Goldman Sachs Absolute Return Tracker Fund

Goldman Sachs Absolute Return Tracker Fund

Class A

Goldman Sachs Absolute Return Tracker Fund

38145N246-SAR-0626

Class A

Goldman Sachs Absolute Return Tracker Fund

Goldman Sachs Absolute Return Tracker Fund

Class C

Goldman Sachs Absolute Return Tracker Fund

38145N238-SAR-0626

Class C

Goldman Sachs Absolute Return Tracker Fund

Goldman Sachs Absolute Return Tracker Fund

Class P

Goldman Sachs Absolute Return Tracker Fund

38150B202-SAR-0626

Class P

Goldman Sachs Absolute Return Tracker Fund

Goldman Sachs Absolute Return Tracker Fund

Class R

Goldman Sachs Absolute Return Tracker Fund

38145N121-SAR-0626

Class R

Goldman Sachs Absolute Return Tracker Fund

Goldman Sachs Absolute Return Tracker Fund

Class R6

Goldman Sachs Absolute Return Tracker Fund

38147X325-SAR-0626

Class R6

Goldman Sachs Absolute Return Tracker Fund

Goldman Sachs Absolute Return Tracker Fund

Institutional Class

Goldman Sachs Absolute Return Tracker Fund

38145N220-SAR-0626

Institutional Class

Goldman Sachs Absolute Return Tracker Fund

Goldman Sachs Absolute Return Tracker Fund

Investor Class

Goldman Sachs Absolute Return Tracker Fund

38145N113-SAR-0626

Investor Class

Goldman Sachs Commodity Strategy Fund

Goldman Sachs Commodity Strategy Fund

Class A

Goldman Sachs Commodity Strategy Fund

38143H373-SAR-0626

Class A

Goldman Sachs Commodity Strategy Fund

Goldman Sachs Commodity Strategy Fund

Class C

Goldman Sachs Commodity Strategy Fund

38143H365-SAR-0626

Class C

Goldman Sachs Commodity Strategy Fund

Goldman Sachs Commodity Strategy Fund

Class P

Goldman Sachs Commodity Strategy Fund

38150B707-SAR-0626

Class P

Goldman Sachs Commodity Strategy Fund

Goldman Sachs Commodity Strategy Fund

Class R

Goldman Sachs Commodity Strategy Fund

38145N394-SAR-0626

Class R

Goldman Sachs Commodity Strategy Fund

Goldman Sachs Commodity Strategy Fund

Class R6

Goldman Sachs Commodity Strategy Fund

38147X317-SAR-0626

Class R6

Goldman Sachs Commodity Strategy Fund

Goldman Sachs Commodity Strategy Fund

Institutional Class

Goldman Sachs Commodity Strategy Fund

38143H381-SAR-0626

Institutional Class

Goldman Sachs Commodity Strategy Fund

Goldman Sachs Commodity Strategy Fund

Investor Class

Goldman Sachs Commodity Strategy Fund

38145N386-SAR-0626

Investor Class

Goldman Sachs Dynamic Global Equity Fund

Goldman Sachs Dynamic Global Equity Fund

Class A

Goldman Sachs Dynamic Global Equity Fund

38142V571-SAR-0626

Class A

Goldman Sachs Dynamic Global Equity Fund

Goldman Sachs Dynamic Global Equity Fund

Class C

Goldman Sachs Dynamic Global Equity Fund

38142V555-SAR-0626

Class C

Goldman Sachs Dynamic Global Equity Fund

Goldman Sachs Dynamic Global Equity Fund

Class P

Goldman Sachs Dynamic Global Equity Fund

38150B814-SAR-0626

Class P

Goldman Sachs Dynamic Global Equity Fund

Goldman Sachs Dynamic Global Equity Fund

Class R

Goldman Sachs Dynamic Global Equity Fund

38145N741-SAR-0626

Class R

Goldman Sachs Dynamic Global Equity Fund

Goldman Sachs Dynamic Global Equity Fund

Class R6

Goldman Sachs Dynamic Global Equity Fund

38148U403-SAR-0626

Class R6

Goldman Sachs Dynamic Global Equity Fund

Goldman Sachs Dynamic Global Equity Fund

Institutional Class

Goldman Sachs Dynamic Global Equity Fund

38142V472-SAR-0626

Institutional Class

Goldman Sachs Dynamic Global Equity Fund

Goldman Sachs Dynamic Global Equity Fund

Investor Class

Goldman Sachs Dynamic Global Equity Fund

38145N733-SAR-0626

Investor Class

Goldman Sachs Dynamic Global Equity Fund

Goldman Sachs Dynamic Global Equity Fund

Service Class

Goldman Sachs Dynamic Global Equity Fund

38142V464-SAR-0626

Service Class

Goldman Sachs International Equity Dividend and Premium Fund

Goldman Sachs International Equity Dividend and Premium Fund

Class A

Goldman Sachs International Equity Dividend and Premium Fund

38144N486-SAR-0626

Class A

Goldman Sachs International Equity Dividend and Premium Fund

Goldman Sachs International Equity Dividend and Premium Fund

Class C

Goldman Sachs International Equity Dividend and Premium Fund

38144N478-SAR-0626

Class C

Goldman Sachs International Equity Dividend and Premium Fund

Goldman Sachs International Equity Dividend and Premium Fund

Class P

Goldman Sachs International Equity Dividend and Premium Fund

38150B616-SAR-0626

Class P

Goldman Sachs International Equity Dividend and Premium Fund

Goldman Sachs International Equity Dividend and Premium Fund

Class R6

Goldman Sachs International Equity Dividend and Premium Fund

38150C507-SAR-0626

Class R6

Goldman Sachs International Equity Dividend and Premium Fund

Goldman Sachs International Equity Dividend and Premium Fund

Institutional Class

Goldman Sachs International Equity Dividend and Premium Fund

38144N494-SAR-0626

Institutional Class

Goldman Sachs International Equity Dividend and Premium Fund

Goldman Sachs International Equity Dividend and Premium Fund

Investor Class

Goldman Sachs International Equity Dividend and Premium Fund

38145C547-SAR-0626

Investor Class

Goldman Sachs U.S. Equity Dividend and Premium Fund

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class A

Goldman Sachs U.S. Equity Dividend and Premium Fund

38143H712-SAR-0626

Class A

Goldman Sachs U.S. Equity Dividend and Premium Fund

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class C

Goldman Sachs U.S. Equity Dividend and Premium Fund

38143H696-SAR-0626

Class C

Goldman Sachs U.S. Equity Dividend and Premium Fund

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class P

Goldman Sachs U.S. Equity Dividend and Premium Fund

38150B194-SAR-0626

Class P

Goldman Sachs U.S. Equity Dividend and Premium Fund

Goldman Sachs U.S. Equity Dividend and Premium Fund

Class R6

Goldman Sachs U.S. Equity Dividend and Premium Fund

38150C804-SAR-0626

Class R6

Goldman Sachs U.S. Equity Dividend and Premium Fund

Goldman Sachs U.S. Equity Dividend and Premium Fund

Institutional Class

Goldman Sachs U.S. Equity Dividend and Premium Fund

38143H720-SAR-0626

Institutional Class

Goldman Sachs U.S. Equity Dividend and Premium Fund

Goldman Sachs U.S. Equity Dividend and Premium Fund

Investor Class

Goldman Sachs U.S. Equity Dividend and Premium Fund

38145C513-SAR-0626

Investor Class

Goldman Sachs Conservative Allocation Fund

Goldman Sachs Conservative Allocation Fund

Class A

Goldman Sachs Conservative Allocation Fund

38142V688-SAR-0626

Class A

Goldman Sachs Conservative Allocation Fund

Goldman Sachs Conservative Allocation Fund

Class C

Goldman Sachs Conservative Allocation Fund

38142V662-SAR-0626

Class C

Goldman Sachs Conservative Allocation Fund

Goldman Sachs Conservative Allocation Fund

Class P

Goldman Sachs Conservative Allocation Fund

38150C408-SAR-0626

Class P

Goldman Sachs Conservative Allocation Fund

Goldman Sachs Conservative Allocation Fund

Class R

Goldman Sachs Conservative Allocation Fund

38145N816-SAR-0626

Class R

Goldman Sachs Conservative Allocation Fund

Goldman Sachs Conservative Allocation Fund

Class R6

Goldman Sachs Conservative Allocation Fund

38148U106-SAR-0626

Class R6

Goldman Sachs Conservative Allocation Fund

Goldman Sachs Conservative Allocation Fund

Institutional Class

Goldman Sachs Conservative Allocation Fund

38142V548-SAR-0626

Institutional Class

Goldman Sachs Conservative Allocation Fund

Goldman Sachs Conservative Allocation Fund

Investor Class

Goldman Sachs Conservative Allocation Fund

38145N790-SAR-0626

Investor Class

Goldman Sachs Conservative Allocation Fund

Goldman Sachs Conservative Allocation Fund

Service Class

Goldman Sachs Conservative Allocation Fund

38142V530-SAR-0626

Service Class

Goldman Sachs Moderate Allocation Fund

Goldman Sachs Moderate Allocation Fund

Class A

Goldman Sachs Moderate Allocation Fund

38142V654-SAR-0626

Class A

Goldman Sachs Moderate Allocation Fund

Goldman Sachs Moderate Allocation Fund

Class C

Goldman Sachs Moderate Allocation Fund

38142V639-SAR-0626

Class C

Goldman Sachs Moderate Allocation Fund

Goldman Sachs Moderate Allocation Fund

Class P

Goldman Sachs Moderate Allocation Fund

38150B715-SAR-0626

Class P

Goldman Sachs Moderate Allocation Fund

Goldman Sachs Moderate Allocation Fund

Class R

Goldman Sachs Moderate Allocation Fund

38145N782-SAR-0626

Class R

Goldman Sachs Moderate Allocation Fund

Goldman Sachs Moderate Allocation Fund

Class R6

Goldman Sachs Moderate Allocation Fund

38148U205-SAR-0626

Class R6

Goldman Sachs Moderate Allocation Fund

Goldman Sachs Moderate Allocation Fund

Institutional Class

Goldman Sachs Moderate Allocation Fund

38142V522-SAR-0626

Institutional Class

Goldman Sachs Moderate Allocation Fund

Goldman Sachs Moderate Allocation Fund

Investor Class

Goldman Sachs Moderate Allocation Fund

38145N774-SAR-0626

Investor Class

Goldman Sachs Moderate Allocation Fund

Goldman Sachs Moderate Allocation Fund

Service Class

Goldman Sachs Moderate Allocation Fund

38142V514-SAR-0626

Service Class

Goldman Sachs Growth Allocation Fund

Goldman Sachs Growth Allocation Fund

Class A

Goldman Sachs Growth Allocation Fund

38142V621-SAR-0626

Class A

Goldman Sachs Growth Allocation Fund

Goldman Sachs Growth Allocation Fund

Class C

Goldman Sachs Growth Allocation Fund

38142V597-SAR-0626

Class C

Goldman Sachs Growth Allocation Fund

Goldman Sachs Growth Allocation Fund

Class P

Goldman Sachs Growth Allocation Fund

38150B681-SAR-0626

Class P

Goldman Sachs Growth Allocation Fund

Goldman Sachs Growth Allocation Fund

Class R

Goldman Sachs Growth Allocation Fund

38145N766-SAR-0626

Class R

Goldman Sachs Growth Allocation Fund

Goldman Sachs Growth Allocation Fund

Class R6

Goldman Sachs Growth Allocation Fund

38148U304-SAR-0626

Class R6

Goldman Sachs Growth Allocation Fund

Goldman Sachs Growth Allocation Fund

Institutional Class

Goldman Sachs Growth Allocation Fund

38142V498-SAR-0626

Institutional Class

Goldman Sachs Growth Allocation Fund

Goldman Sachs Growth Allocation Fund

Investor Class

Goldman Sachs Growth Allocation Fund

38145N758-SAR-0626

Investor Class

Goldman Sachs Growth Allocation Fund

Goldman Sachs Growth Allocation Fund

Service Class

Goldman Sachs Growth Allocation Fund

38142V480-SAR-0626

Service Class

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

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Asset Class Exposure (%)*

Asset Class Exposure (%)*

Asset Class Exposure (%)*

Asset Class Exposure (%)*

Asset Class Exposure (%)*

Asset Class Exposure (%)*

Asset Class Exposure (%)*

Sector Exposure (%)*

Sector Exposure (%)*

Sector Exposure (%)*

Sector Exposure (%)*

Sector Exposure (%)*

Sector Exposure (%)*

Sector Exposure (%)*

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

Fund Allocation (%)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive,

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Copies to:

Robert Griffith, Esq.

Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

(Name and address of agents for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

ITEM 1.

REPORTS TO STOCKHOLDERS.

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

Semi-Annual Shareholder Report

June 30, 2026

GARTX: Class A

This semi-annual shareholder report contains important information about Goldman Sachs Absolute Return Tracker Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

Table Summary
Header	Gross	Long	Short	Net
Interest Rate	2.4	0.1	2.3	-2.2
Commodities	3.9	2.0	2.0	0.1
Developed Markets Equity Volatility	8.4	2.0	6.4	-4.5
Convertible Securities	1.2	1.2	-	1.2
Interest Rate Volatility	0.4	0.4	-	0.4
FX Volatility	0.3	0.3	-	0.3
Short-Term Investments	10.6	10.6	-	10.6
Developed Markets ex US Equity	16.7	13.4	3.3	10.1
Emerging Markets Currency	5.1	2.6	2.6	-
MLPs	0.5	0.5	-	0.5
Developed Markets Currency	6.9	0.9	6.0	-5.2
Developed Markets FI Volatility	13.1	13.1	-	13.1
Short-Term Fixed Income	6.7	5.1	1.6	3.5
Long-Term Fixed Income	3.8	0.9	2.9	-2.1
Commodity Volatility	0.3	0.3	-	0.3
Global Real Estate	0.6	0.6	-	0.6
Emerging Markets Equity	11.9	11.7	0.2	11.5
US Equity	122.3	75.2	47.1	28.1
Credit	36.8	17.7	19.1	-1.4
Cash	150.9	79.7	71.2	8.5
Preferred	1.4	1.4	-	1.4
Medium-Term Fixed Income	1.6	-	1.6	-1.6

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$52	1.01%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$6,199,297,634
# of Portfolio Holdings as of Period End	3,238
Portfolio Turnover Rate for the Period	64%
Total Net Advisory Fees Paid for the Period	$17,256,273

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

Semi-Annual Shareholder Report

June 30, 2026

GCRTX: Class C

Table Summary
Header	Gross	Long	Short	Net
Interest Rate	2.4	0.1	2.3	-2.2
Commodities	3.9	2.0	2.0	0.1
Developed Markets Equity Volatility	8.4	2.0	6.4	-4.5
Convertible Securities	1.2	1.2	-	1.2
Interest Rate Volatility	0.4	0.4	-	0.4
FX Volatility	0.3	0.3	-	0.3
Short-Term Investments	10.6	10.6	-	10.6
Developed Markets ex US Equity	16.7	13.4	3.3	10.1
Emerging Markets Currency	5.1	2.6	2.6	-
MLPs	0.5	0.5	-	0.5
Developed Markets Currency	6.9	0.9	6.0	-5.2
Developed Markets FI Volatility	13.1	13.1	-	13.1
Short-Term Fixed Income	6.7	5.1	1.6	3.5
Long-Term Fixed Income	3.8	0.9	2.9	-2.1
Commodity Volatility	0.3	0.3	-	0.3
Global Real Estate	0.6	0.6	-	0.6
Emerging Markets Equity	11.9	11.7	0.2	11.5
US Equity	122.3	75.2	47.1	28.1
Credit	36.8	17.7	19.1	-1.4
Cash	150.9	79.7	71.2	8.5
Preferred	1.4	1.4	-	1.4
Medium-Term Fixed Income	1.6	-	1.6	-1.6

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$90	1.76%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$6,199,297,634
# of Portfolio Holdings as of Period End	3,238
Portfolio Turnover Rate for the Period	64%
Total Net Advisory Fees Paid for the Period	$17,256,273

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

Semi-Annual Shareholder Report

June 30, 2026

GSGPX: Class P

Table Summary
Header	Gross	Long	Short	Net
Interest Rate	2.4	0.1	2.3	-2.2
Commodities	3.9	2.0	2.0	0.1
Developed Markets Equity Volatility	8.4	2.0	6.4	-4.5
Convertible Securities	1.2	1.2	-	1.2
Interest Rate Volatility	0.4	0.4	-	0.4
FX Volatility	0.3	0.3	-	0.3
Short-Term Investments	10.6	10.6	-	10.6
Developed Markets ex US Equity	16.7	13.4	3.3	10.1
Emerging Markets Currency	5.1	2.6	2.6	-
MLPs	0.5	0.5	-	0.5
Developed Markets Currency	6.9	0.9	6.0	-5.2
Developed Markets FI Volatility	13.1	13.1	-	13.1
Short-Term Fixed Income	6.7	5.1	1.6	3.5
Long-Term Fixed Income	3.8	0.9	2.9	-2.1
Commodity Volatility	0.3	0.3	-	0.3
Global Real Estate	0.6	0.6	-	0.6
Emerging Markets Equity	11.9	11.7	0.2	11.5
US Equity	122.3	75.2	47.1	28.1
Credit	36.8	17.7	19.1	-1.4
Cash	150.9	79.7	71.2	8.5
Preferred	1.4	1.4	-	1.4
Medium-Term Fixed Income	1.6	-	1.6	-1.6

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$33	0.64%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$6,199,297,634
# of Portfolio Holdings as of Period End	3,238
Portfolio Turnover Rate for the Period	64%
Total Net Advisory Fees Paid for the Period	$17,256,273

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

Semi-Annual Shareholder Report

June 30, 2026

GRRTX: Class R

Table Summary
Header	Gross	Long	Short	Net
Interest Rate	2.4	0.1	2.3	-2.2
Commodities	3.9	2.0	2.0	0.1
Developed Markets Equity Volatility	8.4	2.0	6.4	-4.5
Convertible Securities	1.2	1.2	-	1.2
Interest Rate Volatility	0.4	0.4	-	0.4
FX Volatility	0.3	0.3	-	0.3
Short-Term Investments	10.6	10.6	-	10.6
Developed Markets ex US Equity	16.7	13.4	3.3	10.1
Emerging Markets Currency	5.1	2.6	2.6	-
MLPs	0.5	0.5	-	0.5
Developed Markets Currency	6.9	0.9	6.0	-5.2
Developed Markets FI Volatility	13.1	13.1	-	13.1
Short-Term Fixed Income	6.7	5.1	1.6	3.5
Long-Term Fixed Income	3.8	0.9	2.9	-2.1
Commodity Volatility	0.3	0.3	-	0.3
Global Real Estate	0.6	0.6	-	0.6
Emerging Markets Equity	11.9	11.7	0.2	11.5
US Equity	122.3	75.2	47.1	28.1
Credit	36.8	17.7	19.1	-1.4
Cash	150.9	79.7	71.2	8.5
Preferred	1.4	1.4	-	1.4
Medium-Term Fixed Income	1.6	-	1.6	-1.6

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$64	1.26%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$6,199,297,634
# of Portfolio Holdings as of Period End	3,238
Portfolio Turnover Rate for the Period	64%
Total Net Advisory Fees Paid for the Period	$17,256,273

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

Semi-Annual Shareholder Report

June 30, 2026

GARUX: Class R6

Table Summary
Header	Gross	Long	Short	Net
Interest Rate	2.4	0.1	2.3	-2.2
Commodities	3.9	2.0	2.0	0.1
Developed Markets Equity Volatility	8.4	2.0	6.4	-4.5
Convertible Securities	1.2	1.2	-	1.2
Interest Rate Volatility	0.4	0.4	-	0.4
FX Volatility	0.3	0.3	-	0.3
Short-Term Investments	10.6	10.6	-	10.6
Developed Markets ex US Equity	16.7	13.4	3.3	10.1
Emerging Markets Currency	5.1	2.6	2.6	-
MLPs	0.5	0.5	-	0.5
Developed Markets Currency	6.9	0.9	6.0	-5.2
Developed Markets FI Volatility	13.1	13.1	-	13.1
Short-Term Fixed Income	6.7	5.1	1.6	3.5
Long-Term Fixed Income	3.8	0.9	2.9	-2.1
Commodity Volatility	0.3	0.3	-	0.3
Global Real Estate	0.6	0.6	-	0.6
Emerging Markets Equity	11.9	11.7	0.2	11.5
US Equity	122.3	75.2	47.1	28.1
Credit	36.8	17.7	19.1	-1.4
Cash	150.9	79.7	71.2	8.5
Preferred	1.4	1.4	-	1.4
Medium-Term Fixed Income	1.6	-	1.6	-1.6

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$33	0.64%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$6,199,297,634
# of Portfolio Holdings as of Period End	3,238
Portfolio Turnover Rate for the Period	64%
Total Net Advisory Fees Paid for the Period	$17,256,273

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

Semi-Annual Shareholder Report

June 30, 2026

GJRTX: Institutional Class

Table Summary
Header	Gross	Long	Short	Net
Interest Rate	2.4	0.1	2.3	-2.2
Commodities	3.9	2.0	2.0	0.1
Developed Markets Equity Volatility	8.4	2.0	6.4	-4.5
Convertible Securities	1.2	1.2	-	1.2
Interest Rate Volatility	0.4	0.4	-	0.4
FX Volatility	0.3	0.3	-	0.3
Short-Term Investments	10.6	10.6	-	10.6
Developed Markets ex US Equity	16.7	13.4	3.3	10.1
Emerging Markets Currency	5.1	2.6	2.6	-
MLPs	0.5	0.5	-	0.5
Developed Markets Currency	6.9	0.9	6.0	-5.2
Developed Markets FI Volatility	13.1	13.1	-	13.1
Short-Term Fixed Income	6.7	5.1	1.6	3.5
Long-Term Fixed Income	3.8	0.9	2.9	-2.1
Commodity Volatility	0.3	0.3	-	0.3
Global Real Estate	0.6	0.6	-	0.6
Emerging Markets Equity	11.9	11.7	0.2	11.5
US Equity	122.3	75.2	47.1	28.1
Credit	36.8	17.7	19.1	-1.4
Cash	150.9	79.7	71.2	8.5
Preferred	1.4	1.4	-	1.4
Medium-Term Fixed Income	1.6	-	1.6	-1.6

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$33	0.65%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$6,199,297,634
# of Portfolio Holdings as of Period End	3,238
Portfolio Turnover Rate for the Period	64%
Total Net Advisory Fees Paid for the Period	$17,256,273

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

Semi-Annual Shareholder Report

June 30, 2026

GSRTX: Investor Class

Table Summary
Header	Gross	Long	Short	Net
Interest Rate	2.4	0.1	2.3	-2.2
Commodities	3.9	2.0	2.0	0.1
Developed Markets Equity Volatility	8.4	2.0	6.4	-4.5
Convertible Securities	1.2	1.2	-	1.2
Interest Rate Volatility	0.4	0.4	-	0.4
FX Volatility	0.3	0.3	-	0.3
Short-Term Investments	10.6	10.6	-	10.6
Developed Markets ex US Equity	16.7	13.4	3.3	10.1
Emerging Markets Currency	5.1	2.6	2.6	-
MLPs	0.5	0.5	-	0.5
Developed Markets Currency	6.9	0.9	6.0	-5.2
Developed Markets FI Volatility	13.1	13.1	-	13.1
Short-Term Fixed Income	6.7	5.1	1.6	3.5
Long-Term Fixed Income	3.8	0.9	2.9	-2.1
Commodity Volatility	0.3	0.3	-	0.3
Global Real Estate	0.6	0.6	-	0.6
Emerging Markets Equity	11.9	11.7	0.2	11.5
US Equity	122.3	75.2	47.1	28.1
Credit	36.8	17.7	19.1	-1.4
Cash	150.9	79.7	71.2	8.5
Preferred	1.4	1.4	-	1.4
Medium-Term Fixed Income	1.6	-	1.6	-1.6

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$39	0.76%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$6,199,297,634
# of Portfolio Holdings as of Period End	3,238
Portfolio Turnover Rate for the Period	64%
Total Net Advisory Fees Paid for the Period	$17,256,273

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

Semi-Annual Shareholder Report

June 30, 2026

GSCAX: Class A

This semi-annual shareholder report contains important information about Goldman Sachs Commodity Strategy Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

Table Summary
Header	Gross	Long	Short	Net
Energy	49.2	41.7	-7.5	34.2
Agriculture	31.0	29.7	-1.3	28.4
Precious Metals	16.3	16.1	-0.2	16.0
Industrial Metals	18.7	18.4	-0.3	18.1
Livestock	6.0	4.7	-1.4	3.3

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$48	0.93%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$346,682,821
# of Portfolio Holdings as of Period End	103
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$874,703

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

Semi-Annual Shareholder Report

June 30, 2026

GSCCX: Class C

Table Summary
Header	Gross	Long	Short	Net
Energy	49.2	41.7	-7.5	34.2
Agriculture	31.0	29.7	-1.3	28.4
Precious Metals	16.3	16.1	-0.2	16.0
Industrial Metals	18.7	18.4	-0.3	18.1
Livestock	6.0	4.7	-1.4	3.3

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$87	1.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$346,682,821
# of Portfolio Holdings as of Period End	103
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$874,703

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

Semi-Annual Shareholder Report

June 30, 2026

GGRPX: Class P

Table Summary
Header	Gross	Long	Short	Net
Energy	49.2	41.7	-7.5	34.2
Agriculture	31.0	29.7	-1.3	28.4
Precious Metals	16.3	16.1	-0.2	16.0
Industrial Metals	18.7	18.4	-0.3	18.1
Livestock	6.0	4.7	-1.4	3.3

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$31	0.59%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$346,682,821
# of Portfolio Holdings as of Period End	103
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$874,703

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

Semi-Annual Shareholder Report

June 30, 2026

GCCRX: Class R

Table Summary
Header	Gross	Long	Short	Net
Energy	49.2	41.7	-7.5	34.2
Agriculture	31.0	29.7	-1.3	28.4
Precious Metals	16.3	16.1	-0.2	16.0
Industrial Metals	18.7	18.4	-0.3	18.1
Livestock	6.0	4.7	-1.4	3.3

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$61	1.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$346,682,821
# of Portfolio Holdings as of Period End	103
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$874,703

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

Semi-Annual Shareholder Report

June 30, 2026

GCCUX: Class R6

Table Summary
Header	Gross	Long	Short	Net
Energy	49.2	41.7	-7.5	34.2
Agriculture	31.0	29.7	-1.3	28.4
Precious Metals	16.3	16.1	-0.2	16.0
Industrial Metals	18.7	18.4	-0.3	18.1
Livestock	6.0	4.7	-1.4	3.3

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$31	0.59%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$346,682,821
# of Portfolio Holdings as of Period End	103
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$874,703

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

Semi-Annual Shareholder Report

June 30, 2026

GCCIX: Institutional Class

Table Summary
Header	Gross	Long	Short	Net
Energy	49.2	41.7	-7.5	34.2
Agriculture	31.0	29.7	-1.3	28.4
Precious Metals	16.3	16.1	-0.2	16.0
Industrial Metals	18.7	18.4	-0.3	18.1
Livestock	6.0	4.7	-1.4	3.3

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$31	0.60%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$346,682,821
# of Portfolio Holdings as of Period End	103
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$874,703

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

Semi-Annual Shareholder Report

June 30, 2026

GCCTX: Investor Class

Table Summary
Header	Gross	Long	Short	Net
Energy	49.2	41.7	-7.5	34.2
Agriculture	31.0	29.7	-1.3	28.4
Precious Metals	16.3	16.1	-0.2	16.0
Industrial Metals	18.7	18.4	-0.3	18.1
Livestock	6.0	4.7	-1.4	3.3

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$35	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Total Net Assets as of Period End	$346,682,821
# of Portfolio Holdings as of Period End	103
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$874,703

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

Semi-Annual Shareholder Report

June 30, 2026

GAPAX: Class A

This semi-annual shareholder report contains important information about Goldman Sachs Dynamic Global Equity Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	55.2%
Exchange Traded Funds	37.5%
Investment Companies	3.1%

Table Summary
Total Net Assets as of Period End	$487,678,139
# of Portfolio Holdings as of Period End	15
Portfolio Turnover Rate for the Period	3%
Total Net Advisory Fees Paid for the Period	$342,872

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

Semi-Annual Shareholder Report

June 30, 2026

GAXCX: Class C

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$68	1.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	55.2%
Exchange Traded Funds	37.5%
Investment Companies	3.1%

Table Summary
Total Net Assets as of Period End	$487,678,139
# of Portfolio Holdings as of Period End	15
Portfolio Turnover Rate for the Period	3%
Total Net Advisory Fees Paid for the Period	$342,872

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

Semi-Annual Shareholder Report

June 30, 2026

GADPX: Class P

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	55.2%
Exchange Traded Funds	37.5%
Investment Companies	3.1%

Table Summary
Total Net Assets as of Period End	$487,678,139
# of Portfolio Holdings as of Period End	15
Portfolio Turnover Rate for the Period	3%
Total Net Advisory Fees Paid for the Period	$342,872

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

Semi-Annual Shareholder Report

June 30, 2026

GAPRX: Class R

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$42	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	55.2%
Exchange Traded Funds	37.5%
Investment Companies	3.1%

Table Summary
Total Net Assets as of Period End	$487,678,139
# of Portfolio Holdings as of Period End	15
Portfolio Turnover Rate for the Period	3%
Total Net Advisory Fees Paid for the Period	$342,872

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

Semi-Annual Shareholder Report

June 30, 2026

GAPUX: Class R6

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	55.2%
Exchange Traded Funds	37.5%
Investment Companies	3.1%

Table Summary
Total Net Assets as of Period End	$487,678,139
# of Portfolio Holdings as of Period End	15
Portfolio Turnover Rate for the Period	3%
Total Net Advisory Fees Paid for the Period	$342,872

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

Semi-Annual Shareholder Report

June 30, 2026

GAPIX: Institutional Class

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	55.2%
Exchange Traded Funds	37.5%
Investment Companies	3.1%

Table Summary
Total Net Assets as of Period End	$487,678,139
# of Portfolio Holdings as of Period End	15
Portfolio Turnover Rate for the Period	3%
Total Net Advisory Fees Paid for the Period	$342,872

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

Semi-Annual Shareholder Report

June 30, 2026

GAPTX: Investor Class

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$16	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	55.2%
Exchange Traded Funds	37.5%
Investment Companies	3.1%

Table Summary
Total Net Assets as of Period End	$487,678,139
# of Portfolio Holdings as of Period End	15
Portfolio Turnover Rate for the Period	3%
Total Net Advisory Fees Paid for the Period	$342,872

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

Semi-Annual Shareholder Report

June 30, 2026

GAPSX: Service Class

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

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	$36	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	55.2%
Exchange Traded Funds	37.5%
Investment Companies	3.1%

Table Summary
Total Net Assets as of Period End	$487,678,139
# of Portfolio Holdings as of Period End	15
Portfolio Turnover Rate for the Period	3%
Total Net Advisory Fees Paid for the Period	$342,872

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

Semi-Annual Shareholder Report

June 30, 2026

GIDAX: Class A

This semi-annual shareholder report contains important information about Goldman Sachs International Equity Dividend and Premium Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Financials	26.3%
Industrials	19.3%
Information Technology	10.6%
Health Care	9.4%
Consumer Discretionary	7.0%
Consumer Staples	5.9%
Materials	5.8%
Communication Services	4.5%
Utilities	4.3%
Other	4.3%

Table Summary
Total Net Assets as of Period End	$148,053,180
# of Portfolio Holdings as of Period End	262
Portfolio Turnover Rate for the Period	5%
Total Net Advisory Fees Paid for the Period	$618,083

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Semi-Annual Shareholder Report

June 30, 2026

GIDCX: Class C

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$100	1.94%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Financials	26.3%
Industrials	19.3%
Information Technology	10.6%
Health Care	9.4%
Consumer Discretionary	7.0%
Consumer Staples	5.9%
Materials	5.8%
Communication Services	4.5%
Utilities	4.3%
Other	4.3%

Table Summary
Total Net Assets as of Period End	$148,053,180
# of Portfolio Holdings as of Period End	262
Portfolio Turnover Rate for the Period	5%
Total Net Advisory Fees Paid for the Period	$618,083

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

Semi-Annual Shareholder Report

June 30, 2026

GGHPX: Class P

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$46	0.88%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Financials	26.3%
Industrials	19.3%
Information Technology	10.6%
Health Care	9.4%
Consumer Discretionary	7.0%
Consumer Staples	5.9%
Materials	5.8%
Communication Services	4.5%
Utilities	4.3%
Other	4.3%

Table Summary
Total Net Assets as of Period End	$148,053,180
# of Portfolio Holdings as of Period End	262
Portfolio Turnover Rate for the Period	5%
Total Net Advisory Fees Paid for the Period	$618,083

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

Semi-Annual Shareholder Report

June 30, 2026

GIDUX: Class R6

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$46	0.88%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Financials	26.3%
Industrials	19.3%
Information Technology	10.6%
Health Care	9.4%
Consumer Discretionary	7.0%
Consumer Staples	5.9%
Materials	5.8%
Communication Services	4.5%
Utilities	4.3%
Other	4.3%

Table Summary
Total Net Assets as of Period End	$148,053,180
# of Portfolio Holdings as of Period End	262
Portfolio Turnover Rate for the Period	5%
Total Net Advisory Fees Paid for the Period	$618,083

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

Semi-Annual Shareholder Report

June 30, 2026

GIDHX: Institutional Class

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

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	$46	0.89%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Financials	26.3%
Industrials	19.3%
Information Technology	10.6%
Health Care	9.4%
Consumer Discretionary	7.0%
Consumer Staples	5.9%
Materials	5.8%
Communication Services	4.5%
Utilities	4.3%
Other	4.3%

Table Summary
Total Net Assets as of Period End	$148,053,180
# of Portfolio Holdings as of Period End	262
Portfolio Turnover Rate for the Period	5%
Total Net Advisory Fees Paid for the Period	$618,083

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

Semi-Annual Shareholder Report

June 30, 2026

GIRVX: Investor Class

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Financials	26.3%
Industrials	19.3%
Information Technology	10.6%
Health Care	9.4%
Consumer Discretionary	7.0%
Consumer Staples	5.9%
Materials	5.8%
Communication Services	4.5%
Utilities	4.3%
Other	4.3%

Table Summary
Total Net Assets as of Period End	$148,053,180
# of Portfolio Holdings as of Period End	262
Portfolio Turnover Rate for the Period	5%
Total Net Advisory Fees Paid for the Period	$618,083

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

Semi-Annual Shareholder Report

June 30, 2026

GSPAX: Class A

This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Dividend and Premium Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Information Technology	38.1%
Financials	11.2%
Communication Services	9.9%
Consumer Discretionary	9.8%
Industrials	9.3%
Health Care	8.7%
Consumer Staples	5.3%
Energy	3.4%
Utilities	2.8%
Other	3.1%

Table Summary
Total Net Assets as of Period End	$3,891,371,166
# of Portfolio Holdings as of Period End	184
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$11,742,770

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

Semi-Annual Shareholder Report

June 30, 2026

GSPQX: Class C

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Information Technology	38.1%
Financials	11.2%
Communication Services	9.9%
Consumer Discretionary	9.8%
Industrials	9.3%
Health Care	8.7%
Consumer Staples	5.3%
Energy	3.4%
Utilities	2.8%
Other	3.1%

Table Summary
Total Net Assets as of Period End	$3,891,371,166
# of Portfolio Holdings as of Period End	184
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$11,742,770

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

Semi-Annual Shareholder Report

June 30, 2026

GSFPX: Class P

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$35	0.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Information Technology	38.1%
Financials	11.2%
Communication Services	9.9%
Consumer Discretionary	9.8%
Industrials	9.3%
Health Care	8.7%
Consumer Staples	5.3%
Energy	3.4%
Utilities	2.8%
Other	3.1%

Table Summary
Total Net Assets as of Period End	$3,891,371,166
# of Portfolio Holdings as of Period End	184
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$11,742,770

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

Semi-Annual Shareholder Report

June 30, 2026

GIDWX: Class R6

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$35	0.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Information Technology	38.1%
Financials	11.2%
Communication Services	9.9%
Consumer Discretionary	9.8%
Industrials	9.3%
Health Care	8.7%
Consumer Staples	5.3%
Energy	3.4%
Utilities	2.8%
Other	3.1%

Table Summary
Total Net Assets as of Period End	$3,891,371,166
# of Portfolio Holdings as of Period End	184
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$11,742,770

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

Semi-Annual Shareholder Report

June 30, 2026

GSPKX: Institutional Class

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

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	$35	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Information Technology	38.1%
Financials	11.2%
Communication Services	9.9%
Consumer Discretionary	9.8%
Industrials	9.3%
Health Care	8.7%
Consumer Staples	5.3%
Energy	3.4%
Utilities	2.8%
Other	3.1%

Table Summary
Total Net Assets as of Period End	$3,891,371,166
# of Portfolio Holdings as of Period End	184
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$11,742,770

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

Semi-Annual Shareholder Report

June 30, 2026

GVIRX: Investor Class

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Information Technology	38.1%
Financials	11.2%
Communication Services	9.9%
Consumer Discretionary	9.8%
Industrials	9.3%
Health Care	8.7%
Consumer Staples	5.3%
Energy	3.4%
Utilities	2.8%
Other	3.1%

Table Summary
Total Net Assets as of Period End	$3,891,371,166
# of Portfolio Holdings as of Period End	184
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$11,742,770

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

Semi-Annual Shareholder Report

June 30, 2026

GIPAX: Class A

This semi-annual shareholder report contains important information about Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio) (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$28	0.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Fixed Income	41.0%
Exchange Traded Funds	27.6%
Equity	24.5%
Investment Companies	2.6%
Dynamic	1.0%

Table Summary
Total Net Assets as of Period End	$638,030,571
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$469,623

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

Semi-Annual Shareholder Report

June 30, 2026

GIPCX: Class C

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$66	1.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Fixed Income	41.0%
Exchange Traded Funds	27.6%
Equity	24.5%
Investment Companies	2.6%
Dynamic	1.0%

Table Summary
Total Net Assets as of Period End	$638,030,571
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$469,623

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

Semi-Annual Shareholder Report

June 30, 2026

GAOPX: Class P

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Fixed Income	41.0%
Exchange Traded Funds	27.6%
Equity	24.5%
Investment Companies	2.6%
Dynamic	1.0%

Table Summary
Total Net Assets as of Period End	$638,030,571
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$469,623

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

Semi-Annual Shareholder Report

June 30, 2026

GIPRX: Class R

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$41	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Fixed Income	41.0%
Exchange Traded Funds	27.6%
Equity	24.5%
Investment Companies	2.6%
Dynamic	1.0%

Table Summary
Total Net Assets as of Period End	$638,030,571
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$469,623

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

Semi-Annual Shareholder Report

June 30, 2026

GIPUX: Class R6

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Fixed Income	41.0%
Exchange Traded Funds	27.6%
Equity	24.5%
Investment Companies	2.6%
Dynamic	1.0%

Table Summary
Total Net Assets as of Period End	$638,030,571
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$469,623

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

Semi-Annual Shareholder Report

June 30, 2026

GIPIX: Institutional Class

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Fixed Income	41.0%
Exchange Traded Funds	27.6%
Equity	24.5%
Investment Companies	2.6%
Dynamic	1.0%

Table Summary
Total Net Assets as of Period End	$638,030,571
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$469,623

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

Semi-Annual Shareholder Report

June 30, 2026

GIPTX: Investor Class

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$15	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Fixed Income	41.0%
Exchange Traded Funds	27.6%
Equity	24.5%
Investment Companies	2.6%
Dynamic	1.0%

Table Summary
Total Net Assets as of Period End	$638,030,571
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$469,623

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

Semi-Annual Shareholder Report

June 30, 2026

GIPSX: Service Class

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

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	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Fixed Income	41.0%
Exchange Traded Funds	27.6%
Equity	24.5%
Investment Companies	2.6%
Dynamic	1.0%

Table Summary
Total Net Assets as of Period End	$638,030,571
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	13%
Total Net Advisory Fees Paid for the Period	$469,623

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

Semi-Annual Shareholder Report

June 30, 2026

GOIAX: Class A

This semi-annual shareholder report contains important information about Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth & Income Strategy Portfolio) (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$28	0.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Exchange Traded Funds	35.9%
Equity	34.1%
Fixed Income	23.2%
Investment Companies	2.5%
Dynamic	0.9%

Table Summary
Total Net Assets as of Period End	$1,145,774,364
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$828,214

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

Semi-Annual Shareholder Report

June 30, 2026

GOICX: Class C

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$67	1.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Exchange Traded Funds	35.9%
Equity	34.1%
Fixed Income	23.2%
Investment Companies	2.5%
Dynamic	0.9%

Table Summary
Total Net Assets as of Period End	$1,145,774,364
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$828,214

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

Semi-Annual Shareholder Report

June 30, 2026

GGSPX: Class P

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Exchange Traded Funds	35.9%
Equity	34.1%
Fixed Income	23.2%
Investment Companies	2.5%
Dynamic	0.9%

Table Summary
Total Net Assets as of Period End	$1,145,774,364
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$828,214

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

Semi-Annual Shareholder Report

June 30, 2026

GPIRX: Class R

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$41	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Exchange Traded Funds	35.9%
Equity	34.1%
Fixed Income	23.2%
Investment Companies	2.5%
Dynamic	0.9%

Table Summary
Total Net Assets as of Period End	$1,145,774,364
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$828,214

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

Semi-Annual Shareholder Report

June 30, 2026

GOIUX: Class R6

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Exchange Traded Funds	35.9%
Equity	34.1%
Fixed Income	23.2%
Investment Companies	2.5%
Dynamic	0.9%

Table Summary
Total Net Assets as of Period End	$1,145,774,364
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$828,214

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

Semi-Annual Shareholder Report

June 30, 2026

GOIIX: Institutional Class

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Exchange Traded Funds	35.9%
Equity	34.1%
Fixed Income	23.2%
Investment Companies	2.5%
Dynamic	0.9%

Table Summary
Total Net Assets as of Period End	$1,145,774,364
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$828,214

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

Semi-Annual Shareholder Report

June 30, 2026

GPITX: Investor Class

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$15	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Exchange Traded Funds	35.9%
Equity	34.1%
Fixed Income	23.2%
Investment Companies	2.5%
Dynamic	0.9%

Table Summary
Total Net Assets as of Period End	$1,145,774,364
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$828,214

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

Semi-Annual Shareholder Report

June 30, 2026

GOISX: Service Class

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

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	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Exchange Traded Funds	35.9%
Equity	34.1%
Fixed Income	23.2%
Investment Companies	2.5%
Dynamic	0.9%

Table Summary
Total Net Assets as of Period End	$1,145,774,364
# of Portfolio Holdings as of Period End	23
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$828,214

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

Semi-Annual Shareholder Report

June 30, 2026

GGSAX: Class A

This semi-annual shareholder report contains important information about Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A	$28	0.53%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	43.9%
Exchange Traded Funds	43.6%
Fixed Income	4.0%
Investment Companies	3.1%
Dynamic	0.8%

Table Summary
Total Net Assets as of Period End	$1,252,833,951
# of Portfolio Holdings as of Period End	22
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$890,167

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

Semi-Annual Shareholder Report

June 30, 2026

GGSCX: Class C

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C	$67	1.29%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	43.9%
Exchange Traded Funds	43.6%
Fixed Income	4.0%
Investment Companies	3.1%
Dynamic	0.8%

Table Summary
Total Net Assets as of Period End	$1,252,833,951
# of Portfolio Holdings as of Period End	22
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$890,167

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

Semi-Annual Shareholder Report

June 30, 2026

GGPPX: Class P

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	43.9%
Exchange Traded Funds	43.6%
Fixed Income	4.0%
Investment Companies	3.1%
Dynamic	0.8%

Table Summary
Total Net Assets as of Period End	$1,252,833,951
# of Portfolio Holdings as of Period End	22
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$890,167

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

Semi-Annual Shareholder Report

June 30, 2026

GGSRX: Class R

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R	$41	0.78%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	43.9%
Exchange Traded Funds	43.6%
Fixed Income	4.0%
Investment Companies	3.1%
Dynamic	0.8%

Table Summary
Total Net Assets as of Period End	$1,252,833,951
# of Portfolio Holdings as of Period End	22
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$890,167

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

Semi-Annual Shareholder Report

June 30, 2026

GGSUX: Class R6

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	43.9%
Exchange Traded Funds	43.6%
Fixed Income	4.0%
Investment Companies	3.1%
Dynamic	0.8%

Table Summary
Total Net Assets as of Period End	$1,252,833,951
# of Portfolio Holdings as of Period End	22
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$890,167

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

Semi-Annual Shareholder Report

June 30, 2026

GGSIX: Institutional Class

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

Based on a hypothetical $10,000 investment.

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

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	43.9%
Exchange Traded Funds	43.6%
Fixed Income	4.0%
Investment Companies	3.1%
Dynamic	0.8%

Table Summary
Total Net Assets as of Period End	$1,252,833,951
# of Portfolio Holdings as of Period End	22
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$890,167

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

Semi-Annual Shareholder Report

June 30, 2026

GGSTX: Investor Class

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

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$15	0.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	43.9%
Exchange Traded Funds	43.6%
Fixed Income	4.0%
Investment Companies	3.1%
Dynamic	0.8%

Table Summary
Total Net Assets as of Period End	$1,252,833,951
# of Portfolio Holdings as of Period End	22
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$890,167

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

Semi-Annual Shareholder Report

June 30, 2026

GGSSX: Service Class

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

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	$36	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Table Summary
Equity	43.9%
Exchange Traded Funds	43.6%
Fixed Income	4.0%
Investment Companies	3.1%
Dynamic	0.8%

Table Summary
Total Net Assets as of Period End	$1,252,833,951
# of Portfolio Holdings as of Period End	22
Portfolio Turnover Rate for the Period	14%
Total Net Advisory Fees Paid for the Period	$890,167

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

Fund Net Assets

Subsidiary Net Assets

% Represented by Subsidiary’s Net Assets

Goldman Sachs Absolute Return Tracker Fund

$6,199,297,634

$371,194,876

Goldman Sachs Commodity Strategy Fund

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 June 30, 2026 Fund of Funds Goldman Sachs Conservative Allocation Fund* Goldman Sachs Dynamic Global Equity Fund Goldman Sachs Growth Allocation Fund** Goldman Sachs Moderate Allocation Fund*** *Effective after the close of business on February 13, 2026, Goldman Sachs Balanced Strategy Portfolio was renamed the Goldman Sachs Conservative Allocation Fund. **Effective after the close of business on February 13, 2026, Goldman Sachs Growth Strategy Portfolio was renamed the Goldman Sachs Growth Allocation Fund. ***Effective after the close of business on February 13, 2026, Goldman Sachs Growth and Income Strategy Portfolio was renamed the Goldman Sachs Moderate Allocation Fund.

Goldman Sachs Fund of Funds

TABLE OF CONTENTS


Schedules of Investments			1

Goldman Sachs Conservative Allocation Fund			1

Goldman Sachs Dynamic Global Equity Fund			9

Goldman Sachs Growth Allocation Fund			15

Goldman Sachs Moderate Allocation Fund			23

Financial Statements			31

Statements of Assets and Liabilities			31

Statements of Operations			33

Statements of Changes in Net Assets			35

Financial Highlights			37

Goldman Sachs Conservative Allocation Fund			37

Goldman Sachs Dynamic Global Equity Fund			45

Goldman Sachs Growth Allocation Fund			53

Goldman Sachs Moderate Allocation Fund			61

Notes to Financial Statements			69

Statement Regarding Basis for Approval of Management Agreement			94

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Shares	Description	Value

Underlying Funds – 94.1%

Dynamic^(a)– 1.0%
626,306	Goldman Sachs Managed Futures Strategy Fund — Class R6	$	6,206,692


Equity^(a)– 24.5%
1,149,315	Goldman Sachs Large Cap Growth Insights Fund — Class R6		42,720,023
1,514,994	Goldman Sachs Large Cap Value Insights Fund — Class R6		42,268,319
1,519,628	Goldman Sachs International Equity Insights Fund — Class R6		31,152,382
900,787	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		12,962,321
727,898	Goldman Sachs Global Infrastructure Fund — Class R6		10,285,200
276,033	Goldman Sachs Small Cap Equity Insights Fund — Class R6		10,061,401
373,581	Goldman Sachs International Small Cap Insights Fund — Class R6		6,810,385


			156,260,031


Exchange Traded Funds – 27.6%
1,764,568	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		81,011,317
371,957	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		38,348,767
336,503	Goldman Sachs MarketBeta International Equity ETF^(a)		25,284,835
159,000	Goldman Sachs MarketBeta Emerging Markets Equity ETF^(a)		11,213,714
69,535	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		9,866,321
141,235	Goldman Sachs ActiveBeta International Equity ETF^(a)		6,454,440
49,119	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		2,554,188
7,528	State Street Health Care Select Sector SPDR ETF		1,194,392
2,526	iShares MSCI Mexico ETF		190,132


			176,118,106


Shares	Description	Value

Underlying Funds – (continued)

Fixed Income^(a)–41.0%
19,171,305	Goldman Sachs Global Core Fixed Income Fund — Class R6	$	218,552,876
1,983,228	Goldman Sachs Inflation Protected Securities Fund — Class R6		18,701,844
1,283,995	Goldman Sachs Emerging Markets Debt Fund — Class R6		13,404,912
1,831,601	Goldman Sachs High Yield Fund — Class R6		10,311,911
79,979	Goldman Sachs High Yield Floating Rate Fund — Class R6		671,023


			261,642,566

TOTAL UNDERLYING FUNDS – 94.1% (Cost $522,316,419)		$	600,227,395


Shares	Dividend Rate	Value

Investment Company^(a)– 2.6%

Goldman Sachs Central Government Fund — Institutional Shares
16,977,211	3.703%	$	16,977,211
(Cost $16,977,211)

TOTAL INVESTMENTS – 96.7% (Cost $ 539,293,630)		$	617,204,606

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.3%			20,825,965

NET ASSETS – 100.0%		$	638,030,571

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

(a) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain



MS & Co. Int. PLC	BRL	160,000	USD	30,882	07/02/26	$	96
	BRL	8,100,000	USD	1,545,925	08/04/26		9,962
	INR	297,500,000	USD	3,102,658	09/16/26		21,321
	USD	2,152,994	AUD	3,020,000	09/16/26		64,999
	USD	1,583,032	CAD	2,190,000	09/16/26		33,522
	USD	3,134,544	CHF	2,450,000	09/16/26		76,292


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain



MS & Co. Int. PLC (continued)	USD	567,900	DKK	3,640,000		09/16/26		$ 9,167
	USD	11,741,910	EUR	10,080,000		09/16/26		187,096
	USD	4,771,636	GBP	3,555,000		09/16/26		56,121
	USD	604,458	HKD	4,720,000		09/16/26		988
	USD	304,912	ILS	880,000		09/16/26		8,616
	USD	7,883,911	JPY	1,251,000,000		09/16/26		141,631
	USD	1,593,145	KRW	2,410,000,000		09/16/26		33,404
	USD	516,498	MXN	9,000,000		09/17/26		5,169
	USD	225,260	NOK	2,100,000		09/16/26		13,336
	USD	58,962	NZD	100,000		09/16/26		2,019
	USD	2,650,789	SEK	24,675,000		09/16/26		94,992
	USD	486,935	SGD	620,000		09/16/26		5,079
	ZAR	25,900,000	USD	1,560,912		09/16/26		10,328



TOTAL								$774,138

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss


MS & Co. Int. PLC	AUD	2,250,000	USD	1,604,579		09/16/26		$(48,954	)
	BRL	7,940,000	USD	1,572,495		07/02/26		(35,209	)
	USD	1,557,879	BRL	8,100,000		07/02/26		(10,387	)
	USD	28,298	CAD	40,000		09/16/26		(4	)
	USD	1,565,627	NZD	2,750,000		09/16/26		(313	)
	USD	1,614,760	SEK	15,600,000		09/16/26		(1,063	)



TOTAL								$(95,930	)

FUTURES CONTRACTS — At June 30, 2026, the Fund had the following futures contracts:


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



Long position contracts:
5 Year U.S. Treasury Notes		19		09/30/26		$	2,033,891		$ 3,767
FTSE/JSE Top 40 Index		7		09/17/26			438,517		(11,286	)
IFSC NIFTY 50 Index		35		07/28/26			1,680,315		(4,738	)
MSCI EAFE Index		14		09/18/26			2,201,710		16,001
S&P 500 E-Mini Index		92		09/18/26			34,721,950		402,684



TOTAL FUTURES CONTRACTS									$406,428


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at June 30, 2026^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)



Protection Purchased:
CDX.NA.HY Ind 46	(5.000)%	3.040%		06/20/31	$	3,010	$	(246,486	)	$	(138,048	)		$(108,438)

(a)

Payments made quarterly.

(b)

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

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate

Paid/(Received)

by the Fund

Counterparty

Termination
Date^#

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

BAES0510 Index

12MEURO+0.000%^(a)

BofA Securities LLC

03/17/27

EUR

5,948

$188

BAUS0510 Index^(b)

0.000%^(a)

BofA Securities LLC

03/17/27

6,824

269

SXDR Index

12MEURO+0.340%^(c)

JPMorgan Securities, Inc.

08/04/26

EUR

793

(60

)

SXDR Index

12MEURO+.0170%^(c)

JPMorgan Securities, Inc.

08/04/26

EUR

532

(38

)

TOTAL

$359

(a)

Payments made monthly.

(b)

The top 50 components are shown below.

(c)

Payments made quarterly.

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

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

A basket (BAUS0510) of Swaption


Caption	Security Type		Shares		Value			Weight



ATMF Straddle, 28/01/26		Swaption		—		$	—		0.0	%
ATMF Straddle, 07/01/26		Swaption		—			—		0.0
ATMF Straddle, 10/06/26		Swaption		—			—		0.0
ATMF Straddle, 27/05/26		Swaption		—			—		0.0
ATMF Straddle, 22/04/26		Swaption		—			—		0.0
ATMF Straddle, 20/05/26		Swaption		—			—		0.0
ATMF Straddle, 11/02/26		Swaption		—			—		0.0
ATMF Straddle, 29/04/26		Swaption		—			—		0.0
ATMF Straddle, 08/04/26		Swaption		—			—		0.0
ATMF Straddle, 18/02/26		Swaption		—			—		0.0
ATMF Straddle, 31/12/25		Swaption		—			—		0.0
ATMF Straddle, 21/01/26		Swaption		—			—		0.0
ATMF Straddle, 01/04/26		Swaption		—			—		0.0
ATMF Straddle, 25/02/26		Swaption		—			—		0.0
ATMF Straddle, 06/05/26		Swaption		—			—		0.0
ATMF Straddle, 04/03/26		Swaption		—			—		0.0
ATMF Straddle, 11/03/26		Swaption		—			—		0.0
ATMF Straddle, 24/12/25		Swaption		—			—		0.0
ATMF Straddle, 17/12/25		Swaption		—			—		0.0
ATMF Straddle, 18/03/26		Swaption		—			—		0.0


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (BAUS0510) of Swaption (continued)


Caption	Security Type		Shares		Value			Weight



ATMF Straddle, 05/11/25		Swaption		—		$	—		0.0	%
ATMF Straddle, 25/03/26		Swaption		—			—		0.0
ATMF Straddle, 14/01/26		Swaption		—			—		0.0
ATMF Straddle, 03/12/25		Swaption		—			—		0.0
ATMF Straddle, 29/10/25		Swaption		—			—		0.0
ATMF Straddle, 12/11/25		Swaption		—			—		0.0
ATMF Straddle, 10/12/25		Swaption		—			—		0.0
ATMF Straddle, 17/09/25		Swaption		—			—		0.0
ATMF Straddle, 26/11/25		Swaption		—			—		0.0
ATMF Straddle, 19/11/25		Swaption		—			—		0.0
ATMF Straddle, 22/10/25		Swaption		—			—		0.0
ATMF Straddle, 24/09/25		Swaption		—			—		0.0
ATMF Straddle, 01/10/25		Swaption		—			—		0.0
ATMF Straddle, 04/02/26		Swaption		—			—		0.0
ATMF Straddle, 15/10/25		Swaption		—			—		0.0
ATMF Straddle, 08/10/25		Swaption		—			—		0.0
ATMF Straddle, 27/08/25		Swaption		—			—		0.0
ATMF Straddle, 10/09/25		Swaption		—			—		0.0
ATMF Straddle, 03/09/25		Swaption		—			—		0.0
ATMF Straddle, 20/08/25		Swaption		—			—		0.0
ATMF Straddle, 13/08/25		Swaption		—			—		0.0
ATMF Straddle, 06/08/25		Swaption		—			—		0.0
ATMF Straddle, 30/07/25		Swaption		—			—		0.0
ATMF Straddle, 23/07/25		Swaption		—			—		0.0
ATMF Straddle, 24/06/26		Swaption		—			—		0.0
ATMF Straddle, 16/07/25		Swaption		—			—		0.0
ATMF Straddle, 17/06/26		Swaption		—			—		0.0
ATMF Straddle, 15/04/26		Swaption		—			—		0.0
ATMF Straddle, 13/05/26		Swaption		—			—		0.0
ATMF Straddle, 03/06/26		Swaption		—			—		0.0

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES


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



Written option contracts
Puts
IGV Index	MS & Co. Int. PLC	$	78.100		07/17/2026		(5,567	)	$	(43,478,270	)	$	(636	)		$(13,940	)		$13,304
IGV Index	MS & Co. Int. PLC		83.845		08/21/2026		(5,304	)		(44,471,388	)		(10,343	)		(11,661	)		1,318
SX7E Index	MS & Co. Int. PLC		247.822		09/10/2026		(3,131	)		(87,949,658	)		(6,000	)		(26,085	)		20,085



TOTAL							(14,002	)	$	(175,899,316	)	$	(16,979	)		$(51,686	)		$34,707

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


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



Purchased option contracts
Calls
Call CHF/Put NOK	MS & Co. Int. PLC		CHF	14.297		09/16/2026		1,469,000		CHF	1,469,000		$	102		$ 25,157		$ (25,055	)
Call CHF/Put NOK	MS & Co. Int. PLC			14.658		12/16/2026		1,554,000			1,554,000			1,377		24,970		(23,593	)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

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


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


Call CHF/Put NOK	MS & Co. Int. PLC		CHF	14.016		03/17/2027		1,493,000		CHF	1,493,000		$ 10,765		$ 32,244		$ (21,479	)
Call CHF/Put NOK	MS & Co. Int. PLC			13.698		06/16/2027		1,720,000			1,720,000		31,192		32,580		(1,388	)
Call CHF/Put SEK	MS & Co. Int. PLC			13.045		09/16/2026		1,685,000			1,685,000		859		25,255		(24,396	)
Call CHF/Put SEK	MS & Co. Int. PLC			12.920		12/16/2026		1,772,000			1,772,000		8,891		27,692		(18,801	)
Call CHF/Put SEK	MS & Co. Int. PLC			13.176		03/17/2027		1,712,000			1,712,000		11,914		31,029		(19,115	)
Call CHF/Put SEK	MS & Co. Int. PLC			13.086		06/16/2027		1,168,000			1,168,000		15,359		20,060		(4,701	)
Call JPY/Put KRW	MS & Co. Int. PLC		JPY	10.589		09/16/2026		135,170,000		JPY	135,170,000		1,008		12,296		(11,288	)
Call JPY/Put KRW	MS & Co. Int. PLC			10.715		12/16/2026		150,047,000			150,047,000		3,646		12,826		(9,180	)
Call JPY/Put KRW	MS & Co. Int. PLC			10.678		03/17/2027		139,725,000			139,725,000		6,944		13,253		(6,309	)
Call JPY/Put KRW	MS & Co. Int. PLC			10.680		06/16/2027		127,232,000			127,232,000		9,607		9,720		(113	)
Call USD/Put CAD	MS & Co. Int. PLC		$	1.429		09/16/2026		4,720,000		$	4,720,000		21,518		30,793		(9,275	)
Call USD/Put CAD	MS & Co. Int. PLC			1.431		12/16/2026		4,810,000			4,810,000		32,775		29,923		2,852
Call USD/Put CAD	MS & Co. Int. PLC			1.431		03/17/2027		3,725,000			3,725,000		32,009		30,314		1,695
Call USD/Put CAD	MS & Co. Int. PLC			1.450		06/16/2027		3,365,000			3,365,000		23,723		24,363		(640	)
Call USD/Put CLP	MS & Co. Int. PLC			1,092.440		09/16/2026		1,496,000			1,496,000		1,212		25,834		(24,622	)
Call USD/Put CLP	MS & Co. Int. PLC			1,040.580		12/16/2026		2,012,000			2,012,000		14,209		29,321		(15,112	)
Call USD/Put CLP	MS & Co. Int. PLC			1,050.690		03/17/2027		1,551,000			1,551,000		16,363		29,126		(12,763	)
Call USD/Put CLP	MS & Co. Int. PLC			1,013.540		06/16/2027		1,618,000			1,618,000		32,913		29,823		3,090
Call USD/Put KRW	MS & Co. Int. PLC			1,581.730		12/16/2026		1,192,000			1,192,000		19,886		12,063		7,823
Call USD/Put KRW	MS & Co. Int. PLC			1,642.100		03/17/2027		935,000			935,000		11,570		12,295		(725	)
Call USD/Put KRW	MS & Co. Int. PLC			1,660.160		06/16/2027		413,000			413,000		5,802		4,803		999
Call USD/Put MXN	MS & Co. Int. PLC			21.614		09/15/2026		804,000			804,000		96		11,826		(11,730	)
Call USD/Put SEK	MS & Co. Int. PLC			10.074		09/16/2026		972,000			972,000		4,782		12,532		(7,750	)
Call USD/Put SEK	MS & Co. Int. PLC			10.040		12/16/2026		1,082,000			1,082,000		12,039		12,437		(398	)
Call USD/Put SEK	MS & Co. Int. PLC			10.227		03/17/2027		1,926,000			1,926,000		21,436		29,291		(7,855	)
Call USD/Put SEK	MS & Co. Int. PLC			10.163		06/16/2027		1,734,000			1,734,000		26,931		24,611		2,320



								597,102,000					$378,928		$616,437		$(237,509	)



Puts
Put EUR/Call BRL	Barclays Bank PLC		EUR	5.850		07/03/2026		1,600,000		EUR	1,600,000		1,523		9,962		(8,439	)
Put AUD/Call JPY	Citibank NA		AUD	99.570		06/16/2027		3,139,000		AUD	3,139,000		29,738		28,765		973
Put NZD/Call JPY	Citibank NA		NZD	83.619		06/16/2027		1,843,000		NZD	1,843,000		15,081		13,947		1,134
Put AUD/Call JPY	MS & Co. Int. PLC		AUD	86.090		09/16/2026		3,635,000		AUD	3,635,000		98		36,725		(36,627	)
Put AUD/Call JPY	MS & Co. Int. PLC			90.000		12/16/2026		3,640,000			3,640,000		3,082		38,032		(34,950	)
Put AUD/Call JPY	MS & Co. Int. PLC			97.950		03/17/2027		3,286,000			3,286,000		16,231		37,964		(21,733	)
Put AUD/Call USD	MS & Co. Int. PLC			0.613		09/16/2026		1,486,000			1,486,000		255		12,606		(12,351	)
Put AUD/Call USD	MS & Co. Int. PLC			0.607		12/16/2026		1,453,000			1,453,000		1,592		12,446		(10,854	)
Put AUD/Call USD	MS & Co. Int. PLC			0.647		06/16/2027		614,000			614,000		6,097		5,280		817
Put CAD/Call JPY	MS & Co. Int. PLC		CAD	95.680		09/16/2026		1,885,000		CAD	1,885,000		94		18,299		(18,205	)
Put CAD/Call JPY	MS & Co. Int. PLC			102.300		12/16/2026		2,030,000			2,030,000		3,348		18,285		(14,937	)
Put CAD/Call JPY	MS & Co. Int. PLC			104.900		03/17/2027		1,985,000			1,985,000		9,740		21,621		(11,881	)
Put CAD/Call JPY	MS & Co. Int. PLC			104.550		06/16/2027		1,926,000			1,926,000		13,522		17,356		(3,834	)
Put NZD/Call JPY	MS & Co. Int. PLC		NZD	77.260		09/16/2026		1,938,000		NZD	1,938,000		270		16,881		(16,611	)
Put NZD/Call JPY	MS & Co. Int. PLC			79.800		12/16/2026		2,095,000			2,095,000		3,145		18,903		(15,758	)
Put NZD/Call JPY	MS & Co. Int. PLC			82.370		03/17/2027		1,962,000			1,962,000		8,844		19,149		(10,305	)
Put NZD/Call USD	MS & Co. Int. PLC			0.550		09/16/2026		821,000			821,000		2,195		6,089		(3,894	)
Put NZD/Call USD	MS & Co. Int. PLC			0.537		12/16/2026		1,651,000			1,651,000		5,793		12,436		(6,643	)
Put NZD/Call USD	MS & Co. Int. PLC			0.540		03/17/2027		1,586,000			1,586,000		9,975		13,030		(3,055	)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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


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


Put NZD/Call USD	MS & Co. Int. PLC		NZD 0.543		06/16/2027		2,220,000			NZD	2,220,000			$	20,182			$ 15,489			$ 4,693



							40,795,000							$	150,805			$ 373,265			$(222,460	)



Total purchased option contracts							637,897,000							$	529,733			$ 989,702			$(459,969	)



Written option contracts
Puts
Put EUR/Call BRL	Barclays Bank PLC		EUR 5.700		07/03/2026		(1,600,000	)		EUR	(1,600,000	)			(1	)		(3,042	)		3,041



TOTAL							636,297,000							$	529,732			$ 986,660			$(456,928	)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


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



Written option contracts
Calls
S&P 500 Index		$	7,550.000		07/01/2026		(6	)		$	(4,530,000	)		$	(1,020	)		$ (7,003	)		$ 5,983
S&P 500 Index			7,900.000		07/01/2026		(4	)			(3,160,000	)			(10	)		(2,155	)		2,145
S&P 500 Index			7,530.000		07/02/2026		(6	)			(4,518,000	)			(7,890	)		(3,974	)		(3,916	)
S&P 500 Index			7,520.000		07/06/2026		(6	)			(4,512,000	)			(16,050	)		(5,713	)		(10,337	)
S&P 500 Index			7,725.000		07/08/2026		(4	)			(3,090,000	)			(100	)		(5,621	)		5,521
S&P 500 Index			7,825.000		07/15/2026		(4	)			(3,130,000	)			(430	)		(4,421	)		3,991
S&P 500 Index			7,700.000		07/22/2026		(4	)			(3,080,000	)			(7,340	)		(8,406	)		1,066


							(34	)						$	(32,840	)		$ (37,293	)		$ 4,453



Puts
S&P 500 Index			7,160.000		07/01/2026		(11	)			(7,876,000	)			(165	)		(12,334	)		12,169
S&P 500 Index			7,325.000		07/01/2026		(8	)			(5,860,000	)			(520	)		(47,831	)		47,311
S&P 500 Index			7,180.000		07/02/2026		(11	)			(7,898,000	)			(770	)		(20,645	)		19,875
S&P 500 Index			7,180.000		07/06/2026		(11	)			(7,898,000	)			(1,953	)		(16,445	)		14,492
S&P 500 Index			7,025.000		07/08/2026		(8	)			(5,620,000	)			(1,300	)		(41,204	)		39,904
S&P 500 Index			7,220.000		07/15/2026		(8	)			(5,776,000	)			(10,960	)		(32,731	)		21,771
S&P 500 Index			7,000.000		07/22/2026		(8	)			(5,600,000	)			(9,080	)		(23,834	)		14,754


							(65	)						$	(24,748	)		$(195,024)			$ 170,276



Total written option contracts							(99	)						$	(57,588	)		$(232,317)			$ 174,729

EXCHANGE TRADED OPTIONS ON FUTURES


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



Purchased option contracts
Calls
3 Month SOFR		$	95.500		09/11/2026		19		$	47,500		$	28,144		$	28,181		$	(37	)
3 Month SOFR			96.375		09/11/2026		46			115,000			1,725			66,232			(64,507	)
3 Month SOFR			96.500		09/11/2026		84			210,000			2,625			92,565			(89,940	)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)


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


3 Month SOFR	$	96.625		09/11/2026		56	$	140,000	$	1,400	$	93,230	$	(91,830	)
3 Month SOFR		97.000		09/11/2026		51		127,500		956		39,625		(38,669	)
3 Month SOFR		97.250		09/11/2026		42		105,000		525		27,382		(26,857	)
3 Month SOFR		95.500		12/11/2026		22		55,000		28,050		28,231		(181	)
3 Month SOFR		96.000		12/11/2026		73		182,500		31,938		147,056		(115,118	)
3 Month SOFR		96.375		12/11/2026		44		110,000		6,050		68,302		(62,252	)
3 Month SOFR		96.500		12/11/2026		142		355,000		15,975		192,278		(176,303	)
3 Month SOFR		96.000		03/12/2027		71		177,500		43,931		149,239		(105,308	)
3 Month SOFR		96.250		03/12/2027		48		120,000		19,200		96,094		(76,894	)
3 Month SOFR		96.500		03/12/2027		80		200,000		22,000		105,157		(83,157	)
3 Month SOFR		97.250		03/12/2027		214		535,000		26,750		103,494		(76,744	)
3 Month SOFR		96.000		06/11/2027		63		157,500		53,156		135,573		(82,417	)
3 Month SOFR		96.250		06/11/2027		48		120,000		28,800		98,494		(69,694	)
3 Month SOFR		96.500		06/11/2027		193		482,500		83,231		281,778		(198,547	)
3 Month SOFR		96.250		09/10/2027		49		122,500		38,588		99,321		(60,733	)
3 Month SOFR		96.500		09/10/2027		121		302,500		71,088		193,450		(122,362	)
3 Month SOFR		97.000		09/10/2027		61		152,500		21,731		46,632		(24,901	)
3 Month SOFR		95.625		12/10/2027		23		57,500		43,125		42,883		242
3 Month SOFR		96.375		12/10/2027		71		177,500		60,350		118,922		(58,572	)
3 Month SOFR		96.500		12/10/2027		150		375,000		111,563		246,994		(135,431	)
3 Month SOFR		95.750		03/10/2028		24		60,000		44,550		44,147		403
3 Month SOFR		96.250		03/10/2028		67		167,500		75,794		131,368		(55,574	)
3 Month SOFR		96.375		03/10/2028		132		330,000		131,175		245,959		(114,784	)
3 Month SOFR		95.750		06/16/2028		24		60,000		47,550		47,447		103
3 Month SOFR		96.250		06/16/2028		66		165,000		82,913		133,779		(50,866	)
3 Month SOFR		95.750		09/15/2028		24		60,000		49,650		49,847		(197	)
3 Month SOFR		95.750		12/15/2028		23		57,500		49,306		49,495		(189	)



TOTAL						2,131	$	5,327,500	$	1,221,839	$	3,203,155	$	(1,981,316	)




Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazil Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
DKK		—Denmark Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
SGD		—Singapore Dollar
USD		—U.S. Dollar
ZAR		—South African Rand


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)




Investment Abbreviations:
ETF		—Exchange Traded Fund
MSCI		—Morgan Stanley Capital International
SPDR		—Standard & Poor’s Depositary Receipt






Abbreviations:
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.HY Ind 46		—CDX North America High Yield Index 46
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Shares	Description	Value

Underlying Funds – 92.7%

Equity^(a)– 55.2%
2,833,399	Goldman Sachs Large Cap Value Insights Fund — Class R6	$	79,051,828
2,110,218	Goldman Sachs Large Cap Growth Insights Fund — Class R6		78,436,803
2,639,631	Goldman Sachs International Equity Insights Fund — Class R6		54,112,428
2,603,063	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		37,458,072
212,636	Goldman Sachs Small Cap Equity Insights Fund — Class R6		7,750,596
527,354	Goldman Sachs Global Infrastructure Fund — Class R6		7,451,518
260,762	Goldman Sachs International Small Cap Insights Fund — Class R6		4,753,681

			269,014,926


Exchange Traded Funds – 37.5%
780,196	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		80,438,208
506,945	Goldman Sachs MarketBeta International Equity ETF^(a)		38,091,847
369,981	Goldman Sachs MarketBeta Emerging Markets Equity ETF^(a)		26,093,465
135,595	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		19,239,575
202,666	Goldman Sachs ActiveBeta International Equity ETF^(a)		9,261,836
113,420	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		5,897,840


Shares	Description	Value

Underlying Funds – (continued)

Exchange Traded Funds – (continued)
39,950	iShares U.S. Real Estate ETF	$	4,084,887

			183,107,658

TOTAL UNDERLYING FUNDS – 92.7% (Cost $311,427,026)		$	452,122,584


Shares	Dividend Rate	Value

Investment Company^(a)– 3.1%

Goldman Sachs Central Government Fund — Institutional Shares
15,121,479	3.703%	$	15,121,479
(Cost $15,121,479)

TOTAL INVESTMENTS – 95.8% (Cost $326,548,505)		$	467,244,063

OTHER ASSETS IN EXCESS OF LIABILITIES – 4.2%			20,434,076

NET ASSETS – 100.0%		$	487,678,139


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

(a)		Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain


MS & Co. Int. PLC	BRL	580,000	USD	111,946	07/02/26	$	349
	BRL	6,300,000	USD	1,202,386	08/04/26		7,748
	INR	231,500,000	USD	2,415,114	09/16/26		15,813
	USD	634,492	AUD	890,000	09/16/26		19,155
	USD	1,142,096	CAD	1,580,000	09/16/26		24,185
	USD	933,966	CHF	730,000	09/16/26		22,732
	USD	168,498	DKK	1,080,000	09/16/26		2,720
	USD	3,471,319	EUR	2,980,000	09/16/26		55,312
	USD	1,409,344	GBP	1,050,000	09/16/26		16,576
	USD	179,288	HKD	1,400,000	09/16/26		293
	USD	83,158	ILS	240,000	09/16/26		2,350
	USD	2,331,772	JPY	370,000,000	09/16/26		41,889
	USD	1,234,904	KRW	1,870,000,000	09/16/26		24,650
	USD	69,723	NOK	650,000	09/16/26		4,128
	USD	17,689	NZD	30,000	09/16/26		606
	USD	1,451,652	SEK	13,500,000	09/16/26		53,344
	USD	141,368	SGD	180,000	09/16/26		1,475


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty

Currency

Purchased

Currency

Sold

Settlement
Date

Unrealized
Gain

MS & Co. Int. PLC (continued)

ZAR

20,230,000

USD

1,219,199

09/16/26

$ 8,067

TOTAL

$301,392

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss



MS & Co. Int. PLC	AUD	1,750,000	USD	1,245,501		09/16/26		$(35,568	)
	BRL	5,720,000	USD	1,132,830		07/02/26		(25,364	)
	NOK	50,000	USD	5,046		09/16/26		(1	)
	USD	96,790	AUD	140,000		09/16/26		(5	)
	USD	1,211,684	BRL	6,300,000		07/02/26		(8,078	)
	USD	113,191	CAD	160,000		09/16/26		(16	)
	USD	137,263	CHF	110,000		09/16/26		(46	)
	USD	18,416	DKK	120,000		09/16/26		(3	)
	USD	378,226	EUR	330,000		09/16/26		(57	)
	USD	112,738	GBP	85,000		09/16/26		(10	)
	USD	13,441	ILS	40,000		09/16/26		(27	)
	USD	272,242	JPY	44,000,000		09/16/26		(68	)
	USD	1,218,343	NZD	2,140,000		09/16/26		(244	)
	USD	1,374,108	SEK	13,275,000		09/16/26		(896	)
	USD	23,307	SGD	30,000		09/16/26		(9	)



TOTAL								$(70,392	)

FUTURES CONTRACTS — At June 30, 2026, the Fund had the following futures contracts:


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



Long position contracts:
MSCI EAFE Index		9		09/18/26		$	1,415,385		$ 10,286
S&P 500 E-Mini Index		156		09/18/26			58,876,350		690,057
S&P Toronto Stock Exchange 60 Index		31		09/17/26			8,986,667		61,155



TOTAL FUTURES CONTRACTS									$761,498

SWAP CONTRACTS — At June 30, 2026, the Fund had the following swap contracts:

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate
Paid/(Received) by
the Fund^(a)

Counterparty

Termination
Date^#

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

BAES0510 Index

12MEURO+0.000

BofA Securities LLC

03/17/27

EUR4,211

$133


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Reference Obligation/Index

Financing Rate
Paid/(Received)
by the Fund^(a)

Counterparty

Termination
Date^#

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

BAUS0510 Index

0.000%

BofA Securities LLC

03/17/27

4,831

$190

TOTAL

$323

(a)

Payments made monthly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


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



Purchased option contracts
Calls
Call CHF/Put NOK	MS & Co. Int. PLC		CHF	14.297		09/16/2026		1,861,000		CHF	1,861,000		$	129		$	31,870		$	(31,741	)
Call CHF/Put NOK	MS & Co. Int. PLC			14.658		12/16/2026		1,730,000			1,730,000			1,533			27,798			(26,265	)
Call CHF/Put NOK	MS & Co. Int. PLC			14.016		03/17/2027		708,000			708,000			5,105			15,290			(10,185	)
Call CHF/Put NOK	MS & Co. Int. PLC			13.698		06/16/2027		2,291,000			2,291,000			41,547			43,362			(1,815	)
Call CHF/Put SEK	MS & Co. Int. PLC			13.045		09/16/2026		2,136,000			2,136,000			1,089			32,015			(30,926	)
Call CHF/Put SEK	MS & Co. Int. PLC			12.920		12/16/2026		1,973,000			1,973,000			9,899			30,833			(20,934	)
Call CHF/Put SEK	MS & Co. Int. PLC			13.176		03/17/2027		811,000			811,000			5,644			14,699			(9,055	)
Call CHF/Put SEK	MS & Co. Int. PLC			13.086		06/16/2027		1,556,000			1,556,000			20,461			26,724			(6,263	)
Call JPY/Put KRW	MS & Co. Int. PLC		JPY	10.589		09/16/2026		171,282,000		JPY	171,282,000			1,277			15,582			(14,305	)
Call JPY/Put KRW	MS & Co. Int. PLC			10.715		12/16/2026		167,028,000			167,028,000			4,059			14,277			(10,218	)
Call JPY/Put KRW	MS & Co. Int. PLC			10.678		03/17/2027		66,233,000			66,233,000			3,292			6,282			(2,990	)
Call JPY/Put KRW	MS & Co. Int. PLC			10.680		06/16/2027		169,475,000			169,475,000			12,796			12,948			(152	)
Call USD/Put CAD	MS & Co. Int. PLC		$	1.429		09/16/2026		5,980,000		$	5,980,000			27,263			39,014			(11,751	)
Call USD/Put CAD	MS & Co. Int. PLC			1.431		12/16/2026		5,354,000			5,354,000			36,482			33,307			3,175
Call USD/Put CAD	MS & Co. Int. PLC			1.431		03/17/2027		1,766,000			1,766,000			15,175			14,372			803
Call USD/Put CAD	MS & Co. Int. PLC			1.450		06/16/2027		4,483,000			4,483,000			31,605			32,457			(852	)
Call USD/Put CLP	MS & Co. Int. PLC			1,092.440		09/16/2026		1,896,000			1,896,000			1,536			32,742			(31,206	)
Call USD/Put CLP	MS & Co. Int. PLC			1,040.580		12/16/2026		2,240,000			2,240,000			15,819			32,644			(16,825	)
Call USD/Put CLP	MS & Co. Int. PLC			1,050.690		03/17/2027		735,000			735,000			7,754			13,803			(6,049	)
Call USD/Put CLP	MS & Co. Int. PLC			1,013.540		06/16/2027		2,155,000			2,155,000			43,837			39,721			4,116
Call USD/Put KRW	MS & Co. Int. PLC			1,581.730		12/16/2026		1,326,000			1,326,000			22,122			13,419			8,703
Call USD/Put KRW	MS & Co. Int. PLC			1,642.100		03/17/2027		443,000			443,000			5,481			5,825			(344	)
Call USD/Put KRW	MS & Co. Int. PLC			1,660.160		06/16/2027		550,000			550,000			7,727			6,397			1,330
Call USD/Put MXN	MS & Co. Int. PLC			21.614		09/15/2026		1,019,000			1,019,000			122			14,988			(14,866	)
Call USD/Put SEK	MS & Co. Int. PLC			10.074		09/16/2026		1,232,000			1,232,000			6,061			15,884			(9,823	)
Call USD/Put SEK	MS & Co. Int. PLC			10.040		12/16/2026		1,204,000			1,204,000			13,397			13,840			(443	)
Call USD/Put SEK	MS & Co. Int. PLC			10.227		03/17/2027		913,000			913,000			10,162			13,885			(3,723	)
Call USD/Put SEK	MS & Co. Int. PLC			10.163		06/16/2027		2,309,000			2,309,000			35,861			32,772			3,089


								620,689,000					$	387,235		$	626,750		$	(239,515	)



Puts
Put AUD/Call JPY	Citibank NA		AUD	99.570		06/16/2027		4,181,000		AUD	4,181,000			39,608			38,313			1,295


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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


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


Put NZD/Call JPY	Citibank NA	NZD	83.619		06/16/2027		2,455,000		NZD	2,455,000	$	20,089	$	18,578	$	1,511
Put AUD/Call JPY	MS & Co. Int. PLC	AUD	86.090		09/16/2026		4,606,000		AUD	4,606,000		124		46,535		(46,411	)
Put AUD/Call JPY	MS & Co. Int. PLC		90.000		12/16/2026		4,052,000			4,052,000		3,431		42,337		(38,906	)
Put AUD/Call JPY	MS & Co. Int. PLC		97.950		03/17/2027		1,557,000			1,557,000		7,690		17,988		(10,298	)
Put AUD/Call USD	MS & Co. Int. PLC		0.613		09/16/2026		1,883,000			1,883,000		323		15,974		(15,651	)
Put AUD/Call USD	MS & Co. Int. PLC		0.607		12/16/2026		1,618,000			1,618,000		1,773		13,860		(12,087	)
Put AUD/Call USD	MS & Co. Int. PLC		0.647		06/16/2027		818,000			818,000		8,122		7,034		1,088
Put CAD/Call JPY	MS & Co. Int. PLC	CAD	95.680		09/16/2026		2,389,000		CAD	2,389,000		120		23,192		(23,072	)
Put CAD/Call JPY	MS & Co. Int. PLC		102.300		12/16/2026		2,260,000			2,260,000		3,727		20,356		(16,629	)
Put CAD/Call JPY	MS & Co. Int. PLC		104.900		03/17/2027		941,000			941,000		4,618		10,250		(5,632	)
Put CAD/Call JPY	MS & Co. Int. PLC		104.550		06/16/2027		2,565,000			2,565,000		18,008		23,115		(5,107	)
Put NZD/Call JPY	MS & Co. Int. PLC	NZD	77.260		09/16/2026		2,456,000		NZD	2,456,000		342		21,393		(21,051	)
Put NZD/Call JPY	MS & Co. Int. PLC		79.800		12/16/2026		2,333,000			2,333,000		3,502		21,050		(17,548	)
Put NZD/Call JPY	MS & Co. Int. PLC		82.370		03/17/2027		930,000			930,000		4,193		9,077		(4,884	)
Put NZD/Call USD	MS & Co. Int. PLC		0.550		09/16/2026		1,041,000			1,041,000		2,784		7,721		(4,937	)
Put NZD/Call USD	MS & Co. Int. PLC		0.537		12/16/2026		1,838,000			1,838,000		6,449		13,845		(7,396	)
Put NZD/Call USD	MS & Co. Int. PLC		0.540		03/17/2027		752,000			752,000		4,730		6,178		(1,448	)
Put NZD/Call USD	MS & Co. Int. PLC		0.543		06/16/2027		2,958,000			2,958,000		26,892		20,638		6,254


					41,633,000						$	156,525	$	377,434	$	(220,909	)



Total purchased option contracts					662,322,000						$	543,760	$	1,004,184	$	(460,424	)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


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



Written option contracts
Calls
S&P 500 Index		$	7,550.000		07/01/2026		(6	)		$	(4,530,000	)		$	(1,020	)		$	(7,003	)		$	5,983
S&P 500 Index			7,900.000		07/01/2026		(4	)			(3,160,000	)			(10	)			(2,155	)			2,145
S&P 500 Index			7,530.000		07/02/2026		(6	)			(4,518,000	)			(7,890	)			(3,974	)			(3,916	)
S&P 500 Index			7,520.000		07/06/2026		(6	)			(4,512,000	)			(16,050	)			(5,713	)			(10,337	)
S&P 500 Index			7,725.000		07/08/2026		(4	)			(3,090,000	)			(100	)			(5,621	)			5,521
S&P 500 Index			7,825.000		07/15/2026		(4	)			(3,130,000	)			(430	)			(4,421	)			3,991
S&P 500 Index			7,700.000		07/22/2026		(4	)			(3,080,000	)			(7,340	)			(8,406	)			1,066



							(34	)						$	(32,840	)		$	(37,293	)		$	4,453



Puts
S&P 500 Index			7,160.000		07/01/2026		(12	)			(8,592,000	)			(180	)			(13,455	)			13,275
S&P 500 Index			7,325.000		07/01/2026		(9	)			(6,592,500	)			(585	)			(55,640	)			55,055
S&P 500 Index			7,180.000		07/02/2026		(12	)			(8,616,000	)			(840	)			(22,521	)			21,681
S&P 500 Index			7,180.000		07/06/2026		(12	)			(8,616,000	)			(2,130	)			(17,940	)			15,810
S&P 500 Index			7,025.000		07/08/2026		(9	)			(6,322,500	)			(1,463	)			(46,355	)			44,892
S&P 500 Index			7,220.000		07/15/2026		(9	)			(6,498,000	)			(12,330	)			(36,823	)			24,493
S&P 500 Index			7,000.000		07/22/2026		(9	)			(6,300,000	)			(10,215	)			(26,813	)			16,598



							(72	)						$	(27,743	)		$	(219,547	)		$	191,804



Total written option contracts							(106	)						$	(60,583	)		$	(256,840	)		$	196,257


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES


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



Purchased option contracts
Calls
3 Month SOFR	$	95.500		09/11/2026		36	$	90,000	$	53,325	$	53,396	$	(71	)
3 Month SOFR		96.375		09/11/2026		42		105,000		1,575		60,472		(58,897	)
3 Month SOFR		96.500		09/11/2026		158		395,000		4,938		153,410		(148,472	)
3 Month SOFR		96.625		09/11/2026		34		85,000		850		56,604		(55,754	)
3 Month SOFR		97.000		09/11/2026		42		105,000		787		32,632		(31,845	)
3 Month SOFR		97.250		09/11/2026		34		85,000		425		22,167		(21,742	)
3 Month SOFR		95.500		12/11/2026		43		107,500		54,825		55,178		(353	)
3 Month SOFR		96.000		12/11/2026		60		150,000		26,250		120,868		(94,618	)
3 Month SOFR		96.375		12/11/2026		39		97,500		5,362		60,540		(55,178	)
3 Month SOFR		96.500		12/11/2026		203		507,500		22,838		239,423		(216,585	)
3 Month SOFR		96.000		03/12/2027		58		145,000		35,888		121,914		(86,026	)
3 Month SOFR		96.250		03/12/2027		39		97,500		15,600		78,076		(62,476	)
3 Month SOFR		96.500		03/12/2027		151		377,500		41,525		174,283		(132,758	)
3 Month SOFR		97.250		03/12/2027		204		510,000		25,500		98,537		(73,037	)
3 Month SOFR		96.000		06/11/2027		52		130,000		43,875		111,902		(68,027	)
3 Month SOFR		96.250		06/11/2027		39		97,500		23,400		80,026		(56,626	)
3 Month SOFR		96.500		06/11/2027		257		642,500		110,831		344,504		(233,673	)
3 Month SOFR		96.250		09/10/2027		40		100,000		31,500		81,078		(49,578	)
3 Month SOFR		96.500		09/10/2027		115		287,500		67,563		183,038		(115,475	)
3 Month SOFR		97.000		09/10/2027		69		172,500		24,581		52,748		(28,167	)
3 Month SOFR		95.625		12/10/2027		45		112,500		84,375		83,901		474
3 Month SOFR		96.375		12/10/2027		79		197,500		67,150		132,322		(65,172	)
3 Month SOFR		96.500		12/10/2027		143		357,500		106,356		234,380		(128,024	)
3 Month SOFR		95.750		03/10/2028		45		112,500		83,531		82,775		756
3 Month SOFR		96.250		03/10/2028		75		187,500		84,844		147,053		(62,209	)
3 Month SOFR		96.375		03/10/2028		125		312,500		124,219		232,008		(107,789	)
3 Month SOFR		95.750		06/16/2028		45		112,500		89,156		88,963		193
3 Month SOFR		96.250		06/16/2028		74		185,000		92,963		149,995		(57,032	)
3 Month SOFR		95.750		09/15/2028		46		115,000		95,163		95,540		(377	)
3 Month SOFR		95.750		12/15/2028		44		110,000		94,325		94,686		(361	)



TOTAL						2,436	$	6,090,000	$	1,513,520	$	3,522,419	$	(2,008,899	)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazil Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
DKK		—Denmark Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
SGD		—Singapore Dollar
USD		—U.S. Dollar
ZAR		—South African Rand






Investment Abbreviations:
ETF		—Exchange Traded Fund



Abbreviations:
BofA Securities LLC		—Bank of America Securities LLC
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Shares	Description	Value

Underlying Funds – 92.3%

Dynamic^(a)–0.8%
1,053,803	Goldman Sachs Managed Futures Strategy Fund — Class R6	$	10,443,187


Equity^(a)– 43.9%
4,069,564	Goldman Sachs Large Cap Growth Insights Fund — Class R6		151,265,681
5,304,950	Goldman Sachs Large Cap Value Insights Fund — Class R6		148,008,104
5,753,015	Goldman Sachs International Equity Insights Fund — Class R6		117,936,815
4,698,834	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		67,616,213
822,788	Goldman Sachs Small Cap Equity Insights Fund — Class R6		29,990,636
980,055	Goldman Sachs International Small Cap Insights Fund — Class R6		17,866,397
1,252,149	Goldman Sachs Global Infrastructure Fund — Class R6		17,692,866

			550,376,712


Exchange Traded Funds – 43.6%
1,950,964	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		201,144,389
1,239,326	Goldman Sachs MarketBeta International Equity ETF^(a)		93,122,956
1,860,061	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		85,395,401
348,173	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		49,402,267
655,788	Goldman Sachs MarketBeta Emerging Markets Equity ETF^(a)		46,250,432
638,453	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		26,278,853
529,974	Goldman Sachs ActiveBeta International Equity ETF^(a)		24,219,812
330,964	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		17,210,128
14,652	State Street Health Care Select Sector SPDR ETF		2,324,686


Shares	Description	Value

Underlying Funds – (continued)

Exchange Traded Funds – (continued)
2,712	iShares MSCI Mexico ETF	$	204,132

			545,553,056


Fixed Income^(a)– 4.0%
4,043,416	Goldman Sachs Emerging Markets Debt Fund — Class R6		42,213,263
1,151,314	Goldman Sachs High Yield Fund — Class R6		6,481,898
140,641	Goldman Sachs High Yield Floating Rate Fund — Class R6		1,179,977

			49,875,138

TOTAL UNDERLYING FUNDS – 92.3% (Cost $834,088,920)		$	1,156,248,093


Shares	Dividend Rate	Value

Investment Company^(a)– 3.1%

Goldman Sachs Central Government Fund — Institutional Shares
38,347,150	3.703%	$	38,347,150
(Cost $38,347,150)

TOTAL INVESTMENTS – 95.4% (Cost $ 872,436,070)		$	1,194,595,243

OTHER ASSETS IN EXCESS OF LIABILITIES – 4.6%			58,238,708

NET ASSETS – 100.0%		$	1,252,833,951


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

(a)		Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain



MS & Co. Int. PLC	BRL	600,000	USD	115,807	07/02/26		$ 361
	BRL	15,480,000	USD	2,954,434	08/04/26		19,039
	INR	568,500,000	USD	5,929,460	09/16/26		40,226
	USD	2,723,324	AUD	3,820,000	09/16/26		82,217
	USD	2,963,668	CAD	4,100,000	09/16/26		62,758
	USD	3,966,157	CHF	3,100,000	09/16/26		96,533
	USD	717,676	DKK	4,600,000	09/16/26		11,584


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain



MS & Co. Int. PLC (continued)	USD	14,817,172	EUR	12,720,000		09/16/26		$ 236,097
	USD	6,019,912	GBP	4,485,000		09/16/26		70,802
	USD	763,257	HKD	5,960,000		09/16/26		1,247
	USD	374,211	ILS	1,080,000		09/16/26		10,574
	USD	9,957,297	JPY	1,580,000,000		09/16/26		178,878
	USD	3,046,561	KRW	4,610,000,000		09/16/26		62,992
	USD	911,045	MXN	15,875,000		09/17/26		9,118
	USD	284,256	NOK	2,650,000		09/16/26		16,829
	USD	76,650	NZD	130,000		09/16/26		2,624
	USD	4,312,569	SEK	40,125,000		09/16/26		156,485
	USD	612,596	SGD	780,000		09/16/26		6,390
	ZAR	49,560,000	USD	2,986,826		09/16/26		19,763



TOTAL								$1,084,517

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss



MS & Co. Int. PLC	AUD	4,300,000	USD	3,065,084		09/16/26		$ (92,110	)
	BRL	14,880,000	USD	2,946,943		07/02/26		(65,982	)
	USD	2,977,280	BRL	15,480,000		07/02/26		(19,849	)
	USD	120,265	CAD	170,000		09/16/26		(17	)
	USD	2,988,925	NZD	5,250,000		09/16/26		(598	)
	USD	3,136,360	SEK	30,300,000		09/16/26		(2,066	)



TOTAL								$(180,622	)

FUTURES CONTRACTS — At June 30, 2026, the Fund had the following futures contracts:


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



Long position contracts:
5 Year U.S. Treasury Notes		35		09/30/26	$	3,746,641		$ 6,940
FTSE/JSE Top 40 Index		13		09/17/26		814,389		(20,960	)
IFSC NIFTY 50 Index		28		07/28/26		1,344,252		(3,791	)
MSCI EAFE Index		27		09/18/26		4,246,155		30,860
S&P 500 E-Mini Index		181		09/18/26		68,311,662		800,667



TOTAL FUTURES CONTRACTS								$813,716


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)			Credit Spread at June 30, 2026^(b)		Termination Date		Notional Amount (000s)			Value				Upfront Premiums (Received) Paid				Unrealized Appreciation/ (Depreciation)



Protection Purchased:
CDX.NA.HY Ind 46		(5.000	)%		3.040%		06/20/31		$	5,475		$	(448,378	)		$	(253,958	)		$	(194,420	)

(a)

Payments made quarterly.

(b)

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate

Paid/(Received)

by the Fund

Counterparty

Termination
Date^#

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

BAES0510 Index

12MEURO+0.000%^(a)

BofA Securities LLC

03/17/27

EUR

11,089

350

BAUS0510 Index^(b)

0.000%^(a)

BofA Securities LLC

03/17/27

12,721

501

SXDR Index

12MEURO+0.340%^(c)

JPMorgan Securities, Inc.

08/04/26

EUR

1,490

(113

)

SXDR Index

12MEURO+0.017%^(c)

JPMorgan Securities, Inc.

08/04/26

EUR

960

(68

)

TOTAL

670

(a)

Payments made monthly.

(b)

The top 50 components are shown below.

(c)

Payments made quarterly.

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

A basket (BAUS0510) of Swaption


Caption	Security Type	Shares		Value		Weight



ATMF Straddle, 28/01/26	Swaption		—		$—		0.0	%
ATMF Straddle, 07/01/26	Swaption		—		—		0.0
ATMF Straddle, 10/06/26	Swaption		—		—		0.0
ATMF Straddle, 27/05/26	Swaption		—		—		0.0
ATMF Straddle, 22/04/26	Swaption		—		—		0.0
ATMF Straddle, 20/05/26	Swaption		—		—		0.0
ATMF Straddle, 11/02/26	Swaption		—		—		0.0
ATMF Straddle, 29/04/26	Swaption		—		—		0.0
ATMF Straddle, 08/04/26	Swaption		—		—		0.0
ATMF Straddle, 18/02/26	Swaption		—		—		0.0
ATMF Straddle, 31/12/25	Swaption		—		—		0.0
ATMF Straddle, 21/01/26	Swaption		—		—		0.0
ATMF Straddle, 01/04/26	Swaption		—		—		0.0
ATMF Straddle, 25/02/26	Swaption		—		—		0.0
ATMF Straddle, 06/05/26	Swaption		—		—		0.0
ATMF Straddle, 04/03/26	Swaption		—		—		0.0
ATMF Straddle, 11/03/26	Swaption		—		—		0.0
ATMF Straddle, 24/12/25	Swaption		—		—		0.0
ATMF Straddle, 17/12/25	Swaption		—		—		0.0
ATMF Straddle, 18/03/26	Swaption		—		—		0.0


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (BAUS0510) of Swaption (continued)


Caption	Security Type	Shares		Value		Weight



ATMF Straddle, 05/11/25	Swaption		—		$—		0.0	%
ATMF Straddle, 25/03/26	Swaption		—		—		0.0
ATMF Straddle, 14/01/26	Swaption		—		—		0.0
ATMF Straddle, 03/12/25	Swaption		—		—		0.0
ATMF Straddle, 29/10/25	Swaption		—		—		0.0
ATMF Straddle, 12/11/25	Swaption		—		—		0.0
ATMF Straddle, 10/12/25	Swaption		—		—		0.0
ATMF Straddle, 17/09/25	Swaption		—		—		0.0
ATMF Straddle, 26/11/25	Swaption		—		—		0.0
ATMF Straddle, 19/11/25	Swaption		—		—		0.0
ATMF Straddle, 22/10/25	Swaption		—		—		0.0
ATMF Straddle, 24/09/25	Swaption		—		—		0.0
ATMF Straddle, 01/10/25	Swaption		—		—		0.0
ATMF Straddle, 04/02/26	Swaption		—		—		0.0
ATMF Straddle, 15/10/25	Swaption		—		—		0.0
ATMF Straddle, 08/10/25	Swaption		—		—		0.0
ATMF Straddle, 27/08/25	Swaption		—		—		0.0
ATMF Straddle, 10/09/25	Swaption		—		—		0.0
ATMF Straddle, 03/09/25	Swaption		—		—		0.0
ATMF Straddle, 20/08/25	Swaption		—		—		0.0
ATMF Straddle, 13/08/25	Swaption		—		—		0.0
ATMF Straddle, 06/08/25	Swaption		—		—		0.0
ATMF Straddle, 30/07/25	Swaption		—		—		0.0
ATMF Straddle, 23/07/25	Swaption		—		—		0.0
ATMF Straddle, 24/06/26	Swaption		—		—		0.0
ATMF Straddle, 16/07/25	Swaption		—		—		0.0
ATMF Straddle, 17/06/26	Swaption		—		—		0.0
ATMF Straddle, 15/04/26	Swaption		—		—		0.0
ATMF Straddle, 13/05/26	Swaption		—		—		0.0
ATMF Straddle, 03/06/26	Swaption		—		—		0.0

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES


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



Written option contracts
Puts
IGV Index	MS & Co. Int. PLC	$	78.100		07/17/2026		(10,493	)	$	(10,493	)	$	(1,200	)	$	(26,276	)	$	25,076
IGV Index	MS & Co. Int. PLC		83.845		08/21/2026		(10,347	)		(10,347	)		(20,177	)		(22,749	)		2,572
SX7E Index	MS & Co. Int. PLC		247.822		09/10/2026		(6,073	)		(6,073	)		(11,638	)		(50,595	)		38,957



TOTAL							(26,913	)	$	(26,913	)	$	(33,015	)	$	(99,620	)	$	66,605

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


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



Purchased option contracts
Calls
Call CHF/Put NOK	MS & Co. Int. PLC		CHF	14.297		09/16/2026		2,986,000		CHF	2,986,000		$	207		$	51,136		$	(50,929	)
Call CHF/Put NOK	MS & Co. Int. PLC			14.658		12/16/2026		2,855,000			2,855,000			2,530			45,875			(43,345	)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

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


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



Call CHF/Put NOK	MS & Co. Int. PLC		CHF	14.016		03/17/2027		2,755,000		CHF	2,755,000		$	19,865		$	59,499		$	(39,634	)
Call CHF/Put NOK	MS & Co. Int. PLC			13.698		06/16/2027		3,763,000			3,763,000			68,242			71,223			(2,981	)
Call CHF/Put SEK	MS & Co. Int. PLC			13.045		09/16/2026		3,426,000			3,426,000			1,747			51,350			(49,603	)
Call CHF/Put SEK	MS & Co. Int. PLC			12.920		12/16/2026		3,256,000			3,256,000			16,336			50,883			(34,547	)
Call CHF/Put SEK	MS & Co. Int. PLC			13.176		03/17/2027		3,160,000			3,160,000			21,991			57,274			(35,283	)
Call CHF/Put SEK	MS & Co. Int. PLC			13.086		06/16/2027		2,556,000			2,556,000			33,611			43,899			(10,288	)
Call JPY/Put KRW	MS & Co. Int. PLC		JPY	10.589		09/16/2026		274,790,000		JPY	274,790,000			2,049			24,998			(22,949	)
Call JPY/Put KRW	MS & Co. Int. PLC			10.715		12/16/2026		275,642,000			275,642,000			6,698			23,561			(16,863	)
Call JPY/Put KRW	MS & Co. Int. PLC			10.678		03/17/2027		257,914,000			257,914,000			12,818			24,463			(11,645	)
Call JPY/Put KRW	MS & Co. Int. PLC			10.680		06/16/2027		278,413,000			278,413,000			21,022			21,269			(247	)
Call USD/Put CAD	MS & Co. Int. PLC		$	1.429		09/16/2026		9,594,000		$	9,594,000			43,739			62,591			(18,852	)
Call USD/Put CAD	MS & Co. Int. PLC			1.431		12/16/2026		8,836,000			8,836,000			60,209			54,969			5,240
Call USD/Put CAD	MS & Co. Int. PLC			1.431		03/17/2027		6,875,000			6,875,000			59,077			55,949			3,128
Call USD/Put CAD	MS & Co. Int. PLC			1.450		06/16/2027		7,364,000			7,364,000			51,915			53,315			(1,400	)
Call USD/Put CLP	MS & Co. Int. PLC			1,092.440		09/16/2026		3,042,000			3,042,000			2,464			52,532			(50,068	)
Call USD/Put CLP	MS & Co. Int. PLC			1,040.580		12/16/2026		3,697,000			3,697,000			26,108			53,876			(27,768	)
Call USD/Put CLP	MS & Co. Int. PLC			1,050.690		03/17/2027		2,863,000			2,863,000			30,205			53,764			(23,559	)
Call USD/Put CLP	MS & Co. Int. PLC			1,013.540		06/16/2027		3,540,000			3,540,000			72,010			65,249			6,761
Call USD/Put KRW	MS & Co. Int. PLC			1,581.730		12/16/2026		2,189,000			2,189,000			36,519			22,153			14,366
Call USD/Put KRW	MS & Co. Int. PLC			1,642.100		03/17/2027		1,726,000			1,726,000			21,358			22,697			(1,339	)
Call USD/Put KRW	MS & Co. Int. PLC			1,660.160		06/16/2027		904,000			904,000			12,699			10,514			2,185
Call USD/Put MXN	MS & Co. Int. PLC			21.614		09/15/2026		1,634,000			1,634,000			197			24,035			(23,838	)
Call USD/Put SEK	MS & Co. Int. PLC			10.074		09/16/2026		1,977,000			1,977,000			9,727			25,489			(15,762	)
Call USD/Put SEK	MS & Co. Int. PLC			10.040		12/16/2026		1,987,000			1,987,000			22,108			22,841			(733	)
Call USD/Put SEK	MS & Co. Int. PLC			10.227		03/17/2027		3,556,000			3,556,000			39,578			54,080			(14,502	)
Call USD/Put SEK	MS & Co. Int. PLC			10.163		06/16/2027		3,793,000			3,793,000			58,909			53,834			5,075



								1,175,093,000					$	753,938		$	1,213,318		$	(459,380	)



Puts
Put EUR/Call BRL	Barclays Bank PLC		EUR	5.850		07/03/2026		2,900,000		EUR	2,900,000			2,760			18,056			(15,296	)
Put AUD/Call JPY	Citibank NA		AUD	99.570		06/16/2027		6,868,000		AUD	6,868,000			65,063			62,936			2,127
Put NZD/Call JPY	Citibank NA		NZD	83.619		06/16/2027		4,034,000		NZD	4,034,000			33,010			30,528			2,482
Put AUD/Call JPY	MS & Co. Int. PLC		AUD	86.090		09/16/2026		7,390,000		AUD	7,390,000			200			74,662			(74,462	)
Put AUD/Call JPY	MS & Co. Int. PLC			90.000		12/16/2026		6,687,000			6,687,000			5,662			69,868			(64,206	)
Put AUD/Call JPY	MS & Co. Int. PLC			97.950		03/17/2027		6,065,000			6,065,000			29,956			70,069			(40,113	)
Put AUD/Call USD	MS & Co. Int. PLC			0.613		09/16/2026		3,022,000			3,022,000			519			25,636			(25,117	)
Put AUD/Call USD	MS & Co. Int. PLC			0.607		12/16/2026		2,670,000			2,670,000			2,926			22,871			(19,945	)
Put AUD/Call USD	MS & Co. Int. PLC			0.647		06/16/2027		1,344,000			1,344,000			13,346			11,558			1,788
Put CAD/Call JPY	MS & Co. Int. PLC		CAD	95.680		09/16/2026		3,833,000		CAD	3,833,000			192			37,210			(37,018	)
Put CAD/Call JPY	MS & Co. Int. PLC			102.300		12/16/2026		3,729,000			3,729,000			6,150			33,588			(27,438	)
Put CAD/Call JPY	MS & Co. Int. PLC			104.900		03/17/2027		3,665,000			3,665,000			17,984			39,920			(21,936	)
Put CAD/Call JPY	MS & Co. Int. PLC			104.550		06/16/2027		4,214,000			4,214,000			29,585			37,975			(8,390	)
Put NZD/Call JPY	MS & Co. Int. PLC		NZD	77.260		09/16/2026		3,941,000		NZD	3,941,000			548			34,328			(33,780	)
Put NZD/Call JPY	MS & Co. Int. PLC			79.800		12/16/2026		3,849,000			3,849,000			5,778			34,729			(28,951	)
Put NZD/Call JPY	MS & Co. Int. PLC			82.370		03/17/2027		3,622,000			3,622,000			16,327			35,350			(19,023	)
Put NZD/Call USD	MS & Co. Int. PLC			0.550		09/16/2026		1,669,000			1,669,000			4,463			12,379			(7,916	)
Put NZD/Call USD	MS & Co. Int. PLC			0.537		12/16/2026		3,033,000			3,033,000			10,642			22,846			(12,204	)
Put NZD/Call USD	MS & Co. Int. PLC			0.540		03/17/2027		2,928,000			2,928,000			18,416			24,055			(5,639	)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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


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



Put NZD/Call USD	MS & Co. Int. PLC		NZD	0.543		06/16/2027		4,859,000			NZD	4,859,000		$	44,174		$	33,902		$	10,272



								80,322,000						$	307,701		$	732,466		$	(424,765	)



Total purchased option contracts								1,255,415,000						$	1,061,639		$	1,945,784		$	(884,145	)



Written option contracts
Puts
Put EUR/Call BRL	Barclays Bank PLC		EUR	5.700		07/03/2026		(2,900,000	)		EUR	(2,900,000	)		(3	)		(5,514	)		5,511



TOTAL								1,252,515,000						$	1,061,636		$	1,940,270		$	(878,634	)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


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



Written option contracts
Calls
S&P 500 Index		$	7,550.000		07/01/2026		(14	)		$	(10,570,000	)		$	(2,380	)		$	(16,341	)		$	13,961
S&P 500 Index			7,900.000		07/01/2026		(10	)			(7,900,000	)			(25	)			(5,388	)			5,363
S&P 500 Index			7,530.000		07/02/2026		(14	)			(10,542,000	)			(18,410	)			(9,273	)			(9,137	)
S&P 500 Index			7,520.000		07/06/2026		(14	)			(10,528,000	)			(37,450	)			(13,331	)			(24,119	)
S&P 500 Index			7,725.000		07/08/2026		(11	)			(8,497,500	)			(275	)			(15,458	)			15,183
S&P 500 Index			7,825.000		07/15/2026		(10	)			(7,825,000	)			(1,075	)			(11,053	)			9,978
S&P 500 Index			7,700.000		07/22/2026		(11	)			(8,470,000	)			(20,185	)			(23,113	)			2,928



							(84	)						$	(79,800	)		$	(93,957	)		$	14,157



Puts
S&P 500 Index			7,160.000		07/01/2026		(28	)			(20,048,000	)			(420	)			(31,396	)			30,976
S&P 500 Index			7,325.000		07/01/2026		(21	)			(15,382,500	)			(1,365	)			(127,386	)			126,021
S&P 500 Index			7,180.000		07/02/2026		(28	)			(20,104,000	)			(1,960	)			(52,550	)			50,590
S&P 500 Index			7,180.000		07/06/2026		(28	)			(20,104,000	)			(4,970	)			(41,860	)			36,890
S&P 500 Index			7,025.000		07/08/2026		(21	)			(14,752,500	)			(3,413	)			(108,160	)			104,747
S&P 500 Index			7,220.000		07/15/2026		(21	)			(15,162,000	)			(28,770	)			(85,919	)			57,149
S&P 500 Index			7,000.000		07/22/2026		(21	)			(14,700,000	)			(23,835	)			(62,565	)			38,730



							(168	)						$	(64,733	)		$	(509,836	)		$	445,103



Total written option contracts							(252	)						$	(144,533	)		$	(603,793	)		$	459,260

EXCHANGE TRADED OPTIONS ON FUTURES


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



Purchased option contracts
Calls
3 Month SOFR	$	95.500		09/11/2026		67	$	167,500	$	99,244	$	99,375	$	(131	)
3 Month SOFR		96.375		09/11/2026		126		315,000		4,725		181,417		(176,692	)
3 Month SOFR		96.500		09/11/2026		368		920,000		11,499		411,933		(400,434	)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)


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


3 Month SOFR	$	96.625		09/11/2026		105	$	262,500	$	2,625	$	174,806	$	(172,181	)
3 Month SOFR		97.000		09/11/2026		121		302,500		2,269		94,012		(91,743	)
3 Month SOFR		97.250		09/11/2026		57		142,500		713		37,162		(36,449	)
3 Month SOFR		95.500		12/11/2026		79		197,500		100,725		101,374		(649	)
3 Month SOFR		96.000		12/11/2026		173		432,500		75,688		348,502		(272,814	)
3 Month SOFR		96.375		12/11/2026		119		297,500		16,363		184,726		(168,363	)
3 Month SOFR		96.500		12/11/2026		450		1,125,000		50,625		573,157		(522,532	)
3 Month SOFR		96.000		03/12/2027		168		420,000		103,950		353,129		(249,179	)
3 Month SOFR		96.250		03/12/2027		65		162,500		26,000		130,126		(104,126	)
3 Month SOFR		96.500		03/12/2027		370		925,000		101,750		484,063		(382,313	)
3 Month SOFR		97.250		03/12/2027		475		1,187,500		59,375		229,119		(169,744	)
3 Month SOFR		96.000		06/11/2027		149		372,500		125,719		320,642		(194,923	)
3 Month SOFR		96.250		06/11/2027		65		162,500		39,000		133,377		(94,377	)
3 Month SOFR		96.500		06/11/2027		438		1,095,000		188,888		636,096		(447,208	)
3 Month SOFR		96.250		09/10/2027		66		165,000		51,975		133,779		(81,804	)
3 Month SOFR		96.500		09/10/2027		268		670,000		157,450		424,650		(267,200	)
3 Month SOFR		97.000		09/10/2027		119		297,500		42,394		90,971		(48,577	)
3 Month SOFR		95.625		12/10/2027		83		207,500		155,625		154,750		875
3 Month SOFR		96.375		12/10/2027		138		345,000		117,300		231,144		(113,844	)
3 Month SOFR		96.500		12/10/2027		332		830,000		246,925		541,701		(294,776	)
3 Month SOFR		95.750		03/10/2028		84		210,000		155,925		154,515		1,410
3 Month SOFR		96.250		03/10/2028		131		327,500		148,194		256,853		(108,659	)
3 Month SOFR		96.375		03/10/2028		292		730,000		290,175		539,222		(249,047	)
3 Month SOFR		95.750		06/16/2028		83		207,500		164,444		164,088		356
3 Month SOFR		96.250		06/16/2028		128		320,000		160,799		259,451		(98,652	)
3 Month SOFR		95.750		09/15/2028		84		210,000		173,775		174,465		(690	)
3 Month SOFR		95.750		12/15/2028		81		202,500		173,644		174,309		(665	)



TOTAL						5,284	$	13,210,000	$	3,047,783	$	7,792,914	$	(4,745,131	)



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazil Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
DKK		—Denmark Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
SGD		—Singapore Dollar
USD		—U.S. Dollar
ZAR		—South African Rand


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)




Investment Abbreviations:
ETF		—Exchange Traded Fund
MSCI		—Morgan Stanley Capital International
SPDR		—Standard & Poor’s Depositary Receipt




Abbreviations:

BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.HY Ind 46		—CDX North America High Yield Index 46
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Shares	Description	Value

Underlying Funds – 94.1%

Dynamic^(a)– 0.9%
1,019,811	Goldman Sachs Managed Futures Strategy Fund — Class R6	$	10,106,329


Equity^(a)– 34.1%
3,958,450	Goldman Sachs Large Cap Value Insights Fund — Class R6		110,440,754
2,941,445	Goldman Sachs Large Cap Growth Insights Fund — Class R6		109,333,516
4,140,638	Goldman Sachs International Equity Insights Fund — Class R6		84,883,079
2,535,292	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		36,482,849

559,662	Goldman Sachs Small Cap Equity Insights Fund — Class R6		20,399,671
1,285,046	Goldman Sachs Global Infrastructure Fund — Class R6		18,157,707
651,839	Goldman Sachs International Small Cap Insights Fund — Class R6		11,883,026

			391,580,602


Exchange Traded Funds – 35.9%
1,295,276	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		133,542,956
2,547,130	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		116,938,738
905,257	Goldman Sachs MarketBeta International Equity ETF^(a)		68,021,011
223,124	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		31,659,064
443,371	Goldman Sachs MarketBeta Emerging Markets Equity ETF^(a)		31,269,405
396,507	Goldman Sachs ActiveBeta International Equity ETF^(a)		18,120,370
176,202	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		9,162,504
13,456	State Street Health Care Select Sector SPDR ETF		2,134,929
3,887	iShares MSCI Mexico ETF		292,574

			411,141,551


Shares	Description	Value

Underlying Funds – (continued)

Fixed Income^(a)– 23.2%
17,669,117	Goldman Sachs Global Core Fixed Income Fund — Class R6	$	201,427,931
3,491,853	Goldman Sachs Inflation Protected Securities Fund — Class R6		32,928,170
2,323,416	Goldman Sachs Emerging Markets Debt Fund — Class R6		24,256,461
1,011,761	Goldman Sachs High Yield Fund — Class R6		5,696,215
149,964	Goldman Sachs High Yield Floating Rate Fund — Class R6		1,258,198

			265,566,975

TOTAL UNDERLYING FUNDS – 94.1% (Cost $853,622,875)		$	1,078,395,457


Shares	Dividend Rate	Value

Investment Company^(a)– 2.5%

Goldman Sachs Central Government Fund — Institutional Shares
28,303,770	3.703%	$	28,303,770
(Cost $ 28,303,770)

TOTAL INVESTMENTS – 96.6% (Cost $ 881,926,645)		$	1,106,699,227

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.4%			39,075,137

NET ASSETS – 100.0%		$	1,145,774,364


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

(a)		Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain



MS & Co. Int. PLC	BRL	340,000	USD	65,624	07/02/26		$ 205
	BRL	14,300,000	USD	2,729,225	08/04/26		17,588
	INR	525,500,000	USD	5,480,682	09/16/26		37,471
	USD	3,386,332	AUD	4,750,000	09/16/26		102,233
	USD	2,782,956	CAD	3,850,000	09/16/26		58,931
	USD	4,925,711	CHF	3,850,000	09/16/26		119,887
	USD	893,974	DKK	5,730,000	09/16/26		14,430


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain



MS & Co. Int. PLC (continued)	USD	18,463,221	EUR	15,850,000		09/16/26		$ 294,194
	USD	7,503,079	GBP	5,590,000		09/16/26		88,246
	USD	951,509	HKD	7,430,000		09/16/26		1,555
	USD	471,228	ILS	1,360,000		09/16/26		13,315
	USD	12,402,507	JPY	1,968,000,000		09/16/26		222,805
	USD	2,815,774	KRW	4,260,000,000		09/16/26		58,724
	USD	860,830	MXN	15,000,000		09/17/26		8,615
	USD	353,979	NOK	3,300,000		09/16/26		20,957
	USD	94,339	NZD	160,000		09/16/26		3,230
	USD	4,456,209	SEK	41,475,000		09/16/26		160,295
	USD	769,672	SGD	980,000		09/16/26		8,028
	ZAR	45,850,000	USD	2,763,236		09/16/26		18,284



TOTAL								$1,248,993

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss



MS & Co. Int. PLC	AUD	3,970,000	USD	2,831,096		09/16/26		$ (86,280	)
	BRL	13,960,000	USD	2,757,079		07/02/26		(54,242	)
	USD	2,750,330	BRL	14,300,000		07/02/26		(18,336	)
	USD	70,744	CAD	100,000		09/16/26		(10	)
	USD	2,761,197	NZD	4,850,000		09/16/26		(553	)
	USD	2,856,882	SEK	27,600,000		09/16/26		(1,881	)



TOTAL								$(161,302	)

FUTURES CONTRACTS — At June 30, 2026, the Fund had the following futures contracts:


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



Long position contracts:
5 Year U.S. Treasury Notes		32		09/30/26	$	3,425,500		$ 6,345
FTSE/JSE Top 40 Index		12		09/17/26		751,744		(19,348	)
IFSC NIFTY 50 Index		30		07/28/26		1,440,270		(4,062	)
MSCI EAFE Index		25		09/18/26		3,931,625		28,574
S&P 500 E-Mini Index		159		09/18/26		60,008,587		699,607



TOTAL FUTURES CONTRACTS								$711,116


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at June 30, 2026^(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)



Protection Purchased:
CDX.NA.HY Ind 46	(5.000)%		3.040%		06/20/31	$	5,178	$	(424,054	)	$	(235,061	)		$(188,993)

(a)

Payments made quarterly.

(b)

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate
Paid/(Received)
by the Fund

Counterparty

Termination
Date^#

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

BAES0510 Index

12M EURO+0.000%^(a)

BofA Securities LLC

03/17/27

EUR10,418

$ 328

BAUS0510 Index^(b)

0.000%^(a)

BofA Securities LLC

03/17/27

$ 11,950

471

SXDR Index

12M EURO+0.340%^(c)

JPMorgan Securities, Inc.

08/04/26

EUR 1,409

(107

)

SXDR Index

12MEURO+0.170^(c)

JPMorgan Securities, Inc.

08/04/26

EUR 894

(63

)

TOTAL

$ 629

(a)

Payments made monthly.

(b)

The top 50 components are shown below.

(c)

Payments made quarterly.

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

A basket (BAUS0510) of Swaption


Caption	Security Type		Shares		Value			Weight


ATMF Straddle, 28/01/26		Swaption		—		$	—		0.0	%
ATMF Straddle, 07/01/26		Swaption		—			—		0.0
ATMF Straddle, 10/06/26		Swaption		—			—		0.0
ATMF Straddle, 27/05/26		Swaption		—			—		0.0
ATMF Straddle, 22/04/26		Swaption		—			—		0.0
ATMF Straddle, 20/05/26		Swaption		—			—		0.0
ATMF Straddle, 11/02/26		Swaption		—			—		0.0
ATMF Straddle, 29/04/26		Swaption		—			—		0.0
ATMF Straddle, 08/04/26		Swaption		—			—		0.0
ATMF Straddle, 18/02/26		Swaption		—			—		0.0
ATMF Straddle, 31/12/25		Swaption		—			—		0.0
ATMF Straddle, 21/01/26		Swaption		—			—		0.0
ATMF Straddle, 01/04/26		Swaption		—			—		0.0
ATMF Straddle, 25/02/26		Swaption		—			—		0.0
ATMF Straddle, 06/05/26		Swaption		—			—		0.0
ATMF Straddle, 04/03/26		Swaption		—			—		0.0
ATMF Straddle, 11/03/26		Swaption		—			—		0.0
ATMF Straddle, 24/12/25		Swaption		—			—		0.0
ATMF Straddle, 17/12/25		Swaption		—			—		0.0
ATMF Straddle, 18/03/26		Swaption		—			—		0.0


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (BAUS0510) of Swaption (continued)


Caption	Security Type		Shares		Value			Weight


ATMF Straddle, 05/11/25		Swaption		—		$	—		0.0	%
ATMF Straddle, 25/03/26		Swaption		—			—		0.0
ATMF Straddle, 14/01/26		Swaption		—			—		0.0
ATMF Straddle, 03/12/25		Swaption		—			—		0.0
ATMF Straddle, 29/10/25		Swaption		—			—		0.0
ATMF Straddle, 12/11/25		Swaption		—			—		0.0
ATMF Straddle, 10/12/25		Swaption		—			—		0.0
ATMF Straddle, 17/09/25		Swaption		—			—		0.0
ATMF Straddle, 26/11/25		Swaption		—			—		0.0
ATMF Straddle, 19/11/25		Swaption		—			—		0.0
ATMF Straddle, 22/10/25		Swaption		—			—		0.0
ATMF Straddle, 24/09/25		Swaption		—			—		0.0
ATMF Straddle, 01/10/25		Swaption		—			—		0.0
ATMF Straddle, 04/02/26		Swaption		—			—		0.0
ATMF Straddle, 15/10/25		Swaption		—			—		0.0
ATMF Straddle, 08/10/25		Swaption		—			—		0.0
ATMF Straddle, 27/08/25		Swaption		—			—		0.0
ATMF Straddle, 10/09/25		Swaption		—			—		0.0
ATMF Straddle, 03/09/25		Swaption		—			—		0.0
ATMF Straddle, 20/08/25		Swaption		—			—		0.0
ATMF Straddle, 13/08/25		Swaption		—			—		0.0
ATMF Straddle, 06/08/25		Swaption		—			—		0.0
ATMF Straddle, 30/07/25		Swaption		—			—		0.0
ATMF Straddle, 23/07/25		Swaption		—			—		0.0
ATMF Straddle, 24/06/26		Swaption		—			—		0.0
ATMF Straddle, 16/07/25		Swaption		—			—		0.0
ATMF Straddle, 17/06/26		Swaption		—			—		0.0
ATMF Straddle, 15/04/26		Swaption		—			—		0.0
ATMF Straddle, 13/05/26		Swaption		—			—		0.0
ATMF Straddle, 03/06/26		Swaption		—			—		0.0

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES


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



Written option contracts
Puts
IGV Index	MS & Co. Int. PLC		$	78.100		07/17/2026		(9,798	)		$	(9,798	)		$	(1,120	)		$	(24,535	)		$	23,415
IGV Index	MS & Co. Int. PLC			83.845		08/21/2026		(9,400	)			(9,400	)			(18,330	)			(20,667	)			2,337
SX7E Index	MS & Co. Int. PLC			247.822		09/10/2026		(5,538	)			(5,538	)			(10,613	)			(46,138	)			35,525



TOTAL								(24,736	)		$	(24,736	)		$	(30,063	)		$	(91,340	)		$	61,277

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


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



Purchased option contracts
Calls
Call CHF/Put NOK	MS & Co. Int. PLC	CHF	14.297		09/16/2026		2,691,000	CHF	2,691,000	$	186	$	46,083	$	(45,897	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.658		12/16/2026		2,626,000		2,626,000		2,327		42,196		(39,869	)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

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


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


Call CHF/Put NOK	MS & Co. Int. PLC	CHF	14.016		03/17/2027		2,446,000	CHF	2,446,000	$	17,637	$	52,826	$	(35,189	)
Call CHF/Put NOK	MS & Co. Int. PLC		13.698		06/16/2027		3,450,000		3,450,000		62,565		65,298		(2,733	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.045		09/16/2026		3,088,000		3,088,000		1,575		46,284		(44,709	)
Call CHF/Put SEK	MS & Co. Int. PLC		12.920		12/16/2026		2,994,000		2,994,000		15,022		46,788		(31,766	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.176		03/17/2027		2,805,000		2,805,000		19,520		50,839		(31,319	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.086		06/16/2027		2,343,000		2,343,000		30,810		40,241		(9,431	)
Call JPY/Put KRW	MS & Co. Int. PLC	JPY	10.589		09/16/2026		247,647,000	JPY	247,647,000		1,846		22,529		(20,683	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.715		12/16/2026		253,495,000		253,495,000		6,160		21,668		(15,508	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.678		03/17/2027		228,945,000		228,945,000		11,379		21,715		(10,336	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.680		06/16/2027		255,251,000		255,251,000		19,273		19,501		(228	)
Call USD/Put CAD	MS & Co. Int. PLC	$	1.429		09/16/2026		8,647,000	$	8,647,000		39,422		56,413		(16,991	)
Call USD/Put CAD	MS & Co. Int. PLC		1.431		12/16/2026		8,126,000		8,126,000		55,371		50,552		4,819
Call USD/Put CAD	MS & Co. Int. PLC		1.431		03/17/2027		6,103,000		6,103,000		52,443		49,666		2,777
Call USD/Put CAD	MS & Co. Int. PLC		1.450		06/16/2027		6,751,000		6,751,000		47,594		48,877		(1,283	)
Call USD/Put CLP	MS & Co. Int. PLC		1,092.440		09/16/2026		2,742,000		2,742,000		2,221		47,352		(45,131	)
Call USD/Put CLP	MS & Co. Int. PLC		1,040.580		12/16/2026		3,400,000		3,400,000		24,011		49,548		(25,537	)
Call USD/Put CLP	MS & Co. Int. PLC		1,050.690		03/17/2027		2,542,000		2,542,000		26,818		47,736		(20,918	)
Call USD/Put CLP	MS & Co. Int. PLC		1,013.540		06/16/2027		3,245,000		3,245,000		66,010		59,812		6,198
Call USD/Put KRW	MS & Co. Int. PLC		1,581.730		12/16/2026		2,013,000		2,013,000		33,583		20,372		13,211
Call USD/Put KRW	MS & Co. Int. PLC		1,642.100		03/17/2027		1,532,000		1,532,000		18,957		20,146		(1,189	)
Call USD/Put KRW	MS & Co. Int. PLC		1,660.160		06/16/2027		828,000		828,000		11,633		9,630		2,003
Call USD/Put MXN	MS & Co. Int. PLC		21.614		09/15/2026		1,473,000		1,473,000		177		21,667		(21,490	)
Call USD/Put SEK	MS & Co. Int. PLC		10.074		09/16/2026		1,782,000		1,782,000		8,767		22,975		(14,208	)
Call USD/Put SEK	MS & Co. Int. PLC		10.040		12/16/2026		1,828,000		1,828,000		20,340		21,013		(673	)
Call USD/Put SEK	MS & Co. Int. PLC		10.227		03/17/2027		3,157,000		3,157,000		35,137		48,011		(12,874	)
Call USD/Put SEK	MS & Co. Int. PLC		10.163		06/16/2027		3,478,000		3,478,000		54,017		49,363		4,654



							1,065,428,000			$	684,801	$	1,099,101	$	(414,300	)



Puts
Put EUR/Call BRL	Barclays Bank PLC	EUR	5.850		07/03/2026		2,800,000	EUR	2,800,000		2,665		17,433		(14,768	)
Put AUD/Call JPY	Citibank NA	AUD	99.570		06/16/2027		6,297,000	AUD	6,297,000		59,654		57,703		1,951
Put NZD/Call JPY	Citibank NA	NZD	83.619		06/16/2027		3,698,000	NZD	3,698,000		30,261		27,986		2,275
Put AUD/Call JPY	MS & Co. Int. PLC	AUD	86.090		09/16/2026		6,660,000	AUD	6,660,000		180		67,287		(67,107	)
Put AUD/Call JPY	MS & Co. Int. PLC		90.000		12/16/2026		6,149,000		6,149,000		5,207		64,247		(59,040	)
Put AUD/Call JPY	MS & Co. Int. PLC		97.950		03/17/2027		5,383,000		5,383,000		26,588		62,191		(35,603	)
Put AUD/Call USD	MS & Co. Int. PLC		0.613		09/16/2026		2,723,000		2,723,000		467		23,099		(22,632	)
Put AUD/Call USD	MS & Co. Int. PLC		0.607		12/16/2026		2,455,000		2,455,000		2,691		21,030		(18,339	)
Put AUD/Call USD	MS & Co. Int. PLC		0.647		06/16/2027		1,232,000		1,232,000		12,233		10,594		1,639
Put CAD/Call JPY	MS & Co. Int. PLC	CAD	95.680		09/16/2026		3,454,000	CAD	3,454,000		173		33,531		(33,358	)
Put CAD/Call JPY	MS & Co. Int. PLC		102.300		12/16/2026		3,429,000		3,429,000		5,655		30,886		(25,231	)
Put CAD/Call JPY	MS & Co. Int. PLC		104.900		03/17/2027		3,253,000		3,253,000		15,962		35,432		(19,470	)
Put CAD/Call JPY	MS & Co. Int. PLC		104.550		06/16/2027		3,863,000		3,863,000		27,121		34,812		(7,691	)
Put NZD/Call JPY	MS & Co. Int. PLC	NZD	77.260		09/16/2026		3,551,000	NZD	3,551,000		494		30,931		(30,437	)
Put NZD/Call JPY	MS & Co. Int. PLC		79.800		12/16/2026		3,540,000		3,540,000		5,314		31,941		(26,627	)
Put NZD/Call JPY	MS & Co. Int. PLC		82.370		03/17/2027		3,215,000		3,215,000		14,493		31,378		(16,885	)
Put NZD/Call USD	MS & Co. Int. PLC		0.550		09/16/2026		1,505,000		1,505,000		4,024		11,162		(7,138	)
Put NZD/Call USD	MS & Co. Int. PLC		0.537		12/16/2026		2,790,000		2,790,000		9,789		21,015		(11,226	)
Put NZD/Call USD	MS & Co. Int. PLC		0.540		03/17/2027		2,599,000		2,599,000		16,346		21,352		(5,006	)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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


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



Put NZD/Call USD	MS & Co. Int. PLC NZD		0.543		06/16/2027		4,455,000		NZD	4,455,000		$	40,501			$ 31,083			$ 9,418



							73,051,000					$	279,818			$ 665,093			$(385,275	)



Total purchased option contracts							1,138,479,000					$	964,619			$1,764,194			$(799,575	)



Written option contracts

Puts

Put EUR/Call BRL	Barclays Bank PLC EUR		5.700		07/03/2026		(2,800,000	)	EUR	(2,800,000	)		(3	)		(5,324	)		5,321



TOTAL							1,135,679,000					$	964,616			$1,758,870			$(794,254	)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


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



Written option contracts
Calls
S&P 500 Index	$	7,550.000		07/01/2026		(9	)	$	(6,795,000	)	$	(1,530	)		$ (10,505	)		$ 8,975
S&P 500 Index		7,900.000		07/01/2026		(7	)		(5,530,000	)		(18	)		(3,352	)		3,334
S&P 500 Index		7,530.000		07/02/2026		(9	)		(6,777,000	)		(11,835	)		(5,961	)		(5,874	)
S&P 500 Index		7,520.000		07/06/2026		(9	)		(6,768,000	)		(24,075	)		(8,570	)		(15,505	)
S&P 500 Index		7,725.000		07/08/2026		(7	)		(5,407,500	)		(175	)		(9,837	)		9,662
S&P 500 Index		7,825.000		07/15/2026		(7	)		(5,477,500	)		(753	)		(7,738	)		6,985
S&P 500 Index		7,700.000		07/22/2026		(7	)		(5,390,000	)		(12,845	)		(14,708	)		1,863



						(55	)				$	(51,231	)		$ (60,671	)		$ 9,440



Puts
S&P 500 Index		7,160.000		07/01/2026		(19	)		(13,604,000	)		(285	)		(21,304	)		21,019
S&P 500 Index		7,325.000		07/01/2026		(14	)		(10,255,000	)		(910	)		(87,365	)		86,455
S&P 500 Index		7,180.000		07/02/2026		(19	)		(13,642,000	)		(1,330	)		(35,659	)		34,329
S&P 500 Index		7,180.000		07/06/2026		(19	)		(13,642,000	)		(3,372	)		(28,404	)		25,032
S&P 500 Index		7,025.000		07/08/2026		(14	)		(9,835,000	)		(2,275	)		(72,107	)		69,832
S&P 500 Index		7,220.000		07/15/2026		(14	)		(10,108,000	)		(19,180	)		(57,280	)		38,100
S&P 500 Index		7,000.000		07/22/2026		(14	)		(9,800,000	)		(15,890	)		(41,710	)		25,820



						(113	)				$	(43,242	)		$(343,829	)		$300,587



Total written option contracts						(168	)				$	(94,473	)		$(404,500	)		$310,027

EXCHANGE TRADED OPTIONS ON FUTURES


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



Purchased option contracts
Calls
3 Month SOFR		$	95.500		09/11/2026		42		$	105,000		$	62,213		$	62,295		$	(82	)
3 Month SOFR			96.375		09/11/2026		92			230,000			3,450			132,463			(129,013	)
3 Month SOFR			96.500		09/11/2026		284			710,000			8,875			317,944			(309,069	)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)


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



3 Month SOFR	$	96.625		09/11/2026		76	$	190,000	$	1,900	$	126,526	$	(124,626	)
3 Month SOFR		97.000		09/11/2026		112		280,000		2,100		87,020		(84,920	)
3 Month SOFR		97.250		09/11/2026		51		127,500		638		33,250		(32,612	)
3 Month SOFR		95.500		12/11/2026		50		125,000		63,750		64,160		(410	)
3 Month SOFR		96.000		12/11/2026		162		405,000		70,875		326,343		(255,468	)
3 Month SOFR		96.375		12/11/2026		88		220,000		12,100		136,604		(124,504	)
3 Month SOFR		96.500		12/11/2026		359		897,500		40,387		451,266		(410,879	)
3 Month SOFR		96.000		03/12/2027		157		392,500		97,144		330,008		(232,864	)
3 Month SOFR		96.250		03/12/2027		58		145,000		23,200		116,114		(92,914	)
3 Month SOFR		96.500		03/12/2027		288		720,000		79,200		376,414		(297,214	)
3 Month SOFR		97.250		03/12/2027		399		997,500		49,875		192,482		(142,607	)
3 Month SOFR		96.000		06/11/2027		140		350,000		118,125		301,274		(183,149	)
3 Month SOFR		96.250		06/11/2027		58		145,000		34,800		119,014		(84,214	)
3 Month SOFR		96.500		06/11/2027		342		855,000		147,488		498,920		(351,432	)
3 Month SOFR		96.250		09/10/2027		58		145,000		45,675		117,564		(71,889	)
3 Month SOFR		96.500		09/10/2027		226		565,000		132,775		359,243		(226,468	)
3 Month SOFR		97.000		09/10/2027		74		185,000		26,362		56,570		(30,208	)
3 Month SOFR		95.625		12/10/2027		53		132,500		99,375		98,816		559
3 Month SOFR		96.375		12/10/2027		86		215,000		73,100		144,047		(70,947	)
3 Month SOFR		96.500		12/10/2027		279		697,500		207,506		456,497		(248,991	)
3 Month SOFR		95.750		03/10/2028		53		132,500		98,381		97,491		890
3 Month SOFR		96.250		03/10/2028		81		202,500		91,631		158,817		(67,186	)
3 Month SOFR		96.375		03/10/2028		246		615,000		244,462		455,557		(211,095	)
3 Month SOFR		95.750		06/16/2028		53		132,500		105,006		104,779		227
3 Month SOFR		96.250		06/16/2028		80		200,000		100,500		162,157		(61,657	)
3 Month SOFR		95.750		09/15/2028		54		135,000		111,713		112,156		(443	)
3 Month SOFR		95.750		12/15/2028		52		130,000		111,475		111,902		(427	)



TOTAL						4,153	$	10,382,500	$	2,264,081		$6,107,693		$(3,843,612	)



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazil Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
DKK		—Denmark Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
SGD		—Singapore Dollar
USD		—U.S. Dollar
ZAR		—South African Rand


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)




Investment Abbreviations:
ETF		—Exchange Traded Fund
MSCI		—Morgan Stanley Capital International
SPDR		—Standard & Poor’s Depositary Receipt




Abbreviations:
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.HY Ind 46		—CDX North America High Yield Index 46
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Assets and Liabilities

June 30, 2026 (Unaudited)


	Conservative Allocation Fund			Dynamic Global Equity Fund

Assets:

Investments in affiliated issuers, at value (cost $538,042,927 and $322,643,779, respectively)		$	615,820,082		$	463,159,176
Investments in unaffiliated issuers, at value (cost $1,250,703 and $3,904,726, respectively)			1,384,524			4,084,887
Purchased options, at value (premium paid $4,192,857 and $4,526,603, respectively)			1,751,572			2,057,280
Cash			10,087,521			8,077,116
Foreign currencies, at value (cost $661,071 and $327,562, respectively)			651,714			320,797
Unrealized gain on swap contracts			457			323
Unrealized gain on forward foreign currency exchange contracts			774,138			301,392
Variation margin on futures contracts			213,005			366,657
Variation margin on swaps contracts			1,876			—
Receivables:
Collateral on certain derivative contracts^(a)			7,752,282			10,835,808
Dividends			824,147			50,548
Fund shares sold			266,653			33,830
Due from broker - upfront payment			44,902			—
Reimbursement from investment adviser			14,361			13,703
Investments sold			—			2,500,000
Due from broker			—			23,653
Other assets			63,827			71,479

Total assets			639,651,061			491,896,649



Liabilities:

Unrealized loss on forward foreign currency exchange contracts			95,930			70,392
Written option contracts, at value (premium received $287,045 and $256,840, respectively)			74,568			60,583
Unrealized loss on swap contracts			98			—
Payables:
Investments purchased			832,269			2,483,790
Fund shares redeemed			375,976			1,000,142
Management fees			39,381			29,880
Distribution and Service fees and Transfer Agency fees			26,697			40,861
Due to broker			1,958			312,136
Due to broker — upfront payment			—			24,130
Accrued expenses			173,613			196,596

Total liabilities			1,620,490			4,218,510



Net Assets:

Paid-in capital			561,218,489			335,890,695
Total distributable earnings			76,812,082			151,787,444

NET ASSETS		$	638,030,571		$	487,678,139
Net Assets:
Class A		$	83,076,877		$	190,530,345
Class C			2,358,022			7,619,424
Institutional			476,408,125			22,945,943
Service			284,783			241,919
Investor			2,671,568			10,371,853
Class R6			2,787,043			1,793,700
Class R			12,076,669			7,555,752
Class P			58,367,484			246,619,203
Total Net Assets		$	638,030,571		$	487,678,139
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A			6,292,306			7,542,843
Class C			178,036			317,635
Institutional			36,099,854			887,601
Service			21,220			9,591
Investor			203,487			419,547
Class R6			211,042			69,115
Class R			920,077			304,119
Class P			4,420,773			9,528,824
Net asset value, offering and redemption price per share:^(b)
Class A			13.20			25.26
Class C			13.24			23.99
Institutional			13.20			25.85
Service			13.42			25.22
Investor			13.13			24.72
Class R6			13.21			25.95
Class R			13.13			24.84
Class P			13.20			25.88

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Forwards		Options
Conservative Allocation Fund		$2,430,679		$157,998		$190,000		$4,973,605
Dynamic Global Equity Fund		4,342,948		—		—		6,492,860

(b)

Maximum public offering price per share for Class A Shares of the Conservative Allocation and Dynamic Global Equity Funds is $13.97 and $26.73, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Assets and Liabilities (continued)

June 30, 2026 (Unaudited)


	Growth Allocation Fund			Moderate Allocation Fund

Assets:

Investments in affiliated issuers, at value (cost $870,141,257 and $879,729,985, respectively)		$	1,192,066,424		$	1,104,271,724
Investments in unaffiliated issuers, at value (cost $2,294,813 and $2,196,660, respectively)			2,528,819			2,427,503
Purchased options, at value (premium paid $9,738,698 and $7,871,887, respectively)			4,109,422			3,228,700
Cash			20,842,590			18,611,304
Foreign currencies, at value (cost $1,081,232 and $1,026,485, respectively)			1,065,264			1,013,637
Unrealized gain on swap contracts			851			799
Unrealized gain on forward foreign currency exchange contracts			1,084,517			1,248,993
Variation margin on futures contracts			400,695			357,215
Variation margin on swaps contracts			3,360			3,201
Receivables:
Collateral on certain derivative contracts^(a)			20,077,571			15,949,875
Investments sold			12,470,000			—
Dividends			326,149			836,033
Fund shares sold			136,784			124,028
Due from broker—upfront payment			82,449			77,523
Reimbursement from investment adviser			12,171			18,996
Other assets			70,942			67,857

Total assets			1,255,278,008			1,148,237,388



Liabilities:

Unrealized loss on forward foreign currency exchange contracts			180,622			161,302
Written option contracts, at value (premium received $708,927 and $501,164, respectively)			177,551			124,539
Unrealized loss on swap contracts			181			170
Payables:
Fund shares redeemed			1,103,408			708,558
Investments purchased			341,172			850,158
Due to broker			314,984			293,204
Management fees			76,902			70,246
Distribution and Service fees and Transfer Agency fees			73,934			59,395
Due to Custodian			17,312			—
Accrued expenses			157,991			195,452

Total liabilities			2,444,057			2,463,024



Net Assets:

Paid-in capital			907,806,841			910,712,868
Total distributable earnings			345,027,110			235,061,496

NET ASSETS		$	1,252,833,951		$	1,145,774,364
Net Assets:
Class A		$	376,632,951		$	257,143,788
Class C			11,648,780			5,144,257
Institutional			401,708,209			531,659,123
Service			1,874,345			2,062,471
Investor			11,002,564			11,055,901
Class R6			13,893,048			7,749,923
Class R			9,003,318			4,913,141
Class P			427,070,736			326,045,760
Total Net Assets		$	1,252,833,951		$	1,145,774,364
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A			16,988,499			14,722,099
Class C			509,942			305,401
Institutional			18,092,263			30,311,026
Service			84,862			118,467
Investor			505,412			637,347
Class R6			625,417			442,088
Class R			424,250			284,593
Class P			19,222,322			18,604,110
Net asset value, offering and redemption price per share:^(b)
Class A			22.17			17.47
Class C			22.84			16.84
Institutional			22.20			17.54
Service			22.09			17.41
Investor			21.77			17.35
Class R6			22.21			17.53
Class R			21.22			17.26
Class P			22.22			17.53

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Forwards		Options
Growth Allocation Fund		$4,400,889		$287,410		$570,000		$14,819,272
Moderate Allocation Fund		4,067,463		271,819		630,000		10,980,593

(b)

Maximum public offering price per share for Class A Shares of the Growth Allocation and Moderate Allocation Funds is $23.46 and $18.49, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Operations

For the Six Months Ended June 30, 2026 (Unaudited)


	Conservative Allocation Fund				Dynamic Global Equity Fund

Investment Income:

Dividends — affiliated issuers		$	7,768,254			$	1,924,386
Interest			46,799				55,386
Dividends — unaffiliated issuers			21,507				35,816


Total investment income			7,836,560				2,015,588



Expenses:

Management fees			469,623				342,872
Transfer Agency fees^(a)			176,083				193,122
Distribution and Service (12b-1) fees^(a)			140,182				272,629
Registration fees			65,702				70,086
Professional fees			55,963				53,545
Custody, accounting and administrative services			54,101				48,620
Printing and mailing costs			20,894				24,985
Trustee fees			13,673				13,541
Service fees — Class C			3,088				9,193
Shareholder Administration fees — Service Class			355				282
Prime broker fees			251				121
Other			8,100				7,388


Total expenses			1,008,015				1,036,384


Less — expense reductions			(208,415	)			(210,611	)


Net expenses			799,600				825,773


NET INVESTMENT INCOME			7,036,960				1,189,815



Realized and unrealized gain (loss):

Net realized gain (loss) from:
Investments — unaffiliated issuers			310,463				203,971
Investments — affiliated issuers			344,098				1,360,439
Purchased options			(851,713	)			(987,170	)
Futures contracts			1,405,592				3,214,699
Written options			1,164,325				1,192,101
Swap contracts			(84,301	)			(150,367	)
Forward foreign currency exchange contracts			382,397				217,504
Foreign currency transactions			(6,118	)			(2,932	)
Net change in unrealized gain (loss) on:
Investments — affiliated issuers			23,934,485				44,560,733
Investments — unaffiliated issuers			(385,828	)			(32,280	)
Purchased options			(1,397,041	)			(1,341,838	)
Futures contracts			798,985				1,278,959
Written options			262,427				165,628
Swap contracts			(85,723	)			323
Forward foreign currency exchange contracts			765,937				251,717
Foreign currency translation			(15,431	)			(7,138	)


Net realized and unrealized gain			26,542,554				49,924,349


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	33,579,514			$	51,114,164

(a)

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


	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Conservative Allocation Fund	$	101,628	$	9,265	$	355	$	28,934	$	60,977	$	1,853	$	93,723	$	57	$	1,882	$	405	$	8,680	$	8,506
Dynamic Global Equity Fund		226,928		27,578		282		17,841		136,157		5,516		4,271		45		7,311		242		5,352		34,228


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Operations (continued)

For the Six Months Ended June 30, 2026 (Unaudited)


	Growth Allocation Fund				Moderate Allocation Fund

Investment Income:

Dividends — affiliated issuers		$	8,068,903			$	10,852,781
Interest			70,334				76,518
Dividends — unaffiliated issuers			37,147				36,599


Total investment income			8,176,384				10,965,898



Expenses:

Management fees			890,167				828,214
Distribution and Service (12b-1) fees^(a)			523,473				347,529
Transfer Agency fees^(a)			433,908				354,601
Registration fees			71,972				70,086
Professional fees			55,962				55,952
Printing and mailing costs			41,860				33,605
Custody, accounting and administrative services			33,152				56,884
Service fees — Class C			14,634				6,309
Trustee fees			14,132				14,098
Shareholder Administration fees — Service Class			2,317				2,460
Prime broker fees			494				486
Other			9,309				46,245


Total expenses			2,091,380				1,816,469


Less — expense reductions			(247,300	)			(257,567	)


Net expenses			1,844,080				1,558,902


NET INVESTMENT INCOME			6,332,304				9,406,996



Realized and unrealized gain (loss):

Net realized gain (loss) from:
Investments — unaffiliated issuers			363,171				359,632
Investments — affiliated issuers			3,070,831				2,831,931
Purchased options			(1,861,449	)			(1,778,300	)
Futures contracts			2,413,965				2,565,325
Written options			2,759,774				1,811,844
Swap contracts			(167,832	)			(148,538	)
Forward foreign currency exchange contracts			753,340				645,951
Foreign currency transactions			(23,326	)			(24,178	)
Net change in unrealized gain (loss) on:
Investments — affiliated issuers			98,190,313				64,466,537
Investments — unaffiliated issuers			(696,599	)			(568,602	)
Purchased options			(3,530,211	)			(2,786,497	)
Futures contracts			1,390,688				1,417,722
Written options			604,421				462,683
Swap contracts			(153,227	)			(149,251	)
Forward foreign currency exchange contracts			1,059,867				1,233,528
Foreign currency translation			(608	)			1,075


Net realized and unrealized gain			104,173,118				70,340,862


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	110,505,422			$	79,747,858

(a)

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


	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Growth Allocation Fund	$	455,750	$	43,901	$	2,317	$	21,505	$	273,450	$	8,781	$	74,732	$	371	$	7,691	$	1,950	$	6,452	$	60,481
Moderate Allocation Fund		314,407		18,928		2,460		11,734		188,644		3,786		102,126		394		8,210		999		3,520		46,922


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Changes in Net Assets


	Conservative Allocation Fund								Dynamic Global Equity Fund

	For the Six Months Ended June 30, 2026 (Unaudited)				For the Fiscal Year Ended December 31, 2025				For the Six Months Ended June 30, 2026 (Unaudited)				For the Fiscal Year Ended December 31, 2025

From operations:

Net investment income		$	7,036,960			$	14,390,057			$	1,189,815			$	4,769,900
Net realized gain			2,664,743				3,629,898				5,048,245				52,020,212
Net change in unrealized gain			23,877,811				45,679,712				44,876,104				23,232,857


Net increase in net assets resulting from operations			33,579,514				63,699,667				51,114,164				80,022,969



Distributions to shareholders:

From distributable earnings:
Class A Shares			(802,409	)			(4,687,220	)			—				(23,261,726	)
Class C Shares			(14,692	)			(126,309	)			—				(947,271	)
Institutional Shares			(5,459,435	)			(25,822,466	)			—				(2,635,364	)
Service Shares			(2,503	)			(15,895	)			—				(28,402	)
Investor Shares			(28,775	)			(145,444	)			—				(1,166,046	)
Class R6 Shares			(31,620	)			(152,088	)			—				(203,257	)
Class R Shares			(103,198	)			(603,965	)			—				(812,623	)
Class P Shares			(667,910	)			(3,323,767	)			—				(28,461,946	)


Total distributions to shareholders			(7,110,542	)			(34,877,154	)			—				(57,516,635	)



From share transactions:

Proceeds from sales of shares			58,307,074				128,319,346				17,000,208				35,661,830
Reinvestment of distributions			7,070,024				34,604,828				—				55,882,235
Cost of shares redeemed			(63,156,154	)			(136,857,661	)			(21,560,380	)			(50,207,520	)


Net increase (decrease) in net assets resulting from share transactions			2,220,944				26,066,513				(4,560,172	)			41,336,545


TOTAL INCREASE			28,689,916				54,889,026				46,553,992				63,842,879



Net assets:

Beginning of period			609,340,655				554,451,629				441,124,147				377,281,268


End of period		$	638,030,571			$	609,340,655			$	487,678,139			$	441,124,147


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

GOLDMAN SACHS FUND OF FUNDS

Statements of Changes in Net Assets (continued)


	Growth Allocation Fund								Moderate Allocation Fund

	For the Six Months Ended June 30, 2026 (Unaudited)				For the Fiscal Year Ended December 31, 2025				For the Six Months Ended June 30, 2026 (Unaudited)				For the Fiscal Year Ended December 31, 2025

From operations:

Net investment income		$	6,332,304			$	17,055,721			$	9,406,996			$	20,121,823
Net realized gain			7,308,474				30,716,976				6,263,667				16,361,736
Net change in unrealized gain			96,864,644				129,228,150				64,077,195				107,832,192


Net increase in net assets resulting from operations			110,505,422				177,000,847				79,747,858				144,315,751



Distributions to shareholders:

From distributable earnings:
Class A Shares			—				(38,563,650	)			(2,064,009	)			(20,394,019	)
Class C Shares			—				(1,205,902	)			(23,869	)			(397,428	)
Institutional Shares			—				(32,975,231	)			(5,082,743	)			(38,738,397	)
Service Shares			—				(214,448	)			(15,069	)			(160,003	)
Investor Shares			—				(1,143,978	)			(98,746	)			(1,004,811	)
Class R6 Shares			—				(1,175,183	)			(66,928	)			(432,387	)
Class R Shares			—				(922,815	)			(33,927	)			(364,174	)
Class P Shares			—				(41,917,016	)			(3,129,034	)			(25,020,769	)


Total distributions to shareholders			—				(118,118,223	)			(10,514,325	)			(86,511,988	)



From share transactions:

Proceeds from sales of shares			107,036,922				148,639,351				97,789,131				171,747,875
Reinvestment of distributions			—				115,194,297				10,382,863				85,201,912
Cost of shares redeemed			(81,374,782	)			(177,426,852	)			(96,584,800	)			(179,602,133	)


Net increase in net assets resulting from share transactions			25,662,140				86,406,796				11,587,194				77,347,654


TOTAL INCREASE			136,167,562				145,289,420				80,820,727				135,151,417



Net assets:

Beginning of period			1,116,666,389				971,376,969				1,064,953,637				929,802,220


End of period		$	1,252,833,951			$	1,116,666,389			$	1,145,774,364			$	1,064,953,637


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Conservative Allocation Fund

	Class A Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	12.67			$	12.04			$	11.54			$	10.49			$	12.82			$	12.64


Net investment income^(a)(b)			0.12				0.28				0.34				0.23				0.22				0.24

Net realized and unrealized gain (loss)			0.54				1.08				0.60				1.02				(2.02	)			0.71


Total from investment operations			0.66				1.36				0.94				1.25				(1.80	)			0.95


Distributions to shareholders from net investment income			(0.13	)			(0.33	)			(0.44	)			(0.20	)			(0.39	)			(0.34	)

Distributions to shareholders from net realized gains			—				(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.13	)			(0.73	)			(0.44	)			(0.20	)			(0.53	)			(0.77	)


Net asset value, end of period		$	13.20			$	12.67			$	12.04			$	11.54			$	10.49			$	12.82


Total return^(c)			5.23	%			11.48	%			8.22	%			12.07	%			(14.09	)%			7.53	%


Net assets, end of period (in 000s)		$	83,077			$	81,856			$	83,765			$	88,066			$	88,939			$	113,820

Ratio of net expenses to average net assets^(d)			0.55	%^(e)			0.55	%			0.55	%			0.56	%			0.56	%			0.56	%

Ratio of total expenses to average net assets^(d)			0.62	%^(e)			0.65	%			0.63	%			0.63	%			0.63	%			0.61	%

Ratio of net investment income to average net assets^(b)			1.95	%^(e)			2.23	%			2.84	%			2.12	%			1.91	%			1.84	%

Portfolio turnover rate^(f)			13	%			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

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

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)

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


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Conservative Allocation Fund

	Class C Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	12.71			$	12.07			$	11.57			$	10.51			$	12.83			$	12.67


Net investment income^(a)(b)			0.08				0.19				0.25				0.14				0.11				0.12

Net realized and unrealized gain (loss)			0.53				1.09				0.60				1.03				(1.99	)			0.73


Total from investment operations			0.61				1.28				0.85				1.17				(1.88	)			0.85


Distributions to shareholders from net investment income			(0.08	)			(0.24	)			(0.35	)			(0.11	)			(0.30	)			(0.26	)

Distributions to shareholders from net realized gains			—				(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.08	)			(0.64	)			(0.35	)			(0.11	)			(0.44	)			(0.69	)


Net asset value, end of period		$	13.24			$	12.71			$	12.07			$	11.57			$	10.51			$	12.83


Total return^(c)			4.82	%			10.71	%			7.36	%			11.24	%			(14.70	)%			6.73	%


Net assets, end of period (in 000s)		$	2,358			$	2,558			$	2,529			$	2,801			$	3,740			$	6,678

Ratio of net expenses to average net assets^(d)			1.30	%^(e)			1.30	%			1.30	%			1.31	%			1.31	%			1.31	%

Ratio of total expenses to average net assets^(d)			1.37	%^(e)			1.40	%			1.38	%			1.38	%			1.38	%			1.36	%

Ratio of net investment income to average net assets^(b)			1.18	%^(e)			1.49	%			2.04	%			1.31	%			0.98	%			0.91	%

Portfolio turnover rate^(f)			13	%			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Conservative Allocation Fund

	Institutional Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	12.66			$	12.03			$	11.54			$	10.49			$	12.81			$	12.63


Net investment income^(a)(b)			0.15				0.33				0.38				0.27				0.27				0.29

Net realized and unrealized gain (loss)			0.54				1.08				0.60				1.02				(2.02	)			0.71


Total from investment operations			0.69				1.41				0.98				1.29				(1.75	)			1.00


Distributions to shareholders from net investment income			(0.15	)			(0.38	)			(0.49	)			(0.24	)			(0.43	)			(0.39	)

Distributions to shareholders from net realized gains			—				(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.15	)			(0.78	)			(0.49	)			(0.24	)			(0.57	)			(0.82	)


Net asset value, end of period		$	13.20			$	12.66			$	12.03			$	11.54			$	10.49			$	12.81


Total return^(c)			5.50	%			11.89	%			8.52	%			12.48	%			(13.69	)%			7.93	%


Net assets, end of period (in 000s)		$	476,408			$	451,826			$	403,771			$	381,220			$	355,310			$	426,392

Ratio of net expenses to average net assets^(d)			0.19	%^(e)			0.19	%			0.19	%			0.19	%			0.19	%			0.19	%

Ratio of total expenses to average net assets^(d)			0.26	%^(e)			0.29	%			0.27	%			0.27	%			0.27	%			0.25	%

Ratio of net investment income to average net assets^(b)			2.31	%^(e)			2.62	%			3.18	%			2.49	%			2.31	%			2.23	%

Portfolio turnover rate^(f)			13	%			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Conservative Allocation Fund

	Service Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	12.87			$	12.22			$	11.71			$	10.64			$	12.99			$	12.79


Net investment income^(a)(b)			0.12				0.27				0.31				0.22				0.21				0.22

Net realized and unrealized gain (loss)			0.55				1.10				0.62				1.04				(2.05	)			0.73


Total from investment operations			0.67				1.37				0.93				1.26				(1.84	)			0.95


Distributions to shareholders from net investment income			(0.12	)			(0.32	)			(0.42	)			(0.19	)			(0.37	)			(0.32	)

Distributions to shareholders from net realized gains			—				(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.12	)			(0.72	)			(0.42	)			(0.19	)			(0.51	)			(0.75	)


Net asset value, end of period		$	13.42			$	12.87			$	12.22			$	11.71			$	10.64			$	12.99


Total return^(c)			5.22	%			11.32	%			8.00	%			11.94	%			(14.18	)%			7.44	%


Net assets, end of period (in 000s)		$	285			$	290			$	268			$	351			$	319			$	388

Ratio of net expenses to average net assets^(d)			0.69	%^(e)			0.69	%			0.69	%			0.69	%			0.69	%			0.69	%

Ratio of total expenses to average net assets^(d)			0.76	%^(e)			0.79	%			0.77	%			0.77	%			0.77	%			0.75	%

Ratio of net investment income to average net assets^(b)			1.80	%^(e)			2.11	%			2.59	%			2.00	%			1.82	%			1.67	%

Portfolio turnover rate^(f)			13	%			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Conservative Allocation Fund

	Investor Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	12.60			$	11.98			$	11.48			$	10.44			$	12.76			$	12.58


Net investment income^(a)(b)			0.14				0.31				0.36				0.26				0.23				0.28

Net realized and unrealized gain (loss)			0.53				1.07				0.62				1.01				(1.99	)			0.70


Total from investment operations			0.67				1.38				0.98				1.27				(1.76	)			0.98


Distributions to shareholders from net investment income			(0.14	)			(0.36	)			(0.48	)			(0.23	)			(0.42	)			(0.37	)

Distributions to shareholders from net realized gains			—				(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.14	)			(0.76	)			(0.48	)			(0.23	)			(0.56	)			(0.80	)


Net asset value, end of period		$	13.13			$	12.60			$	11.98			$	11.48			$	10.44			$	12.76


Total return^(c)			5.39	%			11.83	%			8.44	%			12.32	%			(13.79	)%			7.75	%


Net assets, end of period (in 000s)		$	2,672			$	2,404			$	2,788			$	2,967			$	3,110			$	5,430

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

Ratio of total expenses to average net assets^(d)			0.37	%^(e)			0.40	%			0.38	%			0.38	%			0.38	%			0.36	%

Ratio of net investment income to average net assets^(b)			2.21	%^(e)			2.48	%			3.00	%			2.36	%			2.01	%			2.13	%

Portfolio turnover rate^(f)			13	%			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Conservative Allocation Fund

	Class R6 Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	12.67			$	12.04			$	11.54			$	10.50			$	12.82			$	12.63


Net investment income^(a)(b)			0.15				0.34				0.39				0.27				0.37				0.21

Net realized and unrealized gain (loss)			0.54				1.07				0.60				1.02				(2.12	)			0.79


Total from investment operations			0.69				1.41				0.99				1.29				(1.75	)			1.00


Distributions to shareholders from net investment income			(0.15	)			(0.38	)			(0.49	)			(0.25	)			(0.43	)			(0.38	)

Distributions to shareholders from net realized gains			—				(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.15	)			(0.78	)			(0.49	)			(0.25	)			(0.57	)			(0.81	)


Net asset value, end of period		$	13.21			$	12.67			$	12.04			$	11.54			$	10.50			$	12.82


Total return^(c)			5.50	%			11.89	%			8.61	%			12.38	%			(13.66	)%			8.00	%


Net assets, end of period (in 000s)		$	2,787			$	2,808			$	2,034			$	2,217			$	2,061			$	277

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

Ratio of total expenses to average net assets^(d)			0.25	%^(e)			0.27	%			0.26	%			0.26	%			0.26	%			0.24	%

Ratio of net investment income to average net assets^(b)			2.32	%^(e)			2.70	%			3.21	%			2.50	%			3.28	%			1.64	%

Portfolio turnover rate^(f)			13	%			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Conservative Allocation Fund

	Class R Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	12.59			$	11.98			$	11.48			$	10.44			$	12.76			$	12.58


Net investment income^(a)(b)			0.11				0.25				0.30				0.21				0.19				0.22

Net realized and unrealized gain (loss)			0.54				1.06				0.61				1.01				(2.01	)			0.70


Total from investment operations			0.65				1.31				0.91				1.22				(1.82	)			0.92


Distributions to shareholders from net investment income			(0.11	)			(0.30	)			(0.41	)			(0.18	)			(0.36	)			(0.31	)

Distributions to shareholders from net realized gains			—				(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.11	)			(0.70	)			(0.41	)			(0.18	)			(0.50	)			(0.74	)


Net asset value, end of period		$	13.13			$	12.59			$	11.98			$	11.48			$	10.44			$	12.76


Total return^(c)			5.22	%			11.12	%			7.97	%			11.77	%			(14.30	)%			7.32	%


Net assets, end of period (in 000s)		$	12,077			$	11,376			$	9,452			$	10,544			$	8,693			$	10,837

Ratio of net expenses to average net assets^(d)			0.80	%^(e)			0.80	%			0.80	%			0.81	%			0.81	%			0.81	%

Ratio of total expenses to average net assets^(d)			0.87	%^(e)			0.90	%			0.88	%			0.88	%			0.88	%			0.86	%

Ratio of net investment income to average net assets^(b)			1.71	%^(e)			2.03	%			2.54	%			1.90	%			1.67	%			1.65	%

Portfolio turnover rate^(f)			13	%			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Conservative Allocation Fund

	Class P Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	12.67			$	12.04			$	11.54			$	10.49			$	12.82			$	12.64


Net investment income^(a)(b)			0.15				0.33				0.39				0.27				0.28				0.29

Net realized and unrealized gain (loss)			0.53				1.08				0.60				1.03				(2.04	)			0.71


Total from investment operations			0.68				1.41				0.99				1.30				(1.76	)			1.00


Distributions to shareholders from net investment income			(0.15	)			(0.38	)			(0.49	)			(0.25	)			(0.43	)			(0.39	)

Distributions to shareholders from net realized gains			—				(0.40	)			—				—				(0.14	)			(0.43	)


Total distributions			(0.15	)			(0.78	)			(0.49	)			(0.25	)			(0.57	)			(0.82	)


Net asset value, end of period		$	13.20			$	12.67			$	12.04			$	11.54			$	10.49			$	12.82


Total return^(c)			5.42	%			11.89	%			8.62	%			12.49	%			(13.75	)%			7.94	%


Net assets, end of period (in 000s)		$	58,367			$	56,222			$	49,844			$	52,609			$	59,472			$	53,299

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

Ratio of total expenses to average net assets^(d)			0.25	%^(e)			0.28	%			0.26	%			0.26	%			0.26	%			0.24	%

Ratio of net investment income to average net assets^(b)			2.32	%^(e)			2.62	%			3.26	%			2.50	%			2.46	%			2.24	%

Portfolio turnover rate^(f)			13	%			24	%			29	%			40	%			30	%			9	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Dynamic Global Equity Fund

	Class A Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	22.65			$	21.39			$	19.79			$	17.31			$	22.80			$	21.36


Net investment income^(a)(b)			0.04				0.22				0.28				0.31				0.28				0.31

Net realized and unrealized gain (loss)			2.57				4.31				3.21				3.16				(4.67	)			3.96


Total from investment operations			2.61				4.53				3.49				3.47				(4.39	)			4.27


Distributions to shareholders from net investment income			—				(0.51	)			(0.64	)			(0.31	)			(0.52	)			(1.01	)

Distributions to shareholders from net realized gains			—				(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				—				(0.03	)			—


Total distributions			—				(3.27	)			(1.89	)			(0.99	)			(1.10	)			(2.83	)


Net asset value, end of period		$	25.26			$	22.65			$	21.39			$	19.79			$	17.31			$	22.80


Total return^(c)			11.52	%			21.24	%			17.35	%			20.22	%			(19.31	)%			20.07	%


Net assets, end of period (in 000s)		$	190,530			$	178,289			$	165,333			$	155,912			$	140,666			$	185,213

Ratio of net expenses to average net assets^(d)			0.55	%^(e)			0.55	%			0.55	%			0.56	%			0.56	%			0.56	%

Ratio of total expenses to average net assets^(d)			0.65	%^(e)			0.69	%			0.67	%			0.70	%			0.70	%			0.60	%

Ratio of net investment income to average net assets^(b)			0.32	%^(e)			0.97	%			1.27	%			1.62	%			1.42	%			1.29	%

Portfolio turnover rate^(f)			3	%			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Dynamic Global Equity Fund

	Class C Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	21.59			$	20.56			$	19.09			$	16.72			$	22.04			$	20.71


Net investment income (loss)^(a)(b)			(0.05	)			0.02				0.12				0.15				0.11				0.10

Net realized and unrealized gain (loss)			2.45				4.15				3.07				3.06				(4.49	)			3.86


Total from investment operations			2.40				4.17				3.19				3.21				(4.38	)			3.96


Distributions to shareholders from net investment income			—				(0.38	)			(0.47	)			(0.16	)			(0.37	)			(0.81	)

Distributions to shareholders from net realized gains			—				(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				—				(0.02	)			—


Total distributions			—				(3.14	)			(1.72	)			(0.84	)			(0.94	)			(2.63	)


Net asset value, end of period		$	23.99			$	21.59			$	20.56			$	19.09			$	16.72			$	22.04


Total return^(c)			11.12	%			20.33	%			16.43	%			19.37	%			(19.91	)%			19.19	%


Net assets, end of period (in 000s)		$	7,619			$	7,508			$	6,317			$	6,436			$	6,659			$	10,309

Ratio of net expenses to average net assets^(d)			1.30	%^(e)			1.30	%			1.30	%			1.31	%			1.31	%			1.31	%

Ratio of total expenses to average net assets^(d)			1.40	%^(e)			1.44	%			1.42	%			1.45	%			1.45	%			1.35	%

Ratio of net investment income (loss) to average net assets^(b)			(0.45	)%^(e)			0.11	%			0.55	%			0.81	%			0.59	%			0.45	%

Portfolio turnover rate^(f)			3	%			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Dynamic Global Equity Fund

	Institutional Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	23.14			$	21.78			$	20.12			$	17.58			$	23.13			$	21.63


Net investment income^(a)(b)			0.08				0.32				0.36				0.38				0.35				0.39

Net realized and unrealized gain (loss)			2.63				4.39				3.27				3.22				(4.73	)			4.03


Total from investment operations			2.71				4.71				3.63				3.60				(4.38	)			4.42


Distributions to shareholders from net investment income			—				(0.59	)			(0.72	)			(0.38	)			(0.58	)			(1.10	)

Distributions to shareholders from net realized gains			—				(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				—				(0.04	)			—


Total distributions			—				(3.35	)			(1.97	)			(1.06	)			(1.17	)			(2.92	)


Net asset value, end of period		$	25.85			$	23.14			$	21.78			$	20.12			$	17.58			$	23.13


Total return^(c)			11.71	%			21.69	%			17.75	%			20.65	%			(18.98	)%			20.50	%


Net assets, end of period (in 000s)		$	22,946			$	20,398			$	16,971			$	16,692			$	14,970			$	19,052

Ratio of net expenses to average net assets^(d)			0.19	%^(e)			0.19	%			0.19	%			0.20	%			0.19	%			0.19	%

Ratio of total expenses to average net assets^(d)			0.29	%^(e)			0.33	%			0.31	%			0.33	%			0.33	%			0.24	%

Ratio of net investment income to average net assets^(b)			0.69	%^(e)			1.37	%			1.60	%			1.99	%			1.80	%			1.62	%

Portfolio turnover rate^(f)			3	%			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Dynamic Global Equity Fund

	Service Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	22.63			$	21.38			$	19.79			$	17.30			$	22.78			$	21.35


Net investment income^(a)(b)			0.02				0.19				0.24				0.27				0.25				0.29

Net realized and unrealized gain (loss)			2.57				4.30				3.21				3.18				(4.66	)			3.94


Total from investment operations			2.59				4.49				3.45				3.45				(4.41	)			4.23


Distributions to shareholders from net investment income			—				(0.48	)			(0.61	)			(0.28	)			(0.52	)			(0.98	)

Distributions to shareholders from net realized gains			—				(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)


Total distributions			—				(3.24	)			(1.86	)			(0.96	)			(1.07	)			(2.80	)


Net asset value, end of period		$	25.22			$	22.63			$	21.38			$	19.79			$	17.30			$	22.78


Total return^(c)			11.45	%			21.05	%			17.14	%			20.09	%			(19.39	)%			19.90	%


Net assets, end of period (in 000s)		$	242			$	217			$	266			$	252			$	244			$	310

Ratio of net expenses to average net assets^(d)			0.69	%^(e)			0.69	%			0.69	%			0.70	%			0.69	%			0.69	%

Ratio of total expenses to average net assets^(d)			0.79	%^(e)			0.83	%			0.81	%			0.83	%			0.83	%			0.74	%

Ratio of net investment income to average net assets^(b)			0.19	%^(e)			0.81	%			1.12	%			1.45	%			1.30	%			1.21	%

Portfolio turnover rate^(f)			3	%			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Dynamic Global Equity Fund

	Investor Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	22.14			$	20.96			$	19.43			$	17.01			$	22.43			$	21.05


Net investment income^(a)(b)			0.07				0.30				0.31				0.35				0.33				0.38

Net realized and unrealized gain (loss)			2.51				4.21				3.16				3.11				(4.60	)			3.89


Total from investment operations			2.58				4.51				3.47				3.46				(4.27	)			4.27


Distributions to shareholders from net investment income			—				(0.57	)			(0.69	)			(0.36	)			(0.56	)			(1.07	)

Distributions to shareholders from net realized gains			—				(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				—				(0.04	)			—


Total distributions			—				(3.33	)			(1.94	)			(1.04	)			(1.15	)			(2.89	)


Net asset value, end of period		$	24.72			$	22.14			$	20.96			$	19.43			$	17.01			$	22.43


Total return^(c)			11.65	%			21.52	%			17.63	%			20.52	%			(19.08	)%			20.36	%


Net assets, end of period (in 000s)		$	10,372			$	8,738			$	5,931			$	5,682			$	4,888			$	5,797

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

Ratio of total expenses to average net assets^(d)			0.40	%^(e)			0.44	%			0.42	%			0.45	%			0.45	%			0.35	%

Ratio of net investment income to average net assets^(b)			0.59	%^(e)			1.31	%			1.45	%			1.90	%			1.72	%			1.61	%

Portfolio turnover rate^(f)			3	%			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Dynamic Global Equity Fund

	Class R6 Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	23.23			$	21.85			$	20.18			$	17.63			$	23.14			$	21.63


Net investment income^(a)(b)			0.09				0.24				0.35				0.39				0.01				0.40

Net realized and unrealized gain (loss)			2.63				4.49				3.29				3.22				(4.39	)			4.03


Total from investment operations			2.72				4.73				3.64				3.61				(4.38	)			4.43


Distributions to shareholders from net investment income			—				(0.59	)			(0.72	)			(0.38	)			(0.54	)			(1.10	)

Distributions to shareholders from net realized gains			—				(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				—				(0.04	)			—


Total distributions			—				(3.35	)			(1.97	)			(1.06	)			(1.13	)			(2.92	)


Net asset value, end of period		$	25.95			$	23.23			$	21.85			$	20.18			$	17.63			$	23.14


Total return^(c)			11.71	%			21.71	%			17.76	%			20.66	%			(18.99	)%			20.55	%


Net assets, end of period (in 000s)		$	1,794			$	1,608			$	3,808			$	4,139			$	2,980			$	544,796

Ratio of net expenses to average net assets^(d)			0.18	%^(e)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.28	%^(e)			0.32	%			0.30	%			0.32	%			0.23	%			0.23	%

Ratio of net investment income to average net assets^(b)			0.70	%^(e)			1.05	%			1.59	%			2.00	%			0.04	%			1.66	%

Portfolio turnover rate^(f)			3	%			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Dynamic Global Equity Fund

	Class R Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	22.30			$	21.10			$	19.56			$	17.12			$	22.56			$	21.17


Net investment income^(a)(b)			0.01				0.15				0.22				0.26				0.23				0.23

Net realized and unrealized gain (loss)			2.53				4.26				3.16				3.13				(4.61	)			3.94


Total from investment operations			2.54				4.41				3.38				3.39				(4.38	)			4.17


Distributions to shareholders from net investment income			—				(0.45	)			(0.59	)			(0.27	)			(0.48	)			(0.96	)

Distributions to shareholders from net realized gains			—				(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				—				(0.03	)			—


Total distributions			—				(3.21	)			(1.84	)			(0.95	)			(1.06	)			(2.78	)


Net asset value, end of period		$	24.84			$	22.30			$	21.10			$	19.56			$	17.12			$	22.56


Total return^(c)			11.39	%			20.93	%			16.99	%			19.95	%			(19.49	)%			19.76	%


Net assets, end of period (in 000s)		$	7,556			$	6,294			$	6,436			$	5,887			$	5,292			$	6,611

Ratio of net expenses to average net assets^(d)			0.80	%^(e)			0.80	%			0.80	%			0.81	%			0.81	%			0.81	%

Ratio of total expenses to average net assets^(d)			0.90	%^(e)			0.94	%			0.92	%			0.95	%			0.95	%			0.85	%

Ratio of net investment income to average net assets^(b)			0.07	%^(e)			0.66	%			1.02	%			1.38	%			1.19	%			0.97	%

Portfolio turnover rate^(f)			3	%			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Dynamic Global Equity Fund

	Class P Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	23.16			$	21.80			$	20.14			$	17.59			$	23.15			$	21.64


Net investment income^(a)(b)			0.08				0.33				0.37				0.39				0.35				0.40

Net realized and unrealized gain (loss)			2.64				4.38				3.26				3.22				(4.74	)			4.03


Total from investment operations			2.72				4.71				3.63				3.61				(4.39	)			4.43


Distributions to shareholders from net investment income			—				(0.59	)			(0.72	)			(0.38	)			(0.58	)			(1.10	)

Distributions to shareholders from net realized gains			—				(2.76	)			(1.25	)			(0.68	)			(0.55	)			(1.82	)

Distributions to shareholders from return of capital			—				—				—				—				(0.04	)			—


Total distributions			—				(3.35	)			(1.97	)			(1.06	)			(1.17	)			(2.92	)


Net asset value, end of period		$	25.88			$	23.16			$	21.80			$	20.14			$	17.59			$	23.15


Total return^(c)			11.74	%			21.67	%			17.75	%			20.71	%			(19.00	)%			20.54	%


Net assets, end of period (in 000s)		$	246,619			$	218,072			$	172,219			$	133,081			$	117,502			$	160,360

Ratio of net expenses to average net assets^(d)			0.18	%^(e)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.28	%^(e)			0.32	%			0.30	%			0.32	%			0.32	%			0.23	%

Ratio of net investment income to average net assets^(b)			0.70	%^(e)			1.38	%			1.67	%			2.01	%			1.78	%			1.64	%

Portfolio turnover rate^(f)			3	%			36	%			11	%			37	%			12	%			4	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Growth Allocation Fund

	Class A Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	20.23			$	18.99			$	17.87			$	15.44			$	19.62			$	17.88


Net investment income^(a)(b)			0.09				0.29				0.29				0.26				0.32				0.47

Net realized and unrealized gain (loss)			1.85				3.28				2.26				2.42				(3.68	)			2.49


Total from investment operations			1.94				3.57				2.55				2.68				(3.36	)			2.96


Distributions to shareholders from net investment income			—				(0.54	)			(0.62	)			(0.25	)			(0.56	)			(0.70	)

Distributions to shareholders from net realized gains			—				(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			—				(2.33	)			(1.43	)			(0.25	)			(0.82	)			(1.22	)


Net asset value, end of period		$	22.17			$	20.23			$	18.99			$	17.87			$	15.44			$	19.62


Total return^(c)			9.59	%			18.83	%			14.11	%			17.33	%			(17.14	)%			16.54	%


Net assets, end of period (in 000s)		$	376,633			$	362,343			$	338,759			$	325,376			$	297,896			$	387,436

Ratio of net expenses to average net assets^(d)			0.53	%^(e)			0.55	%			0.55	%			0.56	%			0.56	%			0.56	%

Ratio of total expenses to average net assets^(d)			0.59	%^(e)			0.61	%			0.60	%			0.61	%			0.61	%			0.60	%

Ratio of net investment income to average net assets^(b)			0.83	%^(e)			1.44	%			1.47	%			1.54	%			1.87	%			2.40	%

Portfolio turnover rate^(f)			14	%			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Growth Allocation Fund

	Class C Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	20.93			$	19.58			$	18.38			$	15.85			$	20.09			$	18.27


Net investment income^(a)(b)			0.01				0.13				0.15				0.12				0.18				0.29

Net realized and unrealized gain (loss)			1.90				3.38				2.32				2.49				(3.74	)			2.57


Total from investment operations			1.91				3.51				2.47				2.61				(3.56	)			2.86


Distributions to shareholders from net investment income			—				(0.37	)			(0.46	)			(0.08	)			(0.42	)			(0.52	)

Distributions to shareholders from net realized gains			—				(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			—				(2.16	)			(1.27	)			(0.08	)			(0.68	)			(1.04	)


Net asset value, end of period		$	22.84			$	20.93			$	19.58			$	18.38			$	15.85			$	20.09


Total return^(c)			9.13	%			17.97	%			13.27	%			16.47	%			(17.76	)%			15.67	%


Net assets, end of period (in 000s)		$	11,649			$	12,056			$	12,621			$	12,068			$	13,496			$	19,334

Ratio of net expenses to average net assets^(d)			1.29	%^(e)			1.30	%			1.30	%			1.31	%			1.31	%			1.31	%

Ratio of total expenses to average net assets^(d)			1.34	%^(e)			1.36	%			1.35	%			1.36	%			1.36	%			1.35	%

Ratio of net investment income to average net assets^(b)			0.06	%^(e)			0.64	%			0.74	%			0.71	%			1.03	%			1.44	%

Portfolio turnover rate^(f)			14	%			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Growth Allocation Fund

	Institutional Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	20.23			$	18.98			$	17.86			$	15.42			$	19.61			$	17.86


Net investment income^(a)(b)			0.12				0.37				0.37				0.32				0.38				0.57

Net realized and unrealized gain (loss)			1.85				3.28				2.25				2.43				(3.68	)			2.47


Total from investment operations			1.97				3.65				2.62				2.75				(3.30	)			3.04


Distributions to shareholders from net investment income			—				(0.61	)			(0.69	)			(0.31	)			(0.63	)			(0.77	)

Distributions to shareholders from net realized gains			—				(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			—				(2.40	)			(1.50	)			(0.31	)			(0.89	)			(1.29	)


Net asset value, end of period		$	22.20			$	20.23			$	18.98			$	17.86			$	15.42			$	19.61


Total return^(c)			9.74	%			19.27	%			14.52	%			17.83	%			(16.87	)%			17.03	%


Net assets, end of period (in 000s)		$	401,708			$	321,700			$	278,471			$	211,831			$	195,963			$	249,377

Ratio of net expenses to average net assets^(d)			0.19	%^(e)			0.19	%			0.19	%			0.20	%			0.19	%			0.19	%

Ratio of total expenses to average net assets^(d)			0.23	%^(e)			0.25	%			0.24	%			0.25	%			0.24	%			0.23	%

Ratio of net investment income to average net assets^(b)			1.20	%^(e)			1.84	%			1.89	%			1.91	%			2.24	%			2.88	%

Portfolio turnover rate^(f)			14	%			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Growth Allocation Fund

	Service Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	20.17			$	18.94			$	17.82			$	15.39			$	19.56			$	17.83


Net investment income^(a)(b)			0.07				0.26				0.24				0.23				0.29				0.46

Net realized and unrealized gain (loss)			1.85				3.27				2.27				2.42				(3.66	)			2.46


Total from investment operations			1.92				3.53				2.51				2.65				(3.37	)			2.92


Distributions to shareholders from net investment income			—				(0.51	)			(0.58	)			(0.22	)			(0.54	)			(0.67	)

Distributions to shareholders from net realized gains			—				(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			—				(2.30	)			(1.39	)			(0.22	)			(0.80	)			(1.19	)


Net asset value, end of period		$	22.09			$	20.17			$	18.94			$	17.82			$	15.39			$	19.56


Total return^(c)			9.52	%			18.66	%			13.92	%			17.23	%			(17.27	)%			16.41	%


Net assets, end of period (in 000s)		$	1,874			$	1,935			$	1,923			$	2,277			$	1,764			$	2,413

Ratio of net expenses to average net assets^(d)			0.69	%^(e)			0.69	%			0.69	%			0.70	%			0.69	%			0.69	%

Ratio of total expenses to average net assets^(d)			0.73	%^(e)			0.75	%			0.74	%			0.75	%			0.74	%			0.73	%

Ratio of net investment income to average net assets^(b)			0.66	%^(e)			1.28	%			1.27	%			1.41	%			1.70	%			2.36	%

Portfolio turnover rate^(f)			14	%			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Growth Allocation Fund

	Investor Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	19.84			$	18.66			$	17.58			$	15.18			$	19.29			$	17.60


Net investment income^(a)(b)			0.11				0.34				0.31				0.28				0.34				0.75

Net realized and unrealized gain (loss)			1.82				3.22				2.25				2.40				(3.60	)			2.21


Total from investment operations			1.93				3.56				2.56				2.68				(3.26	)			2.96


Distributions to shareholders from net investment income			—				(0.59	)			(0.67	)			(0.28	)			(0.59	)			(0.75	)

Distributions to shareholders from net realized gains			—				(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			—				(2.38	)			(1.48	)			(0.28	)			(0.85	)			(1.27	)


Net asset value, end of period		$	21.77			$	19.84			$	18.66			$	17.58			$	15.18			$	19.29


Total return^(c)			9.73	%			19.10	%			14.40	%			17.67	%			(16.92	)%			16.86	%


Net assets, end of period (in 000s)		$	11,003			$	10,058			$	9,643			$	12,556			$	10,006			$	13,836

Ratio of net expenses to average net assets^(d)			0.28	%^(e)			0.30	%			0.30	%			0.31	%			0.31	%			0.31	%

Ratio of total expenses to average net assets^(d)			0.34	%^(e)			0.36	%			0.35	%			0.36	%			0.36	%			0.35	%

Ratio of net investment income to average net assets^(b)			1.09	%^(e)			1.69	%			1.65	%			1.73	%			2.02	%			3.83	%

Portfolio turnover rate^(f)			14	%			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Growth Allocation Fund

	Class R6 Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	20.24			$	18.98			$	17.87			$	15.43			$	19.62			$	17.87


Net investment income^(a)(b)			0.13				0.37				0.37				0.32				0.42				0.55

Net realized and unrealized gain (loss)			1.84				3.29				2.25				2.43				(3.72	)			2.49


Total from investment operations			1.97				3.66				2.62				2.75				(3.30	)			3.04


Distributions to shareholders from net investment income			—				(0.61	)			(0.70	)			(0.31	)			(0.63	)			(0.77	)

Distributions to shareholders from net realized gains			—				(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			—				(2.40	)			(1.51	)			(0.31	)			(0.89	)			(1.29	)


Net asset value, end of period		$	22.21			$	20.24			$	18.98			$	17.87			$	15.43			$	19.62


Total return^(c)			9.73	%			19.27	%			14.59	%			17.76	%			(16.85	)%			17.02	%


Net assets, end of period (in 000s)		$	13,893			$	11,522			$	10,009			$	8,211			$	7,255			$	6,263

Ratio of net expenses to average net assets^(d)			0.18	%^(e)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.22	%^(e)			0.24	%			0.23	%			0.24	%			0.24	%			0.22	%

Ratio of net investment income to average net assets^(b)			1.20	%^(e)			1.82	%			1.87	%			1.92	%			2.48	%			2.79	%

Portfolio turnover rate^(f)			14	%			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Growth Allocation Fund

	Class R Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	19.39			$	18.30			$	17.27			$	14.93			$	19.01			$	17.36


Net investment income^(a)(b)			0.06				0.24				0.24				0.21				0.26				0.44

Net realized and unrealized gain (loss)			1.77				3.14				2.18				2.34				(3.56	)			2.39


Total from investment operations			1.83				3.38				2.42				2.55				(3.30	)			2.83


Distributions to shareholders from net investment income			—				(0.50	)			(0.58	)			(0.21	)			(0.52	)			(0.66	)

Distributions to shareholders from net realized gains			—				(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			—				(2.29	)			(1.39	)			(0.21	)			(0.78	)			(1.18	)


Net asset value, end of period		$	21.22			$	19.39			$	18.30			$	17.27			$	14.93			$	19.01


Total return^(c)			9.44	%			18.51	%			13.85	%			17.07	%			(17.38	)%			16.31	%


Net assets, end of period (in 000s)		$	9,003			$	8,574			$	7,202			$	6,350			$	5,492			$	7,788

Ratio of net expenses to average net assets^(d)			0.78	%^(e)			0.80	%			0.80	%			0.81	%			0.81	%			0.81	%

Ratio of total expenses to average net assets^(d)			0.84	%^(e)			0.86	%			0.85	%			0.86	%			0.86	%			0.85	%

Ratio of net investment income to average net assets^(b)			0.58	%^(e)			1.22	%			1.26	%			1.31	%			1.58	%			2.31	%

Portfolio turnover rate^(f)			14	%			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS GROWTH ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Growth Allocation Fund

	Class P Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	20.24			$	18.99			$	17.87			$	15.43			$	19.62			$	17.87


Net investment income^(a)(b)			0.12				0.37				0.36				0.32				0.39				0.59

Net realized and unrealized gain (loss)			1.86				3.28				2.27				2.43				(3.69	)			2.45


Total from investment operations			1.98				3.65				2.63				2.75				(3.30	)			3.04


Distributions to shareholders from net investment income			—				(0.61	)			(0.70	)			(0.31	)			(0.63	)			(0.77	)

Distributions to shareholders from net realized gains			—				(1.79	)			(0.81	)			—				(0.26	)			(0.52	)


Total distributions			—				(2.40	)			(1.51	)			(0.31	)			(0.89	)			(1.29	)


Net asset value, end of period		$	22.22			$	20.24			$	18.99			$	17.87			$	15.43			$	19.62


Total return^(c)			9.78	%			19.27	%			14.52	%			17.83	%			(16.85	)%			17.03	%


Net assets, end of period (in 000s)		$	427,071			$	388,478			$	312,750			$	270,227			$	230,411			$	277,169

Ratio of net expenses to average net assets^(d)			0.18	%^(e)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.22	%^(e)			0.24	%			0.23	%			0.24	%			0.23	%			0.22	%

Ratio of net investment income to average net assets^(b)			1.20	%^(e)			1.84	%			1.86	%			1.93	%			2.26	%			2.98	%

Portfolio turnover rate^(f)			14	%			20	%			35	%			67	%			27	%			5	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Moderate Allocation Fund

	Class A Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.42			$	15.43			$	14.77			$	13.10			$	16.35			$	15.51


Net investment income^(a)(b)			0.12				0.28				0.34				0.26				0.28				0.36

Net realized and unrealized gain (loss)			1.07				2.10				1.32				1.65				(2.80	)			1.53


Total from investment operations			1.19				2.38				1.66				1.91				(2.52	)			1.89


Distributions to shareholders from net investment income			(0.14	)			(0.41	)			(0.54	)			(0.24	)			(0.50	)			(0.53	)

Distributions to shareholders from net realized gains			—				(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(0.14	)			(1.39	)			(1.00	)			(0.24	)			(0.73	)			(1.05	)


Net asset value, end of period		$	17.47			$	16.42			$	15.43			$	14.77			$	13.10			$	16.35


Total return^(c)			7.29	%			15.59	%			11.14	%			14.70	%			(15.50	)%			12.27	%


Net assets, end of period (in 000s)		$	257,144			$	251,631			$	242,783			$	242,239			$	228,850			$	297,996

Ratio of net expenses to average net assets^(d)			0.55	%^(e)			0.55	%			0.55	%			0.56	%			0.56	%			0.56	%

Ratio of total expenses to average net assets^(d)			0.60	%^(e)			0.62	%			0.60	%			0.61	%			0.61	%			0.59	%

Ratio of net investment income to average net assets^(b)			1.43	%^(e)			1.75	%			2.17	%			1.85	%			1.94	%			2.15	%

Portfolio turnover rate^(f)			14	%			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Moderate Allocation Fund

	Class C Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	15.84			$	14.93			$	14.32			$	12.70			$	15.88			$	15.12


Net investment income^(a)(b)			0.05				0.16				0.22				0.14				0.15				0.20

Net realized and unrealized gain (loss)			1.03				2.02				1.27				1.61				(2.71	)			1.53


Total from investment operations			1.08				2.18				1.49				1.75				(2.56	)			1.73


Distributions to shareholders from net investment income			(0.08	)			(0.29	)			(0.42	)			(0.13	)			(0.39	)			(0.45	)

Distributions to shareholders from net realized gains			—				(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(0.08	)			(1.27	)			(0.88	)			(0.13	)			(0.62	)			(0.97	)


Net asset value, end of period		$	16.84			$	15.84			$	14.93			$	14.32			$	12.70			$	15.88


Total return^(c)			6.84	%			14.73	%			10.31	%			13.88	%			(16.16	)%			11.44	%


Net assets, end of period (in 000s)		$	5,144			$	5,213			$	5,168			$	5,857			$	6,766			$	10,130

Ratio of net expenses to average net assets^(d)			1.30	%^(e)			1.30	%			1.30	%			1.31	%			1.31	%			1.31	%

Ratio of total expenses to average net assets^(d)			1.35	%^(e)			1.37	%			1.35	%			1.36	%			1.36	%			1.34	%

Ratio of net investment income to average net assets^(b)			0.67	%^(e)			0.99	%			1.43	%			1.04	%			1.08	%			1.23	%

Portfolio turnover rate^(f)			14	%			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Moderate Allocation Fund

	Institutional Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.48			$	15.49			$	14.82			$	13.14			$	16.40			$	15.56


Net investment income^(a)(b)			0.15				0.36				0.40				0.31				0.33				0.44

Net realized and unrealized gain (loss)			1.08				2.07				1.32				1.66				(2.81	)			1.52


Total from investment operations			1.23				2.43				1.72				1.97				(2.48	)			1.96


Distributions to shareholders from net investment income			(0.17	)			(0.46	)			(0.59	)			(0.29	)			(0.55	)			(0.60	)

Distributions to shareholders from net realized gains			—				(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(0.17	)			(1.44	)			(1.05	)			(0.29	)			(0.78	)			(1.12	)


Net asset value, end of period		$	17.54			$	16.48			$	15.49			$	14.82			$	13.14			$	16.40


Total return^(c)			7.45	%			16.00	%			11.56	%			15.14	%			(15.19	)%			12.64	%


Net assets, end of period (in 000s)		$	531,659			$	480,236			$	403,567			$	333,697			$	331,731			$	443,099

Ratio of net expenses to average net assets^(d)			0.19	%^(e)			0.19	%			0.19	%			0.20	%			0.19	%			0.19	%

Ratio of total expenses to average net assets^(d)			0.24	%^(e)			0.26	%			0.24	%			0.24	%			0.24	%			0.23	%

Ratio of net investment income to average net assets^(b)			1.80	%^(e)			2.18	%			2.51	%			2.20	%			2.29	%			2.65	%

Portfolio turnover rate^(f)			14	%			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Moderate Allocation Fund

	Service Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.36			$	15.39			$	14.73			$	13.06			$	16.30			$	15.48


Net investment income^(a)(b)			0.11				0.26				0.32				0.23				0.25				0.34

Net realized and unrealized gain (loss)			1.07				2.07				1.32				1.66				(2.78	)			1.51


Total from investment operations			1.18				2.33				1.64				1.89				(2.53	)			1.85


Distributions to shareholders from net investment income			(0.13	)			(0.38	)			(0.52	)			(0.22	)			(0.48	)			(0.51	)

Distributions to shareholders from net realized gains			—				(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(0.13	)			(1.36	)			(0.98	)			(0.22	)			(0.71	)			(1.03	)


Net asset value, end of period		$	17.41			$	16.36			$	15.39			$	14.73			$	13.06			$	16.30


Total return^(c)			7.18	%			15.40	%			11.02	%			14.58	%			(15.61	)%			12.03	%


Net assets, end of period (in 000s)		$	2,062			$	1,961			$	1,896			$	1,723			$	1,851			$	2,755

Ratio of net expenses to average net assets^(d)			0.69	%^(e)			0.69	%			0.69	%			0.70	%			0.69	%			0.69	%

Ratio of total expenses to average net assets^(d)			0.74	%^(e)			0.76	%			0.74	%			0.74	%			0.74	%			0.73	%

Ratio of net investment income to average net assets^(b)			1.29	%^(e)			1.61	%			2.05	%			1.69	%			1.75	%			2.07	%

Portfolio turnover rate^(f)			14	%			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Moderate Allocation Fund

	Investor Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.30			$	15.33			$	14.68			$	13.02			$	16.26			$	15.44


Net investment income^(a)(b)			0.14				0.33				0.35				0.32				0.32				0.41

Net realized and unrealized gain (loss)			1.07				2.07				1.33				1.62				(2.80	)			1.51


Total from investment operations			1.21				2.40				1.68				1.94				(2.48	)			1.92


Distributions to shareholders from net investment income			(0.16	)			(0.45	)			(0.57	)			(0.28	)			(0.53	)			(0.58	)

Distributions to shareholders from net realized gains			—				(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(0.16	)			(1.43	)			(1.03	)			(0.28	)			(0.76	)			(1.10	)


Net asset value, end of period		$	17.35			$	16.30			$	15.33			$	14.68			$	13.02			$	16.26


Total return^(c)			7.47	%			15.84	%			11.40	%			15.01	%			(15.30	)%			12.48	%


Net assets, end of period (in 000s)		$	11,056			$	11,770			$	8,412			$	13,017			$	7,459			$	8,948

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

Ratio of total expenses to average net assets^(d)			0.35	%^(e)			0.37	%			0.35	%			0.36	%			0.36	%			0.34	%

Ratio of net investment income to average net assets^(b)			1.65	%^(e)			2.02	%			2.25	%			2.28	%			2.24	%			2.50	%

Portfolio turnover rate^(f)			14	%			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Moderate Allocation Fund

	Class R6 Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.48			$	15.48			$	14.81			$	13.14			$	16.40			$	15.55


Net investment income^(a)(b)			0.15				0.40				0.42				0.31				0.43				0.32

Net realized and unrealized gain (loss)			1.07				2.05				1.31				1.65				(2.91	)			1.64


Total from investment operations			1.22				2.45				1.73				1.96				(2.48	)			1.96


Distributions to shareholders from net investment income			(0.17	)			(0.47	)			(0.60	)			(0.29	)			(0.55	)			(0.59	)

Distributions to shareholders from net realized gains			—				(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(0.17	)			(1.45	)			(1.06	)			(0.29	)			(0.78	)			(1.11	)


Net asset value, end of period		$	17.53			$	16.48			$	15.48			$	14.81			$	13.14			$	16.40


Total return^(c)			7.46	%			16.02	%			11.58	%			15.08	%			(15.17	)%			12.69	%


Net assets, end of period (in 000s)		$	7,750			$	6,032			$	2,645			$	2,201			$	2,162			$	923

Ratio of net expenses to average net assets^(d)			0.18	%^(e)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.23	%^(e)			0.25	%			0.23	%			0.23	%			0.23	%			0.22	%

Ratio of net investment income to average net assets^(b)			1.84	%^(e)			2.46	%			2.69	%			2.23	%			3.02	%			1.94	%

Portfolio turnover rate^(f)			14	%			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Moderate Allocation Fund

	Class R Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.23			$	15.27			$	14.62			$	12.97			$	16.20			$	15.39


Net investment income^(a)(b)			0.10				0.24				0.30				0.21				0.25				0.31

Net realized and unrealized gain (loss)			1.05				2.07				1.31				1.64				(2.79	)			1.52


Total from investment operations			1.15				2.31				1.61				1.85				(2.54	)			1.83


Distributions to shareholders from net investment income			(0.12	)			(0.37	)			(0.50	)			(0.20	)			(0.46	)			(0.50	)

Distributions to shareholders from net realized gains			—				(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(0.12	)			(1.35	)			(0.96	)			(0.20	)			(0.69	)			(1.02	)


Net asset value, end of period		$	17.26			$	16.23			$	15.27			$	14.62			$	12.97			$	16.20


Total return^(c)			7.13	%			15.28	%			10.92	%			14.39	%			(15.73	)%			11.94	%


Net assets, end of period (in 000s)		$	4,913			$	4,656			$	4,259			$	4,230			$	4,346			$	5,579

Ratio of net expenses to average net assets^(d)			0.80	%^(e)			0.80	%			0.80	%			0.81	%			0.81	%			0.81	%

Ratio of total expenses to average net assets^(d)			0.85	%^(e)			0.87	%			0.85	%			0.86	%			0.86	%			0.84	%

Ratio of net investment income to average net assets^(b)			1.18	%^(e)			1.51	%			1.92	%			1.57	%			1.75	%			1.87	%

Portfolio turnover rate^(f)			14	%			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS MODERATE ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Moderate Allocation Fund

	Class P Shares
	Six Months Ended June 30, 2026 (Unaudited)
					Year Ended December 31,
					2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.47			$	15.48			$	14.81			$	13.13			$	16.39			$	15.55


Net investment income^(a)(b)			0.15				0.35				0.41				0.31				0.34				0.44

Net realized and unrealized gain (loss)			1.08				2.09				1.32				1.66				(2.82	)			1.52


Total from investment operations			1.23				2.44				1.73				1.97				(2.48	)			1.96


Distributions to shareholders from net investment income			(0.17	)			(0.47	)			(0.60	)			(0.29	)			(0.55	)			(0.60	)

Distributions to shareholders from net realized gains			—				(0.98	)			(0.46	)			—				(0.23	)			(0.52	)


Total distributions			(0.17	)			(1.45	)			(1.06	)			(0.29	)			(0.78	)			(1.12	)


Net asset value, end of period		$	17.53			$	16.47			$	15.48			$	14.81			$	13.13			$	16.39


Total return^(c)			7.52	%			15.95	%			11.58	%			15.17	%			(15.19	)%			12.66	%


Net assets, end of period (in 000s)		$	326,046			$	303,455			$	261,073			$	238,157			$	218,480			$	260,202

Ratio of net expenses to average net assets^(d)			0.18	%^(e)			0.18	%			0.18	%			0.19	%			0.18	%			0.18	%

Ratio of total expenses to average net assets^(d)			0.23	%^(e)			0.25	%			0.23	%			0.23	%			0.23	%			0.22	%

Ratio of net investment income to average net assets^(b)			1.80	%^(e)			2.14	%			2.57	%			2.23	%			2.38	%			2.62	%

Portfolio turnover rate^(f)			14	%			19	%			32	%			48	%			29	%			8	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)


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

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements

June 30, 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

All Funds	A, C, Institutional, Service, Investor, R6, R, P	Diversified

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

The Goldman Sachs Conservative Allocation Fund, Goldman Sachs Growth Allocation Fund and Goldman Sachs Moderate Allocation Fund are expected to invest primarily in a combination of domestic and international equity, fixed income and alternative asset underlying funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the universe of unaffiliated funds available, and may also invest in unaffiliated exchange-traded funds (“ETFs”) (collectively, the “Underlying Funds”). The Dynamic Global Equity Fund is expected to invest in a diversified portfolio of global equity asset classes. Such investments may include Underlying Funds, futures, forwards, options, swaps and other instruments with similar economic exposures.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The valuation policy of the Funds and Underlying Funds is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.


		69

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Fund will vary.

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


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid

Conservative Allocation Fund	Quarterly	Annually

Dynamic Global Equity Fund	Annually	Annually

Growth Allocation Fund	Annually	Annually

Moderate Allocation Fund	Quarterly	Annually

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

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

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

F. In-Kind Transactions — The Funds may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with each Fund’s Valuation Procedures (as defined below), and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Fund’s prospectus.


70

GOLDMAN SACHS FUND OF FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Funds, as prescribed in the Funds’ prospectuses. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Funds’ Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Funds’ single segment is consistent with that presented within the Funds’ financial statements.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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


		71

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.


72

GOLDMAN SACHS FUND OF FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

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


		73

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2026:


CONSERVATIVE ALLOCATION FUND

Investment Type	Level 1			Level 2			Level 3



Assets

Underlying Funds	$	600,227,395		$	—		$	—

Investment Company		16,977,211			—			—



Total	$	617,204,606		$	—		$	—



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	774,138		$	—

Futures Contracts^(a)		422,452			—			—

Total Return Swap Contracts^(a)		—			457			—

Purchased Option Contracts		1,221,839			529,733			—



Total	$	1,644,291		$	1,304,328		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(95,930	)	$	—

Futures Contracts^(a)		(16,024	)		—			—

Credit Default Swap Contracts^(a)		—			(108,438	)		—

Total Return Swap Contracts^(a)		—			(98	)		—

Written Option Contracts		(57,588	)		(16,980	)		—



Total	$	(73,612	)	$	(221,446	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.


DYNAMIC GLOBAL EQUITY FUND

Investment Type	Level 1		Level 2		Level 3



Assets

Underlying Funds	$	452,122,584	$	—	$	—

Investment Company		15,121,479		—		—



Total	$	467,244,063	$	—	$	—



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—	$	301,392	$	—

Futures Contracts^(a)		761,498		—		—

Total Return Swap Contracts^(a)		—		323		—

Purchased Option Contracts		1,513,520		543,760		—



Total	$	2,275,018	$	845,475	$	—


74

GOLDMAN SACHS FUND OF FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


DYNAMIC GLOBAL EQUITY FUND (continued)

Derivative Type	Level 1			Level 2			Level 3



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(70,392	)	$	—

Written Option Contracts		(60,583	)		—			—



Total	$	(60,583	)	$	(70,392	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.


GROWTH ALLOCATION FUND

Investment Type	Level 1			Level 2			Level 3



Assets

Underlying Funds	$	1,156,248,093		$	—		$	—

Investment Company		38,347,150			—			—



Total	$	1,194,595,243		$	—		$	—



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	1,084,517		$	—

Futures Contracts^(a)		838,467			—			—

Total Return Swap Contracts^(a)		—			851			—

Purchased Option Contracts		3,047,783			1,061,639			—



Total	$	3,886,250		$	2,147,007		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(180,622	)	$	—

Futures Contracts^(a)		(24,751	)		—			—

Credit Default Swap Contracts^(a)		—			(194,420	)		—

Total Return Swap Contracts^(a)		—			(181	)		—

Written Option Contracts		(144,533	)		(33,018	)		—



Total	$	(169,284	)	$	(408,241	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.


MODERATE ALLOCATION FUND

Investment Type	Level 1		Level 2		Level 3



Assets

Underlying Funds	$	1,078,395,457	$	—	$	—

Investment Company		28,303,770		—		—



Total	$	1,106,699,227	$	—	$	—


		75

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


MODERATE ALLOCATION FUND (continued)

Derivative Type	Level 1			Level 2			Level 3



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	1,248,993		$	—

Futures Contracts^(a)		734,526			—			—

Total Return Swap Contracts^(a)		—			799			—

Purchased Option Contracts		2,264,081			964,619			—



Total	$	2,998,607		$	2,214,411		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(161,302	)	$	—

Futures Contracts^(a)		(23,410	)		—			—

Credit Default Swap Contracts^(a)		—			(188,993	)		—

Total Return Swap Contracts^(a)		—			(170	)		—

Written Option Contracts		(94,473	)		(30,066	)		—



Total	$	(117,883	)	$	(380,531	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2026. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.


Conservative Allocation Fund

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities

Credit	Variation margin on swap contracts	$	—		Variation margin on swap contracts	$	(108,438	)^(a)

Currency	Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value		1,303,871		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(95,931	)

Equity	Receivable for unrealized gain on swap contracts; Variation margin on futures contracts; Purchased options, at value		419,142	^(a)	Payable for unrealized loss swap contracts; Variation margin on futures contracts; Written options, at value		(90,689	)^(a)(b)

Interest rate	Variation margin on futures contracts; Purchased options, at value		1,225,606	^(a)	Written options, at value		—

Total		$	2,948,619			$	(295,058	)


76

GOLDMAN SACHS FUND OF FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)


Dynamic Global Equity Fund

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities

Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value	$	845,152		Payable for unrealized loss on forward foreign currency exchange contracts	$	(70,392	)

Equity	Receivable for unrealized gain on swap contracts; Variation margin on futures contracts		761,821	^(a)	Written options, at value		(60,583	)

Interest rate	Purchased options, at value		1,513,520		Written options, at value		—

Total		$	3,120,493			$	(130,975	)

Growth Allocation Fund

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities

Credit	Variation margin on swaps contracts	$	—		Variation margin on swaps contracts	$	(194,420	)^(a)

Currency	Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value		2,146,156		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(180,625	)

Equity	Receivable for unrealized gain on swap contracts; Variation margin on futures contracts; Purchased options, at value		832,378	^(a)	Payable for unrealized loss swap contracts; Variation margin on futures contracts; Written options, at value		(202,480	)^(a)(b)

Interest rate	Variation margin on futures contracts; Purchased options, at value		3,054,723	^(a)	Variation margin on futures contracts; Written options, at value		—

Total		$	6,033,257			$	(577,525	)


		77

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)


Moderate Allocation Fund

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities

Credit	Variation margin on swap contracts	$	—		Variation margin on swap contracts	$	(188,993	)^(a)

Currency	Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value		2,213,612		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(161,305	)

Equity	Receivable for unrealized gain on swap contracts; Variation margin on futures contracts		728,980	^(a)	Payable for unrealized loss swap contracts; Variation margin on futures contracts; Written options, at value		(148,116	)^(a)(b)

Interest rate	Variation margin on futures contracts; Purchased options, at value		2,270,426	^(a)	Variation margin on futures contracts; Written options, at value		—

Total		$	5,213,018			$	(498,414	)

(a)

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2026 is reported within the Statements of Assets and Liabilities.

(b)

Aggregate of amounts include $98, $181 and $170 for the Conservative Allocation, Growth Allocation and Moderate Allocation Funds, respectively,which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, a Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which a Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2026. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:


Conservative Allocation Fund

Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	44,728		$	(96,446	)

Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options		6,818			886,072

Equity	Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts /Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts		2,605,270			1,009,539

Interest rate	Net realized gain (loss) from futures contracts, purchased options and swap contracts /Net change in unrealized gain (loss) on futures contracts and purchased options		(640,516	)		(1,454,580	)

Total		$	2,016,300		$	344,585


78

GOLDMAN SACHS FUND OF FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)


Dynamic Global Equity Fund

Risk	Statements of Operations	Net Realized Gain (Loss)				Net Change in Unrealized Gain (Loss)

Currency	Net realized gain (loss) from forward foreign currency exchange contracts and purchased options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts and purchased options		$	(36,757	)		$	302,427

Equity	Net realized gain (loss) from futures contracts, swap contracts and written option contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts and written option contracts			4,256,433				1,444,910

Interest rate	Net realized gain (loss) from purchased options /Net change in unrealized gain (loss) on purchased options			(732,909	)			(1,392,548	)

Total			$	3,486,767			$	354,789

Growth Allocation Fund

Risk	Statements of Operations	Net Realized Gain (Loss)				Net Change in Unrealized Gain (Loss)

Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		$	88,574			$	(172,408	)

Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options			106,261				1,233,328

Equity	Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts /Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts			5,058,866				1,903,341

Interest rate	Net realized gain (loss) from futures contracts, purchased options and swap contracts /Net change in unrealized gain (loss) on futures contracts and purchased options			(1,355,903	)			(3,592,723	)

Total			$	3,897,798			$	(628,462	)


		79

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)


Moderate Allocation Fund

Risk	Statements of Operations	Net Realized Gain (Loss)				Net Change in Unrealized Gain (Loss)

Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		$	81,545			$	(167,848	)

Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options /Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options			(31,994	)			1,459,429

Equity	Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, Purchased options, written options and swap contracts			4,315,800				1,791,402

Interest rate	Net realized gain (loss) from futures contracts and purchased options /Net change in unrealized gain (loss) on futures contracts and purchased options			(1,269,069	)			(2,904,798	)

Total			$	3,096,282			$	178,185

For the six months ended June 30, 2026, the relevant values for each derivative type were as follows:


	Average Number of Contracts, Notional Amounts, or Shares/Units^(a)



Fund	Futures Contracts	Forward Contracts		Swap Agreements		Purchased Options		Written Options



Conservative Allocation Fund	223		$41,995,162		$13,531,080		80,422,149		1,504,599



Dynamic Global Equity Fund	215		22,529,733		9,829,895		79,051,184		7,350



Growth Allocation Fund	348		78,126,634		25,094,543		154,129,961		2,748,494



Moderate Allocation Fund	352		70,192,111		23,639,638		142,713,388		2,634,612

(a)

Amounts disclosed represent the average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of the volume for this derivative type, for the months that each Fund held such derivatives during the six months ended June 30, 2026.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of average daily net assets of 0.15% for each of the Funds.

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


80

GOLDMAN SACHS FUND OF FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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


	Distribution and/or Service Plan Rates

	Class A*			Class C			Service			Class R*



Distribution and/or Service Plan		0.25	%		0.75	%		0.25	%		0.50	%

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2026, Goldman Sachs retained the following amounts:


	Front End Sales Charge	Contingent Deferred Sales Charge

Fund	Class A	Class C



Conservative Allocation Fund	$3,034	$130



Dynamic Global Equity Fund	2,467	397



Growth Allocation Fund	5,673	216



Moderate Allocation Fund	7,081	327

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

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

Effective April 30, 2026, Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.05% as an annual percentage of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Growth Allocation Fund. This arrangement will remain in effect through at least April 30, 2027, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Trustees.


		81

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004% for each Fund. These Other Expense limitations will remain in place through at least April 30, 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 transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Transfer Agency Waivers/Credits	Other Expense Reimbursements	Total Expense Reductions

Conservative Allocation Fund	$ 2,505	$205,910	$208,415



Dynamic Global Equity Fund	1,590	209,021	210,611



Growth Allocation Fund	44,651	202,649	247,300



Moderate Allocation Fund	2,782	254,785	257,567

G. Line of Credit Facility — As of June 30, 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 June 30, 2026, the Funds did not have any borrowings under the facility. Prior to April 10, 2026, the facility was $1,300,000,000.

H. Other Transactions with Affiliates — The Funds invest primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Funds. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2026 (in thousands):


Conservative Allocation Fund

Underlying Fund	Market Value as of December 31, 2025	Purchases at Cost	Proceeds from Sales		Net Realized Gain (Loss)		Change In Unrealized Gain (Loss)		Market Value as of June 30, 2026	Shares as of June 30, 2026	Dividend Income

Goldman Sachs Access Investment Grade Corporate Bond ETF	$ 64,058	$ 19,400	$ (1,955	)	$(26	)	$ (466	)	$ 81,011	1,765	$1,315



Goldman Sachs ActiveBeta Emerging Markets Equity ETF	2,044	—	—		—		510		2,554	49	—



Goldman Sachs ActiveBeta International Equity ETF	5,035	1,058	—		—		362		6,455	141	103



Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	8,404	809	—		—		653		9,866	70	48


82

GOLDMAN SACHS FUND OF FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Conservative Allocation Fund (continued)

Underlying Fund	Market Value as of December 31, 2025	Purchases at Cost	Proceeds from Sales		Net Realized Gain (Loss)		Change In Unrealized Gain (Loss)		Market Value as of June 30, 2026	Shares as of June 30, 2026	Dividend Income

Goldman Sachs Central Government Fund — Institutional Shares	$ —	$ 41,532	$ (24,555	)	$ —		$ —		$ 16,977	16,976	$ 123



Goldman Sachs Emerging Markets Debt Fund — Class R6	10,981	2,341	—		—		83		13,405	1,284	341



Goldman Sachs Emerging Markets Equity Insights Fund — Class R6	14,260	—	(4,900	)	1,410		2,192		12,962	901	—



Goldman Sachs Energy Infrastructure Fund — Class R6	322	—	(346	)	76		(52	)	—	—	—



Goldman Sachs Financial Square Government Fund — Institutional Shares	7,628	72,872	(80,500	)	—		—		—	—	175



Goldman Sachs Global Core Fixed Income Fund — Class R6	231,557	15,382	(26,750	)	(3,111	)	1,475		218,553	19,171	3,881



Goldman Sachs Global Infrastructure Fund — Class R6	5,935	3,526	—		—		824		10,285	728	127



Goldman Sachs High Yield Floating Rate Fund — Class R6	6,416	85	(5,700	)	(364	)	234		671	80	85



Goldman Sachs High Yield Fund — Class R6	7,998	11,656	(9,200	)	(65	)	(77	)	10,312	1,832	256



Goldman Sachs Inflation Protected Securities Fund — Class R6	18,515	518	—		—		(331	)	18,702	1,983	517



Goldman Sachs International Equity Insights Fund — Class R6	32,757	2,200	(7,800	)	671		3,324		31,152	1,520	—



Goldman Sachs International Small Cap Insights Fund — Class R6	5,106	1,000	—		—		704		6,810	374	—



Goldman Sachs Large Cap Growth Insights Fund — Class R6	36,134	10,001	(4,500	)	(63	)	1,148		42,720	1,149	—



Goldman Sachs Large Cap Value Insights Fund — Class R6	36,308	3,209	(2,000	)	(60	)	4,811		42,268	1,515	210



Goldman Sachs Managed Futures Strategy Fund — Class R6	5,881	—	—		—		326		6,207	626	—



Goldman Sachs MarketBeta Emerging Markets Equity ETF	10,571	569	(2,340	)	593		1,821		11,214	159	—



Goldman Sachs MarketBeta International Equity ETF	26,012	—	(2,793	)	954		1,112		25,285	337	383



Goldman Sachs MarketBeta U.S. Equity ETF	34,492	5,450	(5,181	)	276		3,312		38,349	372	204



Goldman Sachs Small Cap Equity Insights Fund — Class R6	7,340	1,700	(1,000	)	53		1,969		10,062	276	—



Total	$577,754	$193,308	$(179,520	)	$ 344		$23,934		$615,820		$7,768


		83

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Dynamic Global Equity Fund

Underlying Fund	Beginning Value as of December 31, 2025	Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change In Unrealized Gain (Loss)		Ending Value as of June 30, 2026	Shares as of June 30, 2026	Dividend Income

Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$ 4,721	$ —		$ —			$ —		$ 1,177		$ 5,898	113	$ —



Goldman Sachs ActiveBeta International Equity ETF	8,702	—		—			—		560		9,262	203	148



Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	17,949	—		—			—		1,291		19,240	136	93



Goldman Sachs Central Government Fund — Institutional Shares	—	31,644		(16,523	)		—		—		15,121	15,121	113



Goldman Sachs Emerging Markets Equity Insights Fund — Class R6	28,418	750		—			—		8,290		37,458	2,603	—



Goldman Sachs Financial Square Government Fund — Institutional Shares	10,253	34,013		(44,266	)		—		—		—	—	137



Goldman Sachs Global Infrastructure Fund — Class R6	6,725	91		—			—		635		7,451	527	91



Goldman Sachs International Equity Insights Fund — Class R6	52,726	—		(5,299	)		645		6,040		54,112	2,640	—



Goldman Sachs International Small Cap Insights Fund — Class R6	4,232	—		—			—		522		4,754	261	—



Goldman Sachs Large Cap Growth Insights Fund — Class R6	72,785	4,300		—			—		1,352		78,437	2,110	—



Goldman Sachs Large Cap Value Insights Fund — Class R6	73,560	1,890		(5,500	)		93		9,009		79,052	2,833	390



Goldman Sachs MarketBeta Emerging Markets Equity ETF	21,974	—		(1,188	)		281		5,026		26,093	370	—



Goldman Sachs MarketBeta International Equity ETF	34,407	2,433		(1,521	)		312		2,461		38,092	507	545



Goldman Sachs MarketBeta U.S. Equity ETF	72,737	2,112		(1,085	)		29		6,645		80,438	780	407



Goldman Sachs Small Cap Equity Insights Fund — Class R6	6,198	—		—			—		1,553		7,751	213	—



Total	$415,387	$77,233		$(75,382	)		$1,360		$44,561		$463,159		$1,924



Growth Allocation Fund

Underlying Fund	Market Value as of December 31, 2025	Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change In Unrealized Gain (Loss)		Market Value as of June 30, 2026	Shares as of June 30, 2026	Dividend Income

Goldman Sachs Access Investment Grade Corporate Bond ETF	$ 49,414	$ 42,097	$	(5,609	)	$	(73	)	$ (434	)	$ 85,395	1,860	$1,244



Goldman Sachs Access U.S. Aggregate Bond ETF	45,679	6,344		(25,376	)		(68	)	(300	)	26,279	638	653


84

GOLDMAN SACHS FUND OF FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Growth Allocation Fund (continued)

Underlying Fund	Market Value as of December 31, 2025	Purchases at Cost	Proceeds from Sales		Net Realized Gain (Loss)		Change In Unrealized Gain (Loss)		Market Value as of June 30, 2026	Shares as of June 30, 2026	Dividend Income

Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$ 8,210	$ 5,837	$ —		$ —		$ 3,163		$ 17,210	331	$ —



Goldman Sachs ActiveBeta International Equity ETF	25,947	—	(3,274	)	144		1,403		24,220	530	388



Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	43,552	2,564	—		—		3,286		49,402	348	239



Goldman Sachs Central Government Fund — Institutional Shares	—	97,151	(58,804	)	—		—		38,347	38,347	268



Goldman Sachs Emerging Markets Debt Fund — Class R6	38,486	3,448	—		—		279		42,213	4,043	1,149



Goldman Sachs Emerging Markets Equity Insights Fund — Class R6	51,542	8,800	(8,500	)	685		15,089		67,616	4,699	—



Goldman Sachs Energy Infrastructure Fund — Class R6	323	—	(347	)	77		(53	)	—	—	—



Goldman Sachs Financial Square Government Fund — Institutional Shares	18,508	140,090	(158,598	)	—		—		—	—	293



Goldman Sachs Global Infrastructure Fund — Class R6	8,705	8,918	(1,500	)	172		1,398		17,693	1,252	218



Goldman Sachs High Yield Floating Rate Fund — Class R6	11,258	150	(10,000	)	(462	)	234		1,180	141	150



Goldman Sachs High Yield Fund — Class R6	10,559	2,056	(6,000	)	(58	)	(75	)	6,482	1,151	256



Goldman Sachs International Equity Insights Fund — Class R6	112,326	16,700	(25,540	)	816		13,635		117,937	5,753	—



Goldman Sachs International Small Cap Insights Fund — Class R6	11,127	6,900	(2,001	)	54		1,786		17,866	980	—



Goldman Sachs Large Cap Growth Insights Fund — Class R6	137,684	23,400	(13,000	)	(264	)	3,446		151,266	4,070	—



Goldman Sachs Large Cap Value Insights Fund — Class R6	136,419	13,755	(19,530	)	(423	)	17,787		148,008	5,305	755



Goldman Sachs Managed Futures Strategy Fund — Class R6	9,895	—	—		—		548		10,443	1,054	—



Goldman Sachs MarketBeta Emerging Markets Equity ETF	35,204	3,477	(1,426	)	(143	)	9,139		46,251	656	—



Goldman Sachs MarketBeta International Equity ETF	91,991	—	(6,395	)	2,117		5,410		93,123	1,239	1,409



Goldman Sachs MarketBeta U.S. Equity ETF	183,913	8,903	(9,166	)	497		16,997		201,144	1,951	1,047


		85

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Growth Allocation Fund (continued)

Underlying Fund	Market Value as of December 31, 2025	Purchases at Cost	Proceeds from Sales		Net Realized Gain (Loss)		Change In Unrealized Gain (Loss)		Market Value as of June 30, 2026	Shares as of June 30, 2026	Dividend Income

Goldman Sachs Small Cap Equity Insights Fund — Class R6	$ 16,739	$ 7,800	$ —		$ —		$ 5,452		$ 29,991	823	$ —



Total	$1,047,481	$398,390	$(355,066)		$3,071		$98,190		$1,192,066		$8,069



Moderate Allocation Fund

Underlying Fund	Market Value as of December 31, 2025	Purchases at Cost	Proceeds from Sales		Net Realized Gain (Loss)		Change In Unrealized Gain (Loss)		Market Value as of June 30, 2026	Shares as of June 30, 2026	Dividend Income

Goldman Sachs Access Investment Grade Corporate Bond ETF	$ 41,201	$ 78,409	$ (1,860	)	$ (40	)	$ (771	)	$ 116,939	2,547	$1,792



Goldman Sachs ActiveBeta Emerging Markets Equity ETF	5,450	1,989	—		—		1,724		9,163	176	—



Goldman Sachs ActiveBeta International Equity ETF	14,683	2,356	—		—		1,081		18,120	397	290



Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	29,535	—	—		—		2,124		31,659	223	153



Goldman Sachs Central Government Fund — Institutional Shares	—	65,133	(36,829	)	—		—		28,304	28,305	214



Goldman Sachs Emerging Markets Debt Fund — Class R6	28,890	684	(5,500	)	328		(146	)	24,256	2,323	684



Goldman Sachs Emerging Markets Equity Insights Fund — Class R6	34,968	—	(8,000	)	2,557		6,958		36,483	2,535	—



Goldman Sachs Energy Infrastructure Fund — Class R6	374	—	(402	)	89		(61	)	—	—	—



Goldman Sachs Financial Square Government Fund — Institutional Shares	17,731	94,849	(112,580	)	—		—		—	—	247



Goldman Sachs Global Core Fixed Income Fund — Class R6	243,734	19,202	(59,800	)	(4,719	)	3,011		201,428	17,669	3,703



Goldman Sachs Global Infrastructure Fund — Class R6	10,067	6,624	—		—		1,467		18,158	1,285	224



Goldman Sachs High Yield Floating Rate Fund — Class R6	10,024	138	(8,700	)	(498	)	294		1,258	150	138



Goldman Sachs High Yield Fund — Class R6	11,576	240	(6,000	)	(55	)	(65	)	5,696	1,012	241



Goldman Sachs Inflation Protected Securities Fund — Class R6	30,002	3,511	—		—		(585	)	32,928	3,492	911



Goldman Sachs International Equity Insights Fund — Class R6	84,896	—	(10,500	)	2,003		8,484		84,883	4,141	—


86

GOLDMAN SACHS FUND OF FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Moderate Allocation Fund (continued)

Underlying Fund	Market Value as of December 31, 2025	Purchases at Cost	Proceeds from Sales		Net Realized Gain (Loss)		Change In Unrealized Gain (Loss)	Market Value as of June 30, 2026	Shares as of June 30, 2026	Dividend Income

Goldman Sachs International Small Cap Insights Fund — Class R6	$ 7,700	$ 3,000	$ —		$ —		$ 1,183	$ 11,883	652	$ —



Goldman Sachs Large Cap Growth Insights Fund — Class R6	100,750	15,100	(9,000	)	(349	)	2,833	109,334	2,941	—



Goldman Sachs Large Cap Value Insights Fund — Class R6	100,296	2,547	(4,999	)	(167	)	12,764	110,441	3,958	547



Goldman Sachs Managed Futures Strategy Fund — Class R6	9,576	—	—		—		530	10,106	1,020	—



Goldman Sachs MarketBeta Emerging Markets Equity ETF	26,901	2,183	(4,293	)	696		5,782	31,269	443	—



Goldman Sachs MarketBeta International Equity ETF	72,322	—	(9,913	)	2,840		2,772	68,021	905	1,030



Goldman Sachs MarketBeta U.S. Equity ETF	118,468	3,885	—		—		11,190	133,543	1,295	679



Goldman Sachs Small Cap Equity Insights Fund — Class R6	11,254	6,600	(1,499	)	147		3,898	20,400	560	—



Total	$1,010,398	$306,450	$(279,875	)	$2,832		$64,467	$1,104,272		$10,853

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2026, were as follows:


Fund	Purchases	Sales

Conservative Allocation Fund	$ 79,244,329	$ 84,771,510



Dynamic Global Equity Fund	12,031,036	19,096,385



Growth Allocation Fund	162,351,363	154,256,538



Moderate Allocation Fund	147,562,854	148,461,626

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2025, the Funds’ certain timing differences on a tax basis were as follows:


	Conservative Allocation			Dynamic Global Equity			Growth Allocation			Moderate Allocation



Timing differences (Qualified Late Year Loss Deferral, Dividends Payable as of Current FYE and Straddles)	$	(334,144	)	$	(322,803	)	$	(601,037	)	$	(533,398	)


		87

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

7. TAX INFORMATION (continued)

As of June 30, 2026, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Conservative Allocation			Dynamic Global Equity			Growth Allocation			Moderate Allocation



Tax Cost	$	549,229,541		$	332,800,963		$	883,887,780		$	889,798,532



Gross unrealized gain		80,122,401			140,695,558			322,346,457			225,074,532

Gross unrealized loss		(12,147,336	)		(6,252,458	)		(11,638,994	)		(12,954,159	)



Net unrealized gain	$	67,975,065		$	134,443,100		$	310,707,463		$	212,120,373

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions.

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

8. OTHER RISKS

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

Asset Allocation Risk — The Funds’ allocations to the various asset classes may cause the Funds to underperform other funds with a similar investment objective.

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively, referred to in this paragraph as (“derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the Fund assets (if any) being hedged.

Expenses Risk — By investing in the Underlying Funds indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Fund (including operating costs and investment management fees), but also the expenses of the Fund.

Investments in the Underlying Funds Risk — The investments of a Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Funds’ investment performance is directly related to the investment performance of the Underlying Funds it holds. The Funds are subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If a Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.


88

GOLDMAN SACHS FUND OF FUNDS

8. OTHER RISKS (continued)

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

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

Temporary Investments Risk — Although the Funds normally seek to remain substantially invested in the Underlying Funds, the Funds may invest a portion of their assets in high-quality, short-term debt obligations to maintain liquidity, to meet shareholder redemptions and for other short-term cash needs. For temporary defensive purposes during abnormal market or economic conditions, the Funds may invest without limitation in short-term obligations. When the Funds’ assets are invested in such investments, the Funds may not be achieving their investment objective.

9. INDEMNIFICATIONS

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

10. 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.


		89

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Conservative Allocation Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		211,218		$	2,732,719			317,900		$	3,961,847

Reinvestment of distributions		60,202			767,586			353,571			4,445,168

Shares redeemed		(441,494	)		(5,703,003	)		(1,167,521	)		(14,486,525	)



		(170,074	)		(2,202,698	)		(496,050	)		(6,079,510	)



Class C Shares

Shares sold		3,532			45,604			29,209			370,512

Reinvestment of distributions		1,150			14,686			9,999			126,217

Shares redeemed		(27,982	)		(363,002	)		(47,315	)		(589,899	)



		(23,300	)		(302,712	)		(8,107	)		(93,170	)



Institutional Shares

Shares sold		4,053,023			51,946,181			8,981,762			112,355,314

Reinvestment of distributions		428,501			5,456,944			2,052,373			25,810,561

Shares redeemed		(4,069,470	)		(52,692,577	)		(8,904,264	)		(111,260,607	)



		412,054			4,710,548			2,129,871			26,905,268



Service Shares

Shares sold		425			5,571			524			6,901

Reinvestment of distributions		—			—			59			757

Shares redeemed		(1,716	)		(21,953	)		(6	)		(69	)



		(1,291	)		(16,382	)		577			7,589



Investor Shares

Shares sold		49,615			634,850			47,836			606,207

Reinvestment of distributions		2,269			28,775			11,638			145,443

Shares redeemed		(39,274	)		(501,996	)		(101,392	)		(1,242,684	)



		12,610			161,629			(41,918	)		(491,034	)



Class R6 Shares

Shares sold		15,401			199,530			80,344			1,039,987

Reinvestment of distributions		2,425			30,925			11,814			148,950

Shares redeemed		(28,461	)		(368,081	)		(39,425	)		(488,063	)



		(10,635	)		(137,626	)		52,733			700,874



Class R Shares

Shares sold		15,566			199,285			112,713			1,424,626

Reinvestment of distributions		8,138			103,198			48,218			603,965

Shares redeemed		(6,826	)		(87,958	)		(46,974	)		(591,679	)



		16,878			214,525			113,957			1,436,912



Class P Shares

Shares sold		195,804			2,543,334			694,545			8,553,952

Reinvestment of distributions		52,397			667,910			264,151			3,323,767

Shares redeemed		(266,133	)		(3,417,584	)		(660,825	)		(8,198,135	)



		(17,932	)		(206,340	)		297,871			3,679,584



NET INCREASE		218,310		$	2,220,944			2,048,934		$	26,066,513


90

GOLDMAN SACHS FUND OF FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Dynamic Global Equity Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		107,805		$	2,568,582			340,780		$	7,736,489

Reinvestment of distributions		—			—			943,385			21,694,957

Shares redeemed		(436,969	)		(10,405,224	)		(1,142,153	)		(26,124,580	)



		(329,164	)		(7,836,642	)		142,012			3,306,866



Class C Shares

Shares sold		30,616			694,944			50,269			1,124,724

Reinvestment of distributions		—			—			43,352			947,271

Shares redeemed		(60,791	)		(1,372,064	)		(53,119	)		(1,150,112	)



		(30,175	)		(677,120	)		40,502			921,883



Institutional Shares

Shares sold		77,939			1,906,149			79,352			1,870,510

Reinvestment of distributions		—			—			110,039			2,589,990

Shares redeemed		(71,915	)		(1,750,697	)		(87,046	)		(2,008,608	)



		6,024			155,452			102,345			2,451,892



Service Shares

Shares sold		36			813			40			956

Reinvestment of distributions		—			—			969			22,253

Shares redeemed		(17	)		(381	)		(3,894	)		(83,922	)



		19			432			(2,885	)		(60,713	)



Investor Shares

Shares sold		91,662			2,112,598			155,931			3,309,100

Reinvestment of distributions		—			—			51,754			1,166,046

Shares redeemed		(66,814	)		(1,577,616	)		(95,873	)		(2,155,511	)



		24,848			534,982			111,812			2,319,635



Class R6 Shares

Shares sold		10,624			260,087			29,117			682,243

Reinvestment of distributions		—			—			7,921			187,149

Shares redeemed		(10,740	)		(260,992	)		(142,133	)		(3,151,916	)



		(116	)		(905	)		(105,095	)		(2,282,524	)



Class R Shares

Shares sold		43,421			999,405			30,954			699,865

Reinvestment of distributions		—			—			35,940			812,623

Shares redeemed		(21,487	)		(520,385	)		(89,705	)		(2,124,300	)



		21,934			479,020			(22,811	)		(611,812	)



Class P Shares

Shares sold		347,291			8,457,630			877,109			20,237,943

Reinvestment of distributions		—			—			1,207,674			28,461,946

Shares redeemed		(232,966	)		(5,673,021	)		(570,383	)		(13,408,571	)



		114,325			2,784,609			1,514,400			35,291,318



NET INCREASE (DECREASE)		(192,305	)	$	(4,560,172	)		1,780,280		$	41,336,545


		91

GOLDMAN SACHS FUND OF FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Growth Allocation Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		225,386		$	4,739,914			721,680		$	14,421,226

Reinvestment of distributions		—			—			1,745,220			35,930,768

Shares redeemed		(1,144,558	)		(24,139,720	)		(2,398,191	)		(48,312,866	)



		(919,172	)		(19,399,806	)		68,709			2,039,128



Class C Shares

Shares sold		25,282			546,910			62,070			1,295,780

Reinvestment of distributions		—			—			56,448			1,195,104

Shares redeemed		(91,482	)		(1,990,978	)		(187,069	)		(3,872,026	)



		(66,200	)		(1,444,068	)		(68,551	)		(1,381,142	)



Institutional Shares

Shares sold		3,909,812			82,064,055			4,001,612			82,781,363

Reinvestment of distributions		—			—			1,595,508			32,897,107

Shares redeemed		(1,719,753	)		(36,747,735	)		(4,367,827	)		(87,872,808	)



		2,190,059			45,316,320			1,229,293			27,805,662



Service Shares

Shares sold		3,066			63,927			6,326			125,274

Reinvestment of distributions		—			—			3,159			64,796

Shares redeemed		(14,107	)		(294,286	)		(15,122	)		(300,631	)



		(11,041	)		(230,359	)		(5,637	)		(110,561	)



Investor Shares

Shares sold		69,322			1,460,840			241,518			4,611,657

Reinvestment of distributions		—			—			56,564			1,143,978

Shares redeemed		(70,770	)		(1,488,779	)		(308,108	)		(6,139,562	)



		(1,448	)		(27,939	)		(10,026	)		(383,927	)



Class R6 Shares

Shares sold		156,426			3,239,287			301,265			6,178,910

Reinvestment of distributions		—			—			54,440			1,122,712

Shares redeemed		(100,316	)		(2,128,322	)		(313,626	)		(6,505,561	)



		56,110			1,110,965			42,079			796,061



Class R Shares

Shares sold		22,686			457,622			47,293			909,717

Reinvestment of distributions		—			—			46,798			922,815

Shares redeemed		(40,565	)		(825,620	)		(45,600	)		(861,868	)



		(17,879	)		(367,998	)		48,491			970,664



Class P Shares

Shares sold		690,068			14,464,367			1,868,318			38,315,424

Reinvestment of distributions		—			—			2,031,661			41,917,017

Shares redeemed		(659,674	)		(13,759,342	)		(1,178,716	)		(23,561,530	)



		30,394			705,025			2,721,263			56,670,911



NET INCREASE		1,260,823		$	25,662,140			4,025,621		$	86,406,796


92

GOLDMAN SACHS FUND OF FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Moderate Allocation Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		228,766		$	3,865,036			500,375		$	8,111,734

Reinvestment of distributions		118,475			1,947,945			1,172,820			19,243,759

Shares redeemed		(952,607	)		(16,104,569	)		(2,079,513	)		(33,585,910	)



		(605,366	)		(10,291,588	)		(406,318	)		(6,230,417	)



Class C Shares

Shares sold		34,404			569,791			44,831			704,568

Reinvestment of distributions		1,515			23,868			25,094			397,428

Shares redeemed		(59,711	)		(975,855	)		(86,893	)		(1,336,297	)



		(23,792	)		(382,196	)		(16,968	)		(234,301	)



Institutional Shares

Shares sold		4,299,188			72,544,945			7,945,147			130,292,577

Reinvestment of distributions		307,123			5,079,791			2,349,046			38,713,793

Shares redeemed		(3,427,487	)		(58,116,423	)		(7,219,101	)		(117,017,367	)



		1,178,824			19,508,313			3,075,092			51,989,003



Service Shares

Shares sold		2,867			48,878			14,679			232,632

Reinvestment of distributions		160			2,625			1,518			24,843

Shares redeemed		(4,377	)		(73,675	)		(19,584	)		(310,151	)



		(1,350	)		(22,172	)		(3,387	)		(52,676	)



Investor Shares

Shares sold		77,683			1,316,659			503,246			7,840,431

Reinvestment of distributions		6,034			98,746			61,655			1,004,811

Shares redeemed		(168,244	)		(2,806,412	)		(391,599	)		(6,294,794	)



		(84,527	)		(1,391,007	)		173,302			2,550,448



Class R6 Shares

Shares sold		122,947			2,064,764			250,784			4,327,828

Reinvestment of distributions		4,028			66,927			26,162			432,335

Shares redeemed		(51,040	)		(865,740	)		(81,649	)		(1,331,882	)



		75,935			1,265,951			195,297			3,428,281



Class R Shares

Shares sold		15,058			254,775			23,681			376,162

Reinvestment of distributions		2,089			33,927			22,438			364,174

Shares redeemed		(19,423	)		(327,614	)		(38,146	)		(622,979	)



		(2,276	)		(38,912	)		7,973			117,357



Class P Shares

Shares sold		1,010,358			17,124,283			1,223,257			19,861,943

Reinvestment of distributions		189,351			3,129,034			1,519,015			25,020,769

Shares redeemed		(1,018,871	)		(17,314,512	)		(1,188,277	)		(19,102,753	)



		180,838			2,938,805			1,553,995			25,779,959



NET INCREASE		718,286		$	11,587,194			4,578,986		$	77,347,654


		93

GOLDMAN SACHS FUND OF FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Conservative Allocation Fund (formerly, “Balanced Strategy Portfolio”), Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund (formerly, “Growth and Income Strategy Portfolio”), and Goldman Sachs Growth Allocation Fund (formerly, “Growth Strategy Portfolio”), (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Fund and the Underlying Funds, including comparisons to the performance of similar registered funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Underlying Funds invest;

(c)

information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Fund’s expense trends over time; and

(iii)

to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Fund and some or all of Underlying Funds;

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i)

whether the Fund’s existing management fee arrangement, together with the management fee arrangements of the Underlying Funds, adequately addressed any economies of scale;


94

GOLDMAN SACHS FUND OF FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Fund and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k)

a summary of potential benefits derived by the Fund and the Underlying Funds as a result of their relationship with the Investment Adviser;

(l)

with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Funds that are equity funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

the nature and quality of the services provided to the Fund and/or the Underlying Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided 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 Funds, the Underlying Funds and their service providers 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. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds, the Underlying Funds, and the Investment Adviser and its affiliates.


		95

GOLDMAN SACHS FUND OF FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Investment Performance

The Trustees also considered the investment performance of the Funds and the Underlying Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2025, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2026. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They further noted the efforts of certain Underlying Funds’ portfolio management team to continue to enhance the investment models used in managing those Underlying Funds.

The Trustees observed that the Conservative Allocation Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the one- and five-year periods and underperformed for the three- and ten-year periods ended March 31, 2026. The Trustees considered that the Conservative Allocation Fund had experienced certain portfolio management changes in 2022 and 2025, and had been repositioned in 2025, which involved changes to the Fund’s investment strategy and changing the Conservative Allocation Fund’s name from the “Balanced Strategy Portfolio.” The Trustees observed that the Dynamic Global Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2026. The Trustees also considered that in February 2019, the Dynamic Global Equity Fund had been repositioned from the “Equity Growth Strategy Portfolio,” which involved changes to the Fund’s investment strategies, and had experienced certain portfolio management changes in early 2025. The Trustees noted that the Growth Allocation Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and five-year periods, and in the third quartile for the one- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2026. The Trustees further noted that the Growth Allocation Fund had experienced certain portfolio management changes in 2025. The Trustees considered that the Growth Allocation Fund had been repositioned in 2025, which involved changes to the Fund’s investment strategy and changing the Growth Allocation Fund’s name from the “Growth Strategy Portfolio.” They observed that the Moderate Allocation Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five- and ten-year periods and in the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2026. The Trustees observed that the Moderate Allocation Fund had experienced certain portfolio management changes in 2022 and 2025, and had been repositioned in 2025, which involved changes to the Fund’s investment strategy and changing the Moderate Allocation Fund’s name from the “Growth and Income Strategy Portfolio.”

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.


96

GOLDMAN SACHS FUND OF FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Funds and some or all of the Underlying Funds. The Trustees also noted that certain changes were being made to existing fee waiver arrangements of the Moderate Allocation Fund that would have the effect of decreasing expenses of Class A, Class C, Investor, and Class R Shares of the Fund, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2025 and 2024, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds.

The Trustees noted that, although the Funds themselves do not have breakpoints in their management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Funds at the specified asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds and Underlying Funds that exceed specified levels. They also considered the services provided to the Funds under the Management Agreement and the fees and expenses borne by the Underlying Funds and considered the Investment Adviser’s finding that the management fees payable by the Funds were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds, as well as fees earned by the Investment Adviser for managing the fund in which certain Underlying Funds’ securities lending cash collateral is invested; (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) 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 Funds and Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased


		97

GOLDMAN SACHS FUND OF FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’ and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to the Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

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 all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2027.


98

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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 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. FFSAR-26

LOGO

Goldman Sachs Funds Semi-Annual Financial Statements June 30, 2026 Alternative Funds II Goldman Sachs Absolute Return Tracker Fund Goldman Sachs Commodity Strategy Fund

Goldman Sachs Alternative Funds II

TABLE OF CONTENTS


Consolidated Schedules of Investments			1

Goldman Sachs Absolute Return Tracker Fund			1

Goldman Sachs Commodity Strategy Fund			47

Consolidated Financial Statements			51

Consolidated Statements of Assets and Liabilities			51

Consolidated Statements of Operations			52

Consolidated Statements of Changes in Net Assets			53

Consolidated Financial Highlights			54

Goldman Sachs Absolute Return Tracker Fund			54

Goldman Sachs Commodity Strategy Fund			61

Consolidated Notes to Financial Statements			68

Statement Regarding Basis for Approval of Investment Advisory Contract			87

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 50.4%

Aerospace & Defense – 1.2%
1,742	AAR Corp.*	$	248,984
538	AeroVironment, Inc.*		88,808
14,970	AerSale Corp.*		94,610
22,409	AIRO Group Holdings, Inc.*^(a)		165,603
3,435	Archer Aviation, Inc. Class A*		16,248
3,506	Astronics Corp.*^(a)		284,898
701	Astronics Corp. Class B*		53,276
4,205	ATI, Inc.*		828,805
2,054	Axon Enterprise, Inc.*		1,151,493
118	Beta Technologies, Inc. Class A*		1,977
27,193	Boeing Co.*		5,886,469
5,437	BWX Technologies, Inc.		1,058,312
10,040	Byrna Technologies, Inc.*		67,368
2,862	Cadre Holdings, Inc.		81,596
1,481	Carpenter Technology Corp.		913,540
1,491	Curtiss-Wright Corp.		1,129,820
2,420	Ducommun, Inc.*		448,208
1,100	Eve Holding, Inc.*		2,761
4,510	Firefly Aerospace, Inc.*		132,594
3,650	FTAI Aviation Ltd.		987,434
11,019	General Dynamics Corp.		3,903,371
43,977	General Electric Co.		16,435,524
1,457	HEICO Corp.		518,969
2,755	HEICO Corp. Class A		710,542
2,992	Hexcel Corp.		299,380
14,686	Honeywell Aerospace, Inc.*		3,246,781
21,447	Howmet Aerospace, Inc.		5,766,240
3,183	Huntington Ingalls Industries, Inc.		890,890
4,294	Innovative Solutions & Support, Inc.*		77,292
36	Intuitive Machines, Inc.*		770
1,711	Karman Holdings, Inc.*		85,413
4,104	Kratos Defense & Security Solutions, Inc.*		204,625
9,970	L3Harris Technologies, Inc.		2,897,182
1,150	Leonardo DRS, Inc.		49,071
508	Loar Holdings, Inc.*		40,950
8,823	Lockheed Martin Corp.		4,494,966
1,291	Mercury Systems, Inc.*		157,928
1,623	Moog, Inc. Class A		687,892
2,165	National Presto Industries, Inc.		270,603
5,363	Northrop Grumman Corp.		2,731,430
12,402	Park Aerospace Corp.		473,260
585	Red Cat Holdings, Inc.*		6,230
599	Redwire Corp.*		7,326
13,191	Rocket Lab Corp.*		1,340,865
61,077	RTX Corp.		11,588,139
21,872	Satellogic, Inc. Class A*		125,108
1,809	StandardAero, Inc.*		54,107
5,797	Textron, Inc.		531,759


Shares	Description	Value

Common Stocks – (continued)

Aerospace & Defense – (continued)
1,916	TransDigm Group, Inc.	$	2,552,189
1,313	V2X, Inc.*		97,897
16,184	Vertical Aerospace Ltd.*^(a)		28,160
26,232	Virgin Galactic Holdings, Inc.*^(a)		75,810
6,019	Voyager Technologies, Inc. Class A*		194,113
757	VSE Corp.		172,974
4,059	Woodward, Inc.		1,726,861
63	York Space Systems, Inc.*		1,551

			76,088,972


Air Freight & Logistics – 0.1%
3	Arrive AI, Inc.*		1
6,067	CH Robinson Worldwide, Inc.		1,142,659
5,635	Expeditors International of Washington, Inc.		918,392
8,328	FedEx Corp.		2,607,747
46	Forward Air Corp.*		622
4,429	GXO Logistics, Inc.*		224,550
1,621	Hub Group, Inc. Class A		70,984
30,244	Radiant Logistics, Inc.*		286,108
33,656	United Parcel Service, Inc. Class B		3,618,020

			8,869,083


Automobile Components – 0.1%
7,940	Adient PLC*		145,937
6,952	Aptiv PLC*		426,714
3,698	Autoliv, Inc.		429,597
11,300	BorgWarner, Inc.		750,320
2,651	Cooper-Standard Holdings, Inc.*		71,709
7,535	Dana, Inc.		205,027
1,202	Dorman Products, Inc.*		164,013
60	Fox Factory Holding Corp.*		1,017
14,819	Garrett Motion, Inc.		536,892
8,016	Gentex Corp.		202,564
1,618	Gentherm, Inc.*		55,190
3,790	Goodyear Tire & Rubber Co.*		25,014
17,569	Holley, Inc.*		44,801
2,541	LCI Industries		269,041
2,898	Lear Corp.		388,506
5,692	Motorcar Parts of America, Inc.*		87,201
2,669	Patrick Industries, Inc.		239,623
3,726	Phinia, Inc.		306,911
11,427	Solid Power, Inc.*		29,596
6,972	Standard Motor Products, Inc.		271,699
9,208	Stoneridge, Inc.*		67,403
1,335	Strattec Security Corp.*		108,736
2,317	Versigent PLC*		97,337
1,019	Visteon Corp.		101,095


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Automobile Components – (continued)
6,877	XPEL, Inc.*	$	341,099

			5,367,042


Automobiles – 1.0%
145,814	Ford Motor Co.		2,026,815
47,185	General Motors Co.		3,637,020
5,629	Harley-Davidson, Inc.		137,685
65	Livewire Group, Inc.*		73
6,230	Rivian Automotive, Inc. Class A*		108,090
135,231	Tesla, Inc.*		56,878,159
2,339	Thor Industries, Inc.		175,799
2,554	Winnebago Industries, Inc.		79,787

			63,043,428


Banks – 2.4%
2,961	1st Source Corp.		241,558
6,374	ACNB Corp.		378,488
4,488	Amalgamated Financial Corp.		205,999
3,033	Amerant Bancorp, Inc.		77,402
3,765	Ameris Bancorp		339,829
8,609	Arrow Financial Corp.		352,883
7,452	Associated Banc-Corp.		229,298
3,802	Atlantic Union Bankshares Corp.		160,863
16,057	Avidbank Holdings, Inc.*		530,363
17,449	Avidia Bancorp, Inc.		366,255
4,035	Axos Financial, Inc.*		392,969
9,490	Banc of California, Inc.		193,881
1,155	BancFirst Corp.		128,355
1,087	Bancorp, Inc.*		68,090
2,501	Bank First Corp.		371,023
287,753	Bank of America Corp.		16,396,166
2,524	Bank of Hawaii Corp.		205,681
13,391	Bank of Marin Bancorp		370,931
8,803	Bank of NT Butterfield & Son Ltd.		523,778
4,222	Bank OZK		219,924
7,507	Bank7 Corp.		367,468
4,800	BankUnited, Inc.		232,560
7,921	Bankwell Financial Group, Inc.		465,359
2,123	Banner Corp.		141,052
6,232	Bar Harbor Bankshares		235,320
9,319	BayCom Corp.		306,595
35,741	BCB Bancorp, Inc.		383,144
5,348	Beacon Financial Corp.		162,847
75,984	Blue Ridge Bankshares, Inc.		268,224
1,774	BOK Financial Corp.		246,373
13,740	Bridgewater Bancshares, Inc.*		289,090
6,584	Burke & Herbert Financial Services Corp.		473,126
6,824	Business First Bancshares, Inc.		209,702
5,519	Byline Bancorp, Inc.		207,846


Shares	Description	Value

Common Stocks – (continued)

Banks – (continued)
2,216	C&F Financial Corp.	$	177,280
13,851	California BanCorp		288,655
3,803	Camden National Corp.		206,199
8,622	Capital Bancorp, Inc.		302,805
5,805	Capital City Bank Group, Inc.		286,883
30,510	Capitol Federal Financial, Inc.		259,640
13,232	Carter Bankshares, Inc.		450,020
3,351	Cathay General Bancorp		207,728
7,289	Central Pacific Financial Corp.		278,440
5,050	Chemung Financial Corp.		376,629
7,034	ChoiceOne Financial Services, Inc.		239,156
67,967	Citigroup, Inc.		9,512,661
14,609	Citizens & Northern Corp.		340,536
16,820	Citizens Financial Group, Inc.		1,178,577
2,618	Citizens Financial Services, Inc.		189,648
2,459	City Holding Co.		326,162
8,358	Civista Bancshares, Inc.		235,863
7,063	CNB Financial Corp.		238,094
537	Coastal Financial Corp.*		41,623
9,882	CoastalSouth Bancshares, Inc.		265,332
13,779	Colony Bankcorp, Inc.		276,820
9,769	Columbia Banking System, Inc.		313,096
7,932	Columbia Financial, Inc.*		168,317
5,038	Commerce Bancshares, Inc.		290,944
11,114	Commercial Bancgroup, Inc.		358,871
2,528	Community Financial System, Inc.		169,679
3,716	Community Trust Bancorp, Inc.		268,890
13,298	Community West Bancshares		357,184
4,240	ConnectOne Bancorp, Inc.		141,786
2,384	Cullen/Frost Bankers, Inc.		368,376
2,237	Customers Bancorp, Inc.*		176,947
18,975	CVB Financial Corp.		427,886
3,577	Dime Commercial Bancshares, Inc.		145,405
2,474	Eagle Bancorp, Inc.		70,237
1	Eagle Financial Services, Inc.		41
5,895	East West Bancorp, Inc.		760,986
8,360	Eastern Bankshares, Inc.		185,926
2,663	Enterprise Financial Services Corp.		175,438
5,575	Equity Bancshares, Inc. Class A		273,119
3,793	Esquire Financial Holdings, Inc.		451,784
4,607	Farmers & Merchants Bancorp, Inc.		140,882
18,090	Farmers National Banc Corp.		264,114
34,328	FB Bancorp, Inc.*		516,980
2,225	FB Financial Corp.		123,154


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Banks – (continued)
4,056	Fidelity D&D Bancorp, Inc.	$	208,560
36,313	Fifth Third Bancorp		2,046,964
6,528	Financial Institutions, Inc.		254,396
9,661	Finwise Bancorp*		140,085
13,041	First BanCorp		339,979
11,080	First Bancorp, Inc.		385,806
4,740	First Bancorp/Southern Pines NC		303,028
17,119	First Bank		303,520
5,693	First Busey Corp.		167,943
4,724	First Business Financial Services, Inc.		298,415
295	First Citizens BancShares, Inc. Class A		613,833
11,110	First Commonwealth Financial Corp.		225,866
5,782	First Community Bankshares, Inc.		256,836
10	First Community Corp.		327
5,526	First Financial Bancorp		186,945
5,814	First Financial Bankshares, Inc.		201,164
3,942	First Financial Corp.		305,268
5,701	First Hawaiian, Inc.		167,039
20,388	First Horizon Corp.		522,748
5,058	First Internet Bancorp		140,612
4,781	First Interstate BancSystem, Inc. Class A		184,355
3,404	First Merchants Corp.		148,721
4,666	First Mid Bancshares, Inc.		224,388
12,665	First National Corp.		380,203
6,093	First United Corp.		268,762
11,057	First Western Financial, Inc.*		355,040
6,861	Firstsun Capital Bancorp*		266,070
8,492	Five Star Bancorp		413,475
4,527	Flagstar Bank NA		67,633
17,212	FNB Corp.		328,405
6,745	FS Bancorp, Inc.		292,733
16,200	Fulton Financial Corp.		391,878
20,605	FVCBankcorp, Inc.		360,587
4,604	GBank Financial Holdings, Inc.*		139,547
5,573	German American Bancorp, Inc.		264,495
2,406	Glacier Bancorp, Inc.		124,101
3,014	Great Southern Bancorp, Inc.		236,328
7,145	Greene County Bancorp, Inc.		240,001
4,495	Hancock Whitney Corp.		335,866
4,865	Hanmi Financial Corp.		157,626
1	Hanover Bancorp, Inc.		23
3,939	Hawthorn Bancshares, Inc.		154,803
8,624	HBT Financial, Inc.		275,882
6,288	Heritage Financial Corp.		186,251
6,249	Hilltop Holdings, Inc.		242,336


Shares	Description	Value

Common Stocks – (continued)

Banks – (continued)
266	Hingham Institution For Savings	$	81,702
4,225	Home Bancorp, Inc.		289,497
6,355	Home BancShares, Inc.		181,435
6,298	HomeTrust Bancshares, Inc.		314,207
11,275	Hope Bancorp, Inc.		154,242
16,736	Horizon Bancorp, Inc.		334,385
74,416	Huntington Bancshares, Inc.		1,319,396
9,931	Independent Bank Corp.		475,192
3,203	International Bancshares Corp.		243,268
13,494	Investar Holding Corp.		404,280
11,096	John Marshall Bancorp, Inc.		241,893
115,929	JPMorgan Chase & Co.		37,947,040
24,278	Kearny Financial Corp.		229,670
39,103	KeyCorp		901,324
3,680	Lakeland Financial Corp.		227,130
6,805	LCNB Corp.		119,700
1,882	Live Oak Bancshares, Inc.		76,861
2,538	M&T Bank Corp.		604,069
2	MainStreet Bancshares, Inc.		49
12,864	Mechanics Bancorp Class A		204,538
4,254	Mercantile Bank Corp.		244,265
9	Meridian Corp.		180
8,598	Metrocity Bankshares, Inc.		308,582
2,253	Metropolitan Bank Holding Corp.		222,506
6,174	Mid Penn Bancorp, Inc.		215,102
11,233	Midland States Bancorp, Inc.		349,796
13,700	MVB Financial Corp.		397,437
3,384	National Bank Holdings Corp. Class A		150,351
10,451	NB Bancorp, Inc.		220,830
3,209	NBT Bancorp, Inc.		158,428
1,421	Nicolet Bankshares, Inc.		235,019
1,224	Northeast Bank		162,217
10,815	Northeast Community Bancorp, Inc.		300,008
17,045	Northfield Bancorp, Inc.		251,073
8,633	Northpointe Bancshares, Inc.		165,581
7,698	Northrim BanCorp, Inc.		213,543
13,442	Northwest Bancshares, Inc.		203,781
11,238	Norwood Financial Corp.		361,302
19,081	NU Holdings Ltd. Class A*		254,922
9,847	Oak Valley Bancorp		332,287
16,000	OceanFirst Financial Corp.		312,480
3,732	OFG Bancorp		183,129
10,542	Old National Bancorp		273,038
9,280	Old Second Bancorp, Inc.		216,410
6	OP Bancorp		90
5,780	Orange County Bancorp, Inc.		212,588
4,300	Origin Bancorp, Inc.		219,945
6,382	Orrstown Financial Services, Inc.		260,577
1,127	Park National Corp.		206,230


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Banks – (continued)
15,055	Parke Bancorp, Inc.	$	499,224
2,698	Pathward Financial, Inc.		234,888
76,168	Patriot National Bancorp, Inc.*		72,931
12,615	PCB Bancorp		357,888
3,512	Peapack-Gladstone Financial Corp.		166,223
6,049	Peoples Bancorp, Inc.		232,342
3,955	Peoples Financial Services Corp.		262,493
2,469	Pinnacle Financial Partners, Inc.		249,073
19,495	Pioneer Bancorp, Inc.*		332,780
5,816	Plumas Bancorp		339,887
15,355	PNC Financial Services Group, Inc.		3,780,708
18,969	Ponce Financial Group, Inc.*		378,242
4,207	Popular, Inc.		690,705
2,072	Preferred Bank		220,171
17,837	Primis Financial Corp.		291,992
3	Princeton Bancorp, Inc.		114
2,538	Prosperity Bancshares, Inc.		185,350
10,564	Provident Financial Services, Inc.		249,733
2,402	QCR Holdings, Inc.		233,835
10,171	RBB Bancorp		278,838
4,223	Red River Bancshares, Inc.		385,475
37,852	Regions Financial Corp.		1,143,130
2,451	Renasant Corp.		104,266
2,868	Republic Bancorp, Inc. Class A		259,353
4	Richmond Mutual BanCorp, Inc.		64
4,114	S&T Bancorp, Inc.		201,915
4,978	Seacoast Banking Corp. of Florida		165,518
1,509	ServisFirst Bancshares, Inc.		130,906
12,758	Shore Bancshares, Inc.		292,796
7,036	Sierra Bancorp		286,787
9,563	Simmons First National Corp. Class A		216,602
6,185	SmartFinancial, Inc.		290,200
6,217	South Plains Financial, Inc.		267,859
5,314	Southern First Bancshares, Inc.*		324,685
3,505	Southern Missouri Bancorp, Inc.		267,116
7,602	Southside Bancshares, Inc.		267,514
3,039	Southstate Bank Corp.		303,596
6,303	Stellar Bancorp, Inc.		247,834
23,246	Sterling Bancorp, Inc.*^(b)		—
2,468	Stock Yards Bancorp, Inc.		188,728
2,488	Texas Capital Bancshares, Inc.		256,911
15,419	TFS Financial Corp.		273,225


Shares	Description	Value

Common Stocks – (continued)

Banks – (continued)
4,567	Third Coast Bancshares, Inc.*	$	184,507
7,788	Timberland Bancorp, Inc.		348,980
2,359	Tompkins Financial Corp.		222,973
4,747	Towne Bank		172,031
4,690	TriCo Bancshares		252,556
309	Triumph Financial, Inc.*		23,580
48,302	Truist Financial Corp.		2,406,406
7,131	TrustCo Bank Corp.		391,563
4,963	Trustmark Corp.		228,348
59,400	U.S. Bancorp		3,587,760
2,756	UMB Financial Corp.		393,447
19	Union Bankshares, Inc.		461
8,027	United Bankshares, Inc.		367,877
5,260	United Community Banks, Inc.		184,573
4,651	Unity Bancorp, Inc.		272,967
5,025	Univest Financial Corp.		219,844
12,514	USCB Financial Holdings, Inc.		256,036
28,578	Valley National Bancorp		418,668
4,858	WaFd, Inc.		186,401
5,450	Washington Trust Bancorp, Inc.		198,816
6,925	Webster Financial Corp.		529,208
140,262	Wells Fargo & Co.		11,591,252
3,658	WesBanco, Inc.		142,772
10,912	West BanCorp, Inc.		289,495
4,833	Westamerica BanCorp		283,552
3,316	Western Alliance Bancorp		272,575
22,801	Western New England Bancorp, Inc.		326,054
3,103	Wintrust Financial Corp.		498,714
3,803	WSFS Financial Corp.		291,804
6,545	Zions Bancorp NA		452,849

			151,589,619


Beverages – 0.5%
1,194	Boston Beer Co., Inc. Class A*		211,374
7,883	Brown-Forman Corp. Class B		210,082
3,019	Brown-Forman Corp. Class A		82,600
10,254	Celsius Holdings, Inc.*		300,237
156,297	Coca-Cola Co.		12,702,257
3,353	Coca-Cola Consolidated, Inc.		640,155
9,010	Constellation Brands, Inc. Class A		1,253,201
41,448	Keurig Dr. Pepper, Inc.		1,356,593
3,899	MGP Ingredients, Inc.		68,310
5,586	Molson Coors Beverage Co. Class B		217,631
36,363	Monster Beverage Corp.*		3,495,211
9,823	National Beverage Corp.*		306,478
53,532	PepsiCo, Inc.		7,248,233
4,670	Primo Brands Corp.		114,135
8,589	Vita Coco Co., Inc.*		568,076


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Beverages – (continued)
313	Zevia PBC Class A*	$	510

			28,775,083


Biotechnology – 1.3%
269	89bio, Inc.*^(b)		91
75,694	AbbVie, Inc.		19,047,638
26,337	Abeona Therapeutics, Inc.*		162,763
17,741	Absci Corp.*		205,618
14,871	ACADIA Pharmaceuticals, Inc.*		376,236
54	Actuate Therapeutics, Inc.*		83
43,935	Acumen Pharmaceuticals, Inc.*		117,306
576	ADC Therapeutics SA*		616
12,276	ADMA Biologics, Inc.*		102,750
16,373	Adverum Biotechnologies, Inc.*^(b)		13,098
39,218	Agenus, Inc.*^(a)		120,007
40,704	Akebia Therapeutics, Inc.*		46,403
2,353	Akero Therapeutics, Inc.*^(b)		1,529
61	Aktis Oncology, Inc.*		1,966
14,456	Aldeyra Therapeutics, Inc.*		30,791
53,202	Alector, Inc.*		106,936
8,971	Alkermes PLC*		470,036
15,148	Allogene Therapeutics, Inc.*		31,508
6,472	Alnylam Pharmaceuticals, Inc.*		1,948,266
9,521	Altimmune, Inc.*		28,944
22,580	Amgen, Inc.		8,176,670
3,201	AnaptysBio, Inc.*		216,067
8,422	Anavex Life Sciences Corp.*		21,813
7,493	Anika Therapeutics, Inc.*		109,623
13,446	Annexon, Inc.*		76,777
3,982	Apellis Pharmaceuticals, Inc.*^(b)		119
2,286	Apogee Therapeutics, Inc.*		303,421
28,759	Arbutus Biopharma Corp.*		138,043
148	Arcellx, Inc.*^(b)		10
3,896	Arcturus Therapeutics Holdings, Inc.*		26,181
3,907	Arcus Biosciences, Inc.*		120,453
17,466	Arcutis Biotherapeutics, Inc.*		457,959
2,062	Ardelyx, Inc.*		10,516
1,848	ArriVent Biopharma, Inc.*		64,200
4,153	Arrowhead Pharmaceuticals, Inc.*		338,511
1,516	ARS Pharmaceuticals, Inc.*^(a)		12,143
11,891	Artiva Biotherapeutics, Inc.*		115,343
4,810	Assembly Biosciences, Inc.*^(a)		132,179
10,078	Atrium Therapeutics, Inc.*		135,549
66,034	aTyr Pharma, Inc.*^(a)		39,409
16,886	Aura Biosciences, Inc.*		119,891
674	Aurinia Pharmaceuticals, Inc.*		11,438


Shares	Description	Value

Common Stocks – (continued)

Biotechnology – (continued)
42,224	Avita Medical, Inc.*^(a)	$	174,385
539	Beam Therapeutics, Inc.*		18,498
9,001	Benitec Biopharma, Inc.*		120,433
10	Bicara Therapeutics, Inc.*		297
26,732	BioCryst Pharmaceuticals, Inc.*		267,320
6,282	Biogen, Inc.*		1,357,289
663	Biohaven Ltd.*		9,865
5,354	BioMarin Pharmaceutical, Inc.*		306,356
59,251	Biomea Fusion, Inc.*^(a)		87,099
20,201	Black Diamond Therapeutics, Inc.*		37,372
835	Blueprint Medicines Corp.*^(b)		384
3,155	BridgeBio Oncology Therapeutics, Inc.*^(a)		24,041
10,253	Bridgebio Pharma, Inc.*		763,643
39	Bright Minds Biosciences, Inc.*		2,738
13,209	C4 Therapeutics, Inc.*		61,686
30,249	Cabaletta Bio, Inc.*		94,074
14,470	Candel Therapeutics, Inc.*^(a)		149,041
541	Capricor Therapeutics, Inc.*		13,027
46,242	Cardiff Oncology, Inc.*^(a)		60,115
5,495	CareDx, Inc.*		156,608
7,231	Cargo Therapeutics, Inc.*^(b)		—
72,262	Caribou Biosciences, Inc.*		127,181
9,424	Caris Life Sciences, Inc.*		167,936
12,395	Cartesian Therapeutics, Inc.*^(a)		129,156
9,378	Catalyst Pharmaceuticals, Inc.*		294,751
1,783	Celcuity, Inc.*		186,537
2,166	CG oncology, Inc.*		153,894
16,138	Climb Bio, Inc.*		210,440
4,956	Cogent Biosciences, Inc.*		191,797
76,969	Coherus Oncology, Inc.*		107,757
13,853	Compass Therapeutics, Inc.*		30,338
17,490	Corbus Pharmaceuticals Holdings, Inc.*		164,056
5,235	Corvus Pharmaceuticals, Inc.*		78,211
5,460	Crescent Biopharma, Inc.*^(a)		98,280
2,902	Cullinan Therapeutics, Inc.*		52,845
2,122	Cytokinetics, Inc.*		180,773
13,618	CytomX Therapeutics, Inc.*		51,068
47	Denali Therapeutics, Inc.*		1,209
8,080	Design Therapeutics, Inc.*		116,918
14,610	DiaMedica Therapeutics, Inc.*		102,854
1,902	Dianthus Therapeutics, Inc.*		185,407
614	Disc Medicine, Inc.*		44,908
240	Dyne Therapeutics, Inc.*		5,330
55,042	Editas Medicine, Inc.*		178,336
30,676	Eledon Pharmaceuticals, Inc.*		120,863
13,195	Emergent BioSolutions, Inc.*		110,574


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Biotechnology – (continued)
5,748	Enanta Pharmaceuticals, Inc.*	$	83,806
6,878	Entrada Therapeutics, Inc.*		50,622
10,362	Erasca, Inc.*		189,832
21	Evommune, Inc.*		279
13,744	Exelixis, Inc.*		747,811
74,845	Fate Therapeutics, Inc.*		202,081
44	Fennec Pharmaceuticals, Inc.*		473
3,201	First Tracks Biotherapeutics, Inc.*		64,404
21,128	Foghorn Therapeutics, Inc.*		103,105
48,031	Galectin Therapeutics, Inc.*^(a)		222,864
34,323	Genelux Corp.*^(a)		103,312
12,174	Geron Corp.*		15,583
50,005	Gilead Sciences, Inc.		6,317,632
267,245	Gossamer Bio, Inc.*		43,989
5,024	Greenwich Lifesciences, Inc.*^(a)		117,863
22,733	Gyre Therapeutics, Inc.*^(a)		149,810
8,025	Halozyme Therapeutics, Inc.*		628,117
162,509	Heron Therapeutics, Inc.*^(a)		69,359
23,907	HilleVax, Inc.*^(b)		3,347
55,838	Humacyte, Inc.*		43,576
3,884	Ideaya Biosciences, Inc.*		144,757
9,268	Immatics NV*		93,885
8,722	ImmunityBio, Inc.*^(a)		76,361
4,570	Immunome, Inc.*		96,838
1,242	Immunovant, Inc.*		47,854
10,923	Incyte Corp.*		1,238,231
52	Inhibikase Therapeutics, Inc.*		106
1,413	Inhibrx Biosciences, Inc.*		133,882
126	Inmune Bio, Inc.*		205
67,976	Inovio Pharmaceuticals, Inc.*^(a)		74,774
9,675	Insmed, Inc.*		1,031,548
43,965	Invivyd, Inc.*		38,355
6,621	Ionis Pharmaceuticals, Inc.*		524,979
27,789	Ironwood Pharmaceuticals, Inc.*		116,992
7,079	Jade Biosciences, Inc.*		157,295
78	Janux Therapeutics, Inc.*		1,198
8,020	Kalaris Therapeutics, Inc.*^(a)		32,641
12,235	Keros Therapeutics, Inc.*		130,915
245	Kodiak Sciences, Inc.*		9,545
4,883	Korro Bio, Inc.*		64,358
1,387	Krystal Biotech, Inc.*		515,506
2,181	Kymera Therapeutics, Inc.*		250,095
9,911	Kyverna Therapeutics, Inc.*^(a)		88,307
6,643	Larimar Therapeutics, Inc.*		20,261
11,236	Lexeo Therapeutics, Inc.*		52,304
107,870	Lineage Cell Therapeutics, Inc.*^(a)		141,310
2,923	Lyell Immunopharma, Inc.*^(a)		41,068
29,153	MacroGenics, Inc.*^(a)		134,687
1,370	Madrigal Pharmaceuticals, Inc.*		735,621


Shares	Description	Value

Common Stocks – (continued)

Biotechnology – (continued)
5,830	MannKind Corp.*	$	24,836
3,476	MapLight Therapeutics, Inc.*^(a)		124,580
12,111	MeiraGTx Holdings PLC*		163,620
230	Metsera, Inc.*^(b)		1,127
37,675	MiMedx Group, Inc.*		145,049
4,156	Mineralys Therapeutics, Inc.*		112,129
6,732	Mirum Pharmaceuticals, Inc.*		788,115
6,226	Moderna, Inc.*		436,007
1,724	Monopar Therapeutics, Inc.*^(a)		159,625
8,290	Monte Rosa Therapeutics, Inc.*		200,618
16,581	Myriad Genetics, Inc.*		94,678
10,195	Natera, Inc.*		2,767,433
3,490	Neurocrine Biosciences, Inc.*		588,187
1,626	Neurogene, Inc.*		51,138
49,360	Nkarta, Inc.*		139,689
7,972	Novavax, Inc.*		75,096
1,776	Nuvalent, Inc. Class A*		219,336
87	Nuvectis Pharma, Inc.*		1,600
70,002	Ocugen, Inc.*		107,103
4,596	Olema Pharmaceuticals, Inc.*		57,496
39,394	Organogenesis Holdings, Inc.*		95,727
505	ORIC Pharmaceuticals, Inc.*		5,469
3,403	Oruka Therapeutics, Inc.*		323,864
645	Palvella Therapeutics, Inc.*		98,569
10,674	Perspective Therapeutics, Inc.*		36,398
74,050	PMV Pharmaceuticals, Inc.*		99,227
727	Praxis Precision Medicines, Inc.*		243,392
17,909	Precigen, Inc.*		102,081
10,456	Prime Medicine, Inc.*		38,583
16,504	ProKidney Corp.*^(a)		33,668
2,606	Protagonist Therapeutics, Inc.*		319,443
66,396	Protalix BioTherapeutics, Inc.*		154,703
21,779	Protara Therapeutics, Inc.*		83,196
6,566	Prothena Corp. PLC*		64,281
7,517	PTC Therapeutics, Inc.*		613,162
55,078	Puma Biotechnology, Inc.*		446,683
2,587	Recursion Pharmaceuticals, Inc. Class A*		9,494
4,992	Regeneron Pharmaceuticals, Inc.		3,112,712
9,346	REGENXBIO, Inc.*		111,965
92	Regulus Therapeutics, Inc.*^(b)		107
5,977	Relay Therapeutics, Inc.*		111,830
5,360	Revolution Medicines, Inc.*		1,003,821
14,320	Rezolute, Inc.*		74,464
5,201	Rhythm Pharmaceuticals, Inc.*		577,467


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Biotechnology – (continued)
8,091	Rigel Pharmaceuticals, Inc.*	$	316,520
1,361	Rocket Pharmaceuticals, Inc.*		4,655
3,738	Sage Therapeutics, Inc.*^(b)		—
23,336	Sagimet Biosciences, Inc. Class A*		180,387
7,248	Sana Biotechnology, Inc.*		25,296
469	Sarepta Therapeutics, Inc.*		8,428
24,305	Savara, Inc.*		149,719
453	Scholar Rock Holding Corp.*		24,915
20,066	SELLAS Life Sciences Group, Inc.*^(a)		296,174
21,836	Sera Prognostics, Inc. Class A*		39,742
10,065	Seres Therapeutics, Inc.*		79,413
2,988	Sionna Therapeutics, Inc.*		131,442
12,706	Solid Biosciences, Inc.*		126,933
1,458	Spyre Therapeutics, Inc.*		129,441
3,406	Stoke Therapeutics, Inc.*		111,444
666	Summit Therapeutics, Inc.*		9,704
2,341	Sutro Biopharma, Inc.*		77,721
869	Syndax Pharmaceuticals, Inc.*		18,996
5,151	Tango Therapeutics, Inc.*		161,020
17,712	Taysha Gene Therapies, Inc.*		120,619
1,276	Tectonic Therapeutic, Inc.*		43,863
161,857	Tenaya Therapeutics, Inc.*		119,629
13,951	Tevogen Bio Holdings, Inc.*^(a)		78,963
7,982	TG Therapeutics, Inc.*		438,531
87,033	Tiziana Life Sciences Ltd.*		111,402
8,521	Tonix Pharmaceuticals Holding Corp.*^(a)		108,728
11,345	Travere Therapeutics, Inc.*		644,509
56,111	TriSalus Life Sciences, Inc.*^(a)		255,305
242	TuHURA Biosciences, Inc.*		566
988	Twist Bioscience Corp.*		101,645
3,192	Tyra Biosciences, Inc.*		101,952
2,187	Ultragenyx Pharmaceutical, Inc.*		73,024
2,152	United Therapeutics Corp.*		1,166,018
12,566	UroGen Pharma Ltd.*		462,429
19,791	Vanda Pharmaceuticals, Inc.*		121,121
349	Vera Therapeutics, Inc.*		14,976
1,090	Veracyte, Inc.*		64,016
9,234	Verastem, Inc.*		35,274
2,966	Vericel Corp.*		131,957
10,876	Vertex Pharmaceuticals, Inc.*		5,402,435
2,973	Vigil Neuroscience, Inc.*^(b)		149
49	Viking Therapeutics, Inc.*		1,911
6,962	Viridian Therapeutics, Inc.*		127,892
26,432	Voyager Therapeutics, Inc.*		92,512
488	Xenon Pharmaceuticals, Inc.*		29,456
5,523	XOMA Royalty Corp.*		234,727
1,987	Zenas Biopharma, Inc.*		50,430


Shares	Description	Value

Common Stocks – (continued)

Biotechnology – (continued)
47,905	Zentalis Pharmaceuticals, Inc.*	$	232,339
15,148	Zura Bio Ltd.*		89,373
10,580	Zymeworks, Inc.*		276,561

			82,028,363


Broadline Retail – 1.8%
47,523	1stdibs.com, Inc.*^(a)		232,863
438,909	Amazon.com, Inc.*		104,609,571
39,686	Coupang, Inc.*		689,346
719	Dillard’s, Inc. Class A^(a)		379,934
18,381	eBay, Inc.		2,054,077
22,932	Eightco Holdings, Inc.*^(a)		15,949
3,928	Etsy, Inc.*		295,896
9,724	Groupon, Inc.*^(a)		233,959
12,332	Kohl’s Corp.		218,523
24,735	Macy’s, Inc.		582,509
1,535	Ollie’s Bargain Outlet Holdings, Inc.*		118,011
30,167	Savers Value Village, Inc.*		304,385

			109,735,023


Building Products – 0.3%
7,067	A.O. Smith Corp.		443,242
683	AAON, Inc.		86,645
2,871	Advanced Drainage Systems, Inc.		450,632
4,837	Allegion PLC		679,550
1,774	Apogee Enterprises, Inc.		81,143
2,871	Armstrong World Industries, Inc.		460,566
1,854	AZZ, Inc.		287,463
3,195	Builders FirstSource, Inc.*		285,889
1,532	Carlisle Cos., Inc.		555,733
23,527	Carrier Global Corp.		1,725,705
183	CSW Industrials, Inc.		50,929
1,318	Fortune Brands Innovations, Inc.		72,358
444	Gibraltar Industries, Inc.*		20,024
3,133	Griffon Corp.		305,562
3,688	Hayward Holdings, Inc.*		63,839
6,657	Insteel Industries, Inc.		201,041
7,212	Janus International Group, Inc.*		40,027
42,301	JELD-WEN Holding, Inc.*		63,452
23,301	Johnson Controls International PLC		3,404,509
1,034	Lennox International, Inc.		592,430
661	Louisiana-Pacific Corp.		51,994
6,938	Masco Corp.		564,545
8,158	Masterbrand, Inc.*		83,946
1,562	Modine Manufacturing Co.*		417,085
1,740	Owens Corning		276,590
2,426	Quanex Building Products Corp.		45,172


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Building Products – (continued)
4,192	Resideo Technologies, Inc.*	$	130,371
1,933	Simpson Manufacturing Co., Inc.		404,674
153	Tecnoglass, Inc.		7,162
46,949	Tecogen, Inc.*^(a)		245,074
12,003	Trane Technologies PLC		5,895,394
363	Trex Co., Inc.*		18,165
1,964	UFP Industries, Inc.		178,213
9,796	Zurn Elkay Water Solutions
	Corp. Class C		494,992

			18,684,116


Capital Markets – 1.2%
8,358	Acadian Asset Management, Inc.		597,764
1,834	Affiliated Managers Group, Inc.		620,626
23,834	AlTi Global, Inc.*		86,041
4,083	Ameriprise Financial, Inc.		1,873,117
5,007	ARES Management Corp. Class A		557,329
7,041	Artisan Partners Asset Management, Inc. Class A		243,126
19	Bakkt, Inc.*		148
27,667	Bank of New York Mellon Corp.		4,000,925
10,671	BGC Group, Inc. Class A		114,073
5,553	Blackrock, Inc.		5,339,543
29,075	Blackstone, Inc.		3,421,255
5,144	Blue Owl Capital, Inc.		45,010
22,174	BRC Group Holdings, Inc.*^(a)		178,279
753	Brookfield Asset Management Ltd. Class A		33,772
28	Bullish*		656
5,514	Carlyle Group, Inc.		232,195
4,849	Cboe Global Markets, Inc.		1,176,707
14	Chaince Digital Holdings, Inc.*		61
81,380	Charles Schwab Corp.		7,508,933
18,369	CME Group, Inc.		4,056,426
3,115	Cohen & Steers, Inc.		237,176
3,910	Coinbase Global, Inc. Class A*		571,603
1,064	Donnelley Financial Solutions, Inc.*		44,635
1,492	Evercore, Inc. Class A		509,428
919	FactSet Research Systems, Inc.		211,444
8,411	Federated Hermes, Inc.		464,455
19	Fold Holdings, Inc.*		9
13,964	Franklin Resources, Inc.		464,582
86	Freedom Holding Corp.*		11,220
32,024	GCM Grosvenor, Inc. Class A		393,895
1,192	Hamilton Lane, Inc. Class A		93,965
1,972	Houlihan Lokey, Inc.		264,504


Shares	Description	Value

Common Stocks – (continued)

Capital Markets – (continued)
8,471	Innventure, Inc.*^(a)	$	42,948
14,978	Interactive Brokers Group, Inc. Class A		1,303,685
20,131	Intercontinental Exchange, Inc.		2,478,327
9,791	Invesco Ltd.		258,384
3,965	Janus Henderson Group PLC		205,982
2,888	Jefferies Financial Group, Inc.		144,342
19,771	KKR & Co., Inc.		1,814,582
2,132	Lazard, Inc.		89,416
2,984	LPL Financial Holdings, Inc.		840,533
213	Marex Group PLC		12,982
1,866	MarketAxess Holdings, Inc.		211,772
3,729	Miami International Holdings, Inc.*		138,570
3,440	Moelis & Co. Class A		225,045
9,262	Moody’s Corp.		4,194,945
55,322	Morgan Stanley		11,564,511
965	Morningstar, Inc.		150,559
3,788	MSCI, Inc.		2,121,432
23,070	Nasdaq, Inc.		1,818,377
8,206	Northern Trust Corp.		1,426,531
46,085	Open Lending Corp.*		143,324
1,840	Oppenheimer Holdings, Inc. Class A		194,194
17,843	Patria Investments Ltd. Class A		195,916
2,112	Perella Weinberg Partners		33,708
2,331	Piper Sandler Cos.		168,625
2,221	PJT Partners, Inc. Class A		335,238
7,114	Raymond James Financial, Inc.		1,081,541
8,607	Ridgepost Capital, Inc. Class A		67,737
24,663	Robinhood Markets, Inc. Class A*		2,473,206
10,661	S&P Global, Inc.		4,341,799
4,577	SEI Investments Co.		401,449
8	Siebert Financial Corp.*		13
11,410	State Street Corp.		1,935,136
4,337	StepStone Group, Inc. Class A		179,378
5,385	Stifel Financial Corp.		375,711
4,130	StoneX Group, Inc.*		489,405
3,290	T. Rowe Price Group, Inc.		374,040
1,785	TPG, Inc.		72,382
2,719	Tradeweb Markets, Inc. Class A		270,976
3,523	Value Line, Inc.		142,611
1,150	Victory Capital Holdings, Inc. Class A		96,669
4,722	Virtu Financial, Inc. Class A		281,290
392	Virtus Investment Partners, Inc.		56,252
204	Webull Corp.*		1,330
21,790	WisdomTree, Inc.		369,123


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Capital Markets – (continued)
199	XP, Inc. Class A	$	3,236

			76,480,114


Chemicals – 0.5%
2,233	AdvanSix, Inc.		44,392
6,628	Air Products & Chemicals, Inc.		1,943,197
6,042	Albemarle Corp.		815,851
14,561	Alto Ingredients, Inc.*		82,998
19,753	American Vanguard Corp.*		55,308
24,416	Arq, Inc.*		62,261
505	Ashland, Inc.		33,274
8,685	ASP Isotopes, Inc.*^(a)		54,021
619	Aspen Aerogels, Inc.*		3,924
867	Avient Corp.		32,044
4,755	Axalta Coating Systems Ltd.*		162,716
1,599	Balchem Corp.		270,151
1,649	Cabot Corp.		149,762
3,372	Celanese Corp.		155,112
5,983	CF Industries Holdings, Inc.		647,720
850	Chemours Co.		17,442
25,006	Corteva, Inc.		2,117,758
9,049	Dow, Inc.		247,581
4,230	DuPont de Nemours, Inc.		573,757
1,269	Eastman Chemical Co.		84,998
9,790	Ecolab, Inc.		2,727,592
13,607	Ecovyst, Inc.*		169,407
2,312	Element Solutions, Inc.		110,398
5,694	Flotek Industries, Inc.*		133,923
1,094	Hawkins, Inc.		155,457
1,747	HB Fuller Co.		101,833
1,538	Ingevity Corp.*		114,842
2,473	Innospec, Inc.		201,277
5,178	International Flavors & Fragrances, Inc.		410,201
1,124	Intrepid Potash, Inc.*		36,845
1,609	Koppers Holdings, Inc.		72,244
5,849	Kronos Worldwide, Inc.		37,024
21,300	Linde PLC		11,053,422
3,710	LSB Industries, Inc.*		40,105
2,718	LyondellBasell Industries NV Class A		143,103
6,500	Mativ Holdings, Inc.		49,205
957	Minerals Technologies, Inc.		70,789
6,614	Mosaic Co.		140,151
363	NewMarket Corp.		287,220
3,655	Olin Corp.		72,442
8,285	Perimeter Solutions, Inc.*		295,360
8,287	PPG Industries, Inc.		1,005,130
733	PureCycle Technologies, Inc.*^(a)		5,945
34	Quaker Chemical Corp.		5,402
1,036	Rayonier Advanced Materials, Inc.*		8,143
2,200	Resonac Holdings Corp.		244,724


Shares	Description	Value

Common Stocks – (continued)

Chemicals – (continued)
4,450	RPM International, Inc.	$	494,618
1,532	Scotts Miracle-Gro Co.		104,345
3,568	Sensient Technologies Corp.		439,899
14,656	Sherwin-Williams Co.		5,046,354
106	Solesence, Inc.*		78
3,331	Solstice Advanced Materials, Inc.		295,127
1,335	Stepan Co.		74,386
102	Westlake Corp.		7,446

			31,708,704


Commercial Services & Supplies – 0.3%
1,735	ABM Industries, Inc.		76,756
25,218	ACCO Brands Corp.		104,907
2,059	ACV Auctions, Inc. Class A*		14,804
5,632	Brady Corp. Class A		515,722
8,569	BrightView Holdings, Inc.*		121,423
2,940	Brink’s Co.		277,801
2,049	Casella Waste Systems, Inc. Class A*		198,692
4,516	Cimpress PLC*		459,277
15,049	Cintas Corp.		2,559,534
10,865	Civeo Corp.*^(a)		380,275
4,452	Clean Harbors, Inc.*		1,330,035
4,460	CompX International, Inc.		111,054
29,215	Copart, Inc.		823,571
4,032	CoreCivic, Inc.*		122,492
12,285	Deluxe Corp.		293,366
16,055	Ennis, Inc.		341,169
3,490	Enviri Corp.*		76,605
752	GEO Group, Inc.*		22,222
12,045	Healthcare Services Group, Inc.*		295,825
3,557	HNI Corp.		143,738
13,927	Interface, Inc.		499,144
3,535	Liquidity Services, Inc.*		138,289
2,055	Millerknoll, Inc.		42,045
2,250	MSA Safety, Inc.		392,805
22,056	NLI Holdings, Inc.		131,233
1,015	Onterris, Inc.*		20,513
6,112	OPENLANE, Inc.*		252,059
13,174	Perma-Fix Environmental Services, Inc.*		188,256
6,928	Pitney Bowes, Inc.		121,379
14,006	Quad/Graphics, Inc.		118,071
64	RB Global, Inc.		7,453
7,039	Republic Services, Inc.		1,499,870
18,485	Rollins, Inc.		771,564
27,190	Tetra Tech, Inc.		785,519
284	UniFirst Corp.		75,107
9,682	Veralto Corp.		858,600
2,040	Vestis Corp.*		29,621
30,118	Virco Mfg. Corp.^(a)		184,924


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Commercial Services & Supplies – (continued)
16,822	Waste Management, Inc.	$	3,749,287

			18,135,007


Communications Equipment – 0.6%
420	ADTRAN Holdings, Inc.*		5,838
296	Applied Optoelectronics, Inc.*		43,855
53,369	Arista Networks, Inc.*		9,066,326
4,253	Aviat Networks, Inc.*		94,417
2,822	BK Technologies Corp.*		242,635
4,843	Calix, Inc.*		180,741
4,995	Ciena Corp.*		2,450,347
171,685	Cisco Systems, Inc.		20,166,120
2,130	Clearfield, Inc.*		84,753
3,317	Digi International, Inc.*		248,609
6,605	Extreme Networks, Inc.*		213,804
1,451	F5, Inc.*		603,558
6,074	Harmonic, Inc.*		99,188
14	Inseego Corp.*		145
1,899	Lumentum Holdings, Inc.*		1,629,456
8,549	Motorola Solutions, Inc.		3,550,314
3,534	NETGEAR, Inc.*		82,519
5,642	NetScout Systems, Inc.*		245,709
4,244	Ribbon Communications, Inc.*		9,931
24	Ubiquiti, Inc.		12,817
6,213	Viasat, Inc.*		557,989
9,857	Viavi Solutions, Inc.*		470,672
9,779	Vistance Networks, Inc.*		124,976

			40,184,719


Construction & Engineering – 0.3%
2,287	AECOM		159,633
962	Ameresco, Inc. Class A*		26,551
16,910	API Group Corp.		716,138
1,986	Arcosa, Inc.		288,546
376	Argan, Inc.		300,255
5,463	Bowman Consulting Group Ltd.*		159,520
39	Cardinal Infrastructure Group, Inc. Class A*		3,674
3,097	Centuri Holdings, Inc.*		93,653
1,487	Comfort Systems USA, Inc.		2,947,160
18,950	Concrete Pumping Holdings, Inc.*		228,347
1,508	Construction Partners, Inc. Class A		179,105
1,251	Dycom Industries, Inc.*		632,493
2,595	EMCOR Group, Inc.		2,153,539
1,074	Everus Construction Group, Inc.*		178,230
582	Fluor Corp.*		30,491
3,092	Granite Construction, Inc.		488,783
789	IES Holdings, Inc.*		579,647
1,267	Legence Corp. Class A*		107,986
527	Limbach Holdings, Inc.*		40,579


Shares	Description	Value

Common Stocks – (continued)

Construction & Engineering – (continued)
1,865	MasTec, Inc.*	$	775,952
3,363	Matrix Service Co.*		46,073
629	MYR Group, Inc.*		314,752
2,720	NWPX Infrastructure, Inc.*		407,837
10,928	Orion Group Holdings, Inc.*		183,809
2,196	Primoris Services Corp.		217,667
5,972	Quanta Services, Inc.		4,300,079
56,697	Southland Holdings, Inc.*		37,630
844	Sterling Infrastructure, Inc.*		708,420
3,622	Tutor Perini Corp.		300,517
962	Valmont Industries, Inc.		555,651
1,859	WillScot Holdings Corp.		53,651

			17,216,368


Construction Materials – 0.1%
343	Eagle Materials, Inc.		77,175
5,769	James Hardie Industries PLC*		151,033
436	Knife River Corp.*		36,471
4,132	Martin Marietta Materials, Inc.		2,382,924
4,063	Smith-Midland Corp.*		117,827
137	Titan America SA*		2,556
834	U.S. Lime & Minerals, Inc.		87,295
4,861	Vulcan Materials Co.		1,434,044

			4,289,325


Consumer Finance – 0.3%
9,100	Ally Financial, Inc.		418,145
21,265	American Express Co.		7,192,886
82	Atlanticus Holdings Corp.*		8,384
2,735	Bread Financial Holdings, Inc.		296,337
28,704	Capital One Financial Corp.		5,758,596
10,444	Consumer Portfolio Services, Inc.*		100,210
174	Credit Acceptance Corp.*		110,793
281	Dave, Inc.*		104,698
2,751	Encore Capital Group, Inc.*		256,641
1,500	Enova International, Inc.*		361,095
9,830	EZCORP, Inc. Class A*		339,823
2,027	Figure Technology Solutions, Inc. Class A*		62,249
2,989	FirstCash Holdings, Inc.		646,580
3,186	Green Dot Corp. Class A*		43,043
2,625	Happen, Inc.*		54,442
5,228	Jefferson Capital, Inc.		101,789
59	LendingTree, Inc.*		2,613
24,647	Medallion Financial Corp.		251,646
4,651	Navient Corp.		39,580
1,135	Nelnet, Inc. Class A		151,330
992	NerdWallet, Inc. Class A*		9,176
5,726	OneMain Holdings, Inc.		349,114
6,712	OppFi, Inc.*		66,650
1,665	PROG Holdings, Inc.		77,606
3,255	Regional Management Corp.		134,106
2,891	SLM Corp.		74,993


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Consumer Finance – (continued)
22,503	SoFi Technologies, Inc.*	$	403,479
14,432	Synchrony Financial		1,097,554
486	Upstart Holdings, Inc.*		17,219
1	Vroom, Inc.*		8
165	World Acceptance Corp.*		36,932

			18,567,717


Consumer Staples Distribution & Retail – 0.9%
24,870	Albertsons Cos., Inc. Class A		336,491
4,296	Andersons, Inc.		293,846
6,875	BJ’s Wholesale Club Holdings, Inc.*		599,638
2,178	Casey’s General Stores, Inc.		1,731,053
3,639	Chefs’ Warehouse, Inc.*		349,708
19,014	Costco Wholesale Corp.		17,787,027
11,896	Dollar General Corp.		1,369,349
10,960	Dollar Tree, Inc.*		1,325,612
15,275	Grocery Outlet Holding Corp.*		152,445
32,474	HF Foods Group, Inc.*		45,788
6,447	Ingles Markets, Inc. Class A		571,075
26,916	Kroger Co.		1,494,646
10,142	Maplebear, Inc.*		480,224
4,763	Natural Grocers by Vitamin Cottage, Inc. Class C		147,748
7,880	Performance Food Group Co.*		880,905
4,322	PriceSmart, Inc.		844,259
5,005	Sprouts Farmers Market, Inc.*		423,323
23,816	Sysco Corp.		1,990,541
17,343	Target Corp.		2,265,169
11,777	U.S. Foods Holding Corp.		1,204,198
9,684	United Natural Foods, Inc.*		442,268
10,567	Village Super Market, Inc. Class A		445,716
12,948	Walgreens Boots Alliance, Inc.*^(b)		6,862
165,708	Walmart, Inc.		18,768,088
5,776	Weis Markets, Inc.		452,319

			54,408,298


Containers & Packaging – 0.1%
14,225	Amcor PLC		616,654
1,564	AptarGroup, Inc.		195,813
36,524	Ardagh Metal Packaging SA		173,124
3,292	Avery Dennison Corp.		534,456
10,064	Ball Corp.		627,994
9,987	Crown Holdings, Inc.		1,116,746
1,007	Graphic Packaging Holding Co.		10,644
3,544	Greif, Inc. Class A		263,993
7,346	International Paper Co.		279,883
11,005	Myers Industries, Inc.		388,587
15,386	O-I Glass, Inc.*		148,167
5,798	Packaging Corp. of America		1,381,547


Shares	Description	Value

Common Stocks – (continued)

Containers & Packaging – (continued)
1,792	Ranpak Holdings Corp.*	$	13,099
2,882	Silgan Holdings, Inc.		133,696
30,624	Smurfit Westrock PLC		1,416,666
3,375	Sonoco Products Co.		190,181
6,472	TriMas Corp.		291,434

			7,782,684


Distributors – 0.0%
6,503	Genuine Parts Co.		767,224
3,420	GigaCloud Technology, Inc. Class A*		108,072
2,790	Gold.com, Inc.		116,092
8,247	LKQ Corp.		217,143
4,052	Pool Corp.		870,775
4,491	Weyco Group, Inc.		176,631

			2,255,937


Diversified Consumer Services – 0.1%
24,541	ADT, Inc.		159,516
8,796	American Public Education, Inc.*		472,345
853	Bright Horizons Family Solutions, Inc.*		60,461
6,428	Carriage Services, Inc.		246,449
141,267	Chegg, Inc.*		142,680
10,804	Coursera, Inc.*		60,935
2,081	Covista, Inc.*		259,417
337	Driven Brands Holdings, Inc.*		4,698
704	Duolingo, Inc.*		80,974
6,261	Frontdoor, Inc.*		485,791
205	Graham Holdings Co. Class B		233,991
1,741	Grand Canyon Education, Inc.*		249,154
7,138	H&R Block, Inc.		271,815
10,423	KinderCare Learning Cos., Inc.*		44,298
11,062	Laureate Education, Inc.*		401,772
595	Liberty Live Holdings, Inc. Class A*		60,250
793	Liberty Live Holdings, Inc. Class C*		83,773
10,218	Lincoln Educational Services Corp.*		509,878
8,337	Matthews International Corp. Class A		224,432
3,569	McGraw Hill, Inc.*		33,798
198,440	Nerdy, Inc.*^(a)		181,791
4,413	OneSpaWorld Holdings Ltd.		124,623
7,772	Perdoceo Education Corp.		248,704
3,938	Phoenix Education Partners, Inc.		129,363
4,179	Service Corp. International		317,437
1,540	Strategic Education, Inc.		117,995
3,008	Stride, Inc.*		259,410


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Diversified Consumer Services – (continued)
3,697	Universal Technical Institute, Inc.*	$	158,121
1,581	WW International, Inc.*		25,264

			5,649,135


Diversified REITs – 0.0%
33,399	AH Realty Trust, Inc.		236,465
19,382	Alpine Income Property Trust, Inc.		402,370
6,193	American Assets Trust, Inc.		152,905
14,575	Broadstone Net Lease, Inc.		301,265
14,594	CTO Realty Growth, Inc.		313,917
6,067	Essential Properties Realty Trust, Inc.		181,100
19,680	Gladstone Commercial Corp.		242,064
28,936	Global Net Lease, Inc.		258,688
18,876	NexPoint Diversified Real Estate Trust^(a)		97,966
7,769	WP Carey, Inc.		555,484

			2,742,224


Diversified Telecommunication Services – 0.3%
2,929	Anterix, Inc.*		301,511
4,900	AST SpaceMobile, Inc.*		435,414
262,410	AT&T, Inc.		5,431,887
7,336	ATN International, Inc.		194,331
2,162	Bandwidth, Inc. Class A*		136,855
275	Cogent Communications Holdings, Inc.		3,817
126,218	Comcast Corp. Class A		3,098,652
2,467	Globalstar, Inc.*		200,542
4,501	IDT Corp. Class B		261,778
1,166	Iridium Communications, Inc.		63,955
4	Liberty Capital Corp.*		88
4,752	Liberty Capital Corp. Class C*		102,453
10,031	Liberty Latin America Ltd. Class A*		78,643
10,755	Liberty Latin America Ltd. Class C*		83,781
22,120	Lumen Technologies, Inc.*		169,882
10,448	Shenandoah Telecommunications Co.		157,556
157,756	Verizon Communications, Inc.		6,679,389

			17,400,534


Electric Utilities – 0.5%
8,047	Alliant Energy Corp.		613,906
19,490	American Electric Power Co., Inc.		2,666,427
9,517	Constellation Energy Corp.		2,363,737
28,296	Duke Energy Corp.		3,581,708
12,918	Edison International		961,745
15,559	Entergy Corp.		1,787,107
8,076	Evergy, Inc.		698,009


Shares	Description	Value

Common Stocks – (continued)

Electric Utilities – (continued)
11,995	Eversource Energy	$	866,879
34,597	Exelon Corp.		1,612,912
20,670	FirstEnergy Corp.		982,652
6,169	Genie Energy Ltd. Class B		89,142
14,508	Hawaiian Electric Industries, Inc.*		196,293
2,840	IDACORP, Inc.		429,692
3,609	MGE Energy, Inc.		294,278
75,994	NextEra Energy, Inc.		6,669,993
6,358	NRG Energy, Inc.		928,649
6,380	OGE Energy Corp.		310,451
941	Oklo, Inc.*		49,242
2,722	Otter Tail Corp.		244,926
66,344	PG&E Corp.		1,115,906
3,865	Pinnacle West Capital Corp.		413,555
6,281	Portland General Electric Co.		325,544
23,390	PPL Corp.		850,226
39,316	Southern Co.		3,762,934
6,800	TXNM Energy, Inc.		386,104
20,656	Xcel Energy, Inc.		1,658,677

			33,860,694


Electrical Equipment – 0.7%
1,056	Acuity, Inc.		397,753
2,385	Allient, Inc.		245,488
260	American Superconductor Corp.*		10,793
11,831	AMETEK, Inc.		2,862,392
650	Amprius Technologies, Inc.*		9,009
186	Array Technologies, Inc.*		1,378
1,148	Atkore, Inc.		87,294
655	Babcock & Wilcox Enterprises, Inc.*		9,235
113,542	Blink Charging Co.*^(a)		72,644
5,481	Bloom Energy Corp. Class A*		1,659,099
17,488	ChargePoint Holdings, Inc.*^(a)		103,354
18,274	Eaton Corp. PLC		7,786,917
20,103	Emerson Electric Co.		2,877,744
21,236	Energy Vault Holdings, Inc.*		100,022
1,766	EnerSys		412,926
1,088	Enovix Corp.*		6,604
1,743	Eos Energy Enterprises, Inc.*^(a)		10,249
419	Fluence Energy, Inc.*		8,330
3,229	FuelCell Energy, Inc.*		116,276
11,134	GE Vernova, Inc.		13,080,891
1,426	Generac Holdings, Inc.*		417,547
17,154	GrafTech International Ltd.*		101,380
3,756	Hubbell, Inc.		1,965,139
43,355	Hyliion Holdings Corp.*		225,880
17,243	KULR Technology Group, Inc.*^(a)		65,696
7,208	LSI Industries, Inc.		191,589
212	NANO Nuclear Energy, Inc.*^(a)		4,482


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Electrical Equipment – (continued)
1,947	Net Power, Inc.*	$	3,251
5,935	Nextpower, Inc. Class A*		707,096
898	NuScale Power Corp.*		9,007
5,014	nVent Electric PLC		850,424
1,141	Powell Industries, Inc.		326,737
44	Power Solutions International, Inc.*		1,711
683	Preformed Line Products Co.		280,412
1,899	Regal Rexnord Corp.		452,323
4,640	Rockwell Automation, Inc.		2,297,171
3,754	Sensata Technologies Holding PLC		179,216
68,464	SES AI Corp.*^(a)		65,739
9,783	Shoals Technologies Group, Inc. Class A*		96,852
95,349	SKYX Platforms Corp.*^(a)		105,361
6,438	Stem, Inc.*		50,281
107	SunPower, Inc.*		73
3,039	Sunrun, Inc.*		40,662
14,169	Vertiv Holdings Co. Class A		4,744,065
796	Vicor Corp.*		302,305

			43,342,797


Electronic Equipment, Instruments & Components – 0.6%
20,330	908 Devices, Inc.*		176,871
1,197	Advanced Energy Industries, Inc.		446,325
2,115	Aeva Technologies, Inc.*		60,743
64,792	Amphenol Corp. Class A		11,424,125
6,285	Arlo Technologies, Inc.*		84,722
1,297	Arrow Electronics, Inc.*		276,793
2,872	Avnet, Inc.		255,091
795	Badger Meter, Inc.		117,962
722	Bel Fuse, Inc. Class B		240,455
821	Belden, Inc.		98,446
1,090	Benchmark Electronics, Inc.		107,550
2,609	CDW Corp.		366,930
2,486	Climb Global Solutions, Inc.		57,700
2,576	Cognex Corp.		186,554
2,891	Coherent Corp.*		1,140,413
27,704	Corning, Inc.		7,076,433
278	Crane NXT Co.		14,222
3,145	CTS Corp.		205,023
3,387	Daktronics, Inc.*		66,250
2,514	ePlus, Inc.		209,240
25,202	Evolv Technologies Holdings, Inc.*		146,172
892	Fabrinet*		501,375
9,851	Flex Ltd.*		1,596,552
2,529	Frequency Electronics, Inc.*		167,799
64,479	Identiv, Inc.*		162,487
721	Insight Enterprises, Inc.*		87,818
314	IPG Photonics Corp.*		36,838
724	Itron, Inc.*		62,648
3,417	Jabil, Inc.		1,317,185


Shares	Description	Value

Common Stocks – (continued)

Electronic Equipment, Instruments & Components – (continued)
6,165	Keysight Technologies, Inc.*	$	2,158,181
2,776	Kimball Electronics, Inc.*		71,066
5,731	Knowles Corp.*		237,722
5,079	LightPath Technologies, Inc. Class A*		83,042
11,013	Lightwave Logic, Inc.*^(a)		104,183
623	Littelfuse, Inc.		283,671
150,193	MicroVision, Inc.*^(a)		49,113
3,565	Mirion Technologies, Inc.*		63,920
18	M-Tron Industries, Inc.*		1,785
8,447	Napco Security Technologies, Inc.		320,817
62	Neonode, Inc.*		58
812	nLight, Inc.*		56,531
329	Novanta, Inc.*		53,377
228	OSI Systems, Inc.*		49,864
1,759	Ouster, Inc.*		109,973
3,191	PC Connection, Inc.		232,911
807	Plexus Corp.*		242,641
361	Powerfleet, Inc. NJ*		1,383
2,447	Ralliant Corp.		180,173
458	Rogers Corp.*		74,988
2,296	Sanmina Corp.*		581,072
1,577	ScanSource, Inc.*		82,146
58,979	SmartRent, Inc.*		70,185
4,935	TD SYNNEX Corp.		1,319,323
1,526	Teledyne Technologies, Inc.*		1,017,689
1,626	TTM Technologies, Inc.*		304,094
2,772	Unusual Machines, Inc.*		61,816
1,941	Vishay Precision Group, Inc.*		290,975
3,180	Vontier Corp.		92,220
29,188	Vuzix Corp.*^(a)		84,645
579	Zebra Technologies Corp. Class A*		152,427

			35,122,713


Energy Equipment & Services – 0.2%
5,115	Archrock, Inc.		208,232
314	Atlas Energy Solutions, Inc.		5,215
34,604	Baker Hughes Co.		1,920,522
3,055	Bristow Group, Inc.		126,233
536	Cactus, Inc. Class A		27,459
1,560	Core Laboratories, Inc.		18,174
5,215	DMC Global, Inc.*		30,299
67	Energy Services of America Corp.		1,296
5,266	Expro Group Holdings NV*		77,779
69	Flowco Holdings, Inc. Class A		1,472
1,991	Forum Energy Technologies, Inc.*		100,008
11,358	Geospace Technologies Corp.*		76,894
26,553	Halliburton Co.		901,474
7,621	Helix Energy Solutions Group, Inc.*		66,607


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Energy Equipment & Services – (continued)
2,897	Helmerich & Payne, Inc.	$	94,848
1,671	Innovex International, Inc.*		41,441
951	Kodiak Gas Services, Inc.		71,449
874	Liberty Energy, Inc.		22,890
93	Nabors Industries Ltd.*		7,813
6,692	National Energy Services Reunited Corp.*		200,292
6,272	Natural Gas Services Group, Inc.		270,574
4,275	Noble Corp. PLC		159,457
14,594	NOV, Inc.		270,719
3,709	Oceaneering International, Inc.*		150,289
2,486	Oil States International, Inc.*		19,913
12,035	Patterson-UTI Energy, Inc.		110,481
3,281	Ranger Energy Services, Inc. Class A		52,529
859	RPC, Inc.		5,008
14,569	SEACOR Marine Holdings, Inc.*		111,453
2,612	Seadrill Ltd.*		98,786
1,537	Select Water Solutions, Inc.		30,709
52,024	SLB Ltd.		2,418,596
261	Solaris Energy Infrastructure, Inc.		21,000
15,818	TechnipFMC PLC		1,048,733
12,668	TETRA Technologies, Inc.*		143,528
2,308	Tidewater, Inc.*		153,782
2,702	Weatherford International PLC		220,213

			9,286,167


Entertainment – 0.6%
41,594	AMC Entertainment Holdings, Inc. Class A*		79,029
7,057	Atlanta Braves Holdings, Inc. Class C*		366,258
38	Atlanta Braves Holdings, Inc. Class A*		2,140
2,147	Cinemark Holdings, Inc.		68,124
70,249	CuriosityStream, Inc.		186,862
10,532	Electronic Arts, Inc.		2,159,481
242	IMAX Corp.*		9,646
5,358	Liberty Media Corp.-Liberty Formula One Class C*		509,760
1,083	Liberty Media Corp.-Liberty Formula One Class A*		94,806
10,713	Live Nation Entertainment, Inc.*		1,961,657
4,611	Madison Square Garden Entertainment Corp.*		372,984
1,039	Madison Square Garden Sports Corp.*		417,512
9,347	Marcus Corp.		219,281
10	Meridian Holdings, Inc.*		139


Shares	Description	Value

Common Stocks – (continued)

Entertainment – (continued)
209,278	Netflix, Inc.*	$	14,942,449
120,335	Playstudios, Inc.*		60,047
9,151	Playtika Holding Corp.		34,042
12,292	Reservoir Media, Inc.*		121,568
21,162	ROBLOX Corp. Class A*		1,150,790
3,494	Roku, Inc.*		482,661
1,501	Sphere Entertainment Co.*		259,718
5,961	Spotify Technology SA*		2,736,874
21,020	Starz Entertainment Corp.*		606,637
6,290	Take-Two Interactive Software, Inc.*		1,572,374
2,531	TKO Group Holdings, Inc.		509,516
8,806	Vivid Seats, Inc. Class A*^(a)		57,415
62,438	Walt Disney Co.		6,009,658
80,908	Warner Bros Discovery, Inc.*		2,157,007
5,247	Warner Music Group Corp. Class A		142,036

			37,290,471


Financial Services – 1.5%
28,141	Acacia Research Corp.*		131,137
1,528	Affirm Holdings, Inc.*		124,608
10,197	Alerus Financial Corp.		317,127
14,815	Apollo Global Management, Inc.		1,752,763
59,665	Berkshire Hathaway, Inc. Class B*		29,855,769
1,776	Better Home & Finance Holding Co.*^(a)		48,840
5,710	Bladex, Inc.		350,994
12,508	Block, Inc.*		950,608
722	Burford Capital Ltd.		2,960
14,889	Cannae Holdings, Inc.		214,402
7,690	Cass Information Systems, Inc.		394,651
1,389	Chime Financial, Inc. Class A*		28,447
5,606	Corebridge Financial, Inc.		160,500
2,020	Corpay, Inc.*		673,205
6,997	Enact Holdings, Inc.		319,833
11,618	Equitable Holdings, Inc.		509,798
5,186	Essent Group Ltd.		333,356
1,228	Euronet Worldwide, Inc.*		89,877
4,744	EVERTEC, Inc.		131,788
549	Federal Agricultural Mortgage Corp. Class C		109,399
4,432	Finance of America Cos., Inc. Class A*		121,969
14,379	Fiserv, Inc.*		705,290
4,594	Flywire Corp.*		80,717
4,147	Global Payments, Inc.		300,906
11,729	International Money Express, Inc.*		169,484
2,954	Jack Henry & Associates, Inc.		406,884


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Financial Services – (continued)
2,205	Jackson Financial, Inc. Class A	$	225,770
2,397	loanDepot, Inc. Class A*		2,996
14,795	Marqeta, Inc. Class A*		60,068
40,573	Mastercard, Inc. Class A		20,838,293
1,510	Merchants Bancorp		75,500
11,985	MGIC Investment Corp.		337,977
7,355	NCR Atleos Corp.*		319,281
12,122	NewtekOne, Inc.		179,527
5,401	NMI Holdings, Inc.*		221,927
3,388	Onity Group, Inc.*		134,673
627	Pagseguro Digital Ltd. Class A		5,674
1,572	Payoneer Global, Inc.*		11,193
26,902	PayPal Holdings, Inc.		1,161,628
41,368	Paysign, Inc.*		338,804
1,557	PennyMac Financial Services, Inc.		135,615
159	Priority Technology Holdings, Inc.*		1,060
6,220	Radian Group, Inc.		234,307
967	Remitly Global, Inc.*		21,670
22,817	Repay Holdings Corp.*		95,831
88,213	Rocket Cos., Inc. Class A*		1,389,355
12,355	Security National Financial Corp. Class A*		119,720
868	Sezzle, Inc.*		148,975
1,395	Shift4 Payments, Inc. Class A*^(a)		67,853
1,418	StoneCo Ltd. Class A		15,371
8,942	Toast, Inc. Class A*		248,766
690	Triller Group, Inc.*^(a)		1,870
3,963	UWM Holdings Corp.		9,075
11,977	Velocity Financial, Inc.*		221,095
83,021	Visa, Inc. Class A		28,483,675
2,853	Voya Financial, Inc.		258,282
19,308	Waterstone Financial, Inc.		400,255
23,684	Western Union Co.		182,367
609	WEX, Inc.*		85,924

			94,319,689


Food Products – 0.3%
10,866	Alico, Inc.		449,526
20,012	Archer-Daniels-Midland Co.		1,528,917
4,009	B&G Foods, Inc.		15,956
29,779	Beyond Meat, Inc.*^(a)		22,334
152,985	BRC, Inc. Class A*^(a)		169,813
5,883	Bunge Global SA		627,893
4,737	Cal-Maine Foods, Inc.		381,613
5,969	Campbell’s Co.^(a)		132,930
12,634	Conagra Brands, Inc.		170,054
7,353	Darling Ingredients, Inc.*		401,621
7,800	Del Monte Corp.		217,698
15,257	Dole PLC		209,326
24,607	Flowers Foods, Inc.		194,395


Shares	Description	Value

Common Stocks – (continued)

Food Products – (continued)
29	Forafric Global PLC*	$	292
243	Freshpet, Inc.*		14,366
17,687	General Mills, Inc.		615,508
13,166	Hain Celestial Group, Inc.*		7,376
6,626	Hershey Co.		1,162,532
7,191	Hormel Foods Corp.		178,481
2,794	Ingredion, Inc.		264,620
2,472	J&J Snack Foods Corp.		181,568
3,416	J.M. Smucker Co.		384,300
4,075	John B Sanfilippo & Son, Inc.		350,409
23,482	Kraft Heinz Co.		554,645
4,371	Lamb Weston Holdings, Inc.		188,740
16,756	Lifeway Foods, Inc.*		499,999
19,185	Limoneira Co.		251,899
35,811	Mama’s Creations, Inc.*		639,226
1,771	Marzetti Co.		202,177
6,571	McCormick & Co., Inc.		331,310
17,286	Mission Produce, Inc.*		203,802
45,830	Mondelez International, Inc. Class A		2,650,807
3,305	Pilgrim’s Pride Corp.		92,903
1,998	Post Holdings, Inc.*		176,343
60	Seaboard Corp.		267,860
1,995	Seneca Foods Corp. Class A*		347,010
3,255	Simply Good Foods Co.*		43,226
11,329	Smithfield Foods, Inc.		274,841
7,456	Tootsie Roll Industries, Inc.		294,885
3,056	TreeHouse Foods, Inc.*^(b)		5,898
9,760	Tyson Foods, Inc. Class A		558,760
4,621	Utz Brands, Inc.		35,582
8,047	Vital Farms, Inc.*		93,587
24,907	Westrock Coffee Co.*		201,996

			15,597,024


Gas Utilities – 0.1%
5,865	Atmos Energy Corp.		1,010,363
2,233	Chesapeake Utilities Corp.		273,498
16,170	MDU Resources Group, Inc.		342,966
3,949	National Fuel Gas Co.		304,902
5,992	New Jersey Resources Corp.		335,792
6,171	Northwest Natural Holding Co.		302,749
3,422	ONE Gas, Inc.		263,733
3	RGC Resources, Inc.		72
3,307	Southwest Gas Holdings, Inc.		293,265
3,421	Spire, Inc.		267,146
21,804	Star Group LP		279,963
10,844	UGI Corp.		374,552

			4,049,001


Ground Transportation – 0.4%
858	ArcBest Corp.		123,157
652	Avis Budget Group, Inc.*		96,385
4,297	Covenant Logistics Group, Inc.		189,841


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Ground Transportation – (continued)
88,768	CSX Corp.	$	4,219,143
4,164	Fedex Freight Holding Co., Inc.*		628,764
8,192	FTAI Infrastructure, Inc.		38,011
11,579	Heartland Express, Inc.		176,232
675	Hertz Global Holdings, Inc.*^(a)		1,529
2,727	JB Hunt Transport Services, Inc.		789,276
4,470	Knight-Swift Transportation Holdings, Inc.		348,079
1,517	Landstar System, Inc.		313,731
12,916	Lyft, Inc. Class A*		188,703
13,716	Marten Transport Ltd.		237,973
8,911	Norfolk Southern Corp.		2,803,311
11,744	Old Dominion Freight Line, Inc.		2,543,750
8,746	PAMT Corp.*		122,531
3,415	Proficient Auto Logistics, Inc.*		23,256
54	RXO, Inc.*		1,490
1,626	Ryder System, Inc.		428,890
98	Saia, Inc.*		41,274
521	Schneider National, Inc. Class B		19,032
81,722	Uber Technologies, Inc.*		5,897,060
815	U-Haul Holding Co.*		53,334
1,694	U-Haul Holding Co.		97,744
27,232	Union Pacific Corp.		7,407,104
753	Universal Logistics Holdings, Inc.		11,144
1,749	Werner Enterprises, Inc.		76,274
2,923	XPO, Inc.*		600,063

			27,477,081


Health Care Equipment & Supplies – 0.8%
80,469	Abbott Laboratories		7,301,757
181,931	Accuray, Inc.*		46,902
1,990	Align Technology, Inc.*		335,633
16,096	Alphatec Holdings, Inc.*		139,230
22,891	AngioDynamics, Inc.*		297,812
448	Anteris Technologies Global Corp.*		4,413
8,442	Artivion, Inc.*		189,692
4,914	AtriCure, Inc.*		137,494
4,620	Avanos Medical, Inc.*		114,946
13,516	Axogen, Inc.*		624,304
5,235	Baxter International, Inc.		111,610
9,453	Becton Dickinson & Co.		1,430,522
2,963	Beta Bionics, Inc.*		46,430
8,680	Bioventus, Inc. Class A*		81,939
52,797	Boston Scientific Corp.*		2,253,376
2,143	Butterfly Network, Inc.*		18,044
107	CapsoVision, Inc.*		811
85,331	Cerus Corp.*		249,167


Shares	Description	Value

Common Stocks – (continued)

Health Care Equipment & Supplies – (continued)
13,764	ClearPoint Neuro, Inc.*	$	245,550
831	CONMED Corp.		27,199
3,699	Cooper Cos., Inc.*		265,255
15,059	CVRx, Inc.*		77,403
9,780	Delcath Systems, Inc.*		123,130
138	Dentsply Sirona, Inc.		1,464
13,340	Dexcom, Inc.*		898,449
22,612	Edwards Lifesciences Corp.*		2,045,481
11,056	Electromed, Inc.*		467,669
13,386	Embecta Corp.		43,638
4,897	Envista Holdings Corp.*		129,036
1,764	Establishment Labs Holdings, Inc.*		151,369
149,625	Fractyl Health, Inc.*		118,862
13,251	GE HealthCare Technologies, Inc.		848,196
1,849	Glaukos Corp.*		258,416
4,204	Globus Medical, Inc. Class A*		332,158
2,097	Haemonetics Corp.*		157,275
403	ICU Medical, Inc.*		59,080
3,825	IDEXX Laboratories, Inc.*		2,013,633
27,333	Inogen, Inc.*		176,298
1,336	Inspire Medical Systems, Inc.*		59,599
2,576	Insulet Corp.*		392,196
699	Integer Holdings Corp.*		65,322
17,641	Intuitive Surgical, Inc.*		7,015,473
5,501	iRadimed Corp.		525,676
3,001	IRhythm Holdings, Inc.*		356,969
1,865	Kestra Medical Technologies Ltd.*		47,446
244	KORU Medical Systems, Inc.*		1,025
2,902	Lantheus Holdings, Inc.*		321,948
1,197	LeMaitre Vascular, Inc.		114,864
54	LENSAR, Inc.*		308
218	Lucid Diagnostics, Inc.*		233
10,322	Medline, Inc. Class A*		407,100
47,945	Medtronic PLC		3,750,737
1,409	Merit Medical Systems, Inc.*		97,700
203	Myomo, Inc.*		211
87,050	Neuronetics, Inc.*^(a)		113,165
19,094	NeuroPace, Inc.*		303,404
573	Novocure Ltd.*		8,681
558	Omnicell, Inc.*		23,168
45,433	OraSure Technologies, Inc.*		202,631
20,207	Orchestra BioMed Holdings, Inc.*		87,193
15,772	Orthofix Medical, Inc.*		144,156
7,240	OrthoPediatrics Corp.*		138,501
12,997	Outset Medical, Inc.*		56,147
18,061	Owlet, Inc.*		103,670
4,719	Paragon 28, Inc.*^(b)		425
1,922	Penumbra, Inc.*		606,871
19	Picard Medical, Inc.*		3


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Health Care Equipment & Supplies – (continued)
1,912	Procept Biorobotics Corp.*	$	43,173
12	Pro-Dex, Inc.*		703
209	Pulmonx Corp.*		272
100	Pulse Biosciences, Inc.*		2,773
165	QuidelOrtho Corp.*		2,890
6,156	ResMed, Inc.		1,199,681
7,574	RxSight, Inc.*		36,507
9,609	Sanara Medtech, Inc.*		226,676
9,271	SANUWAVE Health, Inc.*^(a)		92,710
14,922	Senseonics Holdings, Inc.*		84,757
17,847	SI-BONE, Inc.*		291,263
57,660	Sight Sciences, Inc.*		312,517
3,698	Solventum Corp.*		285,301
3,756	STAAR Surgical Co.*		107,760
109,607	Stereotaxis, Inc.*		188,524
3,956	STERIS PLC		833,015
61,471	Streamex Corp.*^(a)		52,269
48	Strive, Inc. Class A*		524
13,124	Stryker Corp.		4,131,960
10,273	Tactile Systems Technology, Inc.*		305,930
4,317	Tandem Diabetes Care, Inc.*		65,144
660	Teleflex, Inc.		83,662
2,039	TransMedics Group, Inc.*		135,430
102,412	Treace Medical Concepts, Inc.*^(a)		407,600
166	UFP Technologies, Inc.*		44,012
6,227	Utah Medical Products, Inc.		429,538
4,491	Varex Imaging Corp.*		46,841
5,147	Zimmer Biomet Holdings, Inc.		443,105

			46,623,002


Health Care Providers & Services – 0.9%
62,133	Accendra Health, Inc.*		212,495
9,422	AdaptHealth Corp.*		98,177
1,465	Addus HomeCare Corp.*		147,189
70	agilon health, Inc.*		7,503
23,137	AirSculpt Technologies, Inc.*^(a)		104,117
18,708	Alignment Healthcare, Inc.*		445,438
2,622	AMN Healthcare Services, Inc.*		84,874
20,272	Ardent Health, Inc.*		199,477
4,540	Astrana Health, Inc.*		210,701
31,180	Aveanna Healthcare Holdings, Inc.*		267,213
10,118	BrightSpring Health Services, Inc.*		705,629
19,911	Brookdale Senior Living, Inc.*		320,368
10,502	Cardinal Health, Inc.		2,494,855
8,648	Castle Biosciences, Inc.*		206,255
7,917	Cencora, Inc.		2,240,353
11,825	Centene Corp.*		759,047


Shares	Description	Value

Common Stocks – (continued)

Health Care Providers & Services – (continued)
737	Chemed Corp.	$	343,250
9,081	Cigna Group		2,503,450
50,472	Clover Health Investments Corp.*		264,473
3,436	Community Health Systems, Inc.*		11,476
6,160	Concentra Group Holdings Parent, Inc.		183,260
2,006	CorVel Corp.*		125,415
7,220	Cross Country Healthcare, Inc.*		95,376
48,201	CVS Health Corp.		4,986,393
1,496	DaVita, Inc.*		332,830
14,151	DocGo, Inc.*		7,303
7,600	Elevance Health, Inc.		2,939,148
2,713	Encompass Health Corp.		274,230
2,814	Ensign Group, Inc.		451,084
10,027	Fulgent Genetics, Inc.*		205,754
1,007	GeneDx Holdings Corp.*		69,131
6,655	Guardant Health, Inc.*		998,450
12,328	Guardian Pharmacy Services, Inc. Class A*		516,173
6,629	HCA Healthcare, Inc.		2,584,581
1,850	HealthEquity, Inc.*		167,092
5,338	Henry Schein, Inc.*		445,830
6,499	Hims & Hers Health, Inc.*		225,320
3,339	Hinge Health, Inc. Class A*		277,137
3,161	Humana, Inc.		1,255,612
22,147	InfuSystem Holdings, Inc.*		213,719
31,498	Innovage Holding Corp.*		373,251
36,391	Joint Corp.*		319,513
3,233	Labcorp Holdings, Inc.		905,240
8,713	LifeStance Health Group, Inc.*		93,316
4,705	Lumexa Imaging Holdings, Inc.*		53,072
5,329	McKesson Corp.		4,026,592
1,085	Molina Healthcare, Inc.*		248,140
94	Nano-X Imaging Ltd.*		109
2,039	National HealthCare Corp.		430,963
529	NeoGenomics, Inc.*		7,718
18,889	NRC Health		407,436
1,307	Nutex Health, Inc.*^(a)		223,353
17,364	Omada Health, Inc.*		381,140
68,557	Oncology Institute, Inc.*		372,265
99,121	OPKO Health, Inc.*		148,682
6,514	Option Care Health, Inc.*		136,599
8,724	PACS Group, Inc.*		371,991
9,565	Pediatrix Medical Group, Inc.*		242,281
3,525	Pennant Group, Inc.*		130,249
2,799	Privia Health Group, Inc.*		72,018
7,104	Progyny, Inc.*		204,808
4,632	Quest Diagnostics, Inc.		981,752
1,350	RadNet, Inc.*		83,255


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Health Care Providers & Services – (continued)
4	SBC Medical Group Holdings, Inc.*	$	12
5,248	Select Medical Holdings Corp.		86,644
7,625	Sonida Senior Living, Inc.*		311,100
21,215	Strata Critical Medical, Inc.*		111,803
7,234	Surgery Partners, Inc.*		121,531
57,963	Talkspace, Inc.*		301,408
3,263	Tenet Healthcare Corp.*		610,442
1,394	U.S. Physical Therapy, Inc.		95,740
38,453	UnitedHealth Group, Inc.		15,982,220
2,088	Universal Health Services, Inc. Class B		310,465
33,415	Viemed Healthcare, Inc.*		380,931

			56,506,217


Health Care REITs – 0.2%
2,802	Alexandria Real Estate Equities, Inc.		148,086
9,348	American Healthcare REIT, Inc.		487,498
12,294	CareTrust REIT, Inc.		496,063
5,363	Chiron Real Estate, Inc.		201,220
18,789	Community Healthcare Trust, Inc.		343,463
25,506	Diversified Healthcare Trust		237,206
13,676	Healthcare Realty Trust, Inc.		275,845
13,879	Healthpeak Properties, Inc.		297,011
7,874	LTC Properties, Inc.		302,755
4,843	Medical Properties Trust, Inc.		22,375
3,666	National Health Investors, Inc.		279,569
10,868	Omega Healthcare Investors, Inc.		518,186
13,083	Sabra Health Care REIT, Inc.		255,249
9,859	Sila Realty Trust, Inc.		299,319
39	Strawberry Fields REIT, Inc.		536
9,177	Universal Health Realty Income Trust		402,503
15,942	Ventas, Inc.		1,415,650
24,716	Welltower, Inc.		5,609,790

			11,592,324


Health Care Technology – 0.0%
5,670	Certara, Inc.*		37,139
4,658	Claritev Corp.*^(a)		158,884
10,993	Definitive Healthcare Corp.*		9,134
4,170	Doximity, Inc. Class A*		86,486
205	Evolent Health, Inc. Class A*		1,111
22,034	GoodRx Holdings, Inc. Class A*		63,458
43,456	Health Catalyst, Inc.*^(a)		86,477
7,928	HealthStream, Inc.		216,038
4,668	HeartFlow, Inc.*		136,959
21,590	LifeMD, Inc.*		89,167
9,665	OptimizeRx Corp.*		55,284


Shares	Description	Value

Common Stocks – (continued)

Health Care Technology – (continued)
5,850	Phreesia, Inc.*	$	60,196
1,494	Schrodinger, Inc.*		24,278
3,825	Simulations Plus, Inc.*		70,036
3,761	Teladoc Health, Inc.*		31,893
7,900	TruBridge, Inc.*		207,059
4,819	Veeva Systems, Inc. Class A*		855,228
2,295	Waystar Holding Corp.*		47,116

			2,235,943


Hotel & Resort REITs – 0.0%
6,569	Apple Hospitality REIT, Inc.		110,425
35,667	Braemar Hotels & Resorts, Inc.		77,041
15,920	Chatham Lodging Trust		210,622
10,769	DiamondRock Hospitality Co.		131,166
23,674	Host Hotels & Resorts, Inc.		561,310
5,047	Park Hotels & Resorts, Inc.		71,920
5,977	Pebblebrook Hotel Trust		116,013
6,596	RLJ Lodging Trust		78,163
1,660	Ryman Hospitality Properties, Inc.		213,393
9,980	Service Properties Trust		16,866
2,957	Summit Hotel Properties, Inc.		20,729
5,612	Sunstone Hotel Investors, Inc.		64,257
5,139	Xenia Hotels & Resorts, Inc.		104,630

			1,776,535


Hotels, Restaurants & Leisure – 0.8%
10,824	Accel Entertainment, Inc.*		136,491
15,896	Airbnb, Inc. Class A*		2,274,718
5,520	Aramark		314,088
54	Bally’s Corp.*		740
1,064	BJ’s Restaurants, Inc.*		64,622
9,435	Black Rock Coffee Bar, Inc. Class A*		78,216
5,194	Bloomin’ Brands, Inc.		47,473
33,603	Booking Holdings, Inc.		5,989,399
2,185	Boyd Gaming Corp.		193,001
1,215	Brinker International, Inc.*		204,120
5,691	Caesars Entertainment, Inc.*		171,754
71,094	Carnival Corp. Ltd.		2,031,156
569	Cava Group, Inc.*		44,655
5,316	Century Casinos, Inc.*		6,804
1,178	Cheesecake Factory, Inc.		93,698
46,387	Chipotle Mexican Grill, Inc.*		1,577,158
1,201	Choice Hotels International, Inc.^(a)		132,434
1,453	Churchill Downs, Inc.		130,247
34	Cracker Barrel Old Country Store, Inc.		1,812
4,344	Darden Restaurants, Inc.		894,907
4,076	Dine Brands Global, Inc.^(a)		146,328
1,401	Domino’s Pizza, Inc.		414,752
12,954	DoorDash, Inc. Class A*		2,390,402
4,899	DraftKings, Inc. Class A*		123,749


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Hotels, Restaurants & Leisure – (continued)
708	Dutch Bros, Inc. Class A*	$	50,841
11,299	El Pollo Loco Holdings, Inc.*		191,631
4,796	Expedia Group, Inc.		1,227,201
3,499	First Watch Restaurant Group, Inc.*		45,102
4,150	Flutter Entertainment PLC*		424,006
1,235	Genius Sports Ltd.*		7,484
654	Global Business Travel Group I*		6,141
1,900	Hilton Grand Vacations, Inc.*		99,503
12,000	Hilton Worldwide Holdings, Inc.		3,965,520
422	Hyatt Hotels Corp. Class A		81,801
16,517	Inspired Entertainment, Inc.*		136,265
5,665	Jack in the Box, Inc.*		89,564
54	Krispy Kreme, Inc.*		191
608	Kura Sushi USA, Inc. Class A*		34,996
12,644	Las Vegas Sands Corp.		584,026
1,814	Life Time Group Holdings, Inc.*		74,084
7,502	Lindblad Expeditions Holdings, Inc.*		211,857
1,134	Lucky Strike Entertainment Corp. Class C^(a)		8,482
9,021	Marriott International, Inc. Class A		3,343,092
31,914	McDonald’s Corp.		8,626,673
4,527	MGM Resorts International*		216,436
2,375	Monarch Casino & Resort, Inc.		312,574
4,937	Nathan’s Famous, Inc.		501,599
8,602	Navan, Inc. Class A*		196,728
3,419	Norwegian Cruise Line Holdings Ltd.*		72,175
1,746	Papa John’s International, Inc.^(a)		64,200
2,075	Planet Fitness, Inc. Class A*		108,253
14,428	Portillo’s, Inc. Class A*		68,389
3,865	Pursuit Attractions & Hospitality, Inc.*		216,324
2,605	RCI Hospitality Holdings, Inc.		71,169
9,804	Red Robin Gourmet Burgers, Inc.*		78,334
2,801	Red Rock Resorts, Inc. Class A		182,233
9,262	Restaurant Brands International, Inc.		671,588
13,083	Royal Caribbean Cruises Ltd.		4,154,245
12,027	Rush Street Interactive, Inc.*		357,683
18,432	Sabre Corp.*		38,523
1,222	Serve Robotics, Inc.*^(a)		8,041
282	Shake Shack, Inc. Class A*		15,798
433	Six Flags Entertainment Corp.*		9,223


Shares	Description	Value

Common Stocks – (continued)

Hotels, Restaurants & Leisure – (continued)
37,941	Starbucks Corp.	$	3,877,191
899	Super Group SGHC Ltd.		12,181
584	Sweetgreen, Inc. Class A*		5,145
8,900	Target Hospitality Corp.*		181,204
1,773	Texas Roadhouse, Inc.		342,597
2,757	Travel & Leisure Co.		210,718
146	United Parks & Resorts, Inc.*		6,970
869	Vail Resorts, Inc.^(a)		118,314
5,526	Viking Holdings Ltd.*		578,406
398	Wendy’s Co.^(a)		3,299
1,097	Wingstop, Inc.		190,231
1,368	Wyndham Hotels & Resorts, Inc.		115,199
2,016	Wynn Resorts Ltd.		195,733
7,151	Xponential Fitness, Inc. Class A*		49,485
11,467	Yum! Brands, Inc.		1,833,115


			51,734,487


Household Durables – 0.2%
1,896	Beazer Homes USA, Inc.*		53,183
181	Cavco Industries, Inc.*		111,203
1,407	Century Communities, Inc.		100,826
1,680	Champion Homes, Inc.*		148,042
48,032	Cricut, Inc. Class A		210,860
9,570	Dr. Horton, Inc.		1,558,762
576	Dream Finders Homes, Inc. Class A*		9,942
11,347	Ethan Allen Interiors, Inc.		253,492
1,492	Flexsteel Industries, Inc.		111,124
139,624	GoPro, Inc. Class A*^(a)		108,627
1,993	Green Brick Partners, Inc.*		159,520
5,335	Hamilton Beach Brands Holding Co. Class A		122,865
1,031	Helen of Troy Ltd.*		29,971
10,887	Hooker Furnishings Corp.		194,115
699	Hovnanian Enterprises, Inc. Class A*		99,545
1,770	Installed Building Products, Inc.		406,817
2,215	KB Home		138,637
3,026	La-Z-Boy, Inc.		121,403
7,638	Legacy Housing Corp.*		200,650
16,838	Leggett & Platt, Inc.		197,173
4,668	Lennar Corp. Class A		422,407
17,268	Lifetime Brands, Inc.		147,296
9,180	Lovesac Co.*		153,214
1,021	M/I Homes, Inc.*		164,167
1,134	Meritage Homes Corp.		95,086
1,865	Mohawk Industries, Inc.*		226,280
287	NVR, Inc.*		1,955,446
7,812	PulteGroup, Inc.		1,071,884
173,192	Purple Innovation, Inc.*		61,829
3,507	SharkNinja, Inc.*		534,011
6,653	Smith Douglas Homes Corp.*		103,388


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Household Durables – (continued)
10,611	Somnigroup International, Inc.	$	831,902
7,521	Sonos, Inc.*		101,759
3,688	Taylor Morrison Home Corp.*		264,577
3,828	Toll Brothers, Inc.		630,663
1,320	TopBuild Corp.*		467,980
300	Traeger, Inc.*		23,649
68	Whirlpool Corp.		2,681


			11,594,976


Household Products – 0.3%
4,113	Central Garden & Pet Co. Class A*		159,461
9,471	Church & Dwight Co., Inc.		917,550
5,132	Clorox Co.		489,798
35,535	Colgate-Palmolive Co.		3,257,849
277	Energizer Holdings, Inc.		5,939
13,030	Kimberly-Clark Corp.		1,430,303
5,461	Oil-Dri Corp. of America		558,169
86,203	Procter & Gamble Co.		12,640,808
5,096	Reynolds Consumer Products, Inc.		136,828
1,004	Spectrum Brands Holdings, Inc.		86,093
2,297	WD-40 Co.		559,641


			20,242,439


Independent Power and Renewable Electricity Producers – 0.1%
12,025	AES Corp.		176,286
7,444	Brookfield Renewable Corp.^(a)		276,321
14,134	Clearway Energy, Inc. Class C		483,100
236	Hallador Energy Co.*		4,104
27,644	Montauk Renewables, Inc.*		43,125
4,230	Ormat Technologies, Inc.		460,647
1,122	Talen Energy Corp.*		431,140
10,757	Vistra Corp.		1,706,383
1,363	XPLR Infrastructure LP*		16,097


			3,597,203


Industrial Conglomerates – 0.1%
18,713	3M Co.		3,029,822
46	Brookfield Business Corp. Class A		1,373
14,686	Honeywell International, Inc.		3,288,195


			6,319,390


Industrial REITs – 0.1%
8,991	Americold Realty Trust, Inc.		141,339
1,368	EastGroup Properties, Inc.		277,061
3,435	First Industrial Realty Trust, Inc.		210,600
9,345	Industrial Logistics Properties Trust		82,890
367	Innovative Industrial Properties, Inc.		22,747


Shares	Description	Value

Common Stocks – (continued)

Industrial REITs – (continued)
81	Lineage, Inc.	$	3,503
4,888	LXP Industrial Trust		263,365
14,949	One Liberty Properties, Inc.		365,055
40,334	Prologis, Inc.		5,464,047
4,249	Rexford Industrial Realty, Inc.		142,341
6,323	STAG Industrial, Inc.		240,653
2,727	Terreno Realty Corp.		176,628


			7,390,229


Insurance – 0.9%
2,097	Abacus Global Management, Inc.^(a)		22,459
8,553	Accelerant Holdings Class A*		100,241
18,891	Aflac, Inc.		2,214,970
10,956	Allstate Corp.		2,606,871
22,547	American Coastal Insurance Corp. Class C		250,272
4,021	American Financial Group, Inc.		562,699
19,052	American International Group, Inc.		1,419,946
8,348	AMERISAFE, Inc.		282,413
8,664	Aon PLC Class A		2,873,762
15,607	Arch Capital Group Ltd.*		1,514,815
8,144	Arthur J Gallagher & Co.		1,869,618
2,737	Assurant, Inc.		734,967
2,362	Assured Guaranty Ltd.		189,338
16,671	Aviva PLC		143,734
4,972	Axis Capital Holdings Ltd.		534,192
540	Baldwin Insurance Group, Inc.*		14,353
3,833	Bowhead Specialty Holdings, Inc.*		114,722
3,371	Brighthouse Financial, Inc.*		213,384
7,540	Brown & Brown, Inc.		483,691
7,346	Cincinnati Financial Corp.		1,360,038
14,321	Citizens, Inc.*^(a)		82,203
5,300	CNA Financial Corp.		257,633
3,772	CNO Financial Group, Inc.		192,297
15,240	Crawford & Co. Class A		171,755
13,639	Donegal Group, Inc. Class A		257,232
5,445	Employers Holdings, Inc.		274,864
1,032	Erie Indemnity Co. Class A		247,422
1,529	Everest Group Ltd.		546,205
21,175	Exzeo Group, Inc.*		357,222
5,080	F&G Annuities & Life, Inc.		135,077
5,976	Fidelity National Financial, Inc.		281,828
3,802	First American Financial Corp.		260,779
29,892	Genworth Financial, Inc.*		283,077
4,660	Global Indemnity Group LLC Class A		116,500
4,814	Globe Life, Inc.		860,165


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Insurance – (continued)
106	Goosehead Insurance, Inc. Class A*	$	5,141
21,426	Greenlight Capital Re Ltd. Class A*		346,673
30,350	Hagerty, Inc. Class A*		361,772
14,475	Hamilton Insurance Group Ltd. Class B		491,281
2,357	Hanover Insurance Group, Inc.		504,681
12,984	Hartford Insurance Group, Inc.		1,720,640
1,411	HCI Group, Inc.		247,278
12,780	Heritage Insurance Holdings, Inc.*		333,302
3,522	Hippo Holdings, Inc.*		99,532
5,252	Horace Mann Educators Corp.		271,266
888	Investors Title Co.		243,028
39,975	James River Group Holdings, Inc.		175,890
2,624	Kemper Corp.		70,743
12	Kestrel Group Ltd.*		108
8,606	Kingstone Cos., Inc.		163,772
26,056	Kingsway Corp.*		271,504
919	Kinsale Capital Group, Inc.		303,095
729	Lemonade, Inc.*		47,421
8,352	Lincoln National Corp.		295,243
8,564	Loews Corp.		969,530
565	Markel Group, Inc.*		1,103,451
18,804	Marsh & McLennan Cos., Inc.		3,134,063
34,002	MBIA, Inc.*		221,693
5,817	Mercury General Corp.		620,209
19,828	MetLife, Inc.		1,677,647
10,313	Neptune Insurance Holdings, Inc. Class A*		324,859
18,560	NI Holdings, Inc.*		291,578
12,386	Octave Specialty Group, Inc.*		77,289
14,794	Old Republic International Corp.		605,370
1,146	Oscar Health, Inc. Class A*		32,684
1,508	Palomar Holdings, Inc.*		190,596
1,586	Primerica, Inc.		450,741
8,531	Principal Financial Group, Inc.		919,471
22,059	Progressive Corp.		4,818,789
12,480	Prudential Financial, Inc.		1,346,966
2,457	Reinsurance Group of America, Inc.		522,481
2,879	RenaissanceRe Holdings Ltd.		912,355
5,283	RLI Corp.		312,067
69	Root, Inc. Class A*		3,858
2,375	Ryan Specialty Holdings, Inc.		89,680
3,178	Safety Insurance Group, Inc.		237,905
3,735	Selective Insurance Group, Inc.		362,332
9,877	Selectquote, Inc.*		8,308


Shares	Description	Value

Common Stocks – (continued)

Insurance – (continued)
18,159	SiriusPoint Ltd.*	$	435,816
1,411	Skyward Specialty Insurance Group, Inc.*		82,332
11,498	Slide Insurance Holdings, Inc.*		222,716
1,574	Stewart Information Services Corp.		103,915
3,431	Tiptree, Inc.		61,484
9,278	Travelers Cos., Inc.		3,062,853
1,039	Trupanion, Inc.*		25,736
6,521	TWFG, Inc.*		156,830
6,980	United Fire Group, Inc.		366,031
10,132	Universal Insurance Holdings, Inc.		419,060
4,446	Unum Group		397,472
15,427	W.R. Berkley Corp.		1,088,066
209	White Mountains Insurance Group Ltd.		433,338
4,108	Willis Towers Watson PLC		1,073,708


			54,946,393


Interactive Media & Services – 3.7%
203,322	Alphabet, Inc. Class C		71,839,762
269,298	Alphabet, Inc. Class A		96,239,026
111	Angi, Inc.*		661
52,339	Arena Group Holdings, Inc.*^(a)		43,441
8,061	Bumble, Inc. Class A*		25,795
5,568	Cargurus, Inc.*		189,813
5,785	Cars.com, Inc.*		63,288
2,890	EverQuote, Inc. Class A*		68,753
766	fuboTV, Inc. Class A*^(a)		7,047
7,276	Grindr, Inc.*		104,556
9,145	Match Group, Inc.		347,967
7,321	MediaAlpha, Inc. Class A*		92,025
103,195	Meta Platforms, Inc. Class A		58,128,712
42,387	Nextdoor Holdings, Inc.*		96,219
801	People, Inc.*		36,974
16,206	Pinterest, Inc. Class A*		340,812
309	QuinStreet, Inc.*		4,527
2,970	Reddit, Inc. Class A*		515,533
141	RUM Group, Inc.*^(a)		894
1,593	Shutterstock, Inc.		22,222
23,566	Snap, Inc. Class A*		104,633
27,869	Taboola.com Ltd.*		139,345
18,272	Travelzoo*		213,417
2,773	TripAdvisor, Inc.*		38,018
496	Trump Media & Technology Group Corp.*		3,839
4,741	Yelp, Inc.*		116,249
2,661	Ziff Davis, Inc.*		139,357
25,943	ZipRecruiter, Inc. Class A*		97,286
6,690	ZoomInfo Technologies, Inc.*		19,602


			229,039,773


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

IT Services – 0.4%
21,318	Accenture PLC Class A	$	2,652,812
2,942	Akamai Technologies, Inc.*		347,774
2,655	Amdocs Ltd.		134,184
2,121	Applied Digital Corp.*		79,113
15,039	Backblaze, Inc. Class A*		238,519
572	BigBear.ai Holdings, Inc.*^(a)		2,099
11,016	Cloudflare, Inc. Class A*		2,702,004
15,027	Cognizant Technology Solutions Corp. Class A		581,996
34,402	Commerce.com, Inc.*		101,830
2,838	CoreWeave, Inc. Class A*		282,495
97	Crexendo, Inc.*		725
34	CSP, Inc.		270
722	DigitalOcean Holdings, Inc.*		113,376
6,561	DXC Technology Co.*		58,065
825	EPAM Systems, Inc.*		65,464
1,612	Everforth, Inc.*		28,806
2,250	Gartner, Inc.*		291,645
1,450	Globant SA*		41,963
3,454	GoDaddy, Inc. Class A*		293,175
305	Grid Dynamics Holdings, Inc.*		1,732
16,006	Hackett Group, Inc.		172,385
51,662	Information Services Group, Inc.		212,331
33,869	International Business Machines Corp.		9,524,301
8,291	Kyndryl Holdings, Inc.*		93,771
2,209	MongoDB, Inc.*		742,003
2,539	Okta, Inc.*		346,447
123	Rackspace Technology, Inc.*		803
11,200	Snowflake, Inc.*		2,850,400
5,228	TSS, Inc.*		64,304
13,984	Tucows, Inc. Class A*		188,364
2,210	Twilio, Inc. Class A*		455,989
73,604	Unisys Corp.*		269,391
5,089	VeriSign, Inc.		1,280,189
305	VTEX Class A*		1,220
5,414	Whitefiber, Inc.*^(a)		210,334


			24,430,279


Leisure Products – 0.1%
4,960	Acushnet Holdings Corp.		587,909
2,880	Brunswick Corp.		242,611
9,378	Callaway Golf Co.*		176,213
59,366	Clarus Corp.		187,003
8,474	Escalade, Inc.		159,142
9,469	Funko, Inc. Class A*		55,678
7,551	Hasbro, Inc.		623,637
5,381	JAKKS Pacific, Inc.		125,270
6,283	Johnson Outdoors, Inc. Class A		289,269
248	Latham Group, Inc.*		1,604
768	Malibu Boats, Inc. Class A*		21,066


Shares	Description	Value

Common Stocks – (continued)

Leisure Products – (continued)
16,063	MasterCraft Boat Holdings, Inc.*	$	414,747
9,970	Mattel, Inc.*		138,383
5,848	Peloton Interactive, Inc. Class A*		34,562
4,179	Polaris, Inc.		286,011
12,819	Smith & Wesson Brands, Inc.		192,798
3,795	Sturm Ruger & Co., Inc.		143,641
37,401	Tron, Inc.*		60,215
5,225	YETI Holdings, Inc.*		258,951


			3,998,710


Life Sciences Tools & Services – 0.4%
3,527	10X Genomics, Inc. Class A*		135,225
12,883	Adaptive Biotechnologies Corp.*		276,340
9,628	Agilent Technologies, Inc.		1,278,887
42,355	Alpha Teknova, Inc.*^(a)		240,576
22	Atlantic International Corp.*		20
20,026	Avantor, Inc.*		198,257
2,415	BioLife Solutions, Inc.*		68,200
534	Bio-Rad Laboratories, Inc. Class A*		156,788
3,043	Bio-Techne Corp.		214,988
1,134	Charles River Laboratories International, Inc.*		257,180
107,077	Codexis, Inc.*		241,994
7,125	CryoPort, Inc.*		111,863
13,772	Cytek Biosciences, Inc.*		61,010
28,352	Danaher Corp.		5,400,489
3,670	Ginkgo Bioworks Holdings, Inc.*		36,370
2,059	ICON PLC*		357,669
6,566	Illumina, Inc.*		1,154,500
4,569	IQVIA Holdings, Inc.*		882,822
30,922	Lifecore Biomedical, Inc.*		162,340
7,479	Maravai LifeSciences Holdings, Inc. Class A*		46,669
109,491	MaxCyte, Inc.*		134,674
1,321	Medpace Holdings, Inc.*		699,588
320	Mesa Laboratories, Inc.		31,856
803	Mettler-Toledo International, Inc.*		1,025,841
42,309	Nautilus Biotechnology, Inc.*		79,118
40,771	OmniAb, Inc.*		100,297
60,954	Pacific Biosciences of California, Inc.*		102,403
4,722	Personalis, Inc.*		63,275
12,194	Quanterix Corp.*		52,678
58,539	Quantum-Si, Inc.*^(a)		51,807
194	Repligen Corp.*		26,469
1,716	Revvity, Inc.		190,922
122,298	Seer, Inc.*		203,015
10,559	Sotera Health Co.*		187,422
87,182	Standard BioTools, Inc.*		71,725


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Life Sciences Tools & Services – (continued)
1,079	Tempus AI, Inc. Class A*	$	62,506
16,807	Thermo Fisher Scientific, Inc.		8,426,358
3,487	Waters Corp.*		1,307,764
1,741	West Pharmaceutical Services, Inc.		625,019


			24,724,924


Machinery – 1.1%
23,400	3D Systems Corp.*		70,668
15	Aebi Schmidt Holding AG		188
2,488	AGCO Corp.		297,814
11,709	AirJoule Technologies Corp.*		64,868
529	Alamo Group, Inc.		87,015
49	Albany International Corp. Class A		3,651
4,076	Alliance Laundry Holdings, Inc.*		108,096
2,391	Allison Transmission Holdings, Inc.		269,561
3,605	Astec Industries, Inc.		220,590
7,303	Atmus Filtration Technologies, Inc.		372,380
4,051	Blue Bird Corp.*		319,867
20,329	Caterpillar, Inc.		21,648,352
5,633	CECO Environmental Corp.*		511,138
1,683	Chart Industries, Inc.*		351,646
19,543	CNH Industrial NV		219,468
1,053	Columbus McKinnon Corp.		15,932
1,371	Crane Co.		305,829
5,209	Cummins, Inc.		3,715,111
8,890	Deere & Co.		5,639,194
7,592	Donaldson Co., Inc.		681,534
8,591	Douglas Dynamics, Inc.		463,484
4,846	Dover Corp.		1,086,861
8,516	Energy Recovery, Inc.*		76,814
3,791	Enerpac Tool Group Corp.		135,945
608	Enpro, Inc.		229,173
586	Esab Corp.		57,797
1,188	ESCO Technologies, Inc.		415,848
2,649	Federal Signal Corp.		340,370
4,567	Flowserve Corp.		338,689
8,556	Fortive Corp.		522,686
2,305	Franklin Electric Co., Inc.		247,073
6,901	Gates Industrial Corp. PLC*		193,021
11,621	Gencor Industries, Inc.*		173,385
4,528	Gorman-Rupp Co.		415,399
19,583	Graco, Inc.		1,480,671
2,089	Graham Corp.*		258,597
1,089	Greenbrier Cos., Inc.		53,372
1,274	Helios Technologies, Inc.		113,705
3,286	Hillman Solutions Corp.*		27,734
856	Hyster-Yale, Inc.		30,011
2,303	IDEX Corp.		522,666
11,673	Illinois Tool Works, Inc.		3,157,196
11,864	Ingersoll Rand, Inc.		972,729


Shares	Description	Value

Common Stocks – (continued)

Machinery – (continued)
2,883	ITT, Inc.	$	570,142
1,263	JBT Marel Corp.		183,135
176	Kadant, Inc.		55,304
5,237	Kennametal, Inc.		183,557
6,219	L.B. Foster Co. Class A*		280,912
2,720	Lincoln Electric Holdings, Inc.		722,187
1,854	Lindsay Corp.		229,525
16,121	Luxfer Holdings PLC		290,823
7,916	Manitowoc Co., Inc.*		109,953
3,771	Mayville Engineering Co., Inc.*		141,262
5,901	Microvast Holdings, Inc.*		6,904
750	Middleby Corp.*		129,008
2,479	Miller Industries, Inc.		126,801
4,768	Mueller Industries, Inc.		586,130
6,262	Mueller Water Products, Inc. Class A		161,747
2,244	Nordson Corp.		676,992
9,200	Omega Flex, Inc.		288,788
6,926	Oshkosh Corp.		1,063,002
14,246	Otis Worldwide Corp.		1,020,014
17,758	PACCAR, Inc.		2,133,091
3,747	Palladyne AI Corp.*^(a)		22,782
5,962	Parker-Hannifin Corp.		5,831,551
4,341	Park-Ohio Holdings Corp.		166,911
4,303	Pentair PLC		329,868
984	Proto Labs, Inc.*		80,206
1,142	RBC Bearings, Inc.*		735,517
11,406	Richtech Robotics, Inc. Class B*^(a)		24,067
2,064	Snap-on, Inc.		830,554
1,962	SPX Technologies, Inc.*		481,024
564	Standex International Corp.		201,726
2,011	Stanley Black & Decker, Inc.		189,275
2,921	Stratasys Ltd.*		25,004
1,334	Symbotic, Inc.*		59,963
2,346	Tennant Co.		205,369
3,579	Terex Corp.		259,084
2,026	Timken Co.		294,418
6,493	Titan International, Inc.*		50,061
5,209	Toro Co.		507,461
4,982	Trinity Industries, Inc.		172,278
9,225	Velo3D, Inc.*^(a)		161,899
4,950	Wabash National Corp.		66,825
2,025	Watts Water Technologies, Inc. Class A		792,686
6,057	Westinghouse Air Brake Technologies Corp.		1,632,967
2,563	Worthington Enterprises, Inc.		137,787
7,882	Xylem, Inc.		931,731


			69,366,419


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Marine Transportation – 0.0%
2,971	Costamare Bulkers Holdings Ltd.*	$	52,171
13,753	Costamare, Inc.		192,817
10,372	Genco Shipping & Trading Ltd.		257,018
5,987	Global Ship Lease, Inc. Class A		225,111
1,413	Kirby Corp.*		192,126
333	Matson, Inc.		64,013
7,468	Pangaea Logistics Solutions Ltd.		48,542
28,466	Safe Bulkers, Inc.		179,620
6,343	Star Bulk Carriers Corp.		158,385

			1,369,803


Media – 0.1%
9,864	AMC Global Media, Inc.*		98,443
21,908	Boston Omaha Corp. Class A*^(a)		298,825
308	Cable One, Inc.*		16,358
10,264	Cardlytics, Inc.*		46,085
1,591	Charter Communications, Inc. Class A*		226,256
28,024	Clear Channel Outdoor Holdings, Inc.*		67,818
4,166	DoubleVerify Holdings, Inc.*		45,159
3,726	EchoStar Corp. Class A*		378,189
79	Emerald Holding, Inc.		398
57,713	Entravision Communications Corp. Class A		752,578
6,857	EW Scripps Co. Class A*		18,994
4,688	Fox Corp. Class A		244,526
4,072	Fox Corp. Class B		190,733
19,026	Gambling.com Group Ltd.*^(a)		36,149
12,398	Gray Media, Inc.^(a)		49,220
1,103	Ibotta, Inc. Class A*		37,678
40,472	iHeartMedia, Inc. Class A		173,625
2,631	John Wiley & Sons, Inc. Class A		127,630
818	Liberty Broadband Corp. Class C*		27,207
20	Liberty Broadband Corp. Class A*		666
2,288	Magnite, Inc.*		43,426
6,717	MNTN, Inc. Class A*		61,796
17,536	National CineMedia, Inc.		66,637
10,220	New York Times Co. Class A		715,196
10,370	News Corp. Class A		257,487
4,776	News Corp. Class B		134,015
1,070	Nexstar Media Group, Inc.		191,091
2,255	NIQ Global Intelligence PLC*		21,084
15,759	Omnicom Group, Inc.		1,147,728
16,736	Paramount Skydance Corp. Class B^(a)		165,017
6,605	Scholastic Corp.		303,830


Shares	Description	Value

Common Stocks – (continued)

Media – (continued)
483	Sinclair, Inc.	$	6,883
7,686	Sirius XM Holdings, Inc.		227,044
14,939	TechTarget, Inc.*		53,780
10,112	Trade Desk, Inc. Class A*		182,825
789	USA TODAY Co., Inc.*		6,746
5,049	Versant Media Group, Inc.		181,815

			6,602,937


Metals & Mining – 0.3%
6,620	Alcoa Corp.		345,167
304	Alpha Metallurgical Resources, Inc.*		50,142
21,239	American Battery Technology Co.*		60,106
348	Anglogold Ashanti PLC		28,150
3,213	Aura Minerals, Inc.^(a)		202,258
1,626	Century Aluminum Co.*		74,812
7,000	Cleveland-Cliffs, Inc.*		65,730
21,906	Coeur Mining, Inc.		357,506
5,080	Commercial Metals Co.		318,770
6,051	Compass Minerals International, Inc.*		188,368
286	Constellium SE*		9,115
3,908	Contango Silver & Gold, Inc.*		61,707
122	Critical Metals Corp.*^(a)		1,250
16,893	Dakota Gold Corp.*		71,964
7,048	Evraz PLC*^(b)		—
48,853	Freeport-McMoRan, Inc.		3,072,365
91,550	Gold Resource Corp.*		115,353
15,625	Hecla Mining Co.		241,094
1,109	Hycroft Mining Holding Corp. Class A*^(a)		25,950
54,904	i-80 Gold Corp.*		79,062
3,265	Idaho Strategic Resources, Inc.*		106,929
2,809	Ivanhoe Electric, Inc.*		26,994
1,212	Kaiser Aluminum Corp.		237,103
183	Lifezone Metals Ltd.*		710
1,319	Materion Corp.		392,257
4,083	McEwen, Inc.*		74,025
6,623	Metallus, Inc.*		123,784
2,405	MP Materials Corp.*		134,704
51,913	Newmont Corp.		4,848,674
7,985	NioCorp Developments Ltd.*		38,488
1,477	Novagold Resources, Inc.*		8,818
7,795	Nucor Corp.		1,736,336
2,272	Perpetua Resources Corp.*		47,167
234	Ramaco Resources, Inc. Class A*		3,096
2,518	Reliance, Inc.		940,725
2,652	Royal Gold, Inc.		529,366
921	Ryerson Holding Corp.		22,666
3,935	Southern Copper Corp.		685,713
4,726	Steel Dynamics, Inc.		1,084,428
11,758	SunCoke Energy, Inc.		94,652


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Metals & Mining – (continued)
14,322	Tredegar Corp.*	$	114,003
1,561	U.S. Antimony Corp.*^(a)		11,333
7,955	U.S. Gold Corp.*		121,950
16	U.S. Goldmining, Inc.*		130
4,472	USA Rare Earth, Inc.*		96,506
54,647	Vista Gold Corp.*		104,376
336	Vox Royalty Corp.		1,589
1,398	Warrior Met Coal, Inc.		113,462
3,131	Worthington Steel, Inc.		105,139

			17,173,992


Mortgage Real Estate Investment Trusts (REITs) – 0.1%
4	ACRES Commercial Realty Corp.*		71
24,544	Adamas Trust, Inc.		230,223
65,982	AGNC Investment Corp.		719,204
32,887	Angel Oak Mortgage REIT, Inc.		298,614
35,778	Annaly Capital Management, Inc.		799,996
18,970	Apollo Commercial Real Estate Finance, Inc.		202,600
6,872	Arbor Realty Trust, Inc.		37,246
40,386	ARES Commercial Real Estate Corp.		181,737
10,218	ARMOUR Residential REIT, Inc.		178,304
8,929	Blackstone Mortgage Trust, Inc. Class A		151,347
49,098	BrightSpire Capital, Inc.		267,584
8,540	Chimera Investment Corp.		113,924
18,815	Dynex Capital, Inc.		246,665
17,458	Ellington Financial, Inc.		237,603
17,331	Franklin BSP Realty Trust, Inc.		141,074
66,198	Granite Point Mortgage Trust, Inc.		99,297
31,771	Invesco Mortgage Capital, Inc.		250,991
33,805	KKR Real Estate Finance Trust, Inc.		231,226
23,161	Ladder Capital Corp.		230,452
16,678	MFA Financial, Inc.		161,610
27,387	Nexpoint Real Estate Finance, Inc.		424,499
27,389	Orchid Island Capital, Inc.		190,901
13,336	PennyMac Mortgage Investment Trust		150,430
38,442	Ready Capital Corp.		67,274
17,402	Redwood Trust, Inc.		82,485
20,528	Rithm Capital Corp.		192,758
15,824	Rithm Property Trust, Inc.		227,866
11,778	Starwood Property Trust, Inc.		192,924
18,546	Sunrise Realty Trust, Inc.^(a)		146,513


Shares	Description	Value

Common Stocks – (continued)

Mortgage Real Estate Investment Trusts (REITs) – (continued)
33,657	TPG Mortgage Investment Trust, Inc.	$	266,563
28,914	TPG RE Finance Trust, Inc.		242,010
11,228	Two Harbors Investment Corp.		139,339

			7,103,330


Multi-Utilities – 0.2%
9,066	Ameren Corp.		1,024,821
6,278	Avista Corp.		256,833
4,872	Black Hills Corp.		362,477
24,186	CenterPoint Energy, Inc.		1,065,151
8,990	CMS Energy Corp.		687,735
12,848	Consolidated Edison, Inc.		1,421,374
30,146	Dominion Energy, Inc.		2,058,670
6,868	DTE Energy Co.		1,046,477
15,340	NiSource, Inc.		729,417
5,445	Northwestern Energy Group, Inc.		389,971
15,992	Public Service Enterprise Group, Inc.		1,297,911
23,108	Sempra		2,142,343
6,190	Unitil Corp.		326,151
11,390	WEC Energy Group, Inc.		1,330,010

			14,139,341


Office REITs – 0.0%
16,416	Brandywine Realty Trust		52,039
3,271	BXP, Inc.		216,900
7,941	COPT Defense Properties		288,973
4,305	Cousins Properties, Inc.		129,064
5,576	Douglas Emmett, Inc.		65,797
5,202	Easterly Government Properties, Inc.		129,686
6,181	Empire State Realty Trust, Inc. Class A		33,439
147,285	Franklin Street Properties Corp. Class C		75,852
4,377	Highwoods Properties, Inc.		132,010
1,456	Hudson Pacific Properties, Inc.*		22,117
8,625	JBG SMITH Properties		126,529
4,120	Kilroy Realty Corp.		154,376
21,873	NET Lease Office Properties		243,446
4,802	Orion Properties, Inc.		13,878
9,339	Piedmont Realty Trust, Inc.*		85,452
24,776	Postal Realty Trust, Inc. Class A		610,480
703	SL Green Realty Corp.		36,394
4,366	Vornado Realty Trust		171,584

			2,588,016


Oil, Gas & Consumable Fuels – 1.3%
78,172	Aemetis, Inc.*^(a)		128,202
10,073	Amplify Energy Corp.*		40,091


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Oil, Gas & Consumable Fuels – (continued)
13,266	Antero Midstream Corp. $		301,801
5,051	Antero Resources Corp.*		177,492
15,343	APA Corp.		499,722
14,288	Ardmore Shipping Corp.		200,175
932	BKV Corp.*		25,500
4,201	California Resources Corp.		222,107
3,450	Calumet, Inc.*		124,269
226	Centrus Energy Corp. Class A*^(a)		37,939
7,729	Cheniere Energy, Inc.		1,847,308
68,959	Chevron Corp.		11,430,644
550	Chord Energy Corp.		62,865
11,690	Clean Energy Fuels Corp.*		23,964
6,315	CNX Resources Corp.*		214,268
291	Comstock Resources, Inc.*		4,342
44,494	ConocoPhillips		4,625,596
835	Core Natural Resources, Inc.		66,817
175	CVR Energy, Inc.		4,820
2,754	Delek U.S. Holdings, Inc.		139,931
38,472	Devon Energy Corp.		1,589,663
15,144	DHT Holdings, Inc.		250,330
9,485	Diamondback Energy, Inc.		1,667,273
7,497	Diversified Energy Co.		103,908
3,613	Dorian LPG Ltd.		125,660
4,139	DT Midstream, Inc.		607,357
26,593	Empire Petroleum Corp.*^(a)		71,269
4,580	Energy Fuels, Inc.*^(a)		66,410
19,455	EOG Resources, Inc.		2,523,897
10	Epsilon Energy Ltd.		54
18,773	EQT Corp.		998,160
76,862	Evolution Petroleum Corp.^(a)		282,852
675	Excelerate Energy, Inc. Class A		25,643
6,681	Expand Energy Corp.		609,240
155,575	Exxon Mobil Corp.		21,270,214
10,219	FLEX LNG Ltd.^(a)		286,745
8,583	Frontline PLC		298,603
46,534	FutureFuel Corp.		210,334
34,035	Gevo, Inc.*		51,052
30,399	Granite Ridge Resources, Inc.		134,060
6,169	Green Plains, Inc.*		94,879
495	Gulfport Energy Corp.*		84,001
8,135	HF Sinclair Corp.		566,603
4,532	Infinity Natural Resources, Inc. Class A*		57,556
3,746	International Seaways, Inc.		286,906
68,096	Kinder Morgan, Inc.		2,177,029
594	Kinetik Holdings, Inc.		28,714
36	Kolibri Global Energy, Inc.*		179
4,068	Lightbridge Corp.*		35,758
6,091	Magnolia Oil & Gas Corp. Class A		155,808
10,884	Marathon Petroleum Corp.		2,782,712
1,051	Matador Resources Co.		52,319
2,414	Murphy Oil Corp.		78,600


Shares	Description	Value

Common Stocks – (continued)

Oil, Gas & Consumable Fuels – (continued)
4,028	NACCO Industries, Inc. Class A	$	201,601
8,660	Navigator Holdings Ltd.		161,336
989	NextDecade Corp.*		7,457
169,843	NextNRG, Inc.*^(a)		59,479
66,772	Nordic American Tankers Ltd.		369,917
22,708	Occidental Petroleum Corp.		1,102,928
28,649	ONEOK, Inc.		2,490,744
7,150	Ovintiv, Inc.		376,447
6,621	Par Pacific Holdings, Inc.*		371,306
2,694	PBF Energy, Inc. Class A		122,631
4,430	Peabody Energy Corp.		102,422
20,331	Permian Resources Corp. Class A		374,294
14,034	Phillips 66		2,372,448
273	PrimeEnergy Resources Corp.*		45,561
3,574	Range Resources Corp.		132,917
9,641	REX American Resources Corp.*		435,291
3,614	Riley Exploration Permian, Inc.		119,117
14,851	Ring Energy, Inc.		16,039
703	Sable Offshore Corp.*		2,165
12,639	SandRidge Energy, Inc.		173,154
3,796	Scorpio Tankers, Inc.		262,911
5,880	SFL Corp. Ltd.		59,976
5,258	SM Energy Co.		137,234
27	Summit Midstream Corp.*		769
3,243	Sunococorp LLC		219,454
11,196	Talos Energy, Inc.*		144,540
3,415	Tamboran Resources Corp.*^(a)		111,022
8,021	Targa Resources Corp.		2,150,751
20,221	Teekay Corp. Ltd.		202,210
3,062	Teekay Tankers Ltd. Class A		198,632
1,720	Texas Pacific Land Corp.		752,741
5,971	Tsakos Energy Navigation Ltd.		211,194
11,356	Uranium Energy Corp.*		121,055
62,871	Ur-Energy, Inc.*^(a)		85,505
34,221	VAALCO Energy, Inc.		173,843
11,063	Valero Energy Corp.		2,881,248
6,063	Venture Global, Inc. Class A		67,481
24	Verde Clean Fuels, Inc.*		24
2,194	Viper Energy, Inc. Class A		93,026
9,321	Vitesse Energy, Inc.^(a)		146,992
40,523	W&T Offshore, Inc.		127,647
43,933	Williams Cos., Inc.		3,265,979
5,054	World Kinect Corp.		166,479
106	XCF Global, Inc. Class A*		47

			78,369,655


Paper & Forest Products – 0.0%
8,504	Clearwater Paper Corp.*		133,343
1,453	Magnera Corp.*		17,073


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Paper & Forest Products – (continued)
309	Sylvamo Corp.	$	11,680

			162,096


Passenger Airlines – 0.1%
237	Alaska Air Group, Inc.*		12,371
40	Allegiant Travel Co.*		4,704
1,582	American Airlines Group, Inc.*		28,587
2,164	Copa Holdings SA Class A		336,654
19,026	Delta Air Lines, Inc.		1,781,975
11	flyExclusive, Inc.*		22
219	Frontier Group Holdings, Inc.*		1,732
3,307	Joby Aviation, Inc.*		29,499
996	SkyWest, Inc.*		98,933
14,717	Southwest Airlines Co.		756,748
9,060	United Airlines Holdings, Inc.*		1,232,069
2,568	Wheels Up Experience, Inc.*^(a)		23,035

			4,306,329


Personal Products – 0.1%
7,931	BellRing Brands, Inc.*		102,627
45,224	Coty, Inc. Class A*		97,684
1,974	Edgewell Personal Care Co.		53,022
2,187	elf Beauty, Inc.*		161,838
10,735	Estee Lauder Cos., Inc. Class A		847,528
22	FitLife Brands, Inc.*		242
26,385	Herbalife Ltd.*		346,963
33,256	Honest Co., Inc.*		121,717
2,646	Interparfums, Inc.		295,982
62,399	Kenvue, Inc.		1,192,445
32,577	Lifevantage Corp.^(a)		203,280
25,450	Medifast, Inc.*		270,024
15,113	Nature’s Sunshine Products, Inc.*		329,463
23,432	Niagen Bioscience, Inc.*		74,748
23,938	Nu Skin Enterprises, Inc. Class A		126,393
22,603	Olaplex Holdings, Inc.*		46,336
37,757	SkinHealth Systems, Inc.*^(a)		26,147
56,456	Upexi, Inc.*^(a)		44,273
6,968	USANA Health Sciences, Inc.*		148,767
37,190	Waldencast PLC Class A*^(a)		65,454

			4,554,933


Pharmaceuticals – 1.8%
34,128	Aclaris Therapeutics, Inc.*		180,537
5,253	Alto Neuroscience, Inc.*		138,627
6,765	Alumis, Inc.*		190,367
28,685	Amneal Pharmaceuticals, Inc.*		496,537


Shares	Description	Value

Common Stocks – (continued)

Pharmaceuticals – (continued)
3,325	Amphastar Pharmaceuticals, Inc.*	$	67,098
10,801	Amylyx Pharmaceuticals, Inc.*		193,986
4,059	ANI Pharmaceuticals, Inc.*		336,004
23,661	Aquestive Therapeutics, Inc.*^(a)		98,430
32	Arvinas, Inc.*		266
20,420	AtaiBeckley, Inc.*		107,613
42,851	Atea Pharmaceuticals, Inc.*		199,257
9,781	Avadel Pharmaceuticals PLC*^(b)		6,260
4,177	Axsome Therapeutics, Inc.*		1,022,404
6,510	BioAge Labs, Inc.*		159,560
48	Biote Corp. Class A*		91
79,521	Bristol-Myers Squibb Co.		4,582,000
10,349	Collegium Pharmaceutical, Inc.*		374,634
11,320	Contineum Therapeutics, Inc. Class A*		185,535
5,923	Corcept Therapeutics, Inc.*		515,005
5,724	CorMedix, Inc.*^(a)		44,933
1,227	Crinetics Pharmaceuticals, Inc.*		45,914
6,003	Definium Therapeutics, Inc.*		282,381
381	Edgewise Therapeutics, Inc.*		15,480
22,583	Elanco Animal Health, Inc.*		555,768
40,301	Eli Lilly & Co.		48,338,228
222	Enliven Therapeutics, Inc.*		11,267
65,313	Esperion Therapeutics, Inc.*		206,389
7,208	Eton Pharmaceuticals, Inc.*		260,930
33,559	Evolus, Inc.*		232,899
3,454	EyePoint, Inc.*		49,392
42,605	Filana Therapeutics, Inc.*		50,700
12,963	Fulcrum Therapeutics, Inc.*		47,445
5,931	Harmony Biosciences Holdings, Inc.*		215,948
6,696	Harrow, Inc.*		284,379
48,197	Ikena Oncology, Inc.*^(b)		—
23,128	Indivior Pharmaceuticals, Inc.*		948,942
12,360	Innoviva, Inc.*		280,696
2,839	Jazz Pharmaceuticals PLC*		684,114
90,664	Johnson & Johnson		23,025,936
117	Journey Medical Corp.*		828
3,331	LB Pharmaceuticals, Inc.*		108,108
3,347	LENZ Therapeutics, Inc.*^(a)		19,011
74,108	Lexicon Pharmaceuticals, Inc.*		177,859
1,734	Ligand Pharmaceuticals, Inc.*		548,100
4,145	Liquidia Corp.*		330,481
3,080	Maze Therapeutics, Inc.*		91,907
2,024	MBX Biosciences, Inc.*		111,725
51	MediWound Ltd.*		750
94,011	Merck & Co., Inc.		12,080,413


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Pharmaceuticals – (continued)
329	Nektar Therapeutics*	$	22,967
22,368	Neumora Therapeutics, Inc.*		38,026
21,757	Nuvation Bio, Inc.*		123,580
1,061	Ocular Therapeutix, Inc.*		10,419
2,401	Omeros Corp.*		22,834
18,560	Organon & Co.		251,302
4,670	Pacira BioSciences, Inc.*		118,478
210,389	Pfizer, Inc.		5,066,167
29,740	Phathom Pharmaceuticals, Inc.*		322,679
4,618	Phibro Animal Health Corp. Class A		145,005
96,072	Pliant Therapeutics, Inc.*		109,522
2,300	Prestige Consumer Healthcare, Inc.*		108,721
3,700	Rapport Therapeutics, Inc.*		154,179
16,623	Royalty Pharma PLC Class A		932,052
22,737	scPharmaceuticals, Inc.*^(a)(b)		7,276
5,113	Septerna, Inc.*		171,234
36,027	SIGA Technologies, Inc.		131,138
9,399	Supernus Pharmaceuticals, Inc.*		437,147
6,601	Tarsus Pharmaceuticals, Inc.*		415,467
12,213	Theravance Biopharma, Inc.*		207,621
7,399	Third Harmonic Bio, Inc.*^(b)		—
9,764	Trevi Therapeutics, Inc.*		182,099
4	Tvardi Therapeutics, Inc.*		8
57,536	Viatris, Inc.		913,672
698	WaVe Life Sciences Ltd.*		4,055
57,975	Xeris Biopharma Holdings, Inc.*		459,162
20,364	Zevra Therapeutics, Inc.*		292,020
18,001	Zoetis, Inc.		1,293,552

			109,845,516


Professional Services – 0.2%
16,245	Alight, Inc. Class A		9,097
9,445	Amentum Holdings, Inc.*		195,228
3,145	Andersen Group, Inc. Class A*^(a)		118,629
10,594	Asure Software, Inc.*		84,116
15,154	Automatic Data Processing, Inc.		3,393,738
6,666	Barrett Business Services, Inc.		236,776
2,017	BlackSky Technology, Inc.*		56,315
9,761	Booz Allen Hamilton Holding Corp.		592,200
3,999	Broadridge Financial Solutions, Inc.		547,663
1,238	CACI International, Inc. Class A*		573,516
2,670	CBIZ, Inc.*		85,654
36,589	Clarivate PLC*		79,032
3,207	Concentrix Corp.		71,853
57,362	Conduent, Inc.*		83,749


Shares	Description	Value

Common Stocks – (continued)

Professional Services – (continued)
1,117	CRA International, Inc.	$	158,949
6,802	DLH Holdings Corp.*		35,711
2,616	Equifax, Inc.		415,212
4,880	ExlService Holdings, Inc.*		126,197
2,726	Exponent, Inc.		160,180
76	Falcon’s Beyond Global, Inc. Class A*		1,362
4,898	First Advantage Corp.*		88,409
13,171	Forrester Research, Inc.*		110,768
10,560	Franklin Covey Co.*		259,037
1,693	FTI Consulting, Inc.*		252,274
8,712	HireQuest, Inc.		109,423
643	Huron Consulting Group, Inc.*		57,973
5,736	IBEX Holdings Ltd.*		174,202
1,610	ICF International, Inc.		117,305
173	Innodata, Inc.*		13,075
3,652	Insperity, Inc.		150,864
4,012	Jacobs Solutions, Inc.		505,512
3,007	KBR, Inc.		103,832
8,813	Kelly Services, Inc. Class A		108,224
4,441	Kforce, Inc.		208,372
1,868	Korn Ferry		124,371
10,627	Legalzoom.com, Inc.*		65,144
5,445	Leidos Holdings, Inc.		560,672
4,732	Maximus, Inc.		254,392
12,869	Mistras Group, Inc.*		224,821
1,432	Parsons Corp.*		75,022
9,670	Paychex, Inc.		950,851
559	Paycom Software, Inc.		70,255
761	Paylocity Holding Corp.*		79,547
6,521	Planet Labs PBC*		216,041
12	Public Policy Holding Co., Inc.		89
28	RCM Technologies, Inc.*		790
1,363	Resolute Holdings Management, Inc.*		196,994
25,469	Resources Connection, Inc.		108,243
3,392	Robert Half, Inc.		104,134
1,252	Science Applications International Corp.		138,233
3,354	Skillsoft Corp.*^(a)		17,374
9,015	Spire Global, Inc.*^(a)		167,679
4,110	SS&C Technologies Holdings, Inc.		255,025
3,084	TaskUS, Inc. Class A		14,433
267	TIC Solutions, Inc.*		2,160
2,187	TransUnion		157,770
169	TriNet Group, Inc.		8,364
32,667	TrueBlue, Inc.*		227,689
5,151	UL Solutions, Inc. Class A		524,681
2,616	Upwork, Inc.*		21,870
4,591	Verisk Analytics, Inc.		824,222
6,684	Verra Mobility Corp.*		28,407


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Professional Services – (continued)
2,417	Willdan Group, Inc.*	$	191,185

			14,894,905


Real Estate Management & Development – 0.1%
10,560	AGNT, Inc.		57,130
9,203	CBRE Group, Inc. Class A*		1,239,552
28,253	Compass, Inc. Class A*		348,360
6,860	CoStar Group, Inc.*		194,275
8,707	Cushman & Wakefield Ltd.*		116,587
67,833	Douglas Elliman, Inc.*		120,064
3,073	Five Point Holdings LLC Class A*		16,195
3,620	Forestar Group, Inc.*		114,573
14,083	FRP Holdings, Inc.*		351,934
1,102	Howard Hughes Holdings, Inc.*		78,782
1,496	Jones Lang LaSalle, Inc.*		463,685
4,095	Marcus & Millichap, Inc.		127,641
8,366	Maui Land & Pineapple Co., Inc.*		148,747
1,672	Newmark Group, Inc. Class A		25,264
53,315	Opendoor Technologies, Inc.*		246,315
10,717	RE/MAX Holdings, Inc. Class A*		105,670
21,830	Real Brokerage, Inc.*^(a)		39,731
12,716	RMR Group, Inc. Class A		261,059
7,640	Seaport Entertainment Group, Inc.*		203,224
64,139	Seritage Growth Properties Class A*		168,686
4,072	St. Joe Co.		255,029
18,000	Star Holdings*		164,340
5,938	Stratus Properties, Inc.*		170,718
22,989	Tejon Ranch Co.*		429,894
4,606	Transcontinental Realty Investors, Inc.*		211,830
2,073	Zillow Group, Inc. Class C*		65,341
417	Zillow Group, Inc. Class A*		13,081

			5,737,707


Residential REITs – 0.1%
7,699	American Homes 4 Rent Class A		258,071
86,321	Apartment Investment & Management Co. Class A		256,373
3,317	AvalonBay Communities, Inc.		625,885
22,709	BRT Apartments Corp.		349,037
2,372	Camden Property Trust		271,570
5,210	Centerspace		292,750
5	Clipper Realty, Inc.		14
5,305	Equity LifeStyle Properties, Inc.		341,907
8,017	Equity Residential		544,595
1,221	Essex Property Trust, Inc.		356,031


Shares	Description	Value

Common Stocks – (continued)

Residential REITs – (continued)
7,712	Independence Realty Trust, Inc.	$	128,713
10,988	Invitation Homes, Inc.		331,948
2,400	Mid-America Apartment Communities, Inc.		333,456
6,417	NexPoint Residential Trust, Inc.		179,163
3,644	Sun Communities, Inc.		436,952
5,936	UDR, Inc.		236,965
20,735	UMH Properties, Inc.		313,928

			5,257,358


Retail REITs – 0.2%
7,125	Acadia Realty Trust		148,984
3,514	Agree Realty Corp.		266,150
1,256	Alexander’s, Inc.		346,103
8,356	Brixmor Property Group, Inc.		263,465
4,095	CBL & Associates Properties, Inc.		217,404
8,146	Curbline Properties Corp.		247,638
2,071	Federal Realty Investment Trust		255,644
18,090	FrontView REIT, Inc.		365,961
8,541	Getty Realty Corp.		284,928
7,039	InvenTrust Properties Corp.		249,181
18,027	Kimco Realty Corp.		456,984
7,583	Kite Realty Group Trust		215,205
16,828	NETSTREIT Corp.		355,576
6,044	NNN REIT, Inc.		281,227
5,224	Phillips Edison & Co., Inc.		217,423
32,277	Realty Income Corp.		1,999,883
4,439	Regency Centers Corp.		353,966
8,474	Saul Centers, Inc.		316,843
11,477	Simon Property Group, Inc.		2,566,831
53,128	SITE Centers Corp.		210,918
5,072	Tanger, Inc.		200,192
9,481	Urban Edge Properties		216,925
19,651	Whitestone REIT		372,583

			10,410,014


Semiconductors & Semiconductor Equipment – 8.1%
63,093	Advanced Micro Devices, Inc.*		36,651,355
525	Aehr Test Systems*		50,432
6,699	Aeluma, Inc.*^(a)		147,914
81	Allegro MicroSystems, Inc.*		5,639
233	Ambarella, Inc.*		19,991
2,900	Ambiq Micro, Inc.*		256,070
2,225	Amkor Technology, Inc.		191,862
21,925	Analog Devices, Inc.		8,707,952
30,299	Applied Materials, Inc.		21,906,177
3,144	Astera Labs, Inc.*		1,518,615
10,472	Atomera, Inc.*^(a)		91,211
13	Axcelis Technologies, Inc.*		2,463
63,067	Blaize Holdings, Inc.*^(a)		87,032


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Semiconductors & Semiconductor Equipment – (continued)
196,230	Broadcom, Inc.	$	74,125,883
2,814	CEVA, Inc.*		132,708
1,916	Cirrus Logic, Inc.*		284,583
1,600	Cohu, Inc.*		118,256
912	Credo Technology Group Holding Ltd.*		248,018
602	Diodes, Inc.*		65,883
726	Enphase Energy, Inc.*		35,748
1,176	Entegris, Inc.		211,515
3,240	First Solar, Inc.*		764,510
1,399	FormFactor, Inc.*		223,742
102,819	GCT Semiconductor Holding, Inc.*^(a)		305,372
1,325	GLOBALFOUNDRIES, Inc.		109,193
12,928	GSI Technology, Inc.*		99,933
159	Impinj, Inc.*		22,774
20,446	indie Semiconductor, Inc. Class A*^(a)		91,803
154,593	Intel Corp.*		21,585,821
66,350	KLA Corp.		20,018,459
45,860	Kopin Corp.*		205,453
1,744	Kulicke & Soffa Industries, Inc.		233,277
61,515	Lam Research Corp.		26,656,295
3,040	Lattice Semiconductor Corp.*		464,998
1,836	MACOM Technology Solutions Holdings, Inc.*		698,359
20,832	Marvell Technology, Inc.		6,205,644
1,952	MaxLinear, Inc.*		249,915
21,452	Microchip Technology, Inc.		1,956,422
40,566	Micron Technology, Inc.		46,824,928
1,260	MKS, Inc.		560,448
2,438	Monolithic Power Systems, Inc.		3,370,194
192	Navitas Semiconductor Corp.*		3,441
4,243	NVE Corp.		443,606
990,048	NVIDIA Corp.		198,098,704
16,604	ON Semiconductor Corp.*		1,569,742
270	Onto Innovation, Inc.*		102,182
4,188	PDF Solutions, Inc.*		296,469
312	Power Integrations, Inc.		26,133
5,367	Qnity Electronics, Inc.		876,485
1,368	Qorvo, Inc.*		127,593
39,153	QUALCOMM, Inc.		7,235,083
2,638	Rambus, Inc.*		350,168
1,844	Rigetti Computing, Inc.*		35,626
6,377	SEALSQ Corp.*^(a)		20,088
2,739	Semtech Corp.*		443,307
937	Silicon Laboratories, Inc.*		204,791
347	SiTime Corp.*		258,709
200	SkyWater Technology, Inc.*		6,964
2,087	Skyworks Solutions, Inc.		141,499
162	SolarEdge Technologies, Inc.*		9,467
19	Synaptics, Inc.*		2,360


Shares	Description	Value

Common Stocks – (continued)

Semiconductors & Semiconductor Equipment – (continued)
5,759	Teradyne, Inc.	$	2,786,435
41,493	Texas Instruments, Inc.		12,367,819
17	Ultra Clean Holdings, Inc.*		2,424
113	Universal Display Corp.		9,785
162	Veeco Instruments, Inc.*		12,280

			500,938,007


Software – 3.6%
17,178	8x8, Inc.*		29,374
8,293	A10 Networks, Inc.		309,826
1,986	ACI Worldwide, Inc.*		99,876
538	Adeia, Inc.		17,716
16,830	Adobe, Inc.*		3,450,487
882	Agilysys, Inc.*		92,169
102	Airship AI Holdings, Inc.*		244
2,633	Alarm.com Holdings, Inc.*		123,014
692	Alkami Technology, Inc.*		12,539
4,306	Amplitude, Inc. Class A*		32,941
1,147	Appfolio, Inc. Class A*		183,921
2,591	Appian Corp. Class A*		59,334
9,876	AppLovin Corp. Class A*		5,088,411
6,956	Arteris, Inc.*		337,992
5,320	Asana, Inc. Class A*		37,240
4,679	Atlassian Corp. Class A*		363,979
19,597	AudioEye, Inc.*		113,859
8,686	Autodesk, Inc.*		1,688,732
1,446	AvePoint, Inc.*		16,210
4,583	Bentley Systems, Inc. Class B		136,986
2,073	Bill Holdings, Inc.*		74,960
691	Bitdeer Technologies Group Class A*		10,966
2,270	BitMine Immersion Technologies, Inc.		30,214
1,285	Blackbaud, Inc.*		38,062
1,542	BlackLine, Inc.*		43,284
76,629	Blend Labs, Inc. Class A*		131,036
8,534	Box, Inc. Class A*		226,492
497	Braze, Inc. Class A*		10,780
726	C3.ai, Inc. Class A*		6,599
11,204	Cadence Design Systems, Inc.*		4,205,085
4,555	CCC Intelligent Solutions Holdings, Inc.*		23,504
77	Cerence, Inc.*		872
531	Circle Internet Group, Inc.*		33,257
6,359	Clear Secure, Inc. Class A		354,387
665	Commvault Systems, Inc.*		94,250
2,313	Consensus Cloud Solutions, Inc.*		88,241
1,554	Core Scientific, Inc.*		39,767
9,683	Crowdstrike Holdings, Inc. Class A		7,389,485
33,453	CS Disco, Inc.*		126,452
187	Daily Journal Corp.*		112,423
10,414	Datadog, Inc. Class A*		2,711,389


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Software – (continued)
31,058	Digimarc Corp.*^(a)	$	255,297
2,419	Digital Turbine, Inc.*		31,205
5,639	Docusign, Inc.*		250,484
2,897	Dolby Laboratories, Inc. Class A		152,324
17,160	Domo, Inc. Class B*		53,711
10,459	Dropbox, Inc. Class A*		287,309
3,207	D-Wave Quantum, Inc.*		76,936
6,899	Dynatrace, Inc.*		302,935
15,119	eGain Corp.*		95,250
1,666	Elastic NV*		94,995
81	EverCommerce, Inc.*		815
2,773	Exodus Movement, Inc. Class A*		14,336
50,128	Expensify, Inc. Class A*		89,729
747	Fair Isaac Corp.*		892,501
492	Figma, Inc. Class A*		8,900
660	Five9, Inc.*		14,071
23,388	Fortinet, Inc.*		3,592,865
1,177	Freshworks, Inc. Class A*		11,911
10,026	Gen Digital, Inc.		249,547
2,253	Gitlab, Inc. Class A*		68,784
1,509	Guidewire Software, Inc.*		185,682
1,244	HubSpot, Inc.*		227,042
6,064	I3 Verticals, Inc. Class A*		129,527
886	Intapp, Inc.*		22,336
956	InterDigital, Inc.		270,672
10,989	Intuit, Inc.		2,868,129
360	JFrog Ltd.*		32,717
69,858	Kaltura, Inc.*		90,815
3,179	Klaviyo, Inc. Class A*		48,003
1,035	Life360, Inc.*		57,298
968	LiveRamp Holdings, Inc.*		36,436
1,951	Manhattan Associates, Inc.*		271,677
341,870	Microsoft Corp.		127,524,347
4,707	Mitek Systems, Inc.*		94,752
603	N-able, Inc.*		2,213
89	nCino, Inc.*		1,455
4,593	NCR Voyix Corp.*		37,525
535	NextNav, Inc.*		9,539
5,667	Nutanix, Inc. Class A*		288,790
6,726	OneSpan, Inc.		96,518
13,162	Ooma, Inc.*		252,974
80,759	Oracle Corp.		11,835,231
1,969	Pagaya Technologies Ltd. Class A*		35,934
496	PagerDuty, Inc.*		4,786
89,307	Palantir Technologies, Inc. Class A*		10,419,448
27,667	Palo Alto Networks, Inc.*		9,435,000
132	PAR Technology Corp.*		2,299
3,038	Pegasystems, Inc.		91,049
399	Porch Group, Inc.*		6,001
2,745	Procore Technologies, Inc.*		111,502
237	Progress Software Corp.*		7,958


Shares	Description	Value

Common Stocks – (continued)

Software – (continued)
3,449	PTC, Inc.*	$	391,841
382	Q2 Holdings, Inc.*		18,374
1,584	Qualys, Inc.*		217,784
368	Rapid7, Inc.*		2,981
5,069	Red Violet, Inc.*		322,997
144,053	Rekor Systems, Inc.*^(a)		100,102
30,767	ReposiTrak, Inc.^(a)		276,903
1,253	Rezolve AI PLC*^(a)		3,947
25,992	Rimini Street, Inc.*		110,726
4,366	RingCentral, Inc. Class A		170,187
153,434	Roadzen, Inc.*^(a)		224,014
2,885	Roper Technologies, Inc.		976,255
1,591	Rubrik, Inc. Class A*		127,725
41,237	Salesforce, Inc.		6,460,188
6,666	Samsara, Inc. Class A*		216,178
499	Sapiens International Corp. NV*^(b)		21,682
1,929	SentinelOne, Inc. Class A*		32,735
40,623	ServiceNow, Inc.*		4,033,051
470	ServiceTitan, Inc. Class A*		33,234
38,680	Silvaco Group, Inc.*		533,397
2,187	SoundHound AI, Inc. Class A*^(a)		14,150
19,331	SoundThinking, Inc.*		174,946
6,200	Sprinklr, Inc. Class A*		31,992
6,475	Sprout Social, Inc. Class A*		48,886
627	SPS Commerce, Inc.*		35,846
2,839	Strategy, Inc.*		246,794
6,279	Synopsys, Inc.*		2,800,874
20,181	Telos Corp.*		92,833
2,842	Tenable Holdings, Inc.*		104,813
4,591	Teradata Corp.*		159,078
3,826	Terawulf, Inc.*		94,502
4,740	Thryv Holdings, Inc.*		18,676
4,177	Trimble, Inc.*		213,779
759	Tyler Technologies, Inc.*		221,977
5,261	UiPath, Inc. Class A*		57,187
2,305	Unity Software, Inc.*		65,877
656	Varonis Systems, Inc.*		27,526
44,826	Veritone, Inc.*^(a)		61,412
1,445	Vertex, Inc. Class A*		16,589
322	Via Transportation, Inc. Class A*		5,841
2,697	Viant Technology, Inc. Class A*		34,144
16,669	Weave Communications, Inc.*		99,847
64,516	WM Technology, Inc.*		25,323
6,739	Workday, Inc. Class A*		824,988
1,400	Workiva, Inc.*		67,914
26,982	Xperi, Inc.*		222,062
17,883	Yext, Inc.*		83,514
3,321	Zeta Global Holdings Corp. Class A*		65,357
9,349	Zoom Communications, Inc.*		806,912


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Software – (continued)
2,290	Zscaler, Inc.*	$	323,234

			220,309,089


Specialized REITs – 0.3%
18,505	American Tower Corp.		3,026,863
22,518	Crown Castle, Inc.		1,705,288
5,585	CubeSmart		222,115
11,226	Digital Realty Trust, Inc.		2,015,965
3,275	EPR Properties		189,983
4,160	Equinix, Inc.		4,336,342
9,265	Extra Space Storage, Inc.		1,346,204
30,945	Farmland Partners, Inc.		299,548
17,911	Fermi, Inc.*		164,065
9,427	Four Corners Property Trust, Inc.		231,433
6,833	Gaming & Leisure Properties, Inc.		304,273
24,039	Gladstone Land Corp.		205,053
7,904	Iron Mountain, Inc.		998,354
3,372	Lamar Advertising Co. Class A		525,965
10,171	Millrose Properties, Inc.		305,639
3,265	National Storage Affiliates Trust		145,195
8,906	Outfront Media, Inc.		291,761
5,137	Public Storage		1,635,158
8,593	Rayonier, Inc.		182,859
5,445	Safehold, Inc.		85,486
2,851	SBA Communications Corp.		503,087
8,466	Smartstop Self Storage REIT, Inc.		275,145
33,607	VICI Properties, Inc.		892,266
12,865	Weyerhaeuser Co.		307,988

			20,196,035


Specialty Retail – 0.9%
22,912	1-800-Flowers.com, Inc. Class A*^(a)		79,734
3,591	Abercrombie & Fitch Co. Class A*		323,226
1,629	Academy Sports & Outdoors, Inc.		76,775
2,724	Advance Auto Parts, Inc.		169,487
16,595	American Eagle Outfitters, Inc.		285,434
4,166	America’s Car-Mart, Inc.*^(a)		11,623
4,515	Arhaus, Inc.		38,016
14,487	Arko Corp.		116,331
667	Asbury Automotive Group, Inc.*		134,120
1,542	AutoNation, Inc.*		286,488
994	AutoZone, Inc.*		3,176,764
9,495	BARK, Inc.*^(a)		94,760
7,866	Barnes & Noble Education, Inc.*		98,797


Shares	Description	Value

Common Stocks – (continued)

Specialty Retail – (continued)
8,511	Bath & Body Works, Inc.	$	196,859
14,369	Bed Bath & Beyond, Inc.*		83,197
6,302	Best Buy Co., Inc.		478,196
1,510	Boot Barn Holdings, Inc.*		248,048
9,645	Buckle, Inc.		407,019
4,034	Build-A-Bear Workshop, Inc.		123,481
2,981	Burlington Stores, Inc.*		944,381
4,249	Caleres, Inc.		52,560
4,599	Camping World Holdings, Inc. Class A		35,090
4,700	CarMax, Inc.*		248,583
24,623	Carvana Co.*		1,620,686
12,376	Chewy, Inc. Class A*		243,188
6,753	Children’s Place, Inc.*^(a)		20,597
5,111	Citi Trends, Inc.*		295,620
6,311	Designer Brands, Inc. Class A		36,793
1,224	Dick’s Sporting Goods, Inc.		277,615
28,348	Duluth Holdings, Inc. Class B*		126,999
18,460	Envela Corp.*		533,125
32,630	EVgo, Inc.*		62,323
2,370	Five Below, Inc.*		426,102
1,657	Floor & Decor Holdings, Inc. Class A*		98,360
7,680	GameStop Corp. Class A*		169,574
17,106	Gap, Inc.		319,540
737	Genesco, Inc.*		24,888
510	Group 1 Automotive, Inc.		148,497
11,930	Haverty Furniture Cos., Inc.		304,573
47,947	Home Depot, Inc.		16,909,948
6,600	J Jill, Inc.		104,742
9,080	Lands’ End, Inc.*		95,158
455	Lithia Motors, Inc.		132,173
26,679	Lowe’s Cos., Inc.		5,882,453
1,416	MarineMax, Inc.*		51,854
2,211	Monro, Inc.		37,830
832	Murphy USA, Inc.		448,340
10,857	National Vision Holdings, Inc.*		206,392
4,148	OneWater Marine, Inc. Class A*		46,748
37,986	O’Reilly Automotive, Inc.*		3,498,131
63,050	Outdoor Holding Co.*		143,754
1,129	Penske Automotive Group, Inc.		202,035
33,056	Petco Health & Wellness Co., Inc.*		89,912
22,458	RealReal, Inc.*		264,780
3,893	Revolve Group, Inc.*		89,111
15	RH*		2,471
8,230	RideNow Group, Inc.*		54,812
13,731	Ross Stores, Inc.		2,922,643
21,942	Sally Beauty Holdings, Inc.*		310,260
1,591	Shoe Station Group, Inc.		23,595
4,557	Signet Jewelers Ltd.		392,813


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Common Stocks – (continued)

Specialty Retail – (continued)
26,580	Sleep Number Corp.*^(a)	$	625
1,654	Sonic Automotive, Inc. Class A		140,243
72,256	Sportsman’s Warehouse Holdings, Inc.*		96,100
28,431	Stitch Fix, Inc. Class A*		116,851
75,599	ThredUp, Inc. Class A*		517,853
10,780	Tile Shop Holdings, Inc.*^(a)		32,340
46,479	TJX Cos., Inc.		7,041,568
105,949	Torrid Holdings, Inc.*^(a)		198,125
40,880	Tractor Supply Co.		1,292,217
2,349	Ulta Beauty, Inc.*		1,059,352
6,108	Upbound Group, Inc.		129,612
4,320	Urban Outfitters, Inc.*		306,115
5,445	Valvoline, Inc.*		215,295
7,821	Victoria’s Secret & Co.*		652,897
4,257	Warby Parker, Inc. Class A*		129,157
5,938	Wayfair, Inc. Class A*		548,790
4,805	Williams-Sonoma, Inc.		1,120,046
1,134	Winmark Corp.		479,773
7,362	Zumiez, Inc.*		131,044

			58,535,407


Technology Hardware, Storage & Peripherals – 3.6%
649,819	Apple, Inc.		188,031,626
1,979	CPI Card Group, Inc.*		41,124
13,329	Dell Technologies, Inc. Class C		5,750,930
2,629	Diebold Nixdorf, Inc.*		223,518
9,877	Everpure, Inc. Class A*		778,209
13,741	GPGI, Inc.^(a)		217,795
32,360	Hewlett Packard Enterprise Co.		1,459,760
16,750	HP, Inc.		367,495
41,391	Immersion Corp.		280,217
2,385	IonQ, Inc.*		127,025
6,852	NetApp, Inc.		1,060,415
1,138	Quantum Computing, Inc.*^(a)		11,039
4,090	Sandisk Corp.*		9,299,556
7,434	Seagate Technology Holdings PLC		7,173,810
6,480	Super Micro Computer, Inc.*		190,058
5,476	Turtle Beach Corp.*		68,176
11,656	Western Digital Corp.		7,444,920

			222,525,673


Textiles, Apparel & Luxury Goods – 0.1%
192	Birkenstock Holding PLC*^(a)		8,262
3,354	Capri Holdings Ltd.*		62,284
1,019	Carter’s, Inc.		41,942
1,971	Columbia Sportswear Co.		121,847
2,832	Crocs, Inc.*		341,652
5,002	Deckers Outdoor Corp.*		496,649
8,066	Ermenegildo Zegna NV		105,019
20,616	Figs, Inc. Class A*		210,902


Shares	Description	Value

Common Stocks – (continued)

Textiles, Apparel & Luxury Goods – (continued)
4,007	G-III Apparel Group Ltd.	$	135,076
2,561	Kontoor Brands, Inc.		213,434
9,736	Levi Strauss & Co. Class A		241,745
3,237	Lululemon Athletica, Inc.*		369,601
9,432	Movado Group, Inc.		370,772
39,822	NIKE, Inc. Class B		1,634,693
1,289	On Holding AG Class A*		45,656
1,305	Oxford Industries, Inc.		45,505
2,452	PVH Corp.		182,085
1,987	Ralph Lauren Corp.		797,602
4,071	Rocky Brands, Inc.		167,888
3,636	Steven Madden Ltd.		153,076
16,293	Superior Group of Cos., Inc.		213,764
15,060	Tapestry, Inc.		2,204,483
8,158	Under Armour, Inc. Class A*		52,130
8,119	Under Armour, Inc. Class C*		50,500
22,385	Unifi, Inc.*		106,329
8,333	VF Corp.		138,994
4,717	Wolverine World Wide, Inc.		77,972

			8,589,862


Tobacco – 0.3%
67,552	Altria Group, Inc.		4,860,366
47,245	Ispire Technology, Inc.*^(a)		52,914
59,184	Philip Morris International, Inc.		10,706,978
4,023	Turning Point Brands, Inc.		341,191
4,586	Universal Corp.		239,252

			16,200,701


Trading Companies & Distributors – 0.3%
6,261	AerCap Holdings NV		912,729
27,449	Alta Equipment Group, Inc.*		177,595
1,855	Applied Industrial Technologies, Inc.		627,268
761	BlueLinx Holdings, Inc.*		47,091
508	Boise Cascade Co.		39,436
4,183	Core & Main, Inc. Class A*		201,830
5,365	Custom Truck One Source, Inc.*		63,361
1,907	Distribution Solutions Group, Inc.*		52,156
7,484	DNOW, Inc.*		97,067
884	DXP Enterprises, Inc.*		149,166
5,259	EVI Industries, Inc.		77,728
73,973	Fastenal Co.		3,552,923
11,539	Ferguson Enterprises, Inc.		2,738,551
1,660	GATX Corp.		294,135
11,274	Global Industrial Co.		377,228
184	Herc Holdings, Inc.		26,375
28,232	Hudson Technologies, Inc.*		162,052
13,836	Karat Packaging, Inc.		462,953
2,025	McGrath RentCorp		245,086
4,794	MSC Industrial Direct Co., Inc. Class A		570,246


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Trading Companies & Distributors – (continued)
17,872	NPK International, Inc.*	$	284,343
16,370	QXO, Inc.*^(a)		282,874
4,418	Rush Enterprises, Inc. Class A		322,448
26	Rush Enterprises, Inc. Class B		1,989
2,216	SiteOne Landscape Supply, Inc.*		253,533
2,374	Titan Machinery, Inc.*		50,139
788	Transcat, Inc.*		73,103
2,292	United Rentals, Inc.		2,596,584
977	Watsco, Inc.		407,145
1,778	WESCO International, Inc.		614,174
220	Willis Lease Finance Corp.		50,336
2,058	WW Grainger, Inc.		2,799,703
2,470	Xometry, Inc. Class A*		238,404

			18,849,751


Transportation Infrastructure*^(a)– 0.0%
17,326	Sky Harbour Group Corp.		170,488


Water Utilities – 0.1%
3,994	American States Water Co.		330,024
5,687	American Water Works Co., Inc.		748,296
12,899	Artesian Resources Corp. Class A		438,437
21,047	Cadiz, Inc.*		87,976
5,748	California Water Service Group		279,640
9,885	Consolidated Water Co. Ltd.		291,608
7,742	Essential Utilities, Inc.		296,596
46,579	Global Water Resources, Inc.		337,232
4,638	H2O America		281,851
4,513	Middlesex Water Co.		253,450
36,666	Pure Cycle Corp.*		392,693
13,118	York Water Co.		402,067

			4,139,870


Wireless Telecommunication Services – 0.1%
4,686	Array Digital Infrastructure, Inc.		169,914
441	Gogo, Inc.*		1,367
26,695	Spok Holdings, Inc.		273,357
5,160	Telephone & Data Systems, Inc.		190,972
16,552	T-Mobile U.S., Inc.		2,776,267

			3,411,877

TOTAL COMMON STOCKS (Cost $2,511,367,716)		$	3,123,849,067


Shares	Dividend Rate	Value

Preferred Stocks* – 0.0%

Media – 0.0%
Liberty Latin America Ltd.
2,078	9.000%	$	45,072
(Cost $40,986)

Principal

Amount

Interest
Rate

Maturity

Date

Value

U.S. Treasury Obligations – 0.9%

U.S. Treasury Bills

54,300,000

0.000

%^(c)

08/11/26

54,075,318

(Cost $54,076,597)


Shares	Description	Value

Contingent Value Rights – 0.0%

Health Care Equipment & Supplies – 0.0%
6,163	Hologic, Inc.	$	62

TOTAL CONTINGENT VALUE RIGHTS (Cost $62)		$	62



Exchange Traded Funds – 29.7%
1,758,000	Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF^(d)	$	88,102,170
421,100	iShares Convertible Bond ETF^(a)		51,264,714
4,182,627	iShares Core MSCI Emerging Markets ETF		346,488,821
925,300	iShares Global Clean Energy ETF^(a)		18,959,397
61,000	iShares JP Morgan USD Emerging Markets Bond ETF		5,882,840
1,586,214	State Street Blackstone Senior Loan ETF^(a)		63,908,562
646,200	State Street Energy Select Sector SPDR ETF		34,319,682
1,440,700	State Street Financial Select Sector SPDR ETF^(a)		77,235,927
407,800	State Street Health Care Select Sector SPDR ETF		64,701,548
592,700	State Street Industrial Select Sector SPDR ETF^(a)		109,785,821
1,491,200	State Street Materials Select Sector SPDR ETF^(a)		75,797,696
235,822	State Street SPDR Bloomberg Convertible Securities ETF^(a)		25,426,328
6,661,200	State Street SPDR Portfolio Emerging Markets ETF		344,916,936
959,500	State Street Technology Select Sector SPDR ETF		182,803,940
410,100	Vanguard Real Estate ETF		39,545,943


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND


Shares	Description	Value

Exchange Traded Funds – (continued)
6,255,400	Vanguard Short-Term Inflation-Protected Securities ETF	$	314,208,742

TOTAL EXCHANGE TRADED FUNDS (Cost $1,578,864,008)		$	1,843,349,067



Shares	Dividend Rate	Value

Investment Company^(d)–9.7%

Goldman Sachs Central Government Fund — Institutional Shares
602,044,382	3.703%	$	602,044,382

(Cost $602,044,382)



Securities Lending Reinvestment Vehicle^(d)–3.5%

Goldman Sachs Financial Square Government Fund—Institutional Shares
215,693,110	3.538%	$	215,693,110

(Cost $215,693,110)

TOTAL INVESTMENTS – 94.2% (Cost $4,962,086,861)		$	5,839,056,078

OTHER ASSETS IN EXCESS OF LIABILITIES – 5.8%			360,241,556

NET ASSETS – 100.0%		$	6,199,297,634



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(c)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(d)		Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain



JPMorgan Securities, Inc.	USD	32,407,364	AUD	45,910,000		09/16/26	$	665,684
	USD	63,451,921	CAD	87,960,000		09/16/26		1,216,792
	USD	92,135,729	CHF	72,230,000		09/16/26		1,973,477
	USD	46,210,663	EUR	39,670,000		09/16/26		736,509
	USD	47,861,970	GBP	35,670,000		09/16/26		547,646
	USD	7,670,570	JPY	1,217,150,000		09/16/26		137,784
	USD	29,474,048	KRW	45,152,950,000		09/16/26		251,283
	USD	31,580,707	NZD	53,940,000		09/16/26		865,491
	USD	13,973,121	TWD	442,920,000		09/16/26		106,044



TOTAL							$	6,500,710


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss



JPMorgan Securities, Inc.	AUD	49,580,000	USD	35,296,448		09/16/26	$	(1,017,370	)
	BRL	122,800,000	USD	23,691,847		09/16/26		(341,518	)
	CLP	11,530,880,000	USD	12,886,689		09/16/26		(366,800	)
	CZK	240,330,000	USD	11,530,125		09/16/26		(208,335	)
	HUF	7,004,940,000	USD	22,731,341		09/16/26		(298,086	)
	ILS	69,040,000	USD	24,041,593		09/16/26		(795,786	)
	MXN	558,390,000	USD	31,932,416		09/17/26		(207,868	)
	NOK	541,110,000	USD	57,929,236		09/16/26		(3,322,679	)
	NZD	92,590,000	USD	54,476,506		09/16/26		(1,752,705	)
	PLN	40,920,000	USD	11,183,289		09/16/26		(306,057	)
	USD	31,155,045	CAD	44,070,000		09/16/26		(26,199	)
	USD	44,403,109	EUR	38,890,000		09/16/26		(176,922	)
	USD	32,727,854	GBP	24,860,000		09/16/26		(247,590	)
	USD	44,238,982	IDR	800,774,230,000		09/16/26		(201,895	)
	USD	29,854,225	INR	2,895,430,000		09/16/26		(550,012	)
	USD	31,427,968	NOK	311,500,000		09/16/26		(7,308	)
	USD	32,337,705	NZD	57,120,000		09/16/26		(188,307	)
	USD	42,051,298	PHP	2,619,480,000		09/16/26		(430,202	)
	ZAR	369,700,000	USD	22,457,837		09/16/26		(29,746	)



TOTAL							$	(10,475,385	)

FUTURES CONTRACTS — At June 30, 2026, the Fund had the following futures contracts:


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



Long position contracts:
3M CORRA		348	12/15/26	$	59,910,841	$	28,188
3M CORRA		304	03/16/27		52,260,885		31,740
3M CORRA		219	06/15/27		37,590,561		13,473
Australian 10 Year Government Bonds		115	09/15/26		8,743,698		28,378
Brent Crude		38	07/31/26		2,772,100		(565,726	)
Brent Crude		31	08/28/26		2,263,930		(356,232	)
CAC40 Index		191	07/17/26		18,353,696		(84,031	)
Canada 10 Year Government Bonds		119	09/18/26		10,161,883		172
Cattle Feeder		31	08/27/26		5,651,300		(61,321	)
Coffee		23	12/18/26		2,433,113		142,864
Copper		66	09/28/26		10,319,100		(192,570	)
Corn		183	12/14/26		3,989,400		(456,654	)
Cotton No.2		36	03/08/27		1,406,520		167
DAX Index		20	09/18/26		14,360,195		(12,189	)
Dollar Index		266	09/14/26		26,854,562		363,364
E-Mini Nasdaq 100 Index		79	09/18/26		48,227,130		(455,547	)
E-Mini Russell 2000 Index		261	09/18/26		39,745,080		603,630
Euro BTP		79	09/08/26		10,773,174		(3,785	)
Euro Stoxx 50 Index		4,332	09/18/26		314,605,649		1,427,753
French 10 Year Government Bonds		125	09/08/26		17,136,142		(12,453	)
FTSE 100 Index		900	09/18/26		125,844,949		138,419
FTSE/MIB Index		35	09/18/26		10,373,664		(149,206	)
Gasoline RBOB		22	09/30/26		2,283,112		133,860
Gasoline RBOB		46	07/31/26		5,592,947		(143,247	)
IBEX 35 Index		48	07/17/26		10,638,026		40,716


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


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



Long position contracts:
Ice 3M Sonia Index		26		12/15/26	$	8,288,687		$ (51	)
KC HRW Wheat		29		12/14/26		928,363		(23,296	)
Lean Hogs		38		10/14/26		1,246,400		26,858
Live Cattle		49		08/31/26		4,751,530		(91,184	)
Live Cattle		29		10/30/26		2,745,140		17,297
LME Lead		16		08/17/26		743,216		(82,060	)
LME Lead		54		10/19/26		2,542,955		(251,015	)
LME Lead		295		07/13/26		13,584,012		(1,148,798	)
LME Lead		19		01/18/27		911,525		(57,665	)
LME Lead		19		12/14/26		906,300		(55,053	)
LME Nickel		149		08/17/26		14,476,560		(1,684,592	)
LME Nickel		32		09/14/26		3,121,156		120,205
LME Nickel		154		07/13/26		14,889,327		(2,556,184	)
LME Nickel		61		12/14/26		6,022,998		(624,116	)
LME Nickel		16		01/18/27		1,587,195		(171,667	)
LME Nickel		8		02/15/27		796,621		(80,177	)
LME Nickel		17		04/19/27		1,704,551		(268,536	)
LME Primary Aluminum		275		07/13/26		21,150,044		(1,699,969	)
LME Primary Aluminum		138		12/14/26		10,617,375		(398,692	)
LME Primary Aluminum		40		01/18/27		3,072,500		(221,673	)
LME Primary Aluminum		53		11/16/26		4,082,988		(510,376	)
LME Primary Aluminum		180		08/17/26		13,874,985		(2,326,817	)
LME Primary Aluminum		54		03/15/27		4,139,438		(465,865	)
LME Zinc		229		07/13/26		20,475,062		553,828
LME Zinc		55		11/16/26		4,870,828		242,371
LME Zinc		22		12/14/26		1,942,831		82,823
LME Zinc		22		01/18/27		1,936,781		131,458
LME Zinc		29		02/15/27		2,545,055		101,436
LME Zinc		226		08/17/26		20,243,724		287,333
LME Zinc		24		03/15/27		2,101,152		(4,374	)
LME Zinc		23		05/17/27		2,000,954		12,394
Low Sulphur Gas Oil		13		12/10/26		1,046,175		(54,426	)
Low Sulphur Gas Oil		36		08/12/26		3,279,600		(362,772	)
MSCI Emerging Markets Index		139		09/18/26		12,213,235		(65,790	)
Natural Gas		32		03/29/27		941,440		(408	)
NY Harbor ULSD		23		07/31/26		3,119,311		(311,212	)
Omxs30 Index		451		07/17/26		14,963,022		317,685
S&P 500 E-Mini Index		2,397		09/18/26		904,657,762		(9,706,870	)
S&P Mid 400 Emini		121		09/18/26		47,008,500		680,361
S&P Toronto Stock Exchange 60 Index		59		09/17/26		17,103,656		(188,914	)
Soybean		73		01/14/27		4,229,438		29,497
Soybean Meal		77		01/14/27		2,345,420		(9,604	)
Soybean Oil		70		01/14/27		2,735,460		(185,373	)
Sugar 11		128		02/26/27		2,259,354		91,477
TOPIX Futures		839		09/10/26		206,557,213		5,095,580
VSTOXX Index		6,820		07/22/26		13,714,855		(1,040,145	)
Wheat		77		12/14/26		2,327,325		(47,454	)
WTI Crude		70		07/21/26		4,865,000		(1,294,493	)



Total								$(17,739,255	)


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


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



Short position contracts:
10 Year U.K. Long Gilt		(14	)	09/28/26	$	(1,656,656	)		$ 4,872
10 Year U.S. Treasury Notes		(1,025	)	09/21/26		(112,637,891	)		(351,800	)
2 Year U.S. Treasury Notes		(1,169	)	09/30/26		(240,969,257	)		276,438
20 Year U.S. Treasury Bonds		(2	)	09/21/26		(227,000	)		(1,641	)
3 Month SOFR		(1,273	)	12/15/26		(305,790,513	)		470,144
3 Month SOFR		(1,533	)	06/15/27		(367,613,400	)		1,044,410
3 Month SOFR		(1,583	)	03/16/27		(379,761,700	)		1,023,970
3 Month SOFR		(1,025	)	03/14/28		(246,281,875	)		452,615
3 Month SOFR		(1,190	)	12/14/27		(285,674,375	)		613,453
3 Month SOFR		(1,401	)	09/14/27		(336,082,388	)		837,546
3 Month SOFR		(864	)	06/20/28		(207,727,200	)		204,874
3 Month SOFR		(664	)	09/19/28		(159,692,000	)		38,642
30 Year German Euro-Buxl		(3	)	09/08/26		(381,240	)		(10,357	)
3M Euribor		(383	)	03/15/27		(106,543,027	)		(264,839	)
3M Euribor		(364	)	12/14/26		(101,293,994	)		(224,615	)
3M Euribor		(212	)	09/14/26		(59,040,822	)		(78,107	)
3M Euribor		(363	)	06/14/27		(100,984,607	)		(251,013	)
3M Euribor		(356	)	09/13/27		(99,067,753	)		(231,985	)
3M Euribor		(310	)	12/13/27		(86,297,856	)		(210,293	)
3M Euribor		(181	)	03/13/28		(50,394,568	)		(102,653	)
3M Euribor		(70	)	06/19/28		(19,489,612	)		(33,526	)
3M SARON		(5	)	06/15/27		(1,545,792	)		(2,947	)
5 Year German Euro-Bund		(7	)	09/08/26		(1,018,491	)		(7,690	)
5 Year U.S. Treasury Notes		(1,222	)	09/30/26		(130,811,281	)		(70,131	)
ASX 90 Day Bank Accepted Bills		(292	)	09/10/26		(199,947,629	)		(107,403	)
ASX 90 Day Bank Accepted Bills		(302	)	12/10/26		(206,780,020	)		(125,022	)
ASX 90 Day Bank Accepted Bills		(316	)	03/11/27		(216,381,680	)		(161,239	)
CBOE Volatility Index		(19	)	07/22/26		(341,063	)		47,445
CBOE Volatility Index		(208	)	08/19/26		(3,941,392	)		541,448
CBOE Volatility Index		(227	)	09/16/26		(4,473,285	)		304,484
Coffee		(46	)	09/18/26		(5,113,763	)		(924,998	)
Corn		(982	)	09/14/26		(20,462,425	)		383,427
Cotton No.2		(30	)	12/08/26		(1,152,000	)		(94	)
Euro-Bobl		(168	)	09/08/26		(22,147,974	)		(183,685	)
Euro-Schatz		(762	)	09/08/26		(92,255,252	)		(278,663	)
FTSE/JSE Top 40 Index		(53	)	09/17/26		(3,320,201	)		(934	)
Gasoline RBOB		(19	)	08/31/26		(2,179,418	)		112,033
Gold		(40	)	08/27/26		(16,154,000	)		597,285
Hang Seng Index		(51	)	07/30/26		(7,428,403	)		(21,131	)
HSCEI		(197	)	07/30/26		(9,460,853	)		240,421
Ice 3M Sonia Index		(117	)	03/16/27		(37,252,534	)		(147,460	)
Ice 3M Sonia Index		(128	)	06/15/27		(40,727,319	)		(161,142	)
Ice 3M Sonia Index		(131	)	09/14/27		(41,679,694	)		(159,383	)
Ice 3M Sonia Index		(121	)	03/14/28		(38,530,138	)		(127,555	)
Ice 3M Sonia Index		(129	)	12/14/27		(41,058,335	)		(143,488	)
Ice 3M Sonia Index		(96	)	06/20/28		(30,575,732	)		(102,288	)
Ice 3M Sonia Index		(76	)	09/19/28		(24,207,048	)		(75,417	)
Japan 10 Year Government Bond		(80	)	09/14/26		(62,865,402	)		(72,631	)
KC HRW Wheat		(50	)	09/14/26		(1,563,125	)		47,635
Lean Hogs		(214	)	08/14/26		(8,405,920	)		(145,949	)
LME Lead		(465	)	08/17/26		(21,599,715	)		1,022,138
LME Lead		(54	)	10/19/26		(2,542,955	)		187,625


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


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



Short position contracts:
LME Lead		(295	)		07/13/26	$	(13,584,013	)		$ 971,203
LME Lead		(19	)		01/18/27		(911,525	)		37,540
LME Lead		(19	)		12/14/26		(906,300	)		51,860
LME Nickel		(169	)		08/17/26		(16,419,722	)		900,393
LME Nickel		(41	)		09/14/26		(3,998,981	)		(106,536	)
LME Nickel		(154	)		07/13/26		(14,889,327	)		2,128,880
LME Nickel		(61	)		12/14/26		(6,022,998	)		630,690
LME Nickel		(16	)		01/18/27		(1,587,195	)		140,025
LME Nickel		(8	)		02/15/27		(796,621	)		100,160
LME Primary Aluminum		(275	)		07/13/26		(21,150,044	)		2,278,219
LME Primary Aluminum		(36	)		09/14/26		(2,777,805	)		291,837
LME Primary Aluminum		(100	)		12/14/26		(7,693,750	)		373,299
LME Primary Aluminum		(40	)		01/18/27		(3,072,500	)		362,996
LME Primary Aluminum		(121	)		08/17/26		(9,327,073	)		838,331
LME Primary Aluminum		(53	)		11/16/26		(4,082,988	)		599,691
LME Primary Aluminum		(54	)		03/15/27		(4,139,438	)		387,222
LME Zinc		(229	)		07/13/26		(20,475,062	)		(392,505	)
LME Zinc		(12	)		09/14/26		(1,070,526	)		(22,521	)
LME Zinc		(55	)		11/16/26		(4,870,828	)		(286,500	)
LME Zinc		(22	)		12/14/26		(1,942,831	)		(135,806	)
LME Zinc		(22	)		01/18/27		(1,936,781	)		(97,719	)
LME Zinc		(100	)		08/17/26		(8,957,400	)		(151,161	)
LME Zinc		(29	)		02/15/27		(2,545,055	)		2,926
LME Zinc		(24	)		03/15/27		(2,101,152	)		(660	)
Low Sulphur Gas Oil		(11	)		09/10/26		(971,025	)		20,253
MSCI EAFE Index		(176	)		09/18/26		(27,678,640	)		131,104
Natural Gas		(95	)		07/29/26		(3,111,250	)		(9,302	)
Silver		(4	)		09/28/26		(1,198,440	)		(25,811	)
Soybean		(223	)		11/13/26		(12,752,813	)		(46,570	)
Soybean Meal		(62	)		12/14/26		(1,879,220	)		14,415
Soybean Oil		(83	)		12/14/26		(3,254,430	)		210,218
Sugar 11		(493	)		09/30/26		(8,183,011	)		(249,745	)
Wheat		(139	)		09/14/26		(4,095,288	)		42,366



Total										$12,659,618



TOTAL FUTURES CONTRACTS										$(5,079,637	)

SWAP CONTRACTS — At June 30, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at June 30, 2026^(b)	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)



Protection Purchased:
CDX.NA.IG Ind 46	(1.000)%	0.510%	06/20/31	$	662,350	$	(14,674,630	)	$	(12,453,737	)	$	(2,220,893	)
ICE CD ITXEB 45	(1.000)	0.516	06/20/31	EUR	434,250		(11,267,765	)		(9,225,783	)		(2,041,982	)
Protection Sold:
CDX.NA.HY Ind 46	5.000	3.040	06/20/31	$	287,645		23,558,085			13,944,193			9,613,892


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at June 30, 2026^(b)	Termination Date	Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)


ICE CD ITXEX 45	5.000%	2.445%	06/20/31	EUR	246,150	$	31,210,617	$	21,914,392		$ 9,296,225



TOTAL						$	28,826,307	$	14,179,065		$14,647,242

(a)

Payments made quarterly.

(b)

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate
Paid/(Received)
by the Fund

Counterparty

Termination
Date^#

Notional

Amount

(000s)

Unrealized
Appreciation/
(Depreciation)*

Russell 3000 TR Index

12M SOFR+0.510^(a)

BofA Securities LLC

03/09/27

590,201

$2,689,414

Russell 3000 TR Index

12M SOFR+0.780^(a)

BofA Securities LLC

06/10/27

38,086

178,118

BCOMRS Index

0.000^(a)

Citibank NA

12/10/26

10,819

(488,850

)

M1WO Index

12M SOFR+0.350^(a)

Citibank NA

11/12/26

51,644

468,265

M1WO Index

12M SOFR+0.320^(a)

Citibank NA

12/10/26

55,114

498,985

MSCI World Index

12M SOFR+0.250^(a)

Citibank NA

04/12/27

48,474

437,360

Russell 3000 TR Index

12M SOFR+0.580^(a)

Citibank NA

02/17/27

864,807

3,967,635

Russell 3000 TR Index

12M SOFR+0.570^(a)

Citibank NA

04/09/27

225,458

1,033,373

DBCDSBEF Index

0.000^(b)

Deutsche Bank AG (London)

07/10/26

EUR

176,712

126,170

DBCDSBUF Index^(c)

0.000^(b)

Deutsche Bank AG (London)

07/10/26

205,152

19,309

AMZX Index

12M SOFR+0.910^(a)

JPMorgan Securities, Inc.

04/09/27

17,930

140,922

AMZX Index

12M SOFR+0.750^(a)

JPMorgan Securities, Inc.

05/10/27

13,421

106,438

BCOMRS Index

0.000^(a)

JPMorgan Securities, Inc.

08/11/26

4,784

(216,159

)

BCOMRS Index

0.000^(a)

JPMorgan Securities, Inc.

03/10/27

13,415

(606,148

)

JCUBIXY1 Index

0.000^(b)

JPMorgan Securities, Inc.

07/10/26

22,411

(249,609

)

JPGSMARB Index

12M SOFR+0.890^(a)

JPMorgan Securities, Inc.

07/29/26

32,187

(176,222

)

JPGSMARB Index

12M SOFR+0.890^(a)

JPMorgan Securities, Inc.

09/10/26

6,938

(37,986

)

JPGSMARB Index

12M SOFR+0.890^(a)

JPMorgan Securities, Inc.

02/10/27

8,068

(44,170

)

JPOSCUVS Index

0.000^(b)

JPMorgan Securities, Inc.

07/10/26

44,000

1,022,582

JPOSFES1 Index

0.000^(b)

JPMorgan Securities, Inc.

07/10/26

16,889

77,051

JPOSSVHY Index

0.000^(b)

JPMorgan Securities, Inc.

07/10/26

23,581

376,191

JPOSSVV1 Index

0.000^(b)

JPMorgan Securities, Inc.

07/10/26

6,566

64,360

M1WO Index

12M SOFR+0.240^(a)

JPMorgan Securities, Inc.

03/10/27

12,684

114,382

Russell 3000 TR Index

12M SOFR+0.720^(a)

JPMorgan Securities, Inc.

09/09/26

72,863

338,820

Russell 3000 TR Index

12M SOFR+0.685^(a)

JPMorgan Securities, Inc.

10/08/26

333,527

1,545,749

Russell 3000 TR Index

12M SOFR+0.480^(a)

JPMorgan Securities, Inc.

03/10/27

88,723

403,110

MSCBVMCL Index

0.000^(b)

MS & Co. Int. PLC

07/09/26

20,805

193,959

MSCBVMH3 Index

0.000^(b)

MS & Co. Int. PLC

07/09/26

338,959

3,363,461

MSFVWGTT Index

0.000^(b)

MS & Co. Int. PLC

07/09/26

444,344

1,476,122

MSVXCS01 Index

0.000^(b)

MS & Co. Int. PLC

07/09/26

39,582

352,548


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Reference Obligation/Index

Financing Rate

Paid/(Received)

by the Fund

Counterparty

Termination

Date^#

Notional

Amount

(000s)

Unrealized
Appreciation/
(Depreciation)*

Russell 3000 TR Index

12M SOFR+0.750^(a)

MS & Co. Int. PLC

06/08/27

710,115

$3,311,582

TOTAL

$20,486,762

(a)

Payments made monthly.

(b)

Payments made at maturity.

(c)

The top 50 components are shown below.

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

A basket (MSCBVMH3) of Futures & Options


Caption	Security Type	Shares			Value			Weight


iShares iBoxx $ High Yield Corporate Bond ETF	Futures		16,308		$	1,304,112			0.4
iShares iBoxx $ High Yield Corporate Bond ETF, 82.000, 07/17/26	Options		(84	)		—			0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 77.000, 09/18/26	Options		(152	)		(1	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 82.000, 08/21/26	Options		(908	)		(5	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 78.500, 07/17/26	Options		(111	)		(6	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 81.000, 09/18/26	Options		(152	)		(7	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 79.500, 07/17/26	Options		(221	)		(29	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 77.000, 07/17/26	Options		(6,028	)		(30	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 81.000, 07/17/26	Options		(11,816	)		(59	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 78.000, 09/18/26	Options		(152	)		(60	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 76.000, 08/21/26	Options		(527	)		(69	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 81.000, 08/21/26	Options		(4,819	)		(72	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 80.000, 09/18/26	Options		(303	)		(102	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 79.000, 09/18/26	Options		(152	)		(163	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 79.000, 09/18/26	Options		(303	)		(187	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 79.000, 08/21/26	Options		(518	)		(510	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 77.000, 08/21/26	Options		(6,423	)		(514	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 78.000, 07/17/26	Options		(16,181	)		(566	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 80.000, 08/21/26	Options		(2,113	)		(1,543	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 78.000, 08/21/26	Options		(12,111	)		(2,241	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 79.000, 07/17/26	Options		(26,060	)		(2,271	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 80.000, 07/17/26	Options		(36,078	)		(2,292	)		0.0


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (MSCBVMH3) of Futures & Options (continued)


Caption	Security Type	Shares			Value			Weight


iShares iBoxx $ High Yield Corporate Bond ETF, 80.000, 07/17/26	Options		(6,793	)	$	(2,853	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 80.000, 08/21/26	Options		(24,794	)		(5,455	)		0.0
iShares iBoxx $ High Yield Corporate Bond ETF, 79.000, 08/21/26	Options		(17,112	)		(6,891	)		0.0

A basket (MSFVWGTT) of Futures & Options

10 Year U.S. Treasury Notes	Futures		3,578			393,164			0.3
10 Year U.S. Treasury Notes, 108.500	Options		(1,587	)		(2	)		0.0
10 Year U.S. Treasury Notes, 109.250	Options		(2,348	)		(2	)		0.0
10 Year U.S. Treasury Notes, 108.750	Options		(2,369	)		(2	)		0.0
10 Year U.S. Treasury Notes, 111.250	Options		(2,483	)		(2	)		0.0
10 Year U.S. Treasury Notes, 111.000	Options		(10,447	)		(10	)		0.0
10 Year U.S. Treasury Notes, 109.500	Options		(1,168	)		(18	)		0.0
10 Year U.S. Treasury Notes, 110.250	Options		(1,537	)		(24	)		0.0
10 Year U.S. Treasury Notes, 110.250	Options		(421	)		(46	)		0.0
10 Year U.S. Treasury Notes, 109.250	Options		(858	)		(54	)		0.0
10 Year U.S. Treasury Notes, 109.500	Options		(854	)		(93	)		0.0
10 Year U.S. Treasury Notes, 110.500	Options		(1,678	)		(105	)		0.0
10 Year U.S. Treasury Notes, 109.250	Options		(3,595	)		(112	)		0.0
10 Year U.S. Treasury Notes, 109.750	Options		(850	)		(159	)		0.0
10 Year U.S. Treasury Notes, 110.000	Options		(2,316	)		(181	)		0.0
10 Year U.S. Treasury Notes, 110.250	Options		(421	)		(197	)		0.0
10 Year U.S. Treasury Notes, 110.000	Options		(847	)		(251	)		0.0
10 Year U.S. Treasury Notes, 110.000	Options		(1,773	)		(277	)		0.0
10 Year U.S. Treasury Notes, 109.500	Options		(3,578	)		(280	)		0.0
10 Year U.S. Treasury Notes, 110.000	Options		(1,773	)		(471	)		0.0
10 Year U.S. Treasury Notes, 109.500	Options		(1,168	)		(475	)		0.0
10 Year U.S. Treasury Notes, 110.250	Options		(7,060	)		(552	)		0.0
10 Year U.S. Treasury Notes, 109.750	Options		(3,562	)		(557	)		0.0

A basket(DBCDSBUF)of Swaps

Netflix, Inc.	Swaps		436			9,235			0.5
Teck Resources Limited	Swaps		436			8,988			0.5
Advanced Micro Devices, Inc.	Swaps		436			8,927			0.5
T-Mobile USA, Inc.	Swaps		436			8,827			0.5
Marathon Petroleum Corp.	Swaps		436			8,722			0.5
Best Buy Co. Inc.	Swaps		436			8,700			0.5
HCA Inc.	Swaps		436			8,681			0.4
Radian Group Inc.	Swaps		378			6,951			0.4
The AES Corporation	Swaps		218			3,931			0.2
Block Financial LLC	Swaps		218			3,862			0.2
DXC Technology Company	Swaps		321			2,903			0.2
Barrick Gold Corporation	Swaps		436			1,441			0.1
Newmont Corporation	Swaps		436			1,419			0.1
AbbVie Inc.	Swaps		436			1,396			0.1
Honeywell International Inc.	Swaps		371			1,292			0.1
Boston Scientific Corporation	Swaps		436			1,284			0.1
American Electric Power Company, Inc.	Swaps		436			1,245			0.1
Microsoft	Swaps		436			1,139			0.1
FirstEnergy Corp.	Swaps		410			1,135			0.1
The Cigna Group	Swaps		436			1,132			0.1
TransCanada PipeLines Limited	Swaps		436			1,066			0.1
Kinder Morgan, Inc.	Swaps		431			1,030			0.1
CDX.NA.IG.46 Index	Swaps		436			983			0.1
The PNC Financial Services Group, Inc.	Swaps		436			945			0.0
The Williams Companies, Inc.	Swaps		436			937			0.0
NextEra Energy Capital Holdings, Inc.	Swaps		436			859			0.0


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBCDSBUF) of Swaps (continued)


Caption	Security Type	Shares			Value			Weight


Energy Transfer L.P.	Swaps		436		$	845			0.0
General Mills, Inc.	Swaps		436			829			0.0
Enbridge Inc.	Swaps		411			807			0.0
CSX Corporation	Swaps		218			802			0.0
Amazon.com, Inc	Swaps		364			728			0.0
AT&T Inc.	Swaps		436			698			0.0
ConocoPhillips	Swaps		218			649			0.0
McKesson Corporation	Swaps		188			587			0.0
Simon Property Group, L.P.	Swaps		233			574			0.0
Valero Energy Corporation	Swaps		218			525			0.0
Bristol-Myers Squibb Company	Swaps		163			501			0.0
United Parcel Service, Inc.	Swaps		145			489			0.0
RTX Corporation	Swaps		153			487			0.0
LENNAR Corporation	Swaps		25			472			0.0
Pfizer Inc.	Swaps		149			460			0.0
Canadian Natural Resources Limited	Swaps		218			457			0.0
Cox Communications, Inc.	Swaps		436			382			0.0
HALLIBURTON Company	Swaps		145			325			0.0
Hess Corporation	Swaps		71			226			0.0
Sempra	Swaps		72			204			0.0
HSBC Holdings PLC	Swaps		436			204			0.0
The Campbell Soup Company	Swaps		436			185			0.0
Conagra Brands, Inc.	Swaps		436			181			0.0
International Paper Company	Swaps		76			156			0.0

A basket (DBCDSBEF) of Swaps

EDP, S.A	Swaps		(37,571	)		(790,504	)		0.5
Dolce & Gabbana	Swaps		(37,571	)		(778,382	)		0.5
Smurfit Kappa Acquisitions Unlimited Company	Swaps		(37,571	)		(774,150	)		0.5
ITV PLC	Swaps		(37,571	)		(757,553	)		0.5
Wendel	Swaps		(37,571	)		(746,864	)		0.5
Cellnex Telecom, S.A	Swaps		(37,571	)		(740,775	)		0.5
CNH Industrial N.V.	Swaps		(37,571	)		(735,964	)		0.5
Stora Enso OYJ	Swaps		(37,571	)		(729,738	)		0.4
Heidelberg Materials AG	Swaps		(34,074	)		(691,513	)		0.4
Louis Dreyfus Company B.V.	Swaps		(36,327	)		(690,027	)		0.4
ArcelorMittal SA	Swaps		(31,309	)		(608,432	)		0.4
Anglo American PLC	Swaps		(20,424	)		(407,989	)		0.2
Stellantis N.V.	Swaps		(28,186	)		(403,537	)		0.2
Leonardo Societa per Azioni	Swaps		(12,524	)		(265,190	)		0.2
Glencore International AG	Swaps		(11,677	)		(234,429	)		0.1
Vodafone Group Public Limited Company	Swaps		(37,571	)		(96,463	)		0.1
British American Tobacco P.L.C	Swaps		(37,571	)		(84,298	)		0.1
HENKEL AG & CO. KGAA	Swaps		(25,047	)		(78,034	)		0.0
Aviva PLC	Swaps		(37,040	)		(71,988	)		0.0
Imperial Brands PLC	Swaps		(37,571	)		(68,801	)		0.0
Pernod Ricard	Swaps		(31,309	)		(66,143	)		0.0
ENEL S.p.A.	Swaps		(27,651	)		(62,422	)		0.0
Compass Group PLC	Swaps		(18,785	)		(61,386	)		0.0
Aether	Swaps		(15,824	)		(49,481	)		0.0
Svenska Handelsbanken AB	Swaps		(12,133	)		(44,138	)		0.0
Pearson PLC	Swaps		(18,688	)		(42,784	)		0.0
DIAGEO PLC	Swaps		(12,524	)		(35,737	)		0.0
Bertelsmann SE & Co. KGaA	Swaps		(12,524	)		(33,227	)		0.0
Marks and Spencer P.L.C	Swaps		(25,695	)		(31,570	)		0.0
Bekaert SA	Swaps		(28,420	)		(27,860	)		0.0
Teva Pharmaceutical Industries Ltd	Swaps		(5,042	)		(17,460	)		0.0
Centrica PLC	Swaps		(6,262	)		(14,779	)		0.0
Carrefour S.A.	Swaps		(6,262	)		(11,382	)		0.0


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBCDSBEF) of Swaps (continued)


Caption	Security Type	Shares			Value			Weight
Danske Bank A/S	Swaps		(3,370	)	$	(6,693	)		0.0
Repsol, S.A.	Swaps		(3,336	)		(6,074	)		0.0
Mediobanca Banca di Credito Finanziario S.p.A.	Swaps		(3,162	)		(5,743	)		0.0
Unibail-Rodamco-Westfield SE	Swaps		(6,262	)		(5,601	)		0.0
National Grid PLC	Swaps		(1,330	)		(3,351	)		0.0
Bayer Aktiengesellschaft	Swaps		(835	)		(1,850	)		0.0
Aktiebolaget Electrolux	Swaps		(6,262	)		7,465			0.0
WPP 2005 Limited	Swaps		(13,543	)		16,378			0.0
PostNL N.V.	Swaps		(37,571	)		105,962			(0.1	)
Südzucker AG	Swaps		(37,571	)		106,688			(0.1	)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2026, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


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

Purchased option contracts
Calls
CBOE Volatility Index		$	24.000		07/22/2026		2,090			$	5,016,000			$	96,140			$	445,103			$	(348,963	)
CBOE Volatility Index			24.000		08/19/2026		2,080				4,992,000				256,880				513,198				(256,318	)
CBOE Volatility Index			23.000		09/16/2026		2,270				5,221,000				431,300				556,838				(125,538	)

Total purchased option contracts							6,440							$	784,320			$	1,515,139			$	(730,819	)

Written option contracts
Calls
Euro Stoxx 50 Index		EUR	6,350.000		07/03/2026		(46	)		EUR	(29,210,000	)			(11,195	)			(8,019	)			(3,176	)
Euro Stoxx 50 Index			6,475.000		07/10/2026		(46	)			(29,785,000	)			(3,837	)			(7,308	)			3,471
Euro Stoxx 50 Index			6,575.000		07/17/2026		(46	)			(30,245,000	)			(3,048	)			(3,020	)			(28	)
Euro Stoxx 50 Index			6,500.000		07/24/2026		(47	)			(30,550,000	)			(13,103	)			(5,406	)			(7,697	)
FTSE 100 Index		GBP	10,800.000		07/17/2026		(16	)		GBP	(17,280,000	)			(2,759	)			(4,622	)			1,863
FTSE 100 Index			10,875.000		07/17/2026		(12	)			(13,050,000	)			(955	)			(2,360	)			1,405
FTSE 100 Index			11,025.000		07/17/2026		(2	)			(2,205,000	)			(40	)			(603	)			563
FTSE 100 Index			11,075.000		08/21/2026		(2	)			(2,215,000	)			(464	)			(512	)			48
Nikkei 225 Index		JPY	67,500.000		07/10/2026		(1	)		JPY	(6,750,000	)			(20,726	)			(5,338	)			(15,388	)
Nikkei 225 Index			71,125.000		07/10/2026		(5	)			(35,562,500	)			(36,902	)			(20,275	)			(16,627	)
Nikkei 225 Index			73,000.000		07/10/2026		(2	)			(14,600,000	)			(7,380	)			(6,058	)			(1,322	)
Nikkei 225 Index			75,500.000		07/10/2026		(3	)			(22,650,000	)			(3,893	)			(5,741	)			1,848
Nikkei 225 Index			76,000.000		07/10/2026		(4	)			(30,400,000	)			(4,281	)			(3,737	)			(544	)
Nikkei 225 Index			80,000.000		08/14/2026		(1	)			(8,000,000	)			(3,444	)			(2,933	)			(511	)
S&P 500 Index		$	7,550.000		07/01/2026		(25	)		$	(18,875,000	)			(4,250	)			(29,180	)			24,930
S&P 500 Index			7,900.000		07/01/2026		(13	)			(10,270,000	)			(33	)			(12,461	)			12,428
S&P 500 Index			7,530.000		07/02/2026		(25	)			(18,825,000	)			(32,875	)			(16,559	)			(16,316	)
S&P 500 Index			7,520.000		07/06/2026		(25	)			(18,800,000	)			(66,875	)			(31,327	)			(35,548	)
S&P 500 Index			7,725.000		07/08/2026		(19	)			(14,677,500	)			(475	)			(26,701	)			26,226
S&P 500 Index			7,825.000		07/15/2026		(18	)			(14,085,000	)			(1,935	)			(19,896	)			17,961
S&P 500 Index			7,700.000		07/22/2026		(19	)			(14,630,000	)			(34,865	)			(39,922	)			5,057

							(377	)						$	(253,335	)		$	(251,978	)		$	(1,357	)


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)


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

Puts
Euro Stoxx 50 Index		EUR	5,800.000		07/03/2026		(93	)		EUR	(53,940,000	)		$	(106	)		$	(33,661	)		$	33,555
Euro Stoxx 50 Index			5,925.000		07/10/2026		(91	)			(53,917,500	)			(1,871	)			(21,195	)			19,324
Euro Stoxx 50 Index			6,050.000		07/17/2026		(91	)			(55,055,000	)			(13,725	)			(39,536	)			25,811
Euro Stoxx 50 Index			5,950.000		07/24/2026		(94	)			(55,930,000	)			(14,607	)			(27,572	)			12,965
FTSE 100 Index		GBP	9,825.000		07/17/2026		(15	)		GBP	(14,737,500	)			(1,393	)			(4,501	)			3,108
FTSE 100 Index			9,900.000		07/17/2026		(10	)			(9,900,000	)			(1,127	)			(6,254	)			5,127
FTSE 100 Index			9,950.000		07/17/2026		(4	)			(3,980,000	)			(504	)			(3,037	)			2,533
FTSE 100 Index			10,075.000		07/17/2026		(18	)			(18,135,000	)			(3,343	)			(6,385	)			3,042
FTSE 100 Index			10,250.000		07/17/2026		(14	)			(14,350,000	)			(5,107	)			(7,369	)			2,262
FTSE 100 Index			10,025.000		08/21/2026		(4	)			(4,010,000	)			(3,050	)			(3,689	)			639
Nikkei 225 Index		JPY	53,250.000		07/10/2026		(2	)		JPY	(10,650,000	)			(320	)			(5,336	)			5,016
Nikkei 225 Index			57,875.000		07/10/2026		(9	)			(52,087,500	)			(3,099	)			(21,889	)			18,790
Nikkei 225 Index			58,500.000		07/10/2026		(4	)			(23,400,000	)			(1,501	)			(15,940	)			14,439
Nikkei 225 Index			62,125.000		07/10/2026		(8	)			(49,700,000	)			(7,528	)			(50,174	)			42,646
Nikkei 225 Index			64,750.000		07/10/2026		(7	)			(45,325,000	)			(14,207	)			(31,562	)			17,355
Nikkei 225 Index			62,000.000		08/14/2026		(2	)			(12,400,000	)			(12,178	)			(14,764	)			2,586
S&P 500 Index		$	7,160.000		07/01/2026		(50	)		$	(35,800,000	)			(750	)			(56,064	)			55,314
S&P 500 Index			7,325.000		07/01/2026		(26	)			(19,045,000	)			(1,690	)			(107,851	)			106,161
S&P 500 Index			7,180.000		07/02/2026		(51	)			(36,618,000	)			(3,570	)			(95,716	)			92,146
S&P 500 Index			7,180.000		07/06/2026		(51	)			(36,618,000	)			(9,053	)			(55,445	)			46,392
S&P 500 Index			7,025.000		07/08/2026		(37	)			(25,992,500	)			(6,013	)			(190,568	)			184,555
S&P 500 Index			7,220.000		07/15/2026		(37	)			(26,714,000	)			(50,690	)			(151,382	)			100,692
S&P 500 Index			7,000.000		07/22/2026		(38	)			(26,600,000	)			(43,130	)			(113,212	)			70,082

							(756	)						$	(198,562	)		$	(1,063,102	)		$	864,540

Total written option contracts							(1,133	)						$	(451,897	)		$	(1,315,080	)		$	863,183

TOTAL							5,307							$	332,423			$	200,059			$	132,364


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)




Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazil Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CZK		—Czech Republic Koruna
EUR		—Euro
GBP		—British Pound
HUF		—Hungarian Forint
IDR		—Indonesia Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PHP		—Philippines Peso
PLN		—Polish Zloty
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand






Investment Abbreviations:
CVR		—Contingent Value Rights
ETF		—Exchange Traded Fund
LLC		—Limited Liability Company
LP		—Limited Partnership
MSCI		—Morgan Stanley Capital International
PLC		—Public Limited Company
RB		—Revenue Bond
REIT		—Real Estate Investment Trust



Abbreviations:
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.HY Ind 46		—CDX North America High Yield Index 46
CDX.NA.IG Ind 46		—CDX North America Investment Grade Index 46
ICE		—Inter-Continental Exchange
ICE CD ITXEB		—iTraxx Europe Index
ICE CD ITXEX		—iTraxx Europe Crossover Index
MSCI		—Morgan Stanley Capital International
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)


Shares	Dividend Rate	Value

Investment Company^(a)– 12.7%

Goldman Sachs Financial Square Government Fund — Institutional Shares
44,096,713	3.538%	$	44,096,713

(Cost $44,096,713)


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments^(c)– 90.7%

U.S. Treasury Obligations – 90.7%
U.S. Treasury Bills
$	3,000,000		0.000	%^(b)	07/09/26	$	2,997,577
	84,100,000		0.000	^(b)	07/16/26		83,973,982
	5,100,000		0.000		08/27/26		5,070,394
	32,400,000		0.000	^(b)	09/17/26		32,144,287
	64,400,000		0.000		10/01/26		63,785,987
	10,000,000		0.000		10/15/26		9,891,198
	73,000,000		0.000		10/20/26		72,151,699
	45,000,000		0.000		11/19/26		44,336,628

TOTAL SHORT- TERM INVESTMENTS (Cost $314,417,576)						$	314,351,752

TOTAL INVESTMENTS – 103.4% (Cost $358,514,289)						$	358,448,465

LIABILITIES IN EXCESS OF OTHER ASSETS – (3.4)%							(11,765,644	)

NET ASSETS – 100.0%						$	346,682,821

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

(a)

Represents an affiliated issuer.

(b)

All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(c)

Issued with a zero coupon. Income is recognized through the accretion of discount.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2026, the Fund had the following futures contracts:


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



Long position contracts:
Brent Crude		188	07/31/26	$	13,714,600	$	(201,942	)
Cattle Feeder		3	11/19/26		534,825		27,876
Cocoa		32	12/15/26		1,660,160		279,712
Coffee		24	12/18/26		2,538,900		138,291
Coffee		3	09/18/26		333,506		49,567
Copper		9	09/28/26		1,407,150		50,630
Copper		11	12/29/26		1,742,813		6,700
Corn		16	09/14/26		333,400		(470	)
Corn		46	12/14/26		1,002,800		(9,354	)
Cotton No. 2		19	12/08/26		729,600		(19,927	)
Gasoline RBOB		8	08/31/26		917,650		(59,846	)
Gasoline RBOB		42	10/30/26		4,137,991		(518,493	)
Gold		2	08/27/26		807,700		(75,494	)
Gold		13	12/29/26		5,328,050		(843,987	)
KC HRW Wheat		31	12/14/26		992,388		(93,311	)
Lean Hogs		6	08/14/26		235,680		4,934
LME Copper		10	07/13/26		3,341,470		62,563
LME Copper		9	09/14/26		3,010,601		62,171
LME Copper		7	11/16/26		2,341,176		25,927
LME Lead		59	07/13/26		2,716,803		(311,416	)


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


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



Long position contracts:
LME Lead		64			09/14/26		$ 2,987,552			$ (178,088	)
LME Lead		48			11/16/26		2,274,600			(134,535	)
LME Nickel		54			09/14/26		5,266,950			(450,562	)
LME Nickel		46			07/13/26		4,447,461			(487,300	)
LME Nickel		5			12/14/26		493,688			(89,551	)
LME Nickel		31			11/16/26		3,049,708			(600,786	)
LME Primary Aluminum		95			07/13/26		7,306,379			(222,163	)
LME Primary Aluminum		112			09/14/26		8,642,060			(552,196	)
LME Primary Aluminum		23			12/14/26		1,769,563			(220,699	)
LME Primary Aluminum		47			11/16/26		3,620,763			(474,966	)
LME Tin		3			07/13/26		768,705			66,275
LME Tin		3			09/14/26		772,890			(2,000	)
LME Tin		3			11/16/26		775,575			6,785
LME Zinc		64			09/14/26		5,709,472			377,760
LME Zinc		45			07/13/26		4,023,484			383,057
LME Zinc		43			11/16/26		3,808,102			166,172
Low Sulphur Gas Oil		38			11/12/26		3,168,250			(426,104	)
Natural Gas		70			10/28/26		2,375,100			(55,673	)
Natural Gas		6			08/27/26		191,640			4,576
NY Harbor ULSD		5			08/31/26		663,621			(27,059	)
NY Harbor ULSD		32			10/30/26		4,078,502			(432,820	)
Palladium		20			09/28/26		2,421,800			(460,530	)
Platinum		12			01/27/27		947,160			(211,998	)
Robusta Coffee 10-T		23			11/24/26		830,760			84,021
Silver		5			09/28/26		1,498,050			(146,726	)
Silver		13			12/29/26		3,937,505			(877,244	)
Soybean Oil		47			11/13/26		2,687,813			17,580
Soybean Oil		73			12/14/26		2,435,130			(85,940	)
Sugar 11		64			02/26/27		1,129,677			8,960
Wheat		35			12/14/26		1,057,875			(75,799	)
White Sugar		34			11/13/26		790,330			42,105
WTI Crude		219			08/20/26		15,170,130			(198,339	)



Total										$(6,679,656	)



Short position contracts:
Brent Crude		(100	)		11/30/26		(7,248,000	)		151,536
Cocoa		(19	)		09/15/26		(964,820	)		(171,672	)
Gasoline RBOB		(17	)		09/30/26		(1,764,223	)		144,727
KC HRW Wheat		(22	)		09/14/26		(687,775	)		8,238
Lean Hogs		(26	)		12/14/26		(765,700	)		689
Live Cattle		(12	)		08/31/26		(1,163,640	)		2,597
Live Cattle		(30	)		12/31/26		(2,836,500	)		39,938
LME Copper		(10	)		07/13/26		(3,341,470	)		(47,928	)
LME Copper		(9	)		09/14/26		(3,010,601	)		(59,789	)
LME Copper		(2	)		08/17/26		(668,900	)		9,177
LME Lead		(59	)		07/13/26		(2,716,803	)		198,919
LME Lead		(65	)		09/14/26		(3,034,232	)		187,659
LME Lead		(7	)		11/16/26		(331,713	)		19,409
LME Nickel		(57	)		09/14/26		(5,559,559	)		878,067
LME Nickel		(46	)		07/13/26		(4,447,461	)		369,813
LME Nickel		(1	)		12/14/26		(98,738	)		19,044


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


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



Short position contracts:
LME Nickel		(9	)		11/16/26		$ (885,399	)		$ 118,478
LME Primary Aluminum		(95	)		07/13/26		(7,306,379	)		372,799
LME Primary Aluminum		(103	)		09/14/26		(7,947,609	)		1,084,527
LME Primary Aluminum		(13	)		12/14/26		(1,000,188	)		112,822
LME Primary Aluminum		(16	)		11/16/26		(1,232,600	)		151,154
LME Tin		(3	)		07/13/26		(768,705	)		(5,540	)
LME Tin		(3	)		09/14/26		(772,890	)		(5,155	)
LME Zinc		(45	)		07/13/26		(4,023,484	)		(311,881	)
LME Zinc		(55	)		09/14/26		(4,906,577	)		(314,842	)
LME Zinc		(10	)		11/16/26		(885,605	)		(7,873	)
Low Sulphur Gas Oil		(2	)		09/10/26		(176,550	)		9,997
NY Harbor ULSD		(9	)		09/30/26		(1,172,102	)		141,895
Platinum		(7	)		10/28/26		(548,030	)		46,357
Robusta Coffee 10-T		(1	)		09/24/26		(36,580	)		(3,422	)
Sugar 11		(97	)		09/30/26		(1,610,045	)		(33,946	)
Wheat		(40	)		09/14/26		(1,178,500	)		13,499
White Sugar		(1	)		09/15/26		(23,360	)		(1,224	)
WTI Crude		(35	)		09/22/26		(2,414,300	)		560,938
WTI Crude		(190	)		10/20/26		(13,049,200	)		2,531,728



Total										$ 6,210,735



TOTAL FUTURES CONTRACTS										$ (468,921	)

SWAP CONTRACTS — At June 30, 2026, the Fund had the following swap contracts:

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS#

Reference Obligation/

Index^(a)

Financing Rate

Paid/(Received)

by the Fund

Counterparty

Termination
Date

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

CRB 3M Forward Index

12M SOFR +0.11%

Citibank NA

10/30/26

102,220

(3)

CRB Future Index

1 mo. U.S. Treasury Bill Rate +0.24

Citibank NA

01/29/27

1,734

—

CRB Future Index

1 mo. U.S. Treasury Bill Rate +0.25

Citibank NA

01/29/27

31,032

CRB 3M Forward Index

12M SOFR +0.12

Merrill Lynch International Bank Ltd.

10/30/26

92,833

—

CRB Future Index

1 mo. U.S. Treasury Bill Rate +0.25

Merrill Lynch International Bank Ltd.

01/29/27

2,876

—

CRB 3M Forward Index

12M SOFR +0.12

RBC Dominion Securities, Inc.

10/30/26

32,622

CRB Future Index

1 mo. U.S. Treasury Bill Rate +0.29

RBC Dominion Securities, Inc.

10/30/26

23,209

(2)

TOTAL

—

(a)

Payments made monthly.

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


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)




Abbreviations:
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Statements of Assets and Liabilities^(a)

June 30, 2026 (Unaudited)


	Absolute Return Tracker Fund		Commodity Strategy Fund

Assets:
Investments in unaffiliated issuers, at value (cost $4,056,760,973 and $314,417,576, respectively)^(b)	$	4,933,216,416	$	314,351,752
Investments in affiliated issuers, at value (cost $689,632,778 and $44,096,713, respectively)		690,146,552		44,096,713
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		215,693,110		—
Purchased options, at value (premium paid $1,515,139 and $0, respectively)		784,320		—
Cash		213,386,751		901,257
Foreign currencies, at value (cost $2,349,457 and $0, respectively)		2,079,950		—
Unrealized gain on swap contracts		22,305,906		5
Unrealized gain on forward foreign currency exchange contracts		6,500,710		—
Variation margin on futures contracts		15,464,582		338,483
Variation margin on swaps contracts		263,025		—
Unrealized gain on futures contracts		12,836,883		4,672,578
Receivables:
Collateral on certain derivative contracts^(c)		339,215,837		—
Fund shares sold		9,965,182		645,120
Interest and dividends		3,710,424		114,939
Due from broker — upfront payment		240,358		—
Foreign tax reclaims		206,890		—
Due from broker		119,751		—
Reimbursement from investment adviser		27,904		10,125
Other assets		5,753		195,241

Total assets		6,466,170,304		365,326,213



Liabilities:
Unrealized loss on futures contracts		13,801,037		4,477,270
Unrealized loss on forward foreign currency exchange contracts		10,475,385		—
Unrealized loss on swap contracts		1,819,144		5
Written option contracts, at value (premium received $1,315,080 and $0, respectively)		451,897		—
Payables:
Payable upon return of securities loaned		215,693,110		—
Due to broker		16,543,788		—
Fund shares redeemed		4,814,883		162,507
Management fees		1,549,602		69,941
Investments purchased		1,036,150		118,609
Distribution and Service fees and Transfer Agency fees		162,405		9,482
Due to broker — upfront payment		—		12,816,548
Interest payable		—		615,745
Accrued expenses		525,269		373,285

Total liabilities		266,872,670		18,643,392



Net Assets:
Paid-in capital		5,332,050,172		339,354,477
Total distributable earnings		867,247,462		7,328,344

NET ASSETS	$	6,199,297,634	$	346,682,821
Net Assets:
Class A	$	41,969,119	$	18,636,823
Class C		4,437,116		2,559,323
Institutional		3,192,478,521		116,155,964
Investor		1,324,817,308		6,546,843
Class R6		1,373,981,004		105,649,768
Class R		918,649		2,199,188
Class P		260,695,917		94,934,912
Total Net Assets	$	6,199,297,634	$	346,682,821
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		3,861,527		2,137,320
Class C		464,546		327,950
Institutional		280,032,480		13,043,130
Investor		118,122,849		733,632
Class R6		120,769,162		11,824,285
Class R		88,295		260,605
Class P		22,872,553		10,631,738
Net asset value, offering and redemption price per share:^(d)
Class A		10.87		8.72
Class C		9.55		7.80
Institutional		11.40		8.91
Investor		11.22		8.92
Class R6		11.38		8.93
Class R		10.40		8.44
Class P		11.40		8.93

(a)

Statements of Assets and Liabilities for the Absolute Return Tracker and Commodity Strategy Fund are consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Includes loaned securities having a market value of $85,318,267 and $0, respectively.

(c)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Options
Absolute Return Tracker Fund	$	152,656,152	$	177,324,646	$	9,235,039

(d)

Maximum public offering price per share for Class A Shares of the Absolute Return Tracker and Commodity Strategy Funds is $11.50 and $9.13, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Statements of Operations^(a)

For the Six Months Ended June 30, 2026 (Unaudited)


	Absolute Return Tracker Fund			Commodity Strategy Fund

Investment Income:

Dividends — unaffiliated issuers (net of tax withholding of $8,485 and $0, respectively)	$	28,018,051		$	—
Dividends — affiliated issuers		21,710,622			696,435
Interest		3,574,762			5,770,822
Securities lending income, net of rebates received or paid to borrowers		513,101			—


Total investment income		53,816,536			6,467,257



Expenses:

Management fees		18,705,401			1,063,678
Transfer Agency fees^(b)		1,800,126			74,406
Custody, accounting and administrative services		446,981			113,984
Professional fees		147,400			88,345
Registration fees		112,282			62,541
Printing and mailing costs		99,899			35,502
Distribution and Service (12b-1) fees^(b)		67,725			40,011
Trustee fees		18,242			13,452
Prime broker fees		11,389			—
Service fees — Class C		5,162			3,322
Other		34,152			4,847


Total expenses		21,448,759			1,500,088


Less — expense reductions		(1,902,988	)		(372,268	)


Net expenses		19,545,771			1,127,820


NET INVESTMENT INCOME		34,270,765			5,339,437



Realized and unrealized gain (loss):

Net realized gain (loss) from:
Investments — unaffiliated issuers		159,897,988			285,803
Investments — affiliated issuers		(883,897	)		—
Purchased options		(2,211,036	)		—
Futures contracts		142,545,729			2,768,842
Written options		5,321,243			—
Swap contracts		(231,093,291	)		24,297,743
Forward foreign currency exchange contracts		4,381,424			—
Foreign currency transactions		(536,716	)		—
Net change in unrealized gain (loss) on:
Investments — affiliated issuers		187,755			—
Investments — unaffiliated issuers		243,998,302			(165,811	)
Purchased options		254			—
Futures contracts		(18,594,604	)		(1,053,240	)
Written options		612,335			—
Swap contracts		33,501,189			156
Forward foreign currency exchange contracts		(5,178,158	)		—
Foreign currency translation		(358,827	)		—


Net realized and unrealized gain		331,589,690			26,133,493


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	365,860,455		$	31,472,930

(a)

Statement of Operations for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and include the balances of a wholly-owned subsidiary, Cayman Commodity-ART, LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b)

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


	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
Absolute Return Tracker Fund		$50,125		$15,485		$2,115		$30,075		$3,097		$606,869		$937,255		$185,933		$ 635		$36,262
Commodity Strategy Fund		24,379		9,965		5,667		11,702		1,595		23,920		4,096		16,740		1,360		14,993


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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Statements of Changes in Net Assets^(a)


	Absolute Return Tracker Fund						Commodity Strategy Fund
	For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025

From operations:

Net investment income	$	34,270,765		$	83,700,670		$	5,339,437		$	12,143,831

Net realized gain (loss)		77,421,444			(52,351,750	)		27,352,388			34,861,027

Net change in unrealized gain (loss)		254,168,246			433,569,766			(1,218,895	)		1,588,847


Net increase in net assets resulting from operations		365,860,455			464,918,686			31,472,930			48,593,705



Distributions to shareholders:

From distributable earnings:

Class A Shares		—			(758,095	)		(262,913	)		(2,562,910	)

Class C Shares		—			(75,617	)		(31,153	)		(377,185	)

Institutional Shares		—			(62,272,612	)		(1,757,572	)		(16,786,647	)

Investor Shares		—			(24,068,592	)		(97,575	)		(940,709	)

Class R6 Shares		—			(24,220,140	)		(1,624,952	)		(14,839,195	)

Class R Shares		—			(13,675	)		(29,158	)		(300,360	)

Class P Shares		—			(4,636,534	)		(1,454,001	)		(13,440,102	)


Total distributions to shareholders		—			(116,045,265	)		(5,257,324	)		(49,247,108	)



From share transactions:

Proceeds from sales of shares		846,762,213			1,797,394,003			26,550,400			47,642,715

Reinvestment of distributions		—			75,087,797			4,455,066			41,793,305

Cost of shares redeemed		(573,456,821	)		(1,138,845,750	)		(47,763,961	)		(84,652,181	)


Net increase (decrease) in net assets resulting from share transactions		273,305,392			733,636,050			(16,758,495	)		4,783,839


TOTAL INCREASE		639,165,847			1,082,509,471			9,457,111			4,130,436



Net assets:

Beginning of period		5,560,131,787			4,477,622,316			337,225,710			333,095,274


End of period	$	6,199,297,634		$	5,560,131,787		$	346,682,821		$	337,225,710

(a)

Statements of Changes in Net Assets for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Absolute Return Tracker Fund

	Class A Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	10.23			$	9.53			$	9.01			$	8.36			$	9.40			$	9.69


Net investment income (loss)^(a)			0.04				0.13				0.23				0.26				0.07				(0.01	)

Net realized and unrealized gain (loss)			0.60				0.76				0.37				0.61				(0.69	)			0.59


Total from investment operations			0.64				0.89				0.60				0.87				(0.62	)			0.58


Distributions to shareholders from net investment income			—				(0.01	)			(0.08	)			(0.22	)			(0.31	)			—

Distributions to shareholders from net realized gains			—				(0.18	)			—				—				(0.11	)			(0.87	)


Total distributions			—				(0.19	)			(0.08	)			(0.22	)			(0.42	)			(0.87	)


Net asset value, end of period		$	10.87			$	10.23			$	9.53			$	9.01			$	8.36			$	9.40


Total return^(b)			6.26	%			9.35	%			6.63	%			10.45	%			(6.62	)%			6.09	%


Net assets, end of period (in 000s)		$	41,969			$	40,772			$	40,435			$	42,676			$	41,001			$	57,882

Ratio of net expenses to average net assets			1.01	%^(c)			1.01	%			0.99	%			0.97	%			1.00	%			1.04	%

Ratio of total expenses to average net assets			1.05	%^(c)			1.08	%			1.07	%			1.09	%			1.09	%			1.09	%

Ratio of net investment income (loss) to average net assets			0.84	%^(c)			1.31	%			2.47	%			2.92	%			0.80	%			(0.10	)%

Portfolio turnover rate^(d)			64	%			134	%			179	%			126	%			184	%			133	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Annualized.

(d)


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Absolute Return Tracker Fund

	Class C Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	9.03			$	8.48			$	8.02			$	7.47			$	8.43			$	8.84


Net investment income (loss)^(a)			0.00	^(b)			0.05				0.14				0.17				0.00	^(b)			(0.08	)

Net realized and unrealized gain (loss)			0.52				0.68				0.34				0.54				(0.61	)			0.54


Total from investment operations			0.52				0.73				0.48				0.71				(0.61	)			0.46


Distributions to shareholders from net investment income			—				—				(0.02	)			(0.16	)			(0.24	)			—

Distributions to shareholders from net realized gains			—				(0.18	)			—				—				(0.11	)			(0.87	)


Total distributions			—				(0.18	)			(0.02	)			(0.16	)			(0.35	)			(0.87	)


Net asset value, end of period		$	9.55			$	9.03			$	8.48			$	8.02			$	7.47			$	8.43


Total return^(c)			5.88	%			8.44	%			5.97	%			9.45	%			(7.23	)%			5.31	%


Net assets, end of period (in 000s)		$	4,437			$	3,877			$	4,579			$	4,497			$	5,574			$	7,973

Ratio of net expenses to average net assets			1.76	%^(d)			1.76	%			1.74	%			1.72	%			1.75	%			1.79	%

Ratio of total expenses to average net assets			1.80	%^(d)			1.83	%			1.82	%			1.84	%			1.84	%			1.84	%

Ratio of net investment income (loss) to average net assets			0.10	%^(d)			0.52	%			1.71	%			2.12	%			0.06	%			(0.84	)%

Portfolio turnover rate^(e)			64	%			134	%			179	%			126	%			184	%			133	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Absolute Return Tracker Fund

	Institutional Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	10.71			$	9.97			$	9.42			$	8.73			$	9.80			$	10.03


Net investment income^(a)			0.07				0.18				0.28				0.30				0.11				0.03

Net realized and unrealized gain (loss)			0.62				0.79				0.38				0.65				(0.72	)			0.61


Total from investment operations			0.69				0.97				0.66				0.95				(0.61	)			0.64


Distributions to shareholders from net investment income			—				(0.05	)			(0.11	)			(0.26	)			(0.35	)			—

Distributions to shareholders from net realized gains			—				(0.18	)			—				—				(0.11	)			(0.87	)


Total distributions			—				(0.23	)			(0.11	)			(0.26	)			(0.46	)			(0.87	)


Net asset value, end of period		$	11.40			$	10.71			$	9.97			$	9.42			$	8.73			$	9.80


Total return^(b)			6.44	%			9.71	%			7.04	%			10.83	%			(6.27	)%			6.48	%


Net assets, end of period (in 000s)		$	3,192,479			$	2,954,477			$	2,526,607			$	2,553,196			$	2,795,272			$	2,955,943

Ratio of net expenses to average net assets			0.65	%^(c)			0.65	%			0.63	%			0.61	%			0.63	%			0.68	%

Ratio of total expenses to average net assets			0.69	%^(c)			0.72	%			0.71	%			0.72	%			0.72	%			0.72	%

Ratio of net investment income to average net assets			1.20	%^(c)			1.69	%			2.83	%			3.25	%			1.23	%			0.30	%

Portfolio turnover rate^(d)			64	%			134	%			179	%			126	%			184	%			133	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Absolute Return Tracker Fund

	Investor Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	10.54			$	9.82			$	9.28			$	8.61			$	9.67			$	9.92


Net investment income^(a)			0.06				0.16				0.26				0.30				0.10				0.02

Net realized and unrealized gain (loss)			0.62				0.78				0.38				0.62				(0.71	)			0.60


Total from investment operations			0.68				0.94				0.64				0.92				(0.61	)			0.62


Distributions to shareholders from net investment income			—				(0.04	)			(0.10	)			(0.25	)			(0.34	)			—

Distributions to shareholders from net realized gains			—				(0.18	)			—				—				(0.11	)			(0.87	)


Total distributions			—				(0.22	)			(0.10	)			(0.25	)			(0.45	)			(0.87	)


Net asset value, end of period		$	11.22			$	10.54			$	9.82			$	9.28			$	8.61			$	9.67


Total return^(b)			6.45	%			9.55	%			6.93	%			10.68	%			(6.37	)%			6.35	%


Net assets, end of period (in 000s)		$	1,324,817			$	1,188,110			$	741,396			$	581,118			$	248,085			$	243,761

Ratio of net expenses to average net assets			0.76	%^(c)			0.76	%			0.74	%			0.72	%			0.75	%			0.79	%

Ratio of total expenses to average net assets			0.80	%^(c)			0.83	%			0.82	%			0.83	%			0.84	%			0.84	%

Ratio of net investment income to average net assets			1.09	%^(c)			1.60	%			2.72	%			3.31	%			1.12	%			0.16	%

Portfolio turnover rate^(d)			64	%			134	%			179	%			126	%			184	%			133	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Absolute Return Tracker Fund

	Class R6 Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	10.69			$	9.95			$	9.40			$	8.72			$	9.78			$	10.02


Net investment income^(a)			0.07				0.18				0.28				0.33				0.11				0.05

Net realized and unrealized gain (loss)			0.62				0.79				0.38				0.61				(0.71	)			0.58


Total from investment operations			0.69				0.97				0.66				0.94				(0.60	)			0.63


Distributions to shareholders from net investment income			—				(0.05	)			(0.11	)			(0.26	)			(0.35	)			—

Distributions to shareholders from net realized gains			—				(0.18	)			—				—				(0.11	)			(0.87	)


Total distributions			—				(0.23	)			(0.11	)			(0.26	)			(0.46	)			(0.87	)


Net asset value, end of period		$	11.38			$	10.69			$	9.95			$	9.40			$	8.72			$	9.78


Total return^(b)			6.45	%			9.74	%			7.07	%			10.74	%			(6.17	)%			6.38	%


Net assets, end of period (in 000s)		$	1,373,981			$	1,151,211			$	942,520			$	728,607			$	169,335			$	153,588

Ratio of net expenses to average net assets			0.64	%^(c)			0.64	%			0.62	%			0.60	%			0.62	%			0.66	%

Ratio of total expenses to average net assets			0.68	%^(c)			0.71	%			0.70	%			0.71	%			0.71	%			0.70	%

Ratio of net investment income to average net assets			1.22	%^(c)			1.70	%			2.84	%			3.54	%			1.23	%			0.51	%

Portfolio turnover rate^(d)			64	%			134	%			179	%			126	%			184	%			133	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Absolute Return Tracker Fund

	Class R Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	9.81			$	9.15			$	8.66			$	8.04			$	9.06			$	9.40


Net investment income (loss)^(a)			0.03				0.10				0.20				0.22				0.05				(0.03	)

Net realized and unrealized gain (loss)			0.56				0.74				0.35				0.59				(0.66	)			0.56


Total from investment operations			0.59				0.84				0.55				0.81				(0.61	)			0.53


Distributions to shareholders from net investment income			—				—				(0.06	)			(0.19	)			(0.30	)			—

Distributions to shareholders from net realized gains			—				(0.18	)			—				—				(0.11	)			(0.87	)


Total distributions			—				(0.18	)			(0.06	)			(0.19	)			(0.41	)			(0.87	)


Net asset value, end of period		$	10.40			$	9.81			$	9.15			$	8.66			$	8.04			$	9.06


Total return^(b)			6.12	%			9.13	%			6.40	%			10.11	%			(6.79	)%			5.73	%


Net assets, end of period (in 000s)		$	919			$	806			$	854			$	787			$	1,486			$	1,536

Ratio of net expenses to average net assets			1.26	%^(c)			1.26	%			1.24	%			1.22	%			1.25	%			1.29	%

Ratio of total expenses to average net assets			1.30	%^(c)			1.33	%			1.32	%			1.34	%			1.34	%			1.34	%

Ratio of net investment income (loss) to average net assets			0.59	%^(c)			1.03	%			2.26	%			2.63	%			0.60	%			(0.33	)%

Portfolio turnover rate^(d)			64	%			134	%			179	%			126	%			184	%			133	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Absolute Return Tracker Fund

	Class P Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	10.71			$	9.97			$	9.41			$	8.73			$	9.79			$	10.02


Net investment income^(a)			0.07				0.17				0.28				0.30				0.11				0.03

Net realized and unrealized gain (loss)			0.62				0.80				0.39				0.64				(0.71	)			0.61


Total from investment operations			0.69				0.97				0.67				0.94				(0.60	)			0.64


Distributions to shareholders from net investment income			—				(0.05	)			(0.11	)			(0.26	)			(0.35	)			—

Distributions to shareholders from net realized gains			—				(0.18	)			—				—				(0.11	)			(0.87	)


Total distributions			—				(0.23	)			(0.11	)			(0.26	)			(0.46	)			(0.87	)


Net asset value, end of period		$	11.40			$	10.71			$	9.97			$	9.41			$	8.73			$	9.79


Total return^(b)			6.44	%			9.71	%			7.17	%			10.72	%			(6.16	)%			6.48	%


Net assets, end of period (in 000s)		$	260,696			$	220,879			$	221,231			$	220,082			$	222,431			$	245,233

Ratio of net expenses to average net assets			0.64	%^(c)			0.64	%			0.62	%			0.60	%			0.62	%			0.66	%

Ratio of total expenses to average net assets			0.68	%^(c)			0.71	%			0.70	%			0.71	%			0.71	%			0.71	%

Ratio of net investment income to average net assets			1.22	%^(c)			1.67	%			2.83	%			3.28	%			1.23	%			0.33	%

Portfolio turnover rate^(d)			64	%			134	%			179	%			126	%			184	%			133	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Commodity Strategy Fund

	Class A Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	8.12			$	8.19			$	8.06			$	9.30			$	8.90			$	7.79


Net investment income (loss)^(a)			0.12				0.29				0.35				0.34				0.05				(0.09	)

Net realized and unrealized gain (loss)			0.60				0.94				0.09				(1.27	)			1.32				2.67


Total from investment operations			0.72				1.23				0.44				(0.93	)			1.37				2.58


Distributions to shareholders from net investment income			(0.12	)			(1.30	)			(0.31	)			(0.31	)			(0.97	)			(1.47	)


Net asset value, end of period		$	8.72			$	8.12			$	8.19			$	8.06			$	9.30			$	8.90


Total return^(b)			8.93	%			14.90	%			5.50	%			(9.95	)%			15.36	%			33.03	%


Net assets, end of period (in 000s)		$	18,637			$	17,725			$	19,298			$	22,253			$	35,334			$	40,183

Ratio of net expenses to average net assets			0.93	%^(c)			0.93	%			0.94	%			0.94	%			0.92	%			0.92	%

Ratio of total expenses to average net assets			1.05	%^(c)			1.13	%			1.04	%			1.01	%			0.95	%			1.08	%

Ratio of net investment income (loss) to average net assets			2.64	%^(c)			3.26	%			4.24	%			4.00	%			0.50	%			(0.90	)%

Portfolio turnover rate^(d)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			83	%^(e)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

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

(e)

There were either no long-term purchases or no long-term sales for the six months ended June 30, 2026 and fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively.


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Commodity Strategy Fund

	Class C Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	7.28			$	7.46			$	7.37			$	8.52			$	8.25			$	7.32


Net investment income (loss)^(a)			0.08				0.20				0.26				0.26				(0.01	)			(0.15	)

Net realized and unrealized gain (loss)			0.54				0.86				0.08				(1.16	)			1.21				2.50


Total from investment operations			0.62				1.06				0.34				(0.90	)			1.20				2.35


Distributions to shareholders from net investment income			(0.10	)			(1.24	)			(0.25	)			(0.25	)			(0.93	)			(1.42	)


Net asset value, end of period		$	7.80			$	7.28			$	7.46			$	7.37			$	8.52			$	8.25


Total return^(b)			8.47	%			14.02	%			4.68	%			(10.58	)%			14.51	%			32.04	%


Net assets, end of period (in 000s)		$	2,559			$	2,503			$	2,812			$	3,496			$	6,197			$	3,125

Ratio of net expenses to average net assets			1.68	%^(c)			1.68	%			1.69	%			1.69	%			1.67	%			1.67	%

Ratio of total expenses to average net assets			1.80	%^(c)			1.88	%			1.78	%			1.76	%			1.70	%			1.83	%

Ratio of net investment income (loss) to average net assets			1.89	%^(c)			2.51	%			3.50	%			3.25	%			(0.05	)%			(1.65	)%

Portfolio turnover rate^(d)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			83	%^(e)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Commodity Strategy Fund

	Institutional Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	8.29			$	8.34			$	8.20			$	9.46			$	9.04			$	7.88


Net investment income (loss)^(a)			0.14				0.32				0.38				0.38				0.11				(0.06	)

Net realized and unrealized gain (loss)			0.62				0.96				0.10				(1.30	)			1.32				2.71


Total from investment operations			0.76				1.28				0.48				(0.92	)			1.43				2.65


Distributions to shareholders from net investment income			(0.14	)			(1.33	)			(0.34	)			(0.34	)			(1.01	)			(1.49	)


Net asset value, end of period		$	8.91			$	8.29			$	8.34			$	8.20			$	9.46			$	9.04


Total return^(b)			9.16	%			15.26	%			5.88	%			(9.65	)%			15.75	%			33.52	%


Net assets, end of period (in 000s)		$	116,156			$	115,286			$	116,126			$	253,289			$	339,164			$	206,782

Ratio of net expenses to average net assets			0.60	%^(c)			0.60	%			0.61	%			0.61	%			0.59	%			0.59	%

Ratio of total expenses to average net assets			0.72	%^(c)			0.80	%			0.70	%			0.68	%			0.62	%			0.75	%

Ratio of net investment income (loss) to average net assets			2.97	%^(c)			3.59	%			4.60	%			4.36	%			1.04	%			(0.57	)%

Portfolio turnover rate^(d)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			83	%^(e)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Commodity Strategy Fund

	Investor Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	8.30			$	8.35			$	8.21			$	9.47			$	9.04			$	7.89


Net investment income (loss)^(a)			0.13				0.31				0.38				0.36				0.11				(0.07	)

Net realized and unrealized gain (loss)			0.62				0.97				0.09				(1.29	)			1.32				2.71


Total from investment operations			0.75				1.28				0.47				(0.93	)			1.43				2.64


Distributions to shareholders from net investment income			(0.13	)			(1.33	)			(0.33	)			(0.33	)			(1.00	)			(1.49	)


Net asset value, end of period		$	8.92			$	8.30			$	8.35			$	8.21			$	9.47			$	9.04


Total return^(b)			9.10	%			15.12	%			5.76	%			(9.78	)%			15.79	%			33.33	%


Net assets, end of period (in 000s)		$	6,547			$	6,386			$	9,042			$	22,575			$	115,918			$	33,337

Ratio of net expenses to average net assets			0.68	%^(c)			0.68	%			0.69	%			0.69	%			0.67	%			0.67	%

Ratio of total expenses to average net assets			0.80	%^(c)			0.88	%			0.78	%			0.75	%			0.70	%			0.81	%

Ratio of net investment income (loss) to average net assets			2.89	%^(c)			3.52	%			4.53	%			4.14	%			1.01	%			(0.66	)%

Portfolio turnover rate^(d)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			83	%^(e)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Commodity Strategy Fund

	Class R6 Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	8.32			$	8.36			$	8.22			$	9.49			$	9.06			$	7.90


Net investment income (loss)^(a)			0.14				0.32				0.39				0.38				0.12				(0.05	)

Net realized and unrealized gain (loss)			0.61				0.97				0.09				(1.30	)			1.32				2.70


Total from investment operations			0.75				1.29				0.48				(0.92	)			1.44				2.65


Distributions to shareholders from net investment income			(0.14	)			(1.33	)			(0.34	)			(0.35	)			(1.01	)			(1.49	)


Net asset value, end of period		$	8.93			$	8.32			$	8.36			$	8.22			$	9.49			$	9.06


Total return^(b)			9.13	%			15.35	%			5.87	%			(9.71	)%			15.84	%			33.44	%


Net assets, end of period (in 000s)		$	105,650			$	99,906			$	93,669			$	117,106			$	155,511			$	94,836

Ratio of net expenses to average net assets			0.59	%^(c)			0.59	%			0.60	%			0.60	%			0.58	%			0.58	%

Ratio of total expenses to average net assets			0.71	%^(c)			0.79	%			0.69	%			0.67	%			0.61	%			0.75	%

Ratio of net investment income (loss) to average net assets			2.98	%^(c)			3.60	%			4.59	%			4.36	%			1.14	%			(0.55	)%

Portfolio turnover rate^(d)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			83	%^(e)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Commodity Strategy Fund

	Class R Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	7.86			$	7.97			$	7.85			$	9.07			$	8.71			$	7.64


Net investment income (loss)^(a)			0.10				0.26				0.32				0.31				0.04				(0.11	)

Net realized and unrealized gain (loss)			0.59				0.91				0.09				(1.24	)			1.27				2.62


Total from investment operations			0.69				1.17				0.41				(0.93	)			1.31				2.51


Distributions to shareholders from net investment income			(0.11	)			(1.28	)			(0.29	)			(0.29	)			(0.95	)			(1.44	)


Net asset value, end of period		$	8.44			$	7.86			$	7.97			$	7.85			$	9.07			$	8.71


Total return^(b)			8.83	%			14.57	%			5.26	%			(10.19	)%			15.07	%			32.73	%


Net assets, end of period (in 000s)		$	2,199			$	2,106			$	1,994			$	2,630			$	4,208			$	3,271

Ratio of net expenses to average net assets			1.18	%^(c)			1.18	%			1.19	%			1.19	%			1.17	%			1.17	%

Ratio of total expenses to average net assets			1.30	%^(c)			1.38	%			1.28	%			1.26	%			1.20	%			1.33	%

Ratio of net investment income (loss) to average net assets			2.39	%^(c)			3.01	%			4.00	%			3.77	%			0.33	%			(1.15	)%

Portfolio turnover rate^(d)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			83	%^(e)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)


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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Commodity Strategy Fund

	Class P Shares

	Six Months Ended June 30, 2026				Year Ended December 31,

	(Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	8.31			$	8.36			$	8.22			$	9.49			$	9.06			$	7.90


Net investment income (loss)^(a)			0.14				0.32				0.39				0.38				0.12				(0.06	)

Net realized and unrealized gain (loss)			0.62				0.96				0.09				(1.30	)			1.32				2.71


Total from investment operations			0.76				1.28				0.48				(0.92	)			1.44				2.65


Distributions to shareholders from net investment income			(0.14	)			(1.33	)			(0.34	)			(0.35	)			(1.01	)			(1.49	)


Net asset value, end of period		$	8.93			$	8.31			$	8.36			$	8.22			$	9.49			$	9.06


Total return^(b)			9.14	%			15.23	%			5.88	%			(9.72	)%			15.84	%			33.46	%


Net assets, end of period (in 000s)		$	94,935			$	93,312			$	90,155			$	163,164			$	299,911			$	139,858

Ratio of net expenses to average net assets			0.59	%^(c)			0.59	%			0.60	%			0.60	%			0.58	%			0.58	%

Ratio of total expenses to average net assets			0.71	%^(c)			0.79	%			0.69	%			0.67	%			0.61	%			0.72	%

Ratio of net investment income (loss) to average net assets			2.98	%^(c)			3.60	%			4.60	%			4.34	%			1.04	%			(0.57	)%

Portfolio turnover rate^(d)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			83	%^(e)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)


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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements

June 30, 2026 (Unaudited)

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-diversified

Goldman Sachs Absolute Return Tracker Fund	A, C, Institutional, Investor, R6, R and P	Diversified

Goldman Sachs Commodity Strategy Fund	A, C, Institutional, Investor, R6, R and P	Diversified

Class A Shares of the Absolute Return Tracker Fund are sold with a front-end sales charge of up to 5.50%. Class A Shares of the Commodity Strategy Fund are sold with a front-end sales charge of up to 4.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser (“Investment Adviser”) to the Funds pursuant to management agreements (each, an “Agreement”) with the Trust. CoreCommodity Management, LLC (“CoreCommodity” or the “Sub-Adviser”) serves as a sub-adviser to the Commodity Strategy Fund. GSAM compensates the Sub-Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Commodity Strategy Fund is not charged any separate or additional investment advisory fees by the Sub-Adviser.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Consolidation for Absolute Return Tracker Fund and Commodity Strategy Fund — Cayman Commodity-ART, LLC., and Cayman Commodity-CSF, LTD., (each a “Subsidiary” and collectively, the “Subsidiaries”), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Absolute Return Tracker and Commodity Strategy Funds, respectively. The Subsidiaries act as investment vehicles for the Funds to enable the Funds to gain exposure to certain types of commodity-linked derivative instruments. The Funds are the sole shareholders of the Subsidiaries, and it is intended that each Fund will remain the sole shareholder and will continue to control its respective Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation.

As of June 30, 2026, the Fund and Subsidiary net assets were as follows:

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

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


68

GOLDMAN SACHS ALTERNATIVE FUNDS II

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Consolidated Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

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

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


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid

Absolute Return Tracker Fund	Annually	Annually

Commodity Strategy Fund	Semi-Annually	Annually

The Subsidiaries are classified as controlled foreign corporations under the Code. Therefore, the Funds are required to increase their taxable income by their share of their Subsidiaries’ income. Net losses of a Subsidiary cannot be deducted by the Funds in the current period nor carried forward to offset taxable income in future periods. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

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


		69

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectus. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Funds’ Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Funds’ single segment is consistent with that presented within the Funds’ financial statements.

H. Income Tax Disclosure — The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund’s financial position or the results of its operations.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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


70

GOLDMAN SACHS ALTERNATIVE FUNDS II

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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


		71

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.


72

GOLDMAN SACHS ALTERNATIVE FUNDS II

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2026:


ABSOLUTE RETURN TRACKER FUND

Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	1,932,757	$	244,724		$21,682

Australia and Oceania		259,605		—		—

Europe		6,642,416		143,734		6,260

North America		3,114,277,044		—		40,422

South America		280,423		—		—

Securities Lending Reinvestment Vehicle		215,693,110		—		—

Fixed Income

U.S. Treasury Obligations		54,075,318		—		—

Preferred Stocks		—		45,072		—

Contingent Value Rights		—		—		62

Exchange Traded Funds		1,843,349,067		—		—

Investment Company		602,044,382		—		—



Total	$	5,838,554,122	$	433,530		$68,426


		73

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


ABSOLUTE RETURN TRACKER FUND (continued)

Derivative Type	Level 1			Level 2			Level 3



Assets

Forward Foreign Currency Exchange Contracts^(b)	$	—		$	6,500,710		$	—

Futures Contracts^(b)		29,707,860			—			—

Credit Default Swap Contracts^(b)		—			18,910,117			—

Total Return Swap Contracts^(b)		—			22,305,906			—

Purchased Option Contracts		784,320			—			—



Total	$	30,492,180		$	47,716,733		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(10,475,385	)	$	—

Futures Contracts^(b)		(34,787,497	)		—			—

Credit Default Swap Contracts^(b)		—			(4,262,875	)		—

Total Return Swap Contracts^(b)		—			(1,819,144	)		—

Written Option Contracts		(451,897	)		—			—



Total	$	(35,239,394	)	$	(16,557,404	)	$	—

(a)

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

(b)

Amount shown represents unrealized gain (loss) at period end.


COMMODITY STRATEGY FUND

Investment Type	Level 1			Level 2			Level 3



Assets

Investment Company	$	44,096,713		$	—		$	—

Short-term Investments		314,351,752			—			—



Total	$	358,448,465		$	—		$	—



Derivative Type



Assets^(a)

Futures Contracts	$	9,039,669		$	—		$	—

Total Return Swap Contracts		—			5			—



Total	$	9,039,669		$	5		$	—



Liabilities^(a)

Futures Contracts	$	(9,508,590	)	$	—		$	—

Total Return Swap Contracts		—			(5	)		—



Total	$	(9,508,590	)	$	(5	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

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


74

GOLDMAN SACHS ALTERNATIVE FUNDS II

4. INVESTMENTS IN DERIVATIVES

Absolute Return Tracker Fund

Risk

Consolidated Statements of Assets and
Liabilities

Assets

Consolidated Statements of Assets and
Liabilities

Liabilities

Commodity

Variation margin on futures contracts

14,706,535

^(a)

Variation margin on futures contracts

(19,359,478

)^(a)

Credit

Variation margin on swap contracts

18,910,117

^(a)

Variation margin on swap contracts

(4,262,875

)^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

6,500,710

Payable for unrealized loss on forward foreign currency exchange contracts

(10,475,385

)

Equity

Receivable for unrealized gain on swap contracts; Variation margin on futures contracts; Purchased options, at value

33,022,636

^(a)

Payable for unrealized loss on swap contracts; Variation margin on futures contracts; Written options, at value

(13,995,798

)^(a)(b)

Interest rate

Variation margin on futures contracts

5,068,915

^(a)

Variation margin on futures contracts

(3,703,262

)^(a)

Total

78,208,913

(51,796,798

)

Commodity Strategy Fund

Risk

Consolidated Statements of Assets and Liabilities

Assets

Consolidated Statements of Assets and
Liabilities

Liabilities

Commodity

Variation margin on futures contracts

9,039,669

^(a)

Variation margin on futures contracts

(9,508,590

)^(a)

Equity

Receivable for unrealized gain on swap contracts

Payable for unrealized loss on swap contracts

)^(b)

Total

9,039,674

(9,508,595

)

(a)

Includes unrealized gain (loss) on futures and centrally cleared swaps described in the Additional Investment Information sections of the Consolidated Schedules of Investments. Only the variation margin as of June 30, 2026, is reported within the Consolidated Statements of Assets and Liabilities.

(b)

Aggregate of amounts include $1,819,144 for Absolute Return Tracker Fund and $5 for the Commodity Strategy Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, their failure to pay on their obligations or failure to pledge collateral. Such amount does not include incremental charges directly associated with the close-out of the agreements. It also does not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.


		75

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Consolidated Statements of Operations:


Absolute Return Tracker Fund

Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		$ 27,571,045			$ (7,561,998	)

Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(4,490,428	)		11,723,121

Currency	Net realized gain (loss) from forward foreign currency exchange contracts and futures contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts and futures contracts		4,931,108			(5,082,985	)

Equity	Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options		(89,640,590	)		8,606,714

Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(19,427,066	)		2,656,164

Total			$(81,055,931	)		$10,341,016

Commodity Strategy Fund

Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		$ 2,768,842			$(1,053,240	)

Equity	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		24,297,743			156

Total			$ 27,066,585			$(1,053,084	)

For the six months ended June 30, 2026, the relevant values for each derivative type were as follows:


	Average Number of Contracts, Notional Amounts, or Shares/Units^(a)



Fund	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options



Absolute Return Tracker Fund		39,309	$	1,062,524,647	$	4,744,188,198		408,000		44,103



Commodity Strategy Fund		2,729		—		296,623,985		—		—

(a)

Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the six months ended June 30, 2026.


76

GOLDMAN SACHS ALTERNATIVE FUNDS II

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the six months ended June 30, 2026, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate

Fund	First $1 billion	Next $1 billion	Next $3 billion	Next $3 billion	Over $8 billion	Effective Rate	Effective Net Management Rate^(a)



Absolute Return Tracker Fund	0.70%	0.63%	0.60%	0.59%	0.53%	0.62%		0.60%



Commodity Strategy Fund	0.50	0.50	0.45	0.43	0.42	0.50		0.49

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

(a)

Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreement (as defined below) after waivers.

GSAM also provides management services to the Subsidiaries pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary’s average daily net assets. In consideration of the Subsidiaries’ management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of each Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by each Subsidiary under the Subsidiary Agreement. For the six months ended June 30, 2026, GSAM waived $672,143 and $157,653 of each Fund’s management fee for the Absolute Return Tracker and Commodity Strategy Funds, respectively.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. The Absolute Return Tracker Fund invests in Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF and Goldman Sachs Central Government Funds, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest. For the six months ended June 30, 2026, the management fee waived by GSAM was for each Fund as follows:


Fund	Management Fee Waived



Absolute Return Tracker Fund		$776,985



Commodity Strategy Fund		31,322

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


		77

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



	Distribution and/or Service Plan Rates

	Class A*	Class C	Class R*



Distribution and/or Service Plan	0.25%	0.75%	0.50%


		Front End Sales Charge

Fund		Class A



Absolute Return Tracker Fund		$5,433



Commodity Strategy Fund		1,129

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

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Absolute Return Tracker Fund; 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Commodity Strategy Fund; 0.03% of the average daily net assets of Class R6 and P Shares; and 0.04% of the average daily net assets of Institutional Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Absolute Return Tracker and Commodity Strategy Funds are 0.014% and 0.074%, respectively. These Other Expense limitations will remain in place through at least April 30, 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 transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above. The Subsidiaries also pay certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit each Subsidiary’s expenses (excluding management fees) to 0.004% of the Subsidiary’s average daily net assets for the Absolute Return Tracker and Commodity Strategy Funds.


78

GOLDMAN SACHS ALTERNATIVE FUNDS II

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:



Fund	Management Fee Waiver		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions



Absolute Return Tracker Fund		$1,449,128		$8,033		$445,827		$1,902,988



Commodity Strategy Fund		188,975		214		183,079		372,268

H. Other Transactions with Affiliates — For the six months ended June 30, 2026, Goldman Sachs earned $285,299 and $0 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Absolute Return Tracker and Commodity Strategy Funds, respectively.

The table below shows the transactions in and earnings from investments in the Underlying Fund for the six months ended June 30, 2026:



Fund	Underlying Fund	Beginning Value as of December 31, 2025			Purchases at Cost			Proceeds from Sales				Realized Gain (Loss)				Change In Unrealized Gain (Loss)			Ending Value as of June 30, 2026			Shares as of June 30, 2026		Dividend Income


Absolute Return Tracker Fund	Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF		$	173,513,730		$	18,049,511		$	(102,764,929	)		$	(883,897	)		$	187,755		$	88,102,170		1,758,000		$	2,096,195



	Goldman Sachs Central Government Fund — Institutional Shares			—			1,757,218,456			(1,155,174,074	)			—				—			602,044,382		602,044,382			6,527,195



	Goldman Sachs Financial Square Government Fund — Institutional Shares			707,206,834			2,066,436,517			(2,773,643,351	)			—				—			—		—			13,087,232


		79

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Fund	Underlying Fund	Beginning Value as of December 31, 2025			Purchases at Cost			Proceeds from Sales				Realized Gain (Loss)			Change In Unrealized Gain (Loss)			Ending Value as of June 30, 2026			Shares as of June 30, 2026		Dividend Income


Commodity Strategy Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares		$	38,242,953		$	269,469,339		$	(263,615,579	)		$	—		$	—		$	44,096,713		44,096,713		$	696,435

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2026, were as follows:



Fund	Purchases (Excluding U.S. Government and Agency Obligations)	Sales and Maturities of (Excluding U.S. Government and Agency Obligations)

Absolute Return Tracker Fund	$3,077,206,618	$2,679,730,506

For the six months ended June 30, 2026, there were no purchases and proceeds from sales and maturities of long-term securities for the Commodity Strategy Fund.

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Absolute Return Tracker Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Consolidated Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase


80

GOLDMAN SACHS ALTERNATIVE FUNDS II

7. SECURITIES LENDING (continued)

replacement securities, GSAL will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2026, are disclosed as “Payable upon return of securities loaned” on the Consolidated Statements of Assets and Liabilities, where applicable.

Both the Absolute Return Tracker Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2026, are reported under Investment Income on the Consolidated Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:



	For the Six Months Ended June 30, 2026

Fund	Earnings of GSAL Relating to Securities Loaned	Amounts Received by the Fund from Lending to Goldman Sachs	Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2026

Absolute Return Tracker Fund	$60,058	$580,905	$473,055

The following table provides information about the Absolute Return Tracker Fund’s investments in the Government Money Market Fund for the six months ended June 30, 2026:



Fund	Beginning Value as of December 31, 2025	Purchases at cost	Proceeds from Sales	Ending Value as of June 30, 2026	Shares as of June 30, 2026

Absolute Return Tracker Fund	$50,132,836	$2,076,679,491	$(1,911,119,217)	$215,693,110	215,693,110

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2025, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


		Absolute Return Tracker Fund		Commodity Strategy Fund

Capital loss carryforwards:

Perpetual Short-Term	$	—	$	(3,114,668)

Perpetual Long-Term		—		(18,256,290)

Total capital loss carryforwards		—		(21,370,958)

Timing differences (Real Estate Investment Trusts and Straddle Loss Deferral)	$	(89,548,538)	$	—


		81

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

8. TAX INFORMATION (continued)

As of June 30, 2026, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



	Absolute Return Tracker Fund	Commodity Strategy Fund

Tax Cost	$5,043,345,771	$358,131,078

Gross unrealized gain	923,075,787	383,211

Gross unrealized loss	(127,365,480)	(65,824)

Net unrealized gain	$ 795,710,307	$ 317,387

9. OTHER RISKS

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

Commodity Sector Risk — Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the Subsidiaries enter into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the Subsidiaries’, and therefore the Funds’, share values to fluctuate.

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund


82

GOLDMAN SACHS ALTERNATIVE FUNDS II

9. OTHER RISKS (continued)

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from a Fund’s performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high


		83

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

9. OTHER RISKS (continued)

volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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

Subsidiary Risk — The Subsidiaries are not registered under the Act, as amended and are not subject to all the investor protections of the Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Funds and/or the Subsidiaries to operate as described in the Prospectus and the Statement of Additional Information and could adversely affect the Funds.

Tax Risk — The Funds seek to gain exposure to the commodity markets through investments in the Subsidiaries. The tax treatment of the Funds’ investments in the Subsidiaries could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Funds’ taxable income or any gains and distributions made by the Funds. If the IRS were to successfully assert that a Fund’s income from such investments was not “qualifying income,” the Funds may fail to qualify as regulated investment companies (“RIC”) under Subchapter M of the Code if over 10% of their gross income was derived from these investments. If the Funds failed to qualify as RICs, they would be subject to federal and state income tax on all of their taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

10. INDEMNIFICATIONS

11. OTHER MATTERS

Change in Fiscal Year End – At a meeting held on June 15 – 17, 2026, the Trustees approved a change of the Funds’ fiscal year end from December 31 to November 30, effective July 1, 2026.


84

GOLDMAN SACHS ALTERNATIVE FUNDS II

12. 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.

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Absolute Return Tracker Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		843,921		$	8,885,495			1,426,522		$	14,129,870

Reinvestment of distributions		—			—			67,771			694,708

Shares redeemed		(967,508	)		(10,148,615	)		(1,749,963	)		(17,324,524	)



		(123,587	)		(1,263,120	)		(255,670	)		(2,499,946	)



Class C Shares

Shares sold		81,661			751,641			146,118			1,288,460

Reinvestment of distributions		—			—			5,784			52,226

Shares redeemed		(46,655	)		(435,778	)		(262,390	)		(2,297,258	)



		35,006			315,863			(110,488	)		(956,572	)



Institutional Shares

Shares sold		29,465,294			323,271,992			78,531,508			817,665,372

Reinvestment of distributions		—			—			3,913,439			42,121,262

Shares redeemed		(25,224,075	)		(276,028,691	)		(60,016,420	)		(618,893,098	)



		4,241,219			47,243,301			22,428,527			240,893,536



Investor Shares

Shares sold		23,483,859			253,415,179			58,853,941			595,118,845

Reinvestment of distributions		—			—			2,272,011			24,051,595

Shares redeemed		(18,033,523	)		(195,530,998	)		(23,939,697	)		(242,922,319	)



		5,450,336			57,884,181			37,186,255			376,248,121



Class R6 Shares

Shares sold		20,275,963			223,306,066			34,095,578			353,018,741

Reinvestment of distributions		—			—			327,448			3,517,797

Shares redeemed		(7,194,838	)		(78,890,842	)		(21,441,918	)		(220,833,754	)



		13,081,125			144,415,224			12,981,108			135,702,784



Class R Shares

Shares sold		22,390			218,634			27,003			253,837

Reinvestment of distributions		—			—			1,394			13,675

Shares redeemed		(16,270	)		(161,165	)		(39,478	)		(376,569	)



		6,120			57,469			(11,081	)		(109,057	)



Class P Shares

Shares sold		3,377,126			36,913,206			1,516,044			15,918,878

Reinvestment of distributions		—			—			430,787			4,636,534

Shares redeemed		(1,129,266	)		(12,260,732	)		(3,514,302	)		(36,198,228	)



		2,247,860			24,652,474			(1,567,471	)		(15,642,816	)



NET INCREASE		24,938,079		$	273,305,392			70,651,180		$	733,636,050


		85

GOLDMAN SACHS ALTERNATIVE FUNDS II

Consolidated Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Commodity Strategy Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Class A Shares

Shares sold		261,666		$	2,372,144			291,615		$	2,545,205

Reinvestment of distributions		28,485			246,967			288,364			2,393,543

Shares redeemed		(336,269	)		(3,019,717	)		(752,119	)		(6,521,304	)



		(46,118	)		(400,606	)		(172,140	)		(1,582,556	)



Class C Shares

Shares sold		21,162			164,909			34,761			274,507

Reinvestment of distributions		3,964			30,764			50,020			372,165

Shares redeemed		(41,066	)		(319,936	)		(117,750	)		(949,319	)



		(15,940	)		(124,263	)		(32,969	)		(302,647	)



Institutional Shares

Shares sold		1,289,889			11,727,266			2,340,864			20,754,138

Reinvestment of distributions		183,965			1,628,089			1,812,319			15,350,796

Shares redeemed		(2,340,207	)		(21,554,581	)		(4,166,434	)		(37,046,673	)



		(866,353	)		(8,199,226	)		(13,251	)		(941,739	)



Investor Shares

Shares sold		121,458			1,142,779			195,016			1,740,766

Reinvestment of distributions		11,001			97,575			110,734			940,709

Shares redeemed		(167,806	)		(1,544,956	)		(619,043	)		(5,535,077	)



		(35,347	)		(304,602	)		(313,293	)		(2,853,602	)



Class R6 Shares

Shares sold		1,017,193			9,239,125			2,232,375			19,916,380

Reinvestment of distributions		109,092			968,737			1,058,723			8,998,384

Shares redeemed		(1,317,047	)		(12,333,521	)		(2,475,295	)		(22,041,906	)



		(190,762	)		(2,125,659	)		815,803			6,872,858



Class R Shares

Shares sold		43,592			379,140			46,264			393,719

Reinvestment of distributions		3,449			28,933			37,072			297,606

Shares redeemed		(54,411	)		(474,450	)		(65,451	)		(554,453	)



		(7,370	)		(66,377	)		17,885			136,872



Class P Shares

Shares sold		159,359			1,525,037			229,730			2,018,000

Reinvestment of distributions		163,739			1,454,001			1,583,022			13,440,102

Shares redeemed		(920,231	)		(8,516,800	)		(1,368,359	)		(12,003,449	)



		(597,133	)		(5,537,762	)		444,393			3,454,653



NET INCREASE (DECREASE)		(1,759,023	)	$	(16,758,495	)		746,428		$	4,783,839


86

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement (Unaudited)

Background

The Goldman Sachs Absolute Return Tracker Fund and Goldman Sachs Commodity Strategy Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2027 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-17, 2026 (the “Annual Meeting”). At the Annual Meeting, the Board also considered the sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) between the Investment Adviser and CoreCommodity Management, LLC (the “Sub-Adviser”) on behalf of the Commodity Strategy Fund.

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement and the Sub-Advisory Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates and the Sub-Adviser, including, as applicable, information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and the Sub-Adviser (in the case of the Commodity Strategy Fund) and the Sub-Adviser’s portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

(c)

(d)

the terms of the Agreements and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Fund’s expense trends over time; and

(iii)

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;


		87

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement (Unaudited) (continued)

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(j)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, (with respect to the Absolute Return Tracker Fund) securities lending, portfolio trading, distribution and other services;

(k)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; information on the Sub-Adviser’s compensation arrangements; and the number and types of accounts managed by the portfolio managers;

(m)

the nature and quality of the services provided to the Fund by its unaffiliated service providers (as well as the Sub-Adviser in the case of the Commodity Strategy Fund), and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(n)

the Investment Adviser’s and Sub-Adviser’s processes and policies addressing various types of potential conflicts of interest; their approaches to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Funds and the respective services of the Investment Adviser and its affiliates, and the Sub-Adviser, as applicable. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. In addition, the Trustees periodically received written materials and oral presentations from the Sub-Adviser. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. The Trustees reviewed a written response prepared by the Sub-Adviser to a similar request for information submitted to the Sub-Adviser by the Investment Adviser. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates (including, with respect to the Commodity Strategy Fund, the Investment Adviser’s oversight of the Sub-Adviser). 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 Funds and their service providers 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. The Trustees also considered information regarding the Investment Adviser’s and the Sub-Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to


88

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement (Unaudited) (continued)

address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates. In addition, the Trustees reviewed the Sub-Adviser oversight process that the Investment Adviser had employed, which included areas such as investment analytics, risk management and compliance.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2025, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2026. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. For the Absolute Return Tracker Fund, they noted the efforts of the Fund’s portfolio management team to continue to enhance the investment models used in managing the Fund.

The Trustees observed that the Absolute Return Tracker Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2026. They also noted that the Absolute Return Tracker Fund had experienced a benchmark index change and certain portfolio management changes in 2022. The Trustees considered that the Commodity Strategy Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2026. They noted that the Sub-Adviser began sub-advising the Commodity Strategy Fund at the beginning of 2021. They further noted that the Commodity Strategy Fund had experienced certain portfolio management changes in 2024.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder and, with respect to the Commodity Strategy Fund, the fee rate payable by the Investment Adviser under the Sub-Advisory Agreement with the Sub-Adviser. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. With respect to each Fund, the Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to the Fund’s wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.


		89

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement (Unaudited) (continued)

Profitability

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


Average Daily Net Assets	Absolute Return Tracker Fund	Commodity Strategy Fund



First $1 billion	0.70%	—

Next $1 billion	0.63	—

First $2 billion	—	0.50%

Next $3 billion	0.60	0.45

Next $3 billion	0.59	0.43

Over $8 billion	0.53	0.42

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee for the Absolute Return Tracker Fund and to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) with respect to the Absolute Return Tracker Fund, fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Absolute Return Tracker Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) 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 Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers (including the Sub-Adviser) may cause those service


90

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement (Unaudited) (continued)

providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Absolute Return Tracker Fund’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Fund in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

Sub-Advisory Agreement with CoreCommodity Management, LLC

Nature, Extent, and Quality of the Services Provided Under the Sub-Advisory Agreement

In evaluating the Sub-Advisory Agreement, the Trustees relied upon materials furnished and presentations made by the Investment Adviser and Sub-Adviser. In evaluating the nature, extent, and quality of services provided by the Sub-Adviser, the Trustees considered information on the services provided to the Fund by the Sub-Adviser, including information about the Sub-Adviser’s (a) personnel and compensation structure; (b) track record in managing the Fund and other funds and/or accounts with investment strategies similar to those employed on behalf of the Fund; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. In this regard, they also considered assessments provided by the Investment Adviser of the Sub-Adviser, the Sub-Adviser’s investment strategies and personnel, and its compliance program. The Trustees also considered information regarding the Sub-Adviser’s business continuity planning and remote operations capabilities.

Costs of Services Provided

The Trustees reviewed the terms of the Sub-Advisory Agreement, including the schedule of fees payable to the Sub-Adviser. They considered the breakpoints in the sub-advisory fee rate payable under the Sub-Advisory Agreement. The Trustees noted that the compensation paid to the Sub-Adviser is paid by the Investment Adviser, not by the Fund. They also considered the expense limitations that substantially reduce the fees retained by the Investment Adviser, and that the retention of the Sub-Adviser does not directly increase the fees incurred by the Fund for advisory services. They considered the Investment Adviser’s belief that the relationship between the management fees paid by the Fund and the sub-advisory fees paid by the Investment Adviser is appropriate given the level of services the Investment Adviser provides to the Fund and significant differences in cost drivers and risks associated with the respective services offered by the Investment Adviser and the Sub-Adviser.


		91

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement (Unaudited) (continued)

Conclusion

In connection with their consideration of the Sub-Advisory Agreement, the Trustees gave weight to various factors, 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, including the Independent Trustees, unanimously concluded, in the exercise of their business judgment, that the sub-advisory fees paid by the Investment Adviser to the Sub-Adviser were reasonable in light of the factors considered, and that the Sub-Advisory Agreement should be approved and continued until June 30, 2027.


92

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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. SELSAT2SAR-26

LOGO

Goldman Sachs Funds Semi-Annual Financial Statements June 30, 2026 Tax-Advantaged Equity Funds II Goldman Sachs International Equity Dividend and Premium Fund Goldman Sachs U.S. Equity Dividend and Premium Fund

Goldman Sachs Tax-Advantaged Equity Funds II

TABLE OF CONTENTS


Schedules of Investments			1

Goldman Sachs International Equity Dividend and Premium Fund			1

Goldman Sachs U.S. Equity Dividend and Premium Fund			7

Financial Statements			12

Statements of Assets and Liabilities			12

Statements of Operations			13

Statements of Changes in Net Assets			14

Financial Highlights			15

Goldman Sachs International Equity Dividend and Premium Fund			15

Goldman Sachs U.S. Equity Dividend and Premium Fund			21

Notes to Financial Statements			27

Statement Regarding Basis for Approval of Investment Advisory Contract			43

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 96.9%

Australia – 8.4%
15,768	ANZ Group Holdings Ltd. (Banks)	$	384,808
53,371	APA Group (Gas Utilities)		373,945
43,850	BHP Group Ltd. (Metals & Mining)		1,827,358
13,512	CAR Group Ltd. (Interactive Media & Services)		241,204
13,650	Coles Group Ltd. (Consumer Staples Distribution & Retail)		229,913
2,325	Commonwealth Bank of Australia (Banks)		264,967
24	CSL Ltd. (Biotechnology)		1,915
58,944	Fortescue Ltd. (Metals & Mining)		784,561
24,918	Goodman Group (Industrial REITs)		537,636
125,683	Medibank Pvt Ltd. (Insurance)		431,818
61,044	National Australia Bank Ltd. (Banks)		1,602,940
50,500	Origin Energy Ltd. (Electric Utilities)		383,854
416	Rio Tinto Ltd. (Metals & Mining)		50,053
25,836	Rio Tinto PLC ADR (Metals & Mining)		2,452,612
30,353	Telstra Group Ltd. (Diversified Telecommunication Services)		106,444
75,432	Transurban Group (Transportation Infrastructure)		750,016
5,953	Wesfarmers Ltd. (Broadline Retail)		372,558
37,062	Westpac Banking Corp. (Banks)		903,040
38,980	Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)		753,835

			12,453,477


Austria – 0.5%
11,520	OMV AG (Oil, Gas & Consumable Fuels)		723,935


Belgium – 0.5%
8,546	Ageas SA (Insurance)		683,771


China – 0.1%
52,000	SITC International Holdings Co. Ltd. (Marine Transportation)		208,601


Denmark – 1.6%
10,287	Coloplast AS Class B (Health Care Equipment & Supplies)		585,890
6,220	Danske Bank AS (Banks)		333,408
30,641	Novo Nordisk AS Class B (Pharmaceuticals)		1,471,593
2,108	Tryg AS (Insurance)		47,984

			2,438,875


Finland – 2.0%
4,260	Elisa OYJ (Diversified Telecommunication Services)		178,780
17,210	Kesko OYJ Class B (Consumer Staples Distribution & Retail)		384,769
4,617	Kone OYJ Class B (Machinery)		262,638
28,499	Metso OYJ (Machinery)		495,569
77,713	Nordea Bank Abp (Banks)		1,472,899
1,805	Orion OYJ Class B (Pharmaceuticals)		148,276


Shares	Description	Value

Common Stocks (continued)

Finland (continued)
3	Stora Enso OYJ Class R (Paper & Forest Products)	$	32

			2,942,963


France – 9.7%
183	Airbus SE (Aerospace & Defense)		40,716
14,223	Amundi SA^(a) (Capital Markets)		1,365,322
36,191	AXA SA (Insurance)		1,813,510
17,244	BNP Paribas SA (Banks)		2,013,981
15,968	Bouygues SA (Construction & Engineering)		891,713
1,218	Capgemini SE (IT Services)		122,278
56,944	Credit Agricole SA (Banks)		1,145,319
11,460	Danone SA (Food Products)		936,721
1,065	Dassault Systemes SE (Software)		21,723
36,638	Engie SA (Multi-Utilities)		1,153,163
18,051	Getlink SE (Transportation Infrastructure)		383,701
1,206	L’Oreal SA (Personal Products)		528,658
3,369	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)		1,863,260
3,671	Pernod Ricard SA (Beverages)		266,837
748	Publicis Groupe SA (Media)		73,919
2,275	Rexel SA (Trading Companies & Distributors)		99,669
6,376	TotalEnergies SE (Oil, Gas & Consumable Fuels)		494,971
1,660	Unibail-Rodamco-Westfield* (Retail REITs)		194,265
6,333	Vinci SA (Construction & Engineering)		924,922

			14,334,648


Germany – 6.7%
198	Allianz SE (Insurance)		93,723
22,436	BASF SE (Chemicals)		1,199,273
9,740	Daimler Truck Holding AG (Machinery)		469,751
2,372	Deutsche Bank AG (Capital Markets)		80,332
14,740	Deutsche Post AG (Air Freight & Logistics)		896,139
21,443	Evonik Industries AG (Chemicals)		389,093
1,241	Heidelberg Materials AG (Construction Materials)		236,745
1,178	Hensoldt AG (Aerospace & Defense)		91,501
9,400	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		885,498
1,337	Knorr-Bremse AG (Machinery)		155,573
193	MTU Aero Engines AG (Aerospace & Defense)		80,424
39	Rational AG (Machinery)		28,571
419	Rheinmetall AG (Aerospace & Defense)		476,731


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks (continued)

Germany (continued)
6,526	SAP SE (Software)	$	1,005,971
7,615	Siemens AG (Industrial Conglomerates)		2,448,276
5,947	Siemens Energy AG (Electrical Equipment)		1,133,745
4,920	Siemens Healthineers AG^(a) (Health Care Equipment & Supplies)		191,892

			9,863,238


Hong Kong – 1.2%
74,600	AIA Group Ltd. (Insurance)		682,980
45,000	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		66,949
98	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		81
7,696	Hong Kong Exchanges & Clearing Ltd. (Capital Markets)		358,072
58,000	MTR Corp. Ltd. (Ground Transportation)		226,203
28,814	Sino Land Co. Ltd. (Real Estate Management & Development)		37,846
5,500	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		79,163
24,000	Techtronic Industries Co. Ltd. (Machinery)		399,397

			1,850,691


Indonesia – 0.0%
300	Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		18,500


Israel – 0.7%
13,593	Bank Hapoalim BM (Banks)		313,529
9,408	Bank Leumi Le-Israel BM (Banks)		210,538
96	CyberArk Software Ltd.*^(b) (Software)		4,320
6,559	ICL Group Ltd. (Chemicals)		32,899
2,785	Mizrahi Tefahot Bank Ltd. (Banks)		184,455
7,000	Teva Pharmaceutical Industries Ltd. ADR* (Pharmaceuticals)		237,160

			982,901


Italy – 4.6%
6,886	Banca Mediolanum SpA (Financial Services)		171,608
41,071	Banco BPM SpA (Banks)		710,214
25,859	BPER Banca SpA (Banks)		406,273
146,400	Enel SpA (Electric Utilities)		1,679,265
326,358	Intesa Sanpaolo SpA (Banks)		2,243,152
1,343	Leonardo SpA (Aerospace & Defense)		72,106
19,999	Mediobanca Banca di Credito Finanziario SpA (Banks)		597,028
5,063	Moncler SpA (Textiles, Apparel & Luxury Goods)		294,653
2,666	Prysmian SpA (Electrical Equipment)		448,803


Shares	Description	Value

Common Stocks (continued)

Italy (continued)
3,321	Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals)	$	194,674

			6,817,776


Japan – 22.2%
5,400	Advantest Corp. (Semiconductors & Semiconductor Equipment)		1,110,933
16,600	Asahi Kasei Corp. (Chemicals)		184,627
6,900	Asics Corp. (Textiles, Apparel & Luxury Goods)		187,671
49,600	Astellas Pharma, Inc. (Pharmaceuticals)		663,482
40,400	Bridgestone Corp. (Automobile Components)		851,858
31,600	Canon, Inc. (Technology Hardware, Storage & Peripherals)		809,288
5,400	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)		249,443
6,000	Daiichi Life Group, Inc. (Insurance)		65,512
12,300	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		197,787
8,500	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		162,378
90,600	Daiwa Securities Group, Inc. (Capital Markets)		898,547
1,000	Disco Corp. (Semiconductors & Semiconductor Equipment)		520,233
2,800	Eisai Co. Ltd. (Pharmaceuticals)		70,583
12,000	FANUC Corp. (Machinery)		552,553
600	Fast Retailing Co. Ltd. (Specialty Retail)		307,407
37,200	Fujikura Ltd. (Electrical Equipment)		1,474,678
3,400	Fujitsu Ltd. (IT Services)		67,558
27,000	Hitachi Ltd. (Industrial Conglomerates)		747,255
500	Hoya Corp. (Health Care Equipment & Supplies)		80,651
4,000	Inpex Corp. (Oil, Gas & Consumable Fuels)		80,713
54,000	ITOCHU Corp. (Trading Companies & Distributors)		616,282
40,200	Japan Post Insurance Co. Ltd. (Insurance)		379,986
12,000	Japan Tobacco, Inc. (Tobacco)		442,794
10,600	Kajima Corp. (Construction & Engineering)		386,401
3,800	Kawasaki Heavy Industries Ltd. (Machinery)		68,769
200	Keyence Corp. (Electronic Equipment, Instruments & Components)		101,097
22,500	Kirin Holdings Co. Ltd. (Beverages)		388,039
12,500	Komatsu Ltd. (Machinery)		488,093
400	Lasertec Corp. (Semiconductors & Semiconductor Equipment)		127,055


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND


Shares	Description	Value

Common Stocks (continued)

Italy (continued)
25,600	Marubeni Corp. (Trading Companies & Distributors)	$	746,332
18,100	Mitsubishi Corp. (Trading Companies & Distributors)		484,214
1,900	Mitsubishi Electric Corp. (Electrical Equipment)		69,682
6,000	Mitsubishi HC Capital, Inc. (Financial Services)		48,738
22,800	Mitsubishi Heavy Industries Ltd. (Machinery)		518,077
79,800	Mitsubishi UFJ Financial Group, Inc. (Banks)		1,589,850
17,000	Mitsui & Co. Ltd. (Trading Companies & Distributors)		474,691
100	Mitsui OSK Lines Ltd. (Marine Transportation)		3,203
16,300	Mizuho Financial Group, Inc. (Banks)		782,869
9,000	MS&AD Insurance Group Holdings, Inc. (Insurance)		233,280
20,700	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		1,485,944
2,800	NEC Corp. (IT Services)		67,598
6,900	Nintendo Co. Ltd. (Entertainment)		290,076
1,000	Nippon Paint Holdings Co. Ltd. (Chemicals)		6,523
6,200	Nippon Yusen KK (Marine Transportation)		200,535
5,400	Nitto Denko Corp. (Chemicals)		106,238
5,200	Nomura Research Institute Ltd. (IT Services)		145,881
29,400	Obayashi Corp. (Construction & Engineering)		594,131
100	Obic Co. Ltd. (IT Services)		2,349
200	Olympus Corp. (Health Care Equipment & Supplies)		2,094
4,000	Otsuka Corp. (IT Services)		68,482
9,900	Recruit Holdings Co. Ltd. (Professional Services)		688,831
8,500	Resona Holdings, Inc. (Banks)		110,823
26,500	Sekisui House Ltd. (Household Durables)		550,925
3,700	Shimadzu Corp. (Electronic Equipment, Instruments & Components)		94,367
13,800	Shin-Etsu Chemical Co. Ltd. (Chemicals)		601,535
1,161,200	SoftBank Corp. (Wireless Telecommunication Services)		1,482,769
21,200	SoftBank Group Corp. (Wireless Telecommunication Services)		786,377
3,600	Sompo Holdings, Inc. (Insurance)		136,765
26,800	Sony Group Corp. (Household Durables)		539,325


Shares	Description	Value

Common Stocks (continued)

Italy (continued)
39,600	Sumitomo Corp. (Trading Companies & Distributors)	$	380,622
20,000	Sumitomo Electric Industries Ltd. (Automobile Components)		371,142
2,400	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		111,313
32,900	Sumitomo Mitsui Financial Group, Inc. (Banks)		1,289,648
30,200	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		962,614
15,000	TDK Corp. (Electronic Equipment, Instruments & Components)		336,515
13,000	Tokio Marine Holdings, Inc. (Insurance)		571,595
4,400	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		2,133,357
300	Tokyo Gas Co. Ltd. (Gas Utilities)		11,360
90,400	Toyota Motor Corp. (Automobiles)		1,514,426
1,800	ZOZO, Inc. (Specialty Retail)		12,720

			32,889,489


Mexico – 0.1%
3,136	Fresnillo PLC (Metals & Mining)		114,205


Mongolia – 0.1%
46,000	Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)		173,169
8,000	Sands China Ltd. (Hotels, Restaurants & Leisure)		13,348

			186,517


Netherlands – 5.4%
1	Akzo Nobel NV (Chemicals)		68
54	Argenx SE* (Biotechnology)		50,051
467	ASM International NV (Semiconductors & Semiconductor Equipment)		537,041
2,650	ASML Holding NV (Semiconductors & Semiconductor Equipment)		5,247,465
10,888	ASR Nederland NV (Insurance)		822,271
1,017	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		335,866
42	Heineken NV (Beverages)		3,526
53,861	Koninklijke KPN NV (Diversified Telecommunication Services)		266,007
7,345	Koninklijke Philips NV (Health Care Equipment & Supplies)		199,745
4,249	NN Group NV (Insurance)		372,505
6,756	Universal Music Group NV (Entertainment)		141,535

			7,976,080


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks (continued)

New Zealand – 0.1%
36,465	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)	$	120,625


Norway – 0.7%
11,118	Aker BP ASA (Oil, Gas & Consumable Fuels)		339,206
58	Gjensidige Forsikring ASA (Insurance)		1,570
416	Salmar ASA (Food Products)		19,469
45,454	Telenor ASA (Diversified Telecommunication Services)		651,147

			1,011,392


Portugal – 0.2%
26,970	EDP SA (Electric Utilities)		140,889
7,432	Galp Energia SGPS SA (Oil, Gas & Consumable Fuels)		157,513

			298,402


Russia*^(b) – 0.0%
74,513	Evraz PLC (Metals & Mining)		—


Singapore – 1.4%
20,050	DBS Group Holdings Ltd. (Banks)		1,015,228
6,600	Keppel Ltd. (Industrial Conglomerates)		55,981
1,100	Singapore Exchange Ltd. (Capital Markets)		20,523
85,000	Singapore Technologies Engineering Ltd. (Aerospace & Defense)		684,619
79,000	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		269,707

			2,046,058


South Africa – 0.0%
1	Anglo American PLC (Metals & Mining)		49


Spain – 3.2%
36,230	Aena SME SA^(a) (Transportation Infrastructure)		1,104,023
1,047	Amadeus IT Group SA (Hotels, Restaurants & Leisure)		61,251
72,657	CaixaBank SA (Banks)		1,029,416
6,904	Endesa SA (Electric Utilities)		313,691
31,953	Iberdrola SA (Electric Utilities)		795,296
12,096	Industria de Diseno Textil SA (Specialty Retail)		762,439
9,200	Naturgy Energy Group SA (Gas Utilities)		288,367
9,652	Redeia Corp. SA (Electric Utilities)		163,991
10,540	Repsol SA (Oil, Gas & Consumable Fuels)		263,338

			4,781,812


Sweden – 2.9%
7,042	Atlas Copco AB Class A (Machinery)		142,734


Shares	Description	Value

Common Stocks (continued)

Sweden (continued)
40,761	Atlas Copco AB Class B (Machinery)	$	722,613
1,549	EQT AB (Capital Markets)		43,820
18,328	H & M Hennes & Mauritz AB Class B (Specialty Retail)		315,275
1,062	Saab AB Class B (Aerospace & Defense)		55,367
211	Securitas AB Class B (Commercial Services & Supplies)		3,465
7,383	SKF AB Class B (Machinery)		189,646
35,604	Swedbank AB Class A (Banks)		1,330,018
26,849	Tele2 AB Class B (Wireless Telecommunication Services)		467,226
37,960	Telefonaktiebolaget LM Ericsson Class B (Communications Equipment)		425,710
109,411	Telia Co. AB (Diversified Telecommunication Services)		532,923

			4,228,797


Switzerland – 5.5%
9,644	ABB Ltd. (Electrical Equipment)		1,049,067
5,238	Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods)		1,209,079
20,404	Nestle SA (Food Products)		2,092,739
769	Partners Group Holding AG (Capital Markets)		629,876
9,778	SGS SA (Professional Services)		1,133,886
376	Sonova Holding AG (Health Care Equipment & Supplies)		89,241
30	Straumann Holding AG (Health Care Equipment & Supplies)		3,944
1,651	UBS Group AG (Capital Markets)		81,825
662	VAT Group AG^(a) (Machinery)		580,521
1,809	Zurich Insurance Group AG (Insurance)		1,337,995

			8,208,173


United Kingdom – 11.6%
8,227	AstraZeneca PLC (Pharmaceuticals)		1,560,004
38,835	BAE Systems PLC (Aerospace & Defense)		951,715
15,806	British American Tobacco PLC (Tobacco)		978,122
4,270	Coca-Cola Europacific Partners PLC (Beverages)		427,299
7,932	Compass Group PLC (Hotels, Restaurants & Leisure)		256,278
13,945	Diageo PLC (Beverages)		280,853
22,779	GSK PLC ADR (Pharmaceuticals)		1,194,075
40,999	HSBC Holdings PLC (Banks)		775,262
32,780	HSBC Holdings PLC ADR^(c) (Banks)		3,117,050
7,248	Imperial Brands PLC (Tobacco)		267,878
19,977	Kingfisher PLC (Specialty Retail)		75,007
379,782	M&G PLC (Financial Services)		1,694,340
48,661	National Grid PLC (Multi-Utilities)		802,601


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND


Shares	Description	Value

Common Stocks (continued)

United Kingdom (continued)
3,635	Reckitt Benckiser Group PLC (Household Products)	$	236,760
15,561	RELX PLC (Professional Services)		491,802
1,647	Rentokil Initial PLC ADR (Commercial Services & Supplies)		47,121
6,703	Rolls-Royce Holdings PLC (Aerospace & Defense)		128,494
15,392	Segro PLC (Industrial REITs)		178,556
6,258	SSE PLC (Electric Utilities)		201,899
158,007	Standard Life PLC (Insurance)		1,746,692
10,345	Unilever PLC ADR (Personal Products)		621,941
10,944	Unilever PLC (Personal Products)		659,161
39,169	Vodafone Group PLC ADR (Wireless Telecommunication Services)		518,010

			17,210,920


United States – 7.5%
19,112	Aegon Ltd. (Insurance)		162,651
57	AP Moller - Maersk AS Class B (Marine Transportation)		135,406
2,733	BP PLC ADR (Oil, Gas & Consumable Fuels)		100,984
7,315	Experian PLC (Professional Services)		246,542
5,375	Holcim AG (Construction Materials)		484,624
10,622	Novartis AG (Pharmaceuticals)		1,660,137
15,494	Qiagen NV (Life Sciences Tools & Services)		599,372
6,216	Roche Holding AG (Pharmaceuticals)		2,555,312
10,227	Sanofi SA (Pharmaceuticals)		874,445
3,834	Schneider Electric SE (Electrical Equipment)		1,254,583
59,881	Shell PLC (Oil, Gas & Consumable Fuels)		2,326,128
1,155	Spotify Technology SA*^(d)(Entertainment)		530,295
347	Sunbelt Rentals Holdings, Inc. (Trading Companies & Distributors)		25,313
1,007	Swiss Re AG (Insurance)		160,063

			11,115,855


TOTAL COMMON STOCKS (Cost $82,091,913)		$	143,507,750


Shares	Dividend Rate	Value

Preferred Stocks – 0.5%

Germany – 0.5%
Bayerische Motoren Werke AG (Automobiles)
9,829	7.687%	$	647,162

(Cost $685,995)

TOTAL PREFERRED STOCKS (Cost $685,995)		$	647,162

TOTAL INVESTMENTS – 97.4% (Cost $82,777,908)		$	144,154,912

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.6%			3,898,268

NET ASSETS – 100.0%		$	148,053,180

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

Non-income producing security.

(a)

Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)

Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(c)

All or a portion of security is on loan.

(d)

All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

SECTOR ALLOCATION AS OF JUNE 30, 2026


Sector	% of Total Market Value

Financials		27.0%

Industrials		19.8

Information Technology		10.9

Health Care		9.6

Consumer Discretionary		7.2

Consumer Staples		6.1

Materials		5.9

Communication Services		4.6

Utilities		4.5

Energy		3.6

Real Estate		0.8

		100.0%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2026, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

Euro Stoxx 50 Index

09/18/26

290,495

$4,016


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


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



Long position contracts:
FTSE 100 Index		1		09/18/26	$	139,828	$	1,033
TOPIX Futures		1		09/10/26		246,194		(146	)



TOTAL FUTURES CONTRACTS							$	4,903

WRITTEN OPTIONS CONTRACTS — At June 30, 2026, the Fund had the following written options contracts:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


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



Written option contracts
Calls
Euro Stoxx 50 Index	EUR	6,450.000		09/18/2026		(402	)		EUR	(259,290,000	)	$	(600,338	)	$	(690,480	)	$	90,142
FTSE 100 Index	GBP	10,525.000		09/18/2026		(58	)		GBP	(61,045,000	)		(187,718	)		(147,270	)		(40,448	)
Nikkei 225 Index	JPY	66,250.000		09/11/2026		(28	)		JPY	(185,500,000	)		(1,116,763	)		(733,257	)		(383,506	)



Total written option contracts						(488	)					$	(1,904,819	)	$	(1,571,007	)	$	(333,812	)




Currency Abbreviations:

EUR		—Euro

GBP		—British Pound

JPY		—Japanese Yen




Investment Abbreviations:

ADR		—American Depositary Receipt

PLC		—Public Limited Company

SpA		—Stand-by Purchase Agreement


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 101.4%

Aerospace & Defense – 2.8%
78,300	General Electric Co.	$	29,263,059
42,500	Honeywell Aerospace, Inc.*		9,395,900
18,050	Lockheed Martin Corp.		9,195,753
124,677	RTX Corp.		23,654,967
27,490	TransDigm Group, Inc.		36,617,780

			108,127,459


Air Freight & Logistics – 0.6%
202,223	United Parcel Service, Inc. Class B		21,738,972


Automobiles* – 1.9%
175,649	Tesla, Inc.		73,877,969


Banks – 3.6%
221,220	Fifth Third Bancorp		12,470,171
175,645	JPMorgan Chase & Co.^(a)		57,493,878
1,092,000	KeyCorp		25,170,600
87,800	PNC Financial Services Group, Inc.		21,618,116
369,606	U.S. Bancorp		22,324,203

			139,076,968


Beverages – 0.9%
342,149	Coca-Cola Co.		27,806,449
174,980	Molson Coors Beverage Co. Class B		6,817,221

			34,623,670


Biotechnology – 1.6%
186,671	AbbVie, Inc.		46,973,890
126,600	Gilead Sciences, Inc.		15,994,644
3,600	Mirati Therapeutics, Inc.*^(b)		2,520

			62,971,054


Broadline Retail* – 3.7%
602,597	Amazon.com, Inc.		143,622,969


Building Products – 0.0%
1,800	Advanced Drainage Systems, Inc.		282,528


Capital Markets – 3.1%
137,083	ARES Management Corp. Class A		15,258,709
13,300	Blackrock, Inc.		12,788,748
159,959	Blackstone, Inc.		18,822,375
23,400	Carlyle Group, Inc.		985,374
4,700	Evercore, Inc. Class A		1,604,768
448,001	Franklin Resources, Inc.		14,904,993
48,237	Janus Henderson Group PLC		2,505,912
44,700	Jefferies Financial Group, Inc.		2,234,106
153,027	Morgan Stanley		31,988,764
166,259	T. Rowe Price Group, Inc.		18,901,986

			119,995,735


Chemicals – 0.4%
287,910	Dow, Inc.		7,877,218


Shares	Description	Value

Common Stocks – (continued)

Chemicals – (continued)
102,660	LyondellBasell Industries NV Class A	$	5,405,049
21,250	Solstice Advanced Materials, Inc.		1,882,750

			15,165,017


Commercial Services & Supplies – 0.0%
600	MSA Safety, Inc.		104,748


Communications Equipment – 1.6%
66,960	Arista Networks, Inc.*		11,375,165
441,906	Cisco Systems, Inc.		51,906,279

			63,281,444


Construction & Engineering – 0.1%
12,625	Everus Construction Group, Inc.*		2,095,119
1,200	Valmont Industries, Inc.		693,120

			2,788,239


Consumer Finance – 0.8%
56,699	American Express Co.		19,178,437
48,375	Capital One Financial Corp.		9,704,992
5,600	OneMain Holdings, Inc.		341,432
17,600	SLM Corp.		456,544
18,700	SoFi Technologies, Inc.*		335,291

			30,016,696


Consumer Staples Distribution & Retail – 1.2%
89,670	Target Corp.		11,711,799
303,051	Walmart, Inc.		34,323,556

			46,035,355


Containers & Packaging – 0.5%
459,666	International Paper Co.		17,513,275
44,400	Sonoco Products Co.		2,501,940

			20,015,215


Diversified Consumer Services – 0.0%
3	ADT, Inc.		19
24,800	H&R Block, Inc.		944,384

			944,403


Diversified Telecommunication Services – 1.1%
246,400	Comcast Corp. Class A		6,049,120
843,521	Verizon Communications, Inc.^(a)		35,714,679

			41,763,799


Electric Utilities – 2.3%
210,038	Duke Energy Corp.		26,586,610
296,434	Eversource Energy		21,423,285
272,285	FirstEnergy Corp.		12,944,429
76,880	NextEra Energy, Inc.		6,747,758
193,000	OGE Energy Corp.		9,391,380


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Electric Utilities – (continued)
118,080	Southern Co.	$	11,301,437

			88,394,899


Electrical Equipment – 1.6%
68,111	Eaton Corp. PLC		29,023,459
23,525	GE Vernova, Inc.		27,638,582
18,060	Vertiv Holdings Co. Class A		6,046,849

			62,708,890


Electronic Equipment, Instruments & Components – 1.0%
188,472	Amphenol Corp. Class A		33,231,383
69,300	Avnet, Inc.		6,155,226

			39,386,609


Entertainment* – 0.5%
283,590	Netflix, Inc.		20,248,326
10,758	ROBLOX Corp. Class A		585,020
25	Roku, Inc.		3,454

			20,836,800


Financial Services – 2.2%
17,776	Affirm Holdings, Inc.*		1,449,633
67,552	Berkshire Hathaway, Inc. Class B*		33,802,345
110,700	Corebridge Financial, Inc.		3,169,341
137,600	Equitable Holdings, Inc.		6,037,888
110,086	Visa, Inc. Class A		37,769,406
415,441	Western Union Co.		3,198,896

			85,427,509


Food Products – 1.3%
536,300	General Mills, Inc.		18,663,240
349,540	Hormel Foods Corp.		8,675,583
901,735	Kraft Heinz Co.		21,298,980

			48,637,803


Gas Utilities – 0.0%
50,500	MDU Resources Group, Inc.		1,071,105


Ground Transportation – 0.6%
16,500	Ryder System, Inc.		4,352,205
70,280	Union Pacific Corp.		19,116,160

			23,468,365


Health Care Equipment & Supplies – 1.2%
126,627	Abbott Laboratories		11,490,134
63,225	Becton Dickinson & Co.		9,567,839
323,253	Medtronic PLC		25,288,082
3,741	Penumbra, Inc.*		1,181,221

			47,527,276


Health Care Providers & Services – 1.4%
255,635	CVS Health Corp.		26,445,441
70,872	UnitedHealth Group, Inc.		29,456,529

			55,901,970


Shares	Description	Value

Common Stocks – (continued)

Health Care REITs – 0.9%
5	Omega Healthcare Investors, Inc.	$	238
155,986	Welltower, Inc.		35,404,143

			35,404,381


Hotels, Restaurants & Leisure – 1.9%
32,250	Aramark		1,835,025
74,450	Booking Holdings, Inc.		13,269,968
60,803	Darden Restaurants, Inc.		12,526,026
18,300	DraftKings, Inc. Class A*		462,258
81,400	McDonald’s Corp.		22,003,234
29,400	Royal Caribbean Cruises Ltd.		9,335,382
135,585	Starbucks Corp.		13,855,431
8,000	Travel & Leisure Co.		611,440

			73,898,764


Household Durables – 0.0%
12,600	Somnigroup International, Inc.		987,840
200	TopBuild Corp.*		70,906

			1,058,746


Household Products – 0.9%
158,370	Kimberly-Clark Corp.^(c)		17,384,275
127,293	Procter & Gamble Co.		18,666,245
11,600	Reynolds Consumer Products, Inc.		311,460

			36,361,980


Industrial Conglomerates – 0.2%
42,500	Honeywell International, Inc.		9,515,750


Industrial REITs – 0.4%
107,160	Prologis, Inc.		14,516,965


Insurance – 1.6%
10,300	American Financial Group, Inc.		1,441,382
8,800	Axis Capital Holdings Ltd.		945,472
32,300	CNA Financial Corp.		1,570,103
118,282	Fidelity National Financial, Inc.		5,578,179
42,600	First American Financial Corp.		2,921,934
3,300	Hanover Insurance Group, Inc.		706,596
381,341	Old Republic International Corp.		15,604,474
296,338	Prudential Financial, Inc.		31,983,760

			60,751,900


Interactive Media & Services – 8.1%
117,111	Alphabet, Inc. Class C		41,378,830
546,020	Alphabet, Inc. Class A		195,131,167
137,245	Meta Platforms, Inc. Class A		77,308,736

			313,818,733


IT Services – 0.9%
57,439	Accenture PLC Class A		7,147,709
11,128	Cloudflare, Inc. Class A*		2,729,476


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND


Shares	Description	Value

Common Stocks – (continued)

IT Services – (continued)
89,635	International Business Machines Corp.	$	25,206,258
1	Okta, Inc.*		137

			35,083,580


Leisure Products – 0.0%
9,300	Brunswick Corp.		783,432


Life Sciences Tools & Services – 0.4%
8,900	Bruker Corp.		535,602
72,590	Danaher Corp.		13,826,943
9,160	Repligen Corp.*		1,249,791

			15,612,336


Machinery – 1.9%
52,536	Caterpillar, Inc.		55,945,586
7,000	Flowserve Corp.		519,120
1,600	Lincoln Electric Holdings, Inc.		424,816
189,480	Stanley Black & Decker, Inc.		17,833,858

			74,723,380


Media – 0.2%
124,725	Omnicom Group, Inc.		9,083,722


Metals & Mining – 0.2%
102,360	Newmont Corp.		9,560,424


Multi-Utilities – 0.5%
296,404	Dominion Energy, Inc.		20,241,429


Oil, Gas & Consumable Fuels – 3.4%
204,300	Chevron Corp.		33,864,768
5,200	DT Midstream, Inc.		763,048
341,818	Exxon Mobil Corp.		46,733,357
664,351	Kinder Morgan, Inc.		21,239,302
222,800	ONEOK, Inc.		19,370,232
151,380	Williams Cos., Inc.		11,253,589

			133,224,296


Personal Products – 0.3%
577,483	Kenvue, Inc.		11,035,700


Pharmaceuticals – 4.1%
260,747	Bristol-Myers Squibb Co.		15,024,242
48,961	Eli Lilly & Co.		58,725,292
187,033	Johnson & Johnson		47,500,771
124,520	Merck & Co., Inc.		16,000,820
875,547	Pfizer, Inc.		21,083,172

			158,334,297


Professional Services – 1.2%
61,337	Automatic Data Processing, Inc.		13,736,421
258	ManpowerGroup, Inc.		8,713
319,400	Paychex, Inc.		31,406,602

			45,151,736


Shares	Description	Value

Common Stocks – (continued)

Residential REITs – 0.0%
35,440	American Homes 4 Rent Class A	$	1,187,949
1,193	Sun Communities, Inc.		143,052

			1,331,001


Retail REITs – 0.0%
14,300	Brixmor Property Group, Inc.		450,879


Semiconductors & Semiconductor Equipment – 19.4%
107,789	Advanced Micro Devices, Inc.*		62,615,708
55,999	Analog Devices, Inc.		22,241,123
50,660	Applied Materials, Inc.		36,627,180
300,553	Broadcom, Inc.		113,533,896
332,040	Intel Corp.*		46,362,745
129,005	Lam Research Corp.		55,901,737
1,759	Marvell Technology, Inc.		523,988
83,695	Micron Technology, Inc.		96,608,301
1,467,633	NVIDIA Corp.^(a)		293,658,687
87,129	Texas Instruments, Inc.		25,970,541

			754,043,906


Software – 7.1%
21,600	AppLovin Corp. Class A*		11,128,968
29,520	Crowdstrike Holdings, Inc. Class A		22,527,893
3,520	Elastic NV*		200,710
4,929	HubSpot, Inc.*		899,592
23,676	Intuit, Inc.		6,179,436
475,460	Microsoft Corp.^(a)		177,356,089
100,256	Oracle Corp.		14,692,517
155,960	Palantir Technologies, Inc. Class A*		18,195,853
51,325	Palo Alto Networks, Inc.*		17,502,852
70,885	ServiceNow, Inc.*		7,037,463
20,957	Unity Software, Inc.*		598,951
1,956	Zscaler, Inc.*		276,089

			276,596,413


Specialized REITs – 0.3%
11,847	Equinix, Inc.		12,349,195
7,893	Gaming & Leisure Properties, Inc.		351,475

			12,700,670


Specialty Retail – 2.1%
247,595	Best Buy Co., Inc.		18,787,509
18,100	Dick’s Sporting Goods, Inc.		4,105,261
13,400	Gap, Inc.		250,312
105,695	Home Depot, Inc.		37,276,512
9,000	Penske Automotive Group, Inc.		1,610,550
127,200	TJX Cos., Inc.		19,270,800
1,400	Wayfair, Inc. Class A*		129,388

			81,430,332


Technology Hardware, Storage & Peripherals – 8.1%
892,668	Apple, Inc.		258,302,413


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Technology Hardware, Storage & Peripherals – (continued)
375,400	HP, Inc.	$	8,236,276
10,140	Sandisk Corp.*		23,055,622
13,325	Seagate Technology Holdings PLC		12,858,625
20,975	Western Digital Corp.		13,397,152

			315,850,088


Textiles, Apparel & Luxury Goods – 0.2%
165,440	NIKE, Inc. Class B		6,791,312


Tobacco – 0.7%
384,005	Altria Group, Inc.		27,629,160


Trading Companies & Distributors – 0.4%
78,500	MSC Industrial Direct Co., Inc. Class A		9,337,575
10,499	Watsco, Inc.		4,375,248

			13,712,823


TOTAL COMMON STOCKS (Cost $2,162,591,846)		$	3,946,491,601


Shares	Dividend Rate	Value

Investment Company^(d) – 0.3%
Goldman Sachs Central Government Fund – Institutional Shares
12,035,804	3.703%	$	12,035,804

(Cost $12,035,804)


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(d) – 0.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
11,180,100	3.538%	$	11,180,100

(Cost $11,180,100)

TOTAL INVESTMENTS – 102.0% (Cost $2,185,807,750)		$	3,969,707,505

LIABILITIES IN EXCESS OF OTHER ASSETS – (2.0)%			(78,336,339	)

NET ASSETS – 100.0%		$	3,891,371,166

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

Non-income producing security.

(a)

All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(b)

Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(c)

All or a portion of security is on loan.

(d)

Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2026, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Short position contracts:

S&P 500 E-Mini Index

(82)

09/18/26

$(30,947,825)

$324,765

WRITTEN OPTIONS CONTRACTS — At June 30, 2026, the Fund had the following written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS


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



Written option contracts
Calls
S&P 500 Index	$	7,275.000		07/31/2026		(686	)	$	(499,065,000	)		$(20,068,929	)		$(12,806,076	)		$(7,262,853	)
S&P 500 Index		7,740.000		08/31/2026		(723	)		(559,602,000	)		(5,567,100	)		(12,303,833	)		6,736,733


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)


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


S&P 500 Index		$	7,645.000		09/30/2026		(686	)		$	(524,447,000	)		$	(11,559,101	)		$	(11,536,977	)		$	(22,124	)



Total written option contracts							(2,095	)						$	(37,195,130	)		$	(36,646,886	)		$	(548,244	)




Currency Abbreviations:

USD		—U.S. Dollar




Investment Abbreviations:

PLC		—Public Limited Company

REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statements of Assets and Liabilities

June 30, 2026 (Unaudited)


	International Equity Dividend and Premium Fund			U.S. Equity Dividend and Premium Fund

Assets:

Investments in unaffiliated issuers, at value (cost $82,777,908 and $2,162,591,846, respectively)^(a)		$144,154,912			$3,946,491,601
Investments in affiliated issuers, at value (cost $0 and $12,035,804, respectively)		—			12,035,804
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—			11,180,100
Cash		—			4,990,234
Foreign currencies, at value (cost $3,528,683 and $0, respectively)		3,513,223			—
Variation margin on futures contracts		5,234			—
Receivables:
Fund shares sold		2,030,060			2,669,970
Foreign tax reclaims		1,018,594			—
Dividends		173,249			2,357,156
Reimbursement from investment adviser		11,713			28,603
Investments sold		—			11,536,976
Other assets		62,182			102,706

Total assets		150,969,167			3,991,393,150



Liabilities:

Written option contracts, at value (premium received $1,571,007 and $36,646,886, respectively)		1,904,819			37,195,130
Due to custodian (overdraft)		533,271			—
Variation margin on futures contracts		—			196,774
Payables:
Fund shares redeemed		72,880			2,792,397
Management fees		48,658			1,013,452
Distribution and Service fees and Transfer Agency fees		2,098			131,297
Investments purchased		40			—
Due to broker		—			47,391,648
Payable upon return of securities loaned		—			11,180,100
Accrued expenses		354,221			121,186

Total liabilities		2,915,987			100,021,984



Net Assets:

Paid-in capital		163,218,165			2,071,839,837
Total distributable earnings (loss)		(15,164,985	)		1,819,531,329

NET ASSETS		$148,053,180			$3,891,371,166
Net Assets:
Class A		$ 1,440,127			$ 256,768,342
Class C		103,591			57,670,277
Institutional		5,413,980			1,685,885,698
Investor		1,808,090			519,315,691
Class R6		65,352,388			453,141,631
Class P		73,935,004			918,589,527
Total Net Assets		$148,053,180			$3,891,371,166
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		154,476			12,820,134
Class C		11,586			2,892,543
Institutional		595,261			84,522,191
Investor		199,493			26,011,434
Class R6		7,184,753			22,733,785
Class P		8,116,541			46,065,742
Net asset value, offering and redemption price per share:^(b)
Class A		9.32			20.03
Class C		8.94			19.94
Institutional		9.10			19.95
Investor		9.06			19.96
Class R6		9.10			19.93
Class P		9.11			19.94

(a)

Includes loaned securities having a market value of $0 and $10,933,092, respectively.

(b)

Maximum public offering price per share for Class A Shares of the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds is $9.86 and $21.20, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statements of Operations

For the Six Months Ended June 30, 2026 (Unaudited)


	International Equity Dividend and Premium Fund			U.S. Equity Dividend and Premium Fund

Investment Income:

Dividends — unaffiliated issuers (net of tax withholding of $338,710 and $0, respectively)		$3,685,405			$32,511,037

Dividends — affiliated issuers		12,618			463,541

Interest		504			—

Securities lending income, net of rebates received or paid to borrowers		138			2,694


Total investment income		3,698,665			32,977,272



Expenses:

Management fees		618,320			12,582,309

Professional fees		73,409			55,085

Custody, accounting and administrative services		52,845			157,010

Registration fees		48,604			88,603

Transfer Agency fees^(a)		25,110			1,104,905

Trustee fees		13,272			16,581

Printing and mailing costs		12,510			41,936

Distribution and Service (12b-1) fees^(a)		2,243			514,171

Service fees — Class C		175			71,376

Other		3,854			36,795


Total expenses		850,342			14,668,771


Less — expense reductions		(172,171	)		(1,325,002	)


Net expenses		678,171			13,343,769


NET INVESTMENT INCOME		3,020,494			19,633,503



Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		10,099,667			41,600,904

Futures contracts		150,673			766,657

Written options		(2,848,696	)		(20,991,951	)

Foreign currency transactions		(22,138	)		—

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		3,097,140			347,132,800

Futures contracts		12,291			260,603

Written options		(346,004	)		(14,451,166	)

Foreign currency translation		(93,275	)		—


Net realized and unrealized gain		10,049,658			354,317,847


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$13,070,152			$373,951,350

(a)

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


	Distribution and/or Service (12b-1) Fees		Transfer Agency Fees
Fund	Class A	Class C	Class A	Class C	Institutional	Investor	Class R6	Class P
International Equity Dividend and Premium Fund	$ 1,718	$ 525	$ 1,031	$ 105	$ 807	$ 1,374	$ 10,691	$ 11,102
U.S. Equity Dividend and Premium Fund	300,043	214,128	180,025	42,826	321,269	368,968	63,869	127,948


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statements of Changes in Net Assets


	International Equity Dividend and Premium Fund								U.S. Equity Dividend and Premium Fund

	For the Six Months Ended June 30, 2026 (Unaudited)				For the Fiscal Year Ended December 31, 2025				For the Six Months Ended June 30, 2026 (Unaudited)				For the Fiscal Year Ended December 31, 2025

From operations:

Net investment income		$	3,020,494			$	4,339,522			$	19,633,503			$	39,979,745

Net realized gain (loss)			7,379,506				(1,329,348	)			21,375,610				212,943,869

Net change in unrealized gain			2,670,152				35,119,919				332,942,237				208,324,995


Net increase in net assets resulting from operations			13,070,152				38,130,093				373,951,350				461,248,609



Distributions to shareholders:

From distributable earnings:

Class A Shares			(26,396	)			(33,385	)			(973,956	)			(14,327,105	)

Class C Shares			(1,494	)			(3,521	)			(18,379	)			(3,200,745	)

Institutional Shares			(104,901	)			(110,370	)			(8,855,827	)			(105,297,538	)

Investor Shares			(36,180	)			(64,882	)			(2,559,191	)			(31,879,424	)

Class R6 Shares			(1,339,161	)			(2,487,205	)			(2,383,949	)			(26,854,362	)

Class P Shares			(1,505,095	)			(2,171,047	)			(4,828,560	)			(53,270,270	)


Total distributions to shareholders			(3,013,227	)			(4,870,410	)			(19,619,862	)			(234,829,444	)



From share transactions:

Proceeds from sales of shares			8,877,769				3,900,738				236,877,014				520,985,394

Reinvestment of distributions			2,984,102				4,826,098				18,292,023				218,848,835

Cost of shares redeemed			(26,399,747	)			(39,806,322	)			(419,778,513	)			(797,727,209	)


Net decrease in net assets resulting from share transactions			(14,537,876	)			(31,079,486	)			(164,609,476	)			(57,892,980	)


TOTAL INCREASE (DECREASE)			(4,480,951	)			2,180,197				189,722,012				168,526,185



Net assets:

Beginning of period			152,534,131				150,353,934				3,701,649,154				3,533,122,969


End of period		$	148,053,180			$	152,534,131			$	3,891,371,166			$	3,701,649,154


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	International Equity Dividend and Premium Fund

	Class A Shares

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

Per Share Data

Net asset value, beginning of period		$	8.72			$	6.95			$	7.33			$	6.55			$	7.59			$	7.16


Net investment income^(a)			0.17				0.20				0.20				0.24	^(b)			0.24				0.21

Net realized and unrealized gain (loss)			0.60				1.81				(0.38	)			0.77				(1.02	)			0.42


Total from investment operations			0.77				2.01				(0.18	)			1.01				(0.78	)			0.63


Distributions to shareholders from net investment income			(0.17	)			(0.24	)			(0.20	)			(0.23	)			(0.23	)			(0.20	)

Distributions to shareholders from return of capital			—				—				—				—				(0.03	)			—


Total distributions			(0.17	)			(0.24	)			(0.20	)			(0.23	)			(0.26	)			(0.20	)


Net asset value, end of period		$	9.32			$	8.72			$	6.95			$	7.33			$	6.55			$	7.59


Total return^(c)			8.89	%			29.14	%			(2.53	)%			15.91	%			(10.29	)%			8.94	%


Net assets, end of period (in 000s)		$	1,440			$	1,284			$	1,205			$	1,667			$	1,576			$	2,170

Ratio of net expenses to average net assets			1.19	%^(d)			1.19	%			1.20	%			1.21	%			1.23	%			1.23	%

Ratio of total expenses to average net assets			1.48	%^(d)			1.54	%			1.51	%			1.43	%			1.58	%			1.39	%

Ratio of net investment income to average net assets			3.75	%^(d)			2.52	%			2.75	%			3.45	%			3.63	%			2.85	%

Portfolio turnover rate^(e)			5	%			16	%			12	%			18	%			26	%			17	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	International Equity Dividend and Premium Fund

	Class C Shares

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

Per Share Data

Net asset value, beginning of period		$	8.37			$	6.68			$	7.04			$	6.30			$	7.32			$	6.90


Net investment income^(a)			0.12				0.14				0.14				0.19	^(b)			0.18				0.14

Net realized and unrealized gain (loss)			0.58				1.73				(0.36	)			0.73				(0.98	)			0.42


Total from investment operations			0.70				1.87				(0.22	)			0.92				(0.80	)			0.56


Distributions to shareholders from net investment income			(0.13	)			(0.18	)			(0.14	)			(0.18	)			(0.20	)			(0.14	)

Distributions to shareholders from return of capital			—				—				—				—				(0.02	)			—


Total distributions			(0.13	)			(0.18	)			(0.14	)			(0.18	)			(0.22	)			(0.14	)


Net asset value, end of period		$	8.94			$	8.37			$	6.68			$	7.04			$	6.30			$	7.32


Total return^(c)			8.37	%			28.26	%			(3.24	)%			14.99	%			(10.99	)%			8.22	%


Net assets, end of period (in 000s)		$	104			$	159			$	106			$	180			$	206			$	362

Ratio of net expenses to average net assets			1.94	%^(d)			1.95	%			1.94	%			1.96	%			1.98	%			1.98	%

Ratio of total expenses to average net assets			2.23	%^(d)			2.30	%			2.26	%			2.18	%			2.33	%			2.16	%

Ratio of net investment income to average net assets			2.71	%^(d)			1.87	%			1.99	%			2.85	%			2.77	%			1.91	%

Portfolio turnover rate^(e)			5	%			16	%			12	%			18	%			26	%			17	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	International Equity Dividend and Premium Fund

	Institutional Shares

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

Per Share Data

Net asset value, beginning of period		$	8.52			$	6.79			$	7.16			$	6.41			$	7.43			$	7.01


Net investment income^(a)			0.19				0.23				0.23				0.25	^(b)			0.25				0.24

Net realized and unrealized gain (loss)			0.58				1.76				(0.38	)			0.75				(1.00	)			0.41


Total from investment operations			0.77				1.99				(0.15	)			1.00				(0.75	)			0.65


Distributions to shareholders from net investment income			(0.19	)			(0.26	)			(0.22	)			(0.25	)			(0.24	)			(0.23	)

Distributions to shareholders from return of capital			—				—				—				—				(0.03	)			—


Total distributions			(0.19	)			(0.26	)			(0.22	)			(0.25	)			(0.27	)			(0.23	)


Net asset value, end of period		$	9.10			$	8.52			$	6.79			$	7.16			$	6.41			$	7.43


Total return^(c)			9.02	%			29.64	%			(2.15	)%			16.15	%			(9.99	)%			9.38	%


Net assets, end of period (in 000s)		$	5,414			$	3,039			$	2,831			$	4,248			$	3,391			$	4,417

Ratio of net expenses to average net assets			0.89	%^(d)			0.89	%			0.90	%			0.89	%			0.89	%			0.89	%

Ratio of total expenses to average net assets			1.11	%^(d)			1.18	%			1.15	%			1.06	%			1.21	%			1.04	%

Ratio of net investment income to average net assets			4.11	%^(d)			2.97	%			3.20	%			3.71	%			3.90	%			3.19	%

Portfolio turnover rate^(e)			5	%			16	%			12	%			18	%			26	%			17	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	International Equity Dividend and Premium Fund

	Investor Shares

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

Per Share Data

Net asset value, beginning of period		$	8.49			$	6.76			$	7.14			$	6.39			$	7.41			$	7.00


Net investment income^(a)			0.17				0.22				0.22				0.26	^(b)			0.25				0.23

Net realized and unrealized gain (loss)			0.58				1.77				(0.38	)			0.74				(1.00	)			0.40


Total from investment operations			0.75				1.99				(0.16	)			1.00				(0.75	)			0.63


Distributions to shareholders from net investment income			(0.18	)			(0.26	)			(0.22	)			(0.25	)			(0.24	)			(0.22	)

Distributions to shareholders from return of capital			—				—				—				—				(0.03	)			—


Total distributions			(0.18	)			(0.26	)			(0.22	)			(0.25	)			(0.27	)			(0.22	)


Net asset value, end of period		$	9.06			$	8.49			$	6.76			$	7.14			$	6.39			$	7.41


Total return^(c)			8.90	%			29.71	%			(2.35	)%			16.13	%			(10.09	)%			9.15	%


Net assets, end of period (in 000s)		$	1,808			$	2,298			$	1,279			$	1,296			$	1,362			$	5,313

Ratio of net expenses to average net assets			0.94	%^(d)			0.94	%			0.95	%			0.96	%			0.98	%			0.98	%

Ratio of total expenses to average net assets			1.23	%^(d)			1.29	%			1.27	%			1.18	%			1.33	%			1.14	%

Ratio of net investment income to average net assets			3.78	%^(d)			2.84	%			3.06	%			3.82	%			3.81	%			3.09	%

Portfolio turnover rate^(e)			5	%			16	%			12	%			18	%			26	%			17	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	International Equity Dividend and Premium Fund

	Class R6 Shares

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

Per Share Data

Net asset value, beginning of period		$	8.52			$	6.79			$	7.16			$	6.41			$	7.43			$	7.01


Net investment income^(a)			0.17				0.23				0.22				0.25	^(b)			0.25				0.23

Net realized and unrealized gain (loss)			0.60				1.76				(0.37	)			0.76				(1.00	)			0.42


Total from investment operations			0.77				1.99				(0.15	)			1.01				(0.75	)			0.65


Distributions to shareholders from net investment income			(0.19	)			(0.26	)			(0.22	)			(0.26	)			(0.24	)			(0.23	)

Distributions to shareholders from return of capital			—				—				—				—				(0.03	)			—


Total distributions			(0.19	)			(0.26	)			(0.22	)			(0.26	)			(0.27	)			(0.23	)


Net asset value, end of period		$	9.10			$	8.52			$	6.79			$	7.16			$	6.41			$	7.43


Total return^(c)			9.02	%			29.65	%			(2.14	)%			16.17	%			(9.99	)%			9.38	%


Net assets, end of period (in 000s)		$	65,352			$	76,821			$	83,857			$	76,462			$	68,864			$	91,208

Ratio of net expenses to average net assets			0.88	%^(d)			0.88	%			0.89	%			0.88	%			0.88	%			0.88	%

Ratio of total expenses to average net assets			1.11	%^(d)			1.17	%			1.15	%			1.05	%			1.20	%			1.02	%

Ratio of net investment income to average net assets			3.85	%^(d)			2.99	%			3.11	%			3.77	%			3.90	%			3.14	%

Portfolio turnover rate^(e)			5	%			16	%			12	%			18	%			26	%			17	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	International Equity Dividend and Premium Fund

	Class P Shares

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

Per Share Data

Net asset value, beginning of period		$	8.53			$	6.80			$	7.17			$	6.42			$	7.44			$	7.02


Net investment income^(a)			0.18				0.23				0.22				0.26	^(b)			0.25				0.23

Net realized and unrealized gain (loss)			0.59				1.76				(0.37	)			0.75				(1.00	)			0.42


Total from investment operations			0.77				1.99				(0.15	)			1.01				(0.75	)			0.65


Distributions to shareholders from net investment income			(0.19	)			(0.26	)			(0.22	)			(0.26	)			(0.24	)			(0.23	)

Distributions to shareholders from return of capital			—				—				—				—				(0.03	)			—


Total distributions			(0.19	)			(0.26	)			(0.22	)			(0.26	)			(0.27	)			(0.23	)


Net asset value, end of period		$	9.11			$	8.53			$	6.80			$	7.17			$	6.42			$	7.44


Total return^(c)			9.01	%			29.61	%			(2.14	)%			16.14	%			(9.97	)%			9.37	%


Net assets, end of period (in 000s)		$	73,935			$	68,933			$	61,076			$	69,385			$	65,048			$	81,611

Ratio of net expenses to average net assets			0.88	%^(d)			0.88	%			0.89	%			0.88	%			0.88	%			0.88	%

Ratio of total expenses to average net assets			1.11	%^(d)			1.17	%			1.14	%			1.05	%			1.20	%			1.02	%

Ratio of net investment income to average net assets			4.07	%^(d)			2.91	%			3.11	%			3.77	%			3.88	%			3.17	%

Portfolio turnover rate^(e)			5	%			16	%			12	%			18	%			26	%			17	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	U.S. Equity Dividend and Premium Fund

	Class A Shares

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

Per Share Data

Net asset value, beginning of period		$	18.23			$	17.07			$	14.94			$	13.12			$	16.43			$	14.20


Net investment income^(a)			0.07				0.15				0.16				0.18				0.17				0.15

Net realized and unrealized gain (loss)			1.81				2.16				3.11				2.56				(2.59	)			3.01


Total from investment operations			1.88				2.31				3.27				2.74				(2.42	)			3.16


Distributions to shareholders from net investment income			(0.08	)			(0.16	)			(0.16	)			(0.19	)			(0.17	)			(0.15	)

Distributions to shareholders from net realized gains			—				(0.99	)			(0.98	)			(0.73	)			(0.72	)			(0.78	)


Total distributions			(0.08	)			(1.15	)			(1.14	)			(0.92	)			(0.89	)			(0.93	)


Net asset value, end of period		$	20.03			$	18.23			$	17.07			$	14.94			$	13.12			$	16.43


Total return^(b)			10.32	%			13.56	%			21.88	%			21.04	%			(14.84	)%			22.42	%


Net assets, end of period (in 000s)		$	256,768			$	238,786			$	217,300			$	176,352			$	151,973			$	183,895

Ratio of net expenses to average net assets			1.00	%^(c)			1.00	%			1.00	%			1.02	%			1.05	%			1.06	%

Ratio of total expenses to average net assets			1.10	%^(c)			1.11	%			1.11	%			1.12	%			1.14	%			1.13	%

Ratio of net investment income to average net assets			0.79	%^(c)			0.85	%			0.99	%			1.24	%			1.18	%			0.97	%

Portfolio turnover rate^(d)			13	%			29	%			23	%			30	%			38	%			19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	U.S. Equity Dividend and Premium Fund

	Class C Shares

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

Per Share Data

Net asset value, beginning of period		$	18.15			$	17.00			$	14.88			$	13.07			$	16.36			$	14.14


Net investment income^(a)			0.00	^(b)			0.02				0.04				0.07				0.06				0.04

Net realized and unrealized gain (loss)			1.80				2.15				3.09				2.55				(2.57	)			2.99


Total from investment operations			1.80				2.17				3.13				2.62				(2.51	)			3.03


Distributions to shareholders from net investment income			(0.01	)			(0.03	)			(0.03	)			(0.08	)			(0.06	)			(0.03	)

Distributions to shareholders from net realized gains			—				(0.99	)			(0.98	)			(0.73	)			(0.72	)			(0.78	)


Total distributions			(0.01	)			(1.02	)			(1.01	)			(0.81	)			(0.78	)			(0.81	)


Net asset value, end of period		$	19.94			$	18.15			$	17.00			$	14.88			$	13.07			$	16.36


Total return^(c)			9.90	%			12.76	%			20.96	%			20.12	%			(15.48	)%			21.48	%


Net assets, end of period (in 000s)		$	57,670			$	58,879			$	63,336			$	70,396			$	72,831			$	109,023

Ratio of net expenses to average net assets			1.74	%^(d)			1.75	%			1.75	%			1.77	%			1.80	%			1.81	%

Ratio of total expenses to average net assets			1.85	%^(d)			1.86	%			1.86	%			1.87	%			1.89	%			1.88	%

Ratio of net investment income to average net assets			0.05	%^(d)			0.11	%			0.25	%			0.50	%			0.42	%			0.23	%

Portfolio turnover rate^(e)			13	%			29	%			23	%			30	%			38	%			19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	U.S. Equity Dividend and Premium Fund

	Institutional Shares

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

Per Share Data

Net asset value, beginning of period		$	18.15			$	17.00			$	14.88			$	13.08			$	16.37			$	14.16


Net investment income^(a)			0.10				0.21				0.22				0.23				0.22				0.21

Net realized and unrealized gain (loss)			1.80				2.14				3.10				2.53				(2.57	)			2.99


Total from investment operations			1.90				2.35				3.32				2.76				(2.35	)			3.20


Distributions to shareholders from net investment income			(0.10	)			(0.21	)			(0.22	)			(0.23	)			(0.22	)			(0.21	)

Distributions to shareholders from net realized gains			—				(0.99	)			(0.98	)			(0.73	)			(0.72	)			(0.78	)


Total distributions			(0.10	)			(1.20	)			(1.20	)			(0.96	)			(0.94	)			(0.99	)


Net asset value, end of period		$	19.95			$	18.15			$	17.00			$	14.88			$	13.08			$	16.37


Total return^(b)			10.48	%			13.98	%			22.28	%			21.34	%			(14.53	)%			22.82	%


Net assets, end of period (in 000s)		$	1,685,886			$	1,648,329			$	1,569,561			$	1,325,844			$	1,122,307			$	1,329,450

Ratio of net expenses to average net assets			0.68	%^(c)			0.68	%			0.68	%			0.69	%			0.71	%			0.71	%

Ratio of total expenses to average net assets			0.74	%^(c)			0.75	%			0.75	%			0.76	%			0.77	%			0.76	%

Ratio of net investment income to average net assets			1.11	%^(c)			1.17	%			1.31	%			1.57	%			1.52	%			1.33	%

Portfolio turnover rate^(d)			13	%			29	%			23	%			30	%			38	%			19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	U.S. Equity Dividend and Premium Fund

	Investor Shares

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

Per Share Data

Net asset value, beginning of period		$	18.17			$	17.01			$	14.89			$	13.09			$	16.38			$	14.17


Net investment income^(a)			0.10				0.19				0.20				0.21				0.21				0.19

Net realized and unrealized gain (loss)			1.79				2.16				3.11				2.54				(2.57	)			2.99


Total from investment operations			1.89				2.35				3.31				2.75				(2.36	)			3.18


Distributions to shareholders from net investment income			(0.10	)			(0.20	)			(0.21	)			(0.22	)			(0.21	)			(0.19	)

Distributions to shareholders from net realized gains			—				(0.99	)			(0.98	)			(0.73	)			(0.72	)			(0.78	)


Total distributions			(0.10	)			(1.19	)			(1.19	)			(0.95	)			(0.93	)			(0.97	)


Net asset value, end of period		$	19.96			$	18.17			$	17.01			$	14.89			$	13.09			$	16.38


Total return^(b)			10.49	%			13.89	%			22.18	%			21.23	%			(14.60	)%			22.78	%


Net assets, end of period (in 000s)		$	519,316			$	503,336			$	495,902			$	479,421			$	409,319			$	473,054

Ratio of net expenses to average net assets			0.75	%^(c)			0.75	%			0.75	%			0.77	%			0.80	%			0.81	%

Ratio of total expenses to average net assets			0.85	%^(c)			0.86	%			0.86	%			0.87	%			0.89	%			0.88	%

Ratio of net investment income to average net assets			1.04	%^(c)			1.10	%			1.24	%			1.49	%			1.44	%			1.23	%

Portfolio turnover rate^(d)			13	%			29	%			23	%			30	%			38	%			19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	U.S. Equity Dividend and Premium Fund

	Class R6 Shares

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

Per Share Data

Net asset value, beginning of period		$	18.14			$	16.99			$	14.87			$	13.07			$	16.36			$	14.15


Net investment income^(a)			0.10				0.21				0.22				0.23				0.22				0.21

Net realized and unrealized gain (loss)			1.79				2.14				3.10				2.54				(2.57	)			2.99


Total from investment operations			1.89				2.35				3.32				2.77				(2.35	)			3.20


Distributions to shareholders from net investment income			(0.10	)			(0.21	)			(0.22	)			(0.24	)			(0.22	)			(0.21	)

Distributions to shareholders from net realized gains			—				(0.99	)			(0.98	)			(0.73	)			(0.72	)			(0.78	)


Total distributions			(0.10	)			(1.20	)			(1.20	)			(0.97	)			(0.94	)			(0.99	)


Net asset value, end of period		$	19.93			$	18.14			$	16.99			$	14.87			$	13.07			$	16.36


Total return^(b)			10.49	%			13.94	%			22.31	%			21.36	%			(14.53	)%			22.85	%


Net assets, end of period (in 000s)		$	453,142			$	419,639			$	379,238			$	331,528			$	304,083			$	336,827

Ratio of net expenses to average net assets			0.67	%^(c)			0.67	%			0.67	%			0.68	%			0.70	%			0.70	%

Ratio of total expenses to average net assets			0.73	%^(c)			0.74	%			0.74	%			0.75	%			0.76	%			0.75	%

Ratio of net investment income to average net assets			1.11	%^(c)			1.18	%			1.32	%			1.58	%			1.54	%			1.33	%

Portfolio turnover rate^(d)			13	%			29	%			23	%			30	%			38	%			19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	U.S. Equity Dividend and Premium Fund

	Class P Shares

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

Per Share Data

Net asset value, beginning of period		$	18.15			$	17.00			$	14.88			$	13.07			$	16.37			$	14.15


Net investment income^(a)			0.10				0.21				0.22				0.23				0.22				0.21

Net realized and unrealized gain (loss)			1.79				2.14				3.10				2.55				(2.58	)			3.00


Total from investment operations			1.89				2.35				3.32				2.78				(2.36	)			3.21


Distributions to shareholders from net investment income			(0.10	)			(0.21	)			(0.22	)			(0.24	)			(0.22	)			(0.21	)

Distributions to shareholders from net realized gains			—				(0.99	)			(0.98	)			(0.73	)			(0.72	)			(0.78	)


Total distributions			(0.10	)			(1.20	)			(1.20	)			(0.97	)			(0.94	)			(0.99	)


Net asset value, end of period		$	19.94			$	18.15			$	17.00			$	14.88			$	13.07			$	16.37


Total return^(b)			10.49	%			14.00	%			22.22	%			21.44	%			(14.59	)%			22.93	%


Net assets, end of period (in 000s)		$	918,590			$	832,680			$	807,786			$	719,967			$	605,229			$	703,803

Ratio of net expenses to average net assets			0.67	%^(c)			0.67	%			0.67	%			0.68	%			0.70	%			0.70	%

Ratio of total expenses to average net assets			0.73	%^(c)			0.74	%			0.74	%			0.75	%			0.76	%			0.75	%

Ratio of net investment income to average net assets			1.12	%^(c)			1.18	%			1.32	%			1.58	%			1.53	%			1.34	%

Portfolio turnover rate^(d)			13	%			29	%			23	%			30	%			38	%			19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements

June 30, 2026 (Unaudited)

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-diversified

Goldman Sachs International Equity Dividend and Premium Fund and Goldman Sachs U.S. Equity Dividend and Premium Fund	A, C, Institutional, Investor, R6 and P	Diversified

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.


		27

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid

International Equity Dividend and Premium Fund	Quarterly	Annually



U.S. Equity Dividend and Premium Fund	Quarterly	Annually

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

F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectus. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Funds’ Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Funds’ single segment is consistent with that presented within the Funds’ financial statements.

G. Income Tax Disclosure — The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund’s financial position or the results of its operations.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS


28

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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).

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

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

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


		29

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

ii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

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


30

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2026:


INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Investment Type	Level 1			Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	—		$	49	$	—

Asia		249,880			37,859,788		4,320

Australia and Oceania		2,452,612			10,121,490		—

Europe		7,290,315			71,175,073		—

North America		1,960,760			12,393,463		—

Preferred Stocks		—			647,162		—



Total	$	11,953,567		$	132,197,025	$	4,320



Derivative Type



Assets^(b)

Futures Contracts	$	5,049		$	—	$	—



Liabilities

Futures Contracts^(b)	$	(146	)	$	—	$	—

Written Option Contracts		(1,904,819	)		—		—


Total	$	(1,904,965	)	$	—	$	—



U.S. EQUITY DIVIDEND AND PREMIUM FUND

Investment Type	Level 1			Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(c)

North America	$	3,946,489,081		$	—	$	2,520

Securities Lending Reinvestment Vehicle		11,180,100			—		—

Investment Company		12,035,804			—		—



Total	$	3,969,704,985		$	—	$	2,520



Derivative Type



Assets^(b)

Futures Contracts	$	324,765		$	—	$	—



Liabilities

Written Option Contracts	$	(37,195,130	)	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at period end.

(c)


		31

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

4. INVESTMENTS IN DERIVATIVES

International Equity Dividend and Premium Fund

Risk

Statements of Assets and Liabilities

Assets

Statements of Assets and Liabilities

Liabilities

Equity

Variation margin on futures contracts

5,049

^(a)

Variation margin on futures contracts; Written options, at value

(1,904,965

)^(a)

U.S. Equity Dividend and Premium Fund

Risk

Statements of Assets and Liabilities

Assets

Statements of Assets and Liabilities

Liabilities

Equity

Variation margin on futures contracts

324,765

^(a)

Written options, at value

(37,195,130

)

(a)

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.


International Equity Dividend and Premium Fund

Risk	Statements of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)

Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$(2,698,023)	$	(333,713	)

U.S. Equity Dividend and Premium Fund

Risk	Statements of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)

Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$(20,225,294)	$	(14,190,563	)


32

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

4. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended June 30, 2026, the relevant values for each derivative type were as follows:


	Average Number of Contracts or Shares/Units^(a)

Fund	Futures Contracts	Written Options

International Equity Dividend and Premium Fund	23	6,081

U.S. Equity Dividend and Premium Fund	197	193,950

(a)

Amounts disclosed represent average number of contracts for futures contracts, or shares/units outstanding for written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the six months ended June 30, 2026.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the six months ended June 30, 2026, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate

Fund	First $1 billion	Next $1 billion	Next $3 billion	Next $3 billion	Over $8 billion	Effective Rate	Effective Net Management Rate^



International Equity Dividend and Premium Fund	0.81%	0.73%	0.69%	0.68%	0.67%	0.81%	0.81%



U.S. Equity Dividend and Premium Fund	0.75	0.68	0.65	0.64	0.63	0.68	0.64*

The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.64% as an annual percentage of the Fund’s average daily net assets. This arrangement will remain in effect through at least April 30, 2027, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund and Institutional Shares of Goldman Sachs Central Government Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2026, GSAM waived $237 and $14,732 of the management fee for the International Equity Dividend and Premium Fund and U.S. Equity Dividend and Premium Fund, respectively.

B. 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.


		33

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


	Distribution and/or Service Plan Rates


	Class A	Class C



Distribution and/or Service Plan	0.25%	0.75%

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended June 30, 2026, Goldman Sachs did not retain any of the Class C Shares’ CDSC. During the six months ended June 30, 2026, Goldman Sachs retained the following amounts:


		Front End Sales Charge


Fund		Class A



U.S. Equity Dividend and Premium Fund		$11,210

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

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

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.06% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds, respectively. These arrangements will remain in effect through at least April 30, 2027, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds are 0.044% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 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 transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.


34

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended June 30, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver			Transfer Agency Waivers/Credits			Other Expense Reimbursements			Total Expense Reductions



International Equity Dividend and Premium Fund		$	237		$	1,028		$	170,906		$	172,171



U.S. Equity Dividend and Premium Fund			839,539			163,342			322,121			1,325,002

H. Other Transactions with Affiliates — For the six months ended June 30, 2026, Goldman Sachs earned $192 and $694 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds, respectively.

As of June 30, 2026, the following Funds were the beneficial owners of 5% or more of total outstanding shares of the following Portfolio:


Fund		Goldman Sachs Enhanced Dividend Global Equity Portfolio



International Equity Dividend and Premium Fund		43%



U.S. Equity Dividend and Premium Fund		8

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund and Goldman Sachs Central Government Fund, as of and for the six months ended June 30, 2026:


Fund	Underlying Fund	Beginning Value as of December 31, 2025		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income



International Equity Dividend and Premium Fund	Goldman Sachs Central Government Fund — Institutional Shares		$ —	$	2,772,825	$	(2,772,825	)	$	—		—	$	7,359



	Goldman Sachs Financial Square Government Fund — Institutional Shares		47		5,002,552		(5,002,599	)		—		—		5,259


		35

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Fund	Underlying Fund	Beginning Value as of December 31, 2025		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income



U.S. Equity Dividend and Premium Fund	Goldman Sachs Central Government Fund — Institutional Shares		$ —	$	114,271,325	$	(102,235,521	)	$	12,035,804		12,035,804	$	134,463



	Goldman Sachs Financial Square Government Fund — Institutional Shares		14,375		132,167,503		(132,181,878	)		—		—		329,078

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2026, were as follows:


Fund	Purchases (Excluding U.S. Government and Agency Obligations)	Sales and Maturities of (Excluding U.S. Government and Agency Obligations)



International Equity Dividend and Premium Fund	$ 7,145,965	$ 28,588,549



U.S. Equity Dividend and Premium Fund	481,217,933	636,487,400

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities


36

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

7. SECURITIES LENDING (continued)

loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2026, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended June 30, 2026, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:


	For the Six Months Ended June 30, 2026
Fund	Earnings of GSAL Relating to Securities Loaned			Amounts Received by the Fund from Lending to Goldman Sachs			Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2026



International Equity Dividend and Premium Fund		$	9		$	83		$	—



U.S. Equity Dividend and Premium Fund			378			3,653			—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended June 30, 2026:


Fund	Beginning Value as of December 31, 2025			Purchases at cost			Proceeds from Sales				Ending Value as of June 30, 2026			Shares as of June 30, 2026



International Equity Dividend and Premium Fund		$	—		$	3,171,700		$	(3,171,700	)		$	—		—



U.S. Equity Dividend and Premium Fund			236,700			21,532,545			(10,589,145	)			11,180,100		11,180,100



8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2025, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	International Equity Dividend and Premium Fund				U.S. Equity Dividend and Premium Fund


Capital loss carryforwards:

Perpetual Short-Term		$	(14,212,299	)		$	—

Perpetual Long-Term			(67,757,092	)			—


Total capital loss carryforwards			(81,969,391	)			—


Timing differences(Real Estate Investment Trusts/Late Year Loss Deferral and Post October Capital Loss Deferral)		$	(1,525,602	)		$	7,065


		37

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)



8. TAX INFORMATION (continued)

As of June 30, 2026, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	International Equity Dividend and Premium Fund		U.S. Equity Dividend and Premium Fund


Tax Cost		$82,893,202		$2,200,789,170


Gross unrealized gain		63,831,307		1,839,077,272

Gross unrealized loss		(2,569,597)		(70,158,937)


Net unrealized gain		$61,261,710		$1,768,918,335

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, and differences in the tax treatment of passive foreign investment company investments, partnership investments, and underlying fund investments.



9. OTHER RISKS

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

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

Foreign Risk — Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Funds may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.


38

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II



9. OTHER RISKS (continued)

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

Market Risk — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, 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.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund’s NAV. Furthermore, the premium received from the Fund’s option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tax-Managed Investment Risk — Because the Investment Adviser balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders.



10. INDEMNIFICATIONS


		39

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)



11. SUBSEQUENT EVENTS

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


40

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II



12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	International Equity Dividend and Premium Fund

	For the Six Months Ended
	June 30, 2026						For the Fiscal Year Ended
	(Unaudited)						December 31, 2025
	Shares			Dollars			Shares			Dollars
Class A Shares

Shares sold		8,520		$	78,654			22,976		$	187,288

Reinvestment of distributions		2,853			26,396			4,084			33,385

Shares redeemed		(4,119	)		(37,928	)		(53,301	)		(398,435	)


		7,254			67,122			(26,241	)		(177,762	)



Class C Shares

Shares sold		—			—			4,056			28,956

Reinvestment of distributions		167			1,494			451			3,521

Shares redeemed		(7,594	)		(67,023	)		(1,299	)		(10,199	)


		(7,427	)		(65,529	)		3,208			22,278



Institutional Shares

Shares sold		248,702			2,283,266			82,026			566,227

Reinvestment of distributions		9,443			85,332			10,073			80,220

Shares redeemed		(19,804	)		(177,643	)		(152,264	)		(1,196,592	)


		238,341			2,190,955			(60,165	)		(550,145	)



Investor Shares

Shares sold		22,514			204,753			153,364			1,125,132

Reinvestment of distributions		4,025			36,180			8,155			64,882

Shares redeemed		(97,892	)		(878,041	)		(79,688	)		(605,309	)


		(71,353	)		(637,108	)		81,831			584,705



Class R6 Shares

Shares sold		208,792			1,900,000			140,864			1,157,902

Reinvestment of distributions		147,641			1,329,605			311,414			2,473,043

Shares redeemed		(2,191,743	)		(19,462,442	)		(3,789,188	)		(27,823,653	)


		(1,835,310	)		(16,232,837	)		(3,336,910	)		(24,192,708	)



Class P Shares

Shares sold		493,703			4,411,096			104,294			835,233

Reinvestment of distributions		166,669			1,505,095			271,903			2,171,047

Shares redeemed		(626,650	)		(5,776,670	)		(1,278,945	)		(9,772,134	)


		33,722			139,521			(902,748	)		(6,765,854	)



NET DECREASE		(1,634,773	)	$	(14,537,876	)		(4,241,025	)	$	(31,079,486	)


		41

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)



12. SUMMARY OF SHARE TRANSACTIONS (continued)


	U.S. Equity Dividend and Premium Fund

	For the Six Months Ended
	June 30, 2026						For the Fiscal Year Ended
	(Unaudited)						December 31, 2025
	Shares			Dollars			Shares			Dollars
Class A Shares

Shares sold		902,880		$	16,967,925			2,094,590		$	36,740,557

Reinvestment of distributions		47,169			868,199			701,451			12,774,021

Shares redeemed		(1,228,071	)		(23,113,295	)		(2,430,127	)		(42,638,263	)


		(278,022	)		(5,277,171	)		365,914			6,876,315



Class C Shares

Shares sold		122,550			2,279,850			630,083			10,981,054

Reinvestment of distributions		1,012			17,539			166,795			3,033,033

Shares redeemed		(475,586	)		(8,931,202	)		(1,277,943	)		(22,076,886	)


		(352,024	)		(6,633,813	)		(481,065	)		(8,062,799	)



Institutional Shares

Shares sold		6,567,617			123,307,457			18,011,028			312,592,297

Reinvestment of distributions		445,023			8,166,186			5,354,453			97,015,062

Shares redeemed		(13,283,772	)		(246,664,694	)		(24,905,167	)		(429,756,500	)


		(6,271,132	)		(115,191,051	)		(1,539,686	)		(20,149,141	)



Investor Shares

Shares sold		2,008,731			37,605,940			6,051,610			105,544,917

Reinvestment of distributions		139,305			2,558,976			1,757,924			31,879,171

Shares redeemed		(3,835,151	)		(71,788,928	)		(9,257,115	)		(160,056,154	)


		(1,687,115	)		(31,624,012	)		(1,447,581	)		(22,632,066	)



Class R6 Shares

Shares sold		619,123			11,045,996			1,316,366			22,356,400

Reinvestment of distributions		101,353			1,859,906			1,153,857			20,893,743

Shares redeemed		(1,116,738	)		(21,436,246	)		(1,663,114	)		(29,622,180	)


		(396,262	)		(8,530,344	)		807,109			13,627,963



Class P Shares

Shares sold		2,474,247			45,669,846			1,875,542			32,770,169

Reinvestment of distributions		262,579			4,821,217			2,941,134			53,253,805

Shares redeemed		(2,548,520	)		(47,844,148	)		(6,469,587	)		(113,577,226	)


		188,306			2,646,915			(1,652,911	)		(27,553,252	)



NET DECREASE		(8,796,249	)	$	(164,609,476	)		(3,948,220	)	$	(57,892,980	)


42

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs International Equity Dividend and Premium Fund and Goldman Sachs U.S. Equity Dividend and Premium Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

(c)

(d)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Fund’s expense trends over time; and

(iii)

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(j)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;


		43

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(k)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l)

information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o)

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided 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 Funds and their service providers 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. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance


44

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the International Equity Dividend and Premium Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and five-year periods, in the third quartile for the three-year period, and in the fourth quartile for the ten-year period, and had outperformed its benchmark index for the one- and five-year periods and underperformed for the three- and ten-year periods ended March 31, 2026. They noted that the U.S. Equity Dividend and Premium Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had underperformed its benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2026.

Costs of Services Provided and Competitive Information

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the International Equity Dividend and Premium Fund that would have the effect of decreasing total Fund expenses and increasing expenses of Class A, Class C, and Investor Shares of the Fund, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

Profitability


		45

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale


Average Daily Net Assets	International Equity Dividend and Premium Fund		U.S. Equity Dividend and Premium Fund


First $1 billion		0.81%		0.75%
Next $1 billion		0.73		0.68
Next $3 billion		0.69		0.65
Next $3 billion		0.68		0.64
Over $8 billion		0.67		0.63

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee with respect to the U.S. Equity Dividend and Premium Fund and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) current undertaking to waive a portion of its transfer agency fee with respect to certain share classes for each of the Funds. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the U.S. Equity Dividend and Premium Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) 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 Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (j) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the


46

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion


		47

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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. TAXADVSAR2-26

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 Funds’ 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 28, 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 28, 2026

By:				/s/ Joseph F. DiMaria

				Joseph F. DiMaria
				Principal Financial Officer
				Goldman Sachs Trust

Date:				August 28, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

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