UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive,

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Copies to:

Robert Griffith, Esq.

Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2026

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders for the Goldman Sachs Global Managed Beta Fund, Goldman Sachs Strategic Factor Allocation Fund, Goldman Sachs Strategic Volatility Premium Fund, and Goldman Sachs Tactical Tilt Overlay Fund is filed herewith.

Annual Shareholder Report

August 31, 2026

Goldman Sachs Global Managed Beta Fund

Institutional Shares: GGMBX

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Global Managed Beta Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$30	0.27%

How did the Fund perform and what affected its performance?

Global equities broadly gained, supported by resilient corporate earnings, technology sector strength and generally firm economic activity. Rising bond yields, inflation concerns and geopolitical tensions in the Middle East tempered investor sentiment. Emerging markets stocks outperformed developed markets stocks overall.

Top Contributors to Performance:

Relative to the MSCI All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD), the Fund’s strategic and dynamic equity overweights across various regions and market capitalizations helped it capture gains as global equities advanced during the Period.
The Fund’s strategic allocations to the equity and commodity volatility selling strategies contributed positively. The equity volatility selling strategy seeks to capture the volatility risk premium through systematic option-selling in equity markets. The commodity volatility selling strategy, which is the systematic sale of insurance against large movements in commodity prices, seeks to benefit from the difference between implied volatility and realized volatility.

Top Detractors from Performance:

The Fund’s strategic allocation to the macro hedging strategy, which is used in an attempt to diversify the Fund’s overall exposure to global equity asset classes, detracted from relative returns as bond yields rose during the Period.
Currency options within the Fund’s currency tail risk hedging strategy, which seeks to limit the chance of a loss occurring due to a rare event, detracted from relative performance, as most of the options expired out of the money.

Goldman Sachs Global Managed Beta Fund

Institutional Shares

Performance Overview

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

Fund Performance

Table Summary
	Institutional Shares	MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD)	MSCI ACWI IMI Index (Net, USD, Unhedged)
9/1/16	$1,000,000	$1,000,000	$1,000,000
8/17	$1,167,200	$1,170,400	$1,170,800
8/18	$1,297,693	$1,317,753	$1,308,954
8/19	$1,307,815	$1,310,374	$1,290,236
8/20	$1,519,289	$1,504,047	$1,489,449
8/21	$2,003,486	$1,961,428	$1,937,922
8/22	$1,686,735	$1,680,551	$1,623,203
8/23	$1,893,191	$1,907,258	$1,839,576
8/24	$2,310,640	$2,341,540	$2,255,689
8/25	$2,630,432	$2,703,074	$2,605,320
8/26	$3,225,962	$3,323,160	$3,187,609

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Institutional Shares	22.64%	9.99%	12.42%
MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD)	22.94%	11.11%	12.75%
MSCI ACWI IMI Index (Net, USD, Unhedged)	22.35%	10.46%	12.29%

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

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

Goldman Sachs Global Managed Beta Fund

Institutional Shares

Key Fund Statistics

Table Summary
Total Net Assets as of Period End	$4,828,780,298
# of Portfolio Holdings as of Period End	482
Portfolio Turnover Rate for the Period	25%
Total Net Advisory Fees Paid for the Period	$10,793,596

Material Fund Changes

This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund changed its principal investment strategy to enable the Fund to invest in volatility index derivatives and to authorize the Fund to invest in a wholly owned subsidiary, through which the Fund will seek to gain exposure to volatility index derivatives and may also seek to gain exposure to commodities markets through investments in commodity-linked derivatives.

As part of these changes, the Fund revised its principal investment risks to reflect commodity sector risk, subsidiary risk, and tax risk.

What did the Fund invest in?

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

Asset Allocation (%)

Table Summary
Common Stocks	11.3%
Short-Term Investments	1.0%
Other	84.6%

Goldman Sachs Global Managed Beta Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Managed Beta Fund

38147X762-AR-0826

Institutional Shares

Annual Shareholder Report

August 31, 2026

Goldman Sachs Global Managed Beta Fund

Investor Shares: GGMIX

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Global Managed Beta Fund (the “Fund”) for the period of July 7, 2026 to August 31, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$6^{Footnote Reference(a)}	0.42%^{Footnote Reference*}

Footnote	Description
Footnote^(a)	Based on the period July 7, 2026 (commencement of operations) through August 31, 2026. Expenses would have been higher if the share class had been in existence for the full reporting period.
Footnote^*	Annualized.

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Relative to the MSCI All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD), the Fund’s strategic and dynamic equity overweights across various regions and market capitalizations helped it capture gains as global equities advanced during the Period.
The Fund’s strategic allocations to the equity and commodity volatility selling strategies contributed positively. The equity volatility selling strategy seeks to capture the volatility risk premium through systematic option-selling in equity markets. The commodity volatility selling strategy, which is the systematic sale of insurance against large movements in commodity prices, seeks to benefit from the difference between implied volatility and realized volatility.

Top Detractors from Performance:

The Fund’s strategic allocation to the macro hedging strategy, which is used in an attempt to diversify the Fund’s overall exposure to global equity asset classes, detracted from relative returns as bond yields rose during the Period.
Currency options within the Fund’s currency tail risk hedging strategy, which seeks to limit the chance of a loss occurring due to a rare event, detracted from relative performance, as most of the options expired out of the money.

Goldman Sachs Global Managed Beta Fund

Investor Shares

Performance Overview

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

Fund Performance

Table Summary
	Investor Shares	MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD)	MSCI ACWI IMI Index (Net, USD, Unhedged)
7/7/26	$10,000	$10,000	$10,000
8/26	$10,234	$10,243	$10,260

Average Annual Total Returns (%)

Table Summary
AATR	Since Inception
Investor Shares (Commenced July 7, 2026)	2.34%
MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD)	2.43%
MSCI ACWI IMI Index (Net, USD, Unhedged)	2.60%

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

Goldman Sachs Global Managed Beta Fund

Investor Shares

Key Fund Statistics

Table Summary
Total Net Assets as of Period End	$4,828,780,298
# of Portfolio Holdings as of Period End	482
Portfolio Turnover Rate for the Period	25%
Total Net Advisory Fees Paid for the Period	$10,793,596

Material Fund Changes

As part of these changes, the Fund revised its principal investment risks to reflect commodity sector risk, subsidiary risk, and tax risk.

What did the Fund invest in?

Asset Allocation (%)

Table Summary
Common Stocks	11.3%
Short-Term Investments	1.0%
Other	84.6%

Goldman Sachs Global Managed Beta Fund

Investor Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Managed Beta Fund

38151N874-AR-0826

Investor Shares

Annual Shareholder Report

August 31, 2026

Goldman Sachs Strategic Factor Allocation Fund

Class P Shares: GSQPX

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Strategic Factor Allocation Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$83	0.78%

How did the Fund perform and what affected its performance?

U.S. equities delivered strong gains, supported by resilient corporate earnings, solid labor market data and expanding artificial intelligence infrastructure. U.S. fixed income performance was generally positive, shaped most by a significant shift in Federal Reserve monetary policy and a volatile macroeconomic backdrop.

Top Contributors to Performance:

Three factors—Equity, Flow and Volatility—within the Strategic Factor Allocation process added to the Fund’s positive absolute performance. The Strategic Factor Allocation process is derived from the Goldman Sachs Investment Strategy Group’s (“ISG”) market views on a variety of asset classes and instruments. The factors are academically derived drivers of investment returns that the Goldman Sachs ISG believes offer the potential for greater and consistent returns in various market environments.
Relative to the Fund’s blended benchmark, the Strategic Factor Allocation Composite Index^{Footnote Reference1}, the Fund was helped by the implementation of the Strategic Factor Allocation process, including the Equity, Flow and Volatility factors.

Top Detractors from Performance:

In both absolute and relative terms, the Term factor detracted from the Fund’s performance.

Footnote	Description
Footnote¹	The Strategic Factor Allocation Composite Index is comprised 50% of the S&P 500^® Index and 50% of the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Strategic Factor Allocation Fund

Class P Shares

Performance Overview

Fund Performance

Table Summary
	Class P	Strategic Factor Allocation Composite Index (50% S&P 500 & 50% BBg US Agg)	Bloomberg U.S. Aggregate Bond Index	S&P 500^® Index
4/17/18	$10,000	$10,000	$10,000	$10,000
8/18	$10,397	$10,427	$10,061	$10,801
8/19	$10,830	$11,153	$11,084	$11,116
8/20	$12,027	$12,788	$11,802	$13,555
8/21	$13,842	$14,676	$11,792	$17,781
8/22	$12,947	$13,050	$10,434	$15,784
8/23	$13,849	$14,006	$10,310	$18,300
8/24	$16,217	$16,378	$11,062	$23,266
8/25	$17,130	$17,937	$11,409	$26,961
8/26	$19,234	$19,905	$11,624	$32,456

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	Since Inception
Class P (Commenced April 17, 2018)	12.28%	6.79%	8.12%
Strategic Factor Allocation Composite Index (50% S&P 500 & 50% BBg US Agg)	10.97%	6.28%	8.56%
Bloomberg U.S. Aggregate Bond Index	1.89%	-0.29%	1.81%
S&P 500^® Index	20.38%	12.78%	15.08%

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

Goldman Sachs Strategic Factor Allocation Fund

Class P Shares

Key Fund Statistics

Table Summary
Total Net Assets as of Period End	$2,394,964,181
# of Portfolio Holdings as of Period End	681
Portfolio Turnover Rate for the Period	27%
Total Net Advisory Fees Paid for the Period	$17,175,962

What did the Fund invest in?

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

Asset Class Exposure (%)*

Table Summary
Header	Gross	Long	Short	Net
Developed Markets Equity Put Options	368.7	156.6	212.2	-55.6
Developed Markets Currency	3.3	0.8	2.5	-1.7
Fixed Income Put Options	16.3	-	16.3	-16.3
Fixed Income Call Options	16.6	-	16.6	-16.6
Interest Rate Put Options	8.3	8.3	-	8.3
US Equity	50.4	50.4	-	50.4
Interest Rate Call Options	8.3	8.3	-	8.3
Cash	101.7	52.3	49.4	3.0
Fixed Income	48.1	46.5	1.7	44.8
Short-Term Investments	55.0	55.0	-	55.0
Developed Markets Equity Call Options	24.4	24.4	-	24.4
Developed Markets Ex US Equity	0.1	0.1	-	0.1

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

Goldman Sachs Strategic Factor Allocation Fund

Class P Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

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

The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2026 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Factor Allocation Fund

38150B293-AR-0826

Class P Shares

Annual Shareholder Report

August 31, 2026

Goldman Sachs Strategic Factor Allocation Fund

Institutional Shares: SFAFX

Fund Overview

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$84	0.79%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

Three factors—Equity, Flow and Volatility—within the Strategic Factor Allocation process added to the Fund’s positive absolute performance. The Strategic Factor Allocation process is derived from the Goldman Sachs Investment Strategy Group’s (“ISG”) market views on a variety of asset classes and instruments. The factors are academically derived drivers of investment returns that the Goldman Sachs ISG believes offer the potential for greater and consistent returns in various market environments.
Relative to the Fund’s blended benchmark, the Strategic Factor Allocation Composite Index^{Footnote Reference1}, the Fund was helped by the implementation of the Strategic Factor Allocation process, including the Equity, Flow and Volatility factors.

Top Detractors from Performance:

In both absolute and relative terms, the Term factor detracted from the Fund’s performance.

Footnote	Description
Footnote¹	The Strategic Factor Allocation Composite Index is comprised 50% of the S&P 500^® Index and 50% of the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Strategic Factor Allocation Fund

Institutional Shares

Performance Overview

Fund Performance

Table Summary
	Institutional Shares	Bloomberg U.S. Aggregate Bond Index	Strategic Factor Allocation Composite Index (50% S&P 500 & 50% BBg US Agg)	S&P 500^® Index
9/1/16	$1,000,000	$1,000,000	$1,000,000	$1,000,000
8/17	$1,068,800	$1,004,925	$1,081,600	$1,162,300
8/18	$1,124,164	$994,379	$1,178,511	$1,390,808
8/19	$1,170,817	$1,095,532	$1,260,536	$1,431,420
8/20	$1,301,246	$1,166,450	$1,445,330	$1,745,473
8/21	$1,496,563	$1,165,466	$1,658,806	$2,289,537
8/22	$1,399,735	$1,031,252	$1,475,010	$2,032,422
8/23	$1,496,037	$1,018,948	$1,582,981	$2,356,390
8/24	$1,752,757	$1,093,297	$1,851,138	$2,995,915
8/25	$1,846,880	$1,127,585	$2,027,366	$3,471,666
8/26	$2,072,199	$1,148,904	$2,249,768	$4,179,191

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Institutional Shares	12.20%	6.72%	7.55%
Strategic Factor Allocation Composite Index (50% S&P 500 & 50% BBg US Agg)	10.97%	6.28%	8.44%
Bloomberg U.S. Aggregate Bond Index	1.89%	-0.29%	1.40%
S&P 500^® Index	20.38%	12.78%	15.37%

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

Goldman Sachs Strategic Factor Allocation Fund

Institutional Shares

Key Fund Statistics

Table Summary
Total Net Assets as of Period End	$2,394,964,181
# of Portfolio Holdings as of Period End	681
Portfolio Turnover Rate for the Period	27%
Total Net Advisory Fees Paid for the Period	$17,175,962

What did the Fund invest in?

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

Asset Class Exposure (%)*

Table Summary
Header	Gross	Long	Short	Net
Developed Markets Equity Put Options	368.7	156.6	212.2	-55.6
Developed Markets Currency	3.3	0.8	2.5	-1.7
Fixed Income Put Options	16.3	-	16.3	-16.3
Fixed Income Call Options	16.6	-	16.6	-16.6
Interest Rate Put Options	8.3	8.3	-	8.3
US Equity	50.4	50.4	-	50.4
Interest Rate Call Options	8.3	8.3	-	8.3
Cash	101.7	52.3	49.4	3.0
Fixed Income	48.1	46.5	1.7	44.8
Short-Term Investments	55.0	55.0	-	55.0
Developed Markets Equity Call Options	24.4	24.4	-	24.4
Developed Markets Ex US Equity	0.1	0.1	-	0.1

Goldman Sachs Strategic Factor Allocation Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Factor Allocation Fund

38148U338-AR-0826

Institutional Shares

Annual Shareholder Report

August 31, 2026

Goldman Sachs Strategic Volatility Premium Fund

Class P Shares: SVPBX

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Strategic Volatility Premium Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$47	0.46%

How did the Fund perform and what affected its performance?

U.S. fixed income performance was generally positive, shaped most by a significant shift in Federal Reserve monetary policy and a volatile macroeconomic backdrop. U.S. equities delivered strong gains, supported by resilient corporate earnings, solid labor market data and expanding artificial intelligence infrastructure.

Top Contributors to Performance:

The Strategic Volatility Premium, which is an implementation of the Goldman Sachs Investment Strategy Group’s market views on a variety of asset classes and instruments, produced positive absolute returns and added to the Fund’s performance versus its benchmark, the Bloomberg 1-5 Year U.S. Treasury Index.
The Fund’s fixed income allocation to U.S. Treasury securities added to relative returns.
The options-based overlay strategy, through which the Strategic Volatility Premium is implemented, contributed positively to the Fund’s relative performance.

Top Detractors from Performance:

There were no detractors from the Fund’s relative performance during the Period.

Goldman Sachs Strategic Volatility Premium Fund

Class P Shares

Performance Overview

Fund Performance

Table Summary
	Class P	Bloomberg 1-5 Year U.S. Treasury Index	Bloomberg U.S. Aggregate Bond Index
3/29/21	$10,000	$10,000	$10,000
8/21	$10,100	$10,035	$10,284
8/22	$9,687	$9,460	$9,099
8/23	$9,822	$9,530	$8,991
8/24	$10,573	$10,117	$9,647
8/25	$10,965	$10,566	$9,950
8/26	$11,473	$10,768	$10,138

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	Since Inception
Class P (Commenced March 29, 2021)	4.63%	2.58%	2.57%
Bloomberg 1-5 Year U.S. Treasury Index	1.91%	1.42%	1.37%
Bloomberg U.S. Aggregate Bond Index	1.89%	-0.29%	0.25%

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

Goldman Sachs Strategic Volatility Premium Fund

Class P Shares

Key Fund Statistics

Table Summary
Total Net Assets as of Period End	$637,297,829
# of Portfolio Holdings as of Period End	72
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$1,987,516

Material Fund Changes

Effective December 29, 2025, investments related to U.S. government securities was added as a principal risk of the Fund.

What did the Fund invest in?

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

Asset Class Exposure (%)*

Table Summary
Header	Gross	Long	Short	Net
Developed Markets Equity Put Options	518.9	232.6	286.3	-53.7
Fixed Income Put Options	82.2	-	82.2	-82.2
Fixed Income Call Options	83.7	-	83.7	-83.7
Interest Rate Put Options	0.8	0.8	-	0.8
US Equity	1.3	1.3	-	1.3
Interest Rate Call Options	0.8	0.8	-	0.8
Cash	40.4	23.1	17.3	5.7
Fixed Income	67.6	44.3	23.3	21.0
Short-Term Investments	94.2	94.2	-	94.2

Goldman Sachs Strategic Volatility Premium Fund

Class P Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Volatility Premium Fund

38150C515-AR-0826

Class P Shares

Annual Shareholder Report

August 31, 2026

Goldman Sachs Strategic Volatility Premium Fund

Institutional Shares: SVPFX

Fund Overview

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

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$48	0.47%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Strategic Volatility Premium, which is an implementation of the Goldman Sachs Investment Strategy Group’s market views on a variety of asset classes and instruments, produced positive absolute returns and added to the Fund’s performance versus its benchmark, the Bloomberg 1-5 Year U.S. Treasury Index.
The Fund’s fixed income allocation to U.S. Treasury securities added to relative returns.
The options-based overlay strategy, through which the Strategic Volatility Premium is implemented, contributed positively to the Fund’s relative performance.

Top Detractors from Performance:

There were no detractors from the Fund’s relative performance during the Period.

Goldman Sachs Strategic Volatility Premium Fund

Institutional Shares

Performance Overview

Fund Performance

Table Summary
	Institutional Shares	Bloomberg 1-5 Year U.S. Treasury Index	Bloomberg U.S. Aggregate Bond Index
3/29/21	$1,000,000	$1,000,000	$1,000,000
8/21	$1,010,000	$1,003,500	$1,028,400
8/22	$968,691	$945,999	$909,928
8/23	$982,059	$953,000	$899,100
8/24	$1,056,008	$1,011,705	$964,734
8/25	$1,095,080	$1,056,624	$995,027
8/26	$1,145,782	$1,076,806	$1,013,833

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	Since Inception
Institutional Shares (Commenced March 29, 2021)	4.63%	2.55%	2.54%
Bloomberg 1-5 Year U.S. Treasury Index	1.91%	1.42%	1.37%
Bloomberg U.S. Aggregate Bond Index	1.89%	-0.29%	0.25%

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

Goldman Sachs Strategic Volatility Premium Fund

Institutional Shares

Key Fund Statistics

Table Summary
Total Net Assets as of Period End	$637,297,829
# of Portfolio Holdings as of Period End	72
Portfolio Turnover Rate for the Period	0%
Total Net Advisory Fees Paid for the Period	$1,987,516

Material Fund Changes

Effective December 29, 2025, investments related to U.S. government securities was added as a principal risk of the Fund.

What did the Fund invest in?

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

Asset Class Exposure (%)*

Table Summary
Header	Gross	Long	Short	Net
Developed Markets Equity Put Options	518.9	232.6	286.3	-53.7
Fixed Income Put Options	82.2	-	82.2	-82.2
Fixed Income Call Options	83.7	-	83.7	-83.7
Interest Rate Put Options	0.8	0.8	-	0.8
US Equity	1.3	1.3	-	1.3
Interest Rate Call Options	0.8	0.8	-	0.8
Cash	40.4	23.1	17.3	5.7
Fixed Income	67.6	44.3	23.3	21.0
Short-Term Investments	94.2	94.2	-	94.2

Goldman Sachs Strategic Volatility Premium Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Volatility Premium Fund

38150C523-AR-0826

Institutional Shares

Annual Shareholder Report

August 31, 2026

Goldman Sachs Tactical Tilt Overlay Fund

Class P Shares: GSLPX

Fund Overview

This annual shareholder report contains important information about Goldman Sachs Tactical Tilt Overlay Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026 (the “Period”). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
P	$73	0.72%

How did the Fund perform and what affected its performance?

Risk assets proved resilient despite geopolitical shocks, persistent inflation and shifting monetary policy expectations. Solid corporate earnings, economic activity and technology sector strength supported equities. Commodities fluctuated amid energy price volatility, while inflation concerns pushed up bond yields.

Top Contributors to Performance:

The Fund’s active cash management strategy, implemented mainly through investments in commercial paper, contributed positively to the Fund’s performance versus the ICE BofA 3-Month U.S. Treasury Bill Index.
The Fund’s positioning in health care stocks, especially in the U.S. and Europe, added to relative returns, as many of these stocks rebounded from previous losses.
Select investments in Mexican and South African equities, as well as the Fund’s exposure to uranium, bolstered relative performance.
The sale of put options, especially those on S&P North American Expanded Technology Software Index stocks, EURO STOXX Banks Index stocks, KOSPI 200 Index stocks and TOPIX stocks, added to the Fund’s returns. The Fund benefited from the premiums it earned from writing these puts, which also gave it exposure to select equity markets and sectors amid heightened equity market volatility.
The Fund’s use of equity futures and ETFs within the trend-based rotation tilt, through which the Fund gained exposure to momentum-based trends among multiple asset classes/markets, added modestly to relative performance.
During the Period, the Fund exited its positions in five-year British interest rate swaps and added an allocation to three- to five-year U.K. government bonds. Both these tactical decisions contributed positively to relative returns.

Top Detractors from Performance:

Detracting from the Fund’s relative performance was its position in bond futures, used to include exposure similar to that of the Bloomberg U.S. Intermediate Treasury Bond Index, as yields rose during the Period.
A position in Indian equity futures detracted from performance.

Goldman Sachs Tactical Tilt Overlay Fund

Class P Shares

Performance Overview

Fund Performance

Table Summary
	Class P	ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)	S&P 500^® Index
4/17/18	$10,000	$10,000	$10,000
8/18	$10,113	$10,071	$10,801
8/19	$10,173	$10,309	$11,116
8/20	$10,559	$10,439	$13,555
8/21	$11,559	$10,447	$17,781
8/22	$11,616	$10,486	$15,784
8/23	$12,051	$10,931	$18,300
8/24	$12,878	$11,530	$23,266
8/25	$13,351	$12,048	$26,961
8/26	$13,877	$12,495	$32,456

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	Since Inception
Class P (Commenced April 17, 2018)	3.94%	3.72%	3.99%
ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)	3.71%	3.64%	2.69%
S&P 500^® Index	20.38%	12.78%	15.08%

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

Goldman Sachs Tactical Tilt Overlay Fund

Class P Shares

Key Fund Statistics

Table Summary
Total Net Assets as of Period End	$5,223,578,025
# of Portfolio Holdings as of Period End	226
Portfolio Turnover Rate for the Period	106%
Total Net Advisory Fees Paid for the Period	$33,978,839

Material Fund Changes

Effective December 29, 2025, industry concentration risk was removed as a principal risk of the Fund.

What did the Fund invest in?

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

Asset Class Exposure (%)^{Footnote Reference*}

Table Summary
Header	Gross	Long	Short	Net
Trend-Based Rotation Tilt	1.8	1.8	-	1.8
Long Spot Uranium	0.8	0.8	-	0.8
Long Mexico Equities	1.2	1.2	-	1.2
Long South Africa Equities	2.6	2.6	-	2.6
Ensemble Timing System Tilt (S&P 500)	0.1	0.1	-	0.1
Long European Healthcare Equities	3.8	3.8	-	3.8
Long Indian Equities	1.9	1.9	-	1.9
N.A. Tech Software Equity Options^{Footnote Reference^}	-	-	-	-
EURO Stoxx Banks Options^{Footnote Reference^}	-	-	-	-
Korean Equity Options	0.3	0.3	-	0.3
Long US 5y TIPS	8.7	8.7	-	8.7
Long UK 5y Gilt	2.5	2.5	-	2.5
US Healthcare Equities Options	0.3	0.3	-	0.3
Long INR vs Short EUR	1.3	-	1.3	-1.3
Long INR vs Short SGD	1.3	-	1.3	-1.3
Investment Grade Fixed Income	78.0	78.0	-	78.0

Footnote	Description
Footnote^*	Tilts 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 tilt exposure), divided by the Fund's total net assets. "Net Exposure" represents the net exposure within the Fund to a given tilt position, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country.
Footnote^{^}	Amounts are rounding to zero.

Goldman Sachs Tactical Tilt Overlay Fund

Class P Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tactical Tilt Overlay Fund

38150B244-AR-0826

Class P Shares

Annual Shareholder Report

August 31, 2026

Goldman Sachs Tactical Tilt Overlay Fund

Class R6 Shares: TTRFX

Fund Overview

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

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$73	0.72%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund’s active cash management strategy, implemented mainly through investments in commercial paper, contributed positively to the Fund’s performance versus the ICE BofA 3-Month U.S. Treasury Bill Index.
The Fund’s positioning in health care stocks, especially in the U.S. and Europe, added to relative returns, as many of these stocks rebounded from previous losses.
Select investments in Mexican and South African equities, as well as the Fund’s exposure to uranium, bolstered relative performance.
The sale of put options, especially those on S&P North American Expanded Technology Software Index stocks, EURO STOXX Banks Index stocks, KOSPI 200 Index stocks and TOPIX stocks, added to the Fund’s returns. The Fund benefited from the premiums it earned from writing these puts, which also gave it exposure to select equity markets and sectors amid heightened equity market volatility.
The Fund’s use of equity futures and ETFs within the trend-based rotation tilt, through which the Fund gained exposure to momentum-based trends among multiple asset classes/markets, added modestly to relative performance.
During the Period, the Fund exited its positions in five-year British interest rate swaps and added an allocation to three- to five-year U.K. government bonds. Both these tactical decisions contributed positively to relative returns.

Top Detractors from Performance:

Detracting from the Fund’s relative performance was its position in bond futures, used to include exposure similar to that of the Bloomberg U.S. Intermediate Treasury Bond Index, as yields rose during the Period.
A position in Indian equity futures detracted from performance.

Goldman Sachs Tactical Tilt Overlay Fund

Class R6 Shares

Performance Overview

Fund Performance

Table Summary
	Class R6	ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)	S&P 500^® Index
12/29/17	$10,000	$10,000	$10,000
8/18	$10,061	$10,115	$10,994
8/19	$10,119	$10,354	$11,315
8/20	$10,505	$10,484	$13,798
8/21	$11,501	$10,493	$18,098
8/22	$11,557	$10,531	$16,066
8/23	$11,989	$10,979	$18,627
8/24	$12,812	$11,581	$23,682
8/25	$13,282	$12,101	$27,443
8/26	$13,819	$12,550	$33,035

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	Since Inception
Class R6 (Commenced December 29, 2017)	4.04%	3.74%	3.80%
ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)	3.71%	3.64%	2.65%
S&P 500^® Index	20.38%	12.78%	14.76%

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

Goldman Sachs Tactical Tilt Overlay Fund

Class R6 Shares

Key Fund Statistics

Table Summary
Total Net Assets as of Period End	$5,223,578,025
# of Portfolio Holdings as of Period End	226
Portfolio Turnover Rate for the Period	106%
Total Net Advisory Fees Paid for the Period	$33,978,839

Material Fund Changes

Effective December 29, 2025, industry concentration risk was removed as a principal risk of the Fund.

What did the Fund invest in?

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

Asset Class Exposure (%)^{Footnote Reference*}

Table Summary
Header	Gross	Long	Short	Net
Trend-Based Rotation Tilt	1.8	1.8	-	1.8
Long Spot Uranium	0.8	0.8	-	0.8
Long Mexico Equities	1.2	1.2	-	1.2
Long South Africa Equities	2.6	2.6	-	2.6
Ensemble Timing System Tilt (S&P 500)	0.1	0.1	-	0.1
Long European Healthcare Equities	3.8	3.8	-	3.8
Long Indian Equities	1.9	1.9	-	1.9
N.A. Tech Software Equity Options^{Footnote Reference^}	-	-	-	-
EURO Stoxx Banks Options^{Footnote Reference^}	-	-	-	-
Korean Equity Options	0.3	0.3	-	0.3
Long US 5y TIPS	8.7	8.7	-	8.7
Long UK 5y Gilt	2.5	2.5	-	2.5
US Healthcare Equities Options	0.3	0.3	-	0.3
Long INR vs Short EUR	1.3	-	1.3	-1.3
Long INR vs Short SGD	1.3	-	1.3	-1.3
Investment Grade Fixed Income	78.0	78.0	-	78.0

Footnote	Description
Footnote^*	Tilts 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 tilt exposure), divided by the Fund's total net assets. "Net Exposure" represents the net exposure within the Fund to a given tilt position, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country.
Footnote^{^}	Amounts are rounding to zero.

Goldman Sachs Tactical Tilt Overlay Fund

Class R6 Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tactical Tilt Overlay Fund

38148U155-AR-0826

Class R6 Shares

Annual Shareholder Report

August 31, 2026

Goldman Sachs Tactical Tilt Overlay Fund

Institutional Shares: TTIFX

Fund Overview

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

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$74	0.73%

How did the Fund perform and what affected its performance?

Top Contributors to Performance:

The Fund’s active cash management strategy, implemented mainly through investments in commercial paper, contributed positively to the Fund’s performance versus the ICE BofA 3-Month U.S. Treasury Bill Index.
The Fund’s positioning in health care stocks, especially in the U.S. and Europe, added to relative returns, as many of these stocks rebounded from previous losses.
Select investments in Mexican and South African equities, as well as the Fund’s exposure to uranium, bolstered relative performance.
The sale of put options, especially those on S&P North American Expanded Technology Software Index stocks, EURO STOXX Banks Index stocks, KOSPI 200 Index stocks and TOPIX stocks, added to the Fund’s returns. The Fund benefited from the premiums it earned from writing these puts, which also gave it exposure to select equity markets and sectors amid heightened equity market volatility.
The Fund’s use of equity futures and ETFs within the trend-based rotation tilt, through which the Fund gained exposure to momentum-based trends among multiple asset classes/markets, added modestly to relative performance.
During the Period, the Fund exited its positions in five-year British interest rate swaps and added an allocation to three- to five-year U.K. government bonds. Both these tactical decisions contributed positively to relative returns.

Top Detractors from Performance:

Detracting from the Fund’s relative performance was its position in bond futures, used to include exposure similar to that of the Bloomberg U.S. Intermediate Treasury Bond Index, as yields rose during the Period.
A position in Indian equity futures detracted from performance.

Goldman Sachs Tactical Tilt Overlay Fund

Institutional Shares

Performance Overview

Fund Performance

Table Summary
	Institutional Shares	ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)	S&P 500^® Index
9/1/16	$1,000,000	$1,000,000	$1,000,000
8/17	$1,021,700	$1,006,200	$1,162,300
8/18	$1,046,119	$1,021,494	$1,390,808
8/19	$1,053,546	$1,045,602	$1,431,420
8/20	$1,092,843	$1,058,776	$1,745,473
8/21	$1,195,898	$1,059,623	$2,289,537
8/22	$1,201,758	$1,063,544	$2,032,422
8/23	$1,247,666	$1,108,744	$2,356,390
8/24	$1,332,632	$1,169,504	$2,995,915
8/25	$1,380,740	$1,222,014	$3,471,666
8/26	$1,435,555	$1,267,351	$4,179,191

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Institutional Shares	3.97%	3.72%	3.68%
ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)	3.71%	3.64%	2.40%
S&P 500^® Index	20.38%	12.78%	15.37%

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

Goldman Sachs Tactical Tilt Overlay Fund

Institutional Shares

Key Fund Statistics

Table Summary
Total Net Assets as of Period End	$5,223,578,025
# of Portfolio Holdings as of Period End	226
Portfolio Turnover Rate for the Period	106%
Total Net Advisory Fees Paid for the Period	$33,978,839

Material Fund Changes

Effective December 29, 2025, industry concentration risk was removed as a principal risk of the Fund.

What did the Fund invest in?

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

Asset Class Exposure (%)^{Footnote Reference*}

Table Summary
Header	Gross	Long	Short	Net
Trend-Based Rotation Tilt	1.8	1.8	-	1.8
Long Spot Uranium	0.8	0.8	-	0.8
Long Mexico Equities	1.2	1.2	-	1.2
Long South Africa Equities	2.6	2.6	-	2.6
Ensemble Timing System Tilt (S&P 500)	0.1	0.1	-	0.1
Long European Healthcare Equities	3.8	3.8	-	3.8
Long Indian Equities	1.9	1.9	-	1.9
N.A. Tech Software Equity Options^{Footnote Reference^}	-	-	-	-
EURO Stoxx Banks Options^{Footnote Reference^}	-	-	-	-
Korean Equity Options	0.3	0.3	-	0.3
Long US 5y TIPS	8.7	8.7	-	8.7
Long UK 5y Gilt	2.5	2.5	-	2.5
US Healthcare Equities Options	0.3	0.3	-	0.3
Long INR vs Short EUR	1.3	-	1.3	-1.3
Long INR vs Short SGD	1.3	-	1.3	-1.3
Investment Grade Fixed Income	78.0	78.0	-	78.0

Footnote	Description
Footnote^*	Tilts 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 tilt exposure), divided by the Fund's total net assets. "Net Exposure" represents the net exposure within the Fund to a given tilt position, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country.
Footnote^{^}	Amounts are rounding to zero.

Goldman Sachs Tactical Tilt Overlay Fund

Institutional Shares

Additional Information

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

prospectus
financial information
fund holdings
proxy voting information

Disclosure

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tactical Tilt Overlay Fund

38147X838-AR-0826

Institutional Shares

ITEM 2.

CODE OF ETHICS.

(a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b)

Not applicable.

(c)

During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d)

During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e)

Not applicable.

(f)

A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the “audit committee financial expert” and “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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


	2026			2025			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	3,525,897		$	3,657,963	Financial Statement audits.

Audit-Related Fees:

• PwC		$	462,000		$	460,728	Other attest services.

Tax Fees:

• PwC		$	0		$	0

All Other Fees:

• PwC		$	0		$	0

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


	2026			2025			Description of Services Rendered



Audit-Related Fees:

• PwC		$	2,260,123		$	2,081,340	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds’ Adviser.

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

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

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

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

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

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

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2026 and August 31, 2025 were approximately $462,000 and $460,728, respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2025 and December 31, 2024 were approximately $19.0 million and $20.7 million, respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2025 and 2024 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

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

Item 4(i) – Not applicable.

Item 4(j) – Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

INVESTMENTS.

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

ITEM 7.

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Consolidated Schedule of Investments

August 31, 2026


Shares	Description	Value

Common Stocks – 11.3%

Aerospace & Defense – 0.0%
149	Carpenter Technology Corp.	$	70,986
139	Curtiss-Wright Corp.		80,972
355	Honeywell Aerospace, Inc.*		56,129

			208,087


Air Freight & Logistics – 0.2%

15,562	CH Robinson Worldwide, Inc.		2,329,009
46,253	Deutsche Post AG		3,004,337
6,763	Expeditors International of Washington, Inc.		1,282,603
3,896	FedEx Corp.		1,275,550

			7,891,499


Automobile Components – 0.0%
62,047	Bridgestone Corp.		1,602,925
4,067	Cie Generale des Etablissements Michelin SCA		165,031
27,104	Sumitomo Electric Industries Ltd.		375,336

			2,143,292


Automobiles – 0.1%
32,528	Rivian Automotive, Inc. Class A*		522,400
32,534	Suzuki Motor Corp.		450,411
3,421	Tesla, Inc.*		1,258,757
27,382	Yamaha Motor Co. Ltd.		326,200

			2,557,768


Banks – 0.7%
69,327	AIB Group PLC		882,109
78,930	Banco Bilbao Vizcaya Argentaria SA		2,283,639
4,175	Banco BPM SpA		77,940
306,099	Banco Comercial Portugues SA Class R		397,578
113,293	Banco Santander SA		1,657,907
10,316	Bank Hapoalim BM		266,362
20,361	Bank Leumi Le-Israel BM		519,088
28,913	Bank of America Corp.		1,790,871
340	Bank of Montreal		57,954
706	Bank of Nova Scotia		64,627
24,394	Bankinter SA		470,902
3,345	BAWAG Group AG^(a)		697,720
451	BNP Paribas SA		53,695
6,679	BOC Hong Kong Holdings Ltd.		44,799
3,473	BPER Banca SpA		57,478
56,577	CaixaBank SA		862,678
14,952	Canadian Imperial Bank of Commerce		1,697,102
5,607	Citigroup, Inc.		737,993
9,094	Danske Bank AS		525,675
18,908	DBS Group Holdings Ltd.		1,149,823
17,808	DNB Bank ASA		606,488


Shares	Description	Value

Common Stocks – (continued)

Banks – (continued)
2,751	Erste Group Bank AG	$	386,662
1,975	FinecoBank Banca Fineco SpA		54,368
43,674	HSBC Holdings PLC		894,594
13,770	ING Groep NV		487,465
111,808	Intesa Sanpaolo SpA		880,845
17,286	JPMorgan Chase & Co.		6,154,162
3,333	KeyCorp		72,026
3,922	Mizrahi Tefahot Bank Ltd.		304,120
1,379	National Bank of Canada		211,604
28,564	NatWest Group PLC		259,720
35,274	Nordea Bank Abp		719,959
11,840	Oversea-Chinese Banking Corp. Ltd.		293,007
1,292	PNC Financial Services Group, Inc.		309,602
910	Raiffeisen Bank International AG		67,342
2,824	Regions Financial Corp.		84,381
10,189	Royal Bank of Canada		2,083,454
8,427	Standard Chartered PLC		244,738
8,186	Svenska Handelsbanken AB Class A		126,153
22,545	Swedbank AB Class A		883,206
21,452	Toronto-Dominion Bank		2,595,228
12,480	U.S. Bancorp		768,518
9,552	UniCredit SpA		932,276
12,506	Wells Fargo & Co.		1,080,393

			34,796,251


Beverages – 0.1%
3,369	Coca-Cola Co.		298,729
6,437	Coca-Cola HBC AG Class DI		395,828
60,246	Kirin Holdings Co. Ltd.		1,150,184
35,102	Monster Beverage Corp.*		1,611,884
5,044	PepsiCo, Inc.		707,875
12,327	Suntory Beverage & Food Ltd.		347,349

			4,511,849


Biotechnology – 0.3%
7,907	AbbVie, Inc.		2,027,513
322	Alnylam Pharmaceuticals, Inc.*		77,502
377	Amgen, Inc.		162,065
5,342	Biogen, Inc.*		1,157,344
767	Genmab AS*		253,471
17,788	Gilead Sciences, Inc.		2,603,096
29,327	Incyte Corp.*		3,613,673
2,325	Natera, Inc.*		748,557
1,216	Regeneron Pharmaceuticals, Inc.		971,681
13,408	Roivant Sciences Ltd.*		464,453
2,413	Swedish Orphan Biovitrum AB*		113,165


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Consolidated Schedule of Investments (continued)

August 31, 2026


Shares	Description	Value

Common Stocks – (continued)

Biotechnology – (continued)
2,923	United Therapeutics Corp.*	$	1,491,841
1,780	Vertex Pharmaceuticals, Inc.*		969,245

			14,653,606


Broadline Retail – 0.4%
51,974	Amazon.com, Inc.*		13,501,286
14,523	eBay, Inc.		1,504,002
87	MercadoLibre, Inc.*		168,449
6,335	Next PLC		1,324,745
69,986	Pan Pacific International Holdings Corp.		353,313
27,062	Ryohin Keikaku Co. Ltd.		733,404

			17,585,199


Building Products – 0.1%
4,904	Daikin Industries Ltd.		631,641
1,406	Lennox International, Inc.		537,992
22,592	Masco Corp.		1,630,239
589	Trane Technologies PLC		261,751

			3,061,623


Capital Markets – 0.3%
3,777	Ameriprise Financial, Inc.		2,089,096
17,105	Bank of New York Mellon Corp.		2,758,694
1,374	Cboe Global Markets, Inc.		412,475
10,534	Charles Schwab Corp.		1,156,844
411	Futu Holdings Ltd. ADR		50,200
10,321	Morgan Stanley		2,201,676
9,112	Northern Trust Corp.		1,690,823
4,778	Raymond James Financial, Inc.		851,296
63,501	SBI Holdings, Inc.		1,311,884
11,103	Singapore Exchange Ltd.		222,258
10,075	State Street Corp.		1,928,153
5,825	T. Rowe Price Group, Inc.		648,206

			15,321,605


Chemicals – 0.1%
60,045	Asahi Kasei Corp.		614,616
8,231	CF Industries Holdings, Inc.		1,070,277
72,829	Mitsubishi Chemical Group Corp.		546,098
4,731	Nitto Denko Corp.		103,320
890	PPG Industries, Inc.		99,831
738	Sherwin-Williams Co.		250,042
18,411	Yara International ASA		902,395

			3,586,579


Commercial Services & Supplies – 0.0%
1,312	Cintas Corp.		264,748
9,435	Rollins, Inc.		340,320
50,366	Securitas AB Class B		797,861
7,926	Veralto Corp.		781,266

			2,184,195


Shares	Description	Value

Common Stocks – (continued)

Communications Equipment – 0.2%
3,022	Ciena Corp.*	$	1,156,822
24,195	Cisco Systems, Inc.		2,673,305
5,621	F5, Inc.*		2,288,478
145,901	Telefonaktiebolaget LM Ericsson Class B		1,477,661

			7,596,266


Construction & Engineering – 0.2%
5,607	ACS Actividades de
	Construccion y Servicios SA		663,422
899	Comfort Systems USA, Inc.		1,389,513
14,293	Eiffage SA		1,805,092
3,104	EMCOR Group, Inc.		2,280,012
3,753	HOCHTIEF AG		1,818,612
4,657	Stantec, Inc.		339,543
5,237	Vinci SA		686,614
7,096	WSP Global, Inc.		963,831

			9,946,639


Construction Materials – 0.0%
2,688	Buzzi SpA		128,040
6,351	Heidelberg Materials AG		1,210,530
657	Holcim AG		57,614

			1,396,184


Consumer Finance – 0.1%
4,599	American Express Co.		1,518,452
1	Isracard Ltd.*		3
32,691	Synchrony Financial		2,519,822

			4,038,277


Consumer Staples Distribution & Retail – 0.6%
3,313	Alimentation Couche-Tard, Inc.		199,528
55,901	Carrefour SA		1,015,663
1,631	Casey’s General Stores, Inc.		1,226,855
68,491	Coles Group Ltd.		1,178,830
2,290	Costco Wholesale Corp.		2,161,508
18,250	Dollar General Corp.		2,313,188
19,182	Dollar Tree, Inc.*		2,428,249
48,762	Empire Co. Ltd. Class A		1,684,214
20,075	George Weston Ltd.		1,408,487
20,987	Jeronimo Martins SGPS SA		438,235
49,494	Koninklijke Ahold Delhaize NV		1,762,060
36,748	Kroger Co.		2,114,480
37,049	Loblaw Cos. Ltd.		1,621,019
73,564	Marks & Spencer Group PLC		389,988
52,056	Seven & i Holdings Co. Ltd.		658,924
20,598	Sysco Corp.		1,670,086
13,006	Target Corp.		2,092,405
33,114	Walmart, Inc.		3,472,665
48,103	Woolworths Group Ltd.		1,388,019

			29,224,403


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND


Shares	Description	Value

Common Stocks – (continued)

Diversified Consumer Services – 0.0%
21,415	Pearson PLC	$	355,131


Diversified Telecommunication Services – 0.1%
7,720	AT&T, Inc.		199,871
1,075	Swisscom AG		832,033
245,759	Telstra Group Ltd.		821,715
16,857	Verizon Communications, Inc.		843,187

			2,696,806


Electric Utilities – 0.1%
4,800	Acciona SA		1,165,078
13,151	Endesa SA		642,099
86,100	Enel SpA		941,534

			2,748,711


Electrical Equipment – 0.1%
1,607	Fuji Electric Co. Ltd.		138,056
5,896	Fujikura Ltd.		201,027
1,113	GE Vernova, Inc.		1,000,064
22,984	Mitsubishi Electric Corp.		795,861
7,955	Prysmian SpA		1,111,924
757	Rockwell Automation, Inc.		321,293
1,824	Vertiv Holdings Co. Class A		471,905

			4,040,130


Electronic Equipment, Instruments & Components – 0.1%
3,551	Amphenol Corp. Class A		563,011
661	CDW Corp.		100,194
2,363	Keysight Technologies, Inc.*		762,540
3,429	TE Connectivity PLC		703,802
46,260	Yokogawa Electric Corp.		1,470,753

			3,600,300


Energy Equipment & Services – 0.0%
2,158	Halliburton Co.		79,522
1,606	TechnipFMC PLC		125,509
8,776	Tenaris SA		244,950

			449,981


Entertainment* – 0.0%
10,925	Netflix, Inc.		885,471
301	Take-Two Interactive Software, Inc.		66,130
16,433	Warner Bros Discovery, Inc.		468,833

			1,420,434


Financial Services – 0.3%
90,552	Banca Mediolanum SpA		2,528,506
5,027	Berkshire Hathaway, Inc. Class B*		2,533,759
67	Corpay, Inc.*		27,088
16,059	Industrivarden AB Class A		908,933
16,419	Industrivarden AB Class C		920,054
20,926	Investor AB Class B		900,311
3,781	Mastercard, Inc. Class A		2,228,181
23,366	PayPal Holdings, Inc.		1,230,571


Shares	Description	Value

Common Stocks – (continued)

Financial Services – (continued)
53,140	Poste Italiane SpA	$	1,714,394
7,651	Visa, Inc. Class A		2,902,560

			15,894,357


Food Products – 0.0%
2,728	Magnum Ice Cream Co. NV*		56,011
754	Nestle SA		73,345
60,496	Saputo, Inc.		1,774,788
237,741	WH Group Ltd.^(a)		224,418

			2,128,562


Gas Utilities – 0.0%
96,165	Italgas SpA		981,400
16,273	Osaka Gas Co. Ltd.		586,171
24,755	Tokyo Gas Co. Ltd.		957,149

			2,524,720


Ground Transportation – 0.0%
1,712	JB Hunt Transport Services, Inc.		454,485
277	Old Dominion Freight Line, Inc.		55,389
8,542	Uber Technologies, Inc.*		646,202

			1,156,076


Health Care Equipment & Supplies – 0.1%
1,499	BioMerieux		130,385
18,020	Demant AS*		806,066
5,145	Dexcom, Inc.*		468,504
3,805	Fisher & Paykel Healthcare Corp. Ltd. Class C		99,948
1,266	Hoya Corp.		193,857
569	IDEXX Laboratories, Inc.*		316,757
16,206	Koninklijke Philips NV		431,507
2,099	ResMed, Inc.		503,970
42,449	Smith & Nephew PLC		607,098
3,150	Zimmer Biomet Holdings, Inc.		315,126

			3,873,218


Health Care Providers & Services – 0.2%
116	Cardinal Health, Inc.		27,216
7,160	Centene Corp.*		460,674
17,079	CVS Health Corp.		1,603,889
2,358	Elevance Health, Inc.		925,609
961	HCA Healthcare, Inc.		398,286
5,842	Humana, Inc.		2,238,830
768	Labcorp Holdings, Inc.		255,483
1,550	Quest Diagnostics, Inc.		372,465
5,833	UnitedHealth Group, Inc.		2,271,429

			8,553,881


Hotels, Restaurants & Leisure – 0.1%
256	Airbnb, Inc. Class A*		46,904
8,664	Booking Holdings, Inc.		1,724,916


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Consolidated Schedule of Investments (continued)

August 31, 2026


Shares	Description	Value

Common Stocks – (continued)

Hotels, Restaurants & Leisure – (continued)
8,446	Expedia Group, Inc.	$	2,678,396
822	Flutter Entertainment PLC*		82,348
3,782	Las Vegas Sands Corp.		165,689
2,442	Yum! Brands, Inc.		374,383

			5,072,636


Household Durables – 0.0%
133	NVR, Inc.*		839,926
4,922	Panasonic Holdings Corp.		137,246
1,276	PulteGroup, Inc.		161,184
5,278	SharkNinja, Inc.*		1,015,962

			2,154,318


Household Products – 0.0%
9,884	Colgate-Palmolive Co.		887,781
1,403	Henkel AG & Co. KGaA		114,650
2,974	Procter & Gamble Co.		431,587

			1,434,018


Insurance – 0.7%
19,545	Admiral Group PLC		1,060,060
3,271	Aflac, Inc.		378,945
20,106	Ageas SA		1,762,691
35,027	AIA Group Ltd.		338,627
3,143	Allianz SE		1,639,122
12,250	Allstate Corp.		3,158,050
1,214	Aon PLC Class A		390,325
14,595	Arch Capital Group Ltd.*		1,431,332
17,484	AXA SA		872,990
3,037	Chubb Ltd.		1,028,328
7,095	Cincinnati Financial Corp.		1,205,441
73,603	Daiichi Life Group, Inc.		841,821
284	Everest Group Ltd.		106,401
513	Fairfax Financial Holdings Ltd.		836,461
1,079	Generali		55,819
10,305	Great-West Lifeco, Inc.		662,563
12,443	Harel Insurance Investments & Financial Services Ltd.		804,908
14,305	Hartford Insurance Group, Inc.		1,965,221
3,623	iA Financial Corp., Inc.		517,015
191,729	Legal & General Group PLC		752,253
43,664	MS&AD Insurance Group Holdings, Inc.		1,386,868
969	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		582,457
24,270	Phoenix Financial Ltd.		1,522,671
522	Power Corp. of Canada		34,590
2,668	Principal Financial Group, Inc.		293,907
8,142	Progressive Corp.		1,775,607
458	Prudential Financial, Inc.		53,861
61,299	Prudential PLC		833,734


Shares	Description	Value

Common Stocks – (continued)

Insurance – (continued)
75,020	QBE Insurance Group Ltd.	$	1,192,905
9,414	Sampo OYJ Class A		106,091
1,363	Sompo Holdings, Inc.		58,072
1,580	Swiss Re AG		274,007
13,047	T&D Holdings, Inc.		395,900
16,173	Tokio Marine Holdings, Inc.		776,568
7,295	Travelers Cos., Inc.		2,669,459
19,457	Unipol Assicurazioni SpA		637,705
16,904	W.R. Berkley Corp.		1,142,034
498	Willis Towers Watson PLC		168,598
1,081	Zurich Insurance Group AG		791,060

			34,504,467


Interactive Media & Services – 0.6%
28,616	Alphabet, Inc. Class C		9,598,093
34,479	Alphabet, Inc. Class A		11,700,449
12,127	Meta Platforms, Inc. Class A		6,940,767
4,573	Reddit, Inc. Class A*		675,935

			28,915,244


IT Services – 0.2%
4,905	Accenture PLC Class A		930,773
16,984	Cognizant Technology Solutions Corp. Class A		1,096,827
30,272	Fujitsu Ltd.		726,723
3,230	International Business Machines Corp.		755,400
263	MongoDB, Inc.*		119,236
26,447	NEC Corp.		806,428
15,606	Otsuka Corp.		352,467
2,411	Twilio, Inc. Class A*		568,104
8,154	VeriSign, Inc.		2,350,635

			7,706,593


Life Sciences Tools & Services* – 0.1%
9,743	Illumina, Inc.		2,081,397
758	Mettler-Toledo International, Inc.		1,065,096

			3,146,493


Machinery – 0.2%
1,751	Caterpillar, Inc.		1,396,370
1,403	Cummins, Inc.		791,853
474	Dover Corp.		92,065
4,025	Fortive Corp.		236,831
7,824	GEA Group AG		609,040
739	IDEX Corp.		168,965
954	Illinois Tool Works, Inc.		262,703
9,000	Knorr-Bremse AG		1,100,435
1,949	Nordson Corp.		627,032
9,787	Otis Worldwide Corp.		696,149
35	Parker-Hannifin Corp.		34,280
7,605	Sandvik AB		304,710
3,066	Snap-on, Inc.		1,184,426
100,681	Techtronic Industries Co. Ltd.		1,731,551


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND


Shares	Description	Value

Common Stocks – (continued)

Machinery – (continued)
317	VAT Group AG^(a)	$	235,431

			9,471,841


Marine Transportation – 0.1%
4,341	Kuehne & Nagel International AG		1,157,177
284,483	SITC International Holdings Co. Ltd.		1,729,968

			2,887,145


Media – 0.1%
4,328	AppLovin Corp. Class A*		1,350,596
16,084	Fox Corp. Class A		1,083,257
15,336	Fox Corp. Class B		923,534
11,141	News Corp. Class A		342,140

			3,699,527


Metals & Mining – 0.2%
2,218	Barrick Mining Corp.		99,478
2,370	BHP Group Ltd.		111,465
24,716	Endeavour Mining PLC		1,542,307
35,340	Fresnillo PLC		1,481,815
53,143	Kinross Gold Corp.		1,627,324
5,771	Lundin Gold, Inc.		411,022
2,169	Mitsui Kinzoku Co. Ltd.		392,904
13,772	Newmont Corp.		1,736,098
222	Nucor Corp.		55,420
6,055	Reliance, Inc.		2,325,423
1,643	Rio Tinto Ltd.		205,354
2,950	Rio Tinto PLC		302,361
552	Steel Dynamics, Inc.		128,406

			10,419,377


Mortgage Real Estate Investment Trusts (REITs) – 0.0%
68,939	Annaly Capital Management, Inc.		1,580,082


Oil, Gas & Consumable Fuels – 0.3%
59,618	BP PLC		426,435
35,111	Cenovus Energy, Inc.		1,127,849
1,238	Chevron Corp.		255,201
1,826	ConocoPhillips		241,927
1,653	Devon Energy Corp.		80,187
23,033	ENEOS Holdings, Inc.		192,048
13,111	EOG Resources, Inc.		1,900,571
38,021	Equinor ASA		1,630,741
4,375	Expand Energy Corp.		429,450
8,830	ExxonMobil Holdings Corp.		1,421,188
18,054	Galp Energia SGPS SA		451,839
1,253	Imperial Oil Ltd.		164,668
8,474	Inpex Corp.		209,406
1,447	Marathon Petroleum Corp.		540,194
2,674	Occidental Petroleum Corp.		160,921
260	Phillips 66		64,111
3,196	Repsol SA		101,935
7,849	Shell PLC		359,612


Shares	Description	Value

Common Stocks – (continued)

Oil, Gas & Consumable Fuels – (continued)
35,416	Suncor Energy, Inc.	$	2,369,584
7,400	TotalEnergies SE		652,043
2,771	Valero Energy Corp.		994,567
53,321	Var Energi ASA		284,445
25,652	Whitecap Resources, Inc.		332,414

			14,391,336


Passenger Airlines – 0.0%
15,124	Deutsche Lufthansa AG		137,020
2,123	United Airlines Holdings, Inc.*		229,263

			366,283


Personal Products – 0.1%
10,584	Estee Lauder Cos., Inc. Class A		1,082,743
78,396	Shiseido Co. Ltd.		1,828,744

			2,911,487


Pharmaceuticals – 0.6%
144,959	Astellas Pharma, Inc.		2,149,192
5,277	AstraZeneca PLC		850,747
24,519	Bayer AG		1,395,560
33,762	Bristol-Myers Squibb Co.		2,255,639
4,010	Eisai Co. Ltd.		119,176
3,874	Eli Lilly & Co.		4,481,172
68,740	GSK PLC		1,728,783
11,810	Ipsen SA		2,236,705
15,205	Johnson & Johnson		4,042,249
44,329	Kyowa Kirin Co. Ltd.		730,006
16,308	Merck & Co., Inc.		2,409,670
494	Merck KGaA		79,515
13,425	Novartis AG		2,041,961
1,144	Novo Nordisk AS Class B		51,810
25,747	Otsuka Holdings Co. Ltd.		1,974,531
140	Roche Holding AG Class BR		62,339
3,475	Roche Holding AG		1,514,825
799	Zoetis, Inc.		61,603

			28,185,483


Professional Services – 0.1%
2,464	Bureau Veritas SA		77,978
1,408	Leidos Holdings, Inc.		197,416
16,298	Recruit Holdings Co. Ltd.		1,845,807
12,007	SGS SA		1,376,206
292	Verisk Analytics, Inc.		56,584

			3,553,991


Real Estate Management & Development – 0.0%
47,202	CK Asset Holdings Ltd.		272,094
22,510	Daito Trust Construction Co. Ltd.		469,345
7,109	Sun Hung Kai Properties Ltd.		105,001

			846,440


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Consolidated Schedule of Investments (continued)

August 31, 2026


Shares	Description	Value

Common Stocks – (continued)

Retail REITs* – 0.0%
8,622	Unibail-Rodamco-Westfield	$	975,230


Semiconductors & Semiconductor Equipment – 1.4%
3,720	Advanced Micro Devices, Inc.*		1,751,078
9,420	Advantest Corp.		1,971,487
6,487	Applied Materials, Inc.		2,973,576
1,071	ASML Holding NV		1,816,451
1,158	Astera Labs, Inc.*		343,903
21,101	Broadcom, Inc.		7,814,544
2,868	Kioxia Holdings Corp.*		886,768
14,811	KLA Corp.		2,598,590
12,962	Lam Research Corp.		3,907,913
630	Lasertec Corp.		131,646
5,129	Micron Technology, Inc.		4,917,326
129	Monolithic Power Systems, Inc.		163,542
146,645	NVIDIA Corp.		32,376,283
3,908	ON Semiconductor Corp.*		289,544
10,951	QUALCOMM, Inc.		1,866,927
2,474	SCREEN Holdings Co. Ltd.		208,182
4,142	Teradyne, Inc.		1,448,996
1,072	Texas Instruments, Inc.		279,696
970	Tokyo Electron Ltd.		339,501

			66,085,953


Software – 0.7%
5,494	Adobe, Inc.*		1,608,588
6,105	Atlassian Corp. Class A*		1,185,408
2,968	Autodesk, Inc.*		767,317
81	Constellation Software, Inc.		183,438
1,105	Crowdstrike Holdings, Inc. Class A*		255,255
462	Datadog, Inc. Class A*		109,513
343	Fair Isaac Corp.*		393,493
10,199	Fortinet, Inc.*		1,743,315
1,803	Intuit, Inc.		647,818
38,462	Microsoft Corp.		19,511,388
1,254	Nebius Group NV*		258,725
14,286	Palantir Technologies, Inc. Class A*		2,662,625
691	PTC, Inc.*		107,616
3,809	Salesforce, Inc.		980,970
217	ServiceNow, Inc.*		32,114
3,608	Workday, Inc. Class A*		712,400
9,896	Zoom Communications, Inc.*		956,745

			32,116,728


Specialty Retail – 0.4%
288	AutoZone, Inc.*		861,477
28,008	Avolta AG		1,577,968
23,747	Best Buy Co., Inc.		1,903,322
1,614	Burlington Stores, Inc.*		419,253
2,067	Dick’s Sporting Goods, Inc.		279,252
190	Fast Retailing Co. Ltd.		85,728


Shares	Description	Value

Common Stocks – (continued)

Specialty Retail – (continued)
55,565	H & M Hennes & Mauritz AB Class B	$	1,015,085
4,198	Home Depot, Inc.		1,376,230
379,758	Kingfisher PLC		1,605,172
6,335	Lowe’s Cos., Inc.		1,296,774
10,056	O’Reilly Automotive, Inc.*		892,973
7,398	Ross Stores, Inc.		1,690,739
15,115	TJX Cos., Inc.		2,024,050
3,566	Ulta Beauty, Inc.*		1,915,299
6,378	Williams-Sonoma, Inc.		1,455,778
49,177	Zalando SE*^(a)		1,399,237

			19,798,337


Technology Hardware, Storage & Peripherals – 0.8%
90,320	Apple, Inc.		28,617,892
9,228	Canon, Inc.		269,159
959	Dell Technologies, Inc. Class C		437,313
7,668	Everpure, Inc. Class A*		712,741
4,102	Hewlett Packard Enterprise Co.		214,288
5,992	HP, Inc.		179,880
9,506	Logitech International SA		933,777
9,240	NetApp, Inc.		1,712,080
295	Sandisk Corp.*		462,176
3,723	Seagate Technology Holdings PLC		3,084,059
5,909	Western Digital Corp.		2,662,300

			39,285,665


Textiles, Apparel & Luxury Goods – 0.1%
2,331	adidas AG		408,268
13,077	Asics Corp.		366,717
16,107	Deckers Outdoor Corp.*		1,402,598
6,003	Pandora AS		792,139
21,217	Tapestry, Inc.		2,617,966

			5,587,688


Tobacco – 0.0%
15,348	Altria Group, Inc.		1,051,031
5,275	Philip Morris International, Inc.		988,008

			2,039,039


Trading Companies & Distributors – 0.1%
6,051	Brenntag SE		440,339
21,766	Fastenal Co.		1,073,282
7,102	Ferguson Enterprises, Inc.		1,594,470
17,907	Rexel SA		746,425
726	Sunbelt Rentals Holdings, Inc.		52,475
394	Watsco, Inc.		122,069
1,619	WW Grainger, Inc.		2,120,064

			6,149,124


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND


Shares	Description	Value

Common Stocks – (continued)

Wireless Telecommunication Services – 0.0%
254,349	Airtel Africa PLC^(a)	$	1,136,400
1,944	Millicom International Cellular SA		182,269
230	T-Mobile U.S., Inc.		41,501
538,604	Vodafone Group PLC		863,281

			2,223,451


TOTAL COMMON STOCKS
(Cost $326,271,539)		$	545,653,605


Units	Expiration Date	Value

Warrants*^(b) – 0.0%

Constellation Software, Inc.
264	03/31/40	$	0
(Cost $0)


	Principal Amount		Interest Rate			Maturity Date	Value

U.S. Treasury Obligations^(c) – 1.0%

U.S. Treasury Bills
$		3,121,900		0.000	%	09/03/26	$	3,121,275
		2,548,500		0.000		09/08/26		2,546,710
		3,124,000		0.000		09/10/26		3,121,175
		1,580,500		0.000		09/15/26		1,578,283
		3,316,900		0.000		09/17/26		3,311,549
		787,000		0.000		09/22/26		785,331
		3,086,900		0.000		09/29/26		3,078,044
		2,552,900		0.000		10/06/26		2,543,747
		3,204,300		0.000		10/15/26		3,189,765
		2,290,100		0.000		10/22/26		2,277,992
		3,198,600		0.000		10/29/26		3,179,284
		808,600		0.000		11/05/26		803,128
		1,730,800		0.000		12/03/26		1,713,998
		773,700		0.000		12/08/26		765,796
		3,154,000		0.000		12/10/26		3,121,093
		1,000,400		0.000		12/15/26		989,404
		3,349,200		0.000		12/22/26		3,309,682
		3,368,800		0.000		12/24/26		3,328,305
		3,525,100		0.000		12/31/26		3,479,971
		3,250,100		0.000		02/11/27		3,193,519


TOTAL U.S. TREASURY OBLIGATIONS
(Cost $49,443,029)							$	49,438,051


Shares	Description	Value

Contingent Value Rights*^(b) – 0.0%

Health Care Equipment & Supplies – 0.0%
580	ABIOMED, Inc.	$	592


Shares	Description	Value

Contingent Value Rights*^(b) – (continued)

846	Hologic, Inc.	$	8


TOTAL CONTINGENT VALUE RIGHTS
(Cost $600)		$	600




Exchange Traded Funds – 77.0%

1,240,875	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(d)	$	63,557,617
7,598,790	Goldman Sachs MarketBeta International Equity ETF^(d)		591,109,874
3,304,512	Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF^(d)		220,801,544
5,597,441	Goldman Sachs MarketBeta Russell 1000 Value Equity _ETF^(d)(e)		369,202,171
11,472,356	Goldman Sachs MarketBeta U.S. Equity ETF^(d)		1,216,643,354
2,798,576	iShares Core MSCI EAFE ETF		280,585,230
6,694,933	iShares Core MSCI Emerging Markets ETF		547,176,874
2,338,696	iShares MSCI EAFE Small-Cap ETF^(e)		202,998,813
1,865,489	State Street SPDR Portfolio S&P 500 Growth ETF		225,518,965


TOTAL EXCHANGE TRADED FUNDS
(Cost$2,242,321,449)		$	3,717,594,442


Shares	Dividend Rate	Value

Investment Company^(d)(f) – 7.6%

Goldman Sachs Central Government Fund — Institutional Shares
365,373,418	3.779%	$	365,373,418
(Cost $365,373,418)


TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 96.9% (Cost $2,983,410,035)		$	4,678,060,116


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Consolidated Schedule of Investments (continued)

August 31, 2026


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(d)(f) – 0.0%

Goldman Sachs Financial Square Government Fund — Institutional Shares
417,400	3.585%	$	417,400
(Cost $417,400)

TOTAL INVESTMENTS – 96.9% (Cost $2,983,827,435)		$	4,678,477,516

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.1%			150,302,782

NET ASSETS – 100.0%		$	4,828,780,298


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)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(d)		Represents an affiliated issuer.

(e)		All or a portion of security is on loan.

(f)		Rate disclosed is the 1- day net yield as of August 31, 2026.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 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	AUD	18,190,000	USD	12,958,003		09/16/26	$	73,866

	CAD	580,000	USD	413,881		09/16/26		4,901

	DKK	1,050,000	USD	162,358		09/16/26		932

	EUR	8,850,000	USD	10,222,938		09/16/26		63,214

	GBP	1,515,000	USD	2,016,501		09/16/26		36,347

	ILS	400,000	USD	131,050		09/16/26		2,790

	INR	2,312,000,000	USD	24,112,744		09/16/26		166,528

	INR	2,282,499,999	USD	23,708,038		12/16/26		74,693

	KRW	1,610,000,000	USD	1,125,504		09/16/26		52,079

	NOK	4,400,000	USD	444,061		09/16/26		26,740

	NZD	1,060,000	USD	622,993		09/16/26		4,417

	SEK	4,500,000	USD	466,052		09/16/26		4,211

	USD	414,359	BRL	2,120,000		09/02/26		5,358

	USD	11,709,951	CAD	16,200,000		09/16/26		12,957

	USD	79,813,752	CHF	62,240,000		09/16/26		2,681,363

	USD	13,688,698	DKK	87,450,000		09/16/26		89,025

	USD	282,708,618	EUR	241,820,000		09/16/26		1,646,778

	USD	15,148,046	HKD	118,300,000		09/16/26		49,035

	USD	7,435,560	ILS	21,480,000		09/16/26		248,350

	USD	189,451,843	JPY	30,029,000,000		09/16/26		1,239,702

	USD	5,393,685	NOK	50,350,000		09/16/26		6,218

	USD	38,017,125	SEK	353,250,000		09/16/26		1,101,550

	ZAR	196,980,000	USD	11,876,071		09/16/26		341,178



TOTAL							$	7,932,232



FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss


MS & Co. Int. PLC	BRL	60,440,000	USD	11,833,668		09/02/26	$	(173,288	)

	CAD	89,270,000	USD	64,515,080		09/16/26		(58,866	)

	CHF	2,340,000	USD	2,907,886		09/16/26		(7,986	)

	HKD	9,810,000	USD	1,254,221		09/16/26		(2,139	)

	JPY	2,078,000,000	USD	13,104,356		09/16/26		(80,119	)


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss


MS & Co. Int. PLC (continued)	SEK	119,250,000	USD	12,504,462		09/16/26	$	(42,517	)
	USD	67,066,764	AUD	94,440,000		09/16/26		(592,923	)
	USD	11,087,826	BRL	58,320,000		09/02/26		(163,554	)
	USD	339,572	CAD	480,000		09/16/26		(7,006	)
	USD	1,957,467	CHF	1,580,000		09/16/26		(586	)
	USD	376,664	DKK	2,440,000		09/16/26		(2,789	)
	USD	39,066,854	EUR	33,770,000		09/16/26		(183,244	)
	USD	116,638,652	GBP	86,660,000		09/16/26		(786,971	)
	USD	246,277	HKD	1,930,000		09/16/26		(55	)
	USD	307,765	ILS	920,000		09/16/26		(67	)
	USD	24,205,915	INR	2,311,999,999		09/16/26		(73,357	)
	USD	17,859,482	JPY	2,858,000,000		09/16/26		(53,545	)
	USD	12,347,098	KRW	18,590,000,000		09/16/26		(1,249,970	)
	USD	341,064	NOK	3,200,000		09/16/26		(1,337	)
	USD	13,718,677	NZD	23,970,000		09/16/26		(469,074	)
	USD	13,583,751	SEK	131,100,000		09/16/26		(116,552	)
	USD	13,181,177	SGD	16,790,000		09/16/26		(41,967	)
	USD	219,589	ZAR	3,640,000		09/16/26		(6,174	)


TOTAL							$	(4,114,086	)

FUTURES CONTRACTS — At August 31, 2026, the Fund had the following futures contracts:


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


Long position contracts:
E-Mini Russell 2000 Index		2,147		09/18/26	$	317,616,445	$	1,372,129
Gold		53		12/29/26		23,751,950		171,230
S&P 500 E-Mini Index		1,250		09/18/26		481,187,500		14,388,803
S&P Toronto Stock Exchange 60 Index		423		09/17/26		129,938,324		5,310,300


TOTAL FUTURES CONTRACTS							$	21,242,462

SWAP CONTRACTS — At August 31, 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)*


BNPXA13E Index	0.000%	BNP Paribas SA	08/17/27	EUR 8,239		$	—

BNPXA13U Index	0.000	BNP Paribas SA	08/17/27	$ 12,827			—

ENHADGM2 Index	0.000	BNP Paribas SA	08/16/27	13,919			(36,928	)

BABXBGV1 Index^(b)	0.000	BofA Securities LLC	03/16/27	107,169			(34,332	)

BACVBL5X Index	0.000	BofA Securities LLC	07/13/27	9,936			294

BACVCL5X Index	0.000	BofA Securities LLC	03/17/27	6,936			(601	)

BAED1020 Index^(b)	0.000	BofA Securities LLC	08/17/27	EUR 45,405			575

BAES0510 Index^(b)	ESTR+0.000	BofA Securities LLC	03/17/27	EUR 44,127			10,255

BAUD1020 Index	0.000	BofA Securities LLC	08/17/27	39,199			—

BAUD1020 Index	0.075	BofA Securities LLC	08/17/27	39,360			(988	)

BAUS0510 Index^(b)	0.000	BofA Securities LLC	03/17/27	50,251			4,894,958

BAUS0510 Index	0.000	BofA Securities LLC	08/17/27	26,100			2,542,400


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

GOLDMAN SACHS GLOBAL MANAGED BE TA FUND

Consolidated Schedule of Investments (continued)

August 31, 2026

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)*


CIEQDUG2 Index		0.000%	Citibank NA		07/26/27	$	14,713		$ 24,783
JPOS5DCO Index		0.050	JPMorgan Securities, Inc.		07/09/27		7,954		—
JPOSCUG2 Index		0.000	JPMorgan Securities, Inc.		08/17/27		13,348		(4,659)
JPOSSVCO Index		0.260	JPMorgan Securities, Inc.		07/09/27		23,979		(511)
JPOSSVCO Index		0.000	JPMorgan Securities, Inc.		07/14/27		15,213		(324)
JPOSSVGK Index		0.460	JPMorgan Securities, Inc.		07/09/27		11,042		(786)
UBCSTYS1 Index		0.000	UBS AG (London)		08/17/27		25,649		8,791


TOTAL									$7,402,927

(a)

Payments made monthly.

(b)

The top 50 components are shown below.

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 (BABXBGV1) of Futures & Options


Caption	Security Type	Shares/Contracts			Value			Weight


Soybean	Futures		(20	)		$(26,048	)		0.8
Corn	Futures		(13	)		(7,100	)		0.2
LME Copper	Futures		0			(3,636	)		0.1
LME Copper	Futures		0			(3,275	)		0.1
LME Zinc	Futures		(1	)		(3,182	)		0.1
LME Copper	Futures		0			(1,649	)		0.0
Brent Crude	Futures		(16	)		(1,385	)		0.0
Soybean	Futures		(1	)		(1,189	)		0.0
LME Zinc	Futures		0			(1,121	)		0.0
LME Zinc	Futures		0			(1,024	)		0.0
LME Copper	Futures		0			(796	)		0.0
Brent Crude	Futures		(7	)		(675	)		0.0
Brent Crude	Futures		(6	)		(494	)		0.0
Corn	Futures		(1	)		(480	)		0.0
Lean Hogs	Futures		0			(93	)		0.0
Brent Crude	Futures		(1	)		(75	)		0.0
LME Copper	Futures		0			(40	)		0.0
LME Nickel	Futures		0			(13	)		0.0
LME Zinc	Futures		0			(10	)		0.0
LME Copper	Options		0			0			0.0
LME Copper	Options		0			0			0.0
LME Zinc	Options		0			0			0.0
LME Zinc	Options		0			0			0.0
LME Copper	Options		0			0			0.0
LME Copper	Options		0			0			0.0
LME Nickel	Options		0			0			0.0
LME Nickel	Options		0			0			0.0
LME Zinc	Options		0			0			0.0
LME Nickel	Options		0			0			0.0
LME Nickel	Options		0			0			0.0
LME Nickel	Options		0			0			0.0
LME Nickel	Options		0			0			0.0
LME Zinc	Options		0			0			0.0
LME Zinc	Options		0			0			0.0
LME Copper	Options		0			0			0.0
LME Copper	Options		0			0			0.0
LME Nickel	Options		0			0			0.0
LME Nickel	Options		0			0			0.0


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (BABXBGV1) of Futures & Options (continued)


Caption	Security Type	Shares/Contracts		Value		Weight


LME Nickel	Options		0		$ 0		0.0
LME Nickel	Options		0		0		0.0
LME Nickel	Options		0		0		0.0
LME Copper	Options		0		0		0.0
LME Copper	Options		0		0		0.0
LME Nickel	Options		0		0		0.0
LME Nickel	Options		0		0		0.0
LME Copper	Options		0		0		0.0
LME Nickel	Options		0		0		0.0
LME Copper	Options		0		0		0.0
LME Nickel	Options		0		0		0.0
Corn	Options		1		1		0.0

A basket (BAUS0510) of Swaptions

ATMF Straddle, 06/24/26	Swaption		1,640		188		0.0%
ATMF Straddle, 08/26/26	Swaption		1,585		186		0.0
ATMF Straddle, 07/01/26	Swaption		1,622		185		0.0
ATMF Straddle, 06/17/26	Swaption		1,629		185		0.0
ATMF Straddle, 01/28/26	Swaption		1,693		185		0.0
ATMF Straddle, 08/12/26	Swaption		1,583		185		0.0
ATMF Straddle, 04/15/26	Swaption		1,647		184		0.0
ATMF Straddle, 07/15/26	Swaption		1,604		184		0.0
ATMF Straddle, 08/19/26	Swaption		1,573		184		0.0
ATMF Straddle, 01/14/26	Swaption		1,691		184		0.0
ATMF Straddle, 07/22/26	Swaption		1,596		184		0.0
ATMF Straddle, 04/22/26	Swaption		1,635		183		0.0
ATMF Straddle, 07/08/26	Swaption		1,596		183		0.0
ATMF Straddle, 01/21/26	Swaption		1,673		182		0.0
ATMF Straddle, 02/04/26	Swaption		1,666		182		0.0
ATMF Straddle, 02/25/26	Swaption		1,634		182		0.0
ATMF Straddle, 07/29/26	Swaption		1,577		182		0.0
ATMF Straddle, 06/03/26	Swaption		1,604		182		0.0
ATMF Straddle, 01/07/26	Swaption		1,674		181		0.0
ATMF Straddle, 06/10/26	Swaption		1,598		181		0.0
ATMF Straddle, 02/11/26	Swaption		1,652		181		0.0
ATMF Straddle, 08/05/26	Swaption		1,561		181		0.0
ATMF Straddle, 02/18/26	Swaption		1,637		181		0.0
ATMF Straddle, 05/13/26	Swaption		1,604		181		0.0
ATMF Straddle, 05/27/26	Swaption		1,598		181		0.0
ATMF Straddle, 03/04/26	Swaption		1,614		180		0.0
ATMF Straddle, 04/08/26	Swaption		1,611		180		0.0
ATMF Straddle, 04/29/26	Swaption		1,593		178		0.0
ATMF Straddle, 04/01/26	Swaption		1,603		178		0.0
ATMF Straddle, 03/11/26	Swaption		1,598		177		0.0
ATMF Straddle, 05/20/26	Swaption		1,561		177		0.0
ATMF Straddle, 12/31/25	Swaption		1,629		176		0.0
ATMF Straddle, 05/06/26	Swaption		1,568		176		0.0
ATMF Straddle, 03/18/26	Swaption		1,579		176		0.0
ATMF Straddle, 09/17/25	Swaption		1,618		174		0.0
ATMF Straddle, 12/24/25	Swaption		1,610		174		0.0
ATMF Straddle, 10/29/25	Swaption		1,600		173		0.0
ATMF Straddle, 12/17/25	Swaption		1,598		172		0.0
ATMF Straddle, 11/05/25	Swaption		1,609		172		0.0
ATMF Straddle, 11/12/25	Swaption		1,589		171		0.0
ATMF Straddle, 10/22/25	Swaption		1,574		171		0.0
ATMF Straddle, 03/25/26	Swaption		1,533		170		0.0
ATMF Straddle, 11/26/25	Swaption		1,566		169		0.0
ATMF Straddle, 12/03/25	Swaption		1,572		169		0.0
ATMF Straddle, 12/10/25	Swaption		1,561		168		0.0
ATMF Straddle, 10/15/25	Swaption		1,564		168		0.0


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Consolidated Schedule of Investments (continued)

August 31, 2026

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (BAUS0510) of Swaptions (continued)


Caption	Security Type	Shares/Contracts		Value		Weight


ATMF Straddle, 11/19/25	Swaption		1,556		$ 167		0.0	%
ATMF Straddle, 09/24/25	Swaption		1,573		167		0.0
ATMF Straddle, 10/01/25	Swaption		1,568		166		0.0
ATMF Straddle, 10/08/25	Swaption		1,557		166		0.0

A basket (BAED1020) of Swaptions

ATMF Straddle, 02/25/26	Swaption		27		6		0.0
ATMF Straddle, 02/11/26	Swaption		27		6		0.0
ATMF Straddle, 02/18/26	Swaption		27		6		0.0
ATMF Straddle, 01/07/26	Swaption		27		6		0.0
ATMF Straddle, 06/24/26	Swaption		26		6		0.0
ATMF Straddle, 05/27/26	Swaption		26		6		0.0
ATMF Straddle, 02/04/26	Swaption		27		6		0.0
ATMF Straddle, 01/14/26	Swaption		27		6		0.0
ATMF Straddle, 06/17/26	Swaption		26		6		0.0
ATMF Straddle, 03/04/26	Swaption		27		6		0.0
ATMF Straddle, 08/12/26	Swaption		26		6		0.0
ATMF Straddle, 04/15/26	Swaption		26		6		0.0
ATMF Straddle, 04/08/26	Swaption		26		6		0.0
ATMF Straddle, 01/28/26	Swaption		27		6		0.0
ATMF Straddle, 07/01/26	Swaption		26		6		0.0
ATMF Straddle, 08/05/26	Swaption		26		6		0.0
ATMF Straddle, 06/03/26	Swaption		26		6		0.0
ATMF Straddle, 01/21/26	Swaption		26		6		0.0
ATMF Straddle, 04/22/26	Swaption		26		6		0.0
ATMF Straddle, 12/31/25	Swaption		26		6		0.0
ATMF Straddle, 08/26/26	Swaption		26		6		0.0
ATMF Straddle, 12/24/25	Swaption		26		6		0.0
ATMF Straddle, 05/20/26	Swaption		26		6		0.0
ATMF Straddle, 05/13/26	Swaption		26		6		0.0
ATMF Straddle, 04/01/26	Swaption		26		6		0.0
ATMF Straddle, 06/10/26	Swaption		26		6		0.0
ATMF Straddle, 05/06/26	Swaption		26		6		0.0
ATMF Straddle, 07/15/26	Swaption		26		6		0.0
ATMF Straddle, 12/17/25	Swaption		26		6		0.0
ATMF Straddle, 03/11/26	Swaption		26		6		0.0
ATMF Straddle, 08/19/26	Swaption		25		6		0.0
ATMF Straddle, 07/29/26	Swaption		25		6		0.0
ATMF Straddle, 12/03/25	Swaption		26		6		0.0
ATMF Straddle, 07/22/26	Swaption		25		6		0.0
ATMF Straddle, 07/08/26	Swaption		25		6		0.0
ATMF Straddle, 04/29/26	Swaption		25		6		0.0
ATMF Straddle, 03/18/26	Swaption		25		6		0.0
ATMF Straddle, 03/25/26	Swaption		25		6		0.0
ATMF Straddle, 11/26/25	Swaption		26		6		0.0
ATMFStraddle, 11/19/25	Swaption		26		6		0.0
ATMF Straddle, 12/10/25	Swaption		26		6		0.0
ATMF Straddle, 11/12/25	Swaption		25		6		0.0
ATMF Straddle, 11/05/25	Swaption		25		6		0.0
ATMF Straddle, 10/29/25	Swaption		25		6		0.0
ATMF Straddle, 09/17/25	Swaption		25		6		0.0
ATMF Straddle, 10/22/25	Swaption		25		6		0.0
ATMF Straddle, 10/15/25	Swaption		25		5		0.0
ATMF Straddle, 10/08/25	Swaption		25		5		0.0
ATMF Straddle, 10/01/25	Swaption		25		5		0.0
ATMF Straddle, 09/24/25	Swaption		25		5		0.0


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (BAES0510) of Swaptions


Caption	Security Type	Shares/Contracts		Value		Weight


ATMF Straddle, 02/25/26	Swaption		66		$ 7		0.0
ATMF Straddle, 02/18/26	Swaption		65		6		0.0
ATMF Straddle, 02/11/26	Swaption		66		6		0.0
ATMF Straddle, 03/04/26	Swaption		64		6		0.0
ATMF Straddle, 06/24/26	Swaption		62		6		0.0
ATMF Straddle, 06/17/26	Swaption		62		6		0.0
ATMF Straddle, 02/04/26	Swaption		65		6		0.0
ATMF Straddle, 07/01/26	Swaption		61		6		0.0
ATMF Straddle, 01/28/26	Swaption		64		6		0.0
ATMF Straddle, 04/15/26	Swaption		63		6		0.0
ATMF Straddle, 01/14/26	Swaption		64		6		0.0
ATMF Straddle, 01/07/26	Swaption		64		6		0.0
ATMF Straddle, 05/27/26	Swaption		62		6		0.0
ATMF Straddle, 04/22/26	Swaption		62		6		0.0
ATMF Straddle, 01/21/26	Swaption		63		6		0.0
ATMF Straddle, 08/12/26	Swaption		60		6		0.0
ATMF Straddle, 06/03/26	Swaption		60		6		0.0
ATMF Straddle, 08/05/26	Swaption		59		6		0.0
ATMF Straddle, 10/29/25	Swaption		62		6		0.0
ATMF Straddle, 11/05/25	Swaption		63		6		0.0
ATMF Straddle, 04/08/26	Swaption		61		6		0.0
ATMF Straddle, 11/12/25	Swaption		62		6		0.0
ATMF Straddle, 03/11/26	Swaption		61		6		0.0
ATMF Straddle, 12/03/25	Swaption		63		6		0.0
ATMF Straddle, 12/31/25	Swaption		63		6		0.0
ATMF Straddle, 08/26/26	Swaption		59		6		0.0
ATMF Straddle, 05/13/26	Swaption		60		6		0.0
ATMF Straddle, 05/06/26	Swaption		60		6		0.0
ATMF Straddle, 11/26/25	Swaption		63		6		0.0
ATMF Straddle, 06/10/26	Swaption		60		6		0.0
ATMF Straddle, 12/24/25	Swaption		62		6		0.0
ATMF Straddle, 10/22/25	Swaption		61		6		0.0
ATMF Straddle, 11/19/25	Swaption		63		6		0.0
ATMF Straddle, 08/19/26	Swaption		58		6		0.0
ATMF Straddle, 07/15/26	Swaption		59		6		0.0
ATMF Straddle, 07/29/26	Swaption		58		6		0.0
ATMF Straddle, 03/18/26	Swaption		60		6		0.0
ATMF Straddle, 12/17/25	Swaption		62		6		0.0
ATMF Straddle, 09/17/25	Swaption		61		6		0.0
ATMF Straddle, 07/08/26	Swaption		58		6		0.0
ATMF Straddle, 05/20/26	Swaption		59		6		0.0
ATMF Straddle, 07/22/26	Swaption		58		6		0.0
ATMF Straddle, 10/15/25	Swaption		60		6		0.0
ATMF Straddle, 04/29/26	Swaption		59		6		0.0
ATMF Straddle, 10/08/25	Swaption		61		6		0.0
ATMF Straddle, 12/10/25	Swaption		61		6		0.0
ATMF Straddle, 04/01/26	Swaption		59		6		0.0
ATMF Straddle, 10/01/25	Swaption		60		6		0.0
ATMF Straddle, 09/24/25	Swaption		60		6		0.0
ATMF Straddle, 03/25/26	Swaption		57		6		0.0


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Consolidated Schedule of Investments (continued)

August 31, 2026

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 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		12,790,000	CHF	12,790,000		$ 16		$ 219,030		$ (219,014)
Call CHF/Put NOK	MS & Co. Int. PLC		14.658		12/16/2026		12,658,000		12,658,000		47		203,393		(203,346)
Call CHF/Put NOK	MS & Co. Int. PLC		14.016		03/17/2027		6,069,000		6,069,000		4,903		131,070		(126,167)
Call CHF/Put NOK	MS & Co. Int. PLC		13.698		06/16/2027		16,302,000		16,302,000		75,263		308,550		(233,287)
Call CHF/Put SEK	MS & Co. Int. PLC		13.045		09/16/2026		14,676,000		14,676,000		18		219,968		(219,950)
Call CHF/Put SEK	MS & Co. Int. PLC		12.920		12/16/2026		14,434,000		14,434,000		12,142		225,565		(213,423)
Call CHF/Put SEK	MS & Co. Int. PLC		13.176		03/17/2027		6,961,000		6,961,000		15,940		126,165		(110,225)
Call CHF/Put SEK	MS & Co. Int. PLC		13.086		06/16/2027		11,071,000		11,071,000		73,560		190,142		(116,582)
Call JPY/Put KRW	MS & Co. Int. PLC		JPY 10.589		09/16/2026		1,176,981,000	JPY	1,176,981,000		7		107,071		(107,064)
Call JPY/Put KRW	MS & Co. Int. PLC		10.715		12/16/2026		1,221,949,000		1,221,949,000		574		104,448		(103,874)
Call JPY/Put KRW	MS & Co. Int. PLC		10.678		03/17/2027		568,140,000		568,140,000		2,881		53,887		(51,006)
Call JPY/Put KRW	MS & Co. Int. PLC		10.680		06/16/2027		1,206,105,000		1,206,105,000		16,949		92,145		(75,196)
Call USD/Put CAD	MS & Co. Int. PLC		$ 1.429		09/16/2026		41,095,000	$	41,095,000		534		268,104		(267,570)
Call USD/Put CAD	MS & Co. Int. PLC		1.431		12/16/2026		39,171,000		39,171,000		49,786		243,683		(193,897)
Call USD/Put CAD	MS & Co. Int. PLC		1.431		03/17/2027		15,145,000		15,145,000		44,572		123,250		(78,678)
Call USD/Put CAD	MS & Co. Int. PLC		1.450		06/16/2027		31,901,000		31,901,000		95,735		230,963		(135,228)
Call USD/Put CLP	MS & Co. Int. PLC		1,092.440		09/16/2026		13,030,000		13,030,000		13		225,015		(225,002)
Call USD/Put CLP	MS & Co. Int. PLC		1,040.580		12/16/2026		16,388,000		16,388,000		54,392		238,822		(184,430)
Call USD/Put CLP	MS & Co. Int. PLC		1,050.690		03/17/2027		6,307,000		6,307,000		44,925		118,439		(73,514)
Call USD/Put CLP	MS & Co. Int. PLC		1,013.540		06/16/2027		15,335,000		15,335,000		261,584		282,655		(21,071)
Call USD/Put KRW	MS & Co. Int. PLC		1,581.730		12/16/2026		9,704,000		9,704,000		2,737		98,204		(95,467)
Call USD/Put KRW	MS & Co. Int. PLC		1,642.100		03/17/2027		3,801,000		3,801,000		2,600		49,983		(47,383)
Call USD/Put KRW	MS & Co. Int. PLC		1,660.160		06/16/2027		3,914,000		3,914,000		6,208		45,520		(39,312)
Call USD/Put MXN	MS & Co. Int. PLC		21.614		09/15/2026		7,000,000		7,000,000		7		102,963		(102,956)
Call USD/Put SEK	MS & Co. Int. PLC		10.074		09/16/2026		8,468,000		8,468,000		542		109,178		(108,636)
Call USD/Put SEK	MS & Co. Int. PLC		10.040		12/16/2026		8,810,000		8,810,000		41,671		101,271		(59,600)
Call USD/Put SEK	MS & Co. Int. PLC		10.227		03/17/2027		7,833,000		7,833,000		49,551		119,124		(69,573)
Call USD/Put SEK	MS & Co. Int. PLC		10.163		06/16/2027		16,433,000		16,433,000		181,733		233,234		(51,501)



							4,512,471,000				$1,038,890		$4,571,842		$(3,532,952)



Puts
Put AUD/Call JPY	BNP Paribas SA		AUD 99.570		06/16/2027		29,754,000	AUD	29,754,000		155,627		317,175		(161,548)
Put AUD/Call JPY	MS & Co. Int. PLC		86.090		09/16/2026		31,651,000		31,651,000		23		319,774		(319,751)
Put AUD/Call JPY	MS & Co. Int. PLC		90.000		12/16/2026		29,642,000		29,642,000		3,377		309,709		(306,332)
Put AUD/Call JPY	MS & Co. Int. PLC		97.950		03/17/2027		13,359,000		13,359,000		28,901		154,338		(125,437)
Put AUD/Call USD	MS & Co. Int. PLC		0.613		09/16/2026		12,942,000		12,942,000		9		109,790		(109,781)
Put AUD/Call USD	MS & Co. Int. PLC		0.607		12/16/2026		11,836,000		11,836,000		416		101,388		(100,972)
Put AUD/Call USD	MS & Co. Int. PLC		0.647		06/16/2027		5,823,000		5,823,000		22,566		50,074		(27,508)
Put CAD/Call JPY	MS & Co. Int. PLC		CAD 95.680		09/16/2026		16,416,000	CAD	16,416,000		12		159,363		(159,351)
Put CAD/Call JPY	MS & Co. Int. PLC		102.300		12/16/2026		16,531,000		16,531,000		11,570		148,898		(137,328)
Put CAD/Call JPY	MS & Co. Int. PLC		104.900		03/17/2027		8,073,000		8,073,000		23,760		87,932		(64,172)
Put CAD/Call JPY	MS & Co. Int. PLC		104.550		06/16/2027		18,253,000		18,253,000		88,963		164,487		(75,524)
Put NZD/Call JPY	MS & Co. Int. PLC		NZD 77.260		09/16/2026		16,878,000	NZD	16,878,000		10		147,016		(147,006)
Put NZD/Call JPY	MS & Co. Int. PLC		79.800		12/16/2026		17,065,000		17,065,000		6,977		153,976		(146,999)
Put NZD/Call JPY	MS & Co. Int. PLC		82.370		03/17/2027		7,978,000		7,978,000		16,785		77,864		(61,079)
Put NZD/Call JPY	MS & Co. Int. PLC		83.619		06/16/2027		17,474,000		17,474,000		81,757		134,403		(52,646)


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

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


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


Put NZD/Call USD	MS & Co. Int. PLC	NZD	0.550		09/16/2026		7,151,000	NZD	7,151,000	$	4		$ 53,036	$	(53,032)
Put NZD/Call USD	MS & Co. Int. PLC		0.537		12/16/2026		13,447,000		13,447,000		5,625		101,290		(95,665)
Put NZD/Call USD	MS & Co. Int. PLC		0.540		03/17/2027		6,451,000		6,451,000		11,221		52,998		(41,777)
Put NZD/Call USD	MS & Co. Int. PLC		0.543		06/16/2027		21,049,000		21,049,000		75,855		146,863		(71,008)



							301,773,000			$	533,458		$2,790,374	$	(2,256,916)



Total purchased option contracts							4,814,244,000			$	1,572,348		$7,362,216	$	(5,789,868)

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		6,775.000		09/04/2026		(34	)	EUR	(23,035,000	)	$	(79	)	$	(5,030)	$	4,951
Euro Stoxx 50 Index			6,800.000		09/11/2026		(33	)		(22,440,000	)		(153	)		(2,964)		2,811
Euro Stoxx 50 Index			6,725.000		09/18/2026		(34	)		(22,865,000	)		(1,224	)		(3,682)		2,458
Euro Stoxx 50 Index			6,725.000		09/25/2026		(31	)		(20,847,500	)		(2,305	)		(2,737)		432
FTSE 100 Index	GBP		11,125.000		09/18/2026		(10	)	GBP	(11,125,000	)		(1,626	)		(2,449)		823
FTSE 100 Index			11,200.000		09/18/2026		(5	)		(5,600,000	)		(440	)		(973)		533
FTSE 100 Index			11,325.000		09/18/2026		(4	)		(4,530,000	)		(108	)		(1,370)		1,262
FTSE 100 Index			11,425.000		09/18/2026		(2	)		(2,285,000	)		(27	)		(495)		468
Nikkei 225 Index	JPY		69,750.000		09/11/2026		(2	)	JPY	(13,950,000	)		(2,266	)		(14,829)		12,563
Nikkei 225 Index			70,625.000		09/11/2026		(2	)		(14,125,000	)		(1,264	)		(2,269)		1,005
Nikkei 225 Index			71,750.000		09/11/2026		(2	)		(14,350,000	)		(626	)		(3,266)		2,640
Nikkei 225 Index			73,875.000		09/11/2026		(3	)		(22,162,500	)		(244	)		(4,085)		3,841
Nikkei 225 Index			74,625.000		09/11/2026		(3	)		(22,387,500	)		(170	)		(8,371)		8,201
Nikkei 225 Index			75,500.000		09/11/2026		(1	)		(7,550,000	)		(31	)		(1,806)		1,775
Nikkei 225 Index			73,500.000		10/09/2026		(2	)		(14,700,000	)		(2,429	)		(3,932)		1,503
Nikkei 225 Index			74,250.000		10/09/2026		(1	)		(7,425,000	)		(964	)		(2,514)		1,550
S&P 500 Index	$		7,810.000		09/02/2026		(19	)	$	(14,839,000	)		(238	)		(13,362)		13,124
S&P 500 Index			8,100.000		09/02/2026		(14	)		(11,340,000	)		(105	)		(18,889)		18,784
S&P 500 Index			7,825.000		09/04/2026		(17	)		(13,302,500	)		(2,380	)		(2,107)		(273)
S&P 500 Index			7,860.000		09/04/2026		(17	)		(13,362,000	)		(638	)		(9,861)		9,223
S&P 500 Index			8,025.000		09/09/2026		(14	)		(11,235,000	)		(210	)		(19,659)		19,449
S&P 500 Index			7,975.000		09/16/2026		(14	)		(11,165,000	)		(3,045	)		(23,009)		19,964
S&P 500 Index			7,975.000		09/23/2026		(14	)		(11,165,000	)		(9,030	)		(18,086)		9,056


							(278	)				$	(29,602	)	$	(165,745)	$	136,143


Puts
Euro Stoxx 50 Index	EUR		6,300.000		09/04/2026		(69	)	EUR	(43,470,000	)		(5,610	)		(18,871)		13,261
Euro Stoxx 50 Index			6,325.000		09/11/2026		(67	)		(42,377,500	)		(20,079	)		(19,315)		(764)
Euro Stoxx 50 Index			6,200.000		09/18/2026		(67	)		(41,540,000	)		(17,121	)		(20,368)		3,247
Euro Stoxx 50 Index			6,250.000		09/25/2026		(63	)		(39,375,000	)		(27,734	)		(26,396)		(1,338)
FTSE 100 Index	GBP		10,375.000		09/18/2026		(4	)	GBP	(4,150,000	)		(759	)		(3,309)		2,550
FTSE 100 Index			10,425.000		09/18/2026		(24	)		(25,020,000	)		(5,366	)		(10,769)		5,403
FTSE 100 Index			10,450.000		09/18/2026		(7	)		(7,315,000	)		(1,707	)		(3,815)		2,108
FTSE 100 Index			10,525.000		09/18/2026		(9	)		(9,472,500	)		(2,805	)		(2,660)		(145)
Nikkei 225 Index	JPY		53,500.000		09/11/2026		(4	)	JPY	(21,400,000	)		(401	)		(11,322)		10,921


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Consolidated Schedule of Investments (continued)

August 31, 2026

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)



Nikkei 225 Index	JPY	58,000.000		09/11/2026		(2	)	JPY	(11,600,000	)	$	(476	)	$	(14,766	)	$	14,290
Nikkei 225 Index		59,750.000		09/11/2026		(5	)		(29,875,000	)		(2,034	)		(14,140	)		12,106
Nikkei 225 Index		60,250.000		09/11/2026		(6	)		(36,150,000	)		(2,854	)		(27,625	)		24,771
Nikkei 225 Index		62,250.000		09/11/2026		(7	)		(43,575,000	)		(7,668	)		(19,751	)		12,083
Nikkei 225 Index		62,500.000		09/11/2026		(4	)		(25,000,000	)		(4,757	)		(5,839	)		1,082
Nikkei 225 Index		57,500.000		10/09/2026		(3	)		(17,250,000	)		(4,601	)		(13,201	)		8,600
Nikkei 225 Index		59,875.000		10/09/2026		(3	)		(17,962,500	)		(8,169	)		(9,586	)		1,417
S&P 500 Index	$	7,450.000		09/02/2026		(27	)	$	(20,115,000	)		(878	)		(93,807	)		92,929
S&P 500 Index		7,545.000		09/02/2026		(37	)		(27,916,500	)		(3,885	)		(51,563	)		47,678
S&P 500 Index		7,605.000		09/04/2026		(69	)		(52,474,500	)		(75,210	)		(83,817	)		8,607
S&P 500 Index		7,450.000		09/09/2026		(28	)		(20,860,000	)		(13,720	)		(80,105	)		66,385
S&P 500 Index		7,400.000		09/16/2026		(28	)		(20,720,000	)		(37,100	)		(84,044	)		46,944
S&P 500 Index		7,375.000		09/23/2026		(28	)		(20,650,000	)		(58,800	)		(89,414	)		30,614



						(561	)				$	(301,734	)	$	(704,483	)	$	402,749



Total written option contracts						(839	)				$	(331,336	)	$	(870,228	)	$	538,892

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		256	$	640,000	$	400,000	$	379,702	$	20,298
3 Month SOFR		96.000	09/11/2026		1,600		4,000,000		520,000		2,747,337		(2,227,337	)
3 Month SOFR		96.375	09/11/2026		658		1,645,000		4,113		947,402		(943,289	)
3 Month SOFR		96.500	09/11/2026		1,245		3,112,500		7,781		1,413,440		(1,405,659	)
3 Month SOFR		96.625	09/11/2026		559		1,397,500		3,493		930,634		(927,141	)
3 Month SOFR		97.000	09/11/2026		1,398		3,495,000		8,737		1,086,190		(1,077,453	)
3 Month SOFR		97.250	09/11/2026		1,143		2,857,500		7,143		745,190		(738,047	)
3 Month SOFR		95.500	12/11/2026		304		760,000		338,200		390,096		(51,896	)
3 Month SOFR		96.000	12/11/2026		2,008		5,020,000		527,100		4,045,036		(3,517,936	)
3 Month SOFR		96.375	12/11/2026		620		1,550,000		31,000		962,438		(931,438	)
3 Month SOFR		96.500	12/11/2026		2,891		7,227,500		108,413		4,082,654		(3,974,241	)
3 Month SOFR		96.000	03/12/2027		1,952		4,880,000		695,400		4,103,026		(3,407,626	)
3 Month SOFR		96.250	03/12/2027		1,302		3,255,000		252,263		2,606,552		(2,354,289	)
3 Month SOFR		96.500	03/12/2027		1,232		3,080,000		146,300		1,641,665		(1,495,365	)
3 Month SOFR		97.250	03/12/2027		6,517		16,292,500		366,581		3,139,298		(2,772,717	)
3 Month SOFR		96.000	06/11/2027		1,731		4,327,500		833,044		3,725,043		(2,891,999	)
3 Month SOFR		96.250	06/11/2027		1,302		3,255,000		406,875		2,671,652		(2,264,777	)
3 Month SOFR		96.500	06/11/2027		4,249		10,622,500		929,469		6,284,041		(5,354,572	)
3 Month SOFR		96.250	09/10/2027		1,323		3,307,500		570,544		2,681,668		(2,111,124	)
3 Month SOFR		96.500	09/10/2027		3,685		9,212,500		1,151,562		5,815,135		(4,663,573	)
3 Month SOFR		97.000	09/10/2027		1,263		3,157,500		221,025		965,513		(744,488	)
3 Month SOFR		95.625	12/10/2027		318		795,000		393,525		592,898		(199,373	)
3 Month SOFR		96.375	12/10/2027		1,464		3,660,000		686,250		2,452,141		(1,765,891	)
3 Month SOFR		96.500	12/10/2027		4,565		11,412,500		1,854,531		7,415,047		(5,560,516	)
3 Month SOFR		95.750	03/10/2028		322		805,000		390,425		592,306		(201,881	)
3 Month SOFR		96.250	03/10/2028		1,387		3,467,500		944,894		2,719,505		(1,774,611	)


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

GOLDMAN SACHS GLOBAL MANAGED BETA 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	$	96.375		03/10/2028		4,021	$	10,052,500	$	2,387,469	$	7,390,869	$	(5,003,400	)
3 Month SOFR		95.750		06/16/2028		320		800,000		426,000		632,627		(206,627	)
3 Month SOFR		96.250		06/16/2028		1,362		3,405,000		1,064,063		2,760,720		(1,696,657	)
3 Month SOFR		95.750		09/15/2028		324		810,000		455,625		672,935		(217,310	)
3 Month SOFR		95.750		12/15/2028		312		780,000		464,100		671,412		(207,312	)



TOTAL						51,633	$	129,082,500	$	16,595,925	$	77,264,172	$	(60,668,247	)



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:
ADR		—American Depositary Receipt
ETF		—Exchange Traded Fund
MSCI		—Morgan Stanley Capital International
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust
SPDR		—Standard & Poor’s Depositary Receipt



Abbreviations:
ATMF		—At-the-Money-Forward
BofA Securities LLC		—Bank of America Securities LLC
ESTR		—Euro short-term rate
LME		—London Metal Exchange
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments

August 31, 2026


Shares	Description	Value

Common Stocks – 40.1%

Aerospace & Defense – 0.9%
1,181	Axon Enterprise, Inc.*	$	669,107
11,551	Boeing Co.*		2,400,067
3,719	General Dynamics Corp.		1,381,051
15,288	General Electric Co.		5,132,334
4,642	Honeywell Aerospace, Inc.*		733,947
5,863	Howmet Aerospace, Inc.		1,436,142
577	Huntington Ingalls Industries, Inc.		168,022
2,730	L3Harris Technologies, Inc.		726,862
2,973	Lockheed Martin Corp.		1,668,537
1,956	Northrop Grumman Corp.		1,055,653
19,733	RTX Corp.		4,099,136
2,548	Textron, Inc.		205,267
820	TransDigm Group, Inc.		960,827

			20,636,952


Air Freight & Logistics – 0.1%
1,727	CH Robinson Worldwide, Inc.		258,463
1,916	Expeditors International of Washington, Inc.		363,369
3,217	FedEx Corp.		1,053,246
10,940	United Parcel Service, Inc. Class B		1,140,276

			2,815,354


Automobile Components* – 0.0%
3,101	Aptiv PLC		138,801


Automobiles – 0.7%
57,350	Ford Motor Co.		799,459
13,212	General Motors Co.		1,140,460
41,253	Tesla, Inc.*		15,179,041

			17,118,960


Banks – 1.4%
95,668	Bank of America Corp.		5,925,676
24,992	Citigroup, Inc.		3,289,447
6,196	Citizens Financial Group, Inc.		426,719
13,280	Fifth Third Bancorp		714,066
29,704	Huntington Bancshares, Inc.		495,611
39,263	JPMorgan Chase & Co.		13,978,413
13,504	KeyCorp		291,821
5,884	PNC Financial Services Group, Inc.		1,409,983
12,505	Regions Financial Corp.		373,649
18,256	Truist Financial Corp.		905,132
22,746	U.S. Bancorp		1,400,699
44,841	Wells Fargo & Co.		3,873,814

			33,085,030


Beverages – 0.4%
2,467	Brown-Forman Corp. Class B		65,548
56,740	Coca-Cola Co.		5,031,136
2,044	Constellation Brands, Inc. Class A		266,987
19,936	Keurig Dr. Pepper, Inc.		635,161
2,351	Molson Coors Beverage Co. Class B		93,476


Shares	Description	Value

Common Stocks – (continued)

Beverages – (continued)
20,922	Monster Beverage Corp.*	$	960,738
20,027	PepsiCo, Inc.		2,810,589

			9,863,635


Biotechnology – 0.7%
25,889	AbbVie, Inc.		6,638,457
7,908	Amgen, Inc.		3,399,491
2,163	Biogen, Inc.*		468,614
18,193	Gilead Sciences, Inc.		2,662,364
2,459	Incyte Corp.*		302,998
5,175	Moderna, Inc.*		726,259
1,464	Regeneron Pharmaceuticals, Inc.		1,169,853
3,719	Vertex Pharmaceuticals, Inc.*		2,025,070

			17,393,106


Broadline Retail – 1.6%
143,438	Amazon.com, Inc.*		37,260,889
6,506	eBay, Inc.		673,762

			37,934,651


Building Products – 0.2%
1,641	A.O. Smith Corp.		97,032
1,259	Allegion PLC		195,460
1,576	Builders FirstSource, Inc.*		104,646
11,440	Carrier Global Corp.		666,037
8,940	Johnson Controls International PLC		1,235,866
464	Lennox International, Inc.		177,545
2,956	Masco Corp.		213,305
3,239	Trane Technologies PLC		1,439,411

			4,129,302


Capital Markets – 1.1%
1,317	Ameriprise Financial, Inc.		728,446
3,091	ARES Management Corp. Class A		442,539
10,058	Bank of New York Mellon Corp.		1,622,154
2,115	Blackrock, Inc.		2,444,115
10,885	Blackstone, Inc.		1,559,167
1,533	Cboe Global Markets, Inc.		460,207
23,955	Charles Schwab Corp.		2,630,738
5,310	CME Group, Inc.		1,516,005
3,259	Coinbase Global, Inc. Class A*		613,083
534	FactSet Research Systems, Inc.		167,436
4,492	Franklin Templeton, Inc.		153,402
6,528	Interactive Brokers Group, Inc. Class A		635,109
8,286	Intercontinental Exchange, Inc.		1,331,560
6,496	Invesco Ltd.		212,939
10,131	KKR & Co., Inc.		1,111,573
2,201	Moody’s Corp.		1,110,713
17,565	Morgan Stanley		3,746,966
1,067	MSCI, Inc.		608,873


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND


Shares	Description	Value

Common Stocks – (continued)

Capital Markets – (continued)
6,547	Nasdaq, Inc.	$	645,600
2,711	Northern Trust Corp.		503,053
2,542	Raymond James Financial, Inc.		452,908
11,593	Robinhood Markets, Inc. Class A*		1,215,062
4,443	S&P Global, Inc.		1,936,437
4,055	State Street Corp.		776,046

			26,624,131


Chemicals – 0.4%
3,263	Air Products & Chemicals, Inc.		1,009,768
1,728	Albemarle Corp.		233,228
2,251	CF Industries Holdings, Inc.		292,698
9,800	Corteva, Inc.		829,374
10,561	Dow, Inc.		322,322
3,712	Ecolab, Inc.		1,051,238
3,741	International Flavors & Fragrances, Inc.		322,961
6,775	Linde PLC		3,316,904
3,784	LyondellBasell Industries NV Class A		246,263
4,657	Mosaic Co.		112,327
3,266	PPG Industries, Inc.		366,347
3,361	Sherwin-Williams Co.		1,138,740

			9,242,170


Commercial Services & Supplies – 0.2%
4,983	Cintas Corp.		1,005,520
12,986	Copart, Inc.*		428,408
2,930	Republic Services, Inc.		647,296
4,303	Rollins, Inc.		155,209
3,599	Veralto Corp.		354,753
5,414	Waste Management, Inc.		1,185,233

			3,776,419


Communications Equipment – 0.5%
15,130	Arista Networks, Inc.*		2,960,790
2,072	Ciena Corp.*		793,162
57,878	Cisco Systems, Inc.		6,394,940
827	F5, Inc.*		336,696
1,140	Lumentum Holdings, Inc.*		1,042,826
2,432	Motorola Solutions, Inc.		1,180,250

			12,708,664


Construction & Engineering – 0.1%
515	Comfort Systems USA, Inc.		795,994
651	EMCOR Group, Inc.		478,186
2,199	Quanta Services, Inc.		1,334,991

			2,609,171


Construction Materials – 0.0%
880	Martin Marietta Materials, Inc.		456,456
1,901	Vulcan Materials Co.		512,472

			968,928


		Shares		Description		Value



Common Stocks – (continued)

Consumer Finance – 0.2%
7,799	American Express Co.	$	2,574,996
9,118	Capital One Financial Corp.		1,955,902
4,929	Synchrony Financial		379,927

			4,910,825


Consumer Staples Distribution & Retail – 0.7%
542	Casey’s General Stores, Inc.		407,698
6,501	Costco Wholesale Corp.		6,136,229
3,227	Dollar General Corp.		409,022
2,654	Dollar Tree, Inc.*		335,970
8,312	Kroger Co.		478,272
7,007	Sysco Corp.		568,128
6,655	Target Corp.		1,070,656
64,240	Walmart, Inc.		6,736,849

			16,142,824


Containers & Packaging – 0.1%
6,775	Amcor PLC		310,905
1,121	Avery Dennison Corp.		195,177
3,901	Ball Corp.		245,646
7,759	International Paper Co.		294,299
1,297	Packaging Corp. of America		303,420
7,685	Smurfit Westrock PLC		360,427

			1,709,874


Distributors – 0.0%
2,017	Genuine Parts Co.		273,646


Diversified Telecommunication Services – 0.3%
101,814	AT&T, Inc.		2,635,964
52,206	Comcast Corp. Class A		1,389,724
61,185	Verizon Communications, Inc.		3,060,474

			7,086,162


Electric Utilities – 0.5%
3,785	Alliant Energy Corp.		257,304
7,973	American Electric Power Co., Inc.		976,134
4,684	Constellation Energy Corp.		1,287,023
11,423	Duke Energy Corp.		1,369,732
5,638	Edison International		304,339
6,709	Entergy Corp.		713,234
3,378	Evergy, Inc.		273,686
5,511	Eversource Energy		386,542
14,993	Exelon Corp.		655,494
7,628	FirstEnergy Corp.		349,820
30,557	NextEra Energy, Inc.		2,516,063
3,092	NRG Energy, Inc.		340,491
32,269	PG&E Corp.		428,210
1,776	Pinnacle West Capital Corp.		173,409
11,024	PPL Corp.		376,249
16,518	Southern Co.		1,453,584
9,147	Xcel Energy, Inc.		692,336

			12,553,650


Electrical Equipment – 0.4%
3,359	AMETEK, Inc.		789,936
5,690	Eaton Corp. PLC		2,286,697


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments (continued)

August 31, 2026


Shares	Description	Value

Common Stocks – (continued)

Electrical Equipment – (continued)
8,207	Emerson Electric Co.	$	1,251,075
3,938	GE Vernova, Inc.		3,538,411
863	Generac Holdings, Inc.*		159,983
774	Hubbell, Inc.		350,622
1,631	Rockwell Automation, Inc.		692,246
5,628	Vertiv Holdings Co. Class A		1,456,076

			10,525,046


Electronic Equipment, Instruments & Components – 0.4%
18,027	Amphenol Corp. Class A		2,858,181
1,872	CDW Corp.		283,758
2,867	Coherent Corp.*		796,539
11,476	Corning, Inc.		1,706,825
5,388	Flex Ltd.*		588,639
1,546	Jabil, Inc.		471,932
2,513	Keysight Technologies, Inc.*		810,945
4,277	TE Connectivity PLC		877,854
679	Teledyne Technologies, Inc.*		416,193
698	Zebra Technologies Corp. Class A*		246,778

			9,057,644


Energy Equipment & Services – 0.1%
14,537	Baker Hughes Co.		923,826
12,241	Halliburton Co.		451,081
21,907	SLB Ltd.		1,316,611

			2,691,518


Entertainment – 0.4%
2,319	Live Nation Entertainment, Inc.*		417,165
61,701	Netflix, Inc.*		5,000,866
2,551	Take-Two Interactive Software, Inc.*		560,455
923	TKO Group Holdings, Inc.		168,549
25,445	Walt Disney Co.		2,736,610
36,316	Warner Bros Discovery, Inc.*		1,036,095

			9,919,740


Financial Services – 1.4%
6,758	Apollo Global Management, Inc.		923,008
26,864	Berkshire Hathaway, Inc. Class B*		13,540,262
7,842	Block, Inc.*		643,201
958	Corpay, Inc.*		387,319
7,814	Fiserv, Inc.*		416,564
3,407	Global Payments, Inc.		310,207
1,041	Jack Henry & Associates, Inc.		174,794
11,823	Mastercard, Inc. Class A		6,967,412
12,926	PayPal Holdings, Inc.		680,748
24,320	Visa, Inc. Class A		9,226,279

			33,269,794


Food Products – 0.2%
7,062	Archer-Daniels-Midland Co.		574,070
1,990	Bunge Global SA		231,258
7,820	General Mills, Inc.		322,184


Shares	Description	Value

Common Stocks – (continued)

Food Products – (continued)
2,172	Hershey Co.	$	382,728
4,274	Hormel Foods Corp.		93,387
1,563	J.M. Smucker Co.		205,003
12,510	Kraft Heinz Co.		321,132
3,722	McCormick & Co., Inc.		201,807
18,809	Mondelez International, Inc. Class A		1,167,474
4,134	Tyson Foods, Inc. Class A		227,949

			3,726,992


Gas Utilities – 0.0%
2,446	Atmos Energy Corp.		406,354


Ground Transportation – 0.3%
27,227	CSX Corp.		1,375,236
1,593	Fedex Freight Holding Co., Inc.*		213,048
1,092	JB Hunt Transport Services, Inc.		289,893
3,291	Norfolk Southern Corp.		1,128,122
2,682	Old Dominion Freight Line, Inc.		536,293
29,828	Uber Technologies, Inc.*		2,256,488
8,700	Union Pacific Corp.		2,615,829

			8,414,909


Health Care Equipment & Supplies – 0.6%
25,523	Abbott Laboratories		2,816,718
976	Align Technology, Inc.*		155,955
7,568	Baxter International, Inc.		196,768
4,037	Becton Dickinson & Co.		759,400
21,780	Boston Scientific Corp.*		1,051,974
2,859	Cooper Cos., Inc.*		200,387
5,654	Dexcom, Inc.*		514,853
8,437	Edwards Lifesciences Corp.*		765,658
6,666	GE HealthCare Technologies, Inc.		474,819
1,156	IDEXX Laboratories, Inc.*		643,534
1,015	Insulet Corp.*		150,890
5,190	Intuitive Surgical, Inc.*		1,955,903
18,813	Medtronic PLC		1,705,399
2,126	ResMed, Inc.		510,453
2,157	Solventum Corp.*		196,416
1,437	STERIS PLC		334,304
5,056	Stryker Corp.		1,637,133
2,835	Zimmer Biomet Holdings, Inc.		283,613

			14,354,177


Health Care Providers & Services – 0.7%
3,432	Cardinal Health, Inc.		805,216
2,851	Cencora, Inc.		922,584
6,874	Centene Corp.*		442,273
3,876	Cigna Group		1,070,086
18,696	CVS Health Corp.		1,755,741
470	DaVita, Inc.*		82,725
3,182	Elevance Health, Inc.		1,249,062
2,275	HCA Healthcare, Inc.		942,874


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND


Shares	Description	Value

Common Stocks – (continued)

Health Care Providers & Services – (continued)
1,419	Henry Schein, Inc.*	$	127,426
1,759	Humana, Inc.		674,102
1,202	Labcorp Holdings, Inc.		399,857
1,761	McKesson Corp.		1,559,048
1,622	Quest Diagnostics, Inc.		389,767
13,307	UnitedHealth Group, Inc.		5,181,879
781	Universal Health Services, Inc. Class B		133,028

			15,735,668


Health Care REITs – 0.1%
2,298	Alexandria Real Estate Equities, Inc.		117,864
10,102	Healthpeak Properties, Inc.		210,324
7,124	Ventas, Inc.		649,495
10,344	Welltower, Inc.		2,443,667

			3,421,350


Health Care Technology* – 0.0%
2,200	Veeva Systems, Inc. Class A		628,518


Hotel & Resort REITs – 0.0%
9,333	Host Hotels & Resorts, Inc.		204,673


Hotels, Restaurants & Leisure – 0.6%
6,124	Airbnb, Inc. Class A*		1,122,039
11,354	Booking Holdings, Inc.		2,260,468
18,850	Carnival Corp. Ltd.		450,327
18,796	Chipotle Mexican Grill, Inc.*		714,812
1,678	Darden Restaurants, Inc.		359,528
448	Domino’s Pizza, Inc.		153,243
5,545	DoorDash, Inc. Class A*		1,284,998
1,678	Expedia Group, Inc.		532,128
3,336	Hilton Worldwide Holdings, Inc.		1,055,110
4,369	Las Vegas Sands Corp.		191,406
3,207	Marriott International, Inc. Class A		1,096,024
10,411	McDonald’s Corp.		2,743,715
2,812	MGM Resorts International*		116,304
6,727	Norwegian Cruise Line Holdings Ltd.*		108,574
3,655	Royal Caribbean Cruises Ltd.		982,245
16,700	Starbucks Corp.		1,774,375
1,229	Wynn Resorts Ltd.		112,183
4,039	Yum! Brands, Inc.		619,219

			15,676,698


Household Durables – 0.1%
3,864	Dr. Horton, Inc.		558,580
2,402	Garmin Ltd.		682,432
3,154	Lennar Corp. Class A		265,283
40	NVR, Inc.*		252,609
2,791	PulteGroup, Inc.		352,559

			2,111,463


Household Products – 0.3%
3,472	Church & Dwight Co., Inc.		346,436
1,772	Clorox Co.		173,089


Shares	Description	Value

Common Stocks – (continued)

Household Products – (continued)
11,725	Colgate-Palmolive Co.	$	1,053,139
4,864	Kimberly-Clark Corp.		525,069
34,121	Procter & Gamble Co.		4,951,640

			7,049,373


Independent Power and Renewable Electricity Producers – 0.0%
10,450	AES Corp.		154,033
4,644	Vistra Corp.		637,946

			791,979


Industrial Conglomerates – 0.1%
7,643	3M Co.		1,313,297
2,002	DuPont de Nemours, Inc.		269,449
4,642	Honeywell International, Inc.		991,206

			2,573,952


Industrial REITs – 0.1%
13,662	Prologis, Inc.		1,911,587


Insurance – 0.6%
6,712	Aflac, Inc.		777,585
3,772	Allstate Corp.		972,422
7,769	American International Group, Inc.		593,241
3,130	Aon PLC Class A		1,006,358
5,099	Arch Capital Group Ltd.*		500,059
3,764	Arthur J Gallagher & Co.		986,733
726	Assurant, Inc.		204,630
4,271	Brown & Brown, Inc.		308,238
5,285	Chubb Ltd.		1,789,501
2,267	Cincinnati Financial Corp.		385,163
372	Erie Indemnity Co. Class A		95,068
580	Everest Group Ltd.		217,297
1,138	Globe Life, Inc.		196,498
4,017	Hartford Insurance Group, Inc.		551,856
2,472	Loews Corp.		267,693
7,060	Marsh & McLennan Cos., Inc.		1,339,988
7,920	MetLife, Inc.		753,746
2,880	Principal Financial Group, Inc.		317,261
8,562	Progressive Corp.		1,867,201
5,085	Prudential Financial, Inc.		597,996
3,116	Travelers Cos., Inc.		1,140,238
4,309	W.R. Berkley Corp.		291,116
1,384	Willis Towers Watson PLC		468,553

			15,628,441


Interactive Media & Services – 3.0%
69,256	Alphabet, Inc. Class C		23,229,155
85,921	Alphabet, Inc. Class A		29,157,291
32,179	Meta Platforms, Inc. Class A		18,417,329

			70,803,775


IT Services – 0.3%
8,996	Accenture PLC Class A		1,707,081
2,130	Akamai Technologies, Inc.*		231,361


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments (continued)

August 31, 2026


Shares	Description	Value

Common Stocks – (continued)

IT Services – (continued)
6,944	Cognizant Technology Solutions Corp. Class A	$	448,443
981	Gartner, Inc.*		194,346
1,940	GoDaddy, Inc. Class A*		189,887
13,772	International Business Machines Corp.		3,220,858
1,200	VeriSign, Inc.		345,936

			6,337,912


Leisure Products – 0.0%
1,970	Hasbro, Inc.		185,377


Life Sciences Tools & Services – 0.4%
4,141	Agilent Technologies, Inc.		635,892
2,294	Bio-Techne Corp.		165,879
706	Charles River Laboratories International, Inc.*		203,497
9,230	Danaher Corp.		1,971,159
2,446	IQVIA Holdings, Inc.*		638,871
296	Mettler-Toledo International, Inc.*		415,921
1,635	Revvity, Inc.		210,375
5,445	Thermo Fisher Scientific, Inc.		3,360,110
1,439	Waters Corp.*		596,653
1,035	West Pharmaceutical Services, Inc.		353,049

			8,551,406


Machinery – 0.7%
6,749	Caterpillar, Inc.		5,382,125
2,022	Cummins, Inc.		1,141,217
3,681	Deere & Co.		2,410,724
1,973	Dover Corp.		383,216
4,467	Fortive Corp.		262,838
1,085	IDEX Corp.		248,074
3,836	Illinois Tool Works, Inc.		1,056,319
5,218	Ingersoll Rand, Inc.		402,047
777	Nordson Corp.		249,977
5,623	Otis Worldwide Corp.		399,964
7,712	PACCAR, Inc.		957,291
1,848	Parker-Hannifin Corp.		1,810,005
2,368	Pentair PLC		143,169
759	Snap-on, Inc.		293,209
2,278	Stanley Black & Decker, Inc.		219,531
2,486	Westinghouse Air Brake Technologies Corp.		710,822
3,483	Xylem, Inc.		383,513

			16,454,041


Media – 0.1%
3,942	AppLovin Corp. Class A*		1,230,141
1,225	Charter Communications, Inc. Class A*		186,739
1,997	EchoStar Corp. Class A*		172,621
2,923	Fox Corp. Class A		196,864
2,037	Fox Corp. Class B		122,668
5,347	News Corp. Class A		164,206
1,765	News Corp. Class B		60,734


Shares	Description	Value

Common Stocks – (continued)

Media – (continued)
4,176	Omnicom Group, Inc.	$	365,525
4,622	Paramount Skydance Corp. Class B^(a)		50,426
6,257	Trade Desk, Inc. Class A*		85,846

			2,635,770


Metals & Mining – 0.2%
21,065	Freeport-McMoRan, Inc.		1,595,463
15,643	Newmont Corp.		1,971,957
3,337	Nucor Corp.		833,049
1,986	Steel Dynamics, Inc.		461,983

			4,862,452


Multi-Utilities – 0.2%
4,055	Ameren Corp.		429,870
9,586	CenterPoint Energy, Inc.		379,606
4,527	CMS Energy Corp.		308,108
5,400	Consolidated Edison, Inc.		577,908
12,887	Dominion Energy, Inc.		850,671
3,048	DTE Energy Co.		413,400
7,025	NiSource, Inc.		287,463
7,302	Public Service Enterprise Group, Inc.		535,456
9,579	Sempra		782,604
4,773	WEC Energy Group, Inc.		506,749

			5,071,835


Office REITs – 0.0%
2,173	BXP, Inc.		147,742


Oil, Gas & Consumable Fuels – 1.3%
5,179	APA Corp.		223,474
27,432	Chevron Corp.		5,654,832
17,852	ConocoPhillips		2,365,211
16,894	Devon Energy Corp.		819,528
2,844	Diamondback Energy, Inc.		570,165
7,805	EOG Resources, Inc.		1,131,413
9,165	EQT Corp.		496,560
3,505	Expand Energy Corp.		344,051
60,736	ExxonMobil Holdings Corp.		9,775,459
28,688	Kinder Morgan, Inc.		924,901
4,278	Marathon Petroleum Corp.		1,597,063
10,639	Occidental Petroleum Corp.		640,255
9,232	ONEOK, Inc.		886,364
5,875	Phillips 66		1,448,658
3,145	Targa Resources Corp.		923,529
849	Texas Pacific Land Corp.		317,815
4,351	Valero Energy Corp.		1,561,661
17,921	Williams Cos., Inc.		1,344,971

			31,025,910


Passenger Airlines – 0.1%
9,575	Delta Air Lines, Inc.		746,850
7,162	Southwest Airlines Co.		275,952
4,756	United Airlines Holdings, Inc.*		513,600

			1,536,402


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND


Shares	Description	Value

Common Stocks – (continued)

Personal Products – 0.0%
3,624	Estee Lauder Cos., Inc. Class A	$	370,735
28,134	Kenvue, Inc.		531,170

			901,905


Pharmaceuticals – 1.4%
29,923	Bristol-Myers Squibb Co.		1,999,156
11,591	Eli Lilly & Co.		13,407,657
35,273	Johnson & Johnson		9,377,327
36,190	Merck & Co., Inc.		5,347,434
83,514	Pfizer, Inc.		2,376,809
17,064	Viatris, Inc.		281,727
6,143	Zoetis, Inc.		473,625

			33,263,735


Professional Services – 0.2%
5,857	Automatic Data Processing, Inc.		1,676,039
1,695	Broadridge Financial Solutions, Inc.		309,134
1,745	Equifax, Inc.		330,084
1,730	Jacobs Solutions, Inc.		257,857
1,843	Leidos Holdings, Inc.		258,407
4,725	Paychex, Inc.		601,681
1,920	Verisk Analytics, Inc.		372,058

			3,805,260


Real Estate Management & Development* – 0.0%
4,291	CBRE Group, Inc. Class A		625,671
5,984	CoStar Group, Inc.		191,907

			817,578


Residential REITs – 0.1%
1,473	Camden Property Trust		155,844
942	Essex Property Trust, Inc.		266,548
8,008	Invitation Homes, Inc.		233,353
1,705	Mid-America Apartment Communities, Inc.		219,689
4,333	UDR, Inc.		160,104
10,682	Vivmark Residential		695,826

			1,731,364


Retail REITs – 0.1%
1,152	Federal Realty Investment Trust		133,667
9,882	Kimco Realty Corp.		234,302
13,664	Realty Income Corp.		837,330
2,415	Regency Centers Corp.		180,569
4,752	Simon Property Group, Inc.		1,008,945

			2,394,813


Semiconductors & Semiconductor Equipment – 7.0%
23,893	Advanced Micro Devices, Inc.*		11,246,913
7,154	Analog Devices, Inc.		2,590,750
11,629	Applied Materials, Inc.		5,330,617
69,377	Broadcom, Inc.		25,693,078
1,575	First Solar, Inc.*		317,993


Shares	Description	Value

Common Stocks – (continued)

Semiconductors & Semiconductor Equipment – (continued)
69,227	Intel Corp.*	$	6,196,509
19,141	KLA Corp.		3,358,289
18,325	Lam Research Corp.		5,524,804
12,829	Marvell Technology, Inc.		2,715,386
7,929	Microchip Technology, Inc.		582,385
16,525	Micron Technology, Inc.		15,843,013
720	Monolithic Power Systems, Inc.		912,794
354,904	NVIDIA Corp.		78,355,705
3,699	NXP Semiconductors NV		830,943
5,743	ON Semiconductor Corp.*		425,499
3,067	Qnity Electronics, Inc.		366,292
15,444	QUALCOMM, Inc.		2,632,893
2,204	Skyworks Solutions, Inc.		147,690
2,294	Teradyne, Inc.		802,510
13,336	Texas Instruments, Inc.		3,479,496

			167,353,559


Software – 3.8%
5,923	Adobe, Inc.*		1,734,195
3,094	Autodesk, Inc.*		799,892
4,042	Cadence Design Systems, Inc.*		1,369,349
14,919	Crowdstrike Holdings, Inc. Class A*		3,446,289
4,848	Datadog, Inc. Class A*		1,149,170
340	Fair Isaac Corp.*		390,051
9,125	Fortinet, Inc.*		1,559,736
8,076	Gen Digital, Inc.		250,356
4,052	Intuit, Inc.		1,455,884
108,849	Microsoft Corp.		55,218,009
24,864	Oracle Corp.		3,707,720
33,644	Palantir Technologies, Inc. Class A*		6,270,569
11,884	Palo Alto Networks, Inc.*		4,541,233
1,693	PTC, Inc.*		263,668
1,479	Roper Technologies, Inc.		628,042
11,987	Salesforce, Inc.		3,087,132
15,112	ServiceNow, Inc.*		2,236,425
2,807	Synopsys, Inc.*		1,233,929
3,416	Trimble, Inc.*		204,755
618	Tyler Technologies, Inc.*		230,032
2,985	Workday, Inc. Class A*		589,388

			90,365,824


Specialized REITs – 0.3%
6,827	American Tower Corp.		1,199,504
6,395	Crown Castle, Inc.		486,915
5,096	Digital Realty Trust, Inc.		945,767
1,445	Equinix, Inc.		1,512,510
3,096	Extra Space Storage, Inc.		436,846
4,360	Iron Mountain, Inc.		502,926
2,315	Public Storage		710,682
1,554	SBA Communications Corp.		294,732
16,013	VICI Properties, Inc.		410,733
10,565	Weyerhaeuser Co.		246,904

			6,747,519


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

GOLDMAN SACHS STRA TEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments (continued)

August 31, 2026


Shares	Description	Value

Common Stocks – (continued)

Specialty Retail – 0.6%
241	AutoZone, Inc.*	$	720,889
2,871	Best Buy Co., Inc.		230,111
10,496	Carvana Co.*		771,036
14,595	Home Depot, Inc.		4,784,679
8,207	Lowe’s Cos., Inc.		1,679,973
12,143	O’Reilly Automotive, Inc.*		1,078,298
4,720	Ross Stores, Inc.		1,078,709
16,204	TJX Cos., Inc.		2,169,878
7,685	Tractor Supply Co.		268,206
638	Ulta Beauty, Inc.*		342,670
1,725	Williams-Sonoma, Inc.		393,731

			13,518,180


Technology Hardware, Storage & Peripherals – 3.4%
215,214	Apple, Inc.		68,190,556
4,239	Dell Technologies, Inc. Class C		1,933,026
19,442	Hewlett Packard Enterprise Co.		1,015,650
13,401	HP, Inc.		402,298
2,891	NetApp, Inc.		535,673
2,170	Sandisk Corp.*		3,399,739
3,286	Seagate Technology Holdings PLC		2,722,057
8,246	Super Micro Computer, Inc.*		307,411
5,051	Western Digital Corp.		2,275,728

			80,782,138


Textiles, Apparel & Luxury Goods – 0.1%
2,080	Deckers Outdoor Corp.*		181,126
1,534	Lululemon Athletica, Inc.*		184,479
17,576	NIKE, Inc. Class B		686,519
566	Ralph Lauren Corp.		196,345
2,961	Tapestry, Inc.		365,358

			1,613,827


Tobacco – 0.2%
24,469	Altria Group, Inc.		1,675,637
22,838	Philip Morris International, Inc.		4,277,557

			5,953,194


Trading Companies & Distributors – 0.1%
16,822	Fastenal Co.		829,493
918	United Rentals, Inc.		952,884
636	WW Grainger, Inc.		832,835

			2,615,212


Water Utilities – 0.0%
2,861	American Water Works Co., Inc.		395,476


Wireless Telecommunication Services – 0.0%
6,819	T-Mobile U.S., Inc.		1,230,420


TOTAL COMMON STOCKS (Cost $822,519,603)		$	960,924,757


Principal Amount		Interest Rate			Maturity Date	Value

U.S. Treasury Obligations^(b) – 48.3%

U.S. Treasury Bills
$	116,506,100		0.000	%	09/08/26	$	116,424,256
	74,341,100		0.000		09/17/26		74,221,177
	105,810,600		0.000		10/06/26		105,431,256
	67,489,400		0.000		10/15/26		67,183,266
	86,000,000		0.000		10/29/26		85,480,660
	132,304,800		0.000		11/24/26		131,154,983
	100,000,000		0.000		12/03/26		99,029,219
	100,000,000		0.000		12/10/26		98,956,667
	250,971,200		0.000		12/31/26		247,758,201
	133,235,400		0.000		01/21/27		131,233,539

TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,156,867,290)						$	1,156,873,224



Shares	Description	Value

Contingent Value Rights*^(c) – 0.0%

Health Care Equipment & Supplies – 0.0%
3,650	Hologic, Inc.	$	37

TOTAL CONTINGENT VALUE RIGHTS (Cost $36)		$	37



Shares	Dividend Rate	Value

Investment Company^(d)(e) – 6.9%

Goldman Sachs Central Government Fund — Institutional Shares
165,521,707	3.779%	$	165,521,707
(Cost $165,521,707)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 95.3% (Cost $2,144,908,636)		$	2,283,319,725



Securities Lending Reinvestment Vehicle^(d)(e)– 0.0%

Goldman Sachs Financial Square Government Fund — Institutional Shares
48,840	3.585%	$	48,840
(Cost $48,840)

TOTAL INVESTMENTS – 95.3% (Cost $2,144,957,476)		$	2,283,368,565

OTHER ASSETS IN EXCESS OF LIABILITIES – 4.7%			111,595,616

NET ASSETS – 100.0%		$	2,394,964,181

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.


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

(b)

Issued with a zero coupon. Income is recognized through the accretion of discount.

(c)

Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(d)

Rate disclosed is the 1-day net yield as of August 31, 2026.

(e)

Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 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	AUD	49,360,000	USD	34,302,254		09/16/26		$1,060,751
	CAD	7,490,000	USD	5,403,335		09/16/26		4,720
	GBP	14,020,000	USD	18,875,635		09/16/26		121,679
	JPY	1,591,320,000	USD	9,969,634		09/16/26		4,250
	NZD	13,470,000	USD	7,922,771		09/16/26		50,070
	USD	3,941,159	CHF	3,160,000		09/16/26		25,054
	USD	3,180,388	JPY	504,080,000		09/16/26		20,976



TOTAL								$1,287,500



FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss


MS & Co. Int. PLC	CHF	7,060,000	USD	8,902,142		09/16/26		$ (152,869	)
	JPY	847,540,000	USD	5,339,396		09/16/26		(27,287	)
	USD	42,489,924	AUD	59,810,000		09/16/26		(359,779	)
	USD	2,950,704	CAD	4,130,000		09/16/26		(31,307	)
	USD	14,986,222	EUR	12,910,000		09/16/26		(18,775	)
	USD	56,131,517	GBP	41,670,000		09/16/26		(331,970	)
	USD	7,704,583	NZD	13,470,000		09/16/26		(268,258	)



TOTAL								$(1,190,245	)

FUTURES CONTRACTS — At August 31, 2026, the Fund had the following futures contracts:


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



Long position contracts:
10 Year U.S. Treasury Notes	10,199	12/21/26	$	1,097,986,094			$(7,748,313	)
20 Year U.S. Treasury Bonds	23	12/21/26		2,498,375			(20,889	)
Australian 10 Year Government Bonds	34	09/15/26		2,607,540			(5,985	)
Japan 10 Year Government Bonds	17	09/14/26		13,405,258			(21,786	)
S&P 500 E-Mini Index	644	09/18/26		247,907,800			(225,860	)



Total							$(8,022,833	)



Short position contracts:
10 Year U.K. Long Gilt	(56)	12/29/26		(6,536,307	)		25,919
2 Year U.S. Treasury Notes	(77)	12/31/26		(15,803,047	)		37,154
5 Year German Euro-Bund	(109)	09/08/26		(15,605,812	)		107,803


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments (continued)

August 31, 2026

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


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



Short position contracts:

5 Year U.S. Treasury Notes		(23	)		12/31/26		$ (2,431,172	)		$ 12,538

Canada 10 Year Government Bonds		(126	)		12/18/26		(10,654,930	)		55,222



Total										$ 238,636



TOTAL FUTURES CONTRACTS										$(7,784,197	)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 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
S&P 500 Index	$	7,745.000		09/04/2026		142		$ 109,979,000		$ 195,960	$	179,702	$	16,258
S&P 500 Index		7,790.000		09/04/2026		46		35,834,000		20,700		61,986		(41,286	)
S&P 500 Index		7,825.000		09/04/2026		45		35,212,500		6,525		65,765		(59,240	)
S&P 500 Index		7,860.000		09/04/2026		49		38,514,000		1,838		87,069		(85,231	)
S&P 500 Index		7,930.000		09/04/2026		7		5,551,000		70		10,227		(10,157	)
S&P 500 Index		7,940.000		09/04/2026		8		6,352,000		80		21,588		(21,508	)
S&P 500 Index		7,950.000		09/04/2026		10		7,950,000		125		22,710		(22,585	)
S&P 500 Index		7,975.000		09/04/2026		54		43,065,000		540		179,164		(178,624	)
S&P 500 Index		7,785.000		09/11/2026		69		53,716,500		127,995		119,829		8,166
S&P 500 Index		7,825.000		09/11/2026		24		18,780,000		23,160		41,854		(18,694	)
S&P 500 Index		7,860.000		09/11/2026		23		18,078,000		11,615		41,233		(29,618	)
S&P 500 Index		7,890.000		09/11/2026		25		19,725,000		6,875		55,725		(48,850	)
S&P 500 Index		7,970.000		09/11/2026		46		36,662,000		2,760		132,396		(129,636	)
S&P 500 Index		7,835.000		09/18/2026		42		32,907,000		92,610		87,322		5,288
S&P 500 Index		7,870.000		09/18/2026		14		11,018,000		20,580		28,714		(8,134	)
S&P 500 Index		7,900.000		09/18/2026		14		11,060,000		14,070		29,274		(15,204	)
S&P 500 Index		7,935.000		09/18/2026		51		40,468,500		32,130		125,001		(92,871	)
S&P 500 Index		7,860.000		09/25/2026		23		18,078,000		65,205		61,923		3,282
S&P 500 Index		7,900.000		09/25/2026		53		41,870,000		102,290		143,283		(40,993	)



						745			$	725,128	$	1,494,765		$ (769,637	)


Puts
S&P 500 Index		6,200.000		09/01/2026		307		190,340,000		768		74,371		(73,603	)
S&P 500 Index		6,200.000		09/02/2026		304		188,480,000		760		59,964		(59,204	)
S&P 500 Index		6,300.000		09/03/2026		306		192,780,000		1,530		78,719		(77,189	)
S&P 500 Index		6,300.000		09/04/2026		305		192,150,000		2,287		73,886		(71,599	)
S&P 500 Index		6,300.000		09/08/2026		304		191,520,000		4,560		78,204		(73,644	)
S&P 500 Index		6,200.000		09/09/2026		304		188,480,000		6,840		74,479		(67,639	)
S&P 500 Index		6,200.000		09/10/2026		306		189,720,000		9,180		67,415		(58,235	)
S&P 500 Index		6,250.000		09/11/2026		305		190,625,000		13,725		70,455		(56,730	)
S&P 500 Index		6,200.000		09/14/2026		304		188,480,000		17,480		72,190		(54,710	)
S&P 500 Index		6,200.000		09/15/2026		304		188,480,000		22,040		81,244		(59,204	)
S&P 500 Index		6,000.000		09/16/2026		306		183,600,000		22,950		79,479		(56,529	)
S&P 500 Index		6,000.000		09/17/2026		306		183,600,000		27,540		69,539		(41,999	)


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)


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



S&P 500 Index	$	5,850.000		09/18/2026		308		$ 180,180,000		$	25,410		$	73,125			$ (47,715	)
S&P 500 Index		6,000.000		09/21/2026		309		185,400,000			37,852			82,816			(44,964	)
S&P 500 Index		6,000.000		09/22/2026		308		184,800,000			40,810			83,432			(42,622	)
S&P 500 Index		6,000.000		09/23/2026		308		184,800,000			45,430			80,177			(34,747	)
S&P 500 Index		6,000.000		09/24/2026		309		185,400,000			51,758			77,209			(25,451	)
S&P 500 Index		6,100.000		09/25/2026		307		187,270,000			62,935			73,916			(10,981	)
S&P 500 Index		6,200.000		09/28/2026		306		189,720,000			80,325			87,279			(6,954	)
S&P 500 Index		6,000.000		09/29/2026		311		186,600,000			67,642			74,003			(6,361	)



						6,127				$	541,822		$	1,511,902			$ (970,080	)


Total purchased option contracts						6,872				$	1,266,950		$	3,006,667			$(1,739,717	)


Written option contracts
Puts
S&P 500 Index		7,340.000		09/01/2026		(1,237)		(907,958,000	)		(9,278	)		(287,912	)		278,634
S&P 500 Index		7,225.000		09/02/2026		(1,239)		(895,177,500	)		(15,487	)		(152,087	)		136,600
S&P 500 Index		7,425.000		09/03/2026		(1,234)		(916,245,000	)		(86,380	)		(318,064	)		231,684
S&P 500 Index		7,430.000		09/04/2026		(1,228)		(912,404,000	)		(178,060	)		(291,951	)		113,891
S&P 500 Index		7,460.000		09/04/2026		(76)		(56,696,000	)		(14,820	)		(286,644	)		271,824
S&P 500 Index		7,510.000		09/04/2026		(19)		(14,269,000	)		(6,270	)		(71,791	)		65,521
S&P 500 Index		7,530.000		09/04/2026		(18)		(13,554,000	)		(7,470	)		(47,902	)		40,432
S&P 500 Index		7,535.000		09/04/2026		(10)		(7,535,000	)		(4,400	)		(21,890	)		17,490
S&P 500 Index		7,540.000		09/04/2026		(7)		(5,278,000	)		(3,255	)		(26,733	)		23,478
S&P 500 Index		7,545.000		09/04/2026		(23)		(17,353,500	)		(11,385	)		(61,577	)		50,192
S&P 500 Index		7,575.000		09/04/2026		(25)		(18,937,500	)		(18,250	)		(73,485	)		55,235
S&P 500 Index		7,590.000		09/04/2026		(5)		(3,795,000	)		(4,450	)		(14,445	)		9,995
S&P 500 Index		7,615.000		09/04/2026		(101)		(76,911,500	)		(125,240	)		(189,649	)		64,409
S&P 500 Index		7,635.000		09/04/2026		(24)		(18,324,000	)		(39,120	)		(43,165	)		4,045
S&P 500 Index		7,360.000		09/08/2026		(1,246)		(917,056,000	)		(227,395	)		(252,626	)		25,231
S&P 500 Index		7,490.000		09/11/2026		(13)		(9,737,000	)		(15,145	)		(40,527	)		25,382
S&P 500 Index		7,500.000		09/11/2026		(61)		(45,750,000	)		(76,555	)		(222,059	)		145,504
S&P 500 Index		7,510.000		09/11/2026		(11)		(8,261,000	)		(14,795	)		(36,619	)		21,824
S&P 500 Index		7,540.000		09/11/2026		(13)		(9,802,000	)		(21,775	)		(46,427	)		24,652
S&P 500 Index		7,550.000		09/11/2026		(4)		(3,020,000	)		(7,180	)		(13,876	)		6,696
S&P 500 Index		7,570.000		09/11/2026		(51)		(38,607,000	)		(106,335	)		(128,389	)		22,054
S&P 500 Index		7,590.000		09/11/2026		(9)		(6,831,000	)		(21,825	)		(22,431	)		606
S&P 500 Index		7,425.000		09/18/2026		(77)		(57,172,500	)		(143,990	)		(325,813	)		181,823
S&P 500 Index		7,440.000		09/18/2026		(5)		(3,720,000	)		(10,025	)		(17,625	)		7,600
S&P 500 Index		7,445.000		09/18/2026		(7)		(5,211,500	)		(14,315	)		(27,643	)		13,328
S&P 500 Index		7,465.000		09/18/2026		(8)		(5,972,000	)		(17,920	)		(31,352	)		13,432
S&P 500 Index		7,525.000		09/18/2026		(36)		(27,090,000	)		(108,000	)		(116,644	)		8,644
S&P 500 Index		7,540.000		09/18/2026		(6)		(4,524,000	)		(19,440	)		(19,254	)		(186	)
S&P 500 Index		7,410.000		09/25/2026		(77)		(57,057,000	)		(210,210	)		(326,033	)		115,823
S&P 500 Index		7,490.000		09/25/2026		(22)		(16,478,000	)		(81,620	)		(86,128	)		4,508
S&P 500 Index		7,510.000		09/25/2026		(5)		(3,755,000	)		(20,100	)		(19,945	)		(155	)



Total written option contracts						(6,897)				$	(1,640,490	)	$	(3,620,686	)		$ 1,980,196


TOTAL						(25)				$	(373,540	)	$	(614,019	)		$ 240,479


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments (continued)

August 31, 2026

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	$	96.125		09/11/2026		802	$	2,005,000	$	80,200	$	1,032,646		$ (952,446	)
3 Month SOFR		96.375		09/11/2026		1,679		4,197,500		10,494		2,470,706		(2,460,212	)
3 Month SOFR		96.813		09/11/2026		79		197,500		494		51,505		(51,011	)
3 Month SOFR		96.875		09/11/2026		160		400,000		1,000		108,164		(107,164	)
3 Month SOFR		96.125		12/11/2026		818		2,045,000		127,812		1,095,677		(967,865	)
3 Month SOFR		96.500		12/11/2026		806		2,015,000		30,225		1,089,680		(1,059,455	)
3 Month SOFR		96.625		12/11/2026		787		1,967,500		24,594		1,024,643		(1,000,049	)
3 Month SOFR		96.813		12/11/2026		79		197,500		1,975		42,617		(40,642	)
3 Month SOFR		96.875		12/11/2026		79		197,500		1,975		54,961		(52,986	)
3 Month SOFR		96.938		12/11/2026		79		197,500		1,975		51,505		(49,530	)
3 Month SOFR		96.125		03/12/2027		80		200,000		21,000		60,657		(39,657	)
3 Month SOFR		96.250		03/12/2027		78		195,000		15,113		66,453		(51,340	)
3 Month SOFR		96.375		03/12/2027		67		167,500		9,632		68,388		(58,756	)
3 Month SOFR		96.750		03/12/2027		776		1,940,000		67,900		1,095,371		(1,027,471	)
3 Month SOFR		96.875		03/12/2027		792		1,980,000		59,400		1,096,423		(1,037,023	)
3 Month SOFR		97.000		03/12/2027		757		1,892,500		52,044		1,165,371		(1,113,327	)
3 Month SOFR		95.750		06/11/2027		160		400,000		120,000		132,014		(12,014	)
3 Month SOFR		96.000		06/11/2027		79		197,500		38,018		68,291		(30,273	)
3 Month SOFR		96.750		06/11/2027		794		1,985,000		124,062		1,023,830		(899,768	)
3 Month SOFR		96.875		06/11/2027		815		2,037,500		112,063		887,910		(775,847	)
3 Month SOFR		97.000		06/11/2027		810		2,025,000		101,250		980,183		(878,933	)
3 Month SOFR		96.875		09/10/2027		1,637		4,092,500		327,400		1,608,783		(1,281,383	)
3 Month SOFR		97.000		09/10/2027		836		2,090,000		146,300		837,639		(691,339	)
3 Month SOFR		96.625		12/10/2027		1,550		3,875,000		552,187		1,785,882		(1,233,695	)
3 Month SOFR		97.000		12/10/2027		821		2,052,500		194,988		914,972		(719,984	)
3 Month SOFR		95.875		03/10/2028		816		2,040,000		856,800		1,041,999		(185,199	)
3 Month SOFR		96.250		03/10/2028		1,636		4,090,000		1,114,525		1,955,843		(841,318	)
3 Month SOFR		96.375		03/10/2028		816		2,040,000		484,500		1,103,199		(618,699	)
3 Month SOFR		95.875		06/16/2028		836		2,090,000		982,299		983,938		(1,639	)



						19,524	$	48,810,000	$	5,660,225	$	23,899,250		$(18,239,025	)


Puts
3 Month SOFR		96.125		09/11/2026		802		2,005,000		80,200		1,226,121		(1,145,921	)
3 Month SOFR		96.375		09/11/2026		1,679		4,197,500		1,049,375		2,539,225		(1,489,850	)
3 Month SOFR		96.813		09/11/2026		79		197,500		135,781		51,505		84,276
3 Month SOFR		96.875		09/11/2026		160		400,000		300,000		112,576		187,424
3 Month SOFR		96.125		12/11/2026		818		2,045,000		552,150		1,238,828		(686,678	)
3 Month SOFR		96.500		12/11/2026		806		2,015,000		1,203,963		1,200,505		3,458
3 Month SOFR		96.625		12/11/2026		787		1,967,500		1,411,681		1,184,144		227,537
3 Month SOFR		96.813		12/11/2026		79		197,500		178,244		41,630		136,614
3 Month SOFR		96.875		12/11/2026		79		197,500		190,588		47,555		143,033
3 Month SOFR		96.938		12/11/2026		79		197,500		202,931		51,505		151,426
3 Month SOFR		96.125		03/12/2027		80		200,000		88,000		63,657		24,343
3 Month SOFR		96.250		03/12/2027		78		195,000		104,325		64,503		39,822
3 Month SOFR		96.375		03/12/2027		67		167,500		107,200		65,038		42,162
3 Month SOFR		96.750		03/12/2027		776		1,940,000		1,920,600		1,078,221		842,379
3 Month SOFR		96.875		03/12/2027		792		1,980,000		2,192,850		951,952		1,240,898
3 Month SOFR		97.000		03/12/2027		757		1,892,500		2,327,775		1,174,834		1,152,941
3 Month SOFR		95.750		06/11/2027		160		400,000		130,000		130,776		(776	)
3 Month SOFR		96.000		06/11/2027		79		197,500		91,343		74,217		17,126


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

GOLDMAN SACHS STRATEGIC FACTOR 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	$	96.750		06/11/2027		794	$	1,985,000		$	2,123,950		$	954,356		$	1,169,594
3 Month SOFR		96.875		06/11/2027		815		2,037,500			2,414,438			826,785			1,587,653
3 Month SOFR		97.000		06/11/2027		810		2,025,000			2,642,625			892,588			1,750,037
3 Month SOFR		96.875		09/10/2027		1,637		4,092,500			4,931,463			1,752,634			3,178,829
3 Month SOFR		97.000		09/10/2027		836		2,090,000			2,753,575			931,689			1,821,886
3 Month SOFR		96.625		12/10/2027		1,550		3,875,000			3,787,813			1,697,783			2,090,030
3 Month SOFR		97.000		12/10/2027		821		2,052,500			2,663,119			863,659			1,799,460
3 Month SOFR		95.875		03/10/2028		816		2,040,000			1,004,700			980,799			23,901
3 Month SOFR		96.250		03/10/2028		1,636		4,090,000			2,883,450			2,162,812			720,638
3 Month SOFR		96.375		03/10/2028		816		2,040,000			1,611,600			1,001,199			610,401
3 Month SOFR		95.875		06/16/2028		836		2,090,000			1,086,799			1,088,438			(1,639	)



						19,524	$	48,810,000		$	40,170,538		$	24,449,534		$	15,721,004



Total purchased option contracts						39,048	$	97,620,000		$	45,830,763		$	48,348,784		$	(2,518,021	)



Written option contracts
Calls
10 Year U.S. Treasury Notes		109.000		09/02/2026		(363)		(363,000	)		(363	)		(4,964	)		4,601
10 Year U.S. Treasury Notes		109.250		09/02/2026		(727)		(727,000	)		(727	)		(9,949	)		9,222
10 Year U.S. Treasury Notes		109.500		09/02/2026		(728)		(728,000	)		(728	)		(15,643	)		14,915
10 Year U.S. Treasury Notes		109.750		09/02/2026		(364)		(364,000	)		(364	)		(4,978	)		4,614
10 Year U.S. Treasury Notes		108.750		09/04/2026		(364)		(364,000	)		(5,687	)		(10,665	)		4,978
10 Year U.S. Treasury Notes		109.250		09/04/2026		(364)		(364,000	)		(2,548	)		(4,977	)		2,429
10 Year U.S. Treasury Notes		108.500		09/09/2026		(371)		(371,000	)		(11,593	)		(10,870	)		(723	)
10 Year U.S. Treasury Notes		108.750		09/09/2026		(371)		(371,000	)		(5,797	)		(5,073	)		(724	)



						(3,652)	$	(3,652,000	)	$	(27,807	)	$	(67,119	)	$	39,312



Puts
10 Year U.S. Treasury Notes		107.250		09/02/2026		(364)		(364,000	)		(5,688	)		(4,978	)		(710	)
10 Year U.S. Treasury Notes		107.500		09/02/2026		(727)		(727,000	)		(56,797	)		(21,285	)		(35,512	)
10 Year U.S. Treasury Notes		107.750		09/02/2026		(1,090)		(1,090,000	)		(204,375	)		(60,312	)		(144,063	)
10 Year U.S. Treasury Notes		106.750		09/04/2026		(364)		(364,000	)		(5,688	)		(4,978	)		(710	)
10 Year U.S. Treasury Notes		107.000		09/04/2026		(364)		(364,000	)		(11,375	)		(10,665	)		(710	)
10 Year U.S. Treasury Notes		106.250		09/09/2026		(371)		(371,000	)		(5,797	)		(5,073	)		(724	)
10 Year U.S. Treasury Notes		106.750		09/09/2026		(371)		(371,000	)		(23,187	)		(22,464	)		(723	)


						(3,651)	$	(3,651,000	)	$	(312,907	)	$	129,755	)	$	(183,152	)



Total written option contracts						(7,303)	$	(7,303,000	)	$	(340,714	)	$	(196,874	)	$	(143,840	)



TOTAL						31,745	$	90,317,000		$	45,490,049		$	48,151,910		$	(2,661,861	)



Currency Abbreviations:
AUD		—Australian Dollar
CAD		—Canadian Dollar
CHF		—Swiss Franc
EUR		—Euro
GBP		—British Pound
JPY		—Japanese Yen
NZD		—New Zealand Dollar
USD		—U.S. Dollar


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments (continued)

August 31, 2026

ADDITIONAL INVESTMENT INFORMATION (continued)



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust



Abbreviations:
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

Consolidated Schedule of Investments

August 31, 2026


Principal Amount		Interest Rate			Maturity Date	Value

U.S. Treasury Obligations^(a) – 80.2%

U.S. Treasury Bills
$	22,875,600		0.000	%	09/22/26	$	22,827,082
	39,682,500		0.000		09/29/26		39,568,652
	21,559,800		0.000		10/06/26		21,482,506
	37,917,700		0.000		10/15/26		37,745,704
	27,000,000		0.000		10/29/26		26,836,951
	17,640,500		0.000		11/12/26		17,508,774
	25,000,000		0.000		11/24/26		24,782,733
	19,551,600		0.000		12/01/26		19,367,640
	38,960,600		0.000		12/03/26		38,582,378
	19,566,700		0.000		12/08/26		19,366,798
	24,088,000		0.000		12/10/26		23,836,682
	15,740,500		0.000		12/15/26		15,567,481
	19,584,900		0.000		12/17/26		19,365,809
	19,596,300		0.000		12/22/26		19,365,077
	41,835,200		0.000		12/24/26		41,332,318
	43,002,000		0.000		12/31/26		42,451,477
	19,629,400		0.000		01/07/27		19,364,663
	19,690,500		0.000		02/04/27		19,363,509
	43,252,200		0.000		02/11/27		42,499,219

TOTAL U.S. TREASURY OBLIGATIONS (Cost $511,292,378)						$	511,215,453


Shares		Dividend Rate	Value

	Investment Company^(b)(c) – 14.9%

	Goldman Sachs Central Government Fund — Institutional Shares
	94,738,469	3.779%	$	94,738,469
	(Cost $94,738,469)


	TOTAL INVESTMENTS – 95.1% (Cost $606,030,847)		$	605,953,922


	OTHER ASSETS IN EXCESS OF LIABILITIES – 4.9%			31,343,907


	NET ASSETS – 100.0%		$	637,297,829


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

(a)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(b)		Ratedisclosed is the 1 -day net yield as of August 31, 2026.

(c)		Representsan affiliated issuer.



		ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2026, the Fund had the following futures contracts:


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



Long position contracts:
2 Year U.S. Treasury Notes		2,097		12/31/26		$	430,376,486			$	(885,906)
5 Year U.S. Treasury Notes		1,948		12/31/26			205,909,688				(1,052,534)
S&P 500 E-Mini Index		21		09/18/26			8,083,950				(7,969)



Total										$	(1,946,409)



Short position contracts:
10 Year U.S. Treasury Notes		(1,379)		12/21/26			(148,457,969	)			131,822



TOTAL FUTURES CONTRACTS										$	(1,814,587)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 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
Puts
S&P 500 Index	$ 6,200.000	09/01/2026		119	$	73,780,000	$	298		$ 28,828		$ (28,530	)
S&P 500 Index	6,200.000	09/02/2026		117		72,540,000		292		23,078		(22,786	)
S&P 500 Index	6,300.000	09/03/2026		119		74,970,000		595		30,613		(30,018	)
S&P 500 Index	6,300.000	09/04/2026		118		74,340,000		885		28,586		(27,701	)


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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

Consolidated Schedule of Investments (continued)

August 31, 2026

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)


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


S&P 500 Index		$	6,300.000		09/08/2026		118			$	74,340,000			$	1,771			$ 30,356			$ (28,585)
S&P 500 Index			6,200.000		09/09/2026		120				74,400,000				2,700			29,400			(26,700)
S&P 500 Index			6,200.000		09/10/2026		121				75,020,000				3,630			26,657			(23,027)
S&P 500 Index			6,250.000		09/11/2026		120				75,000,000				5,400			27,720			(22,320)
S&P 500 Index			6,200.000		09/14/2026		119				73,780,000				6,842			28,258			(21,416)
S&P 500 Index			6,200.000		09/15/2026		120				74,400,000				8,700			32,070			(23,370)
S&P 500 Index			6,000.000		09/16/2026		121				72,600,000				9,075			31,428			(22,353)
S&P 500 Index			6,000.000		09/17/2026		122				73,200,000				10,980			27,725			(16,745)
S&P 500 Index			5,850.000		09/18/2026		122				71,370,000				10,065			28,965			(18,900)
S&P 500 Index			6,000.000		09/21/2026		123				73,800,000				15,068			32,966			(17,898)
S&P 500 Index			6,000.000		09/22/2026		123				73,800,000				16,298			33,319			(17,021)
S&P 500 Index			6,000.000		09/23/2026		123				73,800,000				18,143			32,019			(13,876)
S&P 500 Index			6,000.000		09/24/2026		123				73,800,000				20,602			30,733			(10,131)
S&P 500 Index			6,100.000		09/25/2026		123				75,030,000				25,215			29,614			(4,399)
S&P 500 Index			6,200.000		09/28/2026		123				76,260,000				32,288			35,083			(2,795)
S&P 500 Index			6,000.000		09/29/2026		124				74,400,000				26,970			29,506			(2,536)



Total purchased option contracts							2,418							$	215,817			$ 596,924			$ (381,107)



Written option contracts
Puts
S&P 500 Index			7,340.000		09/01/2026		(495	)			(363,330,000	)			(3,712	)		(115,211	)		111,499
S&P 500 Index			7,225.000		09/02/2026		(495	)			(357,637,500	)			(6,188	)		(60,761	)		54,573
S&P 500 Index			7,425.000		09/03/2026		(496	)			(368,280,000	)			(34,720	)		(127,844	)		93,124
S&P 500 Index			7,430.000		09/04/2026		(496	)			(368,528,000	)			(71,920	)		(117,922	)		46,002
S&P 500 Index			7,360.000		09/08/2026		(495	)			(364,320,000	)			(90,337	)		(100,361	)		10,024



Total written option contracts							(2,477	)						$	(206,877	)		$(522,099	)		$ 315,222



TOTAL							(59	)						$	8,940			$ 74,825			$ (65,885)

EXCHANGE TRADED OPTIONS ON FUTURES


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



Purchased option contracts
Calls
3 Month SOFR		$	96.125	03/12/2027		96	$	240,000	$	25,200		$ 72,788		$ (47,588)
3 Month SOFR			96.250	03/12/2027		92		230,000		17,825		78,380		(60,555)
3 Month SOFR			95.750	06/11/2027		212		530,000		159,000		174,416		(15,416)
3 Month SOFR			96.000	06/11/2027		98		245,000		47,162		84,717		(37,555)



						498	$	1,245,000	$	249,187		$410,301		$(161,114)



Puts
3 Month SOFR			96.125	03/12/2027		96		240,000		105,600		76,388		29,212
3 Month SOFR			96.250	03/12/2027		92		230,000		123,050		76,080		46,970
3 Month SOFR			95.750	06/11/2027		212		530,000		172,250		173,216		(966)


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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM 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		$ 96.000		06/11/2027		98			$	245,000			$	113,312			$ 92,066			$ 21,246


						498			$	1,245,000			$	514,212			$ 417,750			$ 96,462



Total purchased option contracts						996			$	2,490,000			$	763,399			$ 828,051			$ (64,652	)



Written option contracts
Calls
10 Year U.S. Treasury Notes		109.000		09/02/2026		(487	)			(487,000	)			(487	)		(6,660	)		6,173
10 Year U.S. Treasury Notes		109.250		09/02/2026		(973	)			(973,000	)			(973	)		(13,316	)		12,343
10 Year U.S. Treasury Notes		109.500		09/02/2026		(969	)			(969,000	)			(969	)		(20,845	)		19,876
10 Year U.S. Treasury Notes		109.750		09/02/2026		(486	)			(486,000	)			(486	)		(6,646	)		6,160
10 Year U.S. Treasury Notes		108.750		09/04/2026		(490	)			(490,000	)			(7,656	)		(14,357	)		6,701
10 Year U.S. Treasury Notes		109.250		09/04/2026		(490	)			(490,000	)			(3,430	)		(6,701	)		3,271
10 Year U.S. Treasury Notes		108.500		09/09/2026		(492	)			(492,000	)			(15,375	)		(14,416	)		(959	)
10 Year U.S. Treasury Notes		108.750		09/09/2026		(492	)			(492,000	)			(7,687	)		(6,727	)		(960	)


						(4,879	)		$	(4,879,000	)		$	(37,063	)		$(89,668	)		$ 52,605



Puts
10 Year U.S. Treasury Notes		107.250		09/02/2026		(486	)			(486,000	)			(7,594	)		(6,646	)		(948	)
10 Year U.S. Treasury Notes		107.500		09/02/2026		(973	)			(973,000	)			(76,015	)		(28,487	)		(47,528	)
10 Year U.S. Treasury Notes		107.750		09/02/2026		(1,459	)			(1,459,000	)			(273,564	)		(80,749	)		(192,815	)
10 Year U.S. Treasury Notes		106.750		09/04/2026		(490	)			(490,000	)			(7,657	)		(6,701	)		(956	)
10 Year U.S. Treasury Notes		107.000		09/04/2026		(490	)			(490,000	)			(15,313	)		(14,357	)		(956	)
10 Year U.S. Treasury Notes		106.250		09/09/2026		(492	)			(492,000	)			(7,687	)		(6,728	)		(959	)
10 Year U.S. Treasury Notes		106.750		09/09/2026		(492	)			(492,000	)			(30,750	)		(29,791	)		(959	)


						(4,882	)		$	(4,882,000	)		$	(418,580	)		$(173,459	)		$(245,121	)



Total written option contracts						(9,761	)		$	(9,761,000	)		$	(455,643	)		$(263,127	)		$(192,516	)



TOTAL						(8,765	)		$	(7,271,000	)		$	307,756			$ 564,924			$(257,168	)




Abbreviation:
SOFR —Secured Overnight Financing Rate


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments

August 31, 2026


Principal Amount		Interest Rate		Maturity Date	Value

Sovereign Debt Obligations – 2.5%

British Pound – 2.5%
U.K. Gilts
GBP	99,110,000		4.125%	03/07/31	$	131,628,381
(Cost $128,617,152)




Agency Debentures^(a)(b) – 1.3%

Sovereign – 1.3%
Federal Home Loan Banks (Secured Overnight Financing Rate + 0.180%)
$	69,835,000		3.830%	10/08/27	$	69,843,576
(Cost $69,835,000)




U.S. Treasury Obligations – 12.9%

U.S. Treasury Bills^(c)
$	3,660,300		0.000%	12/24/26	$	3,616,301
	70,310,100		0.000	01/14/27		69,307,548
U.S. Treasury Floating Rate Notes^(b) (3 mo. Treasury money market yield + 0.098%)
	30,439,900		3.904	01/31/27		30,453,307
(3 mo. Treasury money market yield + 0.190%)
	87,315,000		3.996	10/31/27		87,478,898
(3 mo. Treasury money market yield + 0.103%)
	20,204,900		3.909	04/30/28		20,221,531
U.S. Treasury Inflation-Indexed Notes
	469,465,031		1.250	04/15/31		450,943,171
U.S. Treasury Notes
	588,200		0.875	09/30/26		586,822
	204,600		3.500	09/30/26		204,528
	9,340,800		4.125	02/28/27		9,346,638

TOTAL U.S. TREASURY OBLIGATIONS (Cost $675,752,825)					$	672,158,744



Shares		Description	Value

Exchange Traded Funds – 4.2%

	1,410,482	Goldman Sachs Access Treasury 0-1 Year ETF^(d)	$	141,273,877
	327,878	Invesco DB Commodity Index Tracking Fund		10,262,581
	100,050	iShares Core MSCI Emerging Markets ETF		8,177,087
	10,238	iShares Core S&P 500 ETF		7,890,836
	17,910	iShares Gold Trust		1,499,246
	671,373	iShares MSCI Mexico ETF^(e)		51,507,737

TOTAL EXCHANGE TRADED FUNDS (Cost $210,441,116)			$	220,611,364


Shares	Dividend Rate	Value

Investment Companies – 31.0%

Goldman Sachs Central Government Fund — Institutional Shares
1,574,629,788	3.779%^(d)(f)	$	1,574,629,788
Sprott Physical Uranium Trust
2,122,599			42,621,978

TOTAL INVESTMENT COMPANIES (Cost $1,603,062,278)		$	1,617,251,766

TOTAL INVESTMENTS BEFORE SHORT- TERM INVESTMENTS – 51.9% (Cost $2,687,708,371)		$	2,711,493,831


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – 46.8%

Certificates of Deposit – 8.9%
Atlantic Asset Securitization LLC^(g)
$	898,000		3.890	%	09/01/26	$	898,000
Banco Bilbao Vizcaya Argentaria SA
	17,300,000		4.320		06/02/27		17,275,410
Barclays Bank PLC
	10,000,000		3.990		09/25/26		10,001,742
	2,900,000		3.960		10/08/26		2,900,542
	31,000,000		3.930		12/10/26		30,980,969
	3,625,000		4.040	^(g)	05/05/27		3,626,404
Barton Capital SA^(g)
	25,000,000		3.950		02/24/27		24,999,977
Bay Square Funding LLC^(g)
	2,360,000		3.910		12/07/26		2,360,036
Bayerische Landesbank^(b)(Secured Overnight Financing Rate + 0.350%)
	20,997,000		3.990		01/26/27		21,007,261
City of San Antonio
	40,000,000		3.950		10/14/26		39,996,688
Cooperatieve Rabobank UA
	38,400,000		4.000		03/18/27		38,336,532
Credit Industriel et Commercial
	22,000,000		3.850		01/26/27		21,974,854
	12,716,600		4.500		08/27/27		12,730,664
(Secured Overnight Financing Rate + 0.280%)
	6,942,000		3.930		02/22/27		6,941,993
Deutsche Bank AG (Secured Overnight Financing Rate + 0.380%)
	6,000,000		4.037		08/20/27		5,999,923
ING U.S. Funding LLC^(g)
	7,054,000		3.910		11/05/26		7,055,553
Kookmin Bank (Secured Overnight Financing Rate + 0.450%)
	21,502,000		4,100		02/08/27		21,511,964
Liberty Street Funding LLC^(g)
	7,229,000		3.910		02/08/27		7,228,746
Lloyds Bank Corporate Markets PLC
	4,484,000		4.130		04/27/27		4,477,615
Mitsubishi UFJ Trust & Banking Corp. (Secured Overnight Financing Rate + 0.320%)
	23,454,000		3.970		02/24/27		23,459,648
National Bank of Canada^(g)
	25,000,000		3.970		08/20/27		25,000,540


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND


Principal Amount		Interest Rate	Maturity Date	Value

Short-term Investments – (continued)

Certificates of Deposit – (continued)
National Bank of Kuwait^(a)
(Secured Overnight Financing Rate + 0.530%)
$	4,108,000	4.180%	11/06/26	$	4,110,345
(Secured Overnight Financing Rate + 0.600%)
	36,885,000	4.250^(b)	12/11/26		36,908,009
	14,371,000	4.250^(b)	01/14/27		14,380,988
Natixis SA^(b) (Secured Overnight Financing Rate + 0.400%)
	13,543,000	4.050	12/04/26		13,551,497
Park Avenue Collateralized Notes Co. LLC
	9,772,000	4.200	01/13/27		9,771,771
Podium Funding Trust
	10,000,000	3.870	09/03/26		10,000,088
UBS AG ^(g)
	15,622,000	3.965	12/17/26		15,622,565
Wells Fargo Bank NA
	7,978,000	3.750	12/03/26		7,972,651
	7,121,000	4.060	04/16/27		7,111,515
Westpac Banking Corp.^(g)
	13,245,000	3.950	10/14/26		13,248,229

					461,442,719


Commercial Paper^(c) – 37.9%
Albion Capital Corp. SA/Albion Capital LLC
	13,842,000	0.000	10/15/26		13,775,473
	10,000,000	0.000	10/26/26		9,939,904
	9,750,000	0.000	11/16/26		9,667,995
	8,824,000	0.000	11/23/26		8,742,508
Alimentation Couche-Tard, Inc.^(g)
	30,000,000	0.000	09/03/26		29,990,403
Antalis SA^(g)
	2,062,000	0.000	11/05/26		2,047,211
	14,709,000	0.000	12/16/26		14,534,141
	19,000,000	0.000	01/21/27		18,692,954
Archer-Daniels-Midland Co.^(g)
	28,633,000	0.000	09/21/26		28,571,296
ARES Capital Corp.^(g)
	8,367,000	0.000	09/14/26		8,353,385
Ascension Health Alliance
	10,000,000	0.000	09/02/26		9,997,869
	20,000,000	0.000	09/16/26		19,965,604
Atlantic Asset Securitization LLC^(g)
	7,750,000	0.000	10/20/26		7,708,559
Australia & New Zealand Banking Group Ltd.^(g)
	14,523,000	0.000	02/23/27		14,234,592
Banco Bilbao Vizcaya Argentaria SA
	11,165,000	0.000	05/05/27		10,838,525
Bank of America NA
	18,758,000	0.000	04/15/27		18,715,701
Barclays Bank PLC^(g)
	7,184,000	0.000	09/04/26		7,181,067
	5,701,000	0.000	10/13/26		5,675,343
Bay Square Funding LLC^(g)
	29,606,000	0.000	09/16/26		29,557,064
	2,057,000	0.000	10/05/26		2,049,380
	2,057,000	0.000	10/06/26		2,049,159
	895,000	0.000	10/09/26		891,298
	2,057,000	0.000	11/09/26		2,041,468


	Principal Amount	Interest Rate	Maturity Date	Value

Short-term Investments – (continued)

Commercial Paper^(c) – (continued)
Bayer Corp.
$	17,945,000	0.000%	12/08/26	$ 17,739,661
BofA Securities, Inc.
	3,551,000	0.000	07/23/27	3,411,855
Caisse d’Amortissement de la Dette Sociale^(g)
	19,251,000	0.000	02/11/27	18,895,994
Cancara Asset Securitisation LLC
	8,000,000	0.000	11/17/26	7,932,366
Carrier Global Corp.
	12,890,000	0.000	09/08/26	12,878,966
Charles Schwab& Co.,Inc.^(g)
	16,308,000	0.000	11/24/26	16,155,264
Charles Schwab Corp.^(g)
	14,750,000	0.000	12/08/26	14,591,644
Clipper Funding Co. LLC^(g)
	50,000,000	0.000	02/10/27	49,066,900
Columbia Funding Co. LLC^(g)
	16,014,000	0.000	10/07/26	15,951,227
	6,845,000		10/26/26	6,803,985
	13,857,000		11/16/26	13,741,419
Commonwealth Bank of Australia^(g)
	6,951,000	0.000	07/16/27	6,686,330
Cpde InvestmentCo. LLC^(g)
	25,000,000	0.000	09/04/26	24,989,635
	30,000,000		11/03/26	29,793,030
Deaconess Hospital Obligated Group
	10,000,000	0.000	11/05/26	9,928,940
Deutsche Bank AG
	10,000,000	0.000	11/09/26	9,925,248
	8,000,000	0.000	11/16/26	7,933,993
DNB Bank ASA^(g)
	14,179,000	0.000	03/25/27	13,845,340
	7,218,000 0.000	0.000	08/11/27	6,924,679
eBay, Inc.^(g)
	7,846,000	0.000	01/12/27	7,727,585
EIDP, Inc.^(g)
	25,000,000	0.000	09/01/26	24,997,297
	8,333,000		09/22/26	8,313,228
Electricite de France SA^(g)
	30,000,000	0.000	11/23/26	29,721,960
Enbridge, Inc.^(g)
	13,486,000	0.000	10/01/26	13,440,594
Fidelity National Information Services, Inc.^(g)
	35,000,000	0.000	09/04/26	34,985,062
	33,000,000	0.000	09/21/26	32,925,301
General Motors Financial Co., Inc.^(g)
	3,100,000	0.000	09/09/26	3,097,057
	5,582,000	0.000	02/26/27	5,462,681
Glencore Funding LLC^(g)
	34,250,000	0.000	12/22/26	33,800,226
HCA, Inc.^(g)
	1,406,000	0.000	10/05/26	1,400,206
Honeywell International, Inc.^(g)
	25,000,000	0.000	09/21/26	24,945,250
	10,000,000	0.000	10/16/26	9,951,410
HSBC USA, Inc.^(g)
	8,386,000	0.000	07/01/27	8,079,467


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

August 31, 2026


	Principal Amount	Interest Rate	Maturity Date	Value

Short-term Investments – (continued)

Commercial Paper^(c) – (continued)
Jackson National Life Short Term Funding LLC^(g)
$	11,216,000	0.000%	09/10/26	$ 11,204,495
	14,522,000	0.000	10/22/26	14,441,368
	11,598,000	0.000	11/30/26	11,482,715
	15,022,000	0.000	01/12/27	14,797,035
La Fayette Asset Securitization LLC^(g)
	23,000,000	0.000	11/13/26	22,815,963
Lime Funding LLC^(g)
	2,563,000	0.000	10/01/26	2,554,606
Lloyds Bank PLC
	6,538,000	0.000	10/19/26	6,504,300
LMA-Americas LLC^(g)
	7,952,000	0.000	09/24/26	7,931,994
	1,895,000	0.000	10/23/26	1,884,214
	1,763,000	0.000	10/29/26	1,751,795
	7,000,000	0.000	11/04/26	6,950,814
	12,311,000	0.000	11/06/26	12,221,727
	25,000,000	0.000	02/12/27	24,530,782
LVMH Moet Hennessy Louis Vuitton SE^(g)
	15,000,000	0.000	01/11/27	14,784,818
Macquarie Bank Ltd.^(g)
	6,909,000	0.000	03/31/27	6,735,820
	3,958,000	0.000	05/12/27	3,838,744
	5,419,000	0.000	07/20/27	5,208,248
Macquarie Group Ltd.
	16,000,000	0.000	10/06/26	15,937,440
McCormick & Co., Inc.^(g)
	4,438,000	0.000	10/06/26	4,420,647
Medtronic Global Holdings SCA^(g)
	30,000,000	0.000	09/17/26	29,946,018
Mercy Health
	5,000,000	0.000	09/02/26	4,998,973
	25,000,000	0.000	09/17/26	24,955,720
Mitsubishi UFJ Trust & Banking Corp.
	5,000,000	0.000	10/20/26	4,973,109
	4,000,000	0.000	11/25/26	3,961,752
	4,000,000	0.000	11/27/26	3,960,782
Mizuho Bank Ltd.
	18,000,000	0.000	10/01/26	17,943,421
	16,000,000	0.000	01/05/27	15,775,754
Mondelez International, Inc.^(g)
	30,000,000	0.000	09/14/26	29,955,483
Mont Blanc Capital Corp.^(g)
	25,766,000	0.000	12/08/26	25,486,045
MultiCare Health System
	30,000,000	0.000	09/24/26	29,922,261
	13,000,000	0.000	10/06/26	12,949,274
National Bank of Canada^(g)
	3,091,000	0.000	08/30/27	2,956,949
National Westminster Bank PLC^(g)
	4,335,000	0.000	05/20/27	4,203,433
	3,208,000	0.000	08/06/27	3,079,570
NatWest Markets PLC^(g)
	6,247,000	0.000	04/21/27	6,079,419
Nieuw Amsterdam Receivables Corp. BV ^(g)
	18,739,000	0.000	09/17/26	18,705,963
Oesterreichische Kontrollbank AG
	45,000,000	0.000	09/21/26	44,903,070


	Principal Amount	Interest Rate		Maturity Date	Value

Short – term Investments – (continued)

Commercial Paper^(c) – (continued)
Old Line Funding LLC^(g)
$	25,000,000		0.000%	05/19/27	$ 24,237,845
Pacific Life Short Term Funding LLC^(g)
	21,518,000		0.000	06/15/27	20,789,594
Paradelle Funding LLC
	12,233,000		0.000	04/08/27	11,923,588
Podium Funding Trust
	4,308,000		0.000	09/01/26	4,307,557
	20,000,000		0.000	10/07/26	19,922,170
	4,307,000		0.000	10/21/26	4,283,722
PPG Industries, Inc.
	21,004,000		0.000	09/01/26	21,001,763
Pure Grove Funding^(g)
	30,000,000		0.000	11/06/26	29,780,910
	31,866,000		0.000	02/01/27	31,307,743
Ridgefield Funding Co. LLC^(g)
	17,809,000		0.000	10/08/26	17,737,265
Royal Bank of Canada^(g)
	7,828,000		0.000	03/12/27	7,656,164
	14,954,000		0.000	06/14/27	14,453,808
RTX Corp.^(g)
	25,000,000		0.000	09/25/26	24,934,332
RWE AG^(g)
	14,996,000		0.000	04/19/27	14,585,591
	21,917,000		0.000	04/20/27	21,314,427
Salisbury Receivables Co. LLC^(g)
	8,235,000		0.000	10/06/26	8,203,608
	17,761,000		0.000	11/17/26	17,610,843
Sanofi SA^(g)
	30,000,000		0.000	09/22/26	29,932,767
ServiceNow, Inc.^(g)
	19,205,000		0.000	01/27/27	18,884,826
	15,000,000		0.000	02/16/27	14,713,100
Starbird Funding Corp.^(g)
	15,749,000		0.000	11/02/26	15,642,423
Sumitomo Mitsui Banking Corp.
	7,000,000		0.000	11/02/26	6,952,404
	14,000,000		0.000	01/04/27	13,802,513
	12,000,000		0.000	01/06/27	11,826,246
Sumitomo Mitsui Trust Bank Ltd.
	7,000,000		0.000	09/28/26	6,979,589
	4,000,000		0.000	09/29/26	3,987,921
	17,000,000		0.000	11/18/26	16,852,957
Svenska Handelsbanken AB^(g)
	12,684,000		0.000	03/22/27	12,390,000
SwedbankAB^(g)
	11,468,000 0.000		0.000	03/23/27	11,200,807
Thomas Jefferson University
	15,000,000		0.000	09/01/26	14,998,403
	12,735,000		0.000	11/17/26	12,624,095
Thunder Bay Funding LLC^(g)
	24,000,000		0.000	06/09/27	23,212,735
Toronto-Dominion Bank^(g)
	6,157,000		0.000	04/07/27	6,001,874
TotalEnergies Capital SA^(g)
	15,000,000		0.000	09/02/26	14,996,927
	30,000,000		0.000	09/30/26	29,906,001


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – (continued)

Commercial Paper^(c) – (continued)
Toyota Motor Credit Corp.
$	25,000,000		0.000	%	05/03/27	$	24,297,517
UBS AG
	6,300,000		0.000		03/19/27		6,297,685
Versailles Commercial Paper LLC
	2,504,000		0.000		12/01/26		2,478,621
	1,669,000		0.000		12/02/26		1,651,887
VW Credit, Inc.^(g)
	25,118,000		0.000		09/24/26		25,051,616
Walmart, Inc.^(g)
	45,000,000		0.000		09/14/26		44,935,713
Walt Disney Co.^(g)
	19,314,000		0.000		01/07/27		19,042,080
	5,652,000		0.000		01/12/27		5,569,237
	16,493,000		0.000		01/28/27		16,221,553

							1,980,521,647

TOTAL SHORT-TERM INVESTMENTS (Cost $2,442,493,937)						$	2,441,964,366

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 98.7% (Cost$5,130,202,308)						$	5,153,458,197



Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(d)(f) – 0.4%

Goldman Sachs Financial Square Government Fund – Institutional Shares
22,680,491	3.585%	$	22,680,491
(Cost$22,680,491)

TOTAL INVESTMENTS – 99.1% (Cost$5,152,882,799)		$	5,176,138,688

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%			47,439,337

NET ASSETS – 100.0%		$	5,223,578,025

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

(a)

Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(b)

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

(c)

Issued with a zero coupon. Income is recognized through the accretion of discount.

(d)

Represents an affiliated issuer.

(e)

All or a portion of security is on loan.

(f)

Rate disclosed is the 1-day net yield as of August 31, 2026.

(g)

Exempt from registration under Rule 144A of the Securities Act of 1933.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 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

BofA Securities LLC

TRY

722,830,000

USD

13,925,214

09/16/26

$ 865,923

JPMorgan Securities, Inc.

TRY

1,025,970,000

USD

19,779,450

09/16/26

1,214,785

MS & Co. Int. PLC

INR

12,521,000,000

USD

129,242,723

09/16/26

2,245,497

INR

12,521,000,001

USD

130,054,037

12/16/26

409,741


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

August 31, 2026

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)	TRY	1,050,000,000	USD	20,219,916		09/16/26		$1,266,041



TOTAL								$6,001,987



FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss


BofA Securities LLC	USD	14,153,295	TRY	722,830,000		09/16/26	$	(637,842	)
JPMorgan Securities, Inc.	USD	19,929,487	TRY	1,025,970,000		09/16/26		(1,064,748	)
MS & Co. Int. PLC	USD	65,235,804	EUR	56,870,000		09/16/26		(862,892	)
	USD	132,684,976	GBP	99,618,221		10/08/26		(2,305,083	)
	USD	131,092,744	INR	12,521,000,001		09/16/26		(395,476	)
	USD	54,834,888	MXN	955,500,000		09/17/26		(1,309,058	)
	USD	65,276,280	SGD	83,900,000		09/16/26		(800,059	)
	USD	20,519,234	TRY	1,050,000,000		09/16/26		(966,722	)



TOTAL							$	(8,341,880	)

FUTURES CONTRACTS — At August 31, 2026, the Fund had the following futures contracts:


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



Long position contracts:
10 Year U.S. Treasury Notes		11,347		12/21/26	$	1,221,575,469		$(6,097,400	)
2 Year U.S. Treasury Notes		10,122		12/31/26		2,077,382,354		(3,523,358	)
5 Year U.S. Treasury Notes		6,077		12/31/26		642,357,890		(2,644,103	)
E-Mini Nasdaq 100 Index		15		09/18/26		8,853,900		(7,306	)
E-Mini Russell 2000 Index		60		09/18/26		8,876,100		47,101
Eurex STOXX Europe 600 Futures		114		09/18/26		4,312,810		45,500
FTSE/JSE Top 40 Index		2,053		09/17/26		138,215,042		5,988,423
IFSC NIFTY 50 Index		2,096		09/29/26		101,555,392		(551,471	)
MexDer Mexican Bolsa Index Future		252		09/18/26		9,708,474		(612,958	)
S&P 500 E-Mini Index		14		09/18/26		5,389,300		(16,623	)
TOPIX Futures		31		09/10/26		8,084,257		601,692



TOTAL FUTURES CONTRACTS								$(6,770,503	)


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At August 31, 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)*



SXDR Index	ESTR+0.750%	JPMorgan Securities, Inc.	02/02/27	EUR171,786	$(2,230,743)

(a)

Payments made quarterly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 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)



Purchased option contracts
Calls
XLV Index	BNP Paribas SA	$	175.500		12/31/2026		934,100		$	16,393,455,000		$	4,695,572			$ 8,051,942			$(3,356,370	)
XLV Index	BNP Paribas SA		196.560		12/31/2026		934,100			18,360,669,600			608,914			1,774,790			(1,165,876	)



Total purchased option contracts							1,868,200		$	34,754,124,600		$	5,304,486			$ 9,826,732			$(4,522,246	)



Written option contracts
Calls
XLV Index	BNP Paribas SA		186.030		12/31/2026		(1,868,200	)		(34,754,124,600	)		(3,681,918	)		(7,865,122	)		4,183,204



Puts
SX7E Index	BNP Paribas SA		248.630		09/10/2026		(412,273	)		(10,250,343,599	)		(8,514	)		(3,530,095	)		3,521,581
KOSPI2 Index	JPMorgan Securities, Inc.		940.679		11/27/2026		(92,975,133	)		(8,745,975,513,531	)		(2,528,712	)		(5,510,820	)		2,982,108
IGV Index	MS & Co. Int. PLC		83.550		10/16/2026		(694,327	)		(5,801,102,085	)		(84,798	)		(1,688,742	)		1,603,944



							(94,081,733	)	$	(8,762,026,959,215	)	$	(2,622,024	)		$(10,729,657	)		$ 8,107,633



Total written option contracts							(95,949,933	)	$	(8,796,781,083,815	)	$	(6,303,942	)		$(18,594,779	)		$12,290,837



TOTAL							(94,081,733	)	$	(8,762,026,959,215	)	$	(999,456	)		$ (8,768,047	)		$ 7,768,591



Currency Abbreviations:
EUR		—Euro
GBP		—British Pound
INR		—Indian Rupee
MXN		—Mexican Peso
SGD		—Singapore Dollar
TRY		—Turkish Lira
USD		—U.S. Dollar


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

August 31, 2026

ADDITIONAL INVESTMENT INFORMATION (continued)



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



Abbreviations:
BofA Securities LLC		—Bank of America Securities LLC
ESTR		—Euro short-term rate
IGV		—iShares Expanded Tech-Software Sector ETF
KOSPI2		—Korea Stock Exchange KOSPI 200 Mini Index
MS & Co.Int. PLC		—Morgan Stanley & Co. International PLC
SX7E		—EURO STOXX Banks Index


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

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Statements of Assets and Liabilities^(a)

August 31, 2026


	Global Managed Beta Fund		Strategic Factor Allocation Fund

Assets:

Investments in affiliated issuers, at value (cost $1,805,660,013 and $165,521,707, respectively)	$	2,826,687,978	$	165,521,707
Investments in unaffiliated issuers, at value (cost $1,177,750,022 and $1,979,386,929, respectively)^(b)		1,851,372,138		2,117,798,018
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		417,400		48,840
Purchased options, at value (premium paid $84,626,388 and $51,355,451, respectively)		18,168,273		47,097,713
Cash		30,782,398		71,814,777
Foreign currencies, at value (cost$8,154,030 and $47,412, respectively)		8,241,818		48,549
Unrealized gain on swap contracts		7,482,056		—
Unrealized gain on forward foreign currency exchange contracts		7,932,232		1,287,500
Receivables:
Fund shares sold		209,344,375		3,000
Collateral on certain derivative contracts^(c)		76,392,483		5,273,552
Due from broker - upfront payment		1,819,421		—
Interest and dividends		1,599,590		1,315,485
Investments sold		678,337		296,108
Foreign tax reclaims		346,952		—
Securities lending income		17,266		—
Reimbursement from investment adviser		4,666		—
Due from broker		596		—
Other assets		20,196		23,496

Total assets		5,041,308,175		2,410,528,745



Liabilities:

Variation margin on futures contracts		5,655,100		6,638,868
Unrealized loss on forward foreign currency exchange contracts		4,114,086		1,190,245
Written option contracts, at value (premium received $870,228 and $3,817,560, respectively)		331,336		1,981,204
Unrealized loss on swap contracts		79,129		—
Payables:
Investments purchased		101,867,242		3,249,440
Fund shares redeemed		92,164,848		1,261,400
Due to broker		4,560,000		41
Investments purchased on an extended-settlement basis		2,730,988		—
Payable upon return of securities loaned		417,400		48,840
Management fees		390,373		742,150
Transfer Agency fees		38,823		29,691
Accrued expenses		178,552		422,685


Total liabilities		212,527,877		15,564,564



Net Assets:

Paid-in capital		2,954,481,143		2,224,056,346
Total distributable earnings		1,874,299,155		170,907,835


NET ASSETS	$	4,828,780,298	$	2,394,964,181
Net Assets:
Institutional	$	4,828,770,066	$	21,283,437
Investor		10,232		—
Class P		—		2,373,680,744
Total Net Assets	$	4,828,780,298	$	2,394,964,181
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		245,476,713		1,737,763
Investor		520		—
Class P		—		196,307,020
Net asset value, offering and redemption price per share:
Institutional		19.67		12.25
Investor		19.68		—
Class P		—		12.09

(a)

Statements of Assets and Liabilities for the Global Managed Beta Fund and Strategic Factor Allocation Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—GMB, LLC and Cayman Commodity—SFA, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Includes loaned securities having market values of $408,854 and $48,004, for the Global Managed Beta and Strategic Factor Allocation Funds, respectively.

(c)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Forwards
Global Managed Beta Fund	$	67,542,483	$	8,850,000	$	—
Strategic Factor Allocation Fund		4,813,552		—		460,000


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

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Statements of Assets and Liabilities^(a) (continued)

August 31, 2026


	Strategic Volatility Premium Fund				Tactical Tilt Overlay Fund

Assets:

Investments in unaffiliated issuers, at value (cost $511,292,378 and $3,413,684,117, respectively)(b)		$	511,215,453			$	3,437,554,532
Investments in affiliated issuers, at value (cost $94,738,469 and $1,716,518,191, respectively)			94,738,469				1,715,903,665
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost			—				22,680,491
Purchased options, at value (premium paid $1,424,975 and $9,826,732, respectively)			979,216				5,304,486
Cash			18,978,567				79,811,866
Foreign currencies, at value (cost $0 and $22,847,349, respectively)			—				22,137,385
Unrealized gain on forward foreign currency exchange contracts			—				6,001,987
Receivables:
Collateral on certain derivative contracts^(c)			12,037,695				69,018,676
Interest and dividends			600,552				14,400,154
Fund shares sold			500,000				3,435,217
Investments sold			275,945				3,807,356
Reimbursement from investment adviser			—				5,859
Securities lending income			—				41,454
Other assets			25,506				56,937


Total assets			639,351,403				5,380,160,065



Liabilities:

Variation margin on futures contracts			135,240				7,242,209
Unrealized loss on forward foreign currency exchange contracts			—				8,341,880
Written option contracts, at value (premium received $785,226 and $18,594,779, respectively)			662,520				6,303,942
Unrealized loss on swap contracts			—				2,230,743
Variation margin on swap contracts			—				15,531
Payables:
Investments purchased			839,880				99,538,919
Custody fees			184,951				—
Professional fees			113,601				—
Management fees			101,143				1,510,450
Transfer Agency fees			7,816				64,613
Fund shares redeemed			—				6,426,132
Due to broker			—				1,940,000
Payable upon return of securities loaned			—				22,680,491
Accrued expenses			8,423				287,130


Total liabilities			2,053,574				156,582,040



Net Assets:

Paid-in capital			645,689,073				5,172,897,774
Total distributable earnings (loss)			(8,391,244	)			50,680,251


NET ASSETS		$	637,297,829			$	5,223,578,025
Net Assets:
Institutional		$	261,315			$	8,162,955
Class R6			—				698,958,372
Class P			637,036,514				4,516,456,698
Total Net Assets		$	637,297,829			$	5,223,578,025
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional			26,392				749,688
Class R6			—				66,616,886
Class P			64,282,898				430,582,119
Net asset value, offering and redemption price per share:
Institutional			9.90				10.89
Class R6			—				10.49
Class P			9.91				10.49

(a)

Statements of Assets and Liabilities for the Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—SVP, LLC and Cayman Commodity—TTIF, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Includes loaned securities having a market value of $0 and $22,154,268, for the Strategic Volatility Premium and Tactical Tilt Overlay Funds, respectively.

(c)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Forwards
Strategic Volatility Premium Fund	$	12,037,695	$	—	$	—
Tactical Tilt Overlay Fund		62,638,676		2,970,000		3,410,000


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

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Statements of Operations^(a)

For the Fiscal Year Ended August 31, 2026


	Global Managed Beta Fund				Strategic Factor Allocation Fund

Investment Income:

Dividends — affiliated issuers		$	48,084,323			$	12,862,554
Dividends — unaffiliated issuers (net of tax withholding of $594,959 and $1,835, respectively)			38,755,183				8,339,350
Interest			3,401,119				46,299,304
Securities lending income, net of rebates received or paid to borrowers			379,158				590


Total investment income			90,619,783				67,501,798



Expenses:

Management fees			14,192,657				17,591,115
Transfer Agency fees^(b)			934,792				715,490
Custody, accounting and administrative services			440,387				342,121
Professional fees			338,402				162,870
Registration fees			37,918				49,229
Printing and mailing costs			36,680				18,690
Trustee fees			31,784				27,755
Prime broker fees			4,501				14,898
Other			30,946				65,251


Total expenses			16,048,067				18,987,419


Less — expense reductions			(3,487,433	)			(435,423	)


Net expenses			12,560,634				18,551,996


NET INVESTMENT INCOME			78,059,149				48,949,802



Realized and unrealized gain (loss):

Net realized gain (loss) from:
Investments — unaffiliated issuers			71,423,021				9,412,110
Investments — affiliated issuers			74,983,372				—
Purchased options			(35,672,130	)			(18,081,955	)
Futures contracts			178,290,280				21,966,949
Written options			19,482,968				124,501,746
Swap contracts			(2,362,251	)			—
Forward foreign currency exchange contracts			20,368,142				(3,322,887	)
Foreign currency transactions			(185,471	)			(4,470,679	)
Net change in unrealized gain (loss) on:
Investments — affiliated issuers			348,054,664				—
Investments — unaffiliated issuers			258,600,014				138,176,410
Purchased options			(48,134,421	)			5,524,765
Futures contracts			(32,626,432	)			(48,448,730	)
Written options			(202,513	)			500,363
Swap contracts			8,705,251				—
Forward foreign currency exchange contracts			4,675,951				(1,300,392	)
Foreign currency translation			94,346				(960	)


Net realized and unrealized gain			865,494,791				224,456,740


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	943,553,940			$	273,406,542

(a)

Statements of Operations for the Global Managed Beta Fund and Strategic Factor Allocation Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—GMB, LLC and Cayman Commodity—SFA, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Class specific Transfer Agency fees were as follows:


Fund	Institutional		Investor		Class P
Global Managed Beta Fund		$934,790	$	2	$	—
Strategic Factor Allocation Fund		8,170		—		707,320


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

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Statements of Operations^(a) (continued)

For the Fiscal Year Ended August 31, 2026


	Strategic Volatility Premium Fund				Tactical Tilt Overlay Fund

Investment Income:

Interest		$	13,455,668			$	125,783,347
Dividends — unaffiliated issuers			—				6,299,578
Dividends — affiliated issuers			6,358,905				53,502,516
Securities lending income, net of rebates received or paid to borrowers			—				265,874


Total investment income			19,814,573				185,851,315



Expenses:

Management fees			2,742,767				38,117,259
Custody, accounting and administrative services			213,384				391,564
Professional fees			167,533				209,510
Transfer Agency fees^(b)			163,217				1,503,545
Registration fees			40,500				112,465
Printing and mailing costs			35,334				29,362
Trustee fees			24,498				32,286
Prime broker fees			—				3,873
Other			18,494				72,383


Total expenses			3,405,727				40,472,247


Less — expense reductions			(906,636	)			(4,204,725	)


Net expenses			2,499,091				36,267,522


NET INVESTMENT INCOME			17,315,482				149,583,793



Realized and unrealized gain (loss):
Capital gain distributions from Affiliated Underlying Funds			—				1,288,609
Net realized gain (loss) from:
Investments — unaffiliated issuers			(2,546	)			62,827,694
Investments — affiliated issuers			—				15,212,272
Purchased options			(6,256,906	)			(3,576,648	)
Futures contracts			(15,030,606	)			(53,984,615	)
Written options			31,637,571				11,992,894
Swap contracts			—				36,149,981
Forward foreign currency exchange contracts			—				(5,552,584	)
Foreign currency transactions			(100,921	)			648,477
Net change in unrealized gain (loss) on:
Investments — affiliated issuers			—				(14,849,096	)
Investments — unaffiliated issuers			(162,365	)			13,812,242
Purchased options			(180,520	)			(6,172,021	)
Futures contracts			(2,180,313	)			(15,712,074	)
Written options			(38,284	)			6,991,451
Swap contracts			—				(6,528,148	)
Forward foreign currency exchange contracts			—				(1,333,698	)
Foreign currency translation			—				(156,402	)


Net realized and unrealized gain			7,685,110				41,058,334


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	25,000,592			$	190,642,127

(a)

Statements of Operations for the Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—SVP, LLC and Cayman Commodity—TTIF, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Class specific Transfer Agency fees were as follows:


Fund	Institutional		Class R6		Class P
Strategic Volatility Premium Fund		$ 106	$	—	$	163,111
Tactical Tilt Overlay Fund		3,628		198,608		1,301,309


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

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Statements of Changes in Net Assets^(a)


	Global Managed Beta Fund						Strategic Factor Allocation Fund

	For the Fiscal Year Ended August 31, 2026^(b)			For the Fiscal Year Ended August 31, 2025			For the Fiscal Year Ended August 31, 2026			For the Fiscal Year Ended August 31, 2025

From operations:

Net investment income	$	78,059,149		$	77,264,916		$	48,949,802		$	81,718,379

Net realized gain		326,327,931			60,364,972			130,005,284			57,223,073

Net change in unrealized gain (loss)		539,166,860			419,994,642			94,451,456			(16,923,678	)


Net increase in net assets resulting from operations		943,553,940			557,624,530			273,406,542			122,017,774



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(247,116,077	)		(390,152,143	)		(1,628,383	)		(1,533,379	)

Investor Shares^(c)		—			—			—			—

Class P Shares		—			—			(190,796,257	)		(243,242,744	)


Total distributions to shareholders		(247,116,077	)		(390,152,143	)		(192,424,640	)		(244,776,123	)



From share transactions:

Proceeds from sales of shares		1,326,529,439			1,096,687,642			287,274,207			321,827,847

Reinvestment of distributions		247,116,077			390,152,143			192,424,640			244,776,123

Cost of shares redeemed		(1,777,874,164	)		(1,597,082,068	)		(514,619,416	)		(494,202,401	)


Net increase (decrease) in net assets resulting from share transactions		(204,228,648	)		(110,242,283	)		(34,920,569	)		72,401,569


TOTAL INCREASE (DECREASE)		492,209,215			57,230,104			46,061,333			(50,356,780	)



Net assets:

Beginning of year		4,336,571,083			4,279,340,979			2,348,902,848			2,399,259,628


End of year	$	4,828,780,298		$	4,336,571,083		$	2,394,964,181		$	2,348,902,848

(a)

Statements of Changes in Net Assets for the Global Managed Beta Fund and Strategic Factor Allocation Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—GMB, LLC and Cayman Commodity—SFA, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Beginning on November 24, 2025, the Global Managed Beta Fund utilizes a wholly-owned subsidiary to gain exposure to certain types of commodity-linked derivative instruments. Accordingly, the Fund’s Statement of Changes in Net Assets for the fiscal year ended August 31, 2026 have been consolidated with those of the wholly-owned subsidiary. The Statement of Changes in Net Assets prior to the fiscal year ended August 31, 2026 have not been consolidated.

(c)

Commenced operations on July 7, 2026.


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

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Statements of Changes in Net Assets^(a) (continued)


	Strategic Volatility Premium Fund						Tactical Tilt Overlay Fund

	For the Fiscal Year Ended August 31, 2026			For the Fiscal Year Ended August 31, 2025			For the Fiscal Year Ended August 31, 2026			For the Fiscal Year Ended August 31, 2025

From operations:

Net investment income	$	17,315,482		$	18,627,361		$	149,583,793		$	167,768,785

Net realized gain (loss)		10,246,592			(2,470,174	)		65,006,080			(3,448,587	)

Net change in unrealized gain (loss)		(2,561,482	)		1,064,911			(23,947,746	)		27,997


Net increase in net assets resulting from operations		25,000,592			17,222,098			190,642,127			164,348,195



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(8,558	)		(20,354	)		(297,525	)		(731,961	)

Class R6 Shares		—			—			(18,863,135	)		(30,347,909	)

Class P Shares		(16,987,360	)		(28,664,871	)		(131,853,313	)		(208,905,823	)


Total distributions to shareholders		(16,995,918	)		(28,685,225	)		(151,013,973	)		(239,985,693	)



From share transactions:

Proceeds from sales of shares		216,853,358			131,016,101			1,011,982,713			788,818,972

Reinvestment of distributions		16,995,918			28,685,225			151,013,973			239,985,693

Cost of shares redeemed		(113,178,713	)		(84,228,114	)		(698,935,555	)		(934,694,155	)


Net increase in net assets resulting from share transactions		120,670,563			75,473,212			464,061,131			94,110,510


TOTAL INCREASE		128,675,237			64,010,085			503,689,285			18,473,012



Net assets:

Beginning of year		508,622,592			444,612,507			4,719,888,740			4,701,415,728


End of year	$	637,297,829		$	508,622,592		$	5,223,578,025		$	4,719,888,740

(a)

Statements of Changes in Net Assets for the Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—SVP, LLC and Cayman Commodity—TTIF, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year



	Global Managed Beta Fund

	Institutional Shares

	Year Ended August 31,

	2026^(a)				2025				2024				2023				2022

Per Share Data

Net asset value, beginning of year		$	16.90			$	16.34			$	13.62			$	12.86			$	16.71


Net investment income^(b)			0.30				0.29				0.27				0.25				0.28

Net realized and unrealized gain (loss)			3.40				1.82				2.70				1.23				(2.69	)


Total from investment operations			3.70				2.11				2.97				1.48				(2.41	)


Distributions to shareholders from net investment income			(0.26	)			(0.25	)			(0.25	)			(0.72	)			(0.33	)

Distributions to shareholders from net realized gains			(0.67	)			(1.30	)			—				—				(1.11	)


Total distributions			(0.93	)			(1.55	)			(0.25	)			(0.72	)			(1.44	)


Net asset value, end of year		$	19.67			$	16.90			$	16.34			$	13.62			$	12.86


Total return^(c)			22.64	%			13.84	%			22.05	%			12.24	%			(15.81	)%


Net assets, end of year (in 000s)		$	4,828,770			$	4,336,571			$	4,279,341			$	2,538,074			$	1,662,524

Ratio of net expenses to average net assets^(d)			0.27	%			0.27	%			0.27	%			0.30	%			0.30	%

Ratio of total expenses to average net assets^(d)			0.34	%			0.34	%			0.34	%			0.36	%			0.36	%

Ratio of net investment income to average net assets			1.67	%			1.83	%			1.83	%			1.91	%			1.94	%

Portfolio turnover rate^(e)			25	%			31	%			56	%			23	%			26	%

(a)

Beginning on November 24, 2025, the Global Managed Beta Fund utilizes a wholly-owned subsidiary to gain exposure to certain types of commodity-linked derivative instruments. Accordingly, the Fund’s financial highlights for the fiscal year ended August 31, 2026 have been consolidated with those of the wholly-owned subsidiary. The financial highlights prior to the fiscal year ended August 31, 2026 have not been consolidated.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions at the net asset value and a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d)

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

(e)

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


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout The Period


	Global Managed Beta Fund

	Investor Shares

	Period Ended August 31, 2026^(a)

Per Share Data

Net asset value, beginning of period		$	19.22


Net investment income^(b)			0.01

Net realized and unrealized gain			0.45


Total from investment operations			0.46


Net asset value, end of period		$	19.68


Total return^(c)			2.34	%


Net assets, end of period (in 000s)		$	10

Ratio of net expenses to average net assets^(d)(e)			0.42	%

Ratio of total expenses to average net assets^(d)(e)			0.44	%

Ratio of net investment income to average net assets^(d)			0.17	%

Portfolio turnover rate^(f)			25	%

(a)

Commenced operations on July 7, 2026.

(b)

Calculated based on the average shares outstanding methodology.

(c)

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

(d)

Annualized.

(e)

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

(f)


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year



	Strategic Factor Allocation Fund

	Institutional Shares

	Year Ended August 31,

	2026				2025				2024				2023				2022

Per Share Data

Net asset value, beginning of year		$	11.83			$	12.46			$	11.00			$	10.50			$	12.76


Net investment income (loss)^(a)			0.24				0.40				0.49				0.31				(0.01	)

Net realized and unrealized gain (loss)			1.13				0.21				1.34				0.39				(0.67	)


Total from investment operations			1.37				0.61				1.83				0.70				(0.68	)


Distributions to shareholders from net investment income			(0.35	)			(0.42	)			(0.37	)			(0.18	)			—

Distributions to shareholders from net realized gains			(0.60	)			(0.82	)			—				(0.02	)			(1.58	)


Total distributions			(0.95	)			(1.24	)			(0.37	)			(0.20	)			(1.58	)


Net asset value, end of year		$	12.25			$	11.83			$	12.46			$	11.00			$	10.50


Total return^(b)			12.20	%			5.37	%			17.16	%			6.88	%			(6.47	)%


Net assets, end of year (in 000s)		$	21,283			$	18,435			$	14,387			$	14,710			$	12,455

Ratio of net expenses to average net assets			0.79	%			0.76	%			0.71	%			0.70	%			0.69	%

Ratio of total expenses to average net assets			0.81	%			0.82	%			0.81	%			0.81	%			0.81	%

Ratio of net investment income (loss) to average net assets			2.03	%			3.49	%			4.26	%			2.94	%			(0.10	)%

Portfolio turnover rate^(c)			27	%			—	%^(d)			—	%^(d)			—	%^(d)			—	%^(d)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

There were either no long-term purchases or no long term sales for the years ended August 31, 2025, August 31, 2024, August 31, 2023, and August 31, 2022, respectively.


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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Strategic Factor Allocation Fund

	Class P Shares

	Year Ended August 31,

	2026				2025				2024				2023				2022

Per Share Data

Net asset value, beginning of year		$	11.69			$	12.30			$	10.86			$	10.38			$	12.62


Net investment income (loss)^(a)			0.24				0.40				0.49				0.31				(0.04	)

Net realized and unrealized gain (loss)			1.12				0.23				1.32				0.37				(0.62	)


Total from investment operations			1.36				0.63				1.81				0.68				(0.66	)


Distributions to shareholders from net investment income			(0.36	)			(0.42	)			(0.37	)			(0.18	)			—

Distributions to shareholders from net realized gains			(0.60	)			(0.82	)			—				(0.02	)			(1.58	)


Total distributions			(0.96	)			(1.24	)			(0.37	)			(0.20	)			(1.58	)


Net asset value, end of year		$	12.09			$	11.69			$	12.30			$	10.86			$	10.38


Total return^(b)			12.28	%			5.63	%			17.10	%			6.97	%			(6.47	)%


Net assets, end of year (in 000s)		$	2,373,681			$	2,330,468			$	2,384,873			$	2,229,820			$	2,095,895

Ratio of net expenses to average net assets			0.78	%			0.75	%			0.70	%			0.69	%			0.67	%

Ratio of total expenses to average net assets			0.80	%			0.81	%			0.80	%			0.80	%			0.80	%

Ratio of net investment income (loss) to average net assets			2.06	%			3.52	%			4.28	%			2.95	%			(0.31	)%

Portfolio turnover rate^(c)			27	%			—	%^(d)			—	%^(d)			—	%^(d)			—	%^(d)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

There were either no long-term purchases or no long term sales for the years ended August 31, 2025, August 31, 2024, August 31, 2023, and August 31, 2022, respectively.


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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year



	Strategic Volatility Premium Fund

	Institutional Shares

	Year Ended August 31,

	2026				2025				2024				2023				2022

Per Share Data

Net asset value, beginning of year		$	9.76			$	10.02			$	9.70			$	9.66			$	10.10


Net investment income^(a)			0.31				0.38				0.44				0.31				—	^(b)

Net realized and unrealized gain (loss)			0.14				(0.05	)			0.29				(0.20	)			(0.40	)


Total from investment operations			0.45				0.33				0.73				0.11				(0.40	)


Distributions to shareholders from net investment income			(0.31	)			(0.59	)			(0.41	)			(0.07	)			—

Distributions to shareholders from net realized gains			—				—				—				—				(0.04	)


Total distributions			(0.31	)			(0.59	)			(0.41	)			(0.07	)			(0.04	)


Net asset value, end of year		$	9.90			$	9.76			$	10.02			$	9.70			$	9.66


Total return^(c)			4.63	%			3.70	%			7.53	%			1.38	%			(4.09	)%


Net assets, end of year (in 000s)		$	261			$	264			$	327			$	327			$	306

Ratio of net expenses to average net assets			0.47	%			0.45	%			0.42	%			0.39	%			0.38	%

Ratio of total expenses to average net assets			0.63	%			0.71	%			0.65	%			0.60	%			0.62	%

Ratio of net investment income (loss) to average net assets			3.18	%			3.90	%			4.57	%			3.25	%			(0.02	)%

Portfolio turnover rate^(d)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

(e)

There were either no long-term purchases or no long term sales for the years ended August 31, 2026, August 31, 2025, August 31, 2024, August 31, 2023, and August 31, 2022, respectively.


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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Strategic Volatility Premium Fund

	Class P Shares

	Year Ended August 31,

	2026				2025				2024				2023				2022

Per Share Data

Net asset value, beginning of year		$	9.77			$	10.02			$	9.71			$	9.66			$	10.10


Net investment income^(a)			0.31				0.38				0.45				0.31				—	^(b)

Net realized and unrealized gain (loss)			0.15				(0.04	)			0.27				(0.19	)			(0.40	)


Total from investment operations			0.46				0.34				0.72				0.12				(0.40	)


Distributions to shareholders from net investment income			(0.32	)			(0.59	)			(0.41	)			(0.07	)			—

Distributions to shareholders from net realized gains			—				—				—				—				(0.04	)


Total distributions			(0.32	)			(0.59	)			(0.41	)			(0.07	)			(0.04	)


Net asset value, end of year		$	9.91			$	9.77			$	10.02			$	9.71			$	9.66


Total return^(c)			4.63	%			3.71	%			7.65	%			1.39	%			(4.09	)%


Net assets, end of year (in 000s)		$	637,037			$	508,359			$	444,286			$	443,639			$	511,763

Ratio of net expenses to average net assets			0.46	%			0.44	%			0.41	%			0.38	%			0.37	%

Ratio of total expenses to average net assets			0.62	%			0.71	%			0.64	%			0.59	%			0.60	%

Ratio of net investment income to average net assets			3.18	%			3.88	%			4.58	%			3.23	%			0.05	%

Portfolio turnover rate^(d)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)			—	%^(e)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than ($0.005) per share.

(c)

(d)

(e)

There were either no long-term purchases or no long term sales for the years ended August 31, 2026, August 31, 2025, August 31, 2024, August 31, 2023, and August 31, 2022, respectively.


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year



	Tactical Tilt Overlay Fund

	Institutional Shares

	Year Ended August 31,

	2026			2025			2024			2023			2022

Per Share Data

Net asset value, beginning of year	$	10.79		$	10.96		$	10.81		$	10.51		$	10.66


Net investment income^(a)		0.33			0.39			0.49			0.39			0.05

Net realized and unrealized gain (loss)		0.10			(0.02	)		0.23			—	^(b)		0.01


Total from investment operations		0.43			0.37			0.72			0.39			0.06


Distributions to shareholders from net investment income		(0.33	)		(0.54	)		(0.57	)		(0.09	)		(0.21)


Net asset value, end of year	$	10.89		$	10.79		$	10.96		$	10.81		$	10.51


Total return^(c)		3.97	%		3.61	%		6.81	%		3.82	%		0.49%


Net assets, end of year (in 000s)	$	8,163		$	10,937		$	15,795		$	26,750		$	21,588

Ratio of net expenses to average net assets^(d)		0.73	%		0.72	%		0.73	%		0.71	%		0.68%

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

Ratio of net investment income to average net assets		3.00	%		3.65	%		4.52	%		3.69	%		0.47%

Portfolio turnover rate^(e)		106	%		143	%		41	%		150	%		61%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

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

(e)


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Tactical Tilt Overlay Fund

	Class R6 Shares

	Year Ended August 31,

	2026			2025			2024			2023			2022

Per Share Data

Net asset value, beginning of year	$	10.41		$	10.59		$	10.46		$	10.17		$	10.33


Net investment income^(a)		0.31			0.38			0.47			0.38			0.02

Net realized and unrealized gain (loss)		0.10			(0.02	)		0.23			—	^(b)		0.03


Total from investment operations		0.41			0.36			0.70			0.38			0.05


Distributions to shareholders from net investment income		(0.33	)		(0.54	)		(0.57	)		(0.09	)		(0.21)


Net asset value, end of year	$	10.49		$	10.41		$	10.59		$	10.46		$	10.17


Total return^(c)		4.04	%		3.67	%		6.86	%		3.74	%		0.49%


Net assets, end of year (in 000s)	$	698,958		$	602,186		$	620,690		$	583,578		$	573,866

Ratio of net expenses to average net assets^(d)		0.72	%		0.71	%		0.72	%		0.70	%		0.67%

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

Ratio of net investment income to average net assets		2.98	%		3.64	%		4.51	%		3.68	%		0.23%

Portfolio turnover rate^(e)		106	%		143	%		41	%		150	%		61%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

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

(e)


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year



	Tactical Tilt Overlay Fund

	Class P Shares

	Year Ended August 31,

	2026				2025				2024				2023				2022

Per Share Data

Net asset value, beginning of year		$	10.41			$	10.59			$	10.46			$	10.17			$	10.33


Net investment income^(a)			0.31				0.37				0.47				0.38				0.04

Net realized and unrealized gain (loss)			0.10				(0.01	)			0.23				—	^(b)			0.01


Total from investment operations			0.41				0.36				0.70				0.38				0.05


Distributions to shareholders from net investment income			(0.33	)			(0.54	)			(0.57	)			(0.09	)			(0.21	)


Net asset value, end of year		$	10.49			$	10.41			$	10.59			$	10.46			$	10.17


Total return^(c)			3.94	%			3.67	%			6.86	%			3.75	%			0.49	%


Net assets, end of year (in 000s)		$	4,516,457			$	4,106,766			$	4,064,931			$	4,080,082			$	3,951,830

Ratio of net expenses to average net assets^(d)			0.72	%			0.71	%			0.72	%			0.70	%			0.67	%

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

Ratio of net investment income to average net assets			2.99	%			3.64	%			4.51	%			3.67	%			0.37	%

Portfolio turnover rate^(e)			106	%			143	%			41	%			150	%			61	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

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

(e)


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

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements

August 31, 2026

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund	Share Classes Offered	Diversified/ Non-diversified

Goldman Sachs Global Managed Beta Fund	Institutional and Investor	Diversified

Goldman Sachs Strategic Factor Allocation Fund	Institutional and P	Diversified

Goldman Sachs Strategic Volatility Premium Fund	Institutional and P	Diversified

Goldman Sachs Tactical Tilt Overlay Fund	Institutional, R6 and P	Diversified

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to each of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds pursuant to management agreements (each, an “Agreement”) with the Trust. The Cayman Commodity – GMB, LLC (the “Subsidiary”), a Cayman Islands exempted company, is currently a wholly-owned subsidiary of the Global Managed Beta Fund, which commenced operations on November 24, 2025.

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. Basis of Consolidation for the Funds — Cayman Commodity-GMB, LLC, Cayman Commodity-SFA, LLC, Cayman Commodity-SVP, LLC, and Cayman Commodity-TTIF, LLC, (each a “Subsidiary” and collectively, the “Subsidiaries”), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay 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 August 31, 2026, the Fund and Subsidiary net assets were as follows:


Fund	Fund Net Assets	Subsidiary Net Assets	% Represented by Subsidiary’s Net Assets

Goldman Sachs Global Managed Beta Fund	$4,828,780,298	$ 94,556,718	2.0%

Goldman Sachs Strategic Factor Allocation Fund	2,394,964,181	4,161,652	0.2

Goldman Sachs Strategic Volatility Premium Fund	637,297,829	5,561,390	0.9

Goldman Sachs Tactical Tilt Overlay Fund	5,223,578,025	651,408,208	12.5

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


56

GOLDMAN SACHS ALLOCATION FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. For the Global Managed Beta and Tactical Tilt Overlay Funds, 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 Statement 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.

A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. 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 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. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

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 Transfer Agency 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:


	Investment Income Dividends	Capital Gains Distributions

Fund	Declared/Paid	Declared/Paid

Global Managed Beta Fund	Annually	Annually

Strategic Factor Allocation Fund	Annually	Annually

Strategic Volatility Premium Fund	Quarterly	Annually

Tactical Tilt Overlay Fund	Annually	Annually

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Global Managed Beta Fund, Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund are required to increase their taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by a Fund in the current period nor carried forward to offset taxable income in future periods.


		57

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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).


58

GOLDMAN SACHS ALLOCATION FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Board of Trustees (“Trustees”) has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds (“Valuation Procedures”), including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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.

i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.


		59

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

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.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a 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.


60

GOLDMAN SACHS ALLOCATION FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A 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 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.


		61

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

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 August 31, 2026:


GLOBAL MANAGED BETA FUND

Investment Type	Level 1			Level 2			Level 3



Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	—		$	2,678,707		$	—

Asia		50,200			43,563,351			—

Australia and Oceania		—			5,300,597			—

Europe		3,831,496			79,663,805			—

North America		402,960,621			6,533,984			—

South America		168,449			902,395			—

Fixed Income

U.S. Treasury Obligations		49,438,051			—			—

Securities Lending Reinvestment Vehicle		417,400			—			—

Contingent Value Rights		—			—			600

Warrants		—			—			0

Exchange Traded Funds		3,717,594,442			—			—

Investment Company		365,373,418			—			—



Total	$	4,539,834,077		$	138,642,839		$	600



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(b)	$	—		$	7,932,232		$	—

Futures Contracts^(b)		21,242,462			—			—

Total Return Swap Contracts^(b)		—			7,482,056			—

Purchased Option Contracts		16,595,925			1,572,348			—



Total	$	37,838,387		$	16,986,636		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(4,114,086	)	$	—

Total Return Swap Contracts^(b)		—			(79,129	)		—

Written Option Contracts		(331,336	)		—			—



Total	$	(331,336	)	$	(4,193,215	)	$	—

(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 or continent noted in the table. 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.


62

GOLDMAN SACHS ALLOCATION FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


STRATEGIC FACTOR ALLOCATION FUND

Investment Type	Level 1			Level 2			Level 3



Assets

Fixed Income

U.S. Treasury Obligations	$	1,156,873,224		$	—		$	—

Common Stock and/or Other Equity Investments^(a)

Europe		1,708,797			—			—

North America		959,215,960			—			—

Securities Lending Reinvestment Vehicle		48,840			—			—

Contingent Value Rights		—			—			37

Investment Company		165,521,707			—			—



Total	$	2,283,368,528		$	—		$	37



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(b)	$	—		$	1,287,500		$	—

Futures Contracts^(b)		238,636			—			—

Purchased Option Contracts		47,097,713			—			—



Total	$	47,336,349		$	1,287,500		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(1,190,245	)	$	—

Futures Contracts^(b)		(8,022,833	)		—			—

Written Option Contracts		(1,981,204	)		—			—



Total	$	(10,004,037	)	$	(1,190,245	)	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at period end.


STRATEGIC VOLATILITY PREMIUM FUND

Investment Type	Level 1		Level 2		Level 3



Assets

Fixed Income

U.S. Treasury Obligations	$	511,215,453	$	—	$	—

Investment Company		94,738,469		—		—



Total	$	605,953,922	$	—	$	—



Derivative Type



Assets

Futures Contracts^(a)	$	131,822	$	—	$	—

Purchased Option Contracts		979,216		—		—



Total	$	1,111,038	$	—	$	—


		63

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


STRATEGIC VOLATILITY PREMIUM FUND (continued)

Derivative Type	Level 1			Level 2		Level 3



Liabilities

Futures Contracts^(a)	$	(1,946,409	)	$	—	$	—

Written Option Contracts		(662,520	)		—		—



Total	$	(2,608,929	)	$	—	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.


TACTICAL TILT OVERLAY FUND

Investment Type	Level 1			Level 2			Level 3



Assets

Fixed Income

U.S. Treasury Obligations	$	672,158,744		$	—		$	—

Sovereign Debt Obligations		131,628,381			—			—

Agency Debentures		—			69,843,576			—

Securities Lending Reinvestment Vehicle		22,680,491			—			—

Exchange Traded Funds		220,611,364			—			—

Investment Companies		1,617,251,766			—			—

Short-term Investments		—			2,441,964,366			—



Total	$	2,664,330,746		$	2,511,807,942		$	—



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	6,001,987		$	—

Futures Contracts^(a)		6,682,716			—			—

Purchased Option Contracts		—			5,304,486			—



Total	$	6,682,716		$	11,306,473		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(8,341,880	)	$	—

Futures Contracts^(a)		(13,453,219	)		—			—

Total Return Swap Contracts^(a)		—			(2,230,743	)		—

Written Option Contracts		—			(6,303,942	)		—



Total	$	(13,453,219	)	$	(16,876,565	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Consolidated 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 August 31, 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


64

GOLDMAN SACHS ALLOCATION FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.


Global Managed Beta Fund

Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities

Commodity	Variation margin on futures contracts	$	171,230	^(a)	Variation margin on futures contracts	$	—

Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		9,504,580		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(4,114,086	)

Equity	Variation margin on futures contracts; Receivable for unrealized gain on swap contracts		28,553,288	^(a)	Payable for unrealized loss on swap contracts; Written options, at value		(410,465	)^(b)

Interest rate	Purchased options, at value		16,595,925		Written options, at value		—

Total		$	54,825,023			$	(4,524,551	)

Strategic Factor Allocation Fund

Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities

Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	1,287,500		Payable for unrealized loss on forward foreign currency exchange contracts	$	(1,190,245	)

Equity	Purchased options, at value		1,266,950		Variation margin on futures contracts; Written options, at value		(1,866,350	)^(a)

Interest rate	Variation margin on futures contracts; Purchased options, at value		46,069,399	^(a)	Variation margin on futures contracts; Written options, at value		(8,137,687	)^(a)

Total			$48,623,849			$	(11,194,282	)

Strategic Volatility Premium Fund

Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities

Equity	Purchased options, at value	$	215,817		Variation margin on futures contracts; Written options, at value	$	(214,846	)^(a)

Interest rate	Variation margin on futures contracts; Purchased options, at value		895,221	^(a)	Variation margin on futures contracts; Written options, at value		(2,394,083	)^(a)

Total			$ 1,111,038			$	(2,608,929	)


		65

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

4. INVESTMENTS IN DERIVATIVES (continued)



Tactical Tilt Overlay Fund

Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities

Currency	Receivable for unrealized gain on forward foreign currency contracts	$	6,001,987		Payable for unrealized loss on forward foreign currency contracts	$	(8,341,880	)

Equity	Variation margin on futures contracts; Purchased options, at value		11,987,202	^(a)	Variation margin on futures contracts; Payable for unrealized loss on swap contracts; Written options, at value		(9,723,043	)^(a)(b)

Interest rate	Variation margin on futures contracts		—		Variation margin on futures contracts		(12,264,861	)^(a)

Total		$	17,989,189			$	(30,329,784	)

(a)

Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Consolidated Schedules of Investments. Only current day’s variation margin is reported within the Consolidated Statements of Assets and Liabilities.

(b)

Amounts include $79,129 and $2,230,743 for the Global Managed Beta Fund and Tactical Tilt Overlay Fund, respectively. These amounts represent 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, 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 the 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 fiscal year ended August 31, 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 Consolidated Statements of Operations:


Global Managed Beta 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		$	(505,678	)		$	171,230

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			14,385,131				3,751,250

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			196,944,819				(24,291,349	)

Interest rate	Net realized gain (loss) from swap contracts and purchased options/Net change in unrealized gain (loss) on purchased options			(30,717,263	)			(47,213,295	)

Total			$	180,107,009			$	(67,582,164	)


66

GOLDMAN SACHS ALLOCATION FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)


Strategic Factor Allocation Fund

Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	$	(3,322,887	)	$	(1,300,392	)

Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		171,945,666			(39,023,439	)

Interest rate	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		(43,558,926	)		(3,400,163	)

Total		$	125,063,853		$	(43,723,994	)

Strategic Volatility Premium Fund

Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options	$	19,914,234		$	(129,887	)

Interest rate	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		(9,564,175	)		(2,269,230	)

Total		$	10,350,059		$	(2,399,117	)

Tactical Tilt Overlay Fund

Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)

Currency	Net realized gain (loss) from forward foreign currency contracts; purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency contracts; purchased options and written options	$	(8,723,777	)	$	(1,102,245	)

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		56,960,714			(1,695,740	)

Interest rate	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		(63,207,909	)		(19,956,505	)

Total		$	(14,970,972	)	$	(22,754,490	)


		67

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

4. INVESTMENTS IN DERIVATIVES (continued)

For the fiscal year ended August 31, 2026, the relevant values for each derivative type were as follows:


	Average Number of Contracts, Notional Amounts^(a)



Fund	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions



Global Managed Beta Fund		4,329	$	1,007,601,680	$	205,455,242		684,456,318	$	—		57,294	$	—



Strategic Factor Allocation Fund		14,211		670,666,404		—		84,880,117		—		8,729,992		—



Strategic Volatility Premium Fund		3,743		—		—		1,336,483		—		4,918,975		—



Tactical Tilt Overlay Fund		25,867		269,425,076		515,031,129		253,443,798		1,142,600,000		158,566,995		1,142,600,000

(a)

Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended August 31, 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 each Fund’s average daily net assets.

For the fiscal year ended August 31, 2026, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate

Fund	First $2 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^{*^}^(a)



Global Managed Beta Fund		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%		0.23%



Strategic Factor Allocation Fund		0.75			0.68			0.64			0.62			0.74			0.72



Strategic Volatility Premium Fund		0.50			0.45			0.43			0.42			0.50			0.37



Tactical Tilt Overlay Fund		0.75			0.68			0.64			0.62			0.71			0.69

GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests through at least December 29, 2026. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

(a)

Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreements as defined below after waivers.

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. The Global Managed Beta Fund invests in each of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF, Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF, Goldman Sachs MarketBeta Russell 1000 Value Equity ETF and the Goldman Sachs MarketBeta US Equity ETF. The Strategic Volatility Premium Fund invests in Institutional Shares of the Goldman Sachs Financial Square Treasury Instruments Funds, and the Tactical Tilt Overlay Fund invests in Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Energy Infrastructure Fund and Goldman Sachs MLP Energy Infrastructure 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


68

GOLDMAN SACHS ALLOCATION FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2026, GSAM waived $3,228,256, $395,527, $188,364 and $1,455,828 of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds’ management fees, respectively.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.40% as an annual percentage rate of the Strategic Volatility Premium Fund’s average daily net assets. This arrangement will remain in effect at least through December 29, 2027. For the fiscal year ended August 31, 2026, GSAM waived $543,970, of the Strategic Volatility Premium Fund’s management fee. GSAM also provides management services to the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds’ Subsidiaries pursuant to Subsidiary Management Agreements (each, a “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of each Subsidiary’s management fee, and for as long as each Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds’ management fee in an amount equal to the management fee accrued and paid to GSAM by each Subsidiary under each Subsidiary Agreement. For the fiscal year ended August 31, 2026, GSAM waived $170,804, $19,626, $22,917 and $2,682,592 of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Fund’s management fees, respectively.

B. 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 of 0.04% of the average daily net assets of Institutional Shares for the Tactical Tilt Overlay Fund, Strategic Factor Allocation Fund and Strategic Volatility Premium Fund, 0.02% of the average daily net assets of Institutional Shares and 0.15% of the average daily net assets of Investor Shares for the Global Managed Beta Fund, 0.03% of the average daily net assets of Class R6 Shares for the Tactical Tilt Overlay Fund and 0.03% of the average daily net assets of Class P Shares for the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund.

C. 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 the Funds. 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 Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds are 0.204%, 0.164%, 0.064% and 0.164%, respectively. These Other Expense limitations will remain in place through at least December 29, 2026 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.


		69

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:



Fund	Management Fee Waiver		Other Expense Reimbursements			Total Expense Reductions



Global Managed Beta Fund		$3,399,061		$	88,372		$	3,487,433



Strategic Factor Allocation Fund		415,153			20,270			435,423



Strategic Volatility Premium Fund		755,251			151,385			906,636



Tactical Tilt Overlay Fund		4,138,420			66,305			4,204,725

D. Line of Credit Facility — As of August 31, 2026, the Funds participated in a $1,550,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2026, the Funds did not have any borrowings under the facility. Prior to April 10, 2026 the facility was $1,300,000,000.

E. Other Transactions with Affiliates — For the fiscal year ended August 31, 2026, Goldman Sachs earned $302,997 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Tactical Tilt Overlay Fund.

As of August 31, 2026, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:


Fund	Investor



Global Managed Beta Fund		100	%

The tables below show the transactions in and earnings from investments in the Underlying Funds for the fiscal year ended August 31, 2026:


Goldman Sachs Global Managed Beta Fund

Underlying Fund	Market Value as of August 31, 2025		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change In Unrealized Gain/(Loss)		Market Value as of August 31, 2026		Shares as of August 31, 2026		Dividend Income



Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	51,771,030	$	—	$	(4,421,192	)	$	1,052,004	$	15,155,775	$	63,557,617		1,240,875	$	1,289,163



Goldman Sachs Central Government Fund — Institutional Shares		—		878,685,531		(513,312,113	)		—		—		365,373,418		365,373,418		5,150,338



Goldman Sachs Financial Square Government Fund — Institutional Shares		255,818,382		929,542,211		(1,185,360,593	)		—		—		—		—		6,778,064



Goldman Sachs MarketBeta International Equity ETF		554,505,446		151,086,156		(211,133,914	)		25,258,694		71,393,492		591,109,874		7,598,790		14,877,120


70

GOLDMAN SACHS ALLOCATION FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Goldman Sachs Global Managed Beta Fund (continued)

Underlying Fund	Market Value as of August 31, 2025		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change In Unrealized Gain/(Loss)		Market Value as of August 31, 2026		Shares as of August 31, 2026		Dividend Income



Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF	$	204,069,182	$	40,373,820	$	(47,041,191	)	$	7,731,687	$	15,668,046	$	220,801,544		3,304,512	$	958,289



Goldman Sachs MarketBeta Russell 1000 Value Equity ETF		341,144,446		35,949,742		(97,810,039	)		19,680,092		70,237,930		369,202,171		5,597,441		6,415,288



Goldman Sachs MarketBeta U.S. Equity ETF		1,138,358,313		256,285,324		(374,860,599	)		21,260,895		175,599,421		1,216,643,354		11,472,356		12,616,061



Total	$	2,545,666,799	$	2,291,922,784	$	(2,433,939,641	)	$	74,983,372	$	348,054,664	$	2,826,687,978			$	48,084,323

Goldman Sachs Strategic Factor Allocation Fund



Underlying Fund	Market Value as of August 31, 2025		Purchases at Cost		Proceeds from Sales			Market Value as of August 31, 2026		Shares as of August 31, 2026	Dividend Income



Goldman Sachs Central Government Fund — Institutional Shares	$	—	$	853,677,088	$	(688,155,381	)	$	165,521,707	165,521,707	$ 3,350,188



Goldman Sachs Financial Square Government Fund — Institutional Shares		756,575,800		1,371,284,698		(2,127,860,498	)		—	—	9,512,366



Total	$	756,575,800	$	2,224,961,786	$	(2,816,015,879	)	$	165,521,707		$12,862,554

Goldman Sachs Strategic Volatility Premium Fund



Underlying Fund	Market Value as of August 31, 2025		Purchases at Cost		Proceeds from Sales			Market Value as of August 31, 2026		Shares as of August 31, 2026	Dividend Income



Goldman Sachs Central Government Fund — Institutional Shares	$	—	$	543,187,866	$	(448,449,397	)	$	94,738,469	94,738,469	$2,470,357



Goldman Sachs Financial Square Government Fund — Institutional Shares		5,423,143		338,674		(5,761,817	)		—	—	136,051



Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares		156,862,941		450,896,462		(607,759,403	)		—	—	3,752,497



Total	$	162,286,084	$	994,423,002	$	(1,061,970,617	)	$	94,738,469		$6,358,905


		71

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Goldman Sachs Tactical Tilt Overlay Fund

Underlying Fund	Market Value as of August 31, 2025		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change In Unrealized Gain/(Loss)			Market Value as of August 31, 2026		Shares as of August 31, 2026		Dividend Income		Capital Gain Distributions



Goldman Sachs Access Treasury 0-1 Year ETF	$	141,344,401	$	—	$	—		$	—	$	(70,524	)	$	141,273,877		1,410,482	$	5,178,796	$	—



Goldman Sachs Central Government Fund — Institutional Shares		—		3,336,387,241		(1,761,757,453	)		—		—			1,574,629,788		1,574,629,788		20,260,459		—



Goldman Sachs Energy Infrastructure Fund — Class R6		21,856,509		1,688,163		(23,720,010	)		14,123,934		(13,948,596	)		—		—		399,555		1,288,609



Goldman Sachs Financial Square Government Fund — Institutional Shares		868,489,518		2,667,450,961		(3,535,940,479	)		—		—			—		—		27,580,059		—



Goldman Sachs MLP Energy Infrastructure Fund — Class R6		4,808,538		83,647		(5,150,547	)		1,088,338		(829,976	)		—		—		83,647		—



Total	$	1,036,498,966	$	6,005,610,012	$	(5,326,568,489	)	$	15,212,272	$	(14,849,096	)	$	1,715,903,665		$53,502,516			$	1,288,609

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2026, were as follows:



Fund	Purchases of U.S. Government and Agency Obligations		Purchases		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities



Global Managed Beta Fund	$	—	$	1,041,496,945	$	—	$	1,343,769,794



Strategic Factor Allocation Fund		—		1,012,778,893		—		199,298,090



Tactical Tilt Overlay Fund		656,506,843		246,732,807		175,097,315		616,755,866

For the fiscal year ended August 31, 2026, there were no purchases and proceeds from sales and maturities of long-term securities for the Strategic Volatility Premium Fund.


72

GOLDMAN SACHS ALLOCATION FUNDS

7. SECURITIES LENDING

The Global Managed Beta Fund and Tactical Tilt Overlay Fund may lend their securities through a securities lending agent, the Bank of New York (“BNY”), to certain qualified borrowers. Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Strategic Factor Allocation 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 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 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 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 and BNY may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNY is unable to purchase replacement securities, GSAL and/or BNY will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk.

The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2026, are disclosed as “Payable upon return of securities loaned” on the Consolidated Statements of Assets and Liabilities, where applicable.

The Funds and BNY received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2026, are reported under Securities lending income on the Consolidated Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:



	For the Fiscal Year Ended August 31, 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 August 31, 2026



Strategic Factor Allocation Fund	$56	$—	$—


		73

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended August 31, 2026:



Fund	Beginning Value as of August 31, 2025		Purchases at cost		Proceeds from Sales		Ending Value as of August 31, 2026		Shares as of August 31, 2026



Global Managed Beta Fund		$1,744,170		$1,037,293,548		$(1,038,620,318)		$ 417,400		417,400



Strategic Factor Allocation Fund		—		3,125,380		(3,076,540)		48,840		48,840



Tactical Tilt Overlay Fund		23,679,814		643,095,683		(644,095,006)		22,680,491		22,680,491

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2026 was as follows:



	Global Managed Beta Fund		Strategic Factor Allocation Fund		Strategic Volatility Premium Fund		Tactical Tilt Overlay Fund



Distributions paid from: Ordinary income		$150,452,107		$121,180,460		$16,995,918		$151,013,973

Net long-term capital gains		96,663,970		71,244,180		—		—



Total taxable distributions		$247,116,077		$192,424,640		$16,995,918		$151,013,973

The tax character of distributions paid during the fiscal year ended August 31, 2025 was as follows:



	Global Managed Beta Fund		Strategic Factor Allocation Fund		Strategic Volatility Premium Fund		Tactical Tilt Overlay Fund



Distributions paid from: Ordinary income		$227,989,703		$149,871,292		$28,685,225		$239,985,693

Net long-term capital gains		162,162,440		94,904,831		—		—



Total taxable distributions		$390,152,143		$244,776,123		$28,685,225		$239,985,693


74

GOLDMAN SACHS ALLOCATION FUNDS

8. TAX INFORMATION (continued)

As of August 31, 2026, the components of accumulated earnings (losses) on a tax basis were as follows:



	Global Managed Beta Fund			Strategic Factor Allocation Fund		Strategic Volatility Premium Fund			Tactical Tilt Overlay Fund



Undistributed ordinary income — net		$ 70,222,752			$ 40,916,898		$ 3,727,544			$132,882,098

Undistributed long-term capital gains		169,484,522			7,343,401		—			—



Total Undistributed Earnings		$ 239,707,274			$ 48,260,299		$ 3,727,544			$132,882,098



Capital loss carryforwards⁽¹⁾:

Perpetual Short-Term		—			—		(4,789,214)			(98,583,510	)

Perpetual Long-Term		—			—		(7,192,345)			—



Total capital loss carryforwards		—			—		(11,981,559)			(98,583,510	)



Timing differences (Post October Capital Loss Deferral/Late Year Ordinary Loss Deferral and Straddle Loss Deferral)		$ (46,913,512	)		$(13,663,652)		$ (60,304	)		$ (5,206,349	)

Unrealized gains (loss) — net		1,681,505,393			136,311,188		(76,925	)		21,588,012



Total accumulated earnings (loss) net		$1,874,299,155			$ 170,907,835		$ (8,391,244	)		$ 50,680,251

(1)

The Strategic Volatility Premium and Tactical Tilt Overlay Funds utilized $7,950,950 and $6,830,241, respectively, of capital losses in the current fiscal year.

As of August 31, 2026, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



	Global Managed Beta Fund			Strategic Factor Allocation Fund			Strategic Volatility Premium Fund			Tactical Tilt Overlay Fund



Tax Cost	$	3,048,252,454		$	2,188,305,641		$	605,318,182		$	5,160,587,971



Gross unrealized gain		1,756,645,406			161,942,328			568,213			25,327,572

Gross unrealized loss		(75,140,013	)		(25,631,140	)		(645,138	)		(3,739,560	)



Net unrealized gain (loss)	$	1,681,505,393		$	136,311,188		$	(76,925	)	$	21,588,012

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 underlying fund investments, passive foreign investment company investments and swap transactions.

The Strategic Volatility Premium and Tactical Tilt Overlay Funds reclassed $2,553 and $174,674, respectively, from paid in capital to distributable earnings for the fiscal year ended August 31, 2026. In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from differences in the tax treatment of underlying fund investments.

The Global Managed Beta Fund and Strategic Factor Allocation Funds reclassed $76,024 and $530,002, respectively, from distributable earnings to paid-in capital for the year ending August 31, 2026. In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemptions utilized as distributions and differences in the tax treatment of underlying fund investments.

GSAM has reviewed each Fund’s 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 each Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.


		75

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

9. OTHER RISKS

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

Asset Allocation Risk — The Fund’s allocations to the various asset classes may cause the Fund to underperform other funds with a similar investment objective.

Commodity Sector Risk — Exposure to the commodities markets may subject a 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.

Counterparty Risk — Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with OTC transactions. Therefore, in those instances in which a Fund enters into uncleared OTC transactions, a Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that a Fund will sustain losses.

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.

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 the Funds’ 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 ETFs Risk — The Fund may invest directly in ETFs, including affiliated ETFs. The Fund’s investments in ETFs will be subject to the restrictions applicable to investments by an investment company in other investment companies, unless relief is otherwise provided under the terms of an SEC exemptive order or SEC exemptive rule.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder


76

GOLDMAN SACHS ALLOCATION FUNDS

9. OTHER RISKS (continued)

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.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

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.

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.

Subsidiary Risk — The Subsidiary is not registered under the Act, as amended and is 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 Fund and/or the Subsidiary to operate as described in the Prospectus and the Statement of Additional Information and could adversely affect the Fund.


		77

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

9. OTHER RISKS (continued)

Tax Risk — The Funds will seek to gain exposure to the commodity markets primarily through investments in the Subsidiaries and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the “Notes Rulings”) or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. However, the Tactical Tilt Overlay Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Treasury regulations generally treat the Tactical Tilt Overlay Fund’s income inclusion with respect to a subsidiary as qualifying income either if (A) there is a current distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Tactical Tilt Overlay Fund’s business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Act. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Tactical Tilt Overlay Fund has limited its investments in commodity index-linked structured notes. The Tactical Tilt Overlay Fund has obtained an opinion of counsel that the Fund’s income from investments in the Subsidiary should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Tactical Tilt Overlay Fund’s income from such investments was not “qualifying income,” in which case the Tactical Tilt Overlay Fund would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Tactical Tilt Overlay Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its 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, Tactical Tilt Overlay Fund shareholders.

10. 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.

11. OTHER MATTERS

In September 2026, the Financial Accounting Standards Board issued Accounting Standards Update 2026-03, Fair Value Measurement (Topic 820)- Investment Companies with Equity Securities Subject to Contractual Sale Restrictions (“ASU 2026-03”). The standard requires investment companies to consider contractual sale restrictions when measuring the fair value of in-scope equity securities and requires enhanced disclosures regarding such restrictions, including the amount of any discount attributable to the restriction. ASU 2026-03 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. Management is currently evaluating the impact of, and determining when the Funds will adopt, the new requirement.

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.


78

GOLDMAN SACHS ALLOCATION FUNDS

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Global Managed Beta Fund

	For the Fiscal Year Ended August 31, 2026						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		72,228,804		$	1,326,519,437			69,684,183		$	1,096,687,642

Reinvestment of distributions		14,157,199			247,116,077			24,998,210			390,152,143

Shares redeemed		(97,487,041	)		(1,777,874,164	)		(100,046,828	)		(1,597,082,068	)



		(11,101,038	)		(204,238,650	)		(5,364,435	)		(110,242,283	)



Investor Shares^(a)

Shares sold		520			10,002			—			—



		520			10,002			—			—



(a) Commenced operations on July 7, 2026.

	Strategic Factor Allocation Fund

	For the Fiscal Year Ended August 31, 2026						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		308,372		$	3,760,772			679,222		$	8,028,983

Reinvestment of distributions		140,001			1,628,383			132,257			1,533,379

Shares redeemed		(269,259	)		(3,233,080	)		(407,305	)		(4,928,844	)



		179,114			2,156,075			404,174			4,633,518



Class P Shares

Shares sold		24,263,531			283,513,435			27,493,661			313,798,864

Reinvestment of distributions		16,617,158			190,796,257			21,253,616			243,242,744

Shares redeemed		(43,966,298	)		(511,386,336	)		(43,218,698	)		(489,273,557	)



		(3,085,609	)		(37,076,644	)		5,528,579			67,768,051


		79

GOLDMAN SACHS ALLOCATION FUNDS

Consolidated Notes to Financial Statements (continued)

August 31, 2026

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Strategic Volatility Premium Fund

	For the Fiscal Year Ended August 31, 2026						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		8,691		$	85,322			11,158		$	109,142

Reinvestment of distributions		875			8,558			2,126			20,354

Shares redeemed		(10,221	)		(100,492	)		(18,874	)		(182,241	)



		(655	)		(6,612	)		(5,590	)		(52,745	)



Class P Shares

Shares sold		21,979,232			216,768,036			13,343,210			130,906,959

Reinvestment of distributions		1,734,691			16,987,360			2,990,633			28,664,871

Shares redeemed		(11,485,920	)		(113,078,221	)		(8,626,585	)		(84,045,873	)



		12,228,003			120,677,175			7,707,258			75,525,957



	Tactical Tilt Overlay Fund

	For the Fiscal Year Ended August 31, 2026						For the Fiscal Year Ended August 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		247,800		$	2,698,576			147,208		$	1,578,824

Reinvestment of distributions		27,754			297,525			70,789			731,961

Shares redeemed		(539,318	)		(5,849,591	)		(646,083	)		(6,857,834	)



		(263,764	)		(2,853,490	)		(428,086	)		(4,547,049	)



Class R6 Shares

Shares sold		12,870,942			134,107,571			8,428,258			86,115,400

Reinvestment of distributions		1,826,054			18,863,135			3,043,923			30,347,909

Shares redeemed		(5,925,290	)		(62,123,750	)		(12,240,236	)		(125,806,000	)



		8,771,706			90,846,956			(768,055	)		(9,342,691	)



Class P Shares

Shares sold		83,583,299			875,176,566			68,142,753			701,124,748

Reinvestment of distributions		12,764,115			131,853,313			20,953,443			208,905,823

Shares redeemed		(60,353,935	)		(630,962,214	)		(78,458,934	)		(802,030,321	)



		35,993,479			376,067,665			10,637,262			108,000,250


80

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Global Managed Beta Fund, Goldman Sachs Strategic Factor Allocation Fund, Goldman Sachs Strategic Volatility Premium Fund and Goldman Sachs Tactical Tilt Overlay Fund

Opinions on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of each of the funds listed in the table below and each of their subsidiaries (four of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2026, the related consolidated statements of operations for the year ended August 31, 2026, the consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Goldman Sachs Global Managed Beta Fund*

Goldman Sachs Strategic Factor Allocation Fund**

Goldman Sachs Strategic Volatility Premium Fund**

Goldman Sachs Tactical Tilt Overlay Fund

* The financial statements as of and for the year ended August 31, 2025 and the financial highlights for each of the periods ended on or prior to August 31, 2025 (not presented herein, other than the statement of changes in net assets and the financial highlights) were presented on a stand-alone basis.

** The financial statements as of and for the year ended August 31, 2024 and the financial highlights for each of the periods ended on or prior to August 31, 2024 (not presented herein, other than the financial highlights) were presented on a stand-alone basis.

Basis for Opinions

These consolidated financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of August 31, 2026, by correspondence with the custodian, transfer agent of the investee funds and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 28, 2026

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.


		81

GOLDMAN SACHS ALLOCATION FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Global Managed Beta Fund, Goldman Sachs Strategic Factor Allocation Fund, Goldman Sachs Strategic Volatility Premium Fund, and Goldman Sachs Tactical Tilt Overlay 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”).

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 the Tactical Tilt Overlay Fund 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 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 and 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;

(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, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;


82

GOLDMAN SACHS ALLOCATION 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/or 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/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l)

information regarding commissions paid by the Fund and/or the Underlying 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, as applicable;

(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 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. 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.


		83

GOLDMAN SACHS ALLOCATION 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 (in the case of the Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund) ratings compiled by the Outside Data Provider as of December 31, 2025, and, with the exception of the Strategic Factor Allocation Fund, 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, to the extent that each Fund had been in existence for those periods. 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’ and the Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. In the case of the Strategic Factor Allocation Fund and Strategic Volatility Premium Fund, 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 Global Managed Beta 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. They also considered that the Global Managed Beta Fund had experienced certain portfolio management changes in 2025. They noted that the Strategic Factor 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-year period, and had outperformed the Fund’s benchmark index for the one- and five-year periods and underperformed for the three-year period ended December 31, 2025. They observed that the Strategic Factor Allocation Fund had experienced certain portfolio management changes in 2022 and 2024. The Trustees considered that the Strategic Volatility Premium Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2026. They noted that the Strategic Volatility Premium Fund had experienced certain portfolio management changes in 2022 and 2024. The Trustees observed that the Tactical Tilt Overlay Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the five-year period and in the fourth quartile for the one-, three- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, five- and ten-year periods and underperformed for the three-year period ended March 31, 2026. They noted that the Tactical Tilt Overlay Fund had experienced a benchmark index change in 2021.

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 and (in the case of the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund, and Tactical Tilt Overlay Fund) 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 the Funds and the Underlying Funds. 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 each 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


84

GOLDMAN SACHS ALLOCATION FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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. For the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund, and Tactical Tilt Overlay Fund, the Trustees also considered the breakpoints in the fee rate payable under the Management Agreement at the following annual percentage rates of the average daily net assets of each Fund:


	Strategic Factor			Strategic Volatility			Tactical Tilt
Average Daily Net Assets	Allocation Fund			Premium Fund			Overlay Fund

First $2 billion		0.75	%		0.50	%		0.75	%

Next $3 billion		0.68			0.45			0.68

Next $3 billion		0.64			0.43			0.64

Over $8 billion		0.62			0.42			0.62

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 undertaking 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 for the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund, and Tactical Tilt Overlay Fund 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 Strategic Factor Allocation Fund and the Tactical Tilt Overlay Fund, each of which had asset levels above at least the first breakpoint during the prior fiscal year. The Trustees also considered the services provided to the Tactical Tilt Overlay Fund 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 Fund were not duplicative of the management fees paid at the Underlying Fund level.

With respect to the Global Managed Beta Fund, the Trustees noted that the Fund does not have management fee breakpoints. They considered the asset levels in the Fund; the Fund’s 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 their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified 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


		85

GOLDMAN SACHS ALLOCATION FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

transactions on behalf of the Funds and certain Underlying Funds; (c) in the case of the Global Managed Beta Fund and Tactical Tilt Overlay Fund, research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds and certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds or 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 Strategic Factor Allocation Fund and certain of the Tactical Tilt Overlay Fund’s Underlying Funds and fees earned by the Investment Adviser for managing the fund in which the Tactical Tilt Overlay Fund, Global Managed Beta Fund, Strategic Factor Allocation Fund, and 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 the Underlying Funds; (j) 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; (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 the 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 (as applicable) 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 and/or 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) 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 and the Underlying 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 and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ and the 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) the Strategic Factor Allocation 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

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.


86

Goldman Sachs Trust – Allocation Funds - Tax Information (Unaudited)

For the year ended August 31, 2026, 19.43%, 3.50%, and 2.17% of the dividends paid from net investment company taxable income by the Global Managed Beta, Strategic Factor Allocation, and Tactical Tilt Overlay Funds, respectively, qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Global Managed Beta and Strategic Factor Allocation Funds designate $96,663,970 and $72,169,316, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2026.

From distributions paid during the fiscal year ended August 31, 2026, the total amount of income received by the Global Managed Beta Fund from sources within foreign countries and possessions of the United States was $0.1630 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Global Managed Beta Fund was 20.12%. The total amount of taxes paid by the Global Managed Beta Fund to such countries was $0.0153.

For the year ended August 31, 2026, the Global Managed Beta and Tactical Tilt Overlay Funds designate 42.99% and 3.92%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

During the fiscal year ended August 31, 2026, the Global Managed Beta and Strategic Factor Allocation Funds designate $81,438,995 and $48,456,271, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

For the year ended August 31, 2026, 0.05% and 0.02% of the dividends paid from net investment company taxable income by the Global Managed Beta and Tactical Tilt Overlay Funds, respectively, qualify as section 199A dividends.

For the fiscal year ended August 31, 2026, the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium, and Tactical Tilt Overlay Funds designate 7.49%, 39.45%, 99.44%, and 81.18%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.


		87

(This page intentionally left blank)

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:				November 9, 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:				November 9, 2026

By:				/s/ Joseph F. DiMaria

				Joseph F. DiMaria
				Principal Financial Officer
				Goldman Sachs Trust

Date:				November 9, 2026


TABLE OF CONTENTS

Consolidated Schedules of Investments			1

Goldman Sachs Global Managed Beta Fund			1

Goldman Sachs Strategic Factor Allocation Fund			18

Goldman Sachs Strategic Volatility Premium Fund			31

Goldman Sachs Tactical Tilt Overlay Fund			34

Consolidated Financial Statements			41

Statements of Assets and Liabilities			41

Statements of Operations			43

Statements of Changes in Net Assets			45

Consolidated Financial Highlights			47

Goldman Sachs Global Managed Beta Fund			47

Goldman Sachs Strategic Factor Allocation Fund			49

Goldman Sachs Strategic Volatility Premium Fund			51

Goldman Sachs Tactical Tilt Overlay Fund			53

Consolidated Notes to Financial Statements			56

Report of Independent Registered Public Accounting Firm			81

Statement Regarding Basis for Approval of Management Agreement			82

Other Information for Unaudited Tax			87