/27		3,907,315
	20,434,200		3.599		03/31/27		20,480,405
	6,834,000		3.604		03/31/27		6,849,453
	3,383,100		3.609		03/31/27		3,390,750
	7,450,500		3.623		03/31/27		7,467,347


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	6,381,100		3.649	%	03/31/27	$	6,225,286
	6,825,000		3.654		03/31/27		6,840,433
	3,423,500		3.658		03/31/27		3,431,241
	3,423,500		3.662		03/31/27		3,431,241
	1,330,300		3.674		03/31/27		1,316,859
	11,639,900		3.675		03/31/27		11,522,297
	3,423,500		3.680		03/31/27		3,431,241
	4,701,700		3.797		03/31/27		4,654,196
	4,030,000		3.819		03/31/27		3,989,283
	6,716,600		3.829		03/31/27		6,648,739
	1,561,400		3.739		04/30/27		1,516,193
	27,175,000		3.740		04/30/27		27,088,348
	10,278,300		3.746		04/30/27		10,278,130
	2,394,000		3.750		04/30/27		2,393,960
	15,474,900		3.751		04/30/27		15,406,269
	5,280,700		3.754		04/30/27		5,244,578
	2,872,800		3.761		04/30/27		2,872,753
	2,485,700		3.765		04/30/27		2,413,731
	3,200,400		3.768		04/30/27		3,200,347
	3,107,200		3.781		04/30/27		3,017,237
	3,107,100		3.782		04/30/27		3,107,049
	4,350,000		3.790		04/30/27		4,224,054
	1,864,300		3.791		04/30/27		1,847,708
	1,864,300		3.794		04/30/27		1,847,708
	6,214,300		3.795		04/30/27		6,214,197
	4,889,200		3.762		05/15/27		4,920,368
	4,415,400		3.764		05/15/27		4,358,649
	1,794,700		3.836		05/15/27		1,806,141
	2,615,200		3.888		05/15/27		2,631,872
	2,876,000		3.784		05/31/27		2,877,822
	7,765,200		3.789		05/31/27		7,770,120
	7,640,100		3.796		05/31/27		7,644,941
	18,979,200		3.808		05/31/27		18,903,233
	4,007,800		3.809		05/31/27		3,962,028
	2,147,400		3.810		05/31/27		2,148,761
	5,135,000		3.901		05/31/27		5,138,254
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.098%)
	13,323,600		3.728	^(a)	01/31/27		13,317,922
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.099%)
	14,225,500		3.725	^(a)	01/31/28		14,225,642
	25,402,300		3.727	^(a)	01/31/28		25,402,553
	12,290,100		3.728	^(a)	01/31/28		12,290,222
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.103%)
	49,735,100		3.730	^(a)	04/30/28		49,747,118
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.159%)
	137,598,100		3.790	^(a)	07/31/27		137,535,364
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%)
	122,117,500		3.783	^(a)	04/30/27		122,199,637
	171,493,100		3.784	^(a)	04/30/27		171,608,447
	25,532,100		3.785	^(a)	04/30/27		25,549,273
	25,595,800		3.786	^(a)	04/30/27		25,613,016
	73,270,600		3.787	^(a)	04/30/27		73,319,882
	11,170,000		3.788	^(a)	04/30/27		11,177,513


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

GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%)
$	30,359,700		3.806	%^(a)	07/31/26	$	30,364,227
	63,679,300		3.807	^(a)	07/31/26		63,688,794
	9,795,000		3.808	^(a)	07/31/26		9,796,460
	11,189,700		3.809	^(a)	07/31/26		11,191,368
	19,715,100		3.810	^(a)	07/31/26		19,718,040
	10,933,000		3.815	^(a)	07/31/26		10,934,630
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.190%)
	28,304,700		3.818	^(a)	10/31/27		28,304,700
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%)
	35,000		3.829	^(a)	10/31/26		35,003
	1,489,100		3.830	^(a)	10/31/26		1,489,242
	20,244,200		3.831	^(a)	10/31/26		20,246,132
	1,500,800		3.832	^(a)	10/31/26		1,500,943
	9,966,500		3.833	^(a)	10/31/26		9,967,451

TOTAL U.S. TREASURY OBLIGATIONS						$	7,439,031,414

TOTAL INVESTMENTS - 114.0%						$	8,898,840,379

LIABILITIES IN EXCESS OF OTHER ASSETS - (14.0)%							(1,095,191,903)

NET ASSETS - 100.0%						$	7,803,648,476

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

(a)

Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2026.

(b)

All or a portion represents a forward commitment.

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

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




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


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Securities - 19.3%

Federal Farm Credit Bank (Prime Rate - 3.040%)
$	99,052,000		3.710	%^(a)	06/12/26	$	99,052,000
Federal Farm Credit Bank (SOFR + 0.120%)
	123,239,000		3.740	^(a)	07/15/26		123,239,000
Federal Farm Credit Banks Funding Corp.
	42,839,000		3.605		07/27/26		42,607,098
Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.105%)
	86,066,000		3.733	^(a)	02/17/28		86,066,000
Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.190%)
	72,017,000		3.818	^(a)	11/24/27		72,017,000
Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.200%)
	182,342,000		3.828	^(a)	11/05/27		182,342,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.000%)
	136,535,000		3.750	^(a)	10/29/27		136,535,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.020%)
	19,220,000		3.640	^(a)	11/04/26		19,220,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.035%)
	76,828,000		3.655	^(a)	11/19/26		76,828,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.040%)
	29,081,000		3.660	^(a)	03/04/27		29,081,000
	61,153,000		3.660	^(a)	05/21/27		61,153,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.045%)
	164,566,000		3.665	^(a)	06/22/27		164,566,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.050%)
	252,035,000		3.670	^(a)	05/06/27		252,035,000
	187,211,000		3.670	^(a)	05/20/27		187,211,000
	144,160,000		3.670	^(a)	06/11/27		144,160,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.055%)
	418,706,000		3.675	^(a)	06/28/27		418,706,000
	259,373,000		3.675	^(a)	07/13/27		259,373,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.060%)
	71,370,000		3.680	^(a)	07/28/27		71,370,000
	48,020,000		3.690	^(a)	08/20/27		48,020,000
	218,008,000		3.680	^(a)	10/19/27		218,008,000
	237,348,000		3.680	^(a)	10/22/27		237,348,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.065%)
	57,690,000		3.685	^(a)	09/03/27		57,690,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.070%)
	168,112,000		3.690	^(a)	12/07/26		168,112,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.075%)
	134,490,000		3.695	^(a)	11/16/26		134,490,000
	76,828,000		3.695	^(a)	04/19/27		76,828,000
	86,291,000		3.695	^(a)	11/05/27		86,291,000
	29,152,000		3.695	^(a)	01/11/28		29,152,000
	126,690,000		3.695	^(a)	02/11/28		126,690,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.080%)
	212,154,000		3.700	^(a)	03/11/27		212,154,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.085%)
	465,909,000		3.705	^(a)	02/26/27		465,909,000
	151,162,000		3.705	^(a)	01/03/28		151,162,000
	100,710,000		3.705	^(a)	01/18/28		100,710,000
	185,451,000		3.705	^(a)	01/21/28		185,451,000
	96,006,000		3.705	^(a)	02/25/28		96,006,000
	43,210,000		3.705	^(a)	03/02/28		43,210,000
	86,066,000		3.705	^(a)	03/24/28		86,066,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Securities– (continued)

Federal Farm Credit Banks Funding Corp. (SOFR + 0.090%)
$	76,851,000		3.710	%^(a)	02/24/27	$	76,851,000
	80,000,000		3.710	^(a)	05/12/27		80,000,000
	214,554,000		3.710	^(a)	02/02/28		214,554,000
	165,192,000		3.710	^(a)	02/09/28		165,192,000
	67,100,000		3.710	^(a)	02/11/28		67,100,000
	129,937,000		3.710	^(a)	02/17/28		129,937,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.095%)
	351,673,000		3.715	^(a)	07/17/26		351,673,000
	46,110,000		3.715	^(a)	02/12/27		46,110,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.100%)
	81,286,000		3.720	^(a)	02/09/27		81,286,000
	170,000,000		3.720	^(a)	08/13/27		170,000,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.105%)
	325,548,000		3.725	^(a)	02/01/27		325,548,000
	480,000,000		3.725	^(a)	03/05/27		480,000,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%)
	1,007,535,000		3.735	^(a)	01/28/27		1,007,535,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%)
	133,264,000		3.745	^(a)	06/10/26		133,264,000
	132,192,000		3.745	^(a)	06/15/26		132,192,000
	266,486,000		3.745	^(a)	06/18/26		266,486,000
	320,951,000		3.745	^(a)	08/06/26		320,951,000
	540,136,000		3.745	^(a)	09/21/26		540,136,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.130%)
	158,440,000		3.750	^(a)	08/28/26		158,440,000
	310,363,000		3.750	^(a)	10/22/27		310,363,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%)
	153,985,000		3.755	^(a)	12/18/26		153,983,982
	206,917,000		3.755	^(a)	01/08/27		206,917,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%)
	45,514,000		3.760	^(a)	08/26/26		45,514,000
	142,023,000		3.756	^(a)	09/03/26		142,049,232
	155,027,000		3.760	^(a)	09/04/26		155,027,000
	91,870,000		3.760	^(a)	09/09/26		91,870,000
	340,680,000		3.760	^(a)	10/09/26		340,680,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.240%)
	143,112,000		3.849	^(a)	01/28/28		143,493,074
Federal Farm Credit Banks Funding Corp. (SOFR + 0.250%)
	94,028,000		3.859	^(a)	11/12/27		94,268,259
Federal Home Loan Bank System
	560,581,000		3.691		06/17/26		559,679,087
	186,366,000		3.672		06/18/26		186,051,818
	457,026,000		3.684		06/24/26		455,971,044
	852,685,000		3.649		07/21/26		848,492,632
	307,847,000		3.598		07/22/26		306,292,033
	171,502,000		3.655		07/22/26		170,635,726
	510,519,000		3.696		07/24/26		507,804,230
	236,634,000		3.641		07/27/26		235,332,776
	47,794,000		3.659		07/29/26		47,516,303
	391,952,000		3.698		07/29/26		389,674,642
	170,537,000		3.653		07/31/26		169,515,380
	88,709,000		3.660		07/31/26		88,177,579
	208,907,000		3.669		07/31/26		207,655,520
	154,322,000		3.672		07/31/26		153,397,518
	868,770,000		3.709		07/31/26		863,565,540
	278,525,000		3.702		08/03/26		276,762,106
	156,061,000		3.704		08/03/26		155,073,229
	255,926,000		3.702		08/04/26		254,281,249


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Securities - (continued)

$	185,183,000		3.641	%	08/14/26	$	183,843,098
	223,389,000		3.644		08/21/26		221,614,733
	441,050,000		3.670		08/24/26		437,386,346
	223,387,000		3.663		08/27/26		221,470,526
	148,354,000		3.636		08/28/26		147,072,112
	544,498,000		3.650		08/28/26		539,793,136
	569,356,000		3.660		09/09/26		563,749,425
	457,906,000		3.613		09/21/26		452,905,666
	915,812,000		3.643		09/21/26		905,811,333
	91,580,000		3.716		09/24/26		90,525,367
	457,906,000		3.600		09/28/26		452,646,123
	457,906,000		3.601		09/29/26		452,601,922
	457,381,000		3.722		09/30/26		451,827,839
	377,909,000		3.728		09/30/26		373,320,726
	946,423,000		3.682		10/01/26		935,004,932
	191,865,000		3.603		10/08/26		189,475,881
	335,765,000		3.609		10/13/26		331,288,670
	1,191,002,000		3.717		10/13/26		1,175,123,878
	526,592,000		3.723		10/13/26		519,571,616
	412,737,000		3.751		12/04/26		405,038,767
	718,127,000		3.752		12/07/26		704,516,698
	369,006,000		3.712		12/24/26		361,459,482
	485,946,000		3.716		12/24/26		476,007,950
	85,714,000		3.726		12/24/26		83,961,069
	900,427,000		3.721		12/31/26		881,337,671
	1,533,812,000		3.726		12/31/26		1,501,294,715
	518,838,000		3.762		02/19/27		505,173,609
	431,361,000		3.792		03/01/27		419,486,710
Federal Home Loan Bank System (SOFR + 0.005%)
	186,475,000		3.625	^(a)	08/06/26		186,475,000
	115,355,000		3.625	^(a)	08/10/26		115,355,000
Federal Home Loan Bank System (SOFR + 0.010%)
	240,060,000		3.630	^(a)	08/21/26		240,060,000
Federal Home Loan Bank System (SOFR + 0.040%)
	47,035,000		3.660	^(a)	05/27/27		47,035,000
Federal Home Loan Bank System (SOFR + 0.050%)
	240,310,000		3.670	^(a)	05/06/27		240,310,000
Federal Home Loan Bank System (SOFR + 0.060%)
	481,710,000		3.680	^(a)	07/28/27		481,710,000
	271,140,000		3.680	^(a)	07/30/27		271,140,000
	188,590,000		3.680	^(a)	10/20/27		188,590,000
Federal Home Loan Bank System (SOFR + 0.065%)
	235,735,000		3.685	^(a)	11/19/27		235,735,000
Federal Home Loan Bank System (SOFR + 0.070%)
	30,000,000		3.690	^(a)	10/29/27		30,000,000
Federal Home Loan Bank System (SOFR + 0.085%)
	288,120,000		3.705	^(a)	02/26/27		288,120,000
	493,485,000		3.705	^(a)	02/18/28		493,485,000
	986,975,000		3.705	^(a)	02/25/28		986,975,000
	329,290,000		3.705	^(a)	05/26/28		329,290,000
Federal Home Loan Bank System (SOFR + 0.090%)
	480,435,000		3.710	^(a)	02/19/27		480,435,000
	676,000,000		3.710	^(a)	02/11/28		676,000,000
	152,655,000		3.710	^(a)	05/15/28		152,655,000
Federal Home Loan Bank System (SOFR + 0.095%)
	287,080,000		3.715	^(a)	04/09/27		287,080,000
Federal Home Loan Bank System (SOFR + 0.100%)
	288,045,000		3.720	^(a)	10/21/26		288,045,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Securities– (continued)

Federal Home Loan Bank System (SOFR + 0.115%)
$	144,580,000		3.735	%^(a)	01/25/27	$	144,580,000
Federal Home Loan Bank System (SOFR + 0.125%)
	57,395,000		3.745	^(a)	10/22/27		57,395,000
	669,610,000		3.745	^(a)	10/27/27		669,610,000
Federal Home Loan Bank System (SOFR + 0.130%)
	143,335,000		3.750	^(a)	10/22/27		143,335,000
Federal Home Loan Bank System (SOFR + 0.135%)
	351,805,000		3.755	^(a)	01/06/27		351,805,000
Federal Home Loan Bank System (SOFR + 0.140%)
	375,825,000		3.760	^(a)	09/09/26		375,825,000
	493,740,000		3.760	^(a)	10/08/26		493,740,000
	220,875,000		3.756	^(a)	10/29/26		220,935,746
Federal Home Loan Mortgage Corporation
	236,956,000		3.599		07/21/26		235,790,966
	444,567,000		3.608		08/03/26		441,851,807
	590,351,000		3.598		08/31/26		585,090,727
Federal Home Loan Mortgage Corporation (SOFR + 0.080%)
	996,040,000		3.700	^(a)	01/08/27		996,040,000
Federal Home Loan Mortgage Corporation (SOFR + 0.095%)
	725,420,000		3.715	^(a)	05/05/27		725,420,000
Federal Home Loan Mortgage Corporation (SOFR + 0.140%)
	404,828,000		3.760	^(a)	09/04/26		404,828,000
	229,714,000		3.760	^(a)	10/16/26		229,714,000
	157,650,000		3.758	^(a)	10/29/26		157,674,881
	1,062,669,000		3.760	^(a)	09/22/27		1,062,669,000
	1,057,499,000		3.760	^(a)	10/06/27		1,057,499,000
	1,950,000,000		3.760	^(a)	10/14/27		1,950,000,000
Federal National Mortgage Association (SOFR + 0.085%)
	1,082,969,000		3.705	^(a)	03/06/28		1,082,969,000
Federal National Mortgage Association (SOFR + 0.090%)
	1,084,993,000		3.710	^(a)	02/02/28		1,084,993,000
Federal National Mortgage Association (SOFR + 0.120%)
	125,225,000		3.740	^(a)	07/29/26		125,225,000
Federal National Mortgage Association (SOFR + 0.135%)
	987,275,000		3.755	^(a)	08/21/26		987,272,931
Federal National Mortgage Association (SOFR + 0.140%)
	863,397,000		3.760	^(a)	09/11/26		863,397,000
U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%)
	5,248,334		3.820	^(a)	09/15/26		5,248,334
	4,673,076		3.820	^(a)	12/15/26		4,673,076
	1,874,999		3.820	^(a)	01/20/27		1,874,999
	2		3.803	^(a)	06/20/27		2
	4,372,559		3.820	^(a)	06/20/27		4,372,559
	8,357,140		3.820	^(a)	09/20/27		8,357,140
	12,807,693		3.820	^(a)	06/20/28		12,807,693
	19,120,682		3.820	^(a)	11/15/28		19,120,682
	20,886,793		3.830	^(a)	01/15/30		20,886,793
	28,800,000		3.820	^(a)	03/15/30		28,800,000
	18,000,001		3.820	^(a)	10/15/30		18,000,000
	7,000,000		3.820	^(a)	08/15/31		7,000,000
	9,639,420		3.820	^(a)	09/02/31		9,639,420
	27,641,830		3.820	^(a)	09/30/31		27,641,830
	16,046,513		3.820	^(a)	12/20/31		16,046,513
	34,819,906		3.820	^(a)	12/15/33		34,819,906
	2,875,604		3.820	^(a)	09/20/38		2,875,604
	33,154,707		3.820	^(a)	07/07/40		33,154,707


TOTAL U.S. GOVERNMENT AGENCY SECURITIES						$	51,960,942,373


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations - 21.2%

United States Treasury Bills
$	4,300,838,600		3.647	%	06/16/26	$	4,294,378,267
	49,801,200		3.676		06/16/26		49,726,393
	55,360,200		3.681		06/16/26		55,277,043
	505,477,400		3.660		06/18/26		504,616,895
	60,657,400		3.657		06/23/26		60,523,627
	117,944,500		3.670		06/23/26		117,684,387
	22,908,800		3.675		06/23/26		22,858,277
	15,886,900		3.690		06/23/26		15,851,863
	580,924,500		3.665		06/25/26		579,524,472
	144,877,100		3.667		06/30/26		144,456,373
	3,119,318,300		3.586		07/02/26		3,109,794,498
	1,524,775,200		3.694		07/02/26		1,520,119,805
	593,030,700		3.704		07/02/26		591,220,078
	70,763,900		3.670		07/07/26		70,509,858
	182,459,000		3.681		07/09/26		181,763,859
	1,293,266,800		3.684		07/09/26		1,288,339,649
	334,176,700		3.686		07/09/26		332,903,537
	29,163,900		3.704		07/09/26		29,052,790
	326,178,000		3.715		07/09/26		324,935,311
	132,440,200		3.717		07/09/26		131,935,623
	229,252,900		3.704		07/16/26		228,215,531
	126,925,300		3.697	^(b)	07/30/26		126,171,240
	10,522,800		3.679		08/06/26		10,453,350
	19,662,100		3.696		08/18/26		19,508,202
	17,673,000		3.647		08/20/26		17,532,991
	989,301,500		3.696		08/25/26		980,888,633
	477,909,800		3.699		08/25/26		473,845,729
	856,318,800		3.694		09/01/26		848,420,828
	27,602,600		3.699		09/01/26		27,348,017
	720,247,900		3.715		09/01/26		713,604,933
	11,380,100		3.689		09/08/26		11,267,375
	781,594,400		3.694		09/08/26		773,852,361
	153,378,100		3.704		09/08/26		151,858,822
	30,442,800		3.709		09/08/26		30,141,251
	196,278,400		3.699		09/15/26		194,190,202
	253,721,400		3.704		09/15/26		251,022,068
	1,378,070,700		3.710		09/15/26		1,363,409,461
	1,034,694,500		3.676		09/17/26		1,023,595,955
	100,551,900		3.691		09/17/26		99,473,340
	193,109,000		3.723		09/17/26		191,037,636
	558,609,400		3.714		09/22/26		552,262,046
	209,022,000		3.720	^(b)	09/29/26		206,517,365
	924,801,700		3.712		10/15/26		912,235,987
	469,012,700		3.718		10/15/26		462,640,005
	318,105,300		3.702		10/22/26		313,569,030
	357,342,500		3.619		10/29/26		352,213,146
	90,813,800		3.697		11/05/26		89,390,284
	578,903,800		3.712		11/05/26		569,829,419
	76,116,400		3.718		11/05/26		74,923,267
	668,138,200		3.702		11/12/26		657,181,905
	43,738,400		3.717		11/12/26		43,021,167
	84,749,800		3.723		11/12/26		83,360,052
	115,756,800		3.728		11/12/26		113,858,591
	525,811,700		3.733		11/12/26		517,189,310
	195,470,000		3.728		11/19/26		192,118,178
	115,993,300		3.711		04/15/27		112,366,298
	107,900,800		3.714		04/15/27		104,526,843
	367,493,800		3.717		04/15/27		356,002,614


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	53,950,400		3.722	%	04/15/27	$	52,263,422
	198,140,100		3.728		04/15/27		191,944,445
	269,751,800		3.733		04/15/27		261,316,915
United States Treasury Floating Rate Note
	11,022,100		3.626		08/31/26		10,937,280
	12,590,900		3.977		08/31/26		12,583,990
	53,664,700		3.611		03/15/27		53,913,030
	48,407,500		3.683		03/15/27		48,631,503
	302,466,200		3.528		03/31/27		303,152,559
	261,727,900		3.532		03/31/27		262,321,815
	257,615,500		3.543		03/31/27		258,200,084
	182,933,900		3.558		03/31/27		183,349,015
	124,425,500		3.583		03/31/27		124,707,848
	146,280,600		3.591		03/31/27		146,612,541
	133,699,900		3.594		03/31/27		134,003,293
	792,124,600		3.599		03/31/27		793,099,728
	243,246,900		3.604		03/31/27		243,798,878
	345,157,200		3.609		03/31/27		339,920,661
	312,953,700		3.623		03/31/27		313,663,858
	241,259,200		3.654		03/31/27		241,806,668
	121,018,600		3.658		03/31/27		121,293,217
	121,018,600		3.662		03/31/27		121,293,217
	411,463,300		3.675		03/31/27		407,304,950
	121,018,600		3.680		03/31/27		121,293,217
	175,094,200		3.797		03/31/27		173,324,655
	150,080,800		3.819		03/31/27		148,564,046
	250,134,900		3.829		03/31/27		247,606,975
	607,762,600		3.740		04/30/27		607,749,870
	1,188,771,700		3.746		04/30/27		1,185,743,227
	55,012,200		3.749		04/30/27		53,419,177
	134,875,900		3.750		04/30/27		134,873,075
	540,236,200		3.751		04/30/27		537,806,053
	320,703,000		3.754		04/30/27		315,372,416
	161,851,200		3.761		04/30/27		161,847,810
	94,027,800		3.765		04/30/27		91,304,978
	121,063,100		3.768		04/30/27		121,060,564
	117,534,900		3.781		04/30/27		114,131,368
	117,535,000		3.782		04/30/27		117,532,538
	164,548,800		3.790		04/30/27		159,783,857
	70,520,800		3.791		04/30/27		69,892,839
	70,520,700		3.794		04/30/27		69,892,740
	235,069,500		3.795		04/30/27		235,064,576
	166,797,300		3.757		05/15/27		167,857,409
	102,163,500		3.758		05/15/27		100,850,318
	166,724,100		3.764		05/15/27		164,581,074
	66,275,100		3.836		05/15/27		66,696,323
	96,572,200		3.888		05/15/27		97,185,981
	355,146,900		3.784		05/31/27		355,370,442
	349,293,300		3.789		05/31/27		348,496,113
	689,781,100		3.808		05/31/27		687,017,558
	140,339,900		3.809		05/31/27		138,736,694
	79,791,600		3.810		05/31/27		79,841,824
	180,533,700		3.901		05/31/27		180,647,334
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.098%)
	451,407,500		3.728	^(a)	01/31/27		451,179,929
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.099%)
	253,980,600		3.725	^(a)	01/31/28		253,981,573


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	1,823,679,800		3.727	%^(a)	01/31/28	$	1,823,686,787
	418,850,100		3.728	^(a)	01/31/28		418,851,705
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.103%)
	2,992,165,600		3.730	^(a)	04/30/28		2,992,888,636
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.159%)
	2,804,127,800		3.790	^(a)	07/31/27		2,802,846,323
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%)
	691,398,900		3.783	^(a)	04/30/27		691,540,331
	303,731,700		3.784	^(a)	04/30/27		303,793,830
	592,063,300		3.786	^(a)	04/30/27		592,184,411
	3,702,759,200		3.787	^(a)	04/30/27		3,703,516,626
	1,187,085,400		3.788	^(a)	04/30/27		1,187,328,227
	494,337,400		3.789	^(a)	04/30/27		494,438,520
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%)
	166,124,500		3.805	^(a)	07/31/26		166,127,479
	293,100		3.815	^(a)	07/31/26		293,105
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.190%)
	757,438,600		3.814	^(a)	10/31/27		757,438,600
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%)
	100,145,900		3.829	^(a)	10/31/26		100,147,450
	94,517,600		3.832	^(a)	10/31/26		94,519,062
	1,758,992,200		3.833	^(a)	10/31/26		1,759,019,417


TOTAL U.S. TREASURY OBLIGATIONS						$	56,947,962,016


TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	108,908,904,389



Repurchase Agreements^(c)- 58.6%

Banco Santander, S.A.-New York Branch
	500,000,000		3.620		06/01/26	$	500,000,000
Maturity Value: $500,150,833
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 03/01/28 to 06/01/56, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/28 to 06/01/63, Government National Mortgage Association, 1.500% to 7.000%, due 02/15/27 to 05/20/56, a U.S. Treasury Bond, 5.000%, due 05/15/56, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/51 to 02/15/54, U.S. Treasury Inflation- Indexed Notes, 0.375% to 2.125%, due 07/15/27 to 04/15/31 and U.S. Treasury Notes, 0.750% to 4.875%, due 07/31/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $515,148,540.


Bank of America, National Association
	345,000,000		3.750		06/09/26	$	345,000,000
Maturity Value: $351,540,625
Settlement Date: 12/09/25
Collateralized by Federal National Mortgage Association, 2.000% to 4.000%, due 04/01/42 to 08/01/50. The aggregate market value of the collateral, including accrued interest, was $355,350,001.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Bank of Montreal
$	494,000,000		3.650	%^(d)	09/08/26	$	494,000,000
Maturity Value: $532,215,707
Settlement Date: 08/06/24
Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 06/01/41 to 01/01/56 and Federal National Mortgage Association, 2.000% to 6.000%, due 03/01/38 to 03/01/56. The aggregate market value of the collateral, including accrued interest, was $508,819,999.

Barclays Bank PLC
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 02/01/35, Federal National Mortgage Association, 3.000%, due 11/01/49 and Government National Mortgage Association, 2.500% to 6.500%, due 12/15/39 to 04/20/56. The aggregate market value of the collateral, including accrued interest, was $103,031,073.
	920,000,000		3.620	^(d)	06/15/26	$	920,000,000
Maturity Value: $923,052,868
Settlement Date: 05/13/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 06/23/26, U.S. Treasury Bonds, 3.375% to 5.500%, due 08/15/28 to 11/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 05/15/49, U.S. Treasury Notes, 0.875% to 5.000%, due 05/31/26 to 05/15/36 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $938,872,329.
	1,845,000,000		3.620	^(d)	06/15/26	$	1,845,000,000
Maturity Value: $1,851,122,328
Settlement Date: 05/13/26
Collateralized by Government National Mortgage Association, 2.000% to 7.000%, due 10/20/38 to 04/20/56. The aggregate market value of the collateral, including accrued interest, was $1,901,306,509.
	1,000,000,000		3.620	^(d)	06/22/26	$	1,000,000,000
Maturity Value: $1,003,217,779
Settlement Date: 05/21/26
Collateralized by Federal National Mortgage Association, 5.500% to 6.000%, due 12/01/55 to 06/01/56 and Government National Mortgage Association, 2.000% to 7.500%, due 08/15/33 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $1,030,414,567.
	2,000,000,000		3.620	^(d)	06/22/26	$	2,000,000,000
Maturity Value: $2,006,636,669
Settlement Date: 05/20/26
Collateralized by Government National Mortgage Association, 2.000% to 7.000%, due 06/15/34 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $2,061,036,862.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Barclays Capital, Inc.
$	44,800,000		3.610	%	06/01/26	$	44,800,000
Maturity Value: $44,813,477
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/27 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $45,695,999.

BNP Paribas
	2,355,900,000		3.620		06/01/26	$	2,355,900,000
Maturity Value: $2,356,610,696
Settlement Date: 05/29/26
Collateralized by Federal Farm Credit Bank, 1.800% to 2.500%, due 06/04/35 to 04/14/36, Federal Home Loan Bank, 3.740%, due 06/12/43, Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 07/01/32 to 06/01/56, Federal National Mortgage Association, 2.000% to 7.500%, due 02/01/36 to 06/01/56, Government National Mortgage Association, 2.000% to 7.500%, due 11/15/39 to 05/20/56, a U.S. Treasury Bill, 0.000%, due 06/18/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.000%, due 02/15/46 to 02/15/52, U.S. Treasury Inflation- Indexed Notes, 0.375% to 1.875%, due 01/15/27 to 07/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/30 to 05/15/44, U.S. Treasury Notes, 1.875% to 4.250%, due 10/31/27 to 11/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/48. The aggregate market value of the collateral, including accrued interest, was $2,425,189,119.
	845,000,000		3.610	^(d)	06/24/26	$	845,000,000
Maturity Value: $860,421,723
Settlement Date: 12/24/25
Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31, a U.S. Treasury Inflation-Indexed Bond, 2.500%, due 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 07/15/27 to 01/15/32, U.S. Treasury Notes, 0.375% to 3.875%, due 06/30/27 to 02/15/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/41. The aggregate market value of the collateral, including accrued interest, was $861,900,045.
	2,550,000,000		3.650	^(d)	08/17/26	$	2,550,000,000
Maturity Value: $2,596,796,047
Settlement Date: 02/17/26
Collateralized by Federal Farm Credit Bank, 1.730% to 3.670%, due 05/16/28 to 08/12/36, Federal Home Loan Bank, 2.800%, due 07/11/39, Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 01/01/35 to 06/01/56, Federal National Mortgage Association, 1.900% to 7.500%, due 04/01/33 to 06/01/56, Government National Mortgage Association, 2.000% to 7.500%, due 12/20/28 to 05/20/56 and U.S. Treasury Notes, 3.625% to 4.250%, due 03/15/27 to 08/31/30. The aggregate market value of the collateral, including accrued interest, was $2,625,079,678.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

BNP Paribas – (continued)
$	840,000,000		3.560	%^(d)	09/10/26	$	840,000,000
Maturity Value: $862,677,202
Settlement Date: 12/11/25
Collateralized by Federal Farm Credit Bank, 1.730% to 3.700%, due 06/04/35 to 03/24/42, Federal Home Loan Bank, 2.000% to 3.740%, due 02/25/36 to 06/12/43, Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 07/01/32 to 06/01/56, Federal National Mortgage Association, 1.900% to 7.000%, due 04/01/34 to 05/01/56, Fixed-Rate Multifamily Mortgage Participation Certificates, 3.830%, due 03/01/44, Government National Mortgage Association, 2.000% to 8.000%, due 08/15/29 to 05/20/56, a U.S. Treasury Bond, 2.000%, due 02/15/50 and U.S. Treasury Notes, 2.000% to 5.000%, due 05/31/26 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $865,008,197.
	1,695,000,000		3.650	^(d)	09/16/26	$	1,695,000,000
Maturity Value: $1,726,621,167
Settlement Date: 03/16/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/51, U.S. Treasury Notes, 2.375% to 4.125%, due 06/15/28 to 10/31/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $1,728,899,998.

BofA Securities, Inc.
	355,000,000		3.570		06/01/26	$	355,000,000
Maturity Value: $355,105,612
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Notes, 1.500% to 3.875%, due 05/31/27 to 08/31/30. The aggregate market value of the collateral, including accrued interest, was $ 362,100,024.
	350,000,000		3.630		06/01/26	$	350,000,000
Maturity Value: $350,105,875
Settlement Date: 05/29/26
Collateralized by Federal Farm Credit Bank, 3.250% to 4.950%, due 10/04/28 to 08/10/37, Federal Home Loan Bank, 1.100%, due 07/13/26 and Government National Mortgage Association, 3.000% to 7.500%, due 09/15/31 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $359,359,788.
	987,000,000		3.660	^(d)	07/30/26	$	987,000,000
Maturity Value: $1,005,262,796
Settlement Date: 01/29/26
Collateralized by Federal Farm Credit Bank, 0.900% to 5.375%, due 06/15/26 to 12/03/40, Federal Home Loan Bank, 0.000% to 4.000%, due 09/22/26 to 04/28/28, Federal Home Loan Mortgage Corp., 3.850% to 3.875%, due 03/17/28 to 03/09/29, Federal National Mortgage Association, 3.890% to 5.000%, due 11/05/27 to 06/01/52 and Government National Mortgage Association, 2.500% to 7.500%, due 02/20/31 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $1,008,342,449.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

BofA Securities, Inc. – (continued)
$	246,000,000		3.730	%^(d)	07/30/26	$	246,000,000
Maturity Value: $255,303,241
Settlement Date: 07/30/25
Collateralized by Federal Farm Credit Bank, 3.375% to 4.625%, due 03/11/27 to 06/01/29, Federal Home Loan Bank, 1.000% to 4.500%, due 08/26/26 to 02/21/35, Federal National Mortgage Association, 3.715%, due 04/06/28, Federal National Mortgage Association Stripped Security, 0.000%, due 05/15/30 and Government National Mortgage Association, 2.500% to 6.500%, due 12/15/27 to 04/20/56. The aggregate market value of the collateral, including accrued interest, was $ 251,355,958.

Canadian Imperial Bank of Commerce - New York Branch
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 11/01/55 to 03/01/56, Federal National Mortgage Association, 3.000% to 6.500%, due 02/01/27 to 11/01/46, Government National Mortgage Association, 4.500% to 6.500%, due 01/20/41 to 01/20/55, U.S. Treasury Bonds, 2.250% to 5.000%, due 05/15/45 to 02/15/55, U.S. Treasury Inflation- Indexed Notes, 0.750% to 1.750%, due 07/15/28 to 01/15/34 and U.S. Treasury Notes, 1.625% to 4.125%, due 10/15/28 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $102,004,050.

Citibank, National Association
	988,000,000		3.630		06/09/26	$	988,000,000
Maturity Value: $1,046,877,371
Settlement Date: 10/29/24
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 05/01/51 to 06/01/56, Federal National Mortgage Association, 2.000% to 5.000%, due 12/01/40 to 03/01/56 and Government National Mortgage Association, 2.000% to 8.000%, due 12/20/40 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $ 1,007,759,995.

Citigroup Global Markets, Inc.
	687,125,000		3.620		06/01/26	$	687,125,000
Maturity Value: $687,332,283
Settlement Date: 05/29/26
Collateralized by Government National Mortgage Association, 3.500% to 5.000%, due 03/20/56 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $700,867,500.
	345,000,000		3.710		06/24/26	$	345,000,000
Maturity Value: $351,897,508
Settlement Date: 12/12/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.875% to 4.500%, due 06/15/26 to 07/15/26. The aggregate market value of the collateral, including accrued interest, was $ 351,900,100.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Citigroup Global Markets, Inc. – (continued)
$	740,000,000		3.730	%	06/24/26	$	740,000,000
Maturity Value: $755,104,428
Settlement Date: 12/09/25
Collateralized by Government National Mortgage Association, 3.000% to 7.500%, due 05/20/53 to 09/20/54. The aggregate market value of the collateral, including accrued interest, was $754,800,000.
	690,000,000		3.740		06/24/26	$	690,000,000
Maturity Value: $704,551,717
Settlement Date: 12/03/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.875% to 4.625%, due 08/31/26 to 10/15/26. The aggregate market value of the collateral, including accrued interest, was $ 703,800,011.
	1,975,000,000		3.630	^(d)	08/17/26	$	1,975,000,000
Maturity Value: $2,011,045,384
Settlement Date: 02/17/26
Collateralized by Government National Mortgage Association, 1.500% to 7.000%, due 07/15/47 to 09/20/55. The aggregate market value of the collateral, including accrued interest, was $2,014,500,000.
	2,555,000,000		3.620	^(d)	08/18/26	$	2,555,000,000
Maturity Value: $2,601,502,440
Settlement Date: 02/18/26
Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/29 to 01/15/30 and U.S. Treasury Notes, 1.500% to 4.375%, due 02/15/27 to 02/28/30. The aggregate market value of the collateral, including accrued interest, was $2,606,100,079.
	2,965,000,000		3.630	^(d)	08/18/26	$	2,965,000,000
Maturity Value: $3,019,113,703
Settlement Date: 02/18/26
Collateralized by Federal Farm Credit Bank, 2.690% to 4.950%, due 02/22/27 to 02/03/42, Federal Home Loan Bank, 0.000% to 5.750%, due 06/12/26 to 06/11/38, Federal Home Loan Mortgage Corp., 2.220% to 3.900%, due 05/23/28 to 07/13/40, Federal National Mortgage Association, 0.000% to 6.625%, due 08/26/26 to 11/15/30, Tennessee Valley Authority, 0.000%, due 03/15/37 to 09/15/65, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/28 and U.S. Treasury Notes, 2.250% to 4.625%, due 01/15/27 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $3,024,300,070.
	1,975,000,000		3.630	^(d)	08/24/26	$	1,975,000,000
Maturity Value: $2,011,244,530
Settlement Date: 02/23/26
Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 08/20/51 to 02/20/54. The aggregate market value of the collateral, including accrued interest, was $2,014,499,999.
	1,000,000,000		3.620	^(d)	09/08/26	$	1,000,000,000
Maturity Value: $1,024,535,566
Settlement Date: 01/07/26
Collateralized by Government National Mortgage Association, 3.000% to 7.500%, due 10/15/52 to 08/20/53. The aggregate market value of the collateral, including accrued interest, was $1,020,000,198.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Citigroup Global Markets, Inc. – (continued)
$	494,000,000		3.630	%^(d)	09/25/26	$	494,000,000
Maturity Value: $504,460,446
Settlement Date: 02/27/26
Collateralized by Government National Mortgage Association, 2.000% to 4.500%, due 04/20/51 to 05/20/53. The aggregate market value of the collateral, including accrued interest, was $503,880,004.
	1,975,000,000		3.630	^(d)	10/08/26	$	1,975,000,000
Maturity Value: $2,011,443,675
Settlement Date: 04/08/26
Collateralized by Government National Mortgage Association, 2.000% to 6.500%, due 02/20/52 to 10/20/52. The aggregate market value of the collateral, including accrued interest, was $2,014,500,000.
	2,955,000,000		3.630	^(d)	10/08/26	$	2,955,000,000
Maturity Value: $3,008,931,195
Settlement Date: 04/10/26
Collateralized by Government National Mortgage Association, 1.500% to 9.000%, due 06/15/26 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $3,014,099,893.
	878,000,000		3.560		11/10/26	$	878,000,000
Maturity Value: $901,789,898
Settlement Date: 02/09/26
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 07/01/40 to 06/01/56 and Federal National Mortgage Association, 0.000% to 6.500%, due 02/01/38 to 06/01/56. The aggregate market value of the collateral, including accrued interest, was $895,559,996.
	850,000,000		3.620	^(d)	11/13/26	$	850,000,000
Maturity Value: $870,085,981
Settlement Date: 03/23/26
Collateralized by a U.S. Treasury Bond, 6.125%, due 08/15/29, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29 and U.S. Treasury Notes, 3.125% to 4.125%, due 08/31/29 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $867,000,069.
	985,000,000		3.630	^(d)	11/13/26	$	985,000,000
Maturity Value: $1,008,340,388
Settlement Date: 03/23/26
Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 12/20/27 to 09/20/55, a U.S. Treasury Floating Rate Note, 3.869%, due 10/31/26, a U.S. Treasury Inflation- Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.875% to 4.625%, due 09/30/26 to 11/30/26. The aggregate market value of the collateral, including accrued interest, was $1,004,700,090.
	740,000,000		3.620		12/03/26	$	740,000,000
Maturity Value: $760,463,056
Settlement Date: 03/03/26
Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 5.500%, due 05/01/56 to 06/01/56 and Federal National Mortgage Association, 4.500% to 6.500%, due 05/01/56 to 06/01/56. The aggregate market value of the collateral, including accrued interest, was $754,800,000.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Citigroup Global Markets, Inc. – (continued)
$	860,000,000		3.720	%	12/14/26	$	860,000,000
Maturity Value: $884,527,200
Settlement Date: 03/13/26
Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 06/01/56 and Federal National Mortgage Association, 4.500% to 5.500%, due 01/01/56 to 06/01/56. The aggregate market value of the collateral, including accrued interest, was $877,200,001.

Credit Agricole Corporate and Investment Bank
	130,000,000		3.560		06/01/26	$	130,000,000
Maturity Value: $130,038,567
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation-Indexed Bond, 1.750%, due 01/15/28, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.750%, due 07/15/28 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/33 to 08/15/51, U.S. Treasury Notes, 1.250% to 4.625%, due 12/31/26 to 02/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/41. The aggregate market value of the collateral, including accrued interest, was $132,600,065.
	1,270,000,000		3.620	^(d)	07/06/26	$	1,270,000,000
Maturity Value: $1,292,987,010
Settlement Date: 01/07/26
Collateralized by a U.S. Treasury Bond, 3.875%, due 05/15/43, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.375%, due 01/15/28 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 1.875%, due 01/15/36 and U.S. Treasury Notes, 1.750% to 4.125%, due 04/30/27 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $1,295,400,000.
	1,270,000,000		3.620	^(d)	07/06/26	$	1,270,000,000
Maturity Value: $1,292,987,010
Settlement Date: 01/07/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 07/23/26, U.S. Treasury Bonds, 1.875% to 4.750%, due 02/15/41 to 08/15/52 and U.S. Treasury Notes, 3.625% to 4.125%, due 03/15/28 to 01/31/33. The aggregate market value of the collateral, including accrued interest, was $1,295,399,999.
	1,700,000,000		3.620	^(d)	07/28/26	$	1,700,000,000
Maturity Value: $1,730,940,958
Settlement Date: 01/28/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 08/13/26, U.S. Treasury Bonds, 2.500% to 3.000%, due 02/15/45 to 08/15/52, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 0.750% to 4.500%, due 06/30/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $1,733,999,998.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Credit Agricole Corporate and Investment Bank – (continued)
$	3,405,000,000		3.620	%^(d)	07/28/26	$	3,405,000,000
Maturity Value: $3,466,972,919
Settlement Date: 01/28/26
Collateralized by U.S. Treasury Bills, 0.000%, due 07/23/26 to 08/13/26, U.S. Treasury Bonds, 1.375% to 4.500%, due 11/15/40 to 11/15/54, a U.S. Treasury Floating Rate Note, 3.823%, due 07/31/27, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.250%, due 04/15/28 to 01/15/32 and U.S. Treasury Notes, 1.250% to 4.375%, due 12/31/26 to 11/15/32. The aggregate market value of the collateral, including accrued interest, was $3,473,100,002.
	640,000,000		3.620	^(d)	09/04/26	$	640,000,000
Maturity Value: $651,777,072
Settlement Date: 03/05/26
Collateralized by U.S. Treasury Bills, 0.000%, due 06/11/26 to 08/27/26, a U.S. Treasury Bond, 4.625%, due 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/46 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 07/15/35, U.S. Treasury Notes, 1.875% to 4.875%, due 09/15/28 to 02/15/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/26. The aggregate market value of the collateral, including accrued interest, was $652,800,012.
	1,490,000,000		3.620	^(d)	09/11/26	$	1,490,000,000
Maturity Value: $1,517,568,323
Settlement Date: 03/11/26
Collateralized by U.S. Treasury Bills, 0.000%, due 07/23/26 to 07/30/26, U.S. Treasury Bonds, 1.375% to 4.750%, due 02/15/43 to 08/15/53, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/31 and U.S. Treasury Notes, 2.250% to 4.250%, due 03/31/27 to 02/15/33. The aggregate market value of the collateral, including accrued interest, was $ 1,519,800,000.
	420,000,000		3.610	^(d)	10/02/26	$	420,000,000
Maturity Value: $427,707,352
Settlement Date: 04/02/26
Collateralized by U.S. Treasury Bonds, 1.375% to 4.750%, due 11/15/40 to 02/15/55, a U.S. Treasury Floating Rate Note, 3.823%, due 07/31/27, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/49, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 1.250% to 4.000%, due 05/15/27 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $428,400,002.
	300,000,000		3.620	^(d)	10/22/26	$	300,000,000
Maturity Value: $305,490,336
Settlement Date: 04/23/26
Collateralized by a U.S. Treasury Bond, 4.750%, due 11/15/43, a U.S. Treasury Floating Rate Note, 3.823%, due 07/31/27, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 07/15/26 to 10/15/26 and U.S. Treasury Notes, 1.375% to 4.625%, due 12/15/28 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $ 305,999,999.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Credit Agricole Corporate and Investment Bank – (continued)
$	1,215,000,000		3.620	%^(d)	11/06/26	$	1,215,000,000
Maturity Value: $1,236,869,334
Settlement Date: 05/11/26
Collateralized by U.S. Treasury Bonds, 3.000% to 4.750%, due 11/15/43 to 08/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 07/15/26 to 10/15/30, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/29 and U.S. Treasury Notes, 0.625% to 4.250%, due 07/31/27 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $1,239,300,080.
	2,000,000,000		3.620	^(d)	11/06/26	$	2,000,000,000
Maturity Value: $2,035,998,905
Settlement Date: 05/11/26
Collateralized by U.S. Treasury Bonds, 1.375% to 3.000%, due 11/15/40 to 08/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35 and U.S. Treasury Notes, 2.375% to 4.375%, due 12/15/26 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $2,040,000,040.

Daiwa Capital Markets America, Inc.
	600,000,000		3.620		06/01/26	$	600,000,000
Maturity Value: $600,181,000
Settlement Date: 05/29/26
Collateralized by Federal Farm Credit Bank, 3.725% to 4.540%, due 04/22/27 to 05/20/30, Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 01/01/32 to 06/01/56, Federal National Mortgage Association, 2.000% to 7.000%, due 01/01/32 to 06/01/56, Government National Mortgage Association, 4.000% to 6.000%, due 05/20/53 to 03/20/56 and a U.S. Treasury Bill, 0.000%, due 08/04/26. The aggregate market value of the collateral, including accrued interest, was $ 618,037,120.
	43,069,853		3.630		06/01/26	$	43,069,853
Maturity Value: $43,082,882
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 2.750%, due 05/31/29. The market value of the collateral, including accrued interest, was $43,931,250.
	123,301,471		3.630		06/01/26	$	123,301,471
Maturity Value: $123,338,769
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 4.375%, due 01/31/32. The market value of the collateral, including accrued interest, was $125,767,500.
	274,308,824		3.630		06/01/26	$	274,308,823
Maturity Value: $274,391,802
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation Protected Security, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $279,795,000.
	295,220,588		3.630		06/01/26	$	295,220,588
Maturity Value: $295,309,892
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 4.000%, due 06/30/32. The market value of the collateral, including accrued interest, was $301,125,000.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Daiwa Capital Markets America, Inc. – (continued)
$	339,276,961		3.630	%	06/01/26	$	339,276,961
Maturity Value: $339,379,592
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 3.750%, due 08/31/31. The market value of the collateral, including accrued interest, was $346,062,500.
	490,196,078		3.630		06/01/26	$	490,196,078
Maturity Value: $490,344,363
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 4.125%, due 10/31/31. The market value of the collateral, including accrued interest, was $500,000,000.

Deutsche Bank Securities, Inc.
	300,000,000		3.600		06/01/26	$	300,000,000
Maturity Value: $300,090,000
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 2.375% to 3.375%, due 02/15/42 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $ 306,000,027.
	150,000,000		3.620		06/01/26	$	150,000,000
Maturity Value: $150,045,250
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 3.875% to 4.250%, due 05/15/39 to 02/15/43. The aggregate market value of the collateral, including accrued interest, was $ 153,000,088.
	2,900,000,000		3.620		06/01/26	$	2,900,000,000
Maturity Value: $2,900,874,833
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/28 to 02/15/56 and U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/27 to 01/15/36. The aggregate market value of the collateral, including accrued interest, was $2,958,000,003.

Fixed Income Clearing Corporation / Bank of New York Mellon (The)
	34,000,000		3.580		06/01/26	$	34,000,000
Maturity Value: $34,010,143
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 4.250%, due 06/30/29. The market value of the collateral, including accrued interest, was $34,680,027.
	1,750,000,000		3.620		06/01/26	$	1,750,000,000
Maturity Value: $1,750,527,917
Settlement Date: 05/29/26
Collateralized by Federal Agricultural Mortgage Corp., 3.720% to 5.020%, due 09/15/26 to 11/19/29, Federal Farm Credit Bank, 0.900% to 4.200%, due 06/15/26 to 07/29/30, Federal Farm Credit Bank discount note, 0.000%, due 06/10/26, Federal Farm Credit Bank Funding Corp., 0.000%, due 06/15/26 to 10/15/26, Federal Home Loan Bank, 1.000% to 4.700%, due 07/27/26 to 08/05/30, Federal Home Loan Mortgage Corp., 0.000% to 4.250%, due 06/08/26 to 05/14/30, Federal National Mortgage Association, 3.700% to 4.250%, due 10/15/27 to 03/03/31 and U.S. Treasury Bills, 0.000%, due 07/09/26 to 04/15/27. The aggregate market value of the collateral, including accrued interest, was $1,785,000,058.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued)
$	2,650,000,000		3.620	%	06/01/26	$	2,650,000,000
Maturity Value: $2,650,799,417
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bills, 0.000%, due 06/11/26 to 09/17/26, U.S. Treasury Bonds, 1.125% to 6.250%, due 05/15/30 to 11/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.500%, due 01/15/27 to 02/15/56, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 0.375% to 5.000%, due 05/31/26 to 11/15/32. The aggregate market value of the collateral, including accrued interest, was $2,703,000,006.
	9,000,000,000		3.620		06/01/26	$	9,000,000,000
Maturity Value: $9,002,715,000
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 01/01/36 to 05/01/56, Federal National Mortgage Association, 2.000% to 6.500%, due 10/01/33 to 10/01/62 and a U.S. Treasury Note, 3.500%, due 11/30/30. The aggregate market value of the collateral, including accrued interest, was $9,180,000,043.

Fixed Income Clearing Corporation / BofA Securities, Inc.
	2,050,000,000		3.630		06/01/26	$	2,050,000,000
Maturity Value: $2,050,620,125
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 2.750% to 4.750%, due 05/15/39 to 05/15/54 and U.S. Treasury Notes, 3.750% to 4.125%, due 11/30/31 to 11/30/32. The aggregate market value of the collateral, including accrued interest, was $2,091,000,017.
	9,000,000,000		3.630		06/01/26	$	9,000,000,000
Maturity Value: $9,002,722,500
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bills, 0.000%, due 08/06/26 to 09/03/26, U.S. Treasury Bonds, 1.875% to 5.000%, due 02/15/36 to 02/15/55, U.S. Treasury Floating Rate Notes, 3.763% to 3.767%, due 01/31/28 to 04/30/28 and U.S. Treasury Notes, 0.625% to 4.625%, due 09/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $9,180,000,047.

Fixed Income Clearing Corporation / Mizuho Securities USA LLC
	250,000,000		3.620		06/01/26	$	250,000,000
Maturity Value: $250,075,417
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Notes, 0.875% to 4.000%, due 06/30/26 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $ 255,000,043.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Fixed Income Clearing Corporation / Mizuho Securities USA LLC – (continued)
$	3,500,000,000		3.620	%	06/01/26	$	3,500,000,000
Maturity Value: $3,501,055,833
Settlement Date: 05/29/26
Collateralized by Adjustable-Rate Multifamily Mortgage Participation Certificate, 4.148% to 4.850%, due 07/01/30 to 03/01/36, Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 09/01/27 to 06/01/56, Federal National Mortgage Association, 1.450% to 7.000%, due 09/01/28 to 06/01/57, Government National Mortgage Association, 3.500% to 6.000%, due 12/20/40 to 05/20/66, a U.S. Treasury Bill, 0.000%, due 11/27/26, U.S. Treasury Bonds, 2.750% to 4.625%, due 05/15/41 to 02/15/54 and U.S. Treasury Notes, 0.500% to 4.625%, due 06/30/26 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $3,569,999,990.

Fixed Income Clearing Corporation / Northern Trust Company (The)
	1,000,000,000		3.610		06/01/26	$	1,000,000,000
Maturity Value: $1,000,300,833
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 0.750% to 4.000%, due 02/29/28 to 03/31/29 and U.S. Treasury Notes, 0.500% to 4.625%, due 06/30/27 to 06/30/29. The aggregate market value of the collateral, including accrued interest, was $1,020,000,000.
	1,000,000,000		3.620		06/01/26	$	1,000,000,000
Maturity Value: $1,000,301,667
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 0.125% to 1.250%, due 04/15/27 to 04/15/28 and U.S. Treasury Notes, 0.125% to 4.625%, due 04/15/27 to 04/30/29. The aggregate market value of the collateral, including accrued interest, was $1,020,000,000.

Fixed Income Clearing Corporation / State Street Bank and Trust Company
	100,000,000		3.500		06/01/26	$	100,000,000
Maturity Value: $100,029,167
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bill, 3.625%, due 08/31/29. The market value of the collateral, including accrued interest, was $102,000,000.
	150,000,000		3.590		06/01/26	$	150,000,000
Maturity Value: $150,044,875
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bill, 0.125%, due 10/15/26. The market value of the collateral, including accrued interest, was $153,000,000.
	750,000,000		3.620		06/01/26	$	750,000,000
Maturity Value: $750,226,250
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 0.125%, due 10/15/26. The market value of the collateral, including accrued interest, was $765,000,000.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Fixed Income Clearing Corporation / State Street Bank and Trust Company – (continued)
$	2,000,000,000		3.630	%	06/01/26	$	2,000,000,000
Maturity Value: $2,000,605,000
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 05/01/31 to 06/01/56, Federal National Mortgage Association, 1.500% to 8.500%, due 11/01/28 to 10/01/62 and U.S. Treasury Notes, 1.250% to 2.750%, due 06/30/28 to 05/31/29. The aggregate market value of the collateral, including accrued interest, was $2,041,978,219.

HSBC Bank PLC
	1,424,000,000		3.630		06/09/26	$	1,424,000,000
Maturity Value: $1,509,434,038
Settlement Date: 10/25/24
Collateralized by U.S. Treasury Bills, 0.000%, due 06/04/26 to 10/01/26, U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 11/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 3.375%, due 04/15/32 to 02/15/49, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/28 to 07/15/32, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 1.125% to 4.625%, due 11/30/26 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $ 1,452,919,454.

HSBC Securities (USA), Inc.
	500,000,000		3.620		06/01/26	$	500,000,000
Maturity Value: $500,150,834
Settlement Date: 05/29/26
Collateralized by Federal Farm Credit Bank, 2.230% to 4.080%, due 01/25/30 to 04/06/45, Federal Home Loan Bank, 1.600% to 2.080%, due 05/14/30 to 09/25/45, Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 11/01/27 to 04/01/56, Federal National Mortgage Association, 2.000% to 7.000%, due 01/01/35 to 05/01/56, Federal National Mortgage Association Stripped Security, 0.000%, due 03/23/28, Government National Mortgage Association, 2.500% to 8.000%, due 06/20/28 to 05/20/56 and Tennessee Valley Authority, 0.000%, due 01/15/38. The aggregate market value of the collateral, including accrued interest, was $513,037,560.
	961,000,000		3.620		06/09/26	$	961,000,000
Maturity Value: $1,018,593,823
Settlement Date: 10/24/24
Collateralized by U.S. Treasury Bonds, 2.250% to 4.125%, due 05/15/51 to 08/15/53, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/51 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/41 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $980,515,702.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

HSBC Securities (USA), Inc. – (continued)
$	1,235,000,000		3.630	%	06/09/26	$	1,235,000,000
Maturity Value: $1,248,075,558
Settlement Date: 02/27/26
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 10/01/32 to 06/01/56, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/29, Federal National Mortgage Association, 1.500% to 8.500%, due 04/01/28 to 04/01/56, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/28 to 05/15/30 and Government National Mortgage Association, 2.500% to 8.000%, due 07/20/31 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $ 1,272,404,466.
	1,975,000,000		3.630		06/09/26	$	1,975,000,000
Maturity Value: $1,995,312,868
Settlement Date: 03/02/26
Collateralized by Federal Farm Credit Bank, 1.400% to 4.490%, due 11/21/29 to 10/26/46, Federal Home Loan Bank, 1.700% to 5.500%, due 06/30/28 to 06/30/42, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 01/04/27 to 06/01/56, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 07/15/26 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.000%, due 09/24/26 to 05/01/56, Federal National Mortgage Association Stripped Securities, 0.000%, due 11/15/26 to 07/15/37, Government National Mortgage Association, 2.000% to 8.500%, due 08/15/28 to 05/20/56, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/37 and a U.S. Treasury Note, 4.125%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,029,538,469.

Ing Financial Markets LLC
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 07/01/41 to 09/01/55 and Federal National Mortgage Association, 3.500% to 7.000%, due 09/01/34 to 04/01/56. The aggregate market value of the collateral, including accrued interest, was $101,999,999.

J.P. Morgan Securities LLC
	24,200,000		3.610		06/01/26	$	24,200,000
Maturity Value: $24,207,280
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28 and a U.S. Treasury Note, 2.375%, due 03/31/29. The aggregate market value of the collateral, including accrued interest, was $24,691,457.
	900,000,000		3.620		06/01/26	$	900,000,000
Maturity Value: $900,271,500
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 09/01/31 to 06/01/56, Federal National Mortgage Association, 2.000% to 6.500%, due 05/01/31 to 06/01/57, Government National Mortgage Association, 2.500% to 7.000%, due 09/20/30 to 05/20/56 and a U.S. Treasury Note, 4.625%, due 06/15/27. The aggregate market value of the collateral, including accrued interest, was $927,256,613.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

J.P. Morgan Securities LLC – (continued)
$	640,000,000		3.620	%^(d)	06/03/26	$	640,000,000
Maturity Value: $643,668,268
Settlement Date: 04/07/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 04/15/30 and a U.S. Treasury Note, 3.625%, due 08/31/29. The aggregate market value of the collateral, including accrued interest, was $654,815,559.
	4,145,000,000		3.620	^(d)	06/03/26	$	4,145,000,000
Maturity Value: $4,168,757,769
Settlement Date: 04/07/26
Collateralized by Federal Farm Credit Bank, 1.650% to 2.350%, due 07/23/35 to 08/24/46, Federal Home Loan Bank, 2.650%, due 11/05/41, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 12/17/29 to 06/01/56, Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/26 to 06/01/56, Government National Mortgage Association, 2.500% to 7.500%, due 01/15/28 to 05/20/56 and Tennessee Valley Authority, 5.250%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $ 4,281,178,941.
	9,000,000,000		3.620	^(d)	06/03/26	$	9,000,000,000
Maturity Value: $9,051,585,023
Settlement Date: 04/07/26
Collateralized by Federal Farm Credit Bank, 2.000% to 4.490%, due 06/20/33 to 02/24/42, Federal Home Loan Bank, 0.000%, due 08/26/26 to 09/18/26, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 05/01/32 to 06/01/56, Federal National Mortgage Association, 1.500% to 7.500%, due 01/01/28 to 09/01/61 and Government National Mortgage Association, 2.000% to 7.500%, due 07/20/28 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $9,297,678,068.
	785,000,000		3.620	^(d)	06/15/26	$	785,000,000
Maturity Value: $789,972,977
Settlement Date: 04/13/26
Collateralized by U.S. Treasury Bonds, 4.625% to 5.000%, due 05/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $ 803,172,182.
	1,970,000,000		3.620	^(d)	06/22/26	$	1,970,000,000
Maturity Value: $1,983,668,523
Settlement Date: 04/14/26
Collateralized by Federal Home Loan Bank, 0.000%, due 06/26/26, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 04/01/32 to 06/01/56, Federal National Mortgage Association, 3.000% to 7.000%, due 07/01/28 to 09/01/56 and Government National Mortgage Association, 2.000% to 7.000%, due 04/20/27 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $2,034,895,910.
	4,280,000,000		3.620	^(d)	06/22/26	$	4,280,000,000
Maturity Value: $4,309,696,080
Settlement Date: 04/14/26
Collateralized by U.S. Treasury Bonds, 1.375% to 4.750%, due 11/15/40 to 02/15/56 and U.S. Treasury Notes, 3.750% to 4.625%, due 06/15/27 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $4,379,078,799.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Joint Account I
$	50,500,000		3.610	%	06/01/26	$	50,500,000
Maturity Value: $50,515,192
Settlement Date: 05/29/26

Joint Account III
	657,930,000		3.623		06/01/26	$	657,930,000
Maturity Value: $658,128,640
Settlement Date: 05/29/26

Mizuho Securities USA LLC
	250,000,000		3.640	^(d)	07/07/26	$	250,000,000
Maturity Value: $259,074,721
Settlement Date: 07/16/25
Collateralized by U.S. Treasury Notes, 2.500% to 4.250%, due 03/31/27 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $ 255,000,079.

Nomura Securities International, Inc.
	58,200,000		3.620		06/01/26	$	58,200,000
Maturity Value: $58,217,557
Settlement Date: 05/29/26
Collateralized by Federal Farm Credit Bank, 2.570%, due 12/24/26, Federal Home Loan Bank, 0.000%, due 08/21/26, Federal Home Loan Mortgage Corp., 6.750%, due 03/15/31, Federal National Mortgage Association, 6.625%, due 11/15/30, Tennessee Valley Authority, 4.875%, due 01/15/48, a U.S. Treasury Bill, 0.000%, due 06/30/26, a U.S. Treasury Bond, 4.500%, due 02/15/44 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/55. The aggregate market value of the collateral, including accrued interest, was $59,444,938.
	2,750,000,000		3.620		06/01/26	$	2,750,000,000
Maturity Value: $2,750,829,583
Settlement Date: 05/29/26
Collateralized by Federal Farm Credit Bank, 1.000% to 5.000%, due 07/30/26 to 12/15/36, Federal Home Loan Bank, 0.000% to 5.700%, due 06/26/26 to 08/11/45, Federal Home Loan Mortgage Corp., 0.000% to 6.250%, due 11/01/28 to 07/15/32, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.250%, due 10/08/27 to 07/15/37, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/30 to 11/15/30, Tennessee Valley Authority, 0.000% to 5.980%, due 09/15/26 to 09/15/65, U.S. Treasury Bonds, 3.625% to 4.125%, due 11/15/52 to 08/15/53, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 02/15/56, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/26 to 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 05/15/56, U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/27 to 08/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/27 to 05/15/56. The aggregate market value of the collateral, including accrued interest, was $ 2,805,047,805.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Prudential Insurance Company of America (The)
$	4,014,000		3.630	%	06/01/26	$	4,014,000
Maturity Value: $4,015,214
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $4,094,280.
	4,020,500		3.630		06/01/26	$	4,020,500
Maturity Value: $4,021,716
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $4,100,910.
	4,340,000		3.630		06/01/26	$	4,340,000
Maturity Value: $4,341,313
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $4,426,800.
	4,350,000		3.630		06/01/26	$	4,350,000
Maturity Value: $4,351,316
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $4,437,000.
	4,400,000		3.630		06/01/26	$	4,400,000
Maturity Value: $4,401,331
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 3.625%, due 08/31/30. The market value of the collateral, including accrued interest, was $4,488,000.
	4,466,250		3.630		06/01/26	$	4,466,250
Maturity Value: $4,467,601
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $4,555,575.
	4,536,875		3.630		06/01/26	$	4,536,875
Maturity Value: $4,538,247
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 3.625%, due 05/15/53. The market value of the collateral, including accrued interest, was $4,627,613.
	4,672,500		3.630		06/01/26	$	4,672,500
Maturity Value: $4,673,913
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $4,765,950.
	4,891,250		3.630		06/01/26	$	4,891,250
Maturity Value: $4,892,730
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $4,989,075.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Prudential Insurance Company of America (The) – (continued)
$	5,174,375		3.630	%	06/01/26	$	5,174,375
Maturity Value: $5,175,940
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $5,277,863.
	5,737,500		3.630		06/01/26	$	5,737,500
Maturity Value: $5,739,236
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $5,852,250.
	13,162,500		3.630		06/01/26	$	13,162,500
Maturity Value: $13,166,482
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $13,425,750.
	15,125,000		3.630		06/01/26	$	15,125,000
Maturity Value: $15,129,575
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $15,427,500.
	15,295,000		3.630		06/01/26	$	15,295,000
Maturity Value: $15,299,627
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $15,600,900.
	18,108,750		3.630		06/01/26	$	18,108,750
Maturity Value: $18,114,228
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $18,470,925.
	18,945,000		3.630		06/01/26	$	18,945,000
Maturity Value: $18,950,731
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $19,323,900.
	20,912,500		3.630		06/01/26	$	20,912,500
Maturity Value: $20,918,826
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $21,330,750.
	23,625,000		3.630		06/01/26	$	23,625,000
Maturity Value: $23,632,146
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Interest-Only Stripped Security, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $24,097,500.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Prudential Insurance Company of America (The) – (continued)
$	25,100,000		3.630	%	06/01/26	$	25,100,000
Maturity Value: $25,107,593
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The
market value of the collateral, including accrued interest, was
$25,602,000.
	27,706,250		3.630		06/01/26	$	27,706,250
Maturity Value: $27,714,631
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Principal-Only Stripped Security, 3.625%, due 02/15/44. The market value of the collateral, including accrued interest, was $28,260,375.
	28,750,000		3.630		06/01/26	$	28,750,000
Maturity Value: $28,758,697
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $29,325,000.
	31,250,000		3.630		06/01/26	$	31,250,000
Maturity Value: $31,259,453
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $31,875,000.
	31,610,000		3.630		06/01/26	$	31,610,000
Maturity Value: $31,619,562
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $32,242,200.
	40,000,000		3.630		06/01/26	$	40,000,000
Maturity Value: $40,012,100
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 1.875%, due 11/15/51. The market value of the collateral, including accrued interest, was $40,800,000.
	40,875,000		3.630		06/01/26	$	40,875,000
Maturity Value: $40,887,365
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $41,692,500.
	41,687,500		3.630		06/01/26	$	41,687,500
Maturity Value: $41,700,110
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 3.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $42,521,250.
	47,530,000		3.630		06/01/26	$	47,530,000
Maturity Value: $47,544,378
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $48,480,600.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Prudential Insurance Company of America (The) – (continued)
$	80,937,500		3.630	%	06/01/26	$	80,937,500
Maturity Value: $80,961,984
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $82,556,250.
	146,000,000		3.630		06/01/26	$	146,000,000
Maturity Value: $146,044,165
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/42. The market value of the collateral, including accrued interest, was $148,920,000.

RBC Dominion Securities Inc.
	186,000,000		3.600		06/01/26	$	186,000,000
Maturity Value: $186,055,800
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bills, 0.000%, due 06/11/26 to 10/01/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/40 to 11/15/53, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 10/15/26 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/29 to 08/15/34, U.S. Treasury Notes, 0.375% to 4.500%, due 07/31/26 to 11/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/47. The aggregate market value of the collateral, including accrued interest, was $189,720,081.
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 07/01/30 to 06/01/56, Federal National Mortgage Association, 2.000% to 6.500%, due 01/01/28 to 06/01/56, Government National Mortgage Association, 1.500% to 6.500%, due 12/20/36 to 05/20/56, a U.S. Treasury Bill, 0.000%, due 06/18/26, U.S. Treasury Bonds, 2.250% to 4.500%, due 05/15/41 to 08/15/54, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 02/15/35, U.S. Treasury Notes, 3.500% to 4.625%, due 04/30/29 to 08/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/47 to 02/15/49. The aggregate market value of the collateral, including accrued interest, was $102,000,043.
	845,000,000		3.610	^(d)	06/24/26	$	845,000,000
Maturity Value: $860,421,723
Settlement Date: 12/24/25
Collateralized by Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 07/01/30 to 06/01/56, Federal National Mortgage Association, 1.500% to 7.000%, due 11/01/33 to 07/01/60, Government National Mortgage Association, 2.000% to 6.500%, due 11/20/27 to 04/20/56, a U.S. Treasury Bill, 0.000%, due 06/18/26, U.S. Treasury Bonds, 2.250% to 4.250%, due 08/15/43 to 08/15/54, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/40, U.S. Treasury Notes, 3.875% to 4.625%, due 04/30/29 to 11/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 02/15/49. The aggregate market value of the collateral, including accrued interest, was $861,900,035.

Principal

Amount

Interest

Rate

Maturity

Date

Amortized

Cost

Repurchase Agreements^(c)– (continued)

RBC Dominion Securities Inc. – (continued)

988,000,000

3.550

%^(d)

08/17/26

988,000,000

Maturity Value: $1,011,772,375

Settlement Date: 12/16/25

Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 6.500%, due 12/01/33 to 05/01/56, Federal National Mortgage Association, 1.500% to 6.500%, due 05/01/29 to 09/01/62, Government National Mortgage Association, 2.000% to 6.500%, due 11/20/27 to 05/20/56, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 08/15/39, a U.S. Treasury Note, 4.625%, due 04/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $1,007,760,002.

1,975,000,000

3.490

^(d)

09/18/26

1,975,000,000

Maturity Value: $2,027,269,997

Settlement Date: 12/19/25

Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 03/01/28 to 05/01/56, Federal National Mortgage Association, 1.500% to 8.500%, due 10/01/32 to 05/01/56, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/27 to 05/20/56, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $2,014,500,014.

Royal Bank of Canada

990,000,000

3.770

^(d)

06/02/26

990,000,000

Maturity Value: $1,010,009,271

Settlement Date: 11/21/25

Collateralized by U.S. Treasury Floating Rate Notes, 3.762% to 3.869%, due 10/31/26 to 01/31/27, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/27 to 02/15/42 and U.S. Treasury Notes, 0.625% to 4.375%, due 11/30/26 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $1,009,800,043.

990,000,000

3.770

^(d)

06/02/26

990,000,000

Maturity Value: $1,010,112,945

Settlement Date: 11/20/25

Collateralized by U.S. Treasury Bills, 0.000%, due 07/23/26 to 11/05/26, U.S. Treasury Bonds, 1.375% to 4.250%, due 05/15/39 to 08/15/52 and U.S. Treasury Notes, 0.625% to 4.875%, due 10/31/26 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $ 1,009,800,010.

Royal Bank of Canada - New York Branch

1,480,000,000

3.680

^(d)

06/02/26

1,480,000,000

Maturity Value: $1,507,231,994

Settlement Date: 12/04/25

Collateralized by a U.S. Treasury Bill, 0.000%, due 07/07/26, U.S. Treasury Bonds, 1.250% to 4.750%, due 05/15/39 to 08/15/52 and U.S. Treasury Notes, 0.500% to 4.625%, due 07/31/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $1,509,600,008.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Royal Bank of Canada - New York Branch – (continued)
$	988,000,000		3.710	%^(d)	06/02/26	$	988,000,000
Maturity Value: $1,006,531,046
Settlement Date: 12/02/25
Collateralized by a U.S. Treasury Bond, 4.750%, due 11/15/43 and U.S. Treasury Notes, 0.500% to 4.625%, due 07/31/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $1,007,760,003.
	1,482,000,000		3.650	^(d)	07/23/26	$	1,482,000,000
Maturity Value: $1,516,859,937
Settlement Date: 12/03/25
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 04/01/28 to 05/01/56, Federal National Mortgage Association, 1.500% to 7.500%, due 04/01/28 to 10/01/62, a U.S. Treasury Bond, 3.125%, due 02/15/42, a U.S. Treasury Floating Rate Note, 3.824%, due 04/30/27 and U.S. Treasury Notes, 1.250% to 4.625%, due 09/30/26 to 02/15/36. The aggregate market value of the collateral, including accrued interest, was $1,511,640,002.
	1,975,000,000		3.590	^(d)	07/30/26	$	1,975,000,000
Maturity Value: $2,008,678,688
Settlement Date: 02/09/26
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 04/01/28 to 03/01/56, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/28 to 10/01/62 and U.S. Treasury Notes, 0.500% to 4.875%, due 04/30/27 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $2,014,500,018.
	1,140,000,000		3.600	^(d)	09/01/26	$	1,140,000,000
Maturity Value: $1,170,438,000
Settlement Date: 12/08/25
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 02/01/43 to 05/01/56, Federal National Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 09/01/57 and U.S. Treasury Notes, 0.500% to 4.625%, due 05/31/27 to 06/15/27. The aggregate market value of the collateral, including accrued interest, was $1,162,800,066.

Societe Generale
	425,000,000		3.620	^(d)	06/09/26	$	425,000,000
Maturity Value: $441,624,355
Settlement Date: 05/19/25
Collateralized by U.S. Treasury Notes, 3.500% to 4.000%, due 02/15/29 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $ 433,500,043.
	425,000,000		3.620		06/09/26	$	425,000,000
Maturity Value: $442,778,230
Settlement Date: 04/22/25
Collateralized by a U.S. Treasury Note, 4.000%, due 11/15/35. The market value of the collateral, including accrued interest, was $433,500,062.
	425,000,000		3.620		06/09/26	$	425,000,000
Maturity Value: $448,376,663
Settlement Date: 12/12/24
Collateralized by U.S. Treasury Notes, 3.375% to 4.000%, due 09/15/27 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $ 433,500,000.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

The Northwestern Mutual Life Insurance Company
$	237,600,000		3.630	%	06/01/26	$	237,600,000
Maturity Value: $237,671,874
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 2.875%, due 04/30/29. The market value of the collateral, including accrued interest, was $242,352,000.
	440,350,000		3.630		06/01/26	$	440,350,000
Maturity Value: $440,483,206
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $449,157,000.

Wells Fargo Bank, National Association
	1,965,000,000		3.620	^(d)	06/09/26	$	1,965,000,000
Maturity Value: $2,034,157,114
Settlement Date: 06/27/25
Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/35. The aggregate market value of the collateral, including accrued interest, was $2,004,300,078.
	1,975,000,000		3.620	^(d)	06/09/26	$	1,975,000,000
Maturity Value: $1,990,887,785
Settlement Date: 03/24/26
Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 02/15/41 to 02/15/56, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 02/15/56. The aggregate market value of the collateral, including accrued interest, was $2,014,500,111.
	5,000,000,000		3.620		06/09/26	$	5,000,000,000
Maturity Value: $5,183,513,970
Settlement Date: 06/12/25
Collateralized by Federal Farm Credit Bank, 2.400% to 4.840%, due 06/23/26 to 08/03/39, Federal Home Loan Bank, 0.000% to 5.250%, due 06/30/26 to 03/11/44, Federal Home Loan Mortgage Corp., 0.800% to 6.000%, due 10/27/26 to 05/01/56, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/32, Federal National Mortgage Association, 0.000% to 6.500%, due 02/01/33 to 05/01/56, Federal National Mortgage Association Stripped Security, 0.000%, due 05/15/27, Government National Mortgage Association, 2.500% to 5.500%, due 04/20/46 to 05/20/56, Tennessee Valley Authority, 0.000% to 4.875%, due 02/01/27 to 09/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 08/15/53 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 02/15/53. The aggregate market value of the collateral, including accrued interest, was $ 5,136,383,507.

Wells Fargo Securities, LLC
	365,000,000		3.610		06/01/26	$	365,000,000
Maturity Value: $365,109,804
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Notes, 4.125% to 4.375%, due 11/30/29 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $ 372,300,034.


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

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Wells Fargo Securities, LLC – (continued)
$	2,270,000,000		3.620	%	06/01/26	$	2,270,000,000
Maturity Value: $2,270,684,783
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 12/01/28 to 06/01/56. The aggregate market value of the collateral, including accrued interest, was $2,338,100,007.
	1,970,000,000		3.620		06/09/26	$	1,970,000,000
Maturity Value: $1,973,169,513
Settlement Date: 05/27/26
Collateralized by Federal National Mortgage Association, 1.500% to 8.000%, due 09/01/26 to 06/01/56. The aggregate market value of the collateral, including accrued interest, was $2,029,100,002.
	2,955,000,000		3.620		06/09/26	$	2,955,000,000
Maturity Value: $3,028,691,166
Settlement Date: 10/07/25
Collateralized by Federal National Mortgage Association, 1.500% to 7.500%, due 10/01/26 to 03/01/60. The aggregate market value of the collateral, including accrued interest, was $3,043,649,997.

TOTAL REPURCHASE AGREEMENTS						$	157,834,202,024

TOTAL INVESTMENTS - 99.1%						$	266,743,106,413

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%							2,392,757,418

NET ASSETS - 100.0%						$	269,135,863,832


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



(a)		Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2026.
(b)		All or a portion represents a forward commitment.
(c)		Unless noted, all repurchase agreements were entered into on May 31, 2026. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section.
(d)		The instrument is subject to a demand feature.

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

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



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


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations - 114.4%

United States Treasury Bills
$	6,860,702,900		3.660	%	06/02/26	$	6,860,017,093
	250,000,000		3.661		06/02/26		249,975,010
	452,921,600		3.662		06/02/26		452,876,325
	13,394,200		3.673		06/02/26		13,392,861
	46,347,700		3.678		06/02/26		46,343,067
	1,108,000,700		3.684		06/02/26		1,107,889,942
	120,000,000		3.638		06/04/26		119,963,982
	100,000,000		3.647		06/04/26		99,969,985
	97,200,000		3.659		06/04/26		97,170,826
	395,327,100		3.660		06/04/26		395,208,443
	74,041,500		3.663		06/04/26		74,019,277
	316,668,400		3.664		06/04/26		316,573,353
	780,689,800		3.665		06/04/26		780,455,478
	26,359,100		3.668		06/04/26		26,351,188
	528,241,200		3.689		06/04/26		528,082,650
	788,161,800		3.694		06/04/26		787,925,235
	150,000,000		3.576		06/09/26		149,879,900
	300,000,000		3.586		06/09/26		299,759,800
	1,362,830,900		3.626		06/09/26		1,361,739,726
	164,000,000		3.645		06/09/26		163,868,691
	60,000,000		3.650		06/09/26		59,951,960
	947,420,800		3.660		06/09/26		946,662,231
	388,822,000		3.665		06/09/26		388,510,683
	12,000,000,000		3.670		06/09/26		11,990,391,994
	4,104,930,600		3.655		06/11/26		4,100,834,131
	90,000,000		3.665		06/11/26		89,910,185
	277,255,800		3.684		06/11/26		276,979,116
	561,526,100		3.689		06/11/26		560,965,731
	844,114,900		3.647		06/16/26		842,847,876
	1,302,842,600		3.650		06/16/26		1,300,887,021
	7,500,000,000		3.665		06/16/26		7,488,742,431
	966,662,600		3.681		06/16/26		965,211,630
	104,815,500		3.648		06/18/26		104,636,894
	669,197,900		3.665		06/18/26		668,057,585
	300,000,000		3.673		06/18/26		299,488,799
	200,000,000		3.678		06/18/26		199,659,200
	148,529,300		3.665		06/23/26		148,201,668
	4,306,146,200		3.670		06/23/26		4,296,647,520
	125,000,000		3.671		06/23/26		124,724,270
	539,494,200		3.675		06/23/26		538,304,161
	101,317,300		3.676		06/23/26		101,093,810
	146,036,000		3.690		06/23/26		145,713,868
	87,475,100		3.655		06/25/26		87,264,807
	361,665,200		3.665		06/25/26		360,795,746
	58,414,400		3.671		06/25/26		58,273,970
	261,526,800		3.704		06/25/26		260,898,082
	191,802,000		3.667		06/30/26		191,259,313
	500,000,000		3.672		06/30/26		498,585,295
	600,632,700		3.684		06/30/26		598,933,264
	14,999,206,500		3.691	^(a)	06/30/26		14,956,767,596
	77,979,600		3.586		07/02/26		77,741,242
	9,425,400		3.589		07/02/26		9,396,590
	19,811,100		3.592		07/02/26		19,750,544
	22,843,300		3.595		07/02/26		22,773,476
	410,259,500		3.600		07/02/26		409,005,474
	22,171,700		3.603		07/02/26		22,103,928
	90,702,200		3.606		07/02/26		90,424,954
	18,274,600		3.607		07/02/26		18,218,741


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)


$	1,285,733,400		3.612	%	07/02/26	$	1,281,803,342
	760,517,400		3.624		07/02/26		758,192,752
	200,000,000		3.668		07/02/26		199,388,667
	150,000,000		3.673		07/02/26		149,541,500
	481,307,000		3.681		07/02/26		479,835,805
	223,550,300		3.689		07/02/26		222,866,981
	274,421,700		3.694		07/02/26		273,582,884
	174,670,400		3.697		07/02/26		174,136,491
	163,515,500		3.707		07/02/26		163,015,688
	45,931,800		3.670		07/07/26		45,766,871
	571,031,100		3.684		07/07/26		568,980,674
	165,943,700		3.678		07/09/26		165,313,055
	1,678,625,600		3.681		07/09/26		1,672,246,224
	2,719,638,700		3.684		07/09/26		2,709,303,103
	921,857,800		3.686		07/09/26		918,354,412
	204,404,000		3.665		07/14/26		203,526,284
	400,000,000		3.668		07/16/26		398,193,623
	492,878,900		3.699		07/16/26		490,653,087
	274,682,000		3.704		07/16/26		273,441,552
	243,169,900		3.705		07/16/26		242,071,759
	1,100,000,000		3.675		07/21/26		1,094,492,361
	136,637,900		3.697	^(a)	07/30/26		135,826,138
	27,213,000		3.679		08/06/26		27,033,394
	487,049,200		3.684		08/06/26		483,834,675
	45,488,200		3.720		08/18/26		45,130,928
	40,886,100		3.647		08/20/26		40,562,191
	200,570,500		3.696		08/25/26		198,863,584
	1,378,913,600		3.699		08/25/26		1,367,178,623
	1,867,028,200		3.694		09/01/26		1,849,851,541
	97,753,100		3.689		09/08/26		96,782,669
	91,004,800		3.704		09/08/26		90,101,362
	288,590,900		3.709		09/08/26		285,725,953
	9,708,000		3.676		09/17/26		9,603,891
	95,641,100		3.678		09/17/26		94,615,444
	127,521,400		3.681		09/17/26		126,153,859
	514,874,900		3.686		09/17/26		509,353,375
	535,369,700		3.691		09/17/26		529,628,388
	157,239,100		3.723		09/17/26		155,552,866
	1,359,282,800		3.714		09/22/26		1,343,837,572
	225,016,500		3.720	^(a)	09/29/26		222,320,209
	82,750,700		3.707		10/15/26		81,626,192
	113,887,700		3.712		10/15/26		112,340,068
	32,681,700		3.713		10/15/26		32,237,585
	32,681,900		3.720		10/15/26		32,237,782
	87,535,700		3.723		10/15/26		86,346,168
	350,981,000		3.702		10/22/26		345,975,913
	504,188,900		3.619		10/29/26		496,744,102
	253,164,800		3.695		10/29/26		249,426,596
	500,000,000		3.707		10/29/26		492,617,055
	343,191,500		3.712		10/29/26		338,123,972
	79,544,700		3.697		11/05/26		78,297,821
	76,352,900		3.702		11/05/26		75,156,053
	117,902,900		3.726		11/05/26		116,054,749
	10,968,600		3.717		11/12/26		10,788,279
	25,642,000		3.723		11/12/26		25,220,453
	148,603,000		3.728		11/12/26		146,160,011
	69,937,200		3.728		11/19/26		68,737,952
	91,231,100		3.548		12/24/26		89,466,589
	24,862,400		3.711		04/15/27		24,085,000


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	23,127,800		3.714	%	04/15/27	$	22,404,637
	93,570,000		3.717		04/15/27		90,644,242
	11,563,900		3.722		04/15/27		11,202,319
	51,167,500		3.728		04/15/27		49,567,589
	57,819,600		3.733		04/15/27		56,011,690
United States Treasury Floating Rate Note
	96,213,100		4.155		06/30/26		95,969,206
	44,577,700		4.197		06/30/26		44,464,699
	47,993,900		3.728		07/31/26		48,027,986
	45,143,400		3.756		07/31/26		45,175,462
	23,242,700		3.789		07/31/26		23,259,207
	38,660,900		3.846		07/31/26		38,688,358
	23,735,300		3.912		07/31/26		23,752,157
	27,482,400		3.953		07/31/26		27,501,919
	36,963,300		3.959		07/31/26		36,989,552
	6,234,900		3.965		07/31/26		6,239,328
	23,735,400		3.968		07/31/26		23,605,206
	47,470,700		3.973		07/31/26		47,504,415
	39,558,900		3.985		07/31/26		39,341,910
	78,743,500		4.006		07/31/26		78,311,573
	52,347,200		4.088		07/31/26		52,060,063
	31,408,300		4.098		07/31/26		31,236,018
	31,013,600		4.099		07/31/26		30,843,483
	31,285,600		4.104		07/31/26		31,307,820
	62,571,100		4.109		07/31/26		62,615,539
	94,117,900		4.111		07/31/26		93,601,641
	58,663,500		4.114		07/31/26		58,454,098
	78,213,900		4.119		07/31/26		77,946,402
	36,952,500		3.867		08/31/26		36,670,538
	49,899,000		3.881		08/31/26		49,518,251
	139,718,600		3.886		08/31/26		138,652,493
	21,711,500		3.895		08/31/26		21,545,833
	37,497,900		3.910		08/31/26		37,211,777
	39,919,200		3.922		08/31/26		39,614,601
	31,094,000		3.926		08/31/26		30,856,741
	41,214,000		3.931		08/31/26		41,194,838
	63,316,200		3.933		08/31/26		63,135,532
	26,053,800		3.934		08/31/26		25,854,999
	19,730,900		3.935		08/31/26		19,580,346
	17,482,900		3.955		08/31/26		17,349,499
	24,727,800		3.977		08/31/26		24,716,303
	20,370,100		3.655		09/30/26		20,180,845
	73,242,700		3.663		09/30/26		72,562,216
	16,853,900		3.673		09/30/26		16,697,314
	24,817,500		3.689		09/30/26		24,586,925
	40,426,000		3.692		09/30/26		40,050,410
	41,465,700		3.694		09/30/26		41,435,626
	65,418,400		3.695		09/30/26		65,370,953
	6,329,400		3.697		09/30/26		6,324,809
	2,172,200		3.699		09/30/26		2,170,625
	153,192,000		3.705		09/30/26		152,197,744
	62,198,500		3.709		09/30/26		62,064,595
	15,823,600		3.710		09/30/26		15,812,123
	76,440,200		3.714		09/30/26		75,730,008
	17,485,100		3.719		09/30/26		17,472,418
	24,333,400		3.733		09/30/26		24,107,323
	26,227,700		3.790		09/30/26		25,984,023
	10,389,400		3.803		09/30/26		10,292,874
	40,702,800		3.846		09/30/26		40,324,638


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	57,404,900		3.847	%	09/30/26	$	56,871,562
	10,935,300		3.848		09/30/26		10,927,369
	19,192,200		3.849		09/30/26		19,178,280
	55,517,800		3.862		09/30/26		55,120,879
	106,624,000		3.867		09/30/26		105,633,376
	40,001,900		3.543		11/30/26		39,625,738
	31,629,800		3.575		11/30/26		31,332,366
	20,382,000		3.604		11/30/26		20,439,702
	14,445,500		3.655		11/30/26		14,486,395
	75,954,700		3.666		11/30/26		76,169,729
	20,462,000		3.668		11/30/26		20,519,928
	85,745,700		3.671		11/30/26		85,988,448
	27,715,800		3.676		11/30/26		27,794,264
	57,693,100		3.678		11/30/26		57,567,322
	18,946,300		3.680		11/30/26		18,999,937
	9,474,200		3.681		11/30/26		9,501,022
	72,213,700		3.541		12/31/26		71,250,407
	47,925,000		3.547		12/31/26		47,285,706
	174,805,600		3.612		12/31/26		172,473,785
	143,240,900		3.613		12/31/26		141,330,142
	42,439,400		3.614		12/31/26		41,873,281
	18,950,300		3.615		12/31/26		18,697,513
	19,088,000		3.620		12/31/26		18,833,376
	93,611,000		3.626		12/31/26		93,938,240
	38,220,100		3.629		12/31/26		38,353,707
	28,989,600		3.631		12/31/26		29,090,940
	15,008,800		3.633		12/31/26		15,061,267
	144,639,500		3.635		12/31/26		143,927,604
	81,503,500		3.642		12/31/26		81,788,415
	19,337,100		3.643		12/31/26		19,404,697
	2,137,400		3.646		12/31/26		2,108,888
	95,399,500		3.487		02/15/27		95,724,695
	91,666,000		3.783		02/15/27		91,978,469
	50,301,900		3.558		02/28/27		50,499,222
	25,002,300		3.566		02/28/27		25,100,378
	48,081,400		3.578		02/28/27		48,270,012
	28,360,900		3.657		02/28/27		28,472,153
	19,360,900		3.611		03/15/27		19,450,561
	17,014,700		3.683		03/15/27		17,093,496
	94,743,600		3.528		03/31/27		94,957,748
	92,078,400		3.532		03/31/27		92,286,523
	90,631,700		3.543		03/31/27		90,836,553
	37,131,500		3.558		03/31/27		37,215,428
	44,518,100		3.583		03/31/27		44,618,724
	42,964,300		3.591		03/31/27		43,061,412
	47,836,500		3.594		03/31/27		47,944,624
	254,499,000		3.599		03/31/27		255,074,240
	85,215,200		3.604		03/31/27		85,407,811
	42,034,300		3.609		03/31/27		42,129,310
	91,918,400		3.623		03/31/27		92,126,162
	79,284,500		3.649		03/31/27		77,348,530
	84,799,700		3.654		03/31/27		84,991,371
	42,536,800		3.658		03/31/27		42,632,945
	42,536,800		3.662		03/31/27		42,632,945
	16,273,300		3.674		03/31/27		16,108,889
	144,625,100		3.675		03/31/27		143,163,938
	42,536,800		3.680		03/31/27		42,632,945
	58,245,400		3.797		03/31/27		57,656,941
	49,924,700		3.819		03/31/27		49,420,306


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	83,207,700		3.829	%	03/31/27	$	82,367,044
	211,558,700		3.739		04/30/27		210,187,231
	329,431,900		3.740		04/30/27		328,380,662
	125,425,100		3.746		04/30/27		125,422,909
	19,354,500		3.749		04/30/27		18,794,112
	28,909,800		3.750		04/30/27		28,909,295
	187,583,100		3.751		04/30/27		186,751,782
	62,932,800		3.754		04/30/27		62,485,677
	34,691,800		3.761		04/30/27		34,691,194
	30,768,100		3.765		04/30/27		29,877,244
	39,614,700		3.768		04/30/27		39,614,008
	38,460,100		3.781		04/30/27		37,346,530
	38,460,100		3.782		04/30/27		38,459,428
	53,844,200		3.790		04/30/27		52,285,201
	23,076,100		3.791		04/30/27		22,870,701
	23,076,100		3.794		04/30/27		22,870,701
	76,920,300		3.795		04/30/27		76,918,956
	49,875,500		3.729		05/15/27		49,239,559
	58,771,200		3.757		05/15/27		59,138,229
	46,786,400		3.758		05/15/27		46,189,846
	53,881,600		3.764		05/15/27		53,194,579
	37,105,800		3.836		05/15/27		37,337,528
	54,068,400		3.888		05/15/27		54,406,060
	126,190,400		3.784		05/31/27		126,270,261
	124,620,000		3.789		05/31/27		124,321,843
	230,852,800		3.808		05/31/27		229,928,618
	48,394,500		3.809		05/31/27		47,841,774
	26,115,800		3.810		05/31/27		26,132,328
	62,064,800		3.901		05/31/27		62,104,078
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.098%)
	155,246,100		3.728	^(b)	01/31/27		155,165,786
	387,723,900		3.729	^(b)	01/31/27		387,523,319
	1,115,426,000		3.730	^(b)	01/31/27		1,114,848,958
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.099%)
	25,472,100		3.725	^(b)	01/31/28		25,472,388
	134,595,600		3.726	^(b)	01/31/28		134,597,122
	166,793,600		3.727	^(b)	01/31/28		166,795,486
	151,667,400		3.728	^(b)	01/31/28		151,669,115
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.103%)
	901,323,800		3.730	^(b)	04/30/28		901,541,599
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.159%)
	1,144,174,100		3.790	^(b)	07/31/27		1,143,637,277
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%)
	3,476,788,400		3.783	^(b)	04/30/27		3,478,923,801
	2,488,921,800		3.784	^(b)	04/30/27		2,490,450,466
	316,050,700		3.785	^(b)	04/30/27		316,244,815
	311,661,900		3.786	^(b)	04/30/27		311,853,319
	3,126,454,300		3.787	^(b)	04/30/27		3,128,374,530
	200,836,000		3.788	^(b)	04/30/27		200,959,351
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%)
	118,675,100		3.805	^(b)	07/31/26		118,690,335
	1,589,840,900		3.806	^(b)	07/31/26		1,590,044,996
	847,088,300		3.807	^(b)	07/31/26		847,197,045


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	320,736,000		3.808	%^(b)	07/31/26	$	320,777,175
	212,036,800		3.809	^(b)	07/31/26		212,064,020
	1,157,287,800		3.810	^(b)	07/31/26		1,157,436,367
	106,294,700		3.811	^(b)	07/31/26		106,308,346
	32,145,500		3.812	^(b)	07/31/26		32,149,627
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.190%)
	530,977,600		3.814	^(b)	10/31/27		530,977,600
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%)
	52,900		3.829	^(b)	10/31/26		52,906
	277,579,400		3.830	^(b)	10/31/26		277,608,605
	279,342,900		3.831	^(b)	10/31/26		279,372,290
	58,733,000		3.832	^(b)	10/31/26		58,739,179
	235,319,900		3.833	^(b)	10/31/26		235,344,659

TOTAL INVESTMENTS - 114.4%						$	118,389,946,950

LIABILITIES IN EXCESS OF OTHER ASSETS - (14.4)%							(14,906,170,212)

NET ASSETS - 100.0%						$	103,483,776,738


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

(a)		All or a portion represents a forward commitment.
(b)		Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2026.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.



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


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations - 46.4%

United States Treasury Bills
$	539,838,100		3.665	%	06/16/26	$	539,027,196
	9,456,900		3.676		06/16/26		9,442,695
	10,804,800		3.681		06/16/26		10,788,570
	74,948,500		3.665		06/18/26		74,820,911
	37,216,600		3.665		06/23/26		37,134,576
	17,488,000		3.670		06/23/26		17,449,457
	18,471,500		3.675		06/23/26		18,430,789
	10,782,800		3.676		06/23/26		10,759,035
	3,061,000		3.690		06/23/26		3,054,254
	86,135,200		3.681		06/25/26		85,927,614
	21,481,300		3.667		06/30/26		21,419,112
	63,923,200		3.684		06/30/26		63,738,143
	8,094,100		3.603		07/02/26		8,069,097
	40,682,500		3.606		07/02/26		40,556,830
	25,614,100		3.607		07/02/26		25,534,977
	174,923,500		3.612		07/02/26		174,383,153
	71,677,800		3.689		07/02/26		71,456,384
	712,923,600		3.694		07/02/26		710,721,346
	143,881,500		3.704		07/02/26		143,437,043
	30,176,200		3.684		07/07/26		30,067,867
	19,700,800		3.677		07/09/26		19,625,831
	49,710,800		3.678		07/09/26		49,521,631
	41,034,000		3.681		07/09/26		40,877,849
	487,246,800		3.684		07/09/26		485,392,631
	77,843,800		3.686		07/09/26		77,547,573
	8,401,600		3.704		07/09/26		8,369,629
	63,523,800		3.715		07/09/26		63,282,067
	20,777,400		3.717		07/09/26		20,698,334
	54,162,600		3.704		07/16/26		53,917,514
	29,418,900		3.697	^(a)	07/30/26		29,244,123
	33,719,700		3.679		08/06/26		33,497,279
	6,559,800		3.684		08/06/26		6,516,530
	10,803,900		3.707		08/18/26		10,719,337
	9,710,800		3.647		08/20/26		9,633,869
	236,542,600		3.694		08/25/26		234,531,138
	103,528,900		3.699		08/25/26		102,648,532
	194,987,500		3.694		09/01/26		193,188,835
	7,481,900		3.699		09/01/26		7,412,883
	183,029,500		3.715		09/01/26		181,341,142
	29,632,600		3.689		09/08/26		29,339,107
	222,161,400		3.694		09/08/26		219,961,029
	33,983,700		3.704		09/08/26		33,647,112
	19,662,400		3.709		09/08/26		19,467,656
	82,110,600		3.699		09/15/26		81,238,155
	205,471,900		3.704		09/15/26		203,288,712
	429,905,300		3.686		09/17/26		425,296,327
	26,733,200		3.691		09/17/26		26,446,596
	48,663,500		3.723		09/17/26		48,141,783
	215,329,000		3.714		09/22/26		212,882,264
	48,447,300		3.720	^(a)	09/29/26		47,866,774
	265,594,900		3.712		10/15/26		261,985,711
	31,159,300		3.713		10/15/26		30,735,874
	147,510,700		3.718		10/15/26		145,506,166
	31,159,200		3.720		10/15/26		30,735,775
	145,822,400		3.707		10/22/26		143,742,932
	106,699,700		3.619		10/29/26		105,168,115
	19,558,500		3.697		11/05/26		19,251,742
	34,545,300		3.702		11/05/26		34,003,488


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	20,661,400		3.710	%	11/05/26	$	20,337,344
	172,855,700		3.712		11/05/26		170,144,613
	28,954,400		3.718		11/05/26		28,500,276
	67,457,900		3.726		11/05/26		66,399,883
	207,827,700		3.702		11/12/26		204,419,359
	14,919,000		3.717		11/12/26		14,674,331
	22,738,000		3.723		11/12/26		22,365,100
	38,282,000		3.728		11/12/26		37,654,181
	173,657,300		3.733		11/12/26		170,809,348
	37,267,200		3.728		11/19/26		36,628,161
	59,162,400		3.548		12/24/26		58,018,133
	18,876,300		3.711		04/15/27		18,286,056
	17,559,300		3.714		04/15/27		17,010,237
	59,651,100		3.717		04/15/27		57,785,865
	8,779,600		3.722		04/15/27		8,505,070
	32,154,300		3.728		04/15/27		31,148,865
	43,898,200		3.733		04/15/27		42,525,544
United States Treasury Floating Rate Note
	38,246,800		4.155		06/30/26		38,149,816
	19,993,900		4.197		06/30/26		19,943,200
	31,953,700		3.728		07/31/26		31,976,216
	5,497,200		3.756		07/31/26		5,501,074
	10,190,300		3.789		07/31/26		10,197,480
	20,117,100		3.846		07/31/26		20,131,275
	19,115,900		3.912		07/31/26		19,129,370
	15,361,200		3.953		07/31/26		15,372,024
	19,450,900		3.959		07/31/26		19,464,606
	3,280,900		3.965		07/31/26		3,283,212
	38,231,900		3.973		07/31/26		38,258,840
	31,859,900		3.985		07/31/26		31,686,982
	63,418,300		4.006		07/31/26		63,074,101
	13,453,600		4.104		07/31/26		13,463,080
	26,907,100		4.109		07/31/26		26,926,060
	36,285,800		4.111		07/31/26		36,088,861
	30,525,300		4.114		07/31/26		30,416,339
	11,211,300		4.119		07/31/26		11,219,200
	340,900		3.867		08/31/26		338,292
	23,528,600		3.881		08/31/26		23,348,587
	65,880,800		3.886		08/31/26		65,376,759
	22,280,100		3.895		08/31/26		22,109,639
	17,283,400		3.910		08/31/26		17,151,168
	18,822,900		3.922		08/31/26		18,678,890
	13,371,300		3.926		08/31/26		13,268,999
	9,075,900		3.933		08/31/26		9,006,462
	26,736,100		3.934		08/31/26		26,531,547
	20,247,700		3.935		08/31/26		20,092,789
	49,892,800		3.938		08/31/26		49,511,080
	1,716,700		3.939		08/31/26		1,715,766
	31,068,300		3.977		08/31/26		31,051,398
	35,919,200		3.663		09/30/26		35,585,736
	8,190,700		3.673		09/30/26		8,114,660
	11,816,200		3.689		09/30/26		11,706,502
	45,697,400		3.692		09/30/26		45,456,786
	19,043,600		3.694		09/30/26		19,030,433
	38,440,800		3.695		09/30/26		38,414,222
	5,097,600		3.697		09/30/26		5,094,076
	810,600		3.699		09/30/26		810,040
	23,319,100		3.701		09/30/26		23,102,612
	94,262,900		3.705		09/30/26		93,784,620


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	28,565,300		3.709	%	09/30/26	$	28,504,643
	12,744,000		3.710		09/30/26		12,735,189
	37,148,600		3.714		09/30/26		36,803,723
	8,497,500		3.719		09/30/26		8,491,625
	18,096,100		3.733		09/30/26		17,928,101
	12,746,200		3.790		09/30/26		12,627,868
	3,877,000		3.803		09/30/26		3,841,007
	20,596,200		3.817		09/30/26		20,404,991
	32,341,500		3.846		09/30/26		32,041,250
	21,422,000		3.847		09/30/26		21,223,124
	4,080,800		3.848		09/30/26		4,077,979
	7,162,000		3.849		09/30/26		7,157,048
	20,717,500		3.862		09/30/26		20,569,668
	39,788,800		3.867		09/30/26		39,419,412
	23,723,500		3.543		11/30/26		23,500,262
	21,801,800		3.575		11/30/26		21,596,646
	16,511,100		3.604		11/30/26		16,558,146
	6,823,500		3.632		11/30/26		6,842,942
	11,702,000		3.655		11/30/26		11,735,343
	25,140,700		3.661		11/30/26		25,212,334
	50,281,500		3.666		11/30/26		50,424,768
	19,283,000		3.668		11/30/26		19,337,944
	37,160,800		3.671		11/30/26		37,266,683
	4,296,700		3.676		11/30/26		4,308,943
	36,299,000		3.678		11/30/26		36,167,933
	17,854,700		3.680		11/30/26		17,905,574
	5,065,600		3.681		11/30/26		5,080,034
	28,211,500		3.541		12/31/26		27,834,754
	29,521,000		3.547		12/31/26		29,126,766
	91,445,500		3.612		12/31/26		90,224,306
	102,136,000		3.613		12/31/26		100,772,041
	20,624,800		3.614		12/31/26		20,349,369
	10,132,300		3.615		12/31/26		9,996,990
	10,157,000		3.620		12/31/26		10,021,360
	49,945,200		3.626		12/31/26		50,119,722
	18,574,300		3.629		12/31/26		18,639,204
	7,247,700		3.631		12/31/26		7,273,025
	73,531,200		3.635		12/31/26		73,168,688
	45,933,400		3.642		12/31/26		46,093,903
	10,113,300		3.643		12/31/26		10,148,639
	7,987,000		3.646		12/31/26		7,880,339
	44,209,800		3.487		02/15/27		44,359,562
	44,279,200		3.783		02/15/27		44,429,197
	32,200,500		3.558		02/28/27		32,327,436
	10,867,100		3.566		02/28/27		10,909,939
	20,898,200		3.578		02/28/27		20,980,582
	13,250,800		3.657		02/28/27		13,303,035
	10,951,400		3.611		03/15/27		11,002,418
	7,858,500		3.683		03/15/27		7,895,109
	35,935,200		3.528		03/31/27		36,016,072
	41,207,000		3.532		03/31/27		41,299,736
	40,559,400		3.543		03/31/27		40,650,678
	24,079,300		3.558		03/31/27		24,133,490
	23,722,200		3.583		03/31/27		23,775,586
	22,597,600		3.591		03/31/27		22,648,456
	25,490,400		3.594		03/31/27		25,547,766
	165,745,000		3.599		03/31/27		166,118,007
	38,458,400		3.604		03/31/27		38,544,950
	19,414,100		3.609		03/31/27		19,457,791


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	48,345,500		3.623	%	03/31/27	$	48,454,301
	36,618,700		3.649		03/31/27		35,724,544
	39,165,800		3.654		03/31/27		39,253,942
	19,646,200		3.658		03/31/27		19,690,413
	19,646,200		3.662		03/31/27		19,690,413
	9,824,000		3.674		03/31/27		9,724,539
	66,797,100		3.675		03/31/27		66,120,828
	19,646,200		3.680		03/31/27		19,690,413
	29,926,100		3.797		03/31/27		29,623,120
	25,650,900		3.819		03/31/27		25,391,203
	42,751,500		3.829		03/31/27		42,318,672
	92,820,100		3.739		04/30/27		92,178,828
	159,761,000		3.740		04/30/27		159,251,597
	45,888,400		3.746		04/30/27		45,887,273
	8,874,100		3.749		04/30/27		8,617,121
	21,949,100		3.750		04/30/27		21,948,561
	91,355,500		3.751		04/30/27		90,955,545
	29,338,500		3.754		04/30/27		29,115,690
	26,339,000		3.761		04/30/27		26,338,353
	15,321,800		3.765		04/30/27		14,878,107
	19,727,100		3.768		04/30/27		19,726,616
	19,152,200		3.781		04/30/27		18,597,585
	19,152,200		3.782		04/30/27		19,151,730
	26,813,100		3.790		04/30/27		26,036,639
	11,491,300		3.791		04/30/27		11,388,995
	11,491,400		3.794		04/30/27		11,389,094
	38,304,500		3.795		04/30/27		38,303,559
	33,819,900		3.729		05/15/27		33,389,445
	23,807,400		3.758		05/15/27		23,504,383
	29,905,900		3.762		05/15/27		30,092,089
	25,685,800		3.764		05/15/27		25,358,875
	20,534,900		3.836		05/15/27		20,662,747
	29,922,300		3.888		05/15/27		30,108,591
	47,124,900		3.781		05/31/27		47,154,887
	17,591,700		3.784		05/31/27		17,602,894
	64,183,900		3.789		05/31/27		64,023,588
	111,339,900		3.808		05/31/27		110,894,515
	24,121,400		3.809		05/31/27		23,845,964
	12,517,700		3.810		05/31/27		12,525,665
	30,811,300		3.901		05/31/27		30,830,906
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.098%)
	131,413,700		3.729	^(b)	01/31/27		131,349,378
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.099%)
	29,933,400		3.725	^(b)	01/31/28		29,933,869
	93,212,100		3.726	^(b)	01/31/28		93,213,562
	323,947,000		3.727	^(b)	01/31/28		323,952,079
	135,422,100		3.728	^(b)	01/31/28		135,424,223
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.103%)
	316,867,700		3.730	^(b)	04/30/28		316,944,269
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.159%)
	9,211,600		3.787	^(b)	07/31/27		9,207,388
	734,699,400		3.790	^(b)	07/31/27		734,363,457
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%)
	109,382,200		3.783	^(b)	04/30/27		109,398,600


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	48,051,700		3.784	%^(b)	04/30/27	$	48,058,905
	379,120,500		3.786	^(b)	04/30/27		379,177,343
	1,171,253,200		3.787	^(b)	04/30/27		1,171,428,812
	432,437,400		3.788	^(b)	04/30/27		432,502,238
	229,662,600		3.789	^(b)	04/30/27		229,697,034
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%)
	30,875,500		3.810	^(b)	07/31/26		30,871,976
	282,363,400		3.815	^(b)	07/31/26		282,331,176
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.190%)
	623,975,600		3.818	^(b)	10/31/27		623,975,600
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%)
	863,105,200		3.831	^(b)	10/31/26		863,162,228
	17,323,600		3.832	^(b)	10/31/26		17,324,745
	1,016,626,900		3.833	^(b)	10/31/26		1,016,694,071

TOTAL U.S. TREASURY OBLIGATIONS						$	17,966,931,538

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	17,966,931,538



Repurchase Agreements^(c)- 55.1%

Barclays Bank PLC
	925,000,000		3.620	^(d)	06/01/26	$	925,000,000
Maturity Value: $927,883,432
Settlement Date: 05/01/26
Collateralized by a U.S. Treasury Bond, 3.875%, due 02/15/43, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/28 to 08/15/54 and U.S. Treasury Notes, 2.500% to 5.000%, due 05/31/26 to 02/28/33. The aggregate market value of the collateral, including accrued interest, was $943,784,661.
	900,000,000		3.610		06/30/26	$	900,000,000
Settlement Date: 06/01/26


BNP Paribas
	145,000,000		3.610	^(d)	06/24/26	$	145,000,000
Maturity Value: $147,646,331
Settlement Date: 12/24/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/45, U.S. Treasury Notes, 0.375% to 4.125%, due 07/31/27 to 11/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/40 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $147,900,001.
	415,000,000		3.640	^(d)	08/17/26	$	415,000,000
Maturity Value: $422,594,960
Settlement Date: 02/17/26
Collateralized by U.S. Treasury Bills, 0.000%, due 06/18/26 to 01/21/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/26 to 01/15/27 and U.S. Treasury Principal- Only Stripped Securities, 0.000%, due 05/15/50 to 08/15/50. The aggregate market value of the collateral, including accrued interest, was $423,300,000.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

BNP Paribas – (continued)
$	150,000,000		3.560	%^(d)	09/10/26	$	150,000,000
Maturity Value: $154,049,501
Settlement Date: 12/11/25
Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/48, U.S. Treasury Notes, 0.375% to 4.500%, due 07/31/27 to 11/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $152,999,999.
	280,000,000		3.650	^(d)	09/16/26	$	280,000,000
Maturity Value: $285,223,556
Settlement Date: 03/16/26
Collateralized by a U.S. Treasury Floating Rate Note, 3.869%, due 10/31/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/28 to 08/15/51, U.S. Treasury Notes, 1.250% to 4.125%, due 05/31/28 to 10/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/53. The aggregate market value of the collateral, including accrued interest, was $285,599,983.


BofA Securities, Inc.
	50,000,000		3.550		06/01/26	$	50,000,000
Maturity Value: $50,014,791
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/54 and a U.S. Treasury Note, 4.500%, due 04/15/27. The aggregate market value of the collateral, including accrued interest, was $51,000,001.
	100,000,000		3.570		06/01/26	$	100,000,000
Maturity Value: $100,029,750
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 2.375% to 4.625%, due 02/15/42 to 05/15/54, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/40 to 05/15/49 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/53. The aggregate market value of the collateral, including accrued interest, was $102,000,002.
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 1.125%, due 05/15/40, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 07/31/26 and U.S. Treasury Notes, 1.250% to 4.000%, due 12/15/27 to 03/31/31. The aggregate market value of the collateral, including accrued interest, was $101,999,999.
	75,000,000		3.710	^(d)	07/30/26	$	75,000,000
Maturity Value: $77,821,147
Settlement Date: 07/30/25
Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/46 and U.S. Treasury Notes, 1.250% to 4.375%, due 11/30/26 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $76,500,001.


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Citigroup Global Markets, Inc.
$	1,000,000		3.610	%	06/01/26	$	1,000,000
Maturity Value: $1,000,301
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 3.625% to 4.125%, due 02/15/53 to 08/15/53 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $1,020,037.
	100,000,000		3.700		06/24/26	$	100,000,000
Maturity Value: $101,993,889
Settlement Date: 12/12/25
Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, a U.S. Treasury Inflation-Indexed Note, 2.125%, due 04/15/29 and U.S. Treasury Notes, 2.375% to 4.625%, due 04/15/29 to 05/31/29. The aggregate market value of the collateral, including accrued interest, was $102,000,069.
	285,000,000		3.710		06/24/26	$	285,000,000
Maturity Value: $290,786,054
Settlement Date: 12/09/25
Collateralized by a U.S. Treasury Bond, 6.125%, due 08/15/29, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 1.625% to 4.000%, due 02/15/27 to 08/31/29. The aggregate market value of the collateral, including accrued interest, was $290,700,048.
	200,000,000		3.720		06/24/26	$	200,000,000
Maturity Value: $204,195,333
Settlement Date: 12/03/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 1.625% to 4.500%, due 05/31/29 to 08/15/29. The aggregate market value of the collateral, including accrued interest, was $204,000,007.
	297,000,000		3.620	^(d)	08/10/26	$	297,000,000
Maturity Value: $302,435,433
Settlement Date: 02/09/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 2.625% to 4.500%, due 05/31/29 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $302,940,080.
	412,000,000		3.620	^(d)	08/18/26	$	412,000,000
Maturity Value: $419,498,632
Settlement Date: 02/18/26
Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 2.375% to 4.625%, due 04/30/29 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $420,240,100.
	800,000,000		3.610	^(d)	09/08/26	$	800,000,000
Maturity Value: $819,494,004
Settlement Date: 01/08/26
Collateralized by a U.S. Treasury Bond, 6.125%, due 08/15/29, U.S. Treasury Inflation-Indexed Notes, 0.250% to 1.625%, due 07/15/29 to 10/15/29 and U.S. Treasury Notes, 1.625% to 4.000%, due 02/15/27 to 09/30/29. The aggregate market value of the collateral, including accrued interest, was $816,000,054.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Citigroup Global Markets, Inc. – (continued)
$	140,000,000		3.540	%	11/10/26	$	140,000,000
Maturity Value: $143,772,067
Settlement Date: 02/09/26
Collateralized by U.S. Treasury Bonds, 4.500% to 4.750%, due 11/15/54 to 08/15/55, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 02/15/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $142,800,047.
	138,000,000		3.620	^(d)	11/13/26	$	138,000,000
Maturity Value: $141,261,018
Settlement Date: 03/23/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 2.375% to 4.500%, due 05/15/29 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $140,760,028.
	150,000,000		3.700		12/14/26	$	150,000,000
Maturity Value: $154,255,000
Settlement Date: 03/13/26
Collateralized by U.S. Treasury Bonds, 4.500% to 4.750%, due 11/15/54 to 08/15/55, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 02/15/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $153,000,039.


Credit Agricole Corporate and Investment Bank
	100,000,000		3.560		06/01/26	$	100,000,000
Maturity Value: $100,029,667
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 1.375% to 4.000%, due 11/15/42 to 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 02/15/42 to 02/15/56, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 10/15/27 to 07/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 02/15/53, U.S. Treasury Notes, 0.500% to 4.625%, due 06/30/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 05/15/53. The aggregate market value of the collateral, including accrued interest, was $102,000,029.
	213,000,000		3.620	^(d)	07/06/26	$	213,000,000
Maturity Value: $216,855,302
Settlement Date: 01/07/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 08/13/26, U.S. Treasury Bonds, 1.875% to 4.750%, due 02/15/45 to 08/15/54, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 1.375% to 4.625%, due 02/15/27 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $217,260,000.
	213,000,000		3.620	^(d)	07/06/26	$	213,000,000
Maturity Value: $216,855,302
Settlement Date: 01/07/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 08/13/26, U.S. Treasury Bonds, 1.875% to 4.750%, due 11/15/43 to 08/15/54 and U.S. Treasury Notes, 1.250% to 4.625%, due 05/15/27 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $217,260,003.


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Credit Agricole Corporate and Investment Bank – (continued)
$	275,000,000		3.620	%^(d)	07/28/26	$	275,000,000
Maturity Value: $280,005,155
Settlement Date: 01/28/26
Collateralized by U.S. Treasury Bonds, 1.875% to 4.625%, due 02/15/51 to 02/15/55, a U.S. Treasury Floating Rate Note, 3.823%, due 07/31/27, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 02/15/56, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 05/15/27 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $280,499,999.
	550,000,000		3.620	^(d)	07/28/26	$	550,000,000
Maturity Value: $560,010,310
Settlement Date: 01/28/26
Collateralized by U.S. Treasury Bonds, 1.375% to 3.125%, due 11/15/40 to 08/15/42, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 07/15/26 to 10/15/26 and U.S. Treasury Notes, 1.875% to 4.625%, due 05/15/27 to 02/29/32. The aggregate market value of the collateral, including accrued interest, was $561,000,000.
	100,000,000		3.620	^(d)	09/04/26	$	100,000,000
Maturity Value: $101,840,167
Settlement Date: 03/05/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 07/23/26, a U.S. Treasury Bond, 1.375%, due 11/15/40, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.750%, due 10/15/26 to 07/15/31 and U.S. Treasury Notes, 2.000% to 5.000%, due 05/31/26 to 01/31/33. The aggregate market value of the collateral, including accrued interest, was $101,999,998.
	241,000,000		3.620	^(d)	09/11/26	$	241,000,000
Maturity Value: $245,459,037
Settlement Date: 03/11/26
Collateralized by U.S. Treasury Bonds, 1.375% to 4.750%, due 11/15/40 to 08/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 10/15/26 to 07/15/31 and U.S. Treasury Notes, 1.375% to 4.375%, due 05/15/27 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $245,819,998.
	70,000,000		3.610	^(d)	10/02/26	$	70,000,000
Maturity Value: $71,284,559
Settlement Date: 04/02/26
Collateralized by U.S. Treasury Bills, 0.000%, due 07/23/26 to 08/13/26, U.S. Treasury Bonds, 1.875% to 4.875%, due 02/15/42 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 3.500% to 4.125%, due 11/30/29 to 11/30/30. The aggregate market value of the collateral, including accrued interest, was $71,399,998.
	45,000,000		3.620	^(d)	10/22/26	$	45,000,000
Maturity Value: $45,823,550
Settlement Date: 04/23/26
Collateralized by a U.S. Treasury Bond, 4.875%, due 08/15/45, a U.S. Treasury Floating Rate Note, 3.823%, due 07/31/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 10/15/26 to 07/15/35 and U.S. Treasury Notes, 0.875% to 4.375%, due 11/15/26 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $45,900,002.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Credit Agricole Corporate and Investment Bank – (continued)
$	385,000,000		3.620	%^(d)	11/06/26	$	385,000,000
Maturity Value: $391,929,789
Settlement Date: 05/11/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 07/23/26, U.S. Treasury Bonds, 2.000% to 4.625%, due 02/15/42 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 07/15/26 to 07/15/31 and U.S. Treasury Notes, 0.875% to 4.500%, due 11/30/26 to 04/30/33. The aggregate market value of the collateral, including accrued interest, was $392,699,998.


Daiwa Capital Markets America, Inc.
	83,854,167		3.630		06/01/26	$	83,854,167
Maturity Value: $83,879,532
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 4.250%, due 11/30/26. The market value of the collateral, including accrued interest, was $85,531,250.
	101,323,529		3.630		06/01/26	$	101,323,529
Maturity Value: $101,354,180
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation Protected Security, 0.000%, due 05/15/51. The market value of the collateral, including accrued interest, was $103,350,000.


Deutsche Bank Securities, Inc.
	300,000,000		3.600		06/01/26	$	300,000,000
Maturity Value: $300,090,000
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 3.000% to 4.375%, due 08/15/43 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $306,000,061.


Fixed Income Clearing Corporation / Bank of New York Mellon (The)
	221,000,000		3.580		06/01/26	$	221,000,000
Maturity Value: $221,065,932
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 4.250%, due 06/30/29. The market value of the collateral, including accrued interest, was $225,420,071.
	200,000,000		3.620		06/01/26	$	200,000,000
Maturity Value: $200,060,333
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bill, 1.750%, due 11/15/29 and U.S. Treasury Notes, 3.625% to 4.250%, due 08/31/29 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $204,000,000.


Fixed Income Clearing Corporation / BNP Paribas
	3,300,000,000		3.610		06/01/26	$	3,300,000,000
Maturity Value: $3,300,992,750
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 1.375% to 4.750%, due 05/15/41 to 05/15/54, U.S. Treasury Floating Rate Notes, 3.762% to 3.854%, due 07/31/26 to 10/31/27 and U.S. Treasury Notes, 0.625% to 4.500%, due 12/15/28 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $3,366,000,004.


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Fixed Income Clearing Corporation / BofA Securities, Inc.
$	200,000,000		3.630	%	06/01/26	$	200,000,000
Maturity Value: $200,060,500
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 2.250% to 4.750%, due 11/15/39 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $204,000,005.


Fixed Income Clearing Corporation / State Street Bank and Trust Company
	100,000,000		3.590		06/01/26	$	100,000,000
Maturity Value: $100,029,917
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bill, 4.125%, due 11/30/29. The market value of the collateral, including accrued interest, was $102,000,000.
	200,000,000		3.620		06/01/26	$	200,000,000
Maturity Value: $200,060,333
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 4.375% to 4.750%, due 08/15/39 to 11/15/53, a U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50 and a U.S. Treasury Note, 0.500%, due 10/31/27. The aggregate market value of the collateral, including accrued interest, was $204,000,024.
	1,800,000,000		3.620		06/01/26	$	1,800,000,000
Maturity Value: $1,800,543,000
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bills, 0.125% to 3.375%, due 10/15/26 to 05/15/33, U.S. Treasury Bonds, 1.625% to 4.125%, due 08/31/29 to 04/15/30 and a U.S. Treasury Note, 3.500%, due 09/30/29. The aggregate market value of the collateral, including accrued interest, was $1,836,000,000.


HSBC Bank PLC
	558,000,000		3.630		06/09/26	$	558,000,000
Maturity Value: $591,477,664
Settlement Date: 10/25/24
Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 11/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 3.875%, due 04/15/29 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 01/15/28 to 01/15/33, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 06/30/27 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $569,332,264.


HSBC Securities (USA), Inc.
	377,000,000		3.620		06/09/26	$	377,000,000
Maturity Value: $399,594,039
Settlement Date: 10/24/24
Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 07/15/27 to 01/15/32, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 02/15/29 to 05/15/45, a U.S. Treasury Note, 1.125%, due 02/15/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 10/15/26 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $384,656,004.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

J.P. Morgan Securities LLC
$	1,350,000,000		3.620	%^(d)	06/03/26	$	1,350,000,000
Maturity Value: $1,357,737,754
Settlement Date: 04/07/26
Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 07/15/26 to 01/15/27 and a U.S. Treasury Note, 0.875%, due 11/15/30. The aggregate market value of the collateral, including accrued interest, was $1,381,251,527.
	680,000,000		3.620	^(d)	06/15/26	$	680,000,000
Maturity Value: $684,307,802
Settlement Date: 04/13/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/30 and a U.S. Treasury Note, 4.625%, due 09/30/30. The aggregate market value of the collateral, including accrued interest, was $695,741,493.
	655,000,000		3.620	^(d)	06/22/26	$	655,000,000
Maturity Value: $659,544,610
Settlement Date: 04/14/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28 and a U.S. Treasury Note, 0.625%, due 12/31/27. The aggregate market value of the collateral, including accrued interest, was $670,162,793.


Joint Account I
	1,499,000,000		3.610		06/01/26	$	1,499,000,000
Maturity Value: $1,499,450,949
Settlement Date: 05/29/26


Prudential Insurance Company of America (The)
	5,125,000		3.630		06/01/26	$	5,125,000
Maturity Value: $5,126,550
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 4.125%, due 11/15/32. The market value of the collateral, including accrued interest, was $5,227,500.
	7,656,250		3.630		06/01/26	$	7,656,250
Maturity Value: $7,658,566
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation Protected Security, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $7,809,375.
	8,100,000		3.630		06/01/26	$	8,100,000
Maturity Value: $8,102,450
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 0.000%, due 11/15/51. The market value of the collateral, including accrued interest, was $8,262,000.
	8,985,000		3.630		06/01/26	$	8,985,000
Maturity Value: $8,987,718
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation Protected Security, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $9,164,700.
	11,137,500		3.630		06/01/26	$	11,137,500
Maturity Value: $11,140,869
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation Protected Security, 0.000%, due 08/15/51. The market value of the collateral, including accrued interest, was $11,360,250.


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Prudential Insurance Company of America (The) – (continued)
$	12,950,000		3.630	%	06/01/26	$	12,950,000
Maturity Value: $12,953,917
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/53. The market value of the collateral, including accrued interest, was $13,209,000.
	14,175,000		3.630		06/01/26	$	14,175,000
Maturity Value: $14,179,288
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $14,458,500.
	14,512,500		3.630		06/01/26	$	14,512,500
Maturity Value: $14,516,890
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $14,802,750.
	14,812,500		3.630		06/01/26	$	14,812,500
Maturity Value: $14,816,981
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $15,108,750.
	15,687,500		3.630		06/01/26	$	15,687,500
Maturity Value: $15,692,245
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $16,001,250.
	21,712,500		3.630		06/01/26	$	21,712,500
Maturity Value: $21,719,068
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $22,146,750.
	26,875,000		3.630		06/01/26	$	26,875,000
Maturity Value: $26,883,130
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $27,412,500.
	30,762,500		3.630		06/01/26	$	30,762,500
Maturity Value: $30,771,806
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation Protected Security, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $31,377,750.
	42,937,500		3.630		06/01/26	$	42,937,500
Maturity Value: $42,950,489
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 0.000%, due 05/15/52. The market value of the collateral, including accrued interest, was $43,796,250.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Prudential Insurance Company of America (The) – (continued)
$	51,800,000		3.630	%	06/01/26	$	51,800,000
Maturity Value: $51,815,670
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $52,836,000.
	55,500,000		3.630		06/01/26	$	55,500,000
Maturity Value: $55,516,789
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation Protected Security, 4.750%, due 05/15/55. The market value of the collateral, including accrued interest, was $56,610,000.
	145,543,750		3.630		06/01/26	$	145,543,750
Maturity Value: $145,587,777
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation Protected Security, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $148,454,625.


RBC Dominion Securities Inc.
	314,000,000		3.600		06/01/26	$	314,000,000
Maturity Value: $314,094,200
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Notes, 1.000% to 3.875%, due 10/31/27 to 07/31/30. The aggregate market value of the collateral, including accrued interest, was $320,280,093.
	145,000,000		3.610	^(d)	06/24/26	$	145,000,000
Maturity Value: $147,646,331
Settlement Date: 12/24/25
Collateralized by a U.S. Treasury Bill, 0.000%, due 07/02/26, U.S. Treasury Bonds, 2.875% to 4.625%, due 02/15/40 to 11/15/52 and U.S. Treasury Notes, 4.125% to 4.625%, due 04/30/29 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $147,900,066.


Royal Bank of Canada - New York Branch
	100,000,000		3.670	^(d)	06/02/26	$	100,000,000
Maturity Value: $101,834,999
Settlement Date: 12/04/25
Collateralized by U.S. Treasury Notes, 1.250% to 3.750%, due 04/30/28 to 03/15/29. The aggregate market value of the collateral, including accrued interest, was $102,000,081.
	400,000,000		3.590	^(d)	09/01/26	$	400,000,000
Maturity Value: $410,650,331
Settlement Date: 12/08/25
Collateralized by U.S. Treasury Notes, 0.625% to 4.500%, due 11/30/27 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $408,000,047.


Societe Generale
	75,000,000		3.620	^(d)	06/09/26	$	75,000,000
Maturity Value: $77,933,710
Settlement Date: 05/19/25
Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/41. The market value of the collateral, including accrued interest, was $76,500,028.


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Societe Generale – (continued)
$	75,000,000		3.620	%	06/09/26	$	75,000,000
Maturity Value: $78,137,335
Settlement Date: 04/22/25
Collateralized by U.S. Treasury Bonds, 1.875% to 2.875%, due 02/15/41 to 05/15/43. The aggregate market value of the collateral, including accrued interest, was $76,500,056.
	75,000,000		3.620		06/09/26	$	75,000,000
Maturity Value: $79,125,293
Settlement Date: 12/12/24
Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $76,500,005.


Sumitomo Mitsui Banking Corporation
	100,000,000		3.610		06/01/26	$	100,000,000
Maturity Value: $100,030,083
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 3.125% to 4.625%, due 11/15/41 to 05/15/44 and U.S. Treasury Notes, 2.250% to 4.250%, due 11/15/27 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $ 102,030,759.


Wells Fargo Securities, LLC
	100,000,000		3.610		06/01/26	$	100,000,000
Maturity Value: $100,030,083
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 3.625%, due 10/31/30. The market value of the collateral, including accrued interest, was $ 102,000,010


TOTAL REPURCHASE AGREEMENTS						$	21,352,450,196

TOTAL INVESTMENTS - 101.5%						$	39,319,381,734

LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)%							(572,511,531)

NET ASSETS - 100.0%						$	38,746,870,203


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

(a)		All or a portion represents a forward commitment.
(b)		Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2026.
(c)		Unless noted, all repurchase agreements were entered into on May 31, 2026. Additional information on Joint Repurchase Agreement Account I appears in the Additional Investment Information section.
(d)		The instrument is subject to a demand feature.



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


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations - 110.2%

United States Treasury Bills
$	915,189,800		3.665	%	06/04/26	$	914,915,101
	48,640,900		3.668		06/04/26		48,626,300
	63,071,500		3.689		06/04/26		63,052,569
	180,966,900		3.694		06/04/26		180,912,582
	67,764,000		3.576		06/09/26		67,709,744
	71,769,900		3.629		06/09/26		71,712,436
	74,292,000		3.655		06/09/26		74,232,517
	498,992,900		3.660		06/09/26		498,593,373
	75,558,500		3.665		06/09/26		75,498,003
	649,000,000		3.670		06/09/26		648,480,368
	343,042,000		3.655		06/11/26		342,699,534
	46,103,500		3.684		06/11/26		46,057,474
	97,517,000		3.689		06/11/26		97,419,647
	837,266,200		3.647		06/16/26		836,021,021
	119,489,600		3.650		06/16/26		119,311,896
	300,000,000		3.665		06/16/26		299,553,841
	231,970,700		3.681		06/16/26		231,625,714
	461,000,000		3.660		06/18/26		460,216,294
	248,496,600		3.665		06/18/26		248,074,153
	18,012,300		3.657		06/23/26		17,972,568
	267,149,200		3.670		06/23/26		266,559,910
	69,368,200		3.675		06/23/26		69,215,185
	18,157,900		3.676		06/23/26		18,117,846
	35,044,400		3.690		06/23/26		34,967,098
	22,127,800		3.665		06/25/26		22,074,512
	14,017,700		3.671		06/25/26		13,983,943
	48,321,000		3.704		06/25/26		48,204,634
	21,065,200		3.667		06/30/26		21,005,618
	107,644,200		3.684		06/30/26		107,339,735
	1,649,912,700		3.691	^(a)	06/30/26		1,645,246,024
	11,392,400		3.586		07/02/26		11,357,415
	1,638,100		3.589		07/02/26		1,633,070
	3,501,300		3.592		07/02/26		3,490,548
	4,037,200		3.595		07/02/26		4,024,802
	73,909,300		3.600		07/02/26		73,682,330
	3,239,100		3.603		07/02/26		3,229,153
	13,251,000		3.606		07/02/26		13,210,307
	3,229,800		3.607		07/02/26		3,219,882
	231,252,100		3.612		07/02/26		230,541,943
	2,991,500		3.624		07/02/26		2,982,313
	1,000,000,000		3.645		07/02/26		996,929,077
	93,631,100		3.681		07/02/26		93,343,566
	40,064,300		3.689		07/02/26		39,941,266
	52,143,700		3.694		07/02/26		51,983,571
	32,024,200		3.697		07/02/26		31,925,856
	31,489,800		3.707		07/02/26		31,393,097
	1,068,200		3.670		07/07/26		1,064,365
	94,554,200		3.684		07/07/26		94,214,740
	28,413,700		3.678		07/09/26		28,305,696
	273,277,400		3.681		07/09/26		272,238,643
	477,041,200		3.684		07/09/26		475,227,914
	165,088,000		3.686		07/09/26		164,460,482
	33,999,400		3.665		07/14/26		33,853,406
	130,239,200		3.704		07/16/26		129,650,217
	42,587,500		3.705		07/16/26		42,394,906
	20,099,400		3.697	^(a)	07/30/26		19,979,990
	87,800		3.679		08/06/26		87,221
	89,212,000		3.684		08/06/26		88,623,201


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	7,816,200		3.696	%	08/18/26	$	7,754,810
	7,025,400		3.647		08/20/26		6,969,743
	35,126,700		3.696		08/25/26		34,827,771
	197,215,300		3.699		08/25/26		195,536,994
	201,237,100		3.694		09/01/26		199,385,719
	25,032,200		3.689		09/08/26		24,783,788
	16,529,900		3.704		09/08/26		16,365,862
	49,797,100		3.709		09/08/26		49,302,929
	24,105,900		3.676		09/17/26		23,847,470
	16,439,100		3.678		09/17/26		16,262,863
	21,918,800		3.681		09/17/26		21,683,817
	89,652,600		3.686		09/17/26		88,691,468
	92,000,800		3.691		09/17/26		91,014,494
	27,927,500		3.723		09/17/26		27,628,100
	225,712,600		3.714		09/22/26		223,147,878
	33,100,200		3.720	^(a)	09/29/26		32,703,572
	34,667,400		3.712		10/15/26		34,196,278
	5,554,200		3.713		10/15/26		5,478,720
	5,554,100		3.720		10/15/26		5,478,621
	17,138,000		3.723		10/15/26		16,905,098
	64,801,900		3.702		10/22/26		63,877,807
	87,393,000		3.619		10/29/26		86,108,713
	52,154,500		3.695		10/29/26		51,388,062
	64,522,100		3.712		10/29/26		63,573,913
	13,217,300		3.697		11/05/26		13,010,020
	14,421,000		3.702		11/05/26		14,194,843
	26,342,900		3.726		11/05/26		25,929,779
	1,974,300		3.702		11/12/26		1,941,846
	4,563,900		3.723		11/12/26		4,488,877
	20,098,400		3.728		11/12/26		19,768,017
	12,342,400		3.728		11/19/26		12,130,759
	28,473,800		3.548		12/24/26		27,923,085
	4,285,800		3.711		04/15/27		4,151,791
	3,986,800		3.714		04/15/27		3,862,140
	16,072,400		3.717		04/15/27		15,569,846
	1,993,400		3.722		04/15/27		1,931,070
	8,786,600		3.728		04/15/27		8,511,859
	9,967,200		3.733		04/15/27		9,655,544
United States Treasury Floating Rate Note
	11,335,600		4.155		06/30/26		11,306,835
	7,634,500		4.197		06/30/26		7,615,127
	9,538,500		3.660		07/31/26		9,545,108
	1,706,400		3.756		07/31/26		1,707,582
	3,981,000		3.789		07/31/26		3,983,758
	6,729,400		3.846		07/31/26		6,734,062
	4,639,800		3.912		07/31/26		4,643,014
	10,211,200		3.939		07/31/26		10,174,751
	4,842,400		3.953		07/31/26		4,845,755
	6,320,600		3.959		07/31/26		6,324,979
	1,066,100		3.965		07/31/26		1,066,839
	9,279,600		3.973		07/31/26		9,286,029
	12,372,900		3.985		07/31/26		12,305,103
	928,200		3.990		07/31/26		923,114
	15,392,900		4.006		07/31/26		15,308,554
	8,599,000		4.088		07/31/26		8,551,882
	5,159,400		4.098		07/31/26		5,131,129
	8,565,400		4.099		07/31/26		8,518,466
	5,139,200		4.104		07/31/26		5,142,760
	10,278,500		4.109		07/31/26		10,285,621


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	15,381,900		4.111	%	07/31/26	$	15,297,615
	12,848,100		4.119		07/31/26		12,804,133
	6,526,300		3.626		08/31/26		6,476,404
	8,914,200		3.881		08/31/26		8,846,048
	24,960,000		3.886		08/31/26		24,769,173
	8,523,800		3.895		08/31/26		8,458,633
	3,177,500		3.910		08/31/26		3,153,207
	7,131,300		3.922		08/31/26		7,076,779
	5,107,800		3.926		08/31/26		5,068,749
	3,466,900		3.933		08/31/26		3,440,394
	10,228,600		3.934		08/31/26		10,150,399
	7,746,300		3.935		08/31/26		7,687,077
	19,239,700		3.938		08/31/26		19,092,607
	27,695,200		3.977		08/31/26		27,681,514
	8,361,100		3.663		09/30/26		8,282,557
	3,074,800		3.673		09/30/26		3,045,916
	5,221,000		3.689		09/30/26		5,171,955
	5,753,700		3.692		09/30/26		5,699,651
	7,832,400		3.695		09/30/26		7,826,236
	1,237,300		3.697		09/30/26		1,236,326
	763,200		3.699		09/30/26		762,599
	26,455,900		3.705		09/30/26		26,282,021
	10,795,100		3.709		09/30/26		10,771,119
	10,289,900		3.710		09/30/26		10,281,802
	13,945,500		3.714		09/30/26		13,814,498
	3,189,900		3.719		09/30/26		3,187,390
	4,726,600		3.733		09/30/26		4,682,199
	4,784,900		3.790		09/30/26		4,739,951
	3,650,400		3.803		09/30/26		3,616,109
	7,731,800		3.817		09/30/26		7,659,169
	11,905,400		3.846		09/30/26		11,793,563
	20,169,900		3.847		09/30/26		19,980,428
	3,842,300		3.848		09/30/26		3,839,276
	6,743,400		3.849		09/30/26		6,738,093
	19,506,700		3.862		09/30/26		19,365,430
	37,463,500		3.867		09/30/26		37,111,574
	6,975,200		3.543		11/30/26		6,909,608
	5,506,600		3.575		11/30/26		5,454,818
	2,483,800		3.655		11/30/26		2,490,831
	13,232,500		3.666		11/30/26		13,269,957
	3,503,600		3.668		11/30/26		3,513,517
	14,970,300		3.671		11/30/26		15,012,676
	4,890,000		3.676		11/30/26		4,903,842
	6,654,800		3.678		11/30/26		6,673,637
	3,244,100		3.680		11/30/26		3,253,283
	1,663,700		3.681		11/30/26		1,668,409
	3,504,500		3.705		11/30/26		3,514,420
	3,403,700		3.714		11/30/26		3,363,628
	16,238,100		3.536		12/31/26		16,294,917
	10,293,800		3.541		12/31/26		10,156,348
	8,001,600		3.547		12/31/26		7,894,756
	15,205,900		3.612		12/31/26		15,002,858
	24,887,700		3.613		12/31/26		24,555,378
	7,742,500		3.614		12/31/26		7,639,115
	3,317,700		3.615		12/31/26		3,273,399
	3,312,400		3.620		12/31/26		3,268,170
	6,972,800		3.629		12/31/26		6,997,198
	15,792,400		3.635		12/31/26		15,635,850
	12,200,500		3.642		12/31/26		12,243,189


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	3,360,700		3.643	%	12/31/26	$	3,372,459
	5,157,200		3.646		12/31/26		5,088,337
	16,379,900		3.487		02/15/27		16,438,675
	11,030,700		3.783		02/15/27		11,070,281
	4,257,100		3.566		02/28/27		4,273,737
	8,186,600		3.578		02/28/27		8,218,593
	4,848,200		3.657		02/28/27		4,867,147
	6,760,800		3.744		02/28/27		6,787,221
	3,425,000		3.611		03/15/27		3,440,865
	2,987,200		3.683		03/15/27		3,001,037
	18,223,200		3.528		03/31/27		18,264,517
	15,856,400		3.532		03/31/27		15,892,351
	15,607,200		3.543		03/31/27		15,642,586
	11,588,900		3.558		03/31/27		11,615,175
	7,856,500		3.583		03/31/27		7,874,313
	9,106,600		3.591		03/31/27		9,127,247
	8,442,200		3.594		03/31/27		8,461,341
	48,524,500		3.599		03/31/27		48,582,961
	14,798,800		3.604		03/31/27		14,832,353
	21,299,300		3.609		03/31/27		20,976,145
	19,482,700		3.623		03/31/27		19,526,873
	14,888,000		3.654		03/31/27		14,921,755
	7,468,100		3.658		03/31/27		7,485,032
	7,468,100		3.662		03/31/27		7,485,032
	25,391,500		3.675		03/31/27		25,134,929
	7,468,100		3.680		03/31/27		7,485,032
	10,767,000		3.797		03/31/27		10,658,204
	9,228,800		3.819		03/31/27		9,135,547
	15,381,400		3.829		03/31/27		15,225,977
	35,032,800		3.740		04/30/27		35,031,762
	58,890,100		3.746		04/30/27		58,714,867
	3,307,000		3.749		04/30/27		3,211,227
	4,983,600		3.750		04/30/27		4,983,452
	30,200,000		3.751		04/30/27		30,066,944
	19,102,800		3.754		04/30/27		18,783,630
	5,980,200		3.761		04/30/27		5,980,023
	5,852,900		3.765		04/30/27		5,683,396
	7,535,700		3.768		04/30/27		7,535,477
	7,316,100		3.781		04/30/27		7,104,220
	7,316,100		3.782		04/30/27		7,315,883
	125,000,000		3.789	^(b)	04/30/27		125,031,575
	10,242,600		3.790		04/30/27		9,945,967
	4,389,700		3.791		04/30/27		4,350,588
	4,389,700		3.794		04/30/27		4,350,588
	14,632,300		3.795		04/30/27		14,631,867
	9,315,600		3.757		05/15/27		9,374,419
	9,213,200		3.758		05/15/27		9,095,094
	8,625,200		3.764		05/15/27		8,514,632
	4,396,800		3.836		05/15/27		4,424,561
	6,406,800		3.888		05/15/27		6,447,252
	19,905,200		3.784		05/31/27		19,917,753
	19,588,800		3.789		05/31/27		19,543,376
	37,927,600		3.808		05/31/27		37,775,687
	7,767,500		3.809		05/31/27		7,678,772
	4,188,500		3.810		05/31/27		4,191,141
	10,002,000		3.901		05/31/27		10,008,308
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.098%)
	27,297,800		3.728	^(b)	01/31/27		27,287,589


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

GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	7,812,500		3.729	%^(b)	01/31/27	$	7,809,578
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.099%)
	9,680,300		3.725	^(b)	01/31/28		9,680,321
	33,446,800		3.726	^(b)	01/31/28		33,446,875
	117,917,900		3.727	^(b)	01/31/28		117,918,165
	51,571,800		3.728	^(b)	01/31/28		51,571,916
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.103%)
	92,106,400		3.730	^(b)	04/30/28		92,128,657
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.159%)
	271,115,100		3.790	^(b)	07/31/27		270,996,275
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%)
	20,119,900		3.783	^(b)	04/30/27		20,124,983
	205,258,600		3.784	^(b)	04/30/27		205,310,449
	145,172,400		3.786	^(b)	04/30/27		145,209,071
	475,869,700		3.787	^(b)	04/30/27		475,989,906
	184,503,600		3.788	^(b)	04/30/27		184,550,206
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%)
	15,469,000		3.805	^(b)	07/31/26		15,468,408
	37,130,200		3.809	^(b)	07/31/26		37,128,779
	94,107,600		3.815	^(b)	07/31/26		94,103,999
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.190%)
	191,791,200		3.814	^(b)	10/31/27		191,791,200
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%)
	15,688,600		3.829	^(b)	10/31/26		15,690,052
	285,001,700		3.831	^(b)	10/31/26		285,028,087
	5,089,000		3.832	^(b)	10/31/26		5,089,471
	148,412,900		3.833	^(b)	10/31/26		148,426,641

TOTAL U.S. TREASURY OBLIGATIONS						$	16,063,982,260

TOTAL INVESTMENTS - 110.2%						$	16,063,982,260

LIABILITIES IN EXCESS OF OTHER ASSETS - (10.2)%							(1,491,871,488)

NET ASSETS - 100.0%						$	14,572,110,772

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



(a)		All or a portion represents a forward commitment.
(b)		Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2026.



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


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments (continued)

May 31, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I— At May 31, 2026, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of June 1, 2026, as follows:


Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Financial Square Government		$50,500,000		$50,515,192		$51,514,893
Financial Square Treasury Obligations		1,499,000,000		1,499,450,949		1,529,125,251

REPURCHASE AGREEMENTS— At May 31, 2026, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:


Counterparty	Interest Rate		Financial Square Government		Financial Square Treasury Obligations
BNP Paribus		3.610%		$26,578,948		$788,947,368
Credit Agricole Corporate and Investment Bank		3.610		7,973,684		236,684,211
Bank of Nova Scotia (The)		3.610		15,947,368		473,368,421

Total				$50,500,000		$1,499,000,000

At May 31, 2026, the Joint Repurchase Agreement Account I was fully collateralized by cash and:


Issuer	Interest Rate		Maturity Dates
U.S. Treasury Bills		–		11/5/2026
U.S. Treasury Bonds		1.250% to 4.750		08/15/39 to 11/15/54
U.S. Treasury Inflation-Indexed Bonds		0.125 to 1.000		02/15/48 to 02/15/52
U.S. Treasury Inflation-Indexed Notes		0.125 to 1.625		07/15/26 to 10/15/30
U.S. Treasury Interest-Only Stripped Securities		–		11/15/26 to 02/15/48
U.S. Treasury Notes		0.500 to 4.625		08/15/26 to 11/15/34
U.S. Treasury Principal-Only Stripped Securities		–		05/15/30 to 08/15/50

JOINT REPURCHASE AGREEMENT ACCOUNT III— At May 31, 2026, certain Funds had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of June 1, 2026, as follows:

Fund

Principal Amount

Maturity Value

Collateral Value
Allocation

Financial Square Government

$657,930,000

$658,128,640

$677,667,901

REPURCHASE AGREEMENTS— At May 31, 2026, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:


Counterparty	Interest Rate		Financial Square Government
Bank of America, N.A.		3.630%		$197,379,000
Bank of Montreal		3.620		131,586,000
Wells Fargo Securities, LLC		3.620		328,965,000

Total				$657,930,000

At May 31, 2026, the Joint Repurchase Agreement Account III was fully collateralized by cash and:


Issuer	Interest Rate		Maturity Dates
Federal Home Loan Mortgage Corp.		2.000% to 6.500%		05/01/34 to 06/01/56
Federal National Mortgage Association		2.000 to 5.500		08/01/42 to 05/01/56


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

May 31, 2026 (Unaudited)


	Financial Square Federal Instruments Fund			Financial Square Government Fund			Financial Square Treasury Instruments Fund			Financial Square Treasury Obligations Fund

Assets:

Investments, at value (cost $8,898,840,379, $108,908,904,389, $118,389,946,950 and $17,966,931,538, respectively)	$	8,898,840,379		$	108,908,904,389		$	118,389,946,950		$	17,966,931,538

Repurchase agreements, at value (Cost $–, $157,834,202,024, $– and $21,352,450,196, respectively)		—			157,834,202,024			—			21,352,450,196

Cash		1,094,323			2,069,081,683			7,138,246			296,673,509

Receivables:

Investments sold		22,022,868			333,112,254			358,602,413			77,209,090

Interest		7,458,079			783,911,792			124,313,822			107,553,859

Fund shares sold		1,173,877			63,745,484			79,577,335			10,286,942

Reimbursement from investment adviser		25,095			—			—			—

Other assets		487,907			3,445,610			998,641			983,282

Total assets		8,931,102,528			269,996,403,236			118,960,577,407			39,812,088,416

Liabilities:

Payables:

Investments purchased		1,118,889,197			332,688,605			15,315,005,137			977,110,897

Dividend distribution		6,277,669			407,452,855			128,959,681			60,070,867

Fund shares redeemed		1,604,039			96,309,171			22,740,052			23,224,586

Management fees		541,959			16,717,176			6,957,735			2,716,591

Distribution and Service fees and Transfer Agency fees		110,873			5,976,154			2,188,782			1,792,161

Accrued expenses		30,315			1,395,443			949,282			303,111

Total liabilities		1,127,454,052			860,539,404			15,476,800,669			1,065,218,213

Net Assets:

Paid-in capital		7,803,755,275			269,144,334,269			103,487,896,196			38,747,993,244

Total distributable loss		(106,799	)		(8,470,437	)		(4,119,458	)		(1,123,041	)

NET ASSETS	$	7,803,648,476		$	269,135,863,832		$	103,483,776,738		$	38,746,870,203


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities (continued)

May 31, 2026 (Unaudited)


	Financial Square Federal Instruments Fund		Financial Square Government Fund		Financial Square Treasury Instruments Fund		Financial Square Treasury Obligations Fund

Net Assets:

Class A Shares	$	—	$	6,542,183,725	$	—	$	—

Class C Shares		—		7,302,190		—		—

Class D Shares		950,646		114,823,777		45,668,953		—

Service Shares		11,481,228		1,888,341,837		1,969,313,091		2,115,504,727

Preferred Shares		190,042,830		2,108,232,085		84,718,512		733,746,304

Administration Shares		165,425,180		12,689,744,544		2,087,900,495		2,569,785,533

Cash Management Shares		66,801,909		870,281,495		58,771,139		32,156,866

Institutional Shares		7,368,885,125		211,861,155,410		96,310,096,428		31,760,133,351

Capital Shares		61,558		4,958,420,484		328,949,409		1,297,577,266

Class R6 Shares		—		366,762,654		—		—

Drexel Hamilton Class Shares		—		9,644,224,618		—		—

Loop Class Shares		—		7,902,435,189		159,480,677		—

Premier Shares		—		115,266,903		1,376,153,754		14,539,693

Resource Shares		—		8,521,011		—		43,288,955

Seelaus Class Shares		—		9,221,126,404		11,832		—

Select Shares		—		837,041,506		1,062,702,084		180,137,508

Token Shares		—		—		10,364		—

Total Net Assets	$	7,803,648,476	$	269,135,863,832	$	103,483,776,738	$	38,746,870,203

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

Class A Shares		—		6,542,385,665		—		—

Class C Shares		—		7,302,416		—		—

Class D Shares		950,660		114,827,379		45,670,772		—

Service Shares		11,481,392		1,888,400,829		1,969,391,701		2,115,560,840

Preferred Shares		190,045,549		2,108,297,032		84,721,884		733,767,530

Administration Shares		165,427,553		12,690,134,803		2,087,983,666		2,569,856,676

Cash Management Shares		66,802,866		870,308,333		58,773,480		32,157,794

Institutional Shares		7,368,990,621		211,867,789,190		96,313,932,377		31,761,063,682

Capital Shares		61,559		4,958,575,219		328,962,491		1,297,613,683

Class R6 Shares		—		366,774,042		—		—

Drexel Hamilton Class Shares		—		9,644,584,835		—		—

Loop Class Shares		—		7,902,672,266		159,487,041		—

Premier Shares		—		115,270,431		1,376,208,690		14,540,134

Resource Shares		—		8,521,275		—		43,290,186

Seelaus Class Shares		—		9,221,419,139		11,833		—

Select Shares		—		837,067,931		1,062,744,427		180,142,722

Token Shares		—		—		10,364		—

Net asset value, offering and redemption price per share:

Class A Shares	$	—	$	1.00	$	—	$	—

Class C Shares		—		1.00		—		—

Class D Shares		1.00		1.00		1.00		—

Service Shares		1.00		1.00		1.00		1.00

Preferred Shares		1.00		1.00		1.00		1.00

Administration Shares		1.00		1.00		1.00		1.00

Cash Management Shares		1.00		1.00		1.00		1.00

Institutional Shares		1.00		1.00		1.00		1.00

Capital Shares		1.00		1.00		1.00		1.00

Class R6 Shares		—		1.00		—		—

Drexel Hamilton Class Shares		—		1.00		—		—

Loop Class Shares		—		1.00		1.00		—

Premier Shares		—		1.00		1.00		1.00

Resource Shares		—		1.00		—		1.00

Seelaus Class Shares		—		1.00		1.00		—

Select Shares		—		1.00		1.00		1.00

Token Shares		—		—		1.00		—


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities (continued)

May 31, 2026 (Unaudited)


	Financial Square Treasury Solutions Fund

Assets:

Investments, at value (cost $16,063,982,260)	$	16,063,982,260

Cash		115,101,833

Receivables:

Investments sold		52,750,651

Fund shares sold		36,887,333

Interest		18,204,369

Other assets		391,147

Total assets		16,287,317,593

Liabilities:

Payables:

Investments purchased		1,697,938,014

Dividend distribution		13,272,104

Fund shares redeemed		2,219,045

Management fees		1,010,437

Distribution and Service fees and Transfer Agency fees		645,660

Accrued expenses		121,561

Total liabilities		1,715,206,821

Net Assets:

Paid-in capital		14,572,494,319

Total distributable loss		(383,547	)

NET ASSETS	$	14,572,110,772

Net Assets:

Service Shares	$	361,711,389

Preferred Shares		45,053,669

Administration Shares		1,194,434,521

Cash Management Shares		269,929,770

Institutional Shares		12,286,237,314

Capital Shares		302,677,960

Premier Shares		107,400,844

Select Shares		4,665,305

Total Net Assets	$	14,572,110,772

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

Service Shares		361,720,931

Preferred Shares		45,054,858

Administration Shares		1,194,466,027

Cash Management Shares		269,936,905

Institutional Shares		12,286,560,548

Capital Shares		302,685,938

Premier Shares		107,403,683

Select Shares		4,665,428

Net asset value, offering and redemption price per share:

Service Shares	$	1.00

Preferred Shares		1.00

Administration Shares		1.00

Cash Management Shares		1.00

Institutional Shares		1.00

Capital Shares		1.00

Premier Shares		1.00

Select Shares		1.00


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

For the Six Months Ended May 31, 2026 (Unaudited)


	Financial Square Federal Instruments Fund			Financial Square Government Fund			Financial Square Treasury Instruments Fund		Financial Square Treasury Obligations Fund

Investment Income:

Interest income	$	152,077,203		$	5,210,850,934		$	1,882,951,817	$	827,165,721


Expenses:

Fund-Level Expenses:

Management fees		7,360,931			223,517,678			91,024,580		39,817,297

Registration fees		443,091			1,498,610			532,594		486,167

Transfer Agency fees		408,983			13,971,130			5,057,434		2,212,295

Custody, accounting and administrative services		141,862			3,990,270			1,464,537		686,205

Professional fees		57,935			122,061			82,983		109,505

Trustee fees		21,387			262,815			105,828		61,184

Printing and mailing fees		8,300			670,536			245,633		43,987

Other		47,542			707,766			263,365		146,123

Subtotal		8,490,031			244,740,866			98,776,954		43,562,763

Class Specific Expenses:

Administration Share fees		202,953			15,951,565			2,934,719		3,608,717

Preferred Share fees		92,601			1,137,085			56,682		399,511

Cash Management Share fees		74,621			2,194,569			134,908		80,454

Distribution fees - Cash Management Shares		44,773			1,316,748			80,945		48,272

Service Share fees		35,607			4,212,966			5,017,023		4,879,337

Capital Share fees		45			3,762,773			478,981		1,058,236

Distribution fees - Resource Shares		—			6,850			—		30,270

Select Share fees		—			141,672			143,644		23,075

Resource Share fees		—			22,832			—		100,900

Premier Share fees		—			208,071			2,406,974		23,202

Distribution and Service fees - Class A Shares		—			8,053,679			—		—

Distribution fees - Class C Shares		—			35,988			—		—

Total expenses		8,940,631			281,785,664			110,030,830		53,814,737

Less - expense reductions		(147,600	)		(39,864	)		—		—

Net expenses		8,793,031			281,745,800			110,030,830		53,814,737

NET INVESTMENT INCOME	$	143,284,172		$	4,929,105,134		$	1,772,920,987	$	773,350,984


Net realized gain from investment transactions		1,056,795			23,814,764			7,160,888		1,945,998

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	144,340,967		$	4,952,919,898		$	1,780,081,875	$	775,296,982


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations (continued)

For the Six Months Ended May 31, 2026 (Unaudited)


	Financial Square Treasury Solutions Fund

Investment Income:

Interest income	$	316,199,281


Expenses:

Fund-Level Expenses:

Management fees		15,277,708

Transfer Agency fees		848,848

Custody, accounting and administrative services		260,140

Registration fees		205,825

Professional fees		65,112

Printing and mailing fees		32,074

Trustee fees		29,066

Other		79,721

Subtotal		16,798,494

Class Specific Expenses:

Administration Share fees		1,406,276

Service Share fees		880,842

Cash Management Share fees		831,248

Distribution fees - Cash Management Shares		498,751

Capital Share fees		223,525

Premier Share fees		140,279

Preferred Share fees		21,666

Select Share fees		801

Total expenses		20,801,882

Less - expense reductions		—

NET INVESTMENT INCOME	$	295,397,399



Net realized gain from investment transactions		1,402,052

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	296,799,451


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets


	Financial Square Federal Instruments Fund						Financial Square Government Fund
	For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025			For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025

From operations:

Net investment income	$	143,284,172		$	319,013,750		$	4,929,105,134		$	10,626,260,803

Net realized gain from investment transactions		1,056,795			2,611,211			23,814,764			65,559,434


Net increase in net assets resulting from operations		144,340,967			321,624,961			4,952,919,898			10,691,820,237



Distributions to shareholders:

From distributable earnings:

Class A Shares		–			–			(107,547,871	)		(206,633,556	)

Class C Shares		–			–			(93,172	)		(147,487	)

Class D Shares		(6,308	)		(25,130	)		(1,842,207	)		(4,038,221	)

Institutional Shares		(138,548,017	)		(306,910,624	)		(4,064,020,319	)		(8,964,998,836	)

Capital Shares		(1,036	)		(2,365	)		(86,280,220	)		(184,545,129	)

Service Shares		(218,063	)		(690,014	)		(26,024,803	)		(53,750,350	)

Preferred Shares		(3,199,796	)		(6,065,451	)		(39,732,616	)		(83,111,704	)

Select Shares		–			–			(16,835,945	)		(42,619,002	)

Administration Shares		(2,685,800	)		(6,911,872	)		(213,160,786	)		(466,938,010	)

Cash Management Shares		(410,767	)		(1,179,734	)		(12,243,137	)		(28,997,063	)

Premier Shares		–			–			(1,926,724	)		(4,176,042	)

Resource Shares		–			–			(134,326	)		(351,440	)

Class R6 Shares		–			–			(8,838,400	)		(21,420,018	)

Drexel Hamilton Class Shares		–			–			(172,271,840	)		(358,571,142	)

Loop Class Shares		–			–			(137,684,978	)		(152,696,210	)

Seelaus Class Shares		–			–			(89,654,031	)		(123,716,321	)


Total distributions to shareholders		(145,069,787	)		(321,785,190	)		(4,978,291,375	)		(10,696,710,531	)



From share transactions:

Proceeds from sales of shares		6,581,558,765			14,564,540,469			1,225,032,061,841			2,133,706,618,712

Reinvestment of distributions		109,171,147			248,212,016			2,464,265,824			5,368,737,106

Cost of shares redeemed		(7,147,433,921	)		(13,446,190,684	)		(1,236,870,750,281	)		(2,124,479,132,206	)


Net increase (decrease) in net assets resulting from share transactions		(456,704,009	)		1,366,561,801			(9,374,422,616	)		14,596,223,612


TOTAL INCREASE (DECREASE)		(457,432,829	)		1,366,401,572			(9,399,794,093	)		14,591,333,318



Net Assets:

Beginning of period	$	8,261,081,305		$	6,894,679,733		$	278,535,657,925		$	263,944,324,607


End of period	$	7,803,648,476		$	8,261,081,305		$	269,135,863,832		$	278,535,657,925


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)


	Financial Square Treasury Instruments Fund						Financial Square Treasury Obligations Fund
	For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025			For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025

From operations:

Net investment income	$	1,772,920,987		$	3,889,836,645		$	773,350,984		$	1,888,026,924

Net realized gain from investment transactions		7,160,888			28,600,814			1,945,998			12,447,334


Net increase in net assets resulting from operations		1,780,081,875			3,918,437,459			775,296,982			1,900,474,258



Distributions to shareholders:

From distributable earnings:

Class D Shares		(831,292	)		(1,850,150	)		–			–

Institutional Shares		(1,664,526,106	)		(3,639,316,834	)		(660,819,906	)		(1,623,250,230	)

Capital Shares		(10,923,831	)		(30,459,701	)		(24,158,758	)		(62,293,863	)

Service Shares		(30,740,890	)		(76,059,756	)		(29,980,155	)		(66,083,970	)

Preferred Shares		(1,965,767	)		(3,367,548	)		(13,882,692	)		(32,241,467	)

Select Shares		(16,922,329	)		(24,708,518	)		(2,742,624	)		(7,288,924	)

Administration Shares		(38,892,431	)		(97,356,401	)		(48,041,531	)		(108,242,895	)

Cash Management Shares		(745,599	)		(1,866,302	)		(445,713	)		(1,056,319	)

Premier Shares		(22,081,759	)		(40,782,637	)		(214,090	)		(535,442	)

Resource Shares		–			–			(588,659	)		(1,132,881	)

Loop Class Shares		(2,683,812	)		(4,464,175	)		–			–

Seelaus Class Shares		(10,419	)		(794,898	)		–			–

Token Shares		(183	)		(182,451	)		–			–


Total distributions to shareholders		(1,790,324,418	)		(3,921,209,371	)		(780,874,128	)		(1,902,125,991	)



From share transactions:

Proceeds from sales of shares		158,580,174,550			280,825,733,108			172,424,885,834			314,707,459,592

Reinvestment of distributions		1,020,180,372			2,211,606,329			355,077,000			854,533,576

Cost of shares redeemed		(156,529,753,673	)		(276,364,612,142	)		(185,056,404,448	)		(309,352,529,794	)


Net increase (decrease) in net assets resulting from share transactions		3,070,601,249			6,672,727,295			(12,276,441,614	)		6,209,463,374


TOTAL INCREASE (DECREASE)		3,060,358,706			6,669,955,383			(12,282,018,760	)		6,207,811,641



Net Assets:

Beginning of period	$	100,423,418,032		$	93,753,462,649		$	51,028,888,963		$	44,821,077,322


End of period	$	103,483,776,738		$	100,423,418,032		$	38,746,870,203		$	51,028,888,963


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)


	Financial Square Treasury Solutions Fund
	For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025

From operations:

Net investment income	$	295,397,399		$	648,335,466

Net realized gain from investment transactions		1,402,052			4,931,695


Net increase in net assets resulting from operations		296,799,451			653,267,161



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(262,825,122	)		(575,419,092	)

Capital Shares		(5,087,662	)		(7,889,220	)

Service Shares		(5,391,957	)		(13,266,831	)

Preferred Shares		(750,897	)		(2,249,666	)

Select Shares		(94,103	)		(244,551	)

Administration Shares		(18,667,799	)		(41,344,205	)

Cash Management Shares		(4,606,135	)		(10,312,439	)

Premier Shares		(1,287,853	)		(2,987,142	)


Total distributions to shareholders		(298,711,528	)		(653,713,146	)



From share transactions:

Proceeds from sales of shares		24,015,414,864			40,228,906,441

Reinvestment of distributions		207,416,209			448,194,544

Cost of shares redeemed		(27,109,318,040	)		(37,902,034,460	)


Net increase (decrease) in net assets resulting from share transactions		(2,886,486,967	)		2,775,066,525


TOTAL INCREASE (DECREASE)		(2,888,399,044	)		2,774,620,540



Net Assets:

Beginning of period	$	17,460,509,816		$	14,685,889,276


End of period	$	14,572,110,772		$	17,460,509,816


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

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Federal Instruments Fund

	Class D Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,								Period Ended November 30, 2023^(a)
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				Period Ended November 30, 2023^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.017				0.041				0.051				0.041

Net realized gain			0.001				–	^(c)			–				–	^(c)


Total from investment operations			0.018				0.041				0.051				0.041


Distributions to shareholders from net investment income			(0.018	)			(0.041	)			(0.051	)			(0.041	)

Distributions to shareholders from net realized gains			–	^(c)			–	^(c)			–	^(c)			–	^(c)


Total distributions ^(d)			(0.018	)			(0.041	)			(0.051	)			(0.041	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(e)			1.79	%			4.22	%			5.22	%			4.90	%


Net assets, end of period (in 000’s)		$	951			$	215			$	1,226			$	1,441

Ratio of net expenses to average net assets			0.20	%^(f)			0.20	%			0.20	%			0.20	%^(f)

Ratio of total expenses to average net assets			0.21	%^(f)			0.20	%			0.20	%			0.20	%^(f)

Ratio of net investment income to average net assets			3.50	%^(f)			4.17	%			5.07	%			4.93	%^(f)

(a)

Commenced operations on January 31, 2023.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

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

(f)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Federal Instruments Fund

	Institutional Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.018				0.041				0.050				0.048				0.012				–	^(b)

Net realized gain			–	^(b)			–	^(b)			0.001				–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.018				0.041				0.051				0.048				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.79	%			4.22	%			5.22	%			4.90	%			1.18	%			0.01	%


Net assets, end of period (in 000’s)		$	7,368,885			$	7,878,631			$	6,482,065			$	4,869,355			$	3,229,145			$	2,667,247

Ratio of net expenses to average net assets			0.20	%^(e)			0.20	%			0.20	%			0.20	%			0.18	%			0.09	%

Ratio of total expenses to average net assets			0.21	%^(e)			0.20	%			0.20	%			0.20	%			0.21	%			0.20	%

Ratio of net investment income to average net assets			3.51	%^(e)			4.10	%			5.05	%			4.83	%			1.18	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Federal Instruments Fund

	Capital Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.049				0.045				0.011				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–				0.001				–	^(b)			–	^(b)


Total from investment operations			0.017				0.040				0.049				0.046				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.040	)			(0.049	)			(0.046	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.040	)			(0.049	)			(0.046	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.71	%			4.07	%			5.06	%			4.74	%			1.08	%			0.01	%


Net assets, end of period (in 000’s)		$	62			$	61			$	58			$	55			$	130			$	527

Ratio of net expenses to average net assets			0.35	%^(e)			0.35	%			0.35	%			0.35	%			0.27	%			0.09	%

Ratio of total expenses to average net assets			0.35	%^(e)			0.35	%			0.35	%			0.35	%			0.36	%			0.35	%

Ratio of net investment income to average net assets			3.37	%^(e)			3.96	%			4.91	%			4.49	%			0.66	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Federal Instruments Fund

	Service Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.015				0.036				0.046				0.043				0.009				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–				–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.015				0.036				0.046				0.043				0.009				–	^(b)


Distributions to shareholders from net investment income			(0.015	)			(0.036	)			(0.046	)			(0.043	)			(0.009	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.015	)			(0.036	)			(0.046	)			(0.043	)			(0.009	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.53	%			3.71	%			4.70	%			4.38	%			0.86	%			0.01	%


Net assets, end of period (in 000’s)		$	11,481			$	13,182			$	27,105			$	44,902			$	10,055			$	9,839

Ratio of net expenses to average net assets			0.70	%^(e)			0.70	%			0.70	%			0.70	%			0.51	%			0.09	%

Ratio of total expenses to average net assets			0.71	%^(e)			0.70	%			0.70	%			0.70	%			0.71	%			0.70	%

Ratio of net investment income to average net assets			3.02	%^(e)			3.63	%			4.59	%			4.31	%			0.86	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Federal Instruments Fund

	Preferred Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.050				0.046				0.011				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–				0.001				–	^(b)			–	^(b)


Total from investment operations			0.017				0.040				0.050				0.047				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.74	%			4.12	%			5.11	%			4.80	%			1.11	%			0.01	%


Net assets, end of period (in 000’s)		$	190,043			$	180,120			$	140,081			$	107,656			$	174,388			$	2,873

Ratio of net expenses to average net assets			0.30	%^(e)			0.30	%			0.30	%			0.30	%			0.28	%			0.09	%

Ratio of total expenses to average net assets			0.31	%^(e)			0.30	%			0.30	%			0.30	%			0.31	%			0.30	%

Ratio of net investment income to average net assets			3.41	%^(e)			4.00	%			4.96	%			4.61	%			1.75	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Federal Instruments Fund

	Administration Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.016				0.039				0.048				0.046				0.010				–	^(b)

Net realized loss			–	^(b)			–	^(b)			–				(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.016				0.039				0.048				0.045				0.010				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.039	)			(0.048	)			(0.045	)			(0.010	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.039	)			(0.048	)			(0.045	)			(0.010	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.66	%			3.96	%			4.96	%			4.64	%			1.01	%			0.01	%


Net assets, end of period (in 000’s)		$	165,425			$	164,820			$	188,163			$	182,443			$	79,251			$	63,937

Ratio of net expenses to average net assets			0.45	%^(e)			0.45	%			0.45	%			0.45	%			0.36	%			0.09	%

Ratio of total expenses to average net assets			0.46	%^(e)			0.45	%			0.45	%			0.45	%			0.46	%			0.45	%

Ratio of net investment income to average net assets			3.26	%^(e)			3.86	%			4.81	%			4.60	%			1.19	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Federal Instruments Fund

	Cash Management Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.014				0.033				0.042				0.041				0.007				–	^(b)

Net realized gain (loss)			–	^(b)			–	^(b)			0.001				(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.014				0.033				0.043				0.040				0.007				–	^(b)


Distributions to shareholders from net investment income			(0.014	)			(0.033	)			(0.043	)			(0.040	)			(0.007	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.014	)			(0.033	)			(0.043	)			(0.040	)			(0.007	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.38	%			3.40	%			4.38	%			4.07	%			0.70	%			0.01	%


Net assets, end of period (in 000’s)		$	66,802			$	24,053			$	55,980			$	21,081			$	7,791			$	127,537

Ratio of net expenses to average net assets			1.00	%^(e)			1.00	%			1.00	%			1.00	%			0.58	%			0.09	%

Ratio of total expenses to average net assets			1.01	%^(e)			1.00	%			1.00	%			1.00	%			1.01	%			1.00	%

Ratio of net investment income to average net assets			2.71	%^(e)			3.34	%			4.22	%			4.07	%			0.33	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Class A Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.016				0.039				0.048				0.047				0.011				–	^(b)

Net realized gain (loss)			–	^(b)			–	^(b)			0.001				(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.016				0.039				0.049				0.046				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.039	)			(0.049	)			(0.046	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.039	)			(0.049	)			(0.046	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.68	%			4.02	%			4.98	%			4.67	%			1.07	%			0.03	%


Net assets, end of period (in 000’s)		$	6,542,184			$	6,056,201			$	4,346,729			$	2,578,102			$	609,601			$	600,756

Ratio of net expenses to average net assets			0.43	%^(e)			0.42	%			0.43	%			0.43	%			0.31	%			0.07	%

Ratio of total expenses to average net assets			0.43	%^(e)			0.42	%			0.43	%			0.43	%			0.43	%			0.43	%

Ratio of net investment income to average net assets			3.30	%^(e)			3.91	%			4.83	%			4.72	%			0.99	%			0.03	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Class C Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.013				0.032				0.041				0.038				0.007				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.013				0.032				0.041				0.038				0.007				–	^(b)


Distributions to shareholders from net investment income			(0.013	)			(0.032	)			(0.041	)			(0.038	)			(0.007	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.013	)			(0.032	)			(0.041	)			(0.038	)			(0.007	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.30	%			3.24	%			4.20	%			3.89	%			0.67	%			0.03	%


Net assets, end of period (in 000’s)		$	7,302			$	5,280			$	4,648			$	5,211			$	5,578			$	5,029

Ratio of net expenses to average net assets			1.18	%^(e)			1.17	%			1.18	%			1.18	%			0.75	%			0.07	%

Ratio of total expenses to average net assets			1.18	%^(e)			1.17	%			1.18	%			1.18	%			1.18	%			1.18	%

Ratio of net investment income to average net assets			2.55	%^(e)			3.17	%			4.11	%			3.80	%			0.68	%			0.02	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Class D Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,												Period Ended November 30, 2022^(a)
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				Period Ended November 30, 2022^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.018				0.042				0.051				0.050				0.008

Net realized loss			–	^(c)			–	^(c)			–	^(c)			(0.002	)			–	^(c)


Total from investment operations			0.018				0.042				0.051				0.048				0.008


Distributions to shareholders from net investment income			(0.018	)			(0.042	)			(0.051	)			(0.048	)			(0.008	)

Distributions to shareholders from net realized gains			–	^(c)			–	^(c)			–	^(c)			–	^(c)			–


Total distributions^(d)			(0.018	)			(0.042	)			(0.051	)			(0.048	)			(0.008	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(e)			1.80	%			4.28	%			5.25	%			4.93	%			0.82	%


Net assets, end of period (in 000’s)		$	114,824			$	99,102			$	86,563			$	81,635			$	10

Ratio of net expenses to average net assets			0.18	%^(f)			0.17	%			0.18	%			0.18	%			0.15	%^(f)

Ratio of total expenses to average net assets			0.18	%^(f)			0.17	%			0.18	%			0.18	%			0.18	%^(f)

Ratio of net investment income to average net assets			3.55	%^(f)			4.17	%			5.11	%			4.98	%			2.92	%^(f)

(a)

Commenced operations on August 22, 2022.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Institutional Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.018				0.042				0.051				0.048				0.012				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–				–	^(b)			–	^(b)


Total from investment operations			0.018				0.042				0.051				0.048				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.018	)			(0.042	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.018	)			(0.042	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.80	%			4.28	%			5.25	%			4.93	%			1.25	%			0.03	%


Net assets, end of period (in 000’s)		$	211,861,155			$	227,293,697			$	219,702,381			$	214,557,639			$	230,046,292			$	194,824,984

Ratio of net expenses to average net assets			0.18	%^(e)			0.17	%			0.18	%			0.18	%			0.15	%			0.07	%

Ratio of total expenses to average net assets			0.18	%^(e)			0.17	%			0.18	%			0.18	%			0.18	%			0.18	%

Ratio of net investment income to average net assets			3.56	%^(e)			4.17	%			5.10	%			4.82	%			1.30	%			0.02	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Capital Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.050				0.047				0.011				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.040				0.050				0.047				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.73	%			4.12	%			5.09	%			4.77	%			1.14	%			0.03	%


Net assets, end of period (in 000’s)		$	4,958,420			$	5,084,630			$	3,764,796			$	3,856,324			$	3,087,619			$	1,675,429

Ratio of net expenses to average net assets			0.33	%^(e)			0.32	%			0.33	%			0.33	%			0.27	%			0.07	%

Ratio of total expenses to average net assets			0.33	%^(e)			0.32	%			0.33	%			0.33	%			0.33	%			0.33	%

Ratio of net investment income to average net assets			3.40	%^(e)			4.02	%			4.96	%			4.70	%			1.40	%			0.02	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Service Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.015				0.037				0.046				0.043				0.009				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.015				0.037				0.046				0.043				0.009				–	^(b)


Distributions to shareholders from net investment income			(0.015	)			(0.037	)			(0.046	)			(0.043	)			(0.009	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.015	)			(0.037	)			(0.046	)			(0.043	)			(0.009	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.55	%			3.76	%			4.72	%			4.41	%			0.92	%			0.03	%


Net assets, end of period (in 000’s)		$	1,888,342			$	1,447,927			$	1,333,376			$	1,476,967			$	1,190,570			$	908,881

Ratio of net expenses to average net assets			0.68	%^(e)			0.67	%			0.68	%			0.68	%			0.50	%			0.07	%

Ratio of total expenses to average net assets			0.68	%^(e)			0.67	%			0.68	%			0.68	%			0.68	%			0.68	%

Ratio of net investment income to average net assets			3.05	%^(e)			3.67	%			4.61	%			4.34	%			1.01	%			0.02	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Preferred Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.041				0.050				0.048				0.012				–	^(b)

Net realized loss			–	^(b)			–	^(b)			–				(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.041				0.050				0.047				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.041	)			(0.050	)			(0.047	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.041	)			(0.050	)			(0.047	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.75	%			4.17	%			5.14	%			4.82	%			1.18	%			0.03	%


Net assets, end of period (in 000’s)		$	2,108,232			$	2,340,936			$	1,971,951			$	2,183,829			$	1,742,072			$	1,077,741

Ratio of net expenses to average net assets			0.28	%^(e)			0.27	%			0.28	%			0.28	%			0.23	%			0.07	%

Ratio of total expenses to average net assets			0.28	%^(e)			0.27	%			0.28	%			0.28	%			0.28	%			0.28	%

Ratio of net investment income to average net assets			3.46	%^(e)			4.06	%			5.01	%			4.76	%			1.40	%			0.02	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Select Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.018				0.041				0.051				0.048				0.012				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.018				0.041				0.051				0.048				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.79	%			4.25	%			5.21	%			4.90	%			1.23	%			0.03	%


Net assets, end of period (in 000’s)		$	837,042			$	965,078			$	1,136,817			$	1,355,264			$	1,119,156			$	1,181,542

Ratio of net expenses to average net assets			0.21	%^(e)			0.20	%			0.21	%			0.21	%			0.17	%			0.07	%

Ratio of total expenses to average net assets			0.21	%^(e)			0.20	%			0.21	%			0.21	%			0.21	%			0.21	%

Ratio of net investment income to average net assets			3.53	%^(e)			4.14	%			5.07	%			4.81	%			1.42	%			0.03	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Administration Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.016				0.039				0.048				0.046				0.011				–	^(b)

Net realized gain			–	^(b)			–	^(b)			0.001				–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.016				0.039				0.049				0.046				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.039	)			(0.049	)			(0.046	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.039	)			(0.049	)			(0.046	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.68	%			4.02	%			4.98	%			4.67	%			1.07	%			0.03	%


Net assets, end of period (in 000’s)		$	12,689,745			$	12,960,786			$	12,512,474			$	10,067,366			$	9,178,619			$	7,904,302

Ratio of net expenses to average net assets			0.43	%^(e)			0.42	%			0.43	%			0.43	%			0.32	%			0.07	%

Ratio of total expenses to average net assets			0.43	%^(e)			0.42	%			0.43	%			0.43	%			0.43	%			0.43	%

Ratio of net investment income to average net assets			3.31	%^(e)			3.92	%			4.84	%			4.59	%			1.07	%			0.02	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Cash Management Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.014				0.034				0.043				0.041				0.008				–	^(b)

Net realized loss			–	^(b)			–	^(b)			–	^(b)			(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.014				0.034				0.043				0.040				0.008				–	^(b)


Distributions to shareholders from net investment income			(0.014	)			(0.034	)			(0.043	)			(0.040	)			(0.008	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.014	)			(0.034	)			(0.043	)			(0.040	)			(0.008	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.40	%			3.45	%			4.41	%			4.09	%			0.76	%			0.03	%


Net assets, end of period (in 000’s)		$	870,281			$	819,338			$	638,455			$	542,413			$	148,429			$	302,333

Ratio of net expenses to average net assets			0.98	%^(e)			0.97	%			0.98	%			0.98	%			0.61	%			0.07	%

Ratio of total expenses to average net assets			0.98	%^(e)			0.97	%			0.98	%			0.98	%			0.98	%			0.98	%

Ratio of net investment income to average net assets			2.75	%^(e)			3.37	%			4.30	%			4.14	%			0.45	%			0.03	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Premier Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.016				0.038				0.048				0.044				0.010				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			0.001				–	^(b)			–	^(b)


Total from investment operations			0.016				0.038				0.048				0.045				0.010				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.038	)			(0.048	)			(0.045	)			(0.010	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.038	)			(0.048	)			(0.045	)			(0.010	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.63	%			3.91	%			4.88	%			4.56	%			1.01	%			0.03	%


Net assets, end of period (in 000’s)		$	115,267			$	120,111			$	121,603			$	119,784			$	365,028			$	9,922,502

Ratio of net expenses to average net assets			0.53	%^(e)			0.52	%			0.53	%			0.53	%			0.33	%			0.07	%

Ratio of total expenses to average net assets			0.53	%^(e)			0.52	%			0.53	%			0.53	%			0.53	%			0.53	%

Ratio of net investment income to average net assets			3.21	%^(e)			3.82	%			4.76	%			4.39	%			0.33	%			0.03	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Resource Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.014				0.035				0.044				0.042				0.008				–	^(b)

Net realized gain			–	^(b)			–	^(b)			0.001				–				–	^(b)			–	^(b)


Total from investment operations			0.014				0.035				0.045				0.042				0.008				–	^(b)


Distributions to shareholders from net investment income			(0.014	)			(0.035	)			(0.045	)			(0.042	)			(0.008	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.014	)			(0.035	)			(0.045	)			(0.042	)			(0.008	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.47	%			3.60	%			4.57	%			4.25	%			0.84	%			0.03	%


Net assets, end of period (in 000’s)		$	8,521			$	9,563			$	10,429			$	8,513			$	9,214			$	10,447

Ratio of net expenses to average net assets			0.83	%^(e)			0.82	%			0.83	%			0.83	%			0.56	%			0.07	%

Ratio of total expenses to average net assets			0.83	%^(e)			0.82	%			0.83	%			0.83	%			0.83	%			0.83	%

Ratio of net investment income to average net assets			2.91	%^(e)			3.52	%			4.45	%			4.16	%			0.83	%			0.02	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Class R6 Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.018				0.042				0.051				0.048				0.012				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.018				0.042				0.051				0.048				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.018	)			(0.042	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.018	)			(0.042	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.80	%			4.28	%			5.25	%			4.93	%			1.25	%			0.03	%


Net assets, end of period (in 000’s)		$	366,763			$	527,583			$	518,093			$	316,732			$	268,194			$	311,454

Ratio of net expenses to average net assets			0.18	%^(e)			0.17	%			0.18	%			0.18	%			0.15	%			0.07	%

Ratio of total expenses to average net assets			0.18	%^(e)			0.17	%			0.18	%			0.18	%			0.18	%			0.18	%

Ratio of net investment income to average net assets			3.56	%^(e)			4.17	%			5.08	%			4.83	%			1.26	%			0.03	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Drexel Hamilton Class Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.018				0.042				0.051				0.049				0.012				–	^(b)

Net realized loss			–	^(b)			–	^(b)			–	^(b)			(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.018				0.042				0.051				0.048				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.018	)			(0.042	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.018	)			(0.042	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.80	%			4.28	%			5.25	%			4.93	%			1.25	%			0.03	%


Net assets, end of period (in 000’s)		$	9,644,225			$	12,281,366			$	11,749,435			$	11,012,314			$	7,563,684			$	4,948,288

Ratio of net expenses to average net assets			0.18	%^(e)			0.17	%			0.18	%			0.18	%			0.15	%			0.07	%

Ratio of total expenses to average net assets			0.18	%^(e)			0.17	%			0.18	%			0.18	%			0.18	%			0.18	%

Ratio of net investment income to average net assets			3.56	%^(e)			4.18	%			5.09	%			4.91	%			1.33	%			0.03	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Loop Class Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,																Period Ended November 30, 2021^(a)
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				Period Ended November 30, 2021^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.018				0.042				0.051				0.049				0.012				–	^(c)

Net realized loss			–	^(c)			–	^(c)			–	^(c)			(0.001	)			–	^(c)			–	^(c)


Total from investment operations			0.018				0.042				0.051				0.048				0.012				–	^(c)


Distributions to shareholders from net investment income			(0.018	)			(0.042	)			(0.051	)			(0.048	)			(0.012	)			–	^(c)

Distributions to shareholders from net realized gains			–	^(c)			–	^(c)			–	^(c)			–	^(c)			–	^(c)			–	^(c)


Total distributions ^(d)			(0.018	)			(0.042	)			(0.051	)			(0.048	)			(0.012	)			–	^(c)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(e)			1.80	%			4.28	%			5.25	%			4.93	%			1.25	%			–	%^(f)


Net assets, end of period (in 000’s)		$	7,902,435			$	4,745,624			$	3,700,089			$	2,922,240			$	2,365,925			$	504,408

Ratio of net expenses to average net assets			0.18	%^(g)			0.17	%			0.18	%			0.18	%			0.15	%			0.07	%^(g)

Ratio of total expenses to average net assets			0.18	%^(g)			0.17	%			0.18	%			0.18	%			0.18	%			0.18	%^(g)

Ratio of net investment income to average net assets			3.54	%^(g)			4.17	%			5.09	%			4.95	%			1.36	%			0.03	%^(g)

(a)

Commenced operations on August 23, 2021.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Amount is less than 0.005%.

(g)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Government Fund

	Seelaus Class Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,																Period Ended November 30, 2021^(a)
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				Period Ended November 30, 2021^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.018				0.041				0.050				0.049				0.012				–	^(c)

Net realized gain (loss)			–	^(c)			–	^(c)			0.001				(0.001	)			–	^(c)			–	^(c)


Total from investment operations			0.018				0.041				0.051				0.048				0.012				–	^(c)


Distributions to shareholders from net investment income			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(c)

Distributions to shareholders from net realized gains			–	^(c)			–	^(c)			–	^(c)			–	^(c)			–	^(c)			–	^(c)


Total distributions ^(d)			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(c)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(e)			1.80	%			4.28	%			5.25	%			4.93	%			1.25	%			–	%^(f)


Net assets, end of period (in 000’s)		$	9,221,126			$	3,778,436			$	2,346,486			$	684,634			$	2,005,266			$	10

Ratio of net expenses to average net assets			0.18	%^(g)			0.17	%			0.18	%			0.18	%			0.15	%			0.07	%^(g)

Ratio of total expenses to average net assets			0.18	%^(g)			0.17	%			0.18	%			0.18	%			0.18	%			0.18	%^(g)

Ratio of net investment income to average net assets			3.54	%^(g)			4.13	%			5.00	%			4.91	%			1.55	%			0.03	%^(g)

(a)

Commenced operations on August 23, 2021.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Amount is less than 0.005%.

(g)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Class D Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,								Period Ended November 30, 2023^(a)
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				Period Ended November 30, 2023^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.018				0.041				0.051				0.041


Total from investment operations			0.018				0.041				0.051				0.041


Distributions to shareholders from net investment income			(0.018	)			(0.041	)			(0.051	)			(0.041	)

Distributions to shareholders from net realized gains			–	^(c)			–	^(c)			–	^(c)			–	^(c)


Total distributions ^(d)			(0.018	)			(0.041	)			(0.051	)			(0.041	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(e)			1.79	%			4.21	%			5.20	%			4.14	%


Net assets, end of period (in 000’s)		$	45,669			$	45,419			$	31,501			$	28,025

Ratio of net expenses to average net assets			0.20	%^(f)			0.19	%			0.20	%			0.24	%^(f)

Ratio of net investment income to average net assets			3.53	%^(f)			4.08	%			5.07	%			4.93	%^(f)

(a)

Commenced operations on January 31, 2023.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Institutional Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.018				0.041				0.051				0.047				0.011				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–				0.001				–	^(b)			–	^(b)


Total from investment operations			0.018				0.041				0.051				0.048				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.79	%			4.21	%			5.20	%			4.84	%			1.14	%			0.01	%


Net assets, end of period (in 000’s)		$	96,310,096			$	92,671,564			$	86,340,277			$	79,002,981			$	92,045,963			$	101,041,091

Ratio of net expenses to average net assets			0.20	%^(e)			0.19	%			0.20	%			0.20	%			0.17	%			0.07	%

Ratio of total expenses to average net assets			0.20	%^(e)			0.19	%			0.20	%			0.20	%			0.20	%			0.20	%

Ratio of net investment income to average net assets			3.53	%^(e)			4.10	%			5.05	%			4.75	%			1.11	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Capital Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.049				0.045				0.010				–	^(b)

Net realized gain (loss)			–	^(b)			(0.001	)			–				0.001				–	^(b)			–	^(b)


Total from investment operations			0.017				0.039				0.049				0.046				0.010				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.039	)			(0.049	)			(0.046	)			(0.010	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.039	)			(0.049	)			(0.046	)			(0.010	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.71	%			4.05	%			5.04	%			4.68	%			1.03	%			0.01	%


Net assets, end of period (in 000’s)		$	328,949			$	784,397			$	1,054,741			$	520,343			$	957,608			$	826,871

Ratio of net expenses to average net assets			0.35	%^(e)			0.34	%			0.35	%			0.35	%			0.27	%			0.07	%

Ratio of total expenses to average net assets			0.35	%^(e)			0.34	%			0.35	%			0.35	%			0.35	%			0.35	%

Ratio of net investment income to average net assets			3.38	%^(e)			3.96	%			4.87	%			4.50	%			1.09	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Service Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.015				0.036				0.045				0.042				0.008				–	^(b)

Net realized gain			–	^(b)			–	^(b)			0.001				0.001				–	^(b)			–	^(b)


Total from investment operations			0.015				0.036				0.046				0.043				0.008				–	^(b)


Distributions to shareholders from net investment income			(0.015	)			(0.036	)			(0.046	)			(0.043	)			(0.008	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.015	)			(0.036	)			(0.046	)			(0.043	)			(0.008	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.54	%			3.69	%			4.68	%			4.32	%			0.82	%			0.01	%


Net assets, end of period (in 000’s)		$	1,969,313			$	2,032,904			$	2,048,743			$	698,078			$	912,338			$	1,569,931

Ratio of net expenses to average net assets			0.70	%^(e)			0.69	%			0.69	%			0.70	%			0.47	%			0.07	%

Ratio of total expenses to average net assets			0.70	%^(e)			0.69	%			0.69	%			0.70	%			0.70	%			0.70	%

Ratio of net investment income to average net assets			3.03	%^(e)			3.59	%			4.50	%			4.20	%			0.69	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Preferred Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.049				0.048				0.011				–	^(b)

Net realized gain (loss)			–	^(b)			–	^(b)			0.001				(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.040				0.050				0.047				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.74	%			4.11	%			5.10	%			4.73	%			1.07	%			0.01	%


Net assets, end of period (in 000’s)		$	84,719			$	127,023			$	80,799			$	63,099			$	36,610			$	78,191

Ratio of net expenses to average net assets			0.30	%^(e)			0.29	%			0.30	%			0.30	%			0.24	%			0.07	%

Ratio of total expenses to average net assets			0.30	%^(e)			0.29	%			0.30	%			0.30	%			0.30	%			0.30	%

Ratio of net investment income to average net assets			3.43	%^(e)			3.99	%			4.94	%			4.80	%			0.99	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Select Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.051				0.048				0.011				–	^(b)

Net realized gain (loss)			–	^(b)			0.001				–				(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.041				0.051				0.047				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.041	)			(0.051	)			(0.047	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.041	)			(0.051	)			(0.047	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.77	%			4.18	%			5.17	%			4.81	%			1.12	%			0.01	%


Net assets, end of period (in 000’s)		$	1,062,702			$	1,032,292			$	357,644			$	590,745			$	444,262			$	208,542

Ratio of net expenses to average net assets			0.23	%^(e)			0.22	%			0.23	%			0.23	%			0.19	%			0.07	%

Ratio of total expenses to average net assets			0.23	%^(e)			0.22	%			0.23	%			0.23	%			0.23	%			0.23	%

Ratio of net investment income to average net assets			3.50	%^(e)			4.01	%			5.01	%			4.80	%			1.38	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Administration Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.016				0.039				0.048				0.045				0.010				–	^(b)

Net realized loss			–	^(b)			(0.001	)			–				–				–	^(b)			–	^(b)


Total from investment operations			0.016				0.038				0.048				0.045				0.010				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.038	)			(0.048	)			(0.045	)			(0.010	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.038	)			(0.048	)			(0.045	)			(0.010	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.66	%			3.95	%			4.94	%			4.58	%			0.96	%			0.01	%


Net assets, end of period (in 000’s)		$	2,087,900			$	2,397,086			$	2,518,815			$	2,199,709			$	2,188,569			$	2,038,029

Ratio of net expenses to average net assets			0.45	%^(e)			0.44	%			0.45	%			0.45	%			0.34	%			0.07	%

Ratio of total expenses to average net assets			0.45	%^(e)			0.44	%			0.45	%			0.45	%			0.45	%			0.45	%

Ratio of net investment income to average net assets			3.28	%^(e)			3.85	%			4.80	%			4.49	%			0.95	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Cash Management Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.014				0.033				0.042				0.040				0.007				–	^(b)

Net realized gain			–	^(b)			–	^(b)			0.001				–				–	^(b)			–	^(b)


Total from investment operations			0.014				0.033				0.043				0.040				0.007				–	^(b)


Distributions to shareholders from net investment income			(0.014	)			(0.033	)			(0.043	)			(0.040	)			(0.007	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.014	)			(0.033	)			(0.043	)			(0.040	)			(0.007	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.39	%			3.38	%			4.37	%			4.01	%			0.66	%			0.01	%


Net assets, end of period (in 000’s)		$	58,771			$	57,857			$	55,282			$	31,043			$	6,964			$	11,716

Ratio of net expenses to average net assets			1.00	%^(e)			0.99	%			0.99	%			1.00	%			0.54	%			0.07	%

Ratio of total expenses to average net assets			1.00	%^(e)			0.99	%			0.99	%			1.00	%			1.00	%			1.00	%

Ratio of net investment income to average net assets			2.73	%^(e)			3.30	%			4.21	%			3.99	%			0.31	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Premier Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.016				0.038				0.047				0.046				0.009				–	^(b)

Net realized loss			–	^(b)			(0.001	)			–				(0.002	)			–	^(b)			–	^(b)


Total from investment operations			0.016				0.037				0.047				0.044				0.009				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.037	)			(0.047	)			(0.044	)			(0.009	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.037	)			(0.047	)			(0.044	)			(0.009	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.61	%			3.85	%			4.83	%			4.47	%			0.90	%			0.01	%


Net assets, end of period (in 000’s)		$	1,376,154			$	1,165,049			$	1,222,917			$	694,503			$	215,864			$	204,641

Ratio of net expenses to average net assets			0.55	%^(e)			0.54	%			0.55	%			0.55	%			0.39	%			0.07	%

Ratio of total expenses to average net assets			0.55	%^(e)			0.54	%			0.55	%			0.55	%			0.55	%			0.55	%

Ratio of net investment income to average net assets			3.18	%^(e)			3.76	%			4.69	%			4.59	%			0.87	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Loop Class Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,																Period Ended November 30, 2021^(a)
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				Period Ended November 30, 2021^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.018				0.041				0.051				0.046				0.011				–	^(c)

Net realized gain			–	^(c)			–	^(c)			–				0.002				–	^(c)			–	^(c)


Total from investment operations			0.018				0.041				0.051				0.048				0.011				–	^(c)


Distributions to shareholders from net investment income			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.011	)			–	^(c)

Distributions to shareholders from net realized gains			–	^(c)			–	^(c)			–	^(c)			–	^(c)			–	^(c)			–	^(c)


Total distributions ^(d)			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.011	)			–	^(c)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(e)			1.79	%			4.21	%			5.20	%			4.84	%			1.14	%			0.01	%


Net assets, end of period (in 000’s)		$	159,481			$	109,804			$	42,733			$	41,599			$	152,101			$	200,012

Ratio of net expenses to average net assets			0.20	%^(f)			0.19	%			0.20	%			0.20	%			0.17	%			0.07	%^(f)

Ratio of total expenses to average net assets			0.20	%^(f)			0.19	%			0.20	%			0.20	%			0.20	%			0.20	%^(f)

Ratio of net investment income to average net assets			3.52	%^(f)			4.08	%			5.06	%			4.60	%			1.08	%			0.01	%^(f)

(a)

Commenced operations on August 23, 2021.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Seelaus Class Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,																Period Ended November 30, 2021^(a)
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				Period Ended November 30, 2021^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.018				0.041				0.047				0.052				0.011				–	^(c)

Net realized gain (loss)			–	^(c)			–	^(c)			0.004				(0.004	)			–	^(c)			–	^(c)


Total from investment operations			0.018				0.041				0.051				0.048				0.011				–	^(c)


Distributions to shareholders from net investment income			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.011	)			–	^(c)

Distributions to shareholders from net realized gains			–	^(c)			–	^(c)			–	^(c)			–				–	^(c)			–	^(c)


Total distributions ^(d)			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.011	)			–	^(c)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(e)			1.79	%			4.21	%			5.20	%			4.84	%			1.14	%			0.01	%


Net assets, end of period (in 000’s)		$	12			$	12			$	11			$	12,094			$	10			$	10

Ratio of net expenses to average net assets			0.20	%^(f)			0.19	%			0.19	%			0.20	%			0.17	%			0.07	%^(f)

Ratio of total expenses to average net assets			0.20	%^(f)			0.19	%			0.19	%			0.20	%			0.20	%			0.20	%^(f)

Ratio of net investment income to average net assets			3.65	%^(f)			4.05	%			4.73	%			5.17	%			1.15	%			0.03	%^(f)

(a)

Commenced operations on August 23, 2021.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Instruments Fund

	Token Shares

	Six Months Ended May 31, 2026 (Unaudited)				Period Ended November 30, 2025^(a)
	Six Months Ended May 31, 2026 (Unaudited)				Period Ended November 30, 2025^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00


Net investment income^(b)			0.018				0.017

Net realized gain			–	^(c)			0.001


Total from investment operations			0.018				0.018


Distributions to shareholders from net investment income			(0.018	)			(0.018	)

Distributions to shareholders from net realized gains			–	^(c)			–	^(c)


Total distributions ^(d)			(0.018	)			(0.018	)


Net asset value, end of period		$	1.00			$	1.00


Total Return^(e)			1.79	%			1.82	%


Net assets, end of period (in 000’s)		$	10			$	10

Ratio of net expenses to average net assets			0.18	%^(f)			0.19	%^(f)

Ratio of total expenses to average net assets			0.18	%^(f)			0.20	%^(f)

Ratio of net investment income to average net assets			3.54	%^(f)			3.86	%^(f)

(a)

Commenced operations on June 20, 2025.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Obligations Fund

	Institutional Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.018				0.041				0.051				0.048				0.012				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.018				0.041				0.051				0.048				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.79	%			4.24	%			5.21	%			4.91	%			1.24	%			0.02	%


Net assets, end of period (in 000’s)		$	31,760,133			$	42,798,024			$	37,458,284			$	44,096,664			$	39,033,144			$	21,699,895

Ratio of net expenses to average net assets			0.20	%^(e)			0.20	%			0.20	%			0.20	%			0.18	%			0.07	%

Ratio of total expenses to average net assets			0.20	%^(e)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%

Ratio of net investment income to average net assets			3.54	%^(e)			4.13	%			5.07	%			4.80	%			1.56	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Obligations Fund

	Capital Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.049				0.047				0.011				–	^(b)

Net realized loss			–	^(b)			–	^(b)			–	^(b)			(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.040				0.049				0.046				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.040	)			(0.049	)			(0.046	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.040	)			(0.049	)			(0.046	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.72	%			4.08	%			5.05	%			4.75	%			1.13	%			0.02	%


Net assets, end of period (in 000’s)		$	1,297,577			$	1,448,980			$	1,433,494			$	1,089,014			$	743,723			$	371,230

Ratio of net expenses to average net assets			0.35	%^(e)			0.35	%			0.35	%			0.35	%			0.29	%			0.07	%

Ratio of total expenses to average net assets			0.35	%^(e)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%

Ratio of net investment income to average net assets			3.39	%^(e)			3.98	%			4.91	%			4.72	%			1.29	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Obligations Fund

	Service Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.010				0.036				0.046				0.043				0.009				–	^(b)

Net realized gain			0.005				–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.015				0.036				0.046				0.043				0.009				–	^(b)


Distributions to shareholders from net investment income			(0.015	)			(0.036	)			(0.046	)			(0.043	)			(0.009	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.015	)			(0.036	)			(0.046	)			(0.043	)			(0.009	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.54	%			3.72	%			4.69	%			4.39	%			0.92	%			0.02	%


Net assets, end of period (in 000’s)		$	2,115,505			$	2,008,898			$	1,728,729			$	1,535,201			$	1,408,940			$	1,703,918

Ratio of net expenses to average net assets			0.70	%^(e)			0.70	%			0.70	%			0.70	%			0.50	%			0.07	%

Ratio of total expenses to average net assets			0.70	%^(e)			0.70	%			0.70	%			0.70	%			0.70	%			0.70	%

Ratio of net investment income to average net assets			3.04	%^(e)			3.63	%			4.57	%			4.30	%			0.89	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Obligations Fund

	Preferred Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.050				0.047				0.012				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.040				0.050				0.047				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.74	%			4.14	%			5.10	%			4.81	%			1.17	%			0.02	%


Net assets, end of period (in 000’s)		$	733,746			$	873,285			$	832,274			$	1,064,306			$	682,319			$	500,987

Ratio of net expenses to average net assets			0.30	%^(e)			0.30	%			0.30	%			0.30	%			0.25	%			0.07	%

Ratio of total expenses to average net assets			0.30	%^(e)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%

Ratio of net investment income to average net assets			3.44	%^(e)			4.03	%			4.98	%			4.73	%			1.27	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Obligations Fund

	Select Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.018				0.040				0.049				0.047				0.012				–	^(b)

Net realized gain (loss)			(0.001	)			0.001				0.002				0.001				–	^(b)			–	^(b)


Total from investment operations			0.017				0.041				0.051				0.048				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.78	%			4.21	%			5.18	%			4.88	%			1.22	%			0.02	%


Net assets, end of period (in 000’s)		$	180,138			$	435,201			$	373,803			$	240,995			$	163,715			$	87,703

Ratio of net expenses to average net assets			0.23	%^(e)			0.23	%			0.23	%			0.23	%			0.20	%			0.07	%

Ratio of total expenses to average net assets			0.23	%^(e)			0.23	%			0.23	%			0.23	%			0.23	%			0.23	%

Ratio of net investment income to average net assets			3.53	%^(e)			4.05	%			4.92	%			4.71	%			1.48	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Obligations Fund

	Administration Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.024				0.039				0.048				0.046				0.011				–	^(b)

Net realized loss			(0.008	)			–	^(b)			–	^(b)			(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.016				0.039				0.048				0.045				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.039	)			(0.048	)			(0.045	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.039	)			(0.048	)			(0.045	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.67	%			3.98	%			4.95	%			4.65	%			1.06	%			0.02	%


Net assets, end of period (in 000’s)		$	2,569,786			$	3,385,564			$	2,915,737			$	2,294,770			$	1,986,064			$	2,923,435

Ratio of net expenses to average net assets			0.45	%^(e)			0.45	%			0.45	%			0.45	%			0.36	%			0.07	%

Ratio of total expenses to average net assets			0.45	%^(e)			0.45	%			0.45	%			0.45	%			0.45	%			0.45	%

Ratio of net investment income to average net assets			3.29	%^(e)			3.88	%			4.82	%			4.56	%			1.15	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Obligations Fund

	Cash Management Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.011				0.033				0.042				0.038				0.008				–	^(b)

Net realized gain			0.003				–	^(b)			0.001				0.002				–	^(b)			–	^(b)


Total from investment operations			0.014				0.033				0.043				0.040				0.008				–	^(b)


Distributions to shareholders from net investment income			(0.014	)			(0.033	)			(0.043	)			(0.040	)			(0.008	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.014	)			(0.033	)			(0.043	)			(0.040	)			(0.008	)			–


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.39	%			3.41	%			4.37	%			4.08	%			0.76	%			0.02	%


Net assets, end of period (in 000’s)		$	32,157			$	24,974			$	29,691			$	14,974			$	28,115			$	29,933

Ratio of net expenses to average net assets			1.00	%^(e)			1.00	%			1.00	%			1.00	%			0.63	%			0.07	%

Ratio of total expenses to average net assets			1.00	%^(e)			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%

Ratio of net investment income to average net assets			2.74	%^(e)			3.34	%			4.24	%			3.82	%			0.60	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Obligations Fund

	Premier Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.007				0.038				0.047				0.044				0.010				–	^(b)

Net realized gain			0.009				–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.016				0.038				0.047				0.044				0.010				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.038	)			(0.047	)			(0.044	)			(0.010	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.038	)			(0.047	)			(0.044	)			(0.010	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.62	%			3.88	%			4.84	%			4.55	%			1.00	%			0.02	%


Net assets, end of period (in 000’s)		$	14,540			$	17,775			$	16,648			$	15,290			$	42,003			$	13,495

Ratio of net expenses to average net assets			0.55	%^(e)			0.55	%			0.55	%			0.55	%			0.45	%			0.07	%

Ratio of total expenses to average net assets			0.55	%^(e)			0.55	%			0.55	%			0.55	%			0.55	%			0.55	%

Ratio of net investment income to average net assets			3.19	%^(e)			3.77	%			4.72	%			4.38	%			1.45	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Obligations Fund

	Resource Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.044				0.035				0.044				0.044				0.009				–	^(b)

Net realized loss			(0.030	)			–	^(b)			–	^(b)			(0.002	)			–	^(b)			–	^(b)


Total from investment operations			0.014				0.035				0.044				0.042				0.009				–	^(b)


Distributions to shareholders from net investment income			(0.014	)			(0.035	)			(0.044	)			(0.042	)			(0.009	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.014	)			(0.035	)			(0.044	)			(0.042	)			(0.009	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.47	%			3.57	%			4.53	%			4.23	%			0.83	%			0.02	%


Net assets, end of period (in 000’s)		$	43,289			$	36,188			$	32,417			$	11,752			$	1			$	1

Ratio of net expenses to average net assets			0.85	%^(e)			0.85	%			0.85	%			0.85	%			0.35	%			0.07	%

Ratio of total expenses to average net assets			0.85	%^(e)			0.85	%			0.85	%			0.85	%			0.85	%			0.85	%

Ratio of net investment income to average net assets			2.89	%^(e)			3.48	%			4.36	%			4.38	%			0.88	%			0.03	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Solutions Fund

	Institutional Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.018				0.041				0.051				0.048				0.012				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.018				0.041				0.051				0.048				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.018	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.79	%			4.20	%			5.21	%			4.91	%			1.24	%			0.01	%


Net assets, end of period (in 000’s)		$	12,286,237			$	14,808,616			$	12,840,990			$	13,623,371			$	14,341,376			$	9,632,239

Ratio of net expenses to average net assets			0.20	%^(e)			0.20	%			0.20	%			0.20	%			0.17	%			0.09	%

Ratio of total expenses to average net assets			0.20	%^(e)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%

Ratio of net investment income to average net assets			3.53	%^(e)			4.09	%			5.06	%			4.82	%			1.41	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Solutions Fund

	Capital Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.039				0.049				0.046				0.011				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.039				0.049				0.046				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.039	)			(0.049	)			(0.046	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.039	)			(0.049	)			(0.046	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.71	%			4.05	%			5.05	%			4.76	%			1.13	%			0.01	%


Net assets, end of period (in 000’s)		$	302,678			$	260,212			$	156,600			$	164,197			$	206,167			$	243,876

Ratio of net expenses to average net assets			0.35	%^(e)			0.35	%			0.35	%			0.35	%			0.27	%			0.09	%

Ratio of total expenses to average net assets			0.35	%^(e)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%

Ratio of net investment income to average net assets			3.38	%^(e)			3.92	%			4.92	%			4.60	%			0.94	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Solutions Fund

	Service Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.015				0.036				0.046				0.045				0.009				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.015				0.036				0.046				0.045				0.009				–	^(b)


Distributions to shareholders from net investment income			(0.015	)			(0.036	)			(0.046	)			(0.043	)			(0.009	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.015	)			(0.036	)			(0.046	)			(0.043	)			(0.009	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.54	%			3.69	%			4.68	%			4.39	%			0.91	%			0.01	%


Net assets, end of period (in 000’s)		$	361,711			$	330,486			$	440,947			$	418,452			$	158,102			$	233,842

Ratio of net expenses to average net assets			0.70	%^(e)			0.70	%			0.70	%			0.70	%			0.45	%			0.09	%

Ratio of total expenses to average net assets			0.70	%^(e)			0.70	%			0.70	%			0.70	%			0.70	%			0.70	%

Ratio of net investment income to average net assets			3.02	%^(e)			3.60	%			4.57	%			4.45	%			0.81	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Solutions Fund

	Preferred Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.050				0.047				0.012				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.040				0.050				0.047				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.74	%			4.10	%			5.10	%			4.81	%			1.17	%			0.01	%


Net assets, end of period (in 000’s)		$	45,054			$	44,869			$	53,668			$	46,330			$	64,568			$	51,188

Ratio of net expenses to average net assets			0.30	%^(e)			0.30	%			0.30	%			0.30	%			0.24	%			0.09	%

Ratio of total expenses to average net assets			0.30	%^(e)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%

Ratio of net investment income to average net assets			3.43	%^(e)			4.01	%			4.97	%			4.69	%			1.14	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Solutions Fund

	Select Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.041				0.048				0.046				0.012				–	^(b)

Net realized gain			–	^(b)			–	^(b)			0.003				–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.041				0.051				0.046				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.041	)			(0.051	)			(0.048	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.78	%			4.17	%			5.18	%			4.88	%			1.22	%			0.01	%


Net assets, end of period (in 000’s)		$	4,665			$	3,428			$	8,852			$	2,039			$	10,533			$	5,519

Ratio of net expenses to average net assets			0.23	%^(e)			0.23	%			0.23	%			0.23	%			0.20	%			0.09	%

Ratio of total expenses to average net assets			0.23	%^(e)			0.23	%			0.23	%			0.23	%			0.23	%			0.23	%

Ratio of net investment income to average net assets			3.49	%^(e)			4.11	%			4.83	%			4.55	%			1.51	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Solutions Fund

	Administration Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.016				0.038				0.048				0.045				0.011				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.016				0.038				0.048				0.045				0.011				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.038	)			(0.048	)			(0.045	)			(0.011	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.038	)			(0.048	)			(0.045	)			(0.011	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.66	%			3.95	%			4.95	%			4.65	%			1.06	%			0.01	%


Net assets, end of period (in 000’s)		$	1,194,435			$	1,488,294			$	817,770			$	799,651			$	803,909			$	375,220

Ratio of net expenses to average net assets			0.45	%^(e)			0.45	%			0.45	%			0.45	%			0.37	%			0.09	%

Ratio of total expenses to average net assets			0.45	%^(e)			0.45	%			0.45	%			0.45	%			0.45	%			0.45	%

Ratio of net investment income to average net assets			3.28	%^(e)			3.83	%			4.83	%			4.53	%			1.16	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Solutions Fund

	Cash Management Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.014				0.033				0.042				0.039				0.008				–	^(b)

Net realized gain			–	^(b)			–	^(b)			0.001				–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.014				0.033				0.043				0.039				0.008				–	^(b)


Distributions to shareholders from net investment income			(0.014	)			(0.033	)			(0.043	)			(0.040	)			(0.008	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.014	)			(0.033	)			(0.043	)			(0.040	)			(0.008	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.39	%			3.38	%			4.37	%			4.08	%			0.76	%			0.01	%


Net assets, end of period (in 000’s)		$	269,930			$	419,359			$	264,893			$	165,859			$	320,794			$	371,768

Ratio of net expenses to average net assets			1.00	%^(e)			1.00	%			1.00	%			1.00	%			0.61	%			0.09	%

Ratio of total expenses to average net assets			1.00	%^(e)			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%

Ratio of net investment income to average net assets			2.73	%^(e)			3.28	%			4.23	%			3.90	%			0.64	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Financial Square Treasury Solutions Fund

	Premier Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.016				0.037				0.047				0.044				0.010				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.016				0.037				0.047				0.044				0.010				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.037	)			(0.047	)			(0.044	)			(0.010	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.037	)			(0.047	)			(0.044	)			(0.010	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.61	%			3.84	%			4.84	%			4.55	%			1.00	%			0.01	%


Net assets, end of period (in 000’s)		$	107,401			$	105,245			$	102,169			$	66,816			$	91,667			$	122,233

Ratio of net expenses to average net assets			0.55	%^(e)			0.55	%			0.55	%			0.55	%			0.39	%			0.09	%

Ratio of total expenses to average net assets			0.55	%^(e)			0.55	%			0.55	%			0.55	%			0.55	%			0.55	%

Ratio of net investment income to average net assets			3.17	%^(e)			3.74	%			4.71	%			4.40	%			0.85	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

May 31, 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

Goldman Sachs Financial Square Federal Instruments Fund	D, Institutional, Capital, Service, Preferred, Administration and Cash Management	Diversified

Goldman Sachs Financial Square Government Fund	A, C, D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, R6, Drexel Hamilton, Loop and Seelaus	Diversified

Goldman Sachs Financial Square Treasury Instruments Fund	D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Loop, Seelaus and Token	Diversified

Goldman Sachs Financial Square Treasury Obligations Fund	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier and Resource	Diversified

Goldman Sachs Financial Square Treasury Solutions Fund	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management and Premier	Diversified

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule

2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution, Service, Distribution and Service, Administration, Service and Administration, and Shareholder Administration fees and Transfer Agency fees. Non-class specific expenses directly


98

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

E. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectus. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Funds’ Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Funds’ single segment, is consistent with that presented within each Fund’s financial statements.


		99

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Trustees have 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 (including both the amortized cost and market-based methods of valuation) of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of May 31, 2026, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

B. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

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


100

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the six months ended May 31, 2026, Goldman Sachs retained $860 in CDSCs with respect to Class C Shares of the Financial Square Government Fund.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.

F. Other Expense Agreements — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 30, 2027, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

In addition, the Funds have entered into certain offset arrangements with the custodian, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

G. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate is 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds and 0.16% for the Financial Square Government Fund. The Transfer Agency Fee is 0.01% for all funds.

Other contractual annualized rates for each of the Funds are as follows:


	Class A Shares^(a)			Class C Shares^(a)			Capital Shares			Service Shares			Preferred Shares			Select Shares

Administration, Service and/or Shareholder Administration Fees*		N/A			0.25	%		0.15	%		0.25	%		0.10	%		0.03	%

Distribution and/or Service (12b-1) Fees		0.25	%		0.75	%^(b)		N/A			0.25	%^(c)		N/A			N/A

							Administration Shares			Cash Management Shares			Premier Shares			Resource Shares

Administration, Service and/or Shareholder Administration Fees*								0.25	%		0.50	%		0.35	%		0.50	%

Distribution and/or Service (12b-1) Fees								N/A			0.30	%^(b)		N/A			0.15	%^(b)

*	Class D Shares, Institutional Shares, Class R6 Shares, Drexel Hamilton Class Shares, Loop Class Shares, Seelaus Class Shares and Token Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees.

(a)	Financial Square Government Fund only.

(b)	Distribution (12b-1) fee only.

(c)	Service (12b-1) fee only.

N/A Fees not applicable to respective share class.


		101

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the six months ended May 31, 2026, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):



Fund	Other Expense Reimbursements	Total Expense Reductions



Financial Square Federal Instruments Fund	$ 148	$ 148

For the six months ended May 31, 2026, the net effective management fee rate was 0.16% for the Financial Square Government Fund and 0.18% for Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds.

H. Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the six months ended May 31, 2026, there were no purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act.

As of May 31, 2026, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund

Capital Shares

Seelaus Class

Token Shares

Financial Square Federal Instruments Fund

100%

–%

Financial Square Treasury Instruments Fund

–

100

I. Line of Credit Facility — As of May 31, 2026, the Funds participated in a $1,550,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended May 31, 2026 , the Funds did not have any borrowings under the facility. Prior to April 10, 2026, the facility was $1,300,000,000.

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, November 30, 2025, the Funds’ certain timing differences on a tax basis were as follows:


	Financial Square Federal Instruments Fund			Financial Square Government Fund			Financial Square Treasury Instruments Fund			Financial Square Treasury Obligations Fund			Financial Square Treasury Solutions Fund



Timing differences — Dividends Payable	$	(6,075,060	)	$	(443,189,352	)	$	(140,643,119	)	$	(90,456,459	)	$	(16,560,434)

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

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.


102

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

5. TAX INFORMATION (continued)

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

6. OTHER RISKS

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

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of current income, or minimize the volatility of the Fund’s NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

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

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund’s ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, or governments 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.


		103

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

6. OTHER RISKS (continued)

including the Fund, could be subject to increased redemption activity, which could adversely affect the Fund’s NAV. Shareholders of the Fund should not rely on or expect the Investment Adviser or an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.

7. INDEMNIFICATIONS

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

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

9. SUBSEQUENT EVENTS

Subsequent events 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.

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Financial Square Federal Instruments Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2026 (Unaudited)			November 30, 2025

	Shares			Shares


Class D Shares

Shares sold		750,000			537,806

Reinvestment of distributions		6,308			25,133

Shares redeemed		(20,397	)		(1,574,394	)

		735,911			(1,011,455	)

Institutional Shares

Shares sold		6,202,787,564			13,972,179,932

Reinvestment of distributions		103,504,834			235,798,610

Shares redeemed		(6,815,344,747	)		(12,811,268,979	)

		(509,052,349	)		1,396,709,563

Capital Shares

Reinvestment of distributions		1,036			2,366

		1,036			2,366


104

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Financial Square Federal Instruments Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2026 (Unaudited)			November 30, 2025

	Shares			Shares


Service Shares

Shares sold		6,479,299			9,819,773

Reinvestment of distributions		18			1,359

Shares redeemed		(8,179,017	)		(23,742,453	)

		(1,699,700	)		(13,921,321	)

Preferred Shares

Shares sold		94,511,440			222,027,080

Reinvestment of distributions		3,185,590			6,039,751

Shares redeemed		(87,757,791	)		(188,026,277	)

		9,939,239			40,040,554

Administration Shares

Shares sold		162,121,579			262,776,992

Reinvestment of distributions		2,076,535			5,254,593

Shares redeemed		(163,578,183	)		(291,366,772	)

		619,931			(23,335,187	)

Cash Management Shares

Shares sold		114,908,883			97,198,886

Reinvestment of distributions		396,826			1,090,204

Shares redeemed		(72,553,786	)		(130,211,809	)

		42,751,923			(31,922,719	)

NET INCREASE (DECREASE) IN SHARES		(456,704,009	)		1,366,561,801


		105

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Financial Square Government Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2026 (Unaudited)			November 30, 2025

	Shares			Shares


Class A Shares

Shares sold		3,422,402,736			6,341,568,377

Reinvestment of distributions		106,693,215			205,351,086

Shares redeemed		(3,042,544,661	)		(4,837,459,304	)

		486,551,290			1,709,460,159

Class C Shares

Shares sold		3,772,845			3,220,124

Reinvestment of distributions		92,951			146,944

Shares redeemed		(1,843,050	)		(2,735,432	)

		2,022,746			631,636

Class D Shares

Shares sold		207,306,319			224,348,443

Reinvestment of distributions		1,842,258			4,037,776

Shares redeemed		(193,417,024	)		(215,846,422	)

		15,731,553			12,539,797

Institutional Shares

Shares sold		1,020,275,474,747			1,820,245,164,239

Reinvestment of distributions		1,978,806,530			4,574,314,793

Shares redeemed		(1,037,666,400,095	)		(1,817,223,801,579	)

		(15,412,118,818	)		7,595,677,453

Capital Shares

Shares sold		7,641,282,774			16,532,280,523

Reinvestment of distributions		15,367,817			25,103,435

Shares redeemed		(7,782,396,225	)		(15,237,548,539	)

		(125,745,634	)		1,319,835,419

Service Shares

Shares sold		4,754,548,937			7,212,738,086

Reinvestment of distributions		10,651,864			21,916,608

Shares redeemed		(4,324,639,426	)		(7,120,082,304	)

		440,561,375			114,572,390

Preferred Shares

Shares sold		4,091,240,552			8,786,118,793

Reinvestment of distributions		13,572,508			23,494,812

Shares redeemed		(4,337,310,064	)		(8,440,614,807	)

		(232,497,004	)		368,998,798

Select Shares

Shares sold		2,002,763,581			2,676,341,242

Reinvestment of distributions		13,187,462			33,499,178

Shares redeemed		(2,143,903,071	)		(2,881,543,561	)

		(127,952,028	)		(171,703,141	)


106

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)




	Financial Square Government Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2026 (Unaudited)			November 30, 2025

	Shares			Shares


Administration Shares

Shares sold		27,276,985,251			41,760,701,112

Reinvestment of distributions		61,496,058			128,604,460

Shares redeemed		(27,608,339,491	)		(41,440,785,502	)

		(269,858,182	)		448,520,070

Cash Management Shares

Shares sold		2,402,948,120			4,230,571,590

Reinvestment of distributions		11,870,951			27,523,378

Shares redeemed		(2,363,798,975	)		(4,077,211,333	)

		51,020,096			180,883,635

Premier Shares

Shares sold		221,834,953			420,371,119

Reinvestment of distributions		1,684,641			3,540,678

Shares redeemed		(228,352,493	)		(425,401,652	)

		(4,832,899	)		(1,489,855	)

Resource Shares

Shares sold		1,066,368			3,431,356

Reinvestment of distributions		134,333			351,488

Shares redeemed		(2,241,378	)		(4,648,788	)

		(1,040,677	)		(865,944	)

Class R6 Shares

Shares sold		371,690,011			972,417,173

Reinvestment of distributions		8,525,173			21,395,922

Shares redeemed		(540,992,467	)		(984,311,325	)

		(160,777,283	)		9,501,770

Drexel Hamilton Class Shares

Shares sold		93,294,197,025			158,579,636,838

Reinvestment of distributions		44,211,652			87,979,200

Shares redeemed		(95,974,443,694	)		(158,135,343,939	)

		(2,636,035,017	)		532,272,099

Loop Class Shares

Shares sold		44,183,297,934			47,205,899,368

Reinvestment of distributions		117,624,938			110,548,275

Shares redeemed		(41,143,586,783	)		(46,270,960,159	)

		3,157,336,089			1,045,487,484

Seelaus Class Shares

Shares sold		14,881,249,687			18,511,810,329

Reinvestment of distributions		78,503,475			100,929,073

Shares redeemed		(9,516,541,384	)		(17,180,837,560	)

		5,443,211,778			1,431,901,842

NET INCREASE (DECREASE) IN SHARES		(9,374,422,615	)		14,596,223,612


		107

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Financial Square Treasury Instruments Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2026 (Unaudited)			November 30, 2025

	Shares			Shares


Class D Shares

Shares sold		31,893,367			145,015,525

Reinvestment of distributions		831,332			1,850,356

Shares redeemed		(32,470,217	)		(132,947,246	)

		254,482			13,918,635

Institutional Shares

Shares sold		144,273,042,090			251,271,816,495

Reinvestment of distributions		972,502,540			2,097,090,507

Shares redeemed		(141,597,528,982	)		(247,035,070,532	)

		3,648,015,648			6,333,836,470

Capital Shares

Shares sold		3,592,258,815			8,077,491,751

Reinvestment of distributions		10,051,655			27,143,774

Shares redeemed		(4,057,697,303	)		(8,374,931,863	)

		(455,386,833	)		(270,296,338	)

Service Shares

Shares sold		1,753,867,527			4,047,382,156

Reinvestment of distributions		896,291			2,489,576

Shares redeemed		(1,818,152,286	)		(4,065,630,721	)

		(63,388,468	)		(15,758,989	)

Preferred Shares

Shares sold		206,305,756			631,045,943

Reinvestment of distributions		1,890,662			3,224,105

Shares redeemed		(250,489,325	)		(588,047,068	)

		(42,292,907	)		46,222,980

Select Shares

Shares sold		708,191,003			1,873,963,167

Reinvestment of distributions		10,364,126			16,231,450

Shares redeemed		(688,040,143	)		(1,215,561,085	)

		30,514,986			674,633,532

Administration Shares

Shares sold		6,818,511,481			12,798,925,230

Reinvestment of distributions		22,470,456			59,751,951

Shares redeemed		(7,149,938,613	)		(12,980,320,195	)

		(308,956,676	)		(121,643,014	)

Cash Management Shares

Shares sold		50,309,764			97,892,482

Reinvestment of distributions		741,763			1,856,434

Shares redeemed		(50,131,366	)		(97,171,607	)

		920,161			2,577,309


108

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Financial Square Treasury Instruments Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2026 (Unaudited)			November 30, 2025

	Shares			Shares


Premier Shares

Shares sold		950,071,628			1,095,535,156

Reinvestment of distributions		19			44

Shares redeemed		(738,840,538	)		(1,153,377,922	)

		211,231,109			(57,842,722	)

Loop Class Shares

Shares sold		95,723,119			325,355,203

Reinvestment of distributions		431,138			1,630,741

Shares redeemed		(46,464,900	)		(259,917,164	)

		49,689,357			67,068,780

Seelaus Class Shares

Shares sold		100,000,000			361,300,000

Reinvestment of distributions		208			337,209

Shares redeemed		(100,000,000	)		(361,636,739	)

		208			470

Token Shares

Shares sold		—			100,010,000

Reinvestment of distributions		182			182

Shares redeemed		—			(100,000,000	)

		182			10,182

NET INCREASE IN SHARES		3,070,601,249			6,672,727,295


		109

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Financial Square Treasury Obligations Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2026 (Unaudited)			November 30, 2025

	Shares			Shares


Institutional Shares

Shares sold		156,470,946,443			283,320,801,276

Reinvestment of distributions		326,813,227			791,205,108

Shares redeemed		(167,830,984,373	)		(278,770,821,378	)

		(11,033,224,703	)		5,341,185,006

Capital Shares

Shares sold		2,843,888,742			6,380,181,775

Reinvestment of distributions		2,835,330			8,455,460

Shares redeemed		(2,997,964,082	)		(6,373,084,734	)

		(151,240,010	)		15,552,501

Service Shares

Shares sold		1,542,463,555			4,676,213,347

Reinvestment of distributions		3,759,267			5,127,053

Shares redeemed		(1,439,384,038	)		(4,401,108,008	)

		106,838,784			280,232,392

Preferred Shares

Shares sold		1,513,536,802			3,182,513,514

Reinvestment of distributions		6,766,873			14,917,472

Shares redeemed		(1,659,744,911	)		(3,156,390,357	)

		(139,441,236	)		41,040,629

Select Shares

Shares sold		532,411,101			1,222,098,885

Reinvestment of distributions		1,953,500			7,286,499

Shares redeemed		(789,384,611	)		(1,167,969,356	)

		(255,020,010	)		61,416,028

Administration Shares

Shares sold		9,343,418,717			15,561,200,862

Reinvestment of distributions		11,700,962			24,831,842

Shares redeemed		(10,170,531,388	)		(15,116,182,256	)

		(815,411,709	)		469,850,448

Cash Management Shares

Shares sold		80,461,872			159,557,209

Reinvestment of distributions		445,209			1,042,867

Shares redeemed		(73,721,530	)		(165,314,601	)

		7,185,551			(4,714,525	)

Premier Shares

Shares sold		40,401,722			86,819,347

Reinvestment of distributions		213,943			534,271

Shares redeemed		(43,849,246	)		(86,225,699	)

		(3,233,581	)		1,127,919


110

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)



	Financial Square Treasury Obligations Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2026 (Unaudited)			November 30, 2025

	Shares			Shares


Resource Shares

Shares sold		57,356,880			118,073,377

Reinvestment of distributions		588,689			1,133,004

Shares redeemed		(50,840,269	)		(115,433,405	)

		7,105,300			3,772,976

NET INCREASE (DECREASE) IN SHARES		(12,276,441,614	)		6,209,463,374


		111

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Financial Square Treasury Solutions Fund
	For the Six Months Ended			For the Fiscal Year Ended
	May 31, 2026 (Unaudited)			November 30, 2025

	Shares			Shares


Institutional Shares

Shares sold		18,784,688,801			30,645,330,900

Reinvestment of distributions		180,479,361			390,165,602

Shares redeemed		(21,485,927,723	)		(29,067,449,293	)

		(2,520,759,561	)		1,968,047,209

Capital Shares

Shares sold		789,352,724			1,511,679,966

Reinvestment of distributions		5,087,942			7,869,763

Shares redeemed		(751,943,952	)		(1,415,937,914	)

		42,496,714			103,611,815

Service Shares

Shares sold		1,339,419,750			2,743,740,626

Reinvestment of distributions		3,744,456			8,905,063

Shares redeemed		(1,311,900,620	)		(2,863,073,257	)

		31,263,586			(110,427,568	)

Preferred Shares

Shares sold		48,502,828			170,110,986

Reinvestment of distributions		621,797			1,877,610

Shares redeemed		(48,935,031	)		(180,783,809	)

		189,594			(8,795,213	)

Select Shares

Shares sold		12,370,353			5,115,413

Reinvestment of distributions		94,109			244,583

Shares redeemed		(11,226,909	)		(10,783,135	)

		1,237,553			(5,423,139	)

Administration Shares

Shares sold		2,259,463,844			3,540,689,967

Reinvestment of distributions		17,055,694			38,121,147

Shares redeemed		(2,570,216,905	)		(2,908,310,341	)

		(293,697,367	)		670,500,773

Cash Management Shares

Shares sold		528,172,762			1,180,246,811

Reinvestment of distributions		176,715			508,356

Shares redeemed		(677,735,176	)		(1,026,282,997	)

		(149,385,699	)		154,472,170

Premier Shares

Shares sold		253,443,802			431,991,772

Reinvestment of distributions		156,135			502,420

Shares redeemed		(251,431,724	)		(429,413,714	)

		2,168,213			3,080,478
NET INCREASE (DECREASE) IN SHARES		(2,886,486,967	)		2,775,066,525


112

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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 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. FSQSAR-26

LOGO

Goldman Sachs Funds Semi-Annual Financial Statements May 31, 2026 Investor FundsSM Goldman Sachs Investor Money Market Fund Goldman Sachs Investor Tax-Exempt California Money Market Fund Goldman Sachs Investor Tax-Exempt Money Market Fund Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Goldman Sachs Investor Funds

Table of Contents


	Page

Schedules of Investments

Goldman Sachs Investor Money Market Fund		3

Goldman Sachs Investor Tax-Exempt California Money Market Fund		10

Goldman Sachs Investor Tax-Exempt Money Market Fund		12

Goldman Sachs Investor Tax-Exempt New York Money Market Fund		18

Financial Statements

Statements of Assets and Liabilities		21

Statements of Operations		22

Statements of Changes in Net Assets		23

Financial Highlights

Goldman Sachs Investor Money Market Fund		25

Goldman Sachs Investor Tax-Exempt California Money Market Fund		32

Goldman Sachs Investor Tax-Exempt Money Market Fund		37

Goldman Sachs Investor Tax-Exempt New York Money Market Fund		43

Notes to Financial Statements		48

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Commercial Paper and Corporate Obligations - 23.7%

Advocate Health and Hospitals Corporation
$		12,087,000		3.841	%	08/11/26	$	11,996,176
Albion Capital LLC
		16,482,000		3.753		06/05/26		16,475,132
		18,985,000		3.806		06/08/26		18,971,157
		42,024,000		3.865		06/15/26		41,961,898
		25,071,000		3.929		07/15/26		24,953,027
		15,812,000		3.930		07/27/26		15,717,304
		34,929,000		4.011		11/23/26		34,261,710
Antalis S.A.
		13,895,000		3.959		08/05/26		13,798,912
		7,679,000		3.926		08/06/26		7,624,799
		21,654,000		3.909		08/12/26		21,486,398
		33,710,000		3.888		08/27/26		33,396,357
Ascension Health Alliance
		7,322,000		4.059		06/16/26		7,309,644
		44,000,000		3.851		06/23/26		43,896,747
		60,000,000		3.787		07/08/26		59,767,517
Atlantic Asset Securitization LLC
		9,000,000		3.771		06/11/26		8,990,600
		5,000,000		3.822		06/30/26		4,984,695
		25,000,000		3.991		07/02/26		24,914,965
		28,016,000		3.951		07/07/26		27,906,457
		38,446,000		3.931		07/20/26		38,245,056
Bank of Montreal
		100,000,000		3.722		06/22/26		99,783,583
Bank of New York Mellon (The)
		35,863,000		4.158		05/21/27		34,455,915
Barclays Bank PLC
		28,096,000		3.917		09/04/26		27,809,441
		20,275,000		3.839		10/13/26		19,993,504
BNP Paribas - New York Branch
		20,000,000		3.750		08/13/26		19,850,756
Bon Secours Mercy Health, Inc.
		5,096,000		3.801		06/24/26		5,083,661
Charles Schwab & Co., Inc.
		50,892,000		3.703		06/04/26		50,876,308
Charta, LLC
		25,000,000		3.814		07/07/26		24,905,250
Citigroup Global Markets Holdings, Inc.
		25,780,000		3.881		08/05/26		25,601,259
		15,000,000		4.017		01/21/27		14,619,750
Columbia Funding Company, LLC
		32,240,000		3.974		08/18/26		31,966,175
Commonwealth Bank of Australia
		30,146,000		4.058		04/05/27		29,140,129
Deaconess Health System, Inc.
		25,000,000		3.883		08/05/26		24,826,215
Deutsche Bank Aktiengesellschaft - London Branch
		48,000,000		3.820		08/11/26		47,645,188
		33,000,000		3.845		08/25/26		32,706,092
		33,000,000		3.950		11/09/26		32,428,644
		30,000,000		3.950		11/16/26		29,458,235
Dexia S.A.
		17,590,000		3.761		06/12/26		17,569,845
DNB Bank ASA
		58,890,000		4.179		03/25/27		56,941,772
Essilorluxottica
		27,000,000		3.887		08/17/26		26,777,662


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Commercial Paper and Corporate Obligations – (continued)

$		6,927,000		3.897	%^(a)	08/28/26	$	6,861,640
Exxon Mobil Corporation
		150,000,000		3.653		06/03/26		149,969,583
Fairway Finance Company, LLC
		8,333,000		3.948		11/05/26		8,192,360
First Abu Dhabi Bank P.J.S.C.
		38,246,000		3.862		06/15/26		38,189,481
Gotham Funding Corporation
		20,243,000		3.829		06/15/26		20,213,006
		18,692,000		3.813		07/10/26		18,615,254
		80,000,000		3.826		07/21/26		79,577,778
		25,000,000		4.058		07/24/26		24,854,618
		31,967,000		3.996		08/07/26		31,735,568
Hannover Funding Company LLC
		17,881,000		3.753		06/04/26		17,875,412
		16,251,000		3.918		08/05/26		16,137,153
Iowa Health System
		25,000,000		3.963		07/30/26		24,839,389
Jackson National Life Short Term Funding, LLC
		9,750,000		4.000		07/30/26		9,687,681
		5,000,000		3.887		01/12/27		4,883,125
Kimberly-Clark Corporation
		20,390,000		3.702	^(a)	06/05/26		20,381,617
Liberty Street Funding LLC
		36,965,000		3.920		08/06/26		36,702,733
		20,192,000		3.921		08/07/26		20,046,567
Lloyds Bank PLC
		26,159,000		4.001		10/19/26		25,760,221
LMA-Americas LLC
		35,000,000		3.829		06/01/26		35,000,000
		8,530,000		4.010		06/02/26		8,529,069
		50,000,000		3.950		07/09/26		49,796,278
		11,095,000		3.825		07/14/26		11,044,641
		16,325,000		4.129		09/24/26		16,116,924
Macquarie Bank Limited
		8,605,000		4.114		05/11/27		8,280,209
		11,143,000		4.125		05/12/27		10,720,123
Macquarie Bank Ltd.
		14,441,000		4.114		04/09/27		13,946,636
Mastercard Incorporated
		10,586,000		3.814		06/01/26		10,586,000
Matchpoint Finance Public Limited Company
		4,777,000		3.872		06/22/26		4,766,411
		18,457,000		3.980		11/03/26		18,147,076
Mont Blanc Capital Corporation
		25,000,000		3.781		06/15/26		24,963,347
		25,000,000		3.817		07/24/26		24,860,507
Multicare Health System
		6,180,000		3.830		06/23/26		6,165,724
		5,659,000		3.925		08/05/26		5,619,254
National Bank of Canada
		17,794,000		3.800		02/01/27		17,350,781
National Westminster Bank Public Limited Company
		17,160,000		4.158		05/20/27		16,488,629
Natwest Markets PLC
		21,501,000		4.018		06/23/26		21,449,756
New York Life Short Term Funding, LLC
		50,074,000		3.867		08/12/26		49,690,433


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Commercial Paper and Corporate Obligations – (continued)

Novant Health, Inc.
$		2,830,000		3.890	%	06/08/26	$	2,827,865
		12,168,000		3.892		06/08/26		12,158,820
		7,816,000		3.993		06/24/26		7,796,525
		4,548,000		3.875		07/17/26		4,525,626
Oversea-Chinese Banking Corp. Ltd.
		71,971,000		3.924		07/23/26		71,567,643
		30,000,000		3.891		09/08/26		29,683,200
Paradelle Funding LLC
		34,342,000		3.810		12/31/26		33,596,292
		30,101,000		4.082		04/08/27		29,081,646
Podium Funding Trust
		24,571,000		3.882		07/21/26		24,439,613
		3,381,000		3.905		09/01/26		3,347,735
		28,500,000		3.805		10/01/26		28,142,642
		3,381,000		3.978		10/21/26		3,328,989
Servicenow, Inc.
		9,155,000		3.892		08/03/26		9,093,318
		4,369,000		4.037		12/14/26		4,275,518
Sheffield Receivables Company LLC
		75,000,000		4.011		07/01/26		74,751,875
		27,696,000		3.900		07/27/26		27,529,701
Societe Generale
		29,689,000		4.224		06/01/26		29,689,000
		12,000,000		3.894		07/31/26		11,924,800
Starbird Funding Corporation
		9,997,000		3.850		06/11/26		9,986,586
Sumitomo Mitsui Trust Bank, Limited - New York Branch
		33,284,000		3.949		06/30/26		33,179,165
Sumitomo Mitsui Trust Bank, Limited - Singapore Branch
		17,665,000		3.875		06/29/26		17,612,103
		51,297,000		3.939		07/09/26		51,085,828
Svenska Handelsbanken AB
		14,000,000		4.204		03/24/27		13,541,858
Swedbank AB
		23,564,000		4.169		03/23/27		22,791,625
The Charlotte-Mecklenburg Hospital Authority
		10,000,000		3.884		08/18/26		9,916,583
The State of The Netherlands
		59,470,000		3.648	^(a)	06/09/26		59,427,851
Toronto-Dominion Bank (The)
		40,000,000		3.804		07/06/26		39,853,000
		40,000,000		3.853		07/10/26		39,836,417
United Overseas Bank Limited
		15,000,000		3.862		10/14/26		14,786,250
Unitedhealth Group Incorporated
		41,749,000		3.651		06/01/26		41,749,000
Versailles Commercial Paper LLC
		20,000,000		3.836		07/08/26		19,921,683
		16,888,000		4.044		08/31/26		16,722,366
		35,347,000		3.945		09/08/26		34,969,362
		30,319,000		4.012		11/17/26		29,766,756
Victory Receivables Corporation
		19,710,000		3.797		06/16/26		19,678,849
		15,228,000		3.829		06/16/26		15,203,933
		27,399,000		3.813		07/10/26		27,286,504
		21,311,000		3.996		08/07/26		21,156,714


TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS							$	2,963,376,160


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Certificate of Deposit - 12.9%

Banco Bilbao Vizcaya Argentaria S.A. - New York Branch
$		16,112,000		4.010	%	06/01/26	$	16,112,000
		25,800,000		3.900		07/01/26		25,799,880
		18,500,000		3.870		07/06/26		18,500,000
Banco Santander, S.A.-New York Branch
		17,787,000		4.400		06/02/26		17,787,000
		90,000,000		3.870		09/25/26		90,000,000
		17,880,000		3.800		01/07/27		17,880,000
Banco Santander, S.A.-New York Branch (SOFR + 0.320%)
		108,000		3.948	^(b)	08/24/26		108,000
		21,514,000		3.950	^(b)	08/24/26		21,514,018
Banco Santander, S.A.-New York Branch (SOFR + 0.340%)
		19,000,000		3.970	^(b)	02/02/27		19,000,000
Banco Santander, S.A.-New York Branch (SOFR + 0.400%)
		17,323,000		4.030	^(b)	12/22/26		17,323,000
Bank of America, National Association
		5,974,000		4.350		07/24/26		5,974,000
		16,322,000		4.140		12/22/26		16,322,000
		31,052,000		4.050		04/15/27		31,052,000
Bank of Montreal - Chicago Branch (SOFR + 0.400%)
		7,000,000		4.020	^(b)	09/08/26		7,000,000
Barclays Bank PLC - New York Branch
		88,500,000		3.970		08/10/26		88,500,000
		22,000,000		3.930		12/10/26		22,000,000
		19,600,000		3.800		12/31/26		19,600,000
Barclays Bank PLC - New York Branch (SOFR + 0.370%)
		24,000,000		4.000	^(b)	09/25/26		24,000,000
		10,839,000		4.000	^(b)	10/21/26		10,839,000
		7,084,000		4.000	^(b)	10/22/26		7,084,000
Cooeperatieve Rabobank U.A.-New York Branch
		31,600,000		4.000		03/18/27		31,600,000
Credit Agricole S.A.
		10,035,000		3.830		07/31/26		10,035,000
Credit Industriel ET Commercial - New York Branch
		75,000,000		3.850		01/26/27		75,000,000
Deutsche Bank AG - New York Branch (SOFR + 0.400%)
		22,332,000		4.042	^(b)	10/27/26		22,332,000
Deutsche Bank Aktiengesellschaft
		13,600,000		4.440		08/03/26		13,600,000
Landesbank Baden-Wuerttemberg - New York Branch
		100,000,000		3.640		06/03/26		100,000,000
Landesbank Baden-Wuerttemberg - New York Branch (SOFR + 0.180%)
		39,113,000		3.801	^(b)	08/03/26		39,104,781
Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.350%)
		5,032,000		3.980	^(b)	11/05/26		5,032,000
Mitsubishi UFJ Trust and Banking Corporation - London Branch
		15,000,000		3.825		06/24/26		14,963,805
		15,000,000		3.825		06/25/26		14,962,232
		19,000,000		4.000		08/27/26		18,818,790
Mitsubishi UFJ Trust and Banking Corporation - New York Branch (SOFR + 0.320%)
		41,000,000		3.940	^(b)	02/24/27		41,000,000
Mizuho Bank, Ltd.-New York Branch
		59,030,000		4.200		08/20/26		59,030,000
Mizuho Bank, Ltd.-New York Branch (SOFR + 0.210%)
		4,840,000		3.843	^(b)	09/03/26		4,838,212


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Certificate of Deposit – (continued)

Mizuho Bank, Ltd.-New York Branch (SOFR + 0.400%)
$		211,000		4.027	%^(b)	10/14/26	$	211,001
		10,995,000		4.030	^(b)	10/14/26		10,995,085
Mizuho Financial Group, Inc. (SOFR + 0.270%)
		17,195,000		3.900	^(b)	06/02/26		17,195,057
National Bank of Kuwait S.A.K.P - New York Branch (SOFR + 0.530%)
		16,552,000		4.150	^(b)	11/06/26		16,552,000
Nordea Bank ABP-New York Branch
		44,959,000		4.280		07/08/26		44,959,000
Norinchukin Bank-New York Branch
		60,797,000		3.790		06/12/26		60,797,000
		39,899,000		3.790		06/15/26		39,899,000
		47,162,000		3.790		06/18/26		47,162,000
		62,247,000		3.790		07/06/26		62,247,000
Sumitomo Mitsui Banking Corporation - London Branch
		38,000,000		3.803		06/04/26		37,988,109
		34,000,000		3.863		07/13/26		33,851,711
		30,000,000		3.900		08/28/26		29,717,731
		65,000,000		3.895		08/31/26		64,368,502
Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.310%)
		1,936,000		3.941	^(b)	10/01/26		1,935,738
		52,324,000		3.930	^(b)	10/05/26		52,324,000
Sumitomo Mitsui Trust Bank, Limited
		42,000,000		3.990		07/13/26		41,806,442
		75,000,000		3.990		07/14/26		74,646,132
Sumitomo Mitsui Trust Bank, Limited - New York Branch
		20,000,000		3.960		06/04/26		20,000,000
UBS AG - Stamford Branch
		26,200,000		4.230		03/19/27		26,200,000
Wells Fargo Bank, National Association
		8,530,000		4.060		04/16/27		8,530,000

TOTAL CERTIFICATE OF DEPOSIT							$	1,618,097,226



Medium Term Notes - 2.0%

Bank of America, National Association
		4,000,000		4.287		08/18/26		4,006,853
		3,375,000		4.401		08/18/26		3,380,783
Banque Federative Du Credit Mutuel
		7,037,000		4.037	^(c)	07/13/26		7,050,726
		2,660,000		4.066	^(c)	07/13/26		2,665,188
		1,335,000		4.085	^(c)	07/13/26		1,337,604
		4,180,000		4.318	^(c)	07/13/26		4,188,153
		2,235,000		4.360	^(c)	07/13/26		2,239,359
		515,000		4.364	^(c)	07/13/26		516,005
		4,602,000		4.039	^(c)	10/04/26		4,564,060
		2,530,000		4.063	^(c)	10/04/26		2,509,142
		2,110,000		4.078	^(c)	10/04/26		2,092,605
		14,696,000		4.080	^(c)	10/04/26		14,574,842
		1,000,000		3.883	^(c)	01/23/27		1,007,568
BPCE
		2,727,000		3.870		12/02/26		2,719,350
		3,636,000		4.007		12/02/26		3,625,801
Citibank, National Association
		10,140,000		3.981		08/06/26		10,149,464
		3,922,000		3.990		08/06/26		3,925,660
		4,000,000		4.403		08/06/26		4,003,733


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Medium Term Notes – (continued)

Cooeperatieve Rabobank U.A. (SOFRINDX + 0.900%)
$		2,023,000		4.503	%^(b)	10/05/26	$	2,026,853
Cooeperatieve Rabobank U.A.-New York Branch (SOFRINDX + 0.620%)
		11,500,000		4.241	^(b)	08/28/26		11,510,306
Credit Agricole S.A.
		9,793,000		4.169	^(c)	07/05/26		9,804,794
		364,000		4.323	^(c)	07/05/26		364,438
		9,894,000		4.377	^(c)	07/05/26		9,905,915
Macquarie Bank Limited
		1,628,000		4.319	^(c)	06/15/26		1,628,548
		583,000		3.815	^(c)	12/07/26		587,631
Macquarie Bank Limited (SOFR + 1.240%)
		5,000,000		4.833	^(b)(c)	06/15/26		5,001,654
Microsoft Corp.
		4,168,000		3.300		02/06/27		4,149,061
Nationwide Building Society
		2,285,000		4.018	^(c)	10/13/26		2,264,474
Natwest Markets PLC
		2,100,000		3.839	^(c)	09/29/26		2,084,884
		215,000		3.941	^(c)	09/29/26		213,452
Siemens Financieringsmaatschappij N.V.
		46,359,000		4.039	^(c)	08/17/26		46,561,690
Svenska Handelsbanken AB
		4,235,000		3.806	^(c)	06/15/26		4,236,946
		2,475,000		4.251	^(c)	06/15/26		2,476,137
		925,000		4.282	^(c)	06/15/26		925,425
		480,000		4.368	^(c)	06/15/26		480,221
Svenska Handelsbanken AB (SOFR + 1.250%)
		780,000		4.892	^(b)(c)	06/15/26		780,298
		4,822,000		4.897	^(b)(c)	06/15/26		4,823,840
		1,350,000		4.902	^(b)(c)	06/15/26		1,350,515
Swedbank AB
		4,456,000		3.794	^(c)	06/15/26		4,458,767
		764,000		4.046	^(c)	06/15/26		764,474
UBS AG - London Branch
		9,476,000		3.912		06/01/26		9,476,000
		6,250,000		4.051		06/01/26		6,250,000
		6,049,000		4.417		06/01/26		6,049,000
		2,090,000		4.462		06/01/26		2,090,000
UBS AG - Stamford Branch
		1,971,000		4.054		08/07/26		1,960,951
Wells Fargo Bank, National Association
		10,000,000		4.262		08/07/26		10,012,508
Westpac Banking Corp.
		5,000,000		4.077		06/03/26		4,999,185
		4,211,000		4.302		06/03/26		4,210,314
		16,734,000		3.350		03/08/27		16,634,261

TOTAL MEDIUM TERM NOTES							$	252,639,438



Non-Financial Company Commercial Paper - 0.0%

St Luke’s Health System, Ltd.
		3,820,000		3.850		06/23/26		3,820,000

TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER							$	3,820,000



Time Deposits - 11.7%

Canadian Imperial Bank of Commerce
		265,000,000		3.620		06/01/26		265,000,000


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Time Deposits – (continued)

Credit Agricole Corporate And Investment Bank - New York Branch
$		167,000,000		3.620	%	06/01/26	$	167,000,000
Erste Group Bank AG - New York Branch
		400,000,000		3.620		06/01/26		400,000,000
Royal Bank of Canada
		438,000,000		3.640		06/01/26		438,000,000
Skandinaviska Enskilda Banken AB - New York Branch
		200,000,000		3.600		06/01/26		200,000,000

TOTAL TIME DEPOSITS							$	1,470,000,000



U.S. Government Agency Securities - 5.6%

Federal Home Loan Bank System
		22,350,000		3.728		09/30/26		22,078,438
Federal Home Loan Bank System (SOFR + 0.060%)
		2,790,000		3.680	^(b)	10/20/27		2,790,000
Federal Home Loan Bank System (SOFR + 0.065%)
		3,490,000		3.685	^(b)	11/19/27		3,490,000
Federal Home Loan Bank System (SOFR + 0.170%)
		100,000,000		3.790	^(b)	11/05/27		100,000,000
Federal Home Loan Bank System (SOFR + 0.175%)
		100,000,000		3.795	^(b)	10/21/27		100,000,000
Federal Home Loan Bank System (SOFR + 0.180%)
		150,000,000		3.800	^(b)	09/29/27		150,000,000
		150,000,000		3.800	^(b)	10/06/27		150,000,000
		57,000,000		3.800	^(b)	10/08/27		57,000,000
		93,000,000		3.800	^(b)	10/14/27		93,000,000
Federal National Mortgage Association
		3,174,000		3.519		12/18/26		3,129,185
U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
		1,200,000		3.820	^(b)	09/15/26		1,200,000
		2,423,078		3.820	^(b)	06/20/28		2,423,078
		4,402,046		3.820	^(b)	11/15/28		4,402,046
		7,583,333		3.820	^(b)	08/15/31		7,583,333
		5,028,321		3.820	^(b)	06/15/34		5,028,321

TOTAL U.S. GOVERNMENT AGENCY SECURITIES							$	702,124,401



U.S. Treasury Obligations - 9.3%

U.S. Treasury Notes
		2,327,400		3.576		01/31/27		2,295,810
		4,562,500		3.750		04/30/27		4,561,500
		1,915,100		3.754		04/30/27		1,859,465
		1,447,000		3.702		05/15/27		1,429,196
		2,412,800		3.808		05/31/27		2,385,146
United States Treasury Bills
		6,708,100		3.665		06/23/26		6,693,320
		29,900		3.670		06/23/26		29,834
		1,001,100		3.675		06/23/26		998,894
		462,800		3.676		06/23/26		461,780
		255,300		3.690		06/23/26		254,738
		45,200		3.660		06/25/26		45,092
		102,100		3.671		06/25/26		101,855
		36,700		3.667		06/30/26		36,594
		2,089,900		3.678		06/30/26		2,083,863
		653,900		3.681		06/30/26		652,011
		3,490,200		3.684		07/07/26		3,477,670
		2,694,300		3.678		07/09/26		2,684,048
		3,158,300		3.681		07/09/26		3,146,282
		26,326,700		3.684		07/09/26		26,226,522


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations – (continued)

$		1,438,800		3.686	%	07/09/26	$	1,433,325
		455,400		3.704		07/09/26		453,667
		4,670,500		3.715		07/09/26		4,652,728
		2,403,100		3.717		07/09/26		2,393,956
		1,822,100		3.704		07/16/26		1,813,853
		4,723,200		3.705		07/16/26		4,701,823
		2,969,100		3.697	^(a)	07/30/26		2,951,461
		8,470,000		3.679		08/06/26		8,414,134
		792,700		3.684		08/06/26		787,472
		1,380,600		3.720		08/18/26		1,369,764
		1,240,900		3.647		08/20/26		1,231,069
		18,334,100		3.696		08/25/26		18,178,145
		8,160,300		3.699		08/25/26		8,090,886
		7,826,700		3.701		08/25/26		7,760,124
		20,704,400		3.694		09/01/26		20,513,436
		108,100		3.699		09/01/26		107,103
		17,458,200		3.715		09/01/26		17,297,177
		2,277,400		3.689		09/08/26		2,254,841
		16,849,800		3.694		09/08/26		16,682,894
		3,826,200		3.709		09/08/26		3,788,300
		4,083,100		3.699		09/15/26		4,039,710
		17,521,300		3.704		09/15/26		17,335,107
		7,936,900		3.676		09/17/26		7,852,090
		139,500		3.677		09/17/26		138,009
		321,400		3.691		09/17/26		317,966
		245,900		3.723		09/17/26		243,272
		27,388,100		3.714		09/22/26		27,076,895
		4,889,400		3.720	^(a)	09/29/26		4,830,812
		2,160,900		3.712		10/15/26		2,131,534
		1,792,300		3.718		10/15/26		1,767,943
		756,900		3.702		10/22/26		746,106
		744,300		3.712		10/29/26		733,151
		755,700		3.697		11/05/26		743,856
		590,900		3.702		11/05/26		581,639
		798,300		3.710		11/05/26		785,789
		1,205,700		3.712		11/05/26		1,186,804
		495,300		3.718		11/05/26		487,538
		713,500		3.726		11/05/26		702,318
		1,441,200		3.702		11/12/26		1,417,545
		124,100		3.717		11/12/26		122,063
		4,565,200		3.723		11/12/26		4,490,270
		307,000		3.728		11/12/26		301,961
		1,194,300		3.733		11/12/26		1,174,698
		21,167,300		3.728		11/19/26		20,804,334
		76,068,400		3.548		12/24/26		74,597,152
		4,155,900		3.711		04/15/27		4,025,941
		3,865,900		3.714		04/15/27		3,745,010
		9,309,700		3.717		04/15/27		9,018,577
		1,933,000		3.722		04/15/27		1,872,553
		4,832,400		3.728		04/15/27		4,681,286
		9,664,800		3.733		04/15/27		9,362,572
United States Treasury Floating Rate Note
		8,523,400		4.155		06/30/26		8,501,776
		5,287,600		4.197		06/30/26		5,274,186
		1,313,500		3.660		07/31/26		1,314,570
		1,800		3.714		07/31/26		1,802
		5,007,600		3.728		07/31/26		5,011,679
		799,400		3.756		07/31/26		800,051
		1,313,400		3.846		07/31/26		1,314,470


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations – (continued)

$		3,282,500		3.912	%	07/31/26	$	3,285,174
		1,516,800		3.939		07/31/26		1,511,768
		1,653,300		3.953		07/31/26		1,654,647
		967,400		3.965		07/31/26		968,188
		6,564,900		3.973		07/31/26		6,570,248
		5,470,800		3.985		07/31/26		5,441,233
		476,200		3.989		07/31/26		474,620
		10,889,800		4.006		07/31/26		10,830,946
		2,802,400		4.111		07/31/26		2,787,254
		2,186,500		3.626		08/31/26		2,169,975
		1,833,700		3.844		08/31/26		1,819,842
		9,914,200		3.867		08/31/26		9,839,272
		5,952,100		3.895		08/31/26		5,907,116
		1,601,000		3.910		08/31/26		1,588,900
		7,142,400		3.934		08/31/26		7,088,420
		2,519,700		3.977		08/31/26		2,518,317
		2,003,200		3.710		09/30/26		2,001,253
		132,400		3.719		09/30/26		132,271
		3,237,200		3.862		09/30/26		3,234,054
		9,509,500		3.536		12/31/26		9,547,920
		14,782,600		3.541		12/31/26		14,666,202
		10,200		3.547		12/31/26		10,067
		51,400		3.572		12/31/26		51,608
		535,000		3.582		12/31/26		528,014
		802,600		3.583		12/31/26		792,120
		356,700		3.600		12/31/26		352,043
		291,100		3.614		12/31/26		287,299
		23,600		3.623		12/31/26		23,695
		58,500		3.642		12/31/26		58,736
		1,907,100		3.539		01/31/27		1,914,144
		3,491,100		3.560		01/31/27		3,503,994
		1,163,700		3.577		01/31/27		1,167,998
		2,327,400		3.597		01/31/27		2,295,810
		4,782,000		3.611		03/15/27		4,804,568
		2,123,500		3.683		03/15/27		2,133,522
		7,740,700		3.528		03/31/27		7,754,289
		24,820,800		3.532		03/31/27		24,864,374
		11,370,800		3.543		03/31/27		11,390,762
		35,504,800		3.599		03/31/27		35,523,519
		10,650,100		3.604		03/31/27		10,668,797
		10,492,200		3.609		03/31/27		10,373,872
		10,617,500		3.649		03/31/27		10,359,379
		10,583,300		3.654		03/31/27		10,601,879
		5,308,800		3.658		03/31/27		5,318,120
		5,308,800		3.662		03/31/27		5,318,120
		5,308,800		3.674		03/31/27		5,255,756
		18,049,900		3.675		03/31/27		17,869,550
		5,308,800		3.680		03/31/27		5,318,120
		7,726,500		3.797		03/31/27		7,649,299
		16,055,900		3.807		03/31/27		16,084,087
		6,622,700		3.819		03/31/27		6,556,528
		43,599,700		3.829		03/31/27		43,546,577
		5,798,800		3.761		04/30/27		5,797,530
		3,822,800		3.765		04/30/27		3,711,745
		4,921,900		3.768		04/30/27		4,920,822
		4,778,500		3.781		04/30/27		4,639,681
		4,778,500		3.782		04/30/27		4,777,453
		6,689,900		3.790		04/30/27		6,495,554
		2,341,300		3.791		04/30/27		2,319,664


	Principal Amount			Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations – (continued)

$		2,867,100			3.794	%	04/30/27	$	2,840,605
		9,557,000			3.795		04/30/27		9,554,907
		356,600			3.836		05/15/27		358,691
		519,700			3.888		05/15/27		522,748
		54,363,000			3.796		05/31/27		54,401,916
		3,860,500			3.808		05/31/27		3,863,264
		4,743,100			3.809		05/31/27		4,688,738
		897,400			3.810		05/31/27		898,042
		2,636,400			3.901		05/31/27		2,638,287
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY
		+ 0.099	%)
		797,600			3.725	^(b)	01/31/28		797,837
		9,208,400			3.726	^(b)	01/31/28		9,211,139
		306,400			3.727	^(b)	01/31/28		306,491
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY
		+ 0.159	%)
		188,453,300			3.790	^(b)	07/31/27		188,370,439
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY
		+ 0.182	%)
		147,200			3.807	^(b)	07/31/26		147,196
		1,249,300			3.812	^(b)	07/31/26		1,249,262
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY
		+ 0.190	%)
		3,369,400			3.814	^(b)	10/31/27		3,370,143
		9,112,300			3.818	^(b)	10/31/27		9,114,311
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY
		+ 0.205	%)
		58,513,600			3.829	^(b)	10/31/26		58,527,051
		2,282,600			3.832	^(b)	10/31/26		2,283,125
		4,860,800			3.833	^(b)	10/31/26		4,861,917

TOTAL U.S. TREASURY OBLIGATIONS								$	1,150,915,637



Variable Rate Demand Note - 9.1%

Banner Health
		42,000,000			3.730	^(d)	01/01/56		42,000,000
Board of Regents of The University of Texas System
		23,675,000			3.700	^(d)	08/01/45		23,675,000
Colorado Housing and Finance Authority
		12,390,000			3.720	^(d)	05/01/44		12,390,000
		27,565,000			3.720	^(d)	11/01/49		27,565,000
		15,900,000			3.720	^(d)	05/01/53		15,900,000
		26,820,000			3.720	^(d)	05/01/55		26,820,000
		85,925,000			3.720	^(d)	11/01/55		85,925,000
Illinois Finance Authority
		33,500,000			3.720	^(d)	04/01/55		33,500,000
Kimberly-Clark Corporation
		38,000,000			3.730	^(c)(d)	08/01/45		38,000,000
Maine State Housing Authority
		18,510,000			3.720	^(d)	11/15/52		18,510,000
Massachusetts Housing Finance Agency
		6,005,000			3.770	^(d)	01/01/44		6,005,000
		22,500,000			3.720	^(d)	12/01/55		22,500,000
		15,000,000			3.720	^(d)	12/01/64		15,000,000
Michigan State Housing Development Authority
		43,000,000			3.720	^(d)	06/01/54		43,000,000
Minnesota State Housing Finance Agency
		10,000,000			3.720	^(d)	07/01/52		10,000,000
		33,890,000			3.720	^(d)	07/01/55		33,890,000
		22,500,000			3.720	^(d)	07/01/56		22,500,000


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Variable Rate Demand Note – (continued)

New York City Transitional Finance Authority
$		5,880,000		3.895	%^(d)	11/01/26	$	5,880,000
New York State Housing Finance Agency
		12,460,000		3.720	^(d)	11/01/45		12,460,000
		44,750,000		3.750	^(d)	11/01/50		44,750,000
		16,155,000		3.730	^(d)	11/01/55		16,155,000
Nuveen Credit Strategies Income Fund
		31,000,000		3.750	^(c)(d)	07/01/32		31,000,000
		15,000,000		3.780	^(c)(d)	08/01/37		15,000,000
Nuveen Preferred & Income Opportunities Fund
		35,000,000		3.750	^(c)(d)	07/01/32		35,000,000
Pennsylvania Higher Education Assistance Agency
		45,000,000		3.720	^(d)	12/01/55		45,000,000
Regents of The University of California (The)
		52,875,000		3.750	^(d)	07/01/41		52,875,000
SSM Health Care Corporation
		115,035,000		3.730	^(d)	06/01/53		115,035,000
State of New York Mortgage Agency
		25,000,000		3.720	^(d)	10/01/53		25,000,000
State of Texas
		21,100,000		3.720	^(d)	12/01/54		21,100,000
The City of New York
		112,500,000		3.720	^(d)	02/01/56		112,500,000
University of Chicago (The)
		101,250,000		3.730	^(d)	10/01/42		101,250,000
Utah Housing Corpporation Single Family Mortgage Bonds
		30,000,000		3.720	^(d)	07/01/55		30,000,000

TOTAL VARIABLE RATE DEMAND NOTE							$	1,140,185,000



Variable Rate Obligations - 5.5%

Chariot Funding LLC (SOFR + 0.340%)
		50,000,000		3.970	^(b)	10/20/26		50,000,000
Citigroup Global Markets, Inc. (SOFR + 0.300%)
		35,361,000		3.930	^(b)	09/02/26		35,361,000
Falcon Asset Funding LLC (SOFR + 0.320%)
		100,000,000		3.950	^(b)	11/04/26		100,000,000
Falcon Asset Funding LLC (SOFR + 0.350%)
		25,000,000		3.980	^(b)	09/08/26		25,000,000
HSBC Bank PLC (SOFR + 0.340%)
		24,799,000		3.970	^(b)	05/20/27		24,799,000
Liberty Street Funding LLC (SOFR + 0.280%)
		9,095,000		3.900	^(b)	06/15/26		9,095,000
National Australia Bank Limited (SOFR + 0.340%)
		50,563,000		3.960	^(b)	11/02/26		50,563,000
National Bank of Canada (SOFR + 0.330%)
		25,000,000		3.950	^(b)	03/05/27		25,000,000
Paradelle Funding LLC (SOFR + 0.270%)
		6,298,000		3.891	^(b)	06/18/26		6,297,919
Paradelle Funding LLC (SOFR + 0.330%)
		14,800,000		3.950	^(b)	09/02/26		14,800,000
Paradelle Funding LLC (SOFR + 0.340%)
		9,550,000		3.960	^(b)	06/02/26		9,550,059
		10,000,000		3.960	^(b)	07/30/26		10,000,000
Podium Funding Trust (SOFR + 0.220%)
		15,000,000		3.840	^(b)	09/03/26		15,000,000
Podium Funding Trust (SOFR + 0.310%)
		7,149,000		3.930	^(b)	08/14/26		7,149,556
		9,237,000		3.930	^(b)	12/15/26		9,237,000
		19,801,000		3.930	^(b)	12/16/26		19,801,000


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Variable Rate Obligations – (continued)

Sumitomo Mitsui Banking Corporation (SOFR + 0.310%)
$		55,000,000		3.930	%^(b)	07/17/26	$	55,000,000
Swedbank AB (SOFRINDX + 1.380%)
		15,401,000		5.027	^(b)(c)	06/15/26		15,408,005
		8,313,000		5.032	^(b)(c)	06/15/26		8,316,781
UBS AG - London Branch (SOFR + 0.310%)
		63,157,000		3.966	^(b)	12/17/26		63,157,000
UBS AG - London Branch (SOFR + 0.320%)
		100,000,000		3.964	^(b)	10/20/26		100,000,000
UBS AG - London Branch (SOFR + 0.350%)
		38,000,000		4.001	^(b)	09/30/26		38,000,000

TOTAL VARIABLE RATE OBLIGATIONS							$	691,535,320

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	9,992,693,182



Repurchase Agreements^(e) - 20.0%

BNP Paribas
		246,000,000		3.720		06/01/26	$	246,000,000
Maturity Value: $ 246,076,260
Settlement Date: 05/29/26
Collateralized by mortgage-backed obligations, 2.869% to 6.433%, due 11/13/39 to 04/25/70, various corporate security issuers, 0.600% to 9.250%, due 06/15/26 to 12/31/99 and various sovereign debt security issuers, 2.550% to 5.375%, due 01/27/32 to 01/30/43. The aggregate market value of the collateral, including accrued interest, was $259,692,344.
		25,000,000		3.790		06/09/26	$	25,000,000
Maturity Value: $27,066,077
Settlement Date: 04/18/24
Collateralized by various corporate security issuers, 3.875% to 9.625%, due 04/01/29 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $ 27,500,305.



BofA Securities, Inc.
		150,000,000		3.900		07/07/26	$	150,000,000
Maturity Value: $ 154,224,999
Settlement Date: 10/23/25
Collateralized by various corporate security issuers, 0.000%, due 06/01/26 to 12/08/26. The aggregate market value of the collateral, including accrued interest, was $ 153,000,004.



J.P. Morgan Securities LLC
		425,000,000		3.820	^(f)	07/28/26	$	425,000,000
Maturity Value: $ 429,058,750
Settlement Date: 04/29/26
Collateralized by various corporate security issuers, 0.000% to 7.750%, due 09/15/26 to 06/01/33. The aggregate market value of the collateral, including accrued interest, was $ 469,024,612.



Joint Account III
		295,570,000		3.623		06/01/26	$	295,570,000
Maturity Value: $ 295,659,237
Settlement Date: 05/29/26


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(e)– (continued)

Societe Generale
$		300,000,000		3.740	%	06/01/26	$	300,000,000
Maturity Value: $300,093,500
Settlement Date: 05/29/26
Collateralized by mortgage-backed obligations, 3.242% to 7.877%, due 03/10/33 to 03/15/45, various asset-backed obligations, 3.929% to 10.500%, due 07/15/26 to 04/25/37 and various corporate security issuers, 3.750% to 11.750%, due 01/15/27 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $342,873,100.



TD Securities (USA) LLC
		425,000,000		3.730		06/01/26	$	425,000,000
Maturity Value: $425,132,104
Settlement Date: 05/29/26
Collateralized by municipal debt obligations, 0.000% to 8.406%, due 06/15/26 to 04/15/66 and various corporate security issuers, 2.950% to 13.500%, due 12/01/26 to 01/31/46. The aggregate market value of the collateral, including accrued interest, was $448,900,520.



The Bank of Nova Scotia
		500,000,000		3.730		06/01/26	$	500,000,000
Maturity Value: $500,155,417
Settlement Date: 05/29/26
Collateralized by various corporate security issuers, 1.675% to 6.200%, due 10/13/26 to 12/31/79. The aggregate market value of the collateral, including accrued interest, was $525,163,251.



Wells Fargo Securities, LLC
		135,000,000		4.160		10/23/26	$	135,000,000
Maturity Value: $141,006,002
Settlement Date: 10/03/25
Collateralized by mortgage-backed obligations, 3.401% to 7.060%, due 09/09/32 to 04/25/71 and various corporate security issuers, 0.000% to 7.367%, due 06/03/26 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $145,248,217.


TOTAL REPURCHASE AGREEMENTS							$	2,501,570,000

TOTAL INVESTMENTS - 99.8%							$	12,494,263,182

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%								28,443,902

NET ASSETS - 100.0%							$	12,522,707,084


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

	(a)	All or a portion represents a forward commitment.
	(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2026.
	(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
	(d)	Variable Rate Demand Instruments – rate shown is that which is in effect on May 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.


		(e)		Unless noted, all repurchase agreements were entered into on May 31, 2026. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.
		(f)		The instrument is subject to a demand feature.

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

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



Investment Abbreviations:
MMY		— Money Market Yield
PLC		— Public Limited Company
SOFR		— Secured Overnight Financing Rate
SOFRINDX		— Secured Overnight Financing Rate Index
T-Bill		— Treasury Bill


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations - 12.3%
United States Treasury Bills
$	1,600,000		3.629	%	06/02/26	$	1,599,841

(Cost $1,599,841)



Non-Financial Company Commercial Paper - 16.1%

California - 16.1%
California Statewide Communities Development Authority
	200,000		2.350		07/07/2026		200,000
	300,000		2.350		07/09/2026		300,000
East Bay Municipal Utility District
	200,000		2.300		06/03/2026		200,000
Leland Stanford Junior University (The)
	300,000		2.370		01/14/2027		300,000
Regents of The University of California (The)
	500,000		2.500		06/15/2026		500,000
Sacramento Municipal Utility District
	240,000		2.430		08/04/2026		240,000
San Diego County Water Authority
	150,000		2.350		06/03/2026		150,000
San Francisco Public Utilities Commission
	200,000		2.450		06/04/2026		200,000

							2,090,000


TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER							2,090,000



Other Municipal Security - 8.5%

California - 8.5%
Berkeley, California (City of)
	235,000		2.300		07/28/2026		235,610
Los Angeles Unified School District
	115,000		4.000		07/01/2026		115,000
Los Angeles, California (City of)
	100,000		2.452		06/25/2026		100,137
	200,000		3.060		06/25/2026		200,274
Los Angeles, California (County of)
	165,000		2.820		06/30/2026		165,278
Riverside, California (County of)
	85,000		2.295		06/30/2026		85,160
	30,000		2.644		06/30/2026		30,057
	170,000		2.690		06/30/2026		170,321

							1,101,837


TOTAL OTHER MUNICIPAL SECURITY							1,101,837



Tender Option Bond - 3.1%

California - 3.1%
Tender Option Bond Trust Receipts/Certificates
	300,000		2.800	^(a)(b)	09/01/2054		300,000
	100,000		1.590	^(a)(b)	11/01/2056		100,000

							400,000


TOTAL TENDER OPTION BOND							400,000



Variable Rate Demand Note - 58.7%

California - 58.7%
Airport Commission of The City and County of San Francisco
	395,000		3.000	^(a)	05/01/2058		395,000
Bay Area Toll Authority
	275,000		1.000	^(a)	04/01/2059		275,000
	100,000		2.350	^(a)	04/01/2059		100,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Variable Rate Demand Note – (continued)

California – (continued)
Blackrock Muniholdings California Quality Fund, Inc.
$	200,000		1.670	%^(a)	09/01/2054	$	200,000
California Health Facilities Financing Authority
	100,000		2.350	^(a)	02/01/2055		100,000
California Institute of Technology
	200,000		0.880	^(a)	10/01/2036		200,000
Central California Public Financing Authority
	335,000		2.300	^(a)	08/01/2051		335,000
Chevron Corporation
	635,000		2.350	^(a)	11/01/2035		635,000
Eastern Municipal Water District
	430,000		2.400	^(a)	07/01/2046		430,000
Hoag Memorial Hospital Presbyterian
	460,000		2.400	^(a)	07/15/2062		460,000
Housing Authority of The County of Sacramento (FNMA)
	220,000		1.120	^(a)	07/15/2029		220,000
Metropolitan Water District of Southern California (The)
	360,000		1.000	^(a)	04/01/2054		360,000
Orange County Water District
	100,000		1.050	^(a)	08/01/2042		100,000
Regents of The University of California (The)
	1,420,000		2.300	^(a)	05/15/2048		1,420,000
	440,000		2.350	^(a)	05/15/2048		440,000
Riverside California (City of)
	100,000		2.300	^(a)	10/01/2035		100,000
San Mateo County Joint Powers Financing Authority
	340,000		0.900	^(a)	04/01/2039		340,000
Santa Clara Valley Transportation Authority
	175,000		0.800	^(a)	06/01/2055		175,000
	370,000		3.730	^(a)	06/01/2055		370,000
Scripps Health
	130,000		1.100	^(a)	08/01/2035		130,000
Southern California Public Power Authority
	300,000		2.500	^(a)	07/01/2036		300,000
State of California
	200,000		1.180	^(a)	05/01/2040		200,000
	338,000		1.050	^(a)	05/01/2050		338,000

							7,623,000

TOTAL VARIABLE RATE DEMAND NOTE							7,623,000

TOTAL INVESTMENTS - 98.7% (Cost $12,814,678)						$	12,814,678

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%							168,505

NET ASSETS - 100.0%						$	12,983,183


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

	(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
	(b)	Variable Rate Demand Instruments – rate shown is that which is in effect on May 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND



Investment Abbreviations:
FNMA		- Insured by Federal National Mortgage Association


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations - 2.9%

United States Treasury Bills
$	24,050,000		3.629	%	06/02/26	$	24,047,642
	47,900,000		3.623		06/04/26		47,885,746
	45,000,000		3.638		06/04/26		44,986,609
	10,100,000		3.656		06/04/26		10,096,995
	2,300,000		3.669		06/09/26		2,298,153

							129,315,145


TOTAL U.S. TREASURY OBLIGATIONS (Cost $129,315,145)							129,315,145



Non-Financial Company Commercial Paper - 19.3%
Alabama - 0.7%

Health Care Authority of The City of Huntsville (The)
	30,000,000		2.520		08/06/2026		30,000,000


California - 0.5%
California Statewide Communities Development Authority
	15,085,000		2.350		07/07/2026		15,085,000
Regents of The University of California (The)
	9,500,000		2.500		06/15/2026		9,500,000
Sacramento Municipal Utility District
	1,428,000		2.430		08/04/2026		1,428,000

							26,013,000


Colorado - 0.3%
Denver Board of Water Commissioners
	12,125,000		2.400		06/23/2026		12,125,000


District of Columbia - 1.3%

District of Columbia
	10,000,000		2.600		06/04/2026		10,000,000
	31,000,000		2.570		08/06/2026		31,000,000
Kaiser Permanente
	16,600,000		2.600		06/04/2026		16,600,000

							57,600,000


Florida - 0.4%
Cape Coral, Florida (City of)
	2,300,000		2.530		07/15/2026		2,300,000
Miami-Dade County Aviation Department
	11,250,000		2.620		08/05/2026		11,250,000

							13,550,000


Georgia - 1.2%
Metropolitan Atlanta Rapid Transit Authority
	4,200,000		2.400		07/07/2026		4,200,000
	17,000,000		2.500		09/15/2026		17,000,000
Municipal Electric Authority of Georgia (The)
	30,000,000		2.550		08/05/2026		30,000,000

							51,200,000


Illinois - 1.7%
Northwestern University
	23,000,000		2.603		09/10/2026		22,996,669
	12,000,000		2.550		09/15/2026		12,000,000
	25,000,000		2.550		09/17/2026		25,000,000
	13,500,000		2.500		09/28/2026		13,500,000

							73,496,669


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Non-Financial Company Commercial Paper – (continued)

Indiana - 0.1%
Indiana University
$	3,630,000		2.420	%	06/24/2026	$	3,630,000


Massachusetts - 0.5%
Massachusetts Bay Transportation Authority
	20,000,000		2.520		07/01/2026		20,000,000


Minnesota - 2.7%
Hennepin County, Minnesota
	17,500,000		2.450		08/05/2026		17,500,000
	14,500,000		2.500		09/03/2026		14,500,000
Minnesota Agricultural and Economic Development
	6,500,000		2.460		06/16/2026		6,500,000
	27,000,000		2.500		06/24/2026		27,000,000
	7,000,000		2.450		07/07/2026		7,000,000
	10,000,000		2.450		07/21/2026		10,000,000
Minnesota Agricultural and Economic Development Board
	9,700,000		2.450		07/14/2026		9,700,000
Regents of The University of Minnesota
	11,000,000		2.400		06/03/2026		11,000,000
	15,000,000		2.500		08/05/2026		15,000,000

							118,200,000


Missouri - 0.7%
BJC Health System
	3,875,000		2.500		06/03/2026		3,875,000
SSM Health Care Corporation
	25,000,000		2.550		07/09/2026		25,000,000

							28,875,000


Nebraska - 1.9%
Lincoln Electric Company (The)
	27,205,000		2.520		06/16/2026		27,205,000
Lincoln Electric System
	3,500,000		2.350		06/16/2026		3,500,000
	16,000,000		2.550		06/16/2026		16,000,000
Omaha Public Power District
	15,000,000		2.400		06/05/2026		15,000,000
	3,750,000		2.600		08/04/2026		3,750,000
	15,000,000		2.500		08/05/2026		15,000,000
	5,000,000		2.500		08/06/2026		5,000,000
	2,000,000		2.600		08/18/2026		2,000,000

							87,455,000


New Jersey - 0.5%
Rutgers, The State University of New Jersey
	21,590,000		2.400		06/10/2026		21,590,000


New York - 1.5%
Cornell University
	4,111,000		2.360		06/03/2026		4,111,000
Long Island Power Authority
	2,650,000		2.530		08/06/2026		2,650,000
Nyu Langone Hospitals
	9,275,000		2.530		08/04/2026		9,275,000
	8,775,000		2.630		08/04/2026		8,774,679
	9,600,000		2.671		08/04/2026		9,599,648
	35,275,000		2.580		09/01/2026		35,275,000

							69,685,327


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Non-Financial Company Commercial Paper – (continued)

Ohio - 0.2%
Ohio Water Development Authority
$	10,000,000		2.500	%	08/05/2026	$	10,000,000


Pennsylvania - 1.3%
The Trustees of The University of Pennsylvania
	25,000,000		2.500		06/16/2026		25,000,000
	18,450,000		2.400		07/09/2026		18,450,000
University of Pittsburgh The Commonwealth System of Higher Education
	13,450,000		2.400		07/08/2026		13,450,000

							56,900,000


Tennessee - 0.2%
Nashville and Davidson County, Tennessee
	7,800,000		2.540		08/11/2026		7,800,000


Texas - 2.1%
Austin, Texas (City of)
	5,000,000		2.580		06/24/2026		5,000,000
	8,000,000		2.520		08/18/2026		8,000,000
Board of Regents of The University of Texas System
	14,063,000		2.400		06/04/2026		14,063,000
Dallas Area Rapid Transit
	16,032,000		2.430		06/03/2026		16,032,000
Dallas Texas Waterworks & Sewer System
	11,300,000		2.470		06/23/2026		11,300,000
	14,200,000		2.540		06/23/2026		14,200,000
	17,000,000		2.520		07/16/2026		17,000,000
Harris Texas (County of)
	3,585,000		2.400		07/15/2026		3,585,000

							89,180,000


Washington - 1.5%
King, Washington (County of)
	3,750,000		2.420		07/08/2026		3,750,000
	14,500,000		2.500		07/09/2026		14,500,000
	14,775,000		2.500		08/24/2026		14,775,000
	33,400,000		2.520		09/09/2026		33,400,000

							66,425,000


TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER							843,724,996



Other Municipal Security - 7.8%

California - 2.5%
Los Angeles Transportation 5 6/26
	51,950,000		2.452		06/25/2026		52,014,324
Los Angeles, California (County of)
	41,345,000		2.820		06/30/2026		41,414,635
Riverside, California (County of)
	9,965,000		2.295		06/30/2026		9,983,136
	7,120,000		2.690		06/30/2026		7,132,958

							110,545,053


Colorado - 0.0%
Colorado State Education Loan Program
	100,000		2.405		06/30/2026		100,201
	1,225,000		2.424		06/30/2026		1,227,467

							1,327,668


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Other Municipal Security – (continued)

Connecticut - 0.1%
State of Connecticut
$	70,000		2.428	%	07/01/2026	$	70,141
	1,660,000		2.552		07/01/2026		1,663,327
	2,740,000		2.607	^(a)	09/15/2026		2,758,522

							4,491,990


Florida - 1.1%
Broward County Florida School District
	1,025,000		2.470		06/25/2026		1,025,891
	2,355,000		2.543		06/25/2026		2,357,046
	55,000		2.565		06/25/2026		55,048
	450,000		2.599		06/25/2026		450,391
	235,000		2.667		06/25/2026		235,204
	2,895,000		2.677		06/25/2026		2,897,515
	275,000		2.680		06/25/2026		275,239
	980,000		2.699		06/25/2026		980,851
	470,000		2.709		06/25/2026		470,408
	230,000		2.735		06/25/2026		230,200
	175,000		2.743		06/25/2026		175,152
	360,000		2.744		06/25/2026		360,313
	585,000		3.090		06/25/2026		585,508
Pinellas County School Board
	11,535,000		2.442		06/30/2026		11,547,459
	35,000		2.631		06/30/2026		35,038
	30,000		2.678		06/30/2026		30,032
	28,125,000		2.680		06/30/2026		28,155,378
	95,000		2.732		06/30/2026		95,103
School District of Broward County, Florida Tax Anticipation Notes
	Series 2025
	70,000		2.431		06/25/2026		70,061
School District of Pinellas County Florida Tax Anticipation Notes Series 2025
	40,000		2.403		06/30/2026		40,043

							50,071,880


Georgia - 1.5%
Fulton County Georgia General Fund Tax Anticipation Notes Series 2026
	63,615,000		2.499		12/30/2026		64,520,685


New York - 2.3%
Connetquot Central School District of Islip (ST AID WITHHLDG)
	15,385,000		2.511		06/24/2026		15,392,012
Oyster Bay, Town of
	120,000		2.405		08/21/2026		120,361
	17,615,000		2.500		08/21/2026		17,668,034
	115,000		2.545		08/21/2026		115,346
	24,050,000		2.701		08/21/2026		24,122,409
Smithtown Central School District (ST AID WITHHLDG)
	4,600,000		2.391		06/25/2026		4,604,767
South Huntington New York Union Free School District (ST AID WITHHLDG)
	4,700,000		2.442		06/24/2026		4,704,519
Suffolk, New York (County of)
	85,000		2.435		07/24/2026		85,187
	18,645,000		2.437		07/24/2026		18,686,052
	10,000,000		2.487		07/24/2026		10,022,017

							95,520,704


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Other Municipal Security – (continued)

Texas - 0.3%
Houston Independent School District (PSF-GTD)
$	3,750,000		2.783	%	08/15/2026	$	3,767,051
Houston Independent School District Harris County Texas Limited
Tax Refunding Bonds Series 2026 (PSF-GTD)
	8,610,000		2.710		02/15/2027		8,747,178

							12,514,229


TOTAL OTHER MUNICIPAL SECURITY							338,992,209



Tender Option Bond - 7.5%

Alabama - 0.3%
Public Finance Authority
	15,000,000		1.630	^(b)(c)	06/01/2055		15,000,000


Arizona - 0.0%
Deutsche Bank Spears/Lifers Trust
	2,000,000		1.600	^(b)(c)	01/01/2054		2,000,000


California - 1.2%
Tender Option Bond Trust Receipts/Certificates
	46,700,000		1.870	^(b)(c)	06/01/2032		46,700,000
	3,400,000		1.600	^(b)(c)	12/01/2054		3,400,000

							50,100,000


Connecticut - 0.0%
Connecticut Housing Finance Authority
	200,000		1.600	^(b)(c)	11/15/2052		200,000


District of Columbia - 0.5%
Tender Option Bond Trust Receipts/Certificates
	5,335,000		1.600	^(b)(c)	06/01/2050		5,335,000
	19,000,000		1.600	^(b)(c)	07/15/2060		19,000,000

							24,335,000


Georgia - 0.1%
Tender Option Bond Trust Receipts/Certificates
	5,200,000		1.600	^(b)(c)	10/01/2055		5,200,000


Hawaii - 0.1%
Tender Option Bond Trust Receipts/Certificates
	2,665,000		1.600	^(b)(c)	07/01/2049		2,665,000


Indiana - 0.3%
Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC)
	12,030,000		1.600	^(b)(c)	07/01/2055		12,030,000


Michigan - 0.3%
Tender Option Bond Trust Receipts/Certificates (AG)
	4,440,000		1.610	^(b)(c)	11/15/2054		4,440,000
Tender Option Bond Trust Receipts/Certificates
	8,500,000		1.620	^(b)(c)	03/01/2051		8,500,000

							12,940,000


Missouri - 0.2%
Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC)
	8,955,000		1.600	^(b)(c)	11/01/2055		8,955,000


Nebraska - 0.2%
Deutsche Bank Spears/Lifers Trust
	2,140,000		1.600	^(b)(c)	02/01/2054		2,140,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Tender Option Bond – (continued)

Nebraska – (continued)
Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC)
$	9,605,000		1.600	%^(b)(c)	09/01/2055	$	9,605,000

							11,745,000


New Jersey - 0.8%
New Jersey Transportation Trust Fund Authority
	37,310,000		1.720	^(b)(c)	06/15/2050		37,310,000


New York - 0.8%
J.P. Morgan Chase Putters / Drivers Trust Various States
	2,630,000		1.600	^(b)(c)	06/15/2046		2,630,000
Tender Option Bond Trust Receipts/Certificates (PUTABLE)
	2,290,000		1.600	^(b)(c)	05/15/2047		2,290,000
	4,980,000		1.600	^(b)(c)	10/01/2050		4,980,000
	2,050,000		1.600	^(b)(c)	07/01/2054		2,050,000
Tender Option Bond Trust Receipts/Certificates
	1,890,000		1.600	^(b)(c)	03/15/2046		1,890,000
	2,500,000		1.600	^(b)(c)	03/15/2047		2,500,000
	2,430,000		1.600	^(b)(c)	04/01/2049		2,430,000
	7,360,000		1.600	^(b)(c)	07/01/2054		7,360,000
	1,455,000		1.600	^(b)(c)	04/01/2055		1,455,000
	2,740,000		1.600	^(b)(c)	12/01/2056		2,740,000
							30,325,000


North Carolina - 0.7%
J.P. Morgan Chase Putters / Drivers Trust Various States
	11,215,000		1.600	^(b)(c)	07/01/2044		11,215,000
Public Finance Authority
	15,000,000		1.630	^(b)(c)	01/15/2048		15,000,000

							26,215,000


Ohio - 0.1%
Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC)
	3,245,000		1.600	^(b)(c)	09/01/2055		3,245,000


Other - 1.0%
Tender Option Bond Trust Receipts/Certificates Various States CTFS 2026-BAP0002
	44,600,000		1.870	^(b)(c)	12/02/2027		44,600,000


Pennsylvania - 0.3%
Pennsylvania Housing Finance Agency (PUTABLE)
	8,095,000		1.600	^(b)(c)	04/01/2051		8,095,000
Thomas Jefferson University (AG-CR)
	3,900,000		1.690	^(b)(c)	11/01/2054		3,900,000

							11,995,000


Rhode Island - 0.1%
Tender Option Bond Trust Receipts/Certificates (GNMA COLL)
	6,500,000		1.600	^(b)(c)	10/01/2054		6,500,000


Texas - 0.4%
Deutsche Bank Spears/Lifers Trust
	3,595,000		1.600	^(b)(c)	02/15/2055		3,595,000
	11,700,000		1.600	^(b)(c)	09/15/2055		11,700,000
J.P. Morgan Chase Putters / Drivers Trust Various States (PSF-GTD) (PUTABLE)
	1,785,000		1.600	^(b)	02/15/2046		1,785,000


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Tender Option Bond – (continued)

Texas – (continued)
Tender Option Bond Trust Receipts/Certificates (PSF-GTD)
$	2,250,000		1.600	%^(b)(c)	02/15/2055	$	2,250,000

							19,330,000


Virginia - 0.1%
Tender Option Bond Trust Receipts/Certificates
	3,465,000		1.600	^(b)(c)	12/01/2066		3,465,000


TOTAL TENDER OPTION BOND							328,155,000



Variable Rate Demand Note - 57.1%

Alaska - 3.6%
Alaska Housing Finance Corporation
	90,590,000		1.520	^(b)	12/01/2040		90,590,000
	50,265,000		1.520	^(b)	12/01/2041		50,265,000
Alaska Housing Finance Corporation Governmental Purpose Bonds
	16,875,000		3.350	^(b)	12/01/2030		16,875,000

							157,730,000


Arizona - 1.0%
Arizona Board of Regents
	45,120,000		1.550	^(b)	07/01/2055		45,120,000


Colorado - 1.8%
Colorado Health Facilities Authority
	10,000,000		1.550	^(b)	05/15/2064		10,000,000
Colorado Housing and Finance Authority
	7,570,000		1.550	^(b)	05/01/2031		7,570,000
Colorado Springs Colorado (Combined Utilities Sytem)
	31,995,000		1.600	^(b)	11/01/2040		31,995,000
	4,300,000		1.600	^(b)	11/01/2041		4,300,000
University of Colorado Hospital Authority
	25,000,000		1.350	^(b)	11/15/2049		25,000,000

							78,865,000


Connecticut - 6.1%
Connecticut Health and Educational Facilities Authority
	38,075,000		1.550	^(b)	07/01/2048		38,075,000
	70,000,000		1.500	^(b)	07/01/2056		70,000,000
Connecticut Housing Finance Authority (GNMA/FNMA/FHLMC)
	32,000,000		1.450	^(b)	11/15/2051		32,000,000
	55,000,000		1.550	^(b)	11/15/2051		55,000,000
	42,800,000		2.850	^(b)	05/15/2052		42,800,000
Connecticut Housing Finance Authority
	3,900,000		1.560	^(b)	05/15/2034		3,900,000
	23,800,000		1.550	^(b)	11/15/2048		23,800,000

							265,575,000


District of Columbia - 0.3%
Metropolitan Washington Airports Authority
	13,850,000		1.570	^(b)	10/01/2039		13,850,000

							13,850,000


Florida - 3.7%
Adventist Health System Sunbelt Healthcare Corporation
	9,550,000		1.520	^(b)	11/15/2032		9,550,000
	13,465,000		1.500	^(b)	11/15/2037		13,465,000
Baptist Health System, Inc
	3,455,000		1.610	^(b)	08/01/2036		3,455,000
Florida Power & Light Company
	33,500,000		1.670	^(b)	09/01/2028		33,500,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Variable Rate Demand Note – (continued)

Florida – (continued)
Florida Power & Light Company – (continued)
$	27,885,000		1.650	%^(b)	05/01/2046	$	27,885,000
Hillsborough County Industrial Development Authority
	22,130,000		1.550	^(b)	11/15/2044		22,130,000
	41,100,000		2.800	^(b)	11/15/2054		41,100,000
Miami-Dade Water and Sewer Department
	7,720,000		2.683	^(b)	10/01/2026		7,778,701

							158,863,701


Georgia - 1.4%
Children’s Healthcare of Atlanta, Inc.
	60,915,000		1.630	^(b)	07/01/2042		60,915,000


Idaho - 0.4%
Trinity Health Corporation
	16,585,000		2.450	^(b)	12/01/2048		16,585,000


Illinois - 1.5%
Northwestern University
	40,000,000		1.300	^(b)	12/01/2046		40,000,000
	26,760,000		1.530	^(b)	12/01/2046		26,760,000

							66,760,000


Iowa - 0.4%
Archer-Daniels-Midland Company
	18,250,000		1.610	^(b)	12/01/2045		18,250,000


Maryland - 0.4%
Howard Hughes Medical Institute
	18,400,000		1.600	^(b)	02/15/2043		18,400,000


Massachusetts - 0.6%
Massachusetts Department of Transportation
	4,900,000		1.500	^(b)	01/01/2039		4,900,000
Massachusetts Housing Finance Agency
	21,575,000		1.550	^(b)	11/01/2048		21,575,000

							26,475,000


Michigan - 1.0%
University of Michigan
	7,295,000		1.340	^(b)	04/01/2028		7,295,000
	37,475,000		1.340	^(b)	04/01/2036		37,475,000

							44,770,000


Minnesota - 0.6%
Minnesota State Housing Finance Agency (GNMA/FNMA/FHLMC)
	26,360,000		1.550	^(b)	01/01/2042		26,360,000


Mississippi - 3.1%
Chevron Corporation
	27,450,000		1.530	^(b)	12/01/2030		27,450,000
	42,070,000		1.580	^(b)	12/01/2030		42,070,000
	39,685,000		2.850	^(b)	12/01/2030		39,685,000
	25,720,000		2.850	^(b)	11/01/2035		25,720,000

							134,925,000


Missouri - 0.4%
BJC Health System
	18,000,000		1.540	^(b)	05/15/2038		18,000,000


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Variable Rate Demand Note – (continued)

New York - 10.3%
Blackrock Muniyield Quality Fd Inc Var (AMT)
$	39,700,000		1.730	%^(b)(c)	02/01/2056	$	39,700,000
Long Island Power Authority
	330,000		1.600	^(b)	05/01/2033		330,000
	19,325,000		1.550	^(b)	09/01/2038		19,325,000
	9,455,000		1.550	^(b)	09/01/2042		9,455,000
Metropolitan Transportation Authority
	14,250,000		1.550	^(b)	11/01/2031		14,250,000
Nassau County Local Economic Assistance and Financing Corporation
	14,380,000		1.550	^(b)	01/01/2045		14,380,000
New York City Housing Development Corporation
	29,910,000		1.400	^(b)	03/15/2036		29,910,000
	21,275,000		1.300	^(b)	05/01/2054		21,275,000
New York City Municipal Water Finance Authority
	26,435,000		2.750	^(b)	12/01/2023		26,435,000
	35,980,000		2.850	^(b)	06/15/2044		35,980,000
	5,550,000		1.600	^(b)	06/15/2046		5,550,000
New York City Transitional Finance Authority
	6,600,000		1.550	^(b)	08/01/2039		6,600,000
	15,400,000		1.570	^(b)	05/01/2053		15,400,000
New York State Housing Finance Agency
	59,900,000		1.400	^(b)	11/15/2036		59,900,000
	200,000		1.600	^(b)	05/15/2037		200,000
	15,640,000		1.400	^(b)	05/15/2041		15,640,000
	10,000,000		1.550	^(b)	11/01/2044		10,000,000
New York State Housing Finance Agency (SONYMA HUD SECT 8)
	18,185,000		1.550	^(b)	11/01/2061		18,185,000
State of New York Mortgage Agency
	10,910,000		1.600	^(b)	04/01/2047		10,910,000
	12,400,000		1.600	^(b)	04/01/2051		12,400,000
The City of New York
	28,630,000		1.550	^(b)	12/07/2023		28,630,000
	1,850,000		2.750	^(b)	04/01/2042		1,850,000
	53,440,000		2.850	^(b)	10/01/2046		53,440,000

							449,745,000


North Carolina - 0.4%
North Carolina Medical Care Commission
	16,500,000		1.550	^(b)	06/01/2055		16,500,000


Ohio - 6.3%
Columbus Ohio Sewerage System (City of)
	33,445,000		1.300	^(b)	06/01/2032		33,445,000
Ohio State University (The)
	70,485,000		1.550	^(b)	12/07/2023		70,485,000
	47,250,000		1.450	^(b)	12/01/2034		47,250,000
	30,000,000		1.450	^(b)	12/01/2039		30,000,000
	10,220,000		1.580	^(b)	06/01/2043		10,220,000
Ohiohealth Corporation
	25,000,000		1.600	^(b)	11/15/2041		25,000,000
State of Ohio
	10,000,000		1.550	^(b)	10/01/2040		10,000,000
	13,090,000		1.600	^(b)	12/01/2040		13,090,000
Trinity Health Corporation
	35,920,000		2.450	^(b)	12/01/2046		35,920,000

							275,410,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Variable Rate Demand Note – (continued)

Other - 1.7%
Nuveen AMT Free Mun Income Fund Variable Rate DemandPreferred Shares Ticker Symbol NEA 1
$	74,000,000		1.650	%^(b)(c)	09/11/2026	$	74,000,000


Pennsylvania - 2.8%
Deutsche Bank Spears/Lifers Trust
	22,100,000		1.600	^(b)	12/01/2060		22,100,000
Pennsylvania Housing Finance Agency
	25,550,000		1.550	^(b)	10/01/2050		25,550,000
Pennsylvania Turnpike Commission
	75,250,000		1.570	^(b)	12/01/2045		75,250,000

							122,900,000


Rhode Island - 0.4%
Brown University
	15,960,000		1.200	^(b)	09/01/2043		15,960,000


South Dakota - 0.8%
South Dakota Health and Educational Facilities Authority
	35,000,000		1.550	^(b)	07/01/2055		35,000,000


Texas - 6.9%
Board of Regents of The University of Houston System
	9,835,000		1.350	^(b)	02/15/2057		9,835,000
Board of Regents of The University of Texas System
	4,675,000		2.699	^(b)	03/15/2027		4,758,250
	55,400,000		1.350	^(b)	08/01/2032		55,400,000
	15,000,000		1.450	^(b)	08/01/2056		15,000,000
Board of Regents of the University of Texas System Revenue Financing System Bonds Series 2026
	15,000,000		1.450	^(b)	08/01/2056		15,000,000
Exxon Mobil Corporation
	96,330,000		2.800	^(b)	11/01/2041		96,330,000
Harris County Cultural Education Facilities Finance Corporation
	63,965,000		2.850	^(b)	12/01/2060		63,965,000
Houston Texas (Combined Utilities System)
	1,900,000		1.590	^(b)	05/15/2034		1,900,000
State of Texas
	200,000		1.600	^(b)	06/01/2053		200,000
Tarrant County Cultural Education Facilities Finance Corporation
	21,985,000		1.300	^(b)	07/01/2047		21,985,000
William Marsh Rice University
	13,375,000		1.570	^(b)	05/15/2048		13,375,000

							297,748,250


Washington - 0.2%
Port of Tacoma
	7,105,000		1.550	^(b)	12/01/2044		7,105,000


Wisconsin - 1.0%
Public Finance Authority
	40,000,000		1.600	^(b)	10/01/2044		40,000,000


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Variable Rate Demand Note – (continued)

Wisconsin – (continued)
Wisconsin Housing & Economic Development Authority (GNMA/FNMA/FHLMC)
$	5,835,000		1.550	%^(b)	09/01/2050	$	5,835,000

							45,835,000

TOTAL VARIABLE RATE DEMAND NOTE							2,491,646,951

TOTAL INVESTMENTS - 94.6% (Cost $4,131,834,301)						$	4,131,834,301

OTHER ASSETS IN EXCESS OF LIABILITIES - 5.4%							235,184,549

NET ASSETS - 100.0%						$	4,367,018,850


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

	(a)	All or a portion represents a forward commitment.
	(b)	Variable Rate Demand Instruments – rate shown is that which is in effect on May 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
	(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.

	Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.




Investment Abbreviations:
AMT		- Alternative Minimum Tax (subject to)
FHLMC		- Insured by Federal Home Loan Mortgage Corp.
FNMA		- Insured by Federal National Mortgage Association
GNMA		- Insured by Government National Mortgage Association
HUD SECT 8		- Hud Section 8
PSF-GTD		- Guaranteed by Permanent School Fund
SONYMA		- State of New York Mortgage Agency
SPEARS		- Short Puttable Exempt Adjustable Receipts
ST AID		-
WITHHLDG		State Aid Withholding


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations - 6.4%
United States Treasury Bills
$		1,250,000		3.629	%	06/02/26	$	1,249,876
		2,400,000		3.669		06/09/26		2,398,072

								3,647,948

TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,647,948)								3,647,948



Non-Financial Company Commercial Paper - 7.1%

New York - 7.1%
Cornell University
		1,250,000		2.360		06/03/2026		1,250,000
Nyu Langone Hospitals
		500,000		2.530		08/04/2026		500,000
		500,000		2.630		08/04/2026		500,000
		500,000		2.580		09/01/2026		500,000
Power Authority of The State of New York
		1,000,000		2.500		08/06/2026		1,000,000
Trustees of Columbia University in The City of New York (The)
		277,000		2.650		06/10/2026		277,000

								4,027,000

TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER								4,027,000



Other Municipal Security - 13.7%

New York - 13.7%
Bay Shore Union Free School District (ST AID WITHHLDG)
		15,000		2.476		07/10/2026		15,018
Bay Shore Union Free School District
		10,000		2.480		07/10/2026		10,012
		30,000		2.705		07/10/2026		30,036
		120,000		2.806		07/10/2026		120,144
		125,000		2.837		07/10/2026		125,151
		350,000		2.901		07/10/2026		350,421
Connetquot Central School District of Islip (ST AID WITHHLDG)
		615,000		2.511		06/24/2026		615,280
Erie New York (County of)
		600,000		2.159		06/01/2026		600,000
Monroe, New York (County of) (BAM)
		135,000		2.673		06/01/2026		135,000
New York City Housing Development Corporation
		100,000		1.560	^(a)	07/01/2043		100,000
Oyster Bay, Town of
		35,000		2.405		08/21/2026		35,105
		95,000		2.450		08/21/2026		95,286
		160,000		2.500		08/21/2026		160,481
		25,000		2.541		08/21/2026		25,075
		70,000		2.572		08/21/2026		70,210
		110,000		2.668		08/21/2026		110,331
		500,000		2.701		08/21/2026		501,503
Oyster Bay, Town of (AG)
		395,000		2.701		08/15/2026		395,242
Patchogue-Medford Union Free School District (ST AID WITHHLDG)
		90,000		2.335		06/24/2026		90,088
Patchogue-Medford Union Free School District
		635,000		2.372		06/24/2026		635,620
		115,000		2.748		06/24/2026		115,112


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Other Municipal Security – (continued)

New York – (continued)
Smithtown Central School District (ST AID WITHHLDG)
$		400,000		2.391	%	06/25/2026	$	400,415
South Huntington New York Union Free School District (ST AID WITHHLDG)
		300,000		2.442		06/24/2026		300,288
Suffolk, New York (County of)
		1,250,000		2.437		07/24/2026		1,252,726
		650,000		2.537		07/24/2026		651,417
Three Village Central School District (ST AID WITHHLDG)
		90,000		2.328		06/24/2026		90,080
Three Village Central School District
		5,000		2.398		06/24/2026		5,004
		515,000		2.497		06/24/2026		515,460
		40,000		2.626		06/24/2026		40,036
		90,000		2.630		06/24/2026		90,080
		60,000		2.704		06/24/2026		60,054
		105,000		2.845		06/24/2026		105,094

								7,845,769

TOTAL OTHER MUNICIPAL SECURITY								7,845,769



Tender Option Bond - 7.0%

New York - 7.0%
J.P. Morgan Chase Putters / Drivers Trust Various States
		500,000		1.600	^(a)(b)	06/15/2046		500,000
Tender Option Bond Trust Receipts/Certificates (PUTABLE)
		250,000		1.600	^(a)(b)	10/01/2050		250,000
		450,000		1.600	^(a)(b)	07/01/2054		450,000
Tender Option Bond Trust Receipts/Certificates
		400,000		1.600	^(a)(b)	03/15/2046		400,000
		300,000		2.870	^(a)(b)	03/15/2049		300,000
		200,000		1.600	^(a)(b)	07/01/2054		200,000
		650,000		1.600	^(a)(b)	04/01/2055		650,000
		615,000		1.600	^(a)(b)	12/01/2056		615,000
		650,000		2.870	^(a)(b)	05/15/2064		650,000

								4,015,000

TOTAL TENDER OPTION BOND								4,015,000



Variable Rate Demand Note - 61.6%

New York - 61.6%
Blackrock Muniyield New York Quality Fund, Inc.
		200,000		1.710	^(a)(b)	02/09/2076		200,000
Dormitory Authority of The State of New York
		200,000		2.770	^(a)	07/01/2026		200,359
		900,000		1.560	^(a)	07/01/2032		900,000
Long Island Power Authority
		2,260,000		1.550	^(a)	09/01/2038		2,260,000
		500,000		1.550	^(a)	09/01/2042		500,000
Metropolitan Museum of Art (The)
		2,570,000		1.530	^(a)	10/01/2036		2,570,000
Metropolitan Transportation Authority
		675,000		1.550	^(a)	11/01/2031		675,000
		650,000		1.550	^(a)	11/01/2032		650,000
Nassau County Local Economic Assistance and Financing Corporation
		2,700,000		1.550	^(a)	01/01/2045		2,700,000
New York Botanical Garden
		2,505,000		1.520	^(a)	07/01/2032		2,505,000


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Variable Rate Demand Note – (continued)

New York – (continued)
New York City Housing Development Corporation
$		1,960,000		1.500	%^(a)	09/01/2049	$	1,960,000
New York City Housing Development Corporation (FHA 542 (C)) (PUTABLE)
		600,000		3.720	^(a)	05/01/2060		600,000
New York City Municipal Water Finance Authority
		490,000		2.750	^(a)	06/15/2045		490,000
		2,500,000		1.600	^(a)	06/15/2046		2,500,000
		100,000		2.800	^(a)	06/15/2049		100,000
New York State Energy Research and Development Authority
		2,800,000		1.300	^(a)	05/01/2039		2,800,000
New York State Housing Finance Agency
		1,800,000		1.550	^(a)	11/15/2037		1,800,000
		375,000		1.550	^(a)	05/15/2039		375,000
		600,000		3.720	^(a)	11/01/2045		600,000
Rockefeller University
		2,250,000		1.300	^(a)	07/01/2039		2,250,000
State of New York Mortgage Agency
		555,000		1.600	^(a)	04/01/2047		555,000
		2,100,000		1.600	^(a)	04/01/2051		2,100,000
The City of New York
		200,000		2.800	^(a)	04/01/2036		200,000
		100,000		1.600	^(a)	08/01/2038		100,000
		250,000		1.500	^(a)	08/01/2041		250,000
		540,000		1.550	^(a)	10/01/2041		540,000
		1,500,000		2.850	^(a)	10/01/2046		1,500,000
Triborough Bridge and Tunnel Authority
		1,205,000		2.750	^(a)	01/01/2033		1,205,000
		645,000		1.600	^(a)	11/01/2041		645,000
Trustees of Columbia University in The City of New York (The)
		1,365,000		1.400	^(a)	09/01/2039		1,365,000

								35,095,359

TOTAL VARIABLE RATE DEMAND NOTE								35,095,359

TOTAL INVESTMENTS - 95.8% (Cost $54,631,076)							$	54,631,076

OTHER ASSETS IN EXCESS OF LIABILITIES - 4.2%								2,374,782

NET ASSETS - 100.0%							$	57,005,858


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

	(a)	Variable Rate Demand Instruments – rate shown is that which is in effect on May 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
	(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.

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


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


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

GOLDMAN SACHS FUNDS – INVESTOR FUNDS

May 31, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At May 31, 2026, the Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of June 1, 2026, as follows:


Fund	Principal Amount		Maturity Value	Collateral Value Allocation


Investor Money Market Fund		$295,570,000	$295,659,237		$304,437,100

REPURCHASE AGREEMENTS — At May 31, 2026, the Principal Amounts of the Investor Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:


Counterparty	Interest Rate	Investor Money Market Fund


Bank of America, N.A.	3.630%		$88,671,000


Bank of Montreal	3.620		59,114,000


Wells Fargo Securities, LLC	3.620		147,785,000



Total			$295,570,000

At May 31, 2026, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rate	Maturity Dates


Federal Home Loan Mortgage Corp.	2.000% to 6.500%		05/01/34 to 06/01/56


Federal National Mortgage Association	2.000 to 5.500		08/01/42 to 05/01/56


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

GOLDMAN SACHS FUNDS – INVESTOR FUNDS

Statements of Assets and Liabilities

May 31, 2026 (Unaudited)


	Investor Money Market Fund		Investor Tax-Exempt California Money Market Fund		Investor Tax-Exempt Money Market Fund		Investor Tax-Exempt New York Money Market Fund

Assets:

Investments, at value (cost $9,992,693,182, $12,814,678, $4,131,834,301 and $54,631,076, respectively)	$	9,992,693,182	$	12,814,678	$	4,131,834,301	$	54,631,076

Repurchase agreements, at value (Cost $2,501,570,000, $–, $– and $–, respectively)		2,501,570,000		—		—		—

Cash		94,508,480		24,828		104,918		436,073

Receivables:

Fund shares sold		37,536,141		—		12,319,799		—

Interest		33,718,158		64,420		20,379,802		308,025

Investments sold		7,792,182		100,003		210,032,784		1,651,610

Reimbursement from investment adviser		23,907		11,956		7,519		11,928

Other assets		871,899		54,215		258,839		31,208

Total assets		12,668,713,949		13,070,100		4,374,937,962		57,069,920


Liabilities:

Payables:

Investments purchased		94,453,381		—		2,758,522		—

Fund shares redeemed		49,401,556		—		1,493,488		130

Management fees		766,246		792		262,700		3,663

Dividend distribution		718,175		—		3,254,781		—

Distribution and Service fees and Transfer Agency fees		572,862		798		52,977		980

Accrued professional fees		69,718		53,438		53,537		53,491

Accrued printing and mailing costs		17,489		4,628		16,079		1,803

Accrued Trustee fees		7,438		3,994		4,356		3,995

Custody, accounting and administrative services		—		23,236		18,986		—

Accrued expenses		—		31		3,686		—

Total liabilities		146,006,865		86,917		7,919,112		64,062


Net Assets:

Paid-in capital		12,522,678,042		12,983,019		4,367,012,798		57,005,645

Total distributable earnings		29,042		164		6,052		213

NET ASSETS	$	12,522,707,084	$	12,983,183	$	4,367,018,850	$	57,005,858

Net Assets:

Class A Shares	$	4,234,689,643	$	51,793	$	185,279,008	$	52,089

Class C Shares		11,895		—		9,701		—

Class D Shares		21,792,470		—		—		—

Class I Shares		7,677,997,862		12,776,081		4,162,788,443		56,797,591

Service Shares		692,933		51,570		13,629,026		51,866

Preferred Shares		—		51,926		1,149		52,223

Administration Shares		578,208,894		51,813		5,311,523		52,089

Cash Management Shares		9,313,387		—		—		—

Total Net Assets	$	12,522,707,084	$	12,983,183	$	4,367,018,850	$	57,005,858
Shares Outstanding $0.001 par value (unlimited number of shares authorized):

Class A Shares		4,234,770,962		51,792		185,277,817		52,089

Class C Shares		11,895		—		9,701		—

Class D Shares		21,792,908		—		—		—

Class I Shares		7,678,146,043		12,776,028		4,162,760,425		56,797,470

Service Shares		692,951		51,570		13,628,934		51,866

Preferred Shares		—		51,926		1,149		52,223

Administration Shares		578,219,588		51,813		5,311,487		52,089

Cash Management Shares		9,313,565		—		—		—

Net asset value, offering and redemption price per share:	$	1.00	$	1.00	$	1.00	$	1.00


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

GOLDMAN SACHS FUNDS – INVESTOR FUNDS

Statements of Operations

For the Six Months Ended May 31, 2026 (Unaudited)


	Investor Money Market Fund			Investor Tax-Exempt California Money Market Fund			Investor Tax-Exempt Money Market Fund			Investor Tax-Exempt New York Money Market Fund

Investment Income:

Interest income	$	241,690,735		$	106,076		$	52,254,223		$	826,406



Expenses:

Fund-Level Expenses:

Management fees		9,966,022			7,416			3,260,659			50,460

Transfer Agency fees		622,933			464			203,810			3,155

Registration fees		515,956			35,606			122,200			36,634

Custody, accounting and administrative services		225,512			18,303			86,015			20,448

Professional fees		108,030			57,072			54,554			56,649

Printing and postage fees		91,920			17,746			11,225			17,530

Trustee fees		24,578			13,432			16,673			13,476

Other		39,003			61			24,018			519

Subtotal		11,593,954			150,100			3,779,154			198,871

Class Specific Expenses:

Distribution and Service fees - Class A Shares		5,130,121			64			200,557			64

Administration Share fees		621,520			64			3,071			64

Cash Management Share fees		25,383			—			—			—

Distribution fees - Cash Management Shares		15,230			—			—			—

Service Share fees		14,068			127			37,945			127

Distribution fees - Class C Shares		109			—			48			—

Preferred Share fees		—			25			—			26

Total expenses		17,400,385			150,380			4,020,775			199,152

Less - expense reductions		(158,760	)		(141,571	)		(30,439	)		(140,842	)

Net expenses		17,241,625			8,809			3,990,336			58,310

NET INVESTMENT INCOME	$	224,449,110		$	97,267		$	48,263,887		$	768,096



Net realized gain from investment transactions		515,130			49			4,282			153

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	224,964,240		$	97,316		$	48,268,169		$	768,249


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

GOLDMAN SACHS FUNDS – INVESTOR FUNDS

Statements of Changes in Net Assets


	Investor Money Market Fund						Investor Tax-Exempt California Money Market Fund
	For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025			For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025

From operations:

Net investment income	$	224,449,110		$	474,910,740		$	97,267		$	196,296

Net realized gain		515,130			2,094,681			49			75


Net increase in net assets resulting from operations		224,964,240			477,005,421			97,316			196,371



Distributions to shareholders:

From distributable earnings:

Class A Shares		(71,112,331	)		(138,585,362	)		(474	)		(1,050	)

Class C Shares		(303	)		(1,813	)		–			–

Class D Shares		(297,733	)		(692,216	)		–			–

Class I Shares		(145,394,759	)		(317,024,415	)		(95,472	)		(192,149	)

Service Shares		(90,739	)		(563,725	)		(408	)		(920	)

Preferred Shares		–			–			(513	)		(1,127	)

Administration Shares		(8,618,670	)		(19,487,353	)		(474	)		(1,050	)

Cash Management Shares		(147,992	)		(855,901	)		–			–


Total distributions to shareholders		(225,662,527	)		(477,210,785	)		(97,341	)		(196,296	)



From share transactions:

Proceeds from sales of shares		6,940,326,592			13,315,636,367			8,695,662			36,564,341

Reinvestment of distributions		218,543,075			462,004,086			97,342			196,306

Cost of shares redeemed		(6,801,684,660	)		(11,831,326,831	)		(4,244,000	)		(33,356,121	)


Net increase in net assets resulting from share transactions		357,185,007			1,946,313,622			4,549,004			3,404,526


TOTAL INCREASE		356,486,720			1,946,108,258			4,548,979			3,404,601



Net Assets:

Beginning of period	$	12,166,220,364		$	10,220,112,106		$	8,434,204		$	5,029,603


End of period	$	12,522,707,084		$	12,166,220,364		$	12,983,183		$	8,434,204


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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Changes in Net Assets (continued)


	Investor Tax-Exempt Money Market Fund						Investor Tax-Exempt New York Money Market Fund
	For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025			For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025

From operations:

Net investment income	$	48,263,887		$	79,619,292		$	768,096		$	632,221

Net realized gain (loss)		4,282			14,456			153			(33	)


Net increase in net assets resulting from operations		48,268,169			79,633,748			768,249			632,188



Distributions to shareholders:

From distributable earnings:

Class A Shares		(1,707,312	)		(3,016,965	)		(547	)		(1,224	)

Class C Shares		(67	)		(167	)		–			–

Class I Shares		(46,402,250	)		(76,018,818	)		(765,932	)		(627,376	)

Service Shares		(143,182	)		(491,887	)		(482	)		(1,095	)

Preferred Shares		(13	)		(2,776	)		(588	)		(1,302	)

Administration Shares		(25,503	)		(88,678	)		(547	)		(1,224	)


Total distributions to shareholders		(48,278,327	)		(79,619,291	)		(768,096	)		(632,221	)



From share transactions:

Proceeds from sales of shares		3,983,207,390			4,350,805,951			125,239,597			69,847,787

Reinvestment of distributions		26,140,074			33,687,100			768,113			628,609

Cost of shares redeemed		(3,166,463,853	)		(3,330,838,096	)		(107,441,427	)		(37,744,425	)


Net increase in net assets resulting from share transactions		842,883,611			1,053,654,955			18,566,283			32,731,971


TOTAL INCREASE		842,873,453			1,053,669,412			18,566,436			32,731,938



Net Assets:

Beginning of period	$	3,524,145,397		$	2,470,475,985		$	38,439,422		$	5,707,484


End of period	$	4,367,018,850		$	3,524,145,397		$	57,005,858		$	38,439,422


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

FINANCIAL HIGHLIGHTS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Investor Money Market Fund

	Class A Shares
	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.049				0.048				0.012				–	^(b)

Net realized gain (loss)			–	^(b)			–	^(b)			0.001				(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.040				0.050				0.047				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions^(c)			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.74	%			4.11	%			5.09	%			4.80	%			1.17	%			0.03	%


Net assets, end of period (in 000’s)		$	4,234,690			$	3,906,512			$	2,943,597			$	1,728,037			$	442,390			$	140,297

Ratio of net expenses to average net assets			0.43	%^(e)			0.43	%			0.43	%			0.43	%			0.38	%			0.12	%

Ratio of total expenses to average net assets			0.44	%^(e)			0.44	%			0.44	%			0.44	%			0.45	%			0.45	%

Ratio of net investment income (loss) to average net assets			3.45	%^(e)			4.01	%			4.93	%			4.81	%			1.69	%			(0.01	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Money Market Fund

	Class C Shares
	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.014				0.033				0.041				0.039				0.007				–	^(b)

Net realized gain (loss)			(0.001	)			–	^(b)			0.001				–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.013				0.033				0.042				0.039				0.007				–	^(b)


Distributions to shareholders from net investment income			(0.013	)			(0.033	)			(0.042	)			(0.039	)			(0.007	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions^(c)			(0.013	)			(0.033	)			(0.042	)			(0.039	)			(0.007	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.36	%			3.34	%			4.31	%			4.02	%			0.74	%			0.03	%


Net assets, end of period (in 000’s)		$	12			$	55			$	55			$	11			$	34			$	39

Ratio of net expenses to average net assets			1.18	%^(e)			1.18	%			1.19	%			1.18	%			0.79	%			0.12	%

Ratio of total expenses to average net assets			1.19	%^(e)			1.19	%			1.19	%			1.19	%			1.20	%			1.20	%

Ratio of net investment income (loss) to average net assets			2.75	%^(e)			3.27	%			4.12	%			3.87	%			0.62	%			(0.01	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Money Market Fund

	Class D Shares
	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,								Period Ended November 30, 2023^(a)
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				Period Ended November 30, 2023^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.018				0.043				0.052				0.043

Net realized loss			–	^(c)			–	^(c)			–				(0.001	)


Total from investment operations			0.018				0.043				0.052				0.042


Distributions to shareholders from net investment income			(0.018	)			(0.043	)			(0.052	)			(0.042	)

Distributions to shareholders from net realized gains			–	^(c)			–	^(c)			–	^(c)			–	^(c)


Total distributions ^(d)			(0.018	)			(0.043	)			(0.052	)			(0.042	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(e)			1.87	%			4.37	%			5.35	%			4.30	%


Net assets, end of period (in 000’s)		$	21,792			$	16,463			$	11,748			$	6,124

Ratio of net expenses to average net assets			0.18	%^(f)			0.18	%			0.18	%			0.18	%^(f)

Ratio of total expenses to average net assets			0.19	%^(f)			0.19	%			0.19	%			0.19	%^(f)

Ratio of net investment income to average net assets			3.69	%^(f)			4.25	%			5.18	%			5.17	%^(f)

(a)

Commenced operations on January 31, 2023.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Money Market Fund

	Class I Shares
	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.018				0.043				0.052				0.050				0.013				–	^(b)

Net realized loss			–	^(b)			–	^(b)			–				(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.018				0.043				0.052				0.049				0.013				–	^(b)


Distributions to shareholders from net investment income			(0.018	)			(0.043	)			(0.052	)			(0.049	)			(0.013	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–				–	^(b)


Total distributions ^(c)			(0.018	)			(0.043	)			(0.052	)			(0.049	)			(0.013	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.87	%			4.37	%			5.35	%			5.06	%			1.35	%			0.04	%


Net assets, end of period (in 000’s)		$	7,677,998			$	7,718,315			$	6,830,806			$	6,386,610			$	5,066,681			$	1,400,101

Ratio of net expenses to average net assets			0.18	%^(e)			0.18	%			0.18	%			0.18	%			0.18	%			0.12	%

Ratio of total expenses to average net assets			0.19	%^(e)			0.19	%			0.19	%			0.19	%			0.20	%			0.20	%

Ratio of net investment income to average net assets			3.70	%^(e)			4.26	%			5.20	%			4.95	%			1.93	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Money Market Fund

	Service Shares
	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.016				0.038				0.047				0.044				0.010				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–				–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.016				0.038				0.047				0.044				0.010				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.038	)			(0.047	)			(0.044	)			(0.010	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.016	)			(0.038	)			(0.047	)			(0.044	)			(0.010	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.61	%			3.85	%			4.83	%			4.54	%			1.00	%			0.03	%


Net assets, end of period (in 000’s)		$	693			$	6,689			$	15,433			$	35,861			$	49,040			$	63,427

Ratio of net expenses to average net assets			0.68	%^(e)			0.68	%			0.68	%			0.68	%			0.54	%			0.12	%

Ratio of total expenses to average net assets			0.69	%^(e)			0.69	%			0.69	%			0.69	%			0.70	%			0.70	%

Ratio of net investment income (loss) to average net assets			3.20	%^(e)			3.80	%			4.73	%			4.40	%			1.14	%			(0.01	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Money Market Fund

	Administration Shares
	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.017				0.040				0.049				0.048				0.012				–	^(b)

Net realized gain (loss)			–	^(b)			–	^(b)			0.001				(0.001	)			–	^(b)			–	^(b)


Total from investment operations			0.017				0.040				0.050				0.047				0.012				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.012	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.017	)			(0.040	)			(0.050	)			(0.047	)			(0.012	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.74	%			4.11	%			5.09	%			4.80	%			1.17	%			0.03	%


Net assets, end of period (in 000’s)		$	578,209			$	507,939			$	392,478			$	297,597			$	130,172			$	40,662

Ratio of net expenses to average net assets			0.43	%^(e)			0.43	%			0.43	%			0.43	%			0.39	%			0.12	%

Ratio of total expenses to average net assets			0.44	%^(e)			0.44	%			0.44	%			0.44	%			0.45	%			0.45	%

Ratio of net investment income (loss) to average net assets			3.45	%^(e)			4.01	%			4.94	%			4.77	%			1.64	%			(0.01	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Money Market Fund

	Cash Management Shares
	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.014				0.035				0.044				0.041				0.008				–	^(b)

Net realized gain			–	^(b)			–	^(b)			–				–	^(b)			–	^(b)			–	^(b)


Total from investment operations			0.014				0.035				0.044				0.041				0.008				–	^(b)


Distributions to shareholders from net investment income			(0.014	)			(0.035	)			(0.044	)			(0.041	)			(0.008	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)			–	^(b)


Total distributions ^(c)			(0.014	)			(0.035	)			(0.044	)			(0.041	)			(0.008	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.46	%			3.54	%			4.51	%			4.22	%			0.83	%			0.03	%


Net assets, end of period (in 000’s)		$	9,313			$	10,247			$	25,995			$	25,776			$	35,614			$	61,039

Ratio of net expenses to average net assets			0.98	%^(e)			0.98	%			0.98	%			0.98	%			0.61	%			0.12	%

Ratio of total expenses to average net assets			0.99	%^(e)			0.99	%			0.99	%			0.99	%			1.00	%			1.00	%

Ratio of net investment income to average net assets			2.90	%^(e)			3.50	%			4.40	%			4.08	%			0.75	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt California Money Market Fund

	Class A Shares

	Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025			Period Ended November 30, 2024^(a)

Per Share Data

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00


Net investment income^(b)		0.009			0.021			0.005


Total from investment operations		0.009			0.021			0.005


Distributions to shareholders from net investment income		(0.009	)		(0.021	)		(0.005	)

Distributions to shareholders from net realized gains		–	^(c)		–			–


Total distributions ^(d)		(0.009	)		(0.021	)		(0.005	)


Net asset value, end of period	$	1.00		$	1.00		$	1.00


Total Return^(e)		0.92	%		2.09	%		0.54	%


Net assets, end of period (in 000’s)	$	52		$	51		$	50

Ratio of net expenses to average net assets		0.43	%^(f)		0.43	%		0.43	%^(f)

Ratio of total expenses to average net assets		3.49	%^(f)		4.72	%		12.02	%^(f)

Ratio of net investment income to average net assets		1.84	%^(f)		2.07	%		2.40	%^(f)

(a)

Commenced operations on September 10, 2024.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

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

(f)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt California Money Market Fund

	Class I Shares

	Six Months Ended May 31, 2026 (Unaudited)				For the Fiscal Year Ended November 30, 2025				Period Ended November 30, 2024^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.010				0.023				0.006


Total from investment operations			0.010				0.023				0.006


Distributions to shareholders from net investment income			(0.010	)			(0.023	)			(0.006	)

Distributions to shareholders from net realized gains			–	^(c)			–				–


Total distributions ^(d)			(0.010	)			(0.023	)			(0.006	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00


Total Return^(e)			1.05	%			2.34	%			0.59	%


Net assets, end of period (in 000’s)		$	12,776			$	8,229			$	4,829

Ratio of net expenses to average net assets			0.18	%^(f)			0.18	%			0.18	%^(f)

Ratio of total expenses to average net assets			3.24	%^(f)			4.47	%			11.77	%^(f)

Ratio of net investment income to average net assets			2.10	%^(f)			2.27	%			2.65	%^(f)

(a)

Commenced operations on September 10, 2024.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt California Money Market Fund

	Service Shares

	Six Months Ended May 31, 2026 (Unaudited)				For the Fiscal Year Ended November 30, 2025				Period Ended November 30, 2024^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.008				0.018				0.005


Total from investment operations			0.008				0.018				0.005


Distributions to shareholders from net investment income			(0.008	)			(0.018	)			(0.005	)

Distributions to shareholders from net realized gains			–	^(c)			–				–


Total distributions ^(d)			(0.008	)			(0.018	)			(0.005	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00


Total Return^(e)			0.80	%			1.83	%			0.48	%


Net assets, end of period (in 000’s)		$	52			$	51			$	50

Ratio of net expenses to average net assets			0.68	%^(f)			0.69	%			0.68	%^(f)

Ratio of total expenses to average net assets			3.74	%^(f)			4.97	%			12.27	%^(f)

Ratio of net investment income to average net assets			1.59	%^(f)			1.82	%			2.15	%^(f)

(a)

Commenced operations on September 10, 2024.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt California Money Market Fund

	Preferred Shares

	Six Months Ended May 31, 2026 (Unaudited)				For the Fiscal Year Ended November 30, 2025				Period Ended November 30, 2024^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.010				0.022				0.006


Total from investment operations			0.010				0.022				0.006


Distributions to shareholders from net investment income			(0.010	)			(0.022	)			(0.006	)

Distributions to shareholders from net realized gains			–	^(c)			–				–


Total distributions ^(d)			(0.010	)			(0.022	)			(0.006	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00


Total Return^(e)			1.00	%			2.24	%			0.57	%


Net assets, end of period (in 000’s)		$	52			$	51			$	50

Ratio of net expenses to average net assets			0.28	%^(f)			0.28	%			0.29	%^(f)

Ratio of total expenses to average net assets			3.34	%^(f)			4.57	%			11.87	%^(f)

Ratio of net investment income to average net assets			1.99	%^(f)			2.22	%			2.55	%^(f)

(a)

Commenced operations on September 10, 2024.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt California Money Market Fund

	Administration Shares

	Six Months Ended May 31, 2026 (Unaudited)				For the Fiscal Year Ended November 30, 2025				Period Ended November 30, 2024^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.009				0.021				0.005


Total from investment operations			0.009				0.021				0.005


Distributions to shareholders from net investment income			(0.009	)			(0.021	)			(0.005	)

Distributions to shareholders from net realized gains			–	^(c)			–				–


Total distributions ^(d)			(0.009	)			(0.021	)			(0.005	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00


Total Return^(e)			0.92	%			2.09	%			0.54	%


Net assets, end of period (in 000’s)		$	52			$	51			$	50

Ratio of net expenses to average net assets			0.43	%^(f)			0.43	%			0.43	%^(f)

Ratio of total expenses to average net assets			3.49	%^(f)			4.72	%			12.02	%^(f)

Ratio of net investment income to average net assets			1.84	%^(f)			2.07	%			2.40	%^(f)

(a)

Commenced operations on September 10, 2024.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt Money Market Fund

	Class A Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.011				0.025				0.030				0.028				0.006				–	^(b)

Net realized gain (loss)			–				–				–	^(b)			–				–	^(b)			–	^(b)


Total from investment operations			0.011				0.025				0.030				0.028				0.006				–	^(b)


Distributions to shareholders from net investment income			(0.011	)			(0.025	)			(0.030	)			(0.028	)			(0.006	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–				–	^(b)			–				–				–	^(b)


Total distributions ^(c)			(0.011	)			(0.025	)			(0.030	)			(0.028	)			(0.006	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.07	%			2.51	%			3.00	%			2.80	%			0.58	%			0.01	%


Net assets, end of period (in 000’s)		$	185,279			$	135,244			$	78,674			$	49,348			$	21,573			$	8,728

Ratio of net expenses to average net assets			0.43	%^(e)			0.43	%			0.44	%			0.43	%			0.36	%			0.04	%

Ratio of total expenses to average net assets			0.44	%^(e)			0.44	%			0.45	%			0.44	%			0.46	%			0.45	%

Ratio of net investment income to average net assets			2.13	%^(e)			2.47	%			2.95	%			2.80	%			0.78	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt Money Market Fund

	Class C Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.007				0.017				0.022				0.020				0.003				–

Net realized gain (loss)			–				–				–	^(b)			–				–	^(b)			–	^(b)


Total from investment operations			0.007				0.017				0.022				0.020				0.003				–	^(b)


Distributions to shareholders from net investment income			(0.007	)			(0.017	)			(0.022	)			(0.020	)			(0.003	)			–

Distributions to shareholders from net realized gains			–	^(b)			–				–	^(b)			–				–				–	^(b)


Total distributions ^(c)			(0.007	)			(0.017	)			(0.022	)			(0.020	)			(0.003	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			0.69	%			1.75	%			2.23	%			2.04	%			0.25	%			0.01	%


Net assets, end of period (in 000’s)		$	10			$	10			$	9			$	9			$	9			$	9

Ratio of net expenses to average net assets			1.18	%^(e)			1.17	%			1.19	%			1.18	%			0.66	%			0.04	%

Ratio of total expenses to average net assets			1.19	%^(e)			1.18	%			1.20	%			1.19	%			1.21	%			1.20	%

Ratio of net investment income to average net assets			1.40	%^(e)			1.75	%			2.21	%			1.96	%			0.25	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt Money Market Fund

	Class I Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.012				0.027				0.032				0.030				0.008				–	^(b)

Net realized gain (loss)			–				–				–	^(b)			–				–	^(b)			–	^(b)


Total from investment operations			0.012				0.027				0.032				0.030				0.008				–	^(b)


Distributions to shareholders from net investment income			(0.012	)			(0.027	)			(0.032	)			(0.030	)			(0.008	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–				–	^(b)			–				–				–	^(b)


Total distributions ^(c)			(0.012	)			(0.027	)			(0.032	)			(0.030	)			(0.008	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.19	%			2.77	%			3.26	%			3.06	%			0.76	%			0.01	%


Net assets, end of period (in 000’s)		$	4,162,788			$	3,355,730			$	2,367,990			$	2,077,493			$	2,046,960			$	1,559,836

Ratio of net expenses to average net assets			0.18	%^(e)			0.18	%			0.19	%			0.18	%			0.16	%			0.04	%

Ratio of total expenses to average net assets			0.19	%^(e)			0.19	%			0.20	%			0.19	%			0.21	%			0.20	%

Ratio of net investment income to average net assets			2.38	%^(e)			2.72	%			3.21	%			3.01	%			0.80	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt Money Market Fund

	Service Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.009				0.022				0.027				0.024				0.004				–	^(b)

Net realized gain (loss)			–				–				–	^(b)			–				–	^(b)			–	^(b)


Total from investment operations			0.009				0.022				0.027				0.024				0.004				–	^(b)


Distributions to shareholders from net investment income			(0.009	)			(0.022	)			(0.027	)			(0.024	)			(0.004	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–				–	^(b)			–				–				–	^(b)


Total distributions ^(c)			(0.009	)			(0.022	)			(0.027	)			(0.024	)			(0.004	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			0.94	%			2.26	%			2.74	%			2.55	%			0.44	%			0.01	%


Net assets, end of period (in 000’s)		$	13,629			$	29,965			$	21,794			$	239			$	821			$	833

Ratio of net expenses to average net assets			0.68	%^(e)			0.68	%			0.69	%			0.68	%			0.48	%			0.04	%

Ratio of total expenses to average net assets			0.69	%^(e)			0.69	%			0.70	%			0.69	%			0.71	%			0.70	%

Ratio of net investment income to average net assets			1.89	%^(e)			2.21	%			2.45	%			2.37	%			0.44	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt Money Market Fund

	Preferred Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.012				0.027				0.031				0.028				0.007				–	^(b)

Net realized gain (loss)			(0.001	)			(0.001	)			–				–				–	^(b)			–	^(b)


Total from investment operations			0.011				0.026				0.031				0.028				0.007				–	^(b)


Distributions to shareholders from net investment income			(0.011	)			(0.026	)			(0.031	)			(0.028	)			(0.007	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–				–	^(b)			–				–				–	^(b)


Total distributions ^(c)			(0.011	)			(0.026	)			(0.031	)			(0.028	)			(0.007	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.14	%			2.66	%			3.15	%			2.96	%			0.68	%			0.01	%


Net assets, end of period (in 000’s)		$	1			$	1			$	672			$	255			$	603			$	109

Ratio of net expenses to average net assets			0.28	%^(e)			0.28	%			0.29	%			0.28	%			0.24	%			0.04	%

Ratio of total expenses to average net assets			0.29	%^(e)			0.29	%			0.30	%			0.29	%			0.31	%			0.30	%

Ratio of net investment income to average net assets			2.44	%^(e)			2.72	%			3.11	%			2.84	%			1.01	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt Money Market Fund

	Administration Shares

	Six Months Ended May 31, 2026 (Unaudited)				Year Ended November 30,
	Six Months Ended May 31, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Net investment income^(a)			0.010				0.025				0.030				0.026				0.006				–	^(b)

Net realized gain (loss)			0.001				–				–				–				–	^(b)			–	^(b)


Total from investment operations			0.011				0.025				0.030				0.026				0.006				–	^(b)


Distributions to shareholders from net investment income			(0.011	)			(0.025	)			(0.030	)			(0.026	)			(0.006	)			–	^(b)

Distributions to shareholders from net realized gains			–	^(b)			–				–	^(b)			–				–				–	^(b)


Total distributions ^(c)			(0.011	)			(0.025	)			(0.030	)			(0.026	)			(0.006	)			–	^(b)


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.07	%			2.51	%			3.00	%			2.80	%			0.58	%			0.01	%


Net assets, end of period (in 000’s)		$	5,312			$	3,195			$	1,337			$	3,069			$	20,022			$	314

Ratio of net expenses to average net assets			0.43	%^(e)			0.43	%			0.44	%			0.43	%			0.38	%			0.04	%

Ratio of total expenses to average net assets			0.44	%^(e)			0.44	%			0.45	%			0.44	%			0.46	%			0.45	%

Ratio of net investment income to average net assets			2.08	%^(e)			2.48	%			2.96	%			2.61	%			0.70	%			0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

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

(d)

(e)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt New York Money Market Fund

	Class A Shares

	Six Months Ended May 31, 2026 (Unaudited)				For the Fiscal Year Ended November 30, 2025				Period Ended November 30, 2024^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.011				0.024				0.006


Total from investment operations			0.011				0.024				0.006


Distributions to shareholders from net investment income			(0.011	)			(0.024	)			(0.006	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00


Total Return^(c)			1.06	%			2.43	%			0.63	%


Net assets, end of period (in 000’s)		$	52			$	52			$	50

Ratio of net expenses to average net assets			0.43	%^(d)			0.43	%			0.43	%^(d)

Ratio of total expenses to average net assets			0.88	%^(d)			2.01	%			10.95	%^(d)

Ratio of net investment income to average net assets			2.12	%^(d)			2.41	%			2.83	%^(d)

(a)

Commenced operations on September 10, 2024.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt New York Money Market Fund

	Class I Shares

	Six Months Ended May 31, 2026 (Unaudited)				For the Fiscal Year Ended November 30, 2025				Period Ended November 30, 2024^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.012				0.026				0.007

Net realized gain (loss)			–				0.001				–


Total from investment operations			0.012				0.027				0.007


Distributions to shareholders from net investment income			(0.012	)			(0.027	)			(0.007	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00


Total Return^(c)			1.19	%			2.69	%			0.69	%


Net assets, end of period (in 000’s)		$	56,798			$	38,233			$	5,506

Ratio of net expenses to average net assets			0.18	%^(d)			0.18	%			0.18	%^(d)

Ratio of total expenses to average net assets			0.63	%^(d)			1.76	%			10.70	%^(d)

Ratio of net investment income to average net assets			2.44	%^(d)			2.65	%			3.07	%^(d)

(a)

Commenced operations on September 10, 2024.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt New York Money Market Fund

	Service Shares

	Six Months Ended May 31, 2026 (Unaudited)				For the Fiscal Year Ended November 30, 2025				Period Ended November 30, 2024^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.009				0.022				0.006


Total from investment operations			0.009				0.022				0.006


Distributions to shareholders from net investment income			(0.009	)			(0.022	)			(0.006	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00


Total Return^(c)			0.94	%			2.18	%			0.58	%


Net assets, end of period (in 000’s)		$	52			$	51			$	50

Ratio of net expenses to average net assets			0.68	%^(d)			0.69	%			0.68	%^(d)

Ratio of total expenses to average net assets			1.13	%^(d)			2.26	%			11.20	%^(d)

Ratio of net investment income to average net assets			1.87	%^(d)			2.16	%			2.57	%^(d)

(a)

Commenced operations on September 10, 2024.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt New York Money Market Fund

	Preferred Shares

	Six Months Ended May 31, 2026 (Unaudited)				For the Fiscal Year Ended November 30, 2025				Period Ended November 30, 2024^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.011				0.026				0.007


Total from investment operations			0.011				0.026				0.007


Distributions to shareholders from net investment income			(0.011	)			(0.026	)			(0.007	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00


Total Return^(c)			1.14	%			2.59	%			0.67	%


Net assets, end of period (in 000’s)		$	52			$	52			$	50

Ratio of net expenses to average net assets			0.28	%^(d)			0.28	%			0.29	%^(d)

Ratio of total expenses to average net assets			0.73	%^(d)			1.86	%			10.80	%^(d)

Ratio of net investment income to average net assets			2.27	%^(d)			2.56	%			2.97	%^(d)

(a)

Commenced operations on September 10, 2024.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.


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

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Investor Tax-Exempt New York Money Market Fund

	Administration Shares

	Six Months Ended May 31, 2026 (Unaudited)				For the Fiscal Year Ended November 30, 2025				Period Ended November 30, 2024^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00			$	1.00


Net investment income^(b)			0.011				0.024				0.006


Total from investment operations			0.011				0.024				0.006


Distributions to shareholders from net investment income			(0.011	)			(0.024	)			(0.006	)


Net asset value, end of period		$	1.00			$	1.00			$	1.00


Total Return^(c)			1.06	%			2.43	%			0.63	%


Net assets, end of period (in 000’s)		$	52			$	52			$	50

Ratio of net expenses to average net assets			0.43	%^(d)			0.43	%			0.43	%^(d)

Ratio of total expenses to average net assets			0.88	%^(d)			2.01	%			10.95	%^(d)

Ratio of net investment income to average net assets			2.12	%^(d)			2.41	%			2.83	%^(d)

(a)

Commenced operations on September 10, 2024.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.


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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements

May 31, 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

Goldman Sachs Investor Money Market Fund	A, C, D, I, Service, Administration and Cash Management	Diversified

Goldman Sachs Investor Tax-Exempt California Money Market Fund	A, I, Service, Preferred and Administration	Diversified

Goldman Sachs Investor Tax-Exempt Money Market Fund	A, C, I, Service, Preferred and Administration	Diversified

Goldman Sachs Investor Tax-Exempt New York Money Market Fund	A, I, Service, Preferred and Administration	Diversified

The Funds have adopted policies and procedures that allow the Trust’s Board of Trustees (“Trustees”) (or their delegate) to impose a liquidity fee if the Trustees (or their delegate) determine that it is in the best interests of a Fund to do so.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Trustees, GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.


48

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

G. Tender Options — A tender option bond is a municipal obligation having a relatively long maturity and bearing interest at rates that are typically higher than prevailing short-term, tax-exempt rates. The bond is typically issued in conjunction with the agreement of a third party, such as a bank, broker-dealer or other financial institution, pursuant to which the institution grants the security holder the option, at periodic intervals, to tender its securities to the institution.

H. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectus. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Funds’ Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information


		49

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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 Trustees have 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 (including both the amortized cost and market-based methods of valuation) of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of May 31, 2026, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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


50

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

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

D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the six months ended May 31, 2026, Goldman Sachs did not retain any CDSCs with respect to Class C Shares of the Investor Money Market and Investor Tax-Exempt Money Market Funds.

G. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate and the transfer agency fee rate is 0.16% and 0.01%, respectively, for the Investor Money Market, Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds.

Other contractual annualized rates for each of the Funds are as follows:

Class A Shares

Class C Shares

Service Shares

Preferred
Shares^(a)

Administration
Shares

Cash
Management
Shares

Administration, Service and/or Shareholder Administration Fees*

N/A

0.25%

0.10%

0.25%

0.50%

Distribution and/or Service (12b-1) Fees

0.25%

0.75%^(b)

0.25%^(c)

N/A

0.30%^(b)

N/A – Fees not applicable to respective share class

Class I Shares and Class D Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees.

(a)

Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds only.

(b)

Distribution (12b-1) fee only.

(c)

Service (12b-1) fee only.


		51

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

For the six months ended May 31, 2026, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):


Fund	Other Expense Reimbursements	Total Expense Reductions

Investor Money Market Fund	$ 133	$ 133

Investor Tax-Exempt California Money Market Fund	142	142

Investor Tax-Exempt Money Market Fund	29	29

Investor Tax-Exempt New York Money Market Fund	141	141

For the six months ended May 31, 2026, the net effective management fee rate was 0.16% for the Investor Money Market, Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds.

H. Other Transactions with Affiliates —A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the six months ended May 31, 2026, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:


Fund	Purchases	Sales	Net Realized Gain/(Loss)

Investor Money Market Fund	$ 133,400,000	$ —	$ —

Investor Tax-Exempt California Money Market Fund	—	—	—

Investor Tax-Exempt Money Market Fund	6,175,000	142,350,000	—

Investor Tax-Exempt New York Money Market Fund	8,950,000	6,175,000	—

As of May 31, 2026, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund

Class A Shares

Class C Shares

Class I Shares

Service Shares

Preferred Shares

Administration
Shares

Investor Money Market Fund

–%

100%

–%

Investor Tax-Exempt California Money Market Fund

100

–

100

Investor Tax-Exempt Money Market Fund

–

100

–

100

–

Investor Tax-Exempt New York Money Market Fund

100

–

100

I. Line of Credit Facility — As of May 31, 2026, the Funds participated in a $1,550,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended May 31, 2026, the Funds did not have any borrowings under the facility. Prior to April 10, 2026 the facility was $1,300,000,000.

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, November 30, 2025, the Funds’ capital loss carryforward and certain timing differences on a tax basis were as follows:


52

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

5. TAX INFORMATION (continued)


	Investor Money Market Fund	Investor Tax- Exempt California Money Market Fund^(a⁾	Investor Tax- Exempt Money Market Fund	Investor Tax- Exempt New York Money Market Fund^(a)

Capital loss carryforwards:

Perpetual Short-Term	$ —	$ —	$ —	$ (33)

Timing differences —

Dividend Payable	(1,246,024)	—	(3,901,347)	—

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

6. OTHER RISKS

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

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out current income, or minimize the volatility of the Fund’s NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund’s ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.


		53

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

6. OTHER RISKS (continued)

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, 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, the spread of infectious illness or other public health threats or the threat or potential of one or more such events and developments could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). A Fund may also invest in municipal securities indirectly (including by investing in tender option bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

Stable NAV Risk — The Funds may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of such a failure), other such money market funds, including the Funds, could be subject to increased redemption activity, which could adversely affect the Fund’s NAV. Shareholders of the Funds should not rely on or expect the Investment Adviser or an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.

U.S. Government Securities Risk — The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

7. INDEMNIFICATIONS

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

9. SUBSEQUENT EVENTS

Subsequent events 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.


54

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $ 1.00 PER SHARE)

Share activity is as follows:


	Investor Money Market Fund

	For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025



	Shares			Shares



Class A Shares

Shares sold		2,072,678,282			4,017,513,519

Reinvestment of distributions		71,091,781			138,542,662

Shares redeemed		(1,815,364,181	)		(3,193,098,433)



		328,405,882			962,957,748



Class C Shares

Reinvestment of distributions		302			1,813

Shares redeemed		(43,784	)		(1,434)



		(43,482	)		379



Class D Shares

Shares sold		25,096,198			45,903,772

Reinvestment of distributions		297,748			692,276

Shares redeemed		(20,063,303	)		(41,881,239)



		5,330,643			4,714,809



Class I Shares

Shares sold		4,490,586,349			8,521,772,956

Reinvestment of distributions		138,373,520			302,377,124

Shares redeemed		(4,668,838,941	)		(7,936,486,788)



		(39,879,072	)		887,663,292



Service Shares

Shares sold		2,825,373			60,960,098

Reinvestment of distributions		85,648			538,921

Shares redeemed		(8,906,399	)		(70,243,020)



		(5,995,378	)		(8,744,001)



Administration Shares

Shares sold		332,421,627			586,798,284

Reinvestment of distributions		8,549,594			19,056,406

Shares redeemed		(270,671,352	)		(490,387,039)



		70,299,869			115,467,651



Cash Management Shares

Shares sold		16,718,763			82,687,739

Reinvestment of distributions		144,482			794,884

Shares redeemed		(17,796,700	)		(99,228,879)



		(933,455	)		(15,746,256)



NET INCREASE IN SHARES		357,185,007			1,946,313,622


		55

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (AT $ 1.00 PER SHARE) (continued)

Share activity is as follows:


	Investor Tax-Exempt California Money Market Fund

	For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025



	Shares			Shares



Class A Shares

Reinvestment of distributions		473			1,050



		473			1,050



Class I Shares

Shares sold		8,695,662			36,564,307

Reinvestment of distributions		95,475			192,158

Shares redeemed		(4,244,000	)		(33,356,108)



		4,547,137			3,400,357



Service Shares

Reinvestment of distributions		407			922



		407			922



Preferred Shares

Reinvestment of distributions		513			1,127



		513			1,127



Administration Shares

Shares sold		—			34

Reinvestment of distributions		474			1,049

Shares redeemed		—			(13)



		474			1,070



NET INCREASE IN SHARES		4,549,004			3,404,526


56

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $ 1.00 PER SHARE) (continued)

Share activity is as follows:


	Investor Tax-Exempt Money Market Fund

	For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025



	Shares			Shares



Class A Shares

Shares sold		122,919,070			153,506,963

Reinvestment of distributions		1,703,226			3,014,986

Shares redeemed		(74,587,433	)		(99,952,569)



		50,034,863			56,569,380



Class C Shares

Reinvestment of distributions		67			165



		67			165



Class I Shares

Shares sold		3,788,916,895			4,112,446,116

Reinvestment of distributions		24,300,216			30,113,815

Shares redeemed		(3,006,149,098	)		(3,154,833,120)



		807,068,013			987,726,811



Service Shares

Shares sold		66,329,447			79,427,933

Reinvestment of distributions		113,859			482,185

Shares redeemed		(82,778,760	)		(71,739,253)



		(16,335,454	)		8,170,865



Preferred Shares

Shares sold		—			225,432

Reinvestment of distributions		13			1,657

Shares redeemed		—			(897,871)



		13			(670,782)



Administration Shares

Shares sold		5,041,978			5,199,507

Reinvestment of distributions		22,692			74,292

Shares redeemed		(2,948,562	)		(3,415,283)



		2,116,108			1,858,516



NET INCREASE IN SHARES		842,883,610			1,053,654,955


		57

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (AT $ 1.00 PER SHARE) (continued)

Share activity is as follows:


	Investor Tax-Exempt New York Money Market Fund

	For the Six Months Ended May 31, 2026 (Unaudited)			For the Fiscal Year Ended November 30, 2025



	Shares			Shares



Class A Shares

Shares sold		—			1,233

Reinvestment of distributions		547			(8)



		547			1,225



Class I Shares

Shares sold		125,239,597			69,844,140

Reinvestment of distributions		765,951			627,408

Shares redeemed		(107,441,427	)		(37,744,425)



		18,564,121			32,727,123



Service Shares

Shares sold		—			1,104

Reinvestment of distributions		481			(8)



		481			1,096



Preferred Shares

Shares sold		—			1,310

Reinvestment of distributions		587			(8)



		587			1,302



Administration Shares

Reinvestment of distributions		547			1,225



		547			1,225



NET INCREASE IN SHARES		18,566,283			32,731,971


58

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LOGO

Goldman Sachs Funds Semi-Annual Financial Statements May 31, 2026 Goldman Sachs Central Government Fund

Goldman Sachs Central Government Fund


Table of Contents			Page

Schedule of Investments			3

Financial Statements

Statement of Assets and Liabilities			7

Statement of Operations			8

Statement of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			11

Statement Regarding Basis for Initial Approval of Management Agreement			17

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Securities - 11.6%

Federal Farm Credit Banks Funding Corp. (SOFR + 0.070%)
$	45,000,000		3.690	%^(a)	10/28/27	$	45,000,000

Federal Farm Credit Banks Funding Corp. (SOFR + 0.095%)
	87,000,000		3.724	^(a)	12/01/27		87,026,997

Federal Farm Credit Banks Funding Corp. (SOFR + 0.250%)
	25,000,000		3.858	^(a)	04/21/28		25,073,304

Federal Farm Credit Banks Funding Corp. (SOFR + 0.040%)
	1,153,000		3.660	^(a)	05/21/27		1,153,000

Federal Farm Credit Banks Funding Corp. (SOFR + 0.045%)
	3,196,000		3.665	^(a)	06/22/27		3,196,000

Federal Farm Credit Banks Funding Corp. (SOFR + 0.060%)
	9,146,000		3.680	^(a)	10/22/27		9,146,000

Federal Farm Credit Banks Funding Corp. (SOFR + 0.075%)
	5,067,000		3.695	^(a)	02/11/28		5,067,000

Federal Farm Credit Banks Funding Corp. (SOFR + 0.240%)
	2,862,000		3.849	^(a)	01/28/28		2,869,621

Federal Farm Credit Banks Funding Corp. (SOFR + 0.250%)
	99,000,000		3.859	^(a)	11/12/27		99,251,415
	1,820,000		3.860	^(a)	11/12/27		1,824,622

Federal Home Loan Bank System (SOFR + 0.000%)
	250,000,000		3.620	^(a)	06/08/26		249,998,796

Federal Home Loan Bank System (SOFR + 0.040%)
	890,000		3.660	^(a)	05/27/27		890,000

Federal Home Loan Bank System (SOFR + 0.070%)
	50,000,000		3.690	^(a)	10/29/27		50,000,000

Federal Home Loan Bank System (SOFR + 0.085%)
	6,210,000		3.705	^(a)	05/26/28		6,210,000

Federal Home Loan Bank System (SOFR + 0.090%)
	3,050,000		3.710	^(a)	05/15/28		3,050,000

Federal National Mortgage Association (SOFR + 0.090%)
	9,000,000		3.600	^(a)	05/08/28		9,000,000


TOTAL U.S. GOVERNMENT AGENCY SECURITIES						$	598,756,755



U.S. Treasury Obligations - 42.0%

U.S. Treasury Notes
	2,000,600		3.558		02/28/27		2,006,145
	409,900		3.750		04/30/27		409,901
	15,482,400		3.702		05/15/27		15,283,630
	292,000		3.808		05/31/27		288,659
United States Treasury Bills
	554,732,900		3.655		06/11/26		554,179,708
	130,993,600		3.647		06/16/26		130,796,837
	26,896,100		3.648		06/18/26		26,850,313
	43,227,500		3.665		06/23/26		43,132,362
	6,275,800		3.670		06/23/26		6,261,988
	73,512,800		3.675		06/23/26		73,351,009
	80,000,000		3.676		06/23/26		79,823,931
	3,764,300		3.660		06/25/26		3,755,233
	27,146,400		3.681		06/25/26		27,081,010
	7,708,800		3.667		06/30/26		7,686,346
	20,000,000		3.691		06/30/26		19,941,745
	92,584,500		3.586		07/02/26		92,300,677
	42,000,000		3.684		07/07/26		41,849,010
	3,225,600		3.681		07/09/26		3,213,283
	3,225,600		3.686		07/09/26		3,213,283
	12,711,400		3.697	^(b)	07/30/26		12,635,882
	9,750,500		3.720		08/18/26		9,674,404
	26,536,800		3.647		08/20/26		26,326,570
	32,349,500		3.696		08/25/26		32,074,158


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations - (continued)
$	50,000,000		3.697	%	08/25/26	$	49,574,427
	29,589,400		3.699		08/25/26		29,337,551
	35,000,000		3.704		08/25/26		34,702,099
	6,162,700		3.694		09/01/26		6,105,726
	45,000,000		3.715		09/01/26		44,583,977
	7,280,700		3.689		09/08/26		7,208,621
	21,842,000		3.699		09/15/26		21,609,618
	108,154,300		3.710		09/15/26		107,003,623
	34,843,600		3.714		09/22/26		34,447,680
	20,933,400		3.720	^(b)	09/29/26		20,682,563
	50,227,200		3.712		10/15/26		49,545,628
	18,592,600		3.702		10/22/26		18,327,586
	65,000,000		3.705		10/22/26		64,073,505
	30,000,000		3.709		10/22/26		29,572,387
	7,654,200		3.712		10/29/26		7,539,706
	12,400,000		3.697		11/05/26		12,205,590
	28,025,300		3.702		11/12/26		27,565,329
	1,576,100		3.717		11/12/26		1,550,232
	1,576,100		3.723		11/12/26		1,550,232
	3,758,000		3.728		11/12/26		3,696,321
	38,690,500		3.733		11/12/26		38,055,484
United States Treasury Floating Rate Note
	20,000,000		3.604		11/30/26		20,053,131
	20,000,000		3.678		11/30/26		19,759,582
	15,000,000		3.539		01/31/27		15,040,135
	15,000,000		3.716		01/31/27		15,040,135
	10,000,000		3.528		03/31/27		10,012,636
	1,230,700		3.751		04/30/27		1,227,431
	306,100		3.791		04/30/27		303,387
	26,230,700		3.762		05/15/27		25,917,602
	34,707,500		3.836		05/15/27		34,929,267
	14,539,500		3.888		05/15/27		14,632,402
	1,230,700		3.789		05/31/27		1,231,703
	15,043,800		3.796		05/31/27		15,056,061
	476,100		3.808		05/31/27		474,244
	2,072,800		3.809		05/31/27		2,049,082
	38,500		3.810		05/31/27		38,531
	938,700		3.901		05/31/27		939,465
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.099%)
	15,000,000		3.725	^(a)	01/31/28		14,999,169
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.103%)
	90,343,500		3.730	^(a)	04/30/28		90,365,331
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%)
	55,000,000		3.783	^(a)	04/30/27		55,051,075


TOTAL U.S. TREASURY OBLIGATIONS						$	2,158,194,338


TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	2,756,951,093


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c) - 47.4%

Barclays Bank PLC
$	75,000,000		3.620	%^(d)	06/01/26	$	75,000,000
Maturity Value: $75,233,792
Settlement Date: 05/01/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 09/17/26, a U.S. Treasury Bond, 4.750%, due 11/15/43, a U.S. Treasury Inflation- Indexed Bond, 0.125%, due 02/15/51, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/49 and U.S. Treasury Notes, 1.500% to 4.125%, due 10/31/26 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $76,523,077.
	250,000,000		3.620		06/01/26	$	250,000,000
Maturity Value: $250,075,416
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.000%, due 06/01/31 to 10/01/49, Federal National Mortgage Association, 2.500% to 4.000%, due 02/01/28 to 10/01/49 and Government National Mortgage Association, 3.000% to 6.500%, due 05/20/45 to 03/20/56. The aggregate market value of the collateral, including accrued interest, was $257,577,680.
	35,000,000		3.620	^(d)	06/15/26	$	35,000,000
Maturity Value: $35,116,142
Settlement Date: 05/13/26
Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/28 to 02/15/51 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $35,717,969.
	75,000,000		3.620	^(d)	06/15/26	$	75,000,000
Maturity Value: $75,248,875
Settlement Date: 05/13/26
Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 07/01/45, Federal National Mortgage Association, 2.000% to 6.500%, due 03/01/37 to 08/01/55 and Government National Mortgage Association, 3.000% to 6.500%, due 06/15/40 to 03/20/56. The aggregate market value of the collateral, including accrued interest, was $77,288,882.
	100,000,000		3.610		06/30/26	$	100,000,000
Settlement Date: 06/01/26
	300,000,000		3.610	^(d)	06/30/26	$	300,000,000
Maturity Value: $300,992,750
Settlement Date: 05/28/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 08/06/26, U.S. Treasury Bonds, 3.000% to 3.125%, due 02/15/43 to 02/15/49, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/42 to 02/15/51, U.S. Treasury Notes, 3.500% to 4.250%, due 08/31/27 to 12/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The aggregate market value of the collateral, including accrued interest, was $306,122,861.

BofA Securities, Inc.
	20,000,000		3.570		06/01/26	$	20,000,000
Maturity Value: $20,005,950
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.125%, due 01/15/33 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/54. The aggregate market value of the collateral, including accrued interest, was $20,400,001.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c) - (continued)

Citigroup Global Markets, Inc.
$	200,000,000		3.620	%^(d)	11/02/26	$	200,000,000
Maturity Value: $203,660,224
Settlement Date: 05/04/26
Collateralized by a U.S. Treasury Bond, 5.250%, due 11/15/28 and U.S. Treasury Notes, 1.375% to 4.375%, due 10/31/28 to 12/15/28. The aggregate market value of the collateral, including accrued interest, was $204,000,088.
	200,000,000		3.620	^(d)	11/09/26	$	200,000,000
Maturity Value: $203,740,668
Settlement Date: 05/07/26
Collateralized by Government National Mortgage Association, 3.500% to 7.000%, due 08/20/53 to 12/20/53. The aggregate market value of the collateral, including accrued interest, was $203,999,999.

Credit Agricole Corporate and Investment Bank
	20,000,000		3.560		06/01/26	$	20,000,000
Maturity Value: $20,005,933
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/30 to 08/15/45, U.S. Treasury Notes, 1.250% to 4.625%, due 07/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/26 to 11/15/47. The aggregate market value of the collateral, including accrued interest, was $20,400,029.
	400,000,000		3.620	^(d)	11/06/26	$	400,000,000
Maturity Value: $407,199,781
Settlement Date: 05/11/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 07/23/26, U.S. Treasury Bonds, 1.375% to 4.750%, due 11/15/40 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 02/15/55, U.S. Treasury Notes, 3.375% to 4.375%, due 10/31/27 to 05/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/26. The aggregate market value of the collateral, including accrued interest, was $408,000,002.

Daiwa Capital Markets America, Inc.
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 04/01/56 to 05/01/56 and Federal National Mortgage Association, 5.000%, due 05/01/56. The aggregate market value of the collateral, including accrued interest, was $103,031,072.

Deutsche Bank Securities, Inc.
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 4.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $102,000,037.


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c) – (continued)
Fixed Income Clearing Corporation / State Street Bank and Trust Company
$	25,000,000		3.620	%	06/01/26	$	25,000,000
Maturity Value: $25,007,542
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 06/01/26. The market value of the collateral, including accrued interest, was $25,500,000.

J.P. Morgan Securities LLC
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 7.000%, due 11/01/55, Federal National Mortgage Association, 2.500% to 6.000%, due 10/01/27 to 08/01/55 and Government National Mortgage Association, 3.500% to 6.500%, due 05/20/38 to 01/20/56. The aggregate market value of the collateral, including accrued interest, was $103,031,073.

Joint Account I
	301,000,000		3.610		06/01/26	$	301,000,000
Maturity Value: $301,090,551
Settlement Date: 05/29/26

Joint Account III
	37,000,000		3.623		06/01/26	$	37,000,000
Maturity Value: $37,011,171
Settlement Date: 05/29/26

Wells Fargo Securities, LLC
	25,000,000		3.610		06/01/26	$	25,000,000
Maturity Value: $25,007,521
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 5.000%, due 05/31/26. The market value of the collateral, including accrued interest, was $25,500,003.
	70,000,000		3.620		06/01/26	$	70,000,000
Maturity Value: $70,021,116
Settlement Date: 05/29/26
Collateralized by Government National Mortgage Association, 2.000% to 7.000%, due 02/20/48 to 01/20/56. The aggregate market value of the collateral, including accrued interest, was $72,100,001.


TOTAL REPURCHASE AGREEMENTS						$	2,433,000,000


TOTAL INVESTMENTS - 101.0%						$	5,189,951,093


LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%							(52,091,130	)


NET ASSETS - 100.0%						$	5,137,859,963


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

		(a) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2026.
		(b) All or a portion represents a forward commitment.


		(c) Unless noted, all repurchase agreements were entered into on May 31, 2026. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section.
		(d) The instrument is subject to a demand feature.

		Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
		Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I— At May 31, 2026, the Fund had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of June 1, 2026, as follows:

Fund

Principal Amount

Maturity Value

Collateral Value
Allocation

Central Government Fund

$301,000,000

$301,090,551

$307,049,166

REPURCHASE AGREEMENTS— At May 31, 2026, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account I were as follows:


Counterparty	Interest Rate		Central Government Fund
BNP Paribus		3.610%	$158,421,053
Credit Agricole Corporate and Investment Bank		3.610	47,526,316
Bank of Nova Scotia (The)		3.610	95,052,631
Total			$301,000,000

At May 31, 2026, the Joint Repurchase Agreement Account I was fully collateralized by cash and:


Issuer	Interest Rate		Maturity Dates
U.S. Treasury Bills		–	11/5/2026
U.S. Treasury Bonds		1.250% to 4.750	08/15/39 to 11/15/54
U.S. Treasury Inflation-Indexed Bonds		0.125 to 1.000	02/15/48 to 02/15/52
U.S. Treasury Inflation-Indexed Notes		0.125 to 1.625	07/15/26 to 10/15/30
U.S. Treasury Interest-Only Stripped Securities		–	11/15/26 to 02/15/48
U.S. Treasury Notes		0.500 to 4.625	08/15/26 to 11/15/34
U.S. Treasury Principal-Only Stripped Securities		–	05/15/30 to 08/15/50

JOINT REPURCHASE AGREEMENT ACCOUNT III— At May 31, 2026, the Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of June 1, 2026, as follows:

Fund

Principal Amount

Maturity Value

Collateral Value
Allocation

Central Government Fund

$37,000,000

$37,011,171

$38,110,000

REPURCHASE AGREEMENTS— At May 31, 2026, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account III were as follows:


Counterparty	Interest Rate		Central Government Fund
Bank of America, N.A.		3.630%	$11,100,000
Bank of Montreal		3.620	7,400,000
Wells Fargo Securities, LLC		3.620	18,500,000
Total			$37,000,000

At May 31, 2026, the Joint Repurchase Agreement Account III was fully collateralized by cash and:


Issuer	Interest Rate		Maturity Dates
Federal Home Loan Mortgage Corp.		2.000% to 6.500%	05/01/34 to 06/01/56
Federal National Mortgage Association		2.000 to 5.500	08/01/42 to 05/01/56


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Statement of Assets and Liabilities

May 31, 2026 (Unaudited)


	Central Government Fund

Assets:

Investments, at value (cost $2,756,951,093)	$	2,756,951,093
Repurchase agreements, at value (Cost $2,433,000,000)		2,433,000,000
Cash		41,624,863
Receivables:
Investments sold		33,360,873
Interest		6,559,963
Deferred offering costs		167,749
Reimbursement from investment adviser		143,394

Total assets		5,271,807,935


Liabilities:

Payables:
Investments purchased		133,318,445
Offering costs		189,562
Organizational costs		12,000
Income distribution		1,795
Accrued expenses		426,170

Total liabilities		133,947,972


Net Assets:

Paid-in capital		5,137,886,727
Total distributable loss		(26,764	)

NET ASSETS	$	5,137,859,963
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		5,137,886,727
Net asset value, offering and redemption price per share:
Institutional Shares	$	1.00


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Statement of Operations

For the Period Ended May 31, 2026 (Unaudited)


	Central Government Fund*

Investment income:

Interest	$	20,004,009

Expenses:

Registration fees		335,123

Custody, accounting and administrative services		73,699

Transfer Agency fees		54,620

Amortization of offering costs		21,813

Professional fees		14,781

Organizational costs		12,000

Trustee fees		4,044

Printing and mailing costs		1,550

Other		1,381


Total expenses		519,011


Less — expense reductions		(497,165	)


Net expenses		21,846


NET INVESTMENT INCOME		19,982,163



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(23,755	)


Net realized and unrealized loss		(23,755	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,958,408

For the period April 20, 2026 (commencement of operations) through May 31, 2026.


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Statement of Changes in Net Assets


	Central Government Fund

	For the Period April 20, 2026* to May 31, 2026 (Unaudited)

From operations:

Net investment income		$	19,982,163

Net realized loss			(23,755)

Net increase in net assets resulting from operations			19,958,408



Distributions to shareholders:

From distributable earnings:
Institutional Shares			(19,985,172)


From share transactions:

Proceeds from sales of shares			8,520,892,846

Reinvestment of distributions			19,885,274

Cost of shares redeemed			(3,402,891,393)

Net increase in net assets resulting from share transactions			5,137,886,727

TOTAL INCREASE			5,137,859,963



Net Assets:

Beginning of period		$	–

End of period		$	5,137,859,963

Commencement of operations.


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Central Government Fund

	Institutional Shares

	Period Ended May 31, 2026^(a) (Unaudited)
	Period Ended May 31, 2026^(a) (Unaudited)

Per Share Data

Net asset value, beginning of period		$	1.00


Net investment income^(b)			0.004

Net realized and unrealized gain			–	^(c)


Total from investment operations			0.004


Distributions to shareholders from net investment income			(0.004	)

Distributions to shareholders from net realized gains			–	^(c)


Total distributions			(0.004	)


Net asset value, end of period		$	1.00


Total Return^(d)			0.42	%


Net assets, end of period (in 000’s)		$	5,137,860

Ratio of net expenses to average net assets			0.00	%^(e)(f)

Ratio of total expenses to average net assets			0.08	%^(e)

Ratio of net investment income to average net assets			3.66	%^(e)

(a)

Commenced operations on April 20, 2026.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Notes to Financial Statements

May 31, 2026 (Unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The investment valuation policy of the Fund is to use the amortized-cost method permitted by Rule

2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures (as defined below). The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Fund and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. The Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.


		11

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F. Offering and Organization Costs — Offering costs paid in connection with the offering of shares of the Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund were expensed on the first day of operations.

G. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements.

If the seller defaults, the Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that the Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Fund, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.

H. Segment Reporting — The Fund follows Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. The 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 Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Fund’s Investment Adviser. The CODM monitors and actively manages the operating results of the Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Fund’s single segment is consistent with that presented within the Fund’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 Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable


12

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

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

As of May 31, 2026, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

The Fund does not pay a management fee to the Investment Adviser under the Management Agreement between the Trust and the Investment Adviser.

B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of 0.01% of the Fund’s average daily net assets.

Goldman Sachs has agreed to waive its transfer agency fee equal to 0.01% as an annual percentage rate of the average daily net assets of the Fund. This arrangement will remain in effect through at least April 19, 2027, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

C. Other Expense Agreement — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This Other Expense limitation will remain in place through at least April 19, 2027, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

D. Contractual and Net Fund Expenses — The Investment Adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The Investment Adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The Fund is not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.


		13

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the period ended May 31, 2026, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):


Fund	Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions

Central Government Fund	$	55	$	442	$	497

E. Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the period ended May 31, 2026, there were no purchase and sale transactions and related net realized gain (loss) for the Fund with affiliated funds with regard to Rule 17a-7.

5. TAX INFORMATION

The aggregate cost for the Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

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

6. OTHER RISKS

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

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. In addition, the Fund serves as a “master” fund for one or more corresponding “feeder funds” that invest all of its/their assets in the Fund. If a large number of shares of a feeder fund that is a large shareholder of the Fund are redeemed by the feeder fund’s shareholders, the feeder fund may be required to redeem a large number of its shares of the Fund. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.


14

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

6. OTHER RISKS (continued)

at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund’s ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, or governments 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.

Stable NAV Risk — The Fund may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of such a failure), other such money market funds, including the Fund, could be subject to increased redemption activity, which could adversely affect the Fund’s NAV. Shareholders of the Fund should not rely on or expect the Investment Adviser or an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.

U.S. Government Securities Risk — U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

7. INDEMNIFICATION

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

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Fund may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

9. 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.


		15

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Central Government Fund
	For the Period April 20,
	2026^* to
	May 31, 2026
	(Unaudited)
	Shares
Institutional Shares

Shares sold		8,520,892,846

Reinvestment of distributions		3,799,435

Shares redeemed		(3,402,891,393	)
		5,121,800,888

NET INCREASE IN SHARES		5,121,800,888

* Commencement of operations.


16

CENTRAL GOVERNMENT FUND

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Central Government Fund (Unaudited)

Background

The Goldman Sachs Central Government Fund (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs Trust (the “Trust”) that commenced investment operations on April 20, 2026. At a meeting held on February 11-12, 2026 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund. The Fund is a “master fund” in a “master-feeder” structure in which one or more feeder funds invest substantially all of its/their assets in the Fund and has/have the same investment objectives, policies and limitations as the Fund. At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar money market funds; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings of the Trustees, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

Nature, Extent, and Quality of the Services to be Provided under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser’s senior management personnel and in the personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing money market funds and other types of registered investment companies. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to money market funds and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Costs of Services to Be Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee rate to be payable by the Fund thereunder. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund. They noted that, under the Management Agreement, the Fund does not pay a management fee to the Investment Adviser, but that the Fund’s shares may be purchased only by other Goldman Sachs Funds and separately managed accounts and certain other clients of the Investment Adviser that pay a separate advisory fee to the Investment Adviser.

In particular, the Trustees reviewed information on the proposed management fees and the Fund’s projected total operating expense ratios (both gross and net of expense limitations), and those were compared to similar information for comparable money market funds advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund’s fee rate and total operating expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund data. The Trustees believed that this information was useful in evaluating the reasonableness of the management fee and total expenses expected to be paid by the Fund.


		17

CENTRAL GOVERNMENT FUND

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Central Government Fund (Unaudited) (continued)

The Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

The Trustees noted the competitive nature of the fund marketplace, and that many of the Fund’s shareholders would be investing in the Fund in part because of the Fund’s relationship with the Investment Adviser. They also noted that shareholders would be able to redeem their shares if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Economies of Scale

The Trustees noted that the Fund, similar to many other money market funds, would not have management fee breakpoints. The Trustees considered the Fund’s projected asset levels; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the Fund’s peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed specified levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co, LLC (“Goldman Sachs”); (b) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Fund under exemptive orders from the SEC permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (h) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund is expected to receive certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors and broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (c) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (d) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (e) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee that would be payable by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s anticipated costs and the Fund’s reasonably anticipated asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund for an initial two-year period from its effective date.


18

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LOGO

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Brian J. Wildman GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary © 2026 Goldman Sachs. All rights reserved. GCCXXSAR-26

LOGO

Goldman Sachs Funds Semi-Annual Financial Statements May 31, 2026 Goldman Sachs Government Fund Series II

Goldman Sachs Government Fund Series II


Table of Contents	Page

Schedule of Investments		3

Financial Statements

Statement of Assets and Liabilities		4

Statement of Operations		5

Statement of Changes in Net Assets		6

Financial Highlights		7

Notes to Financial Statements		8

Statement Regarding Basis for Initial Approval of Management Agreement		13

Goldman Sachs Central Government Fund

Schedule of Investments		15

Financial Statements

Statement of Assets and Liabilities		19

Statement of Operations		20

Statement of Changes in Net Assets		21

Financial Highlights		22

Notes to Financial Statements		23

Statement Regarding Basis for Initial Approval of Management Agreement		29

GOLDMAN SACHS GOVERNMENT FUND SERIES II

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Investment Company - 100.0%

Goldman Sachs Central Government Fund - Institutional Shares
$	50,122		0.037	%^(a)		$	50,122
(Cost $50,122)

TOTAL INVESTMENTS - 100.0%						$	50,122

LIABILITIES IN EXCESS OF OTHER ASSETS - –%							(14)

NET ASSETS - 100.0%						$	50,108

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.


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

GOLDMAN SACHS GOVERNMENT FUND SERIES II

Statement of Assets and Liabilities

May 31, 2026 (Unaudited)


	Government Fund Series II

Assets:

Investments in affiliated issuers, at value (cost $50,122)	$	50,122
Cash		72,039
Receivables:
Deferred offering costs		178,656
Reimbursement from investment adviser		122,657
Dividends		122

Total assets		423,596


Liabilities:

Payables:
Offering costs		189,562
Accrued Registration fees		139,588
Custody, accounting and administrative services		23,359
Organizational costs		12,000
Investments purchased		122
Income distribution		9
Management fees		3
Accrued expenses		8,845

Total liabilities		373,488


Net Assets:

Paid-in capital		50,108
Total distributable earnings		—

NET ASSETS	$	50,108
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		50,108
Net asset value, offering and redemption price per share:
Institutional Shares	$	1.00


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

GOLDMAN SACHS GOVERNMENT FUND SERIES II

Statement of Operations

For the Period Ended May 31, 2026 (Unaudited)


	Government Fund Series II*

Investment income:

Dividends — affiliated issuers	$	122

Total Investment Income		122



Expenses:

Registration fees		139,588

Custody, accounting and administrative services		23,359

Organizational costs		12,000

Amortization of offering costs		10,906

Professional fees		6,436

Trustee fees		2,231

Printing and mailing costs		775

Management fees		4

Other		691


Total expenses		195,990


Less — expense reductions		(195,985	)


Net expenses		5


NET INVESTMENT INCOME		117



Realized and Unrealized gain (loss):


Net realized and unrealized gain		—


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	117

* For the period May 11, 2026 (commencement of operations) through May 31, 2026.


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

GOLDMAN SACHS GOVERNMENT FUND SERIES II

Statement of Changes in Net Assets


	Government Fund Series II
	For the Period May 11, 2026* to May 31, 2026 (Unaudited)

From operations:

Net investment income	$	117


Net increase in net assets resulting from operations		117



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(117	)


From share transactions:

Proceeds from sales of shares		100,001

Reinvestment of distributions		108

Cost of shares redeemed		(50,001	)


Net increase in net assets resulting from share transactions		50,108


TOTAL INCREASE		50,108



Net Assets:

Beginning of period	$	–


End of period	$	50,108

Commencement of operations.


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

GOVERNMENT FUND SERIES II

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Government Fund Series II

				Institutional Shares

				Period Ended May 31, 2026^(a) (Unaudited)

		Per Share Data

		Net asset value, beginning of period		$ 1.00


		Net investment income^(b)		0.002


		Total from investment operations		0.002


		Distributions to shareholders from net investment income		(0.002)


		Total distributions		(0.002)


		Net asset value, end of period		$ 1.00


		Total Return^(c)		0.22%


		Net assets, end of period (in 000’s)		$ 50

		Ratio of net expenses to average net assets^(d)		0.16%^(e)

		Ratio of total expenses to average net assets^(d)		5,535.34%^(e)

		Ratio of net investment income to average net assets^(d)		3.72%^(e)

(a)

Commenced operations on May 11, 2026.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Reflects the expenses of both the feeder Fund and the master Fund.

(e)

Annualized.


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

GOLDMAN SACHS GOVERNMENT FUND SERIES II

Notes to Financial Statements

May 31, 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 Trust includes the Goldman Sachs Government Fund Series II (the “Fund”). The Fund is a diversified portfolio under the Act offering Institutional Shares. The Fund commenced operations on May 11, 2026. The Fund is a “feeder fund” that invests substantially all of its assets in a “master fund”— Goldman Sachs Central Government Fund (the “Master Fund”, a diversified series of the Trust). The Fund and the Master Fund have the same investment objective. The performance of the Fund is directly affected by the performance of the Master Fund. As of May 31, 2026, the percentage of the Master Fund owned by the Fund was 0.001%. The financial statements of the Master Fund, including the schedule of investments, are included elsewhere in these financial statements and should be read in connection with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The Fund records its investment in the Master Fund at fair value. Securities held by the Master Fund are valued as indicated in the Master Fund’s Notes to financial statements, which are included elsewhere in this report.

B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. All of the net investment income and realized and unrealized gains and losses from investment activities of the Master Fund are allocated pro rata, based on respective ownership interests, among the Fund and other investors in the Master Fund at the time of such determination.

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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Offering and Organization Costs — Offering costs paid in connection with the offering of shares of the Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund were expensed on the first day of operations.

F. Segment Reporting — The Fund follows Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The Fund operates in one segment. The segment derives its revenues from Portfolio investments made in accordance with the defined investment strategy of the Fund, as


8

GOLDMAN SACHS GOVERNMENT FUND SERIES II

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

prescribed in the Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Fund’s Investment Adviser. The CODM monitors and actively manages the operating results of the Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Fund’s single segment, is consistent with that presented within the Fund’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 Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

The leveling of the Master Fund’s investments are disclosed in the Master Fund’s Notes to Financial Statements.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.14% of the Fund’s average daily net assets.

C. Other Expense Agreements — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund


		9

GOLDMAN SACHS GOVERNMENT FUND SERIES II

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This Other Expense limitation will remain in place through at least April 19, 2027, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

D. Contractual and Net Fund Expenses — The Investment Adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

The Fund is not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the period ended May 31, 2026, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):


	Other Expense	Total Expense
Fund	Reimbursements	Reductions



Government Fund Series II	$ 196	$ 196

The following table provides information about the Fund’s investment in the Goldman Sachs Central Government Fund as of and for the period ended May 31, 2026:

Government Fund Series II


Underlying Fund	Beginning value as of May 11, 2026		Purchases at Cost		Proceeds from Sales			Ending value as of May 31, 2026		Shares as of May 31, 2026		Dividend Income


Goldman Sachs Central Government Fund - Institutional Shares

	$	–	$	172,039	$	(122,039	)	$	50,000		50,000	$	122

For the period ended May 31, 2026, there were no purchase and sale transactions and related net realized gain (loss) for the Fund with affiliated funds in compliance with Rule 17a-7 under the Act.

5. TAX INFORMATION

The aggregate cost for the Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

6. OTHER RISKS

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


10

GOLDMAN SACHS GOVERNMENT FUND SERIES II

6. OTHER RISKS (continued)

bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of current income, or minimize the volatility of the Fund’s NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

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

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund’s ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the 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, the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

U.S. Government Securities Risk — The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.


		11

GOLDMAN SACHS GOVERNMENT FUND SERIES II

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

7. INDEMNIFICATIONS

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

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Fund may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

9. 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.

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Government Fund Series II

	For the Period May 11, 2026* to May 31, 2026 (Unaudited)

	Shares

Institutional Shares

Shares sold		100,001

Reinvestment of distributions		108

Shares redeemed		(50,001	)



		50,108



NET INCREASE IN SHARES		50,108

Commencement of operations.


12

GOVERNMENT FUND SERIES II

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Government Fund Series II (Unaudited)

Background

The Goldman Sachs Government Fund Series II (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs Trust (the “Trust”) that commenced investment operations on May 11, 2026. At a meeting held on February 11-12, 2026 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund. The Fund is a “feeder fund” in a “master-feeder” structure, and invests substantially all of its assets in a corresponding master fund, which has the same investment objective, policies and limitations as the Fund. At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar money market funds; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.

Nature, Extent, and Quality of the Services to be Provided under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund and the corresponding master fund by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser’s senior management personnel and in the personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing money market funds and other types of registered investment companies. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to money market funds and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Costs of Services to Be Provided and Profitability


		13

GOVERNMENT FUND SERIES II

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Government Fund Series II (Unaudited) (continued)

Economies of Scale

Other Benefits to the Investment Adviser and Its Affiliates

Other Benefits to the Fund and Its Shareholders

Conclusion


14

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Securities - 11.6%

Federal Farm Credit Banks Funding Corp. (SOFR + 0.070%)
$	45,000,000		3.690	%^(a)	10/28/27	$	45,000,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.095%)
	87,000,000		3.724	^(a)	12/01/27		87,026,997
Federal Farm Credit Banks Funding Corp. (SOFR + 0.250%)
	25,000,000		3.858	^(a)	04/21/28		25,073,304
Federal Farm Credit Banks Funding Corp. (SOFR + 0.040%)
	1,153,000		3.660	^(a)	05/21/27		1,153,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.045%)
	3,196,000		3.665	^(a)	06/22/27		3,196,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.060%)
	9,146,000		3.680	^(a)	10/22/27		9,146,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.075%)
	5,067,000		3.695	^(a)	02/11/28		5,067,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.240%)
	2,862,000		3.849	^(a)	01/28/28		2,869,621
Federal Farm Credit Banks Funding Corp. (SOFR + 0.250%)
	99,000,000		3.859	^(a)	11/12/27		99,251,415
	1,820,000		3.860	^(a)	11/12/27		1,824,622
Federal Home Loan Bank System (SOFR + 0.000%)
	250,000,000		3.620	^(a)	06/08/26		249,998,796
Federal Home Loan Bank System (SOFR + 0.040%)
	890,000		3.660	^(a)	05/27/27		890,000
Federal Home Loan Bank System (SOFR + 0.070%)
	50,000,000		3.690	^(a)	10/29/27		50,000,000
Federal Home Loan Bank System (SOFR + 0.085%)
	6,210,000		3.705	^(a)	05/26/28		6,210,000
Federal Home Loan Bank System (SOFR + 0.090%)
	3,050,000		3.710	^(a)	05/15/28		3,050,000
Federal National Mortgage Association (SOFR + 0.090%)
	9,000,000		3.600	^(a)	05/08/28		9,000,000

TOTAL U.S. GOVERNMENT AGENCY SECURITIES						$	598,756,755



U.S. Treasury Obligations - 42.0%

U.S. Treasury Notes
	2,000,600		3.558		02/28/27		2,006,145
	409,900		3.750		04/30/27		409,901
	15,482,400		3.702		05/15/27		15,283,630
	292,000		3.808		05/31/27		288,659
United States Treasury Bills
	554,732,900		3.655		06/11/26		554,179,708
	130,993,600		3.647		06/16/26		130,796,837
	26,896,100		3.648		06/18/26		26,850,313
	43,227,500		3.665		06/23/26		43,132,362
	6,275,800		3.670		06/23/26		6,261,988
	73,512,800		3.675		06/23/26		73,351,009
	80,000,000		3.676		06/23/26		79,823,931
	3,764,300		3.660		06/25/26		3,755,233
	27,146,400		3.681		06/25/26		27,081,010
	7,708,800		3.667		06/30/26		7,686,346
	20,000,000		3.691		06/30/26		19,941,745
	92,584,500		3.586		07/02/26		92,300,677
	42,000,000		3.684		07/07/26		41,849,010
	3,225,600		3.681		07/09/26		3,213,283
	3,225,600		3.686		07/09/26		3,213,283
	12,711,400		3.697	^(b)	07/30/26		12,635,882
	9,750,500		3.720		08/18/26		9,674,404
	26,536,800		3.647		08/20/26		26,326,570
	32,349,500		3.696		08/25/26		32,074,158


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	50,000,000		3.697	%	08/25/26	$	49,574,427
	29,589,400		3.699		08/25/26		29,337,551
	35,000,000		3.704		08/25/26		34,702,099
	6,162,700		3.694		09/01/26		6,105,726
	45,000,000		3.715		09/01/26		44,583,977
	7,280,700		3.689		09/08/26		7,208,621
	21,842,000		3.699		09/15/26		21,609,618
	108,154,300		3.710		09/15/26		107,003,623
	34,843,600		3.714		09/22/26		34,447,680
	20,933,400		3.720	^(b)	09/29/26		20,682,563
	50,227,200		3.712		10/15/26		49,545,628
	18,592,600		3.702		10/22/26		18,327,586
	65,000,000		3.705		10/22/26		64,073,505
	30,000,000		3.709		10/22/26		29,572,387
	7,654,200		3.712		10/29/26		7,539,706
	12,400,000		3.697		11/05/26		12,205,590
	28,025,300		3.702		11/12/26		27,565,329
	1,576,100		3.717		11/12/26		1,550,232
	1,576,100		3.723		11/12/26		1,550,232
	3,758,000		3.728		11/12/26		3,696,321
	38,690,500		3.733		11/12/26		38,055,484
United States Treasury Floating Rate Note
	20,000,000		3.604		11/30/26		20,053,131
	20,000,000		3.678		11/30/26		19,759,582
	15,000,000		3.539		01/31/27		15,040,135
	15,000,000		3.716		01/31/27		15,040,135
	10,000,000		3.528		03/31/27		10,012,636
	1,230,700		3.751		04/30/27		1,227,431
	306,100		3.791		04/30/27		303,387
	26,230,700		3.762		05/15/27		25,917,602
	34,707,500		3.836		05/15/27		34,929,267
	14,539,500		3.888		05/15/27		14,632,402
	1,230,700		3.789		05/31/27		1,231,703
	15,043,800		3.796		05/31/27		15,056,061
	476,100		3.808		05/31/27		474,244
	2,072,800		3.809		05/31/27		2,049,082
	38,500		3.810		05/31/27		38,531
	938,700		3.901		05/31/27		939,465
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.099%)
	15,000,000		3.725	^(a)	01/31/28		14,999,169
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.103%)
	90,343,500		3.730	^(a)	04/30/28		90,365,331
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%)
	55,000,000		3.783	^(a)	04/30/27		55,051,075

TOTAL U.S. TREASURY OBLIGATIONS						$	2,158,194,338

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	2,756,951,093


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c) - 47.4%

Barclays Bank PLC
$	75,000,000		3.620	%^(d)	06/01/26	$	75,000,000
Maturity Value: $75,233,792
Settlement Date: 05/01/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 09/17/26, a U.S. Treasury Bond, 4.750%, due 11/15/43, a U.S. Treasury Inflation- Indexed Bond, 0.125%, due 02/15/51, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/49 and U.S. Treasury Notes, 1.500% to 4.125%, due 10/31/26 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $76,523,077.
	250,000,000		3.620		06/01/26	$	250,000,000
Maturity Value: $250,075,416
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.000%, due 06/01/31 to 10/01/49, Federal National Mortgage Association, 2.500% to 4.000%, due 02/01/28 to 10/01/49 and Government National Mortgage Association, 3.000% to 6.500%, due 05/20/45 to 03/20/56. The aggregate market value of the collateral, including accrued interest, was $257,577,680.
	35,000,000		3.620	^(d)	06/15/26	$	35,000,000
Maturity Value: $35,116,142
Settlement Date: 05/13/26
Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/28 to 02/15/51 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $35,717,969.
	75,000,000		3.620	^(d)	06/15/26	$	75,000,000
Maturity Value: $75,248,875
Settlement Date: 05/13/26
Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 07/01/45, Federal National Mortgage Association, 2.000% to 6.500%, due 03/01/37 to 08/01/55 and Government National Mortgage Association, 3.000% to 6.500%, due 06/15/40 to 03/20/56. The aggregate market value of the collateral, including accrued interest, was $77,288,882.
	100,000,000		3.610		06/30/26	$	100,000,000
Settlement Date: 06/01/26
	300,000,000		3.610	^(d)	06/30/26	$	300,000,000
Maturity Value: $300,992,750
Settlement Date: 05/28/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 08/06/26, U.S. Treasury Bonds, 3.000% to 3.125%, due 02/15/43 to 02/15/49, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/42 to 02/15/51, U.S. Treasury Notes, 3.500% to 4.250%, due 08/31/27 to 12/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The aggregate market value of the collateral, including accrued interest, was $306,122,861.



BofA Securities, Inc.
	20,000,000		3.570		06/01/26	$	20,000,000
Maturity Value: $20,005,950
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.125%, due 01/15/33 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/54. The aggregate market value of the collateral, including accrued interest, was $20,400,001.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c) – (continued)

Citigroup Global Markets, Inc.
$	200,000,000		3.620	%^(d)	11/02/26	$	200,000,000
Maturity Value: $203,660,224
Settlement Date: 05/04/26
Collateralized by a U.S. Treasury Bond, 5.250%, due 11/15/28 and U.S. Treasury Notes, 1.375% to 4.375%, due 10/31/28 to 12/15/28. The aggregate market value of the collateral, including accrued interest, was $204,000,088.
	200,000,000		3.620	^(d)	11/09/26	$	200,000,000
Maturity Value: $203,740,668
Settlement Date: 05/07/26
Collateralized by Government National Mortgage Association, 3.500% to 7.000%, due 08/20/53 to 12/20/53. The aggregate market value of the collateral, including accrued interest, was $203,999,999.



Credit Agricole Corporate and Investment Bank
	20,000,000		3.560		06/01/26	$	20,000,000
Maturity Value: $20,005,933
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/30 to 08/15/45, U.S. Treasury Notes, 1.250% to 4.625%, due 07/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/26 to 11/15/47. The aggregate market value of the collateral, including accrued interest, was $20,400,029.
	400,000,000		3.620	^(d)	11/06/26	$	400,000,000
Maturity Value: $407,199,781
Settlement Date: 05/11/26
Collateralized by a U.S. Treasury Bill, 0.000%, due 07/23/26, U.S. Treasury Bonds, 1.375% to 4.750%, due 11/15/40 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 02/15/55, U.S. Treasury Notes, 3.375% to 4.375%, due 10/31/27 to 05/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/26. The aggregate market value of the collateral, including accrued interest, was $408,000,002.



Daiwa Capital Markets America, Inc.
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 04/01/56 to 05/01/56 and Federal National Mortgage Association, 5.000%, due 05/01/56. The aggregate market value of the collateral, including accrued interest, was $103,031,072.



Deutsche Bank Securities, Inc.
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 4.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $102,000,037.


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c) – (continued)

Fixed Income Clearing Corporation / State Street Bank and Trust Company
$	25,000,000		3.620	%	06/01/26	$	25,000,000
Maturity Value: $25,007,542
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 06/01/26. The market value of the collateral, including accrued interest, was $25,500,000.



J.P. Morgan Securities LLC
	100,000,000		3.620		06/01/26	$	100,000,000
Maturity Value: $100,030,167
Settlement Date: 05/29/26
Collateralized by Federal Home Loan Mortgage Corp., 7.000%, due 11/01/55, Federal National Mortgage Association, 2.500% to 6.000%, due 10/01/27 to 08/01/55 and Government National Mortgage Association, 3.500% to 6.500%, due 05/20/38 to 01/20/56. The aggregate market value of the collateral, including accrued interest, was $103,031,073.



Joint Account I
	301,000,000		3.610		06/01/26	$	301,000,000
Maturity Value: $301,090,551
Settlement Date: 05/29/26



Joint Account III
	37,000,000		3.623		06/01/26	$	37,000,000
Maturity Value: $37,011,171
Settlement Date: 05/29/26



Wells Fargo Securities, LLC
	25,000,000		3.610		06/01/26	$	25,000,000
Maturity Value: $25,007,521
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Note, 5.000%, due 05/31/26. The market value of the collateral, including accrued interest, was $25,500,003.
	70,000,000		3.620		06/01/26	$	70,000,000
Maturity Value: $70,021,116
Settlement Date: 05/29/26
Collateralized by Government National Mortgage Association, 2.000% to 7.000%, due 02/20/48 to 01/20/56. The aggregate market value of the collateral, including accrued interest, was $72,100,001.

TOTAL REPURCHASE AGREEMENTS						$	2,433,000,000

TOTAL INVESTMENTS - 101.0%						$	5,189,951,093

LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%							(52,091,130)

NET ASSETS - 100.0%						$	5,137,859,963


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

(a)		Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2026.
(b)		All or a portion represents a forward commitment.


(c)		Unless noted, all repurchase agreements were entered into on May 31, 2026. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section.

(d)		The instrument is subject to a demand feature.


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I— At May 31, 2026, the Fund had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of June 1, 2026, as follows:

Fund

Principal Amount

Maturity Value

Collateral Value
Allocation

Central Government Fund

$301,000,000

$301,090,551

$307,049,166

REPURCHASE AGREEMENTS— At May 31, 2026, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account I were as follows:


Counterparty	Interest Rate	Central Government Fund
BNP Paribus	3.610%	$158,421,053
Credit Agricole Corporate and Investment Bank	3.610	47,526,316
Bank of Nova Scotia (The)	3.610	95,052,631
Total		$301,000,000

At May 31, 2026, the Joint Repurchase Agreement Account I was fully collateralized by cash and:


Issuer	Interest Rate		Maturity Dates
U.S. Treasury Bills		–		11/5/2026
U.S. Treasury Bonds		1.250%to 4.750		08/15/39 to 11/15/54
U.S. Treasury Inflation-Indexed Bonds		0.125 to 1.000		02/15/48 to 02/15/52
U.S. Treasury Inflation-Indexed Notes		0.125 to 1.625		07/15/26 to 10/15/30
U.S. Treasury Interest-Only Stripped Securities		–		11/15/26 to 02/15/48
U.S. Treasury Notes		0.500 to 4.625		08/15/26 to 11/15/34
U.S. Treasury Principal-Only Stripped Securities		–		05/15/30 to 08/15/50

JOINT REPURCHASE AGREEMENT ACCOUNT III— At May 31, 2026, the Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of June 1, 2026, as follows:

Fund

Principal Amount

Maturity Value

Collateral Value
Allocation

Central Government Fund

$37,000,000

$37,011,171

$38,110,000

REPURCHASE AGREEMENTS— At May 31, 2026, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account III were as follows:


Counterparty	Interest Rate	Central Government Fund
Bank of America, N.A.	3.630%	$11,100,000
Bank of Montreal	3.620	7,400,000
Wells Fargo Securities, LLC	3.620	18,500,000
Total		$37,000,000

At May 31, 2026, the Joint Repurchase Agreement Account III was fully collateralized by cash and:


Issuer	Interest Rate	Maturity Dates
Federal Home Loan Mortgage Corp.	2.000%to 6.500%	05/01/34 to 06/01/56
Federal National Mortgage Association	2.000 to 5.500	08/01/42 to 05/01/56


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Statement of Assets and Liabilities

May 31, 2026 (Unaudited)


	Central Government Fund

Assets:

Investments, at value (cost $2,756,951,093)	$	2,756,951,093
Repurchase agreements, at value (Cost $2,433,000,000)		2,433,000,000
Cash		41,624,863
Receivables:
Investments sold		33,360,873
Interest		6,559,963
Deferred offering costs		167,749
Reimbursement from investment adviser		143,394

Total assets		5,271,807,935


Liabilities:

Payables:
Investments purchased		133,318,445
Offering costs		189,562
Organizational costs		12,000
Income distribution		1,795
Accrued expenses		426,170

Total liabilities		133,947,972


Net Assets:
Paid-in capital		5,137,886,727
Total distributable loss		(26,764	)

NET ASSETS	$	5,137,859,963
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		5,137,886,727
Net asset value, offering and redemption price per share:
Institutional Shares	$	1.00


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Statement of Operations

For the Period Ended May 31, 2026 (Unaudited)


	Central Government Fund*

Investment income:

Interest	$	20,004,009

Expenses:

Registration fees		335,123

Custody, accounting and administrative services		73,699

Transfer Agency fees		54,620

Amortization of offering costs		21,813

Professional fees		14,781

Organizational costs		12,000

Trustee fees		4,044

Printing and mailing costs		1,550

Other		1,381


Total expenses		519,011


Less — expense reductions		(497,165	)


Net expenses		21,846


NET INVESTMENT INCOME		19,982,163




Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(23,755	)


Net realized and unrealized loss		(23,755	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,958,408

* For the period April 20, 2026 (commencement of operations) through May 31, 2026.


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Statement of Changes in Net Assets


	Central Government Fund

	For the Period April 20, 2026* to May 31, 2026 (Unaudited)

From operations:

Net investment income	$	19,982,163

Net realized loss		(23,755	)


Net increase in net assets resulting from operations		19,958,408




Distributions to shareholders:

From distributable earnings:

Institutional Shares		(19,985,172	)



From share transactions:

Proceeds from sales of shares		8,520,892,846

Reinvestment of distributions		19,885,274

Cost of shares redeemed		(3,402,891,393	)


Net increase in net assets resulting from share transactions		5,137,886,727


TOTAL INCREASE		5,137,859,963




Net Assets:

Beginning of period	$	–


End of period	$	5,137,859,963

Commencement of operations.


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Central Government Fund

	Institutional Shares

	Period Ended May 31, 2026^(a) (Unaudited)

Per Share Data

Net asset value, beginning of period	$	1.00


Net investment income^(b)		0.004

Net realized and unrealized gain		–^(c)


Total from investment operations		0.004


Distributions to shareholders from net investment income		(0.004)

Distributions to shareholders from net realized gains		–^(c)


Total distributions		(0.004)


Net asset value, end of period	$	1.00


Total Return^(d)		0.42%

Net assets, end of period (in 000’s)	$	5,137,860

Ratio of net expenses to average net assets		0.00%^(e)(f)

Ratio of total expenses to average net assets		0.08%^(e)

Ratio of net investment income to average net assets		3.66%^(e)

(a)

Commenced operations on April 20, 2026.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Notes to Financial Statements

May 31, 2026 (Unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The investment valuation policy of the Fund is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures (as defined below). The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.


		23

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

H. Segment Reporting — The Fund follows Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The 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 Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Fund’s Investment Adviser. The CODM monitors and actively manages the operating results of the Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Fund’s single segment is consistent with that presented within the Fund’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 Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable


24

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

As of May 31, 2026, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

The Fund does not pay a management fee to the Investment Adviser under the Management Agreement between the Trust and the Investment Adviser.


		25

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the period ended May 31, 2026, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):



Fund	Transfer Agency Waiver/Credits	Other Expense Reimbursements	Total Expense Reductions



Central Government Fund	$ 55	$ 442	$ 497

For the period ended May 31, 2026, there were no purchase and sale transactions and related net realized gain (loss) for the Fund with affiliated funds with regard to Rule 17a-7.

5. TAX INFORMATION

The aggregate cost for the Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

6. OTHER RISKS

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


26

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

6. OTHER RISKS (continued)

7. INDEMNIFICATIONS

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

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Fund may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

9. 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.


		27

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Central Government Fund
	For the Period April 20,
	2026* to May 31, 2026 (Unaudited)

	Shares


Institutional Shares

Shares sold		8,520,892,846

Reinvestment of distributions		3,799,435

Shares redeemed		(3,402,891,393	)

		5,121,800,888

NET INCREASE IN SHARES		5,121,800,888

Commencement of operations.


28

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Central Government Fund (Unaudited)

Background

Nature, Extent, and Quality of the Services to be Provided under the Management Agreement

Costs of Services to Be Provided and Profitability


		29

GOLDMAN SACHS CENTRAL GOVERNMENT FUND

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Central Government Fund (Unaudited) (continued)

Economies of Scale

Other Benefits to the Investment Adviser and Its Affiliates

Other Benefits to the Fund and Its Shareholders

Conclusion


30

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LOGO

Goldman Sachs Funds Semi-Annual Financial Statements May 31, 2026 Stablecoin Reserves Fund

Stablecoin Reserves Fund


Table of Contents			Page

Schedule of Investments			3

Financial Statements

Statement of Assets and Liabilities			5

Statement of Operations			6

Statement of Changes in Net Assets			7

Financial Highlights			8

Notes to Financial Statements			9

STABLECOIN RESERVES FUND

Schedule of Investments

May 31, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(a) - 99.0%

BofA Securities, Inc.
$	25,000,000		3.570	%	06/01/26	$	25,000,000
Maturity Value: $25,007,437
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/51, a U.S. Treasury Note, 0.375%, due 07/31/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 02/15/31. The aggregate market value of the collateral, including accrued interest, was $ 25,500,000.

Fixed Income Clearing Corporation / Mizuho Securities USA LLC
	15,000,000		3.610		06/01/26	$	15,000,000
Maturity Value: $15,004,513
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Bonds, 2.000% to 5.000%, due 05/15/37 to 02/15/53 and U.S. Treasury Notes, 1.375% to 4.125%, due 10/31/27 to 01/31/33. The aggregate market value of the collateral, including accrued interest, was $ 15,300,046.

Fixed Income Clearing Corporation / State Street Bank and Trust Company
	25,000,000		3.620		06/01/26	$	25,000,000
Maturity Value: $25,007,542
Settlement Date: 05/29/26
Collateralized by a U.S. Treasury Bond, 0.000%, due 06/01/26. The market value of the collateral, including accrued interest, was $25,500,000.

Joint Account I
	49,500,000		3.610		06/01/26	$	49,500,000
Maturity Value: $49,514,891
Settlement Date: 05/29/26

Wells Fargo Securities, LLC
	30,000,000		3.610		06/01/26	$	30,000,000
Maturity Value: $30,009,025
Settlement Date: 05/29/26
Collateralized by U.S. Treasury Notes, 3.875% to 5.000%, due 05/31/26 to 09/30/29. The aggregate market value of the collateral, including accrued interest, was $30,600,011.

TOTAL REPURCHASE AGREEMENTS						$	144,500,000

TOTAL INVESTMENTS - 99.0%						$	144,500,000

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%							1,406,378

NET ASSETS - 100.0%						$	145,906,378

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

(a)

Unless noted, all repurchase agreements were entered into on May 31, 2026.


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

GOLDMAN SACHS FUNDS — STABLECOIN RESERVE FUND

Schedule of Investments (continued)

May 31, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I— At May 31, 2026, the Fund had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of June 1, 2026, as follows:

Fund

Principal Amount

Maturity Value

Collateral Value
Allocation

Stablecoin Reserves Fund

$49,500,000

$49,514,891

$50,494,796



REPURCHASE AGREEMENTS— At May 31, 2026, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account I were as follows:

Counterparty	Interest Rate		Stablecoin Reserves Fund

BNP Paribus		3.610%		$26,052,632

Credit Agricole Corporate and Investment Bank		3.610		7,815,789

Bank of Nova Scotia (The)		3.610		15,631,579

Total				$49,500,000


At May 31, 2026, the Joint Repurchase Agreement Account I was fully collateralized by cash and:

Issuer	Interest Rate		Maturity Dates

U.S. Treasury Bills		–		11/5/2026

U.S. Treasury Bonds		1.250%to 4.750		08/15/39 to 11/15/54

U.S. Treasury Inflation-Indexed Bonds		0.125 to 1.000		02/15/48 to 02/15/52

U.S. Treasury Inflation-Indexed Notes		0.125 to 1.625		07/15/26 to 10/15/30

U.S. Treasury Interest-Only Stripped Securities		–		11/15/26 to 02/15/48

U.S. Treasury Notes		0.500 to 4.625		08/15/26 to 11/15/34

U.S. Treasury Principal-Only Stripped Securities		–		05/15/30 to 08/15/50


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

STABLECOIN RESERVES FUND

Statement of Assets and Liabilities

May 31, 2026 (Unaudited)


	Stablecoin Reserves Fund

Assets:
Repurchase agreements, at value (Cost $144,500,000)	$	144,500,000
Cash		1,475,384
Receivables:
Deferred offering costs		64,373
Interest		43,839
Other assets		27,171

Total assets		146,110,767


Liabilities:
Payables:
Accrued professional fees		176,981
Custody, accounting and administrative services		16,713
Management fees		10,132
Distribution and Service fees and Transfer Agency fees		563

Total liabilities		204,389


Net Assets:
Paid-in capital		145,906,320
Total distributable earnings		58

NET ASSETS	$	145,906,378

Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		145,906,368
Net asset value, offering and redemption price per share:
Institutional Shares	$	1.00


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

STABLECOIN RESERVES FUND

Statement of Operations

For the Six Months Ended May 31, 2026 (Unaudited)


	Stablecoin Reserves Fund

Investment income:

Interest	$	1,216,595


Expenses:

Professional fees		138,148

Amortization of offering costs		78,109

Management fees		59,736

Custody, accounting and administrative services		32,598

Registration fees		20,944

Printing and mailing costs		14,000

Trustee fees		7,764

Transfer Agency fees		3,319

Other		3,780

Total expenses		358,398

Less — expense reductions		(290,697	)

Net expenses		67,701

NET INVESTMENT INCOME		1,148,894



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		6,289

Net realized and unrealized gain		6,289

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,155,183


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

S TABLECOIN RESERVES FUND

Statement of Changes in Net Assets


	Stablecoin Reserves Fund
	For the Six Months Ended May 31, 2026 (Unaudited)			For the Period October 29, 2025* to November 30, 2025

From operations:

Net investment income	$	1,148,894		$	66,339

Net realized gain		6,289			255

Net increase in net assets resulting from operations		1,155,183			66,594



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(1,155,394	)		(66,373	)


From share transactions:

Proceeds from sales of shares		157,350,000			45,000,000

Reinvestment of distributions		1,147,351			66,373

Cost of shares redeemed		(57,657,356	)		–

Net increase in net assets resulting from share transactions		100,839,995			45,066,373

TOTAL INCREASE		100,839,784			45,066,594



Net Assets:

Beginning of period	$	45,066,594			–


End of period	$	145,906,378		$	45,066,594

*	Commencement of operations.


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

STABLECOIN RESERVES FUND

Financial Highlights (continued)



	Stablecoin Reserves Fund

	Institutional Shares

	Six Months Ended May 31, 2026 (Unaudited)				Period Ended November 30, 2025^(a)

Per Share Data

Net asset value, beginning of period		$	1.00			$	1.00


Net investment income^(b)			0.017				0.003

Net realized gain			–	^(c)			–	^(c)


Total from investment operations			0.017				0.003


Distributions to shareholders from net investment income			(0.017	)			(0.003	)

Distributions to shareholders from net realized gains			–	^(c)			–	^(c)


Total distributions ^(d)			(0.017	)			(0.003	)


Net asset value, end of period		$	1.00			$	1.00


Total Return^(e)			1.76	%			0.34	%


Net assets, end of period (in 000’s)		$	145,906			$	45,067

Ratio of net expenses to average net assets			0.20	%^(f)			0.20	%^(f)

Ratio of total expenses to average net assets			1.03	%^(f)			1.37	%^(f)

Ratio of net investment income to average net assets			3.46	%^(f)			3.75	%^(f)

(a)

Commenced operations on October 29, 2025.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.0005 per share.

(d)

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

(e)

(f)

Annualized.


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

STABLECOIN RESERVES FUND

Notes to Financial Statements

May 31, 2026 (Unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

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

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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Offering Costs — Offering costs paid in connection with the offering of shares of the Stablecoin Reserves Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations.


		9

STABLECOIN RESERVES FUND

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

securities for all repurchase agreements are held at the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between the Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Fund, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund maintains pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Fund are not subject to any expenses in relation to these investments.

G. Segment Reporting — The Fund follows Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280 - Improvements to Reportable Segment Disclosures. The Fund operates in one segment. The segment derives its revenues from Portfolio investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Fund’s Investment Adviser. The CODM monitors and actively manages the operating results of the Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Fund’s single segment, is consistent with that presented within the Fund’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 Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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


10

STABLECOIN RESERVES FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of May 31, 2026, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

C. Other Expense Agreements — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 30, 2027, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

In addition, the Fund has entered into certain offset arrangements with the custodian, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

D. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate and the transfer agency fee rate is 0.18% and 0.01%, respectively, for the Fund.

Fund Effective Net Expenses (After Waivers and Reimbursements)

The Fund is not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

During the six months ended May 31, 2026, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):


Fund	Other Expense Reimbursements	Total Expense Reductions

Stablecoin Reserves Fund	$ 291	$ 291

For the six months ended May 31, 2026, the net effective management fee rate was 0.18% for the Fund.


		11

STABLECOIN RESERVES FUND

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended May 31, 2026, there were no purchase and sale transactions and related net realized gain (loss) for the Fund with affiliated funds with regard to Rule 17a-7.

5. TAX INFORMATION

The aggregate cost for the Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

6. OTHER RISKS

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

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

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general


12

STABLECOIN RESERVES FUND

6. OTHER RISKS (continued)

economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Stablecoin Issuer Reserves Risk — Shares of the Fund are expected to be held primarily by one or more stablecoin issuers as all or a portion of the reserve assets that back the stablecoins issued to their customers. Stablecoins generally are a type of cryptocurrency that are designed to maintain a stable value by pegging their value to another asset, such as a fiat currency like the U.S. dollar, and stablecoin holders generally are permitted to redeem their stablecoins for a fixed amount of value. Although the Fund does not invest in stablecoins or stablecoin issuers, the assets of the Fund are expected to fluctuate depending on the creation (minting) of additional stablecoins or the redemption (burning) of outstanding stablecoins. Stablecoins or other digital assets that stablecoins may be used to purchase or sell may face periods of uncertainty and volatility that result in the potential for rapid or unexpected requests by one or more stablecoin issuers to redeem or purchase the Fund’s shares. Such uncertainty or volatility may result from events that are not specifically related to a stablecoin issuer, such as changes in general market conditions, economic, technological or legal trends or changes to the laws or regulation of stablecoins, or events that are specifically related to a particular stablecoin issuer, such as uncertainty about the stablecoin issuer’s ability to maintain a consistent peg between the stablecoins issued to its customers and another asset, such as a fiat currency like the U.S. dollar. Because the Fund intends to invest only in certain eligible reserve assets that payment stablecoin issuers are permitted to maintain under the GENIUS Act, the Fund’s yield may be lower than other money market funds that are permitted to invest in a wider universe of investments. Moreover, large or unexpected subscription requests may cause the Fund to hold uninvested cash in lieu of appropriate money market instruments if the Investment Adviser believes there is an insufficient supply of appropriate money market instruments in which to invest. As a result, during such periods when cash is held uninvested, the Fund’s current yield may be adversely affected, and the Fund will be subject to increased exposure to its custodian bank.

Complex information technology and communications systems, such as the blockchain technologies associated with stablecoins, are subject to a number of different threats or risks (including operational, information security, cyber-attacks and related risks) that could adversely affect stablecoin issuers and, potentially, the Fund and its shareholders. Stablecoins and the blockchain technologies associated with stablecoins are relatively new and still evolving. The Fund, Transfer Agent, Investment Adviser and their affiliates will not be responsible for any loss in connection with the use of stablecoins or a related blockchain technology.

7. INDEMNIFICATIONS

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

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.


		13

STABLECOIN RESERVES FUND

Notes to Financial Statements (continued)

May 31, 2026 (Unaudited)

9. 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.

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:



	Stablecoin Reserves Fund

	For the Six Months Ended For the Period October 29,
	May 31, 2026 (Unaudited)			2025* to November 30, 2025



	Shares			Shares



Institutional Shares
Shares sold		157,350,000			45,000,000

Reinvestment of distributions		1,147,351			66,373

Shares redeemed		(57,657,356	)		—

		100,839,995			45,066,373

NET INCREASE IN SHARES		100,839,995			45,066,373

Commencement of operations.


14

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LOGO

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.

The Goldman Sachs Central Government Fund’s and Goldman Sachs Government Fund Series II’s statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.

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:				August 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:				August 5, 2026

By:				/s/ Joseph F. DiMaria

				Joseph F. DiMaria
				Principal Financial Officer
				Goldman Sachs Trust

Date:				August 5, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

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IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d111270dncsrs_htm.xml