GMLPX / Goldman Sachs Trust - Goldman Sachs MLP Energy Infrastructure Institutional Class - Documents déposés auprès de la SEC, rapport annuel, procuration

GOLDMAN SACHS TRUST Goldman Sachs Fundamental Equity Value Funds Class A, Class C, Institutional, Investor, Class R, Class R6 and Class P Shares of the Goldman Sachs Focused Value Fund Supplement dated June 20, 2025 to the Prospectuses, Summary Prosp

Filed by Goldman Sachs ETF Trust pursuant to Rule 425 Under the Securities Act of 1933 Subject Company: Goldman Sachs Trust (File Nos.

GOLDMAN SACHS TRUST Goldman Sachs Fundamental Equity Growth Funds Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares of the Goldman Sachs Technology Opportunities Fund Supplement dated June 20, 2025 to the Prospectuses, S

Filed by Goldman Sachs ETF Trust pursuant to Rule 425 Under the Securities Act of 1933 Subject Company: Goldman Sachs Trust (File Nos.

GOLDMAN SACHS TRUST Goldman Sachs Fundamental Equity Growth Funds Class A, Class C, Institutional, Service, Investor, Class R, Class R6 and Class P Shares, as applicable, of the Goldman Sachs Enhanced U.S. Equity Fund Goldman Sachs Strategic Growth F

Goldman Sachs ETF Trust Filed by Goldman Sachs ETF Trust pursuant to Rule 425 Under the Securities Act of 1933 Subject Company: Goldman Sachs Trust (File Nos.

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Goldman Sachs Trust May 29, 2025 VIA EDGAR Brian Szilagyi U.S. Securities and Exchange Commission Division of Investment Management, Disclosure Review and Accounting 100 F Street, NE Washington, DC 20549 Re: Goldman Sachs Trust (811-05349) (the “Registrant”) — Review of Annual Report Disclosures Dear Mr. Szilagyi: This letter responds to comments you provided telephonically to Ari Abramovitz and J

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Goldman Sachs Trust 1900 K Street NW Washington, DC 20006-1110 +1 202 261 3300 Main +1 202 261 3333 Fax www.

As filed with the Securities and Exchange Commission on May 7, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. ☐ Post-Effective Amend

Securities Act File No. 333-285150 As filed with the Securities and Exchange Commission on May 7, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. ☐ Post-Effective Amendment No. 1 ☒ (Check appropriate box or boxes.) GOLDMAN SACHS TRUST (Exact Name of Registrant as Specified in

Three Bryant Park

Opinion and Consent of Dechert LLP Three Bryant Park 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.

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GOLDMAN SACHS TRUST 1900 K Street NW Washington, DC 20006-1110 +1 202 261 3300 Main +1 202 261 3333 Fax www.

Three Bryant Park

Form of Opinion and Consent of Dechert LLP EX-99.(12) Three Bryant Park 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.dechert.com FORM OF TAX OPINION [ ], 2025 Board of Trustees Goldman Sachs Trust Goldman Sachs U.S. Equity ESG Fund 71 South Wacker Drive Chicago, Illinois 60606 Board of Trustees Goldman Sachs Trust Goldman Sachs Enhanced U.S. Equi

As filed with the Securities and Exchange Commission on February 21, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. ☐ Post-Effective

Goldman Sachs Trust Securities Act File No. [●] As filed with the Securities and Exchange Commission on February 21, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. ☐ Post-Effective Amendment No. ☐ (Check appropriate box or boxes.) GOLDMAN SACHS TRUST (Exact Name of Registrant

+1 202 261 3333 Fax

Opinion and Consent of Dechert LLP EX-99.(11) 1900 K Street, NW Washington, DC 20006-1110 +1 202 261 3300 Main +1 202 261 3333 Fax www.dechert.com February 21, 2025 Goldman Sachs Trust 71 South Wacker Drive Chicago, Illinois 60606 Re: Goldman Sachs Trust – Goldman Sachs Enhanced U.S. Equity Fund Registration Statement on Form N-14 (the “Registration Statement”) Ladies and Gentlemen: We have acted

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Consent of Independent Registered Public Accounting Firm EX-99.(14) CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Goldman Sachs Trust of our report dated October 25, 2024, relating to the financial statements and financial highlights, which appears in the Goldman Sachs U.S. Equity ESG Fund

POWER OF ATTORNEY

Powers of Attorney EX-99.(16) POWER OF ATTORNEY Each person whose signature appears below hereby constitutes and appoints James A. McNamara, Caroline L. Kraus, Joseph F. DiMaria, Robert Griffith and Shane Shannon, jointly and severally, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power and authority of substitution and resubstitution, to do any and all acts

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form N-17f-2 Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies Pursuant to Rule 17f-2 [17 CFR 270.17f-2]

40-17F2 1 d850009d4017f2.htm GOLDMAN SACHS TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form N-17f-2 Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies Pursuant to Rule 17f-2 [17 CFR 270.17f-2] 1. Investment Company Act File Number: Date examination completed: 811-05349 December 4, 2024 2. State identi

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1900 K Street NW Washington, DC 20006-1110 +1 202 261 3300 Main +1 202 261 3333 Fax www.

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1900 K Street NW Washington, DC 20006-1110 +1 202 261 3300 Main +1 202 261 3333 Fax www.

Prospectuses

3 Bryant Park New York, NY 10036 +1 212 698 3500 Main +1 212 698 3599 Fax www.dechert.com ABEL ARAYA [email protected] +1 212 649 8788 Direct +1 212 698 3599 Fax July 22, 2024 VIA EDGAR Christopher Bellacicco U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549-4644 Re: Goldman Sachs Trust (the “Registrant”) SEC File Nos. 033-17619

Number of

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments September 30, 2023 (Unaudited) Shares Description Value Underlying Funds – 95.

Number of

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments September 30, 2023 (Unaudited) Shares Description Value Underlying Funds – 95.

Premiums Paid (Received) by Fund

GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments May 31, 2023 (Unaudited) Shares Description Value Common Stocks – 9.

Number of

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments September 30, 2023 (Unaudited) Shares Description Value Underlying Funds – 95.

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June 11, 2024 VIA EDGAR Chad Eskildsen U.S. Securities and Exchange Commission Division of Investment Management, Disclosure Review and Accounting 100 F Street, NE Washington, DC 20549 Re: Goldman Sachs Trust (811-05349) (the “Registrant”) — Review of Annual Report Disclosures Dear Mr. Eskildsen: This letter responds to a comment you provided to Brenden Carroll of Dechert LLP on Wednesday, May 15,

Three Bryant Park

EX-99.(12) Three Bryant Park 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.dechert.com April 26, 2024 Board of Trustees Goldman Sachs Trust Goldman Sachs Concentrated Growth Fund 71 South Wacker Drive Chicago, Illinois 60606 Board of Trustees Goldman Sachs Trust Goldman Sachs Enhanced Core Equity Fund 71 South Wacker Drive Chicago, Illinois 60606

As filed with the Securities and Exchange Commission on May 8, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. ☐ Post-Effective Amend

Securities Act File No. 333-277198 As filed with the Securities and Exchange Commission on May 8, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. ☐ Post-Effective Amendment No. 1 ☒ (Check appropriate box or boxes.) GOLDMAN SACHS TRUST (Exact Name of Registrant as Specified in

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1900 K Street, NW Washington, DC 20006-1110 +1 202 261 3300 Main +1 202 261 3333 Fax www.

1095 Avenue of the Americas

EX-99.(11) 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.dechert.com February 20, 2024 Goldman Sachs Trust 71 South Wacker Drive Chicago, Illinois 60606 Re: Goldman Sachs Trust – Goldman Sachs Enhanced Core Equity Fund Registration Statement on Form N-14 (the “Registration Statement”) Ladies and Gentlemen: We have acted as counsel to Goldman Sachs

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.(14) CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Goldman Sachs Trust of our reports dated October 25, 2023, relating to the financial statements and financial highlights, which appears in the Goldman Sachs Concentrated Growth Fund’s and the Goldman Sachs Enhanced Core Equity Fund’s

POWER OF ATTORNEY

EX-99.(16) POWER OF ATTORNEY Each person whose signature appears below hereby constitutes and appoints James A. McNamara, Caroline L. Kraus, Joseph F. DiMaria, Robert Griffith and Shane Shannon, jointly and severally, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power and authority of substitution and resubstitution, to do any and all acts and things and to

Three Bryant Park

EX-99.(12) Three Bryant Park 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.dechert.com [   ], 2024 Board of Trustees Goldman Sachs Trust Goldman Sachs Concentrated Growth Fund 71 South Wacker Drive Chicago, Illinois 60606 Board of Trustees Goldman Sachs Trust Goldman Sachs Enhanced Core Equity Fund 71 South Wacker Drive Chicago, Illinois 60606 Dea

As filed with the Securities and Exchange Commission on February 20, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. ☐ Post-Effective

Securities Act File No. [•] As filed with the Securities and Exchange Commission on February 20, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. ☐ Post-Effective Amendment No. ☐ (Check appropriate box or boxes.) GOLDMAN SACHS TRUST (Exact Name of Registrant as Specified in Cha

Dividend Rate

GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 10.

Unrealized Appreciation/ (Depreciation)

GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 10.

Unrealized Appreciation/ (Depreciation)

GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 10.

Premiums Paid (Received) by Fund

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Underlying Funds – 86.

Dividend Rate

GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 10.

Statement of Additional Information

1900 K Street, NW Washington, DC 20006-1110 +1 202 261 3300 Main +1 202 261 3333 Fax www.

Premiums Paid (Received) by Fund

GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments May 31, 2023 (Unaudited) Shares Description Value Common Stocks – 9.

Premiums Paid (Received) by Fund

GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments May 31, 2023 (Unaudited) Shares Description Value Common Stocks – 9.

Number of

HTML GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Underlying Funds – 94.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form N-17f-2 Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies Pursuant to Rule 17f-2 [17 CFR 270.17f-2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form N-17f-2 Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies Pursuant to Rule 17f-2 [17 CFR 270.17f-2] 1. Investment Company Act File Number: Date examination completed: 811-05349 November 16, 2023 2. State identification Number: AL AK AZ AR CA CO CT DE DC FL G

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.  )

DEFA14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.  ) Filed by the Registrant ☒        Filed by a party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

Goldman Sachs Asset Management UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Number of

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Common Stocks – 97.

Number of

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Underlying Funds – 94.

Number of

NPORT-EX 2 NPORT5896520950950323.htm GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Underlying Funds – 94.6% Dynamic(a) – 2.8% 1,508,403 Goldman Sachs Managed Futures Strategy Fund - Class R6 $ 14,299,663 Equity(a) – 14.9% 2,496,079 Goldman Sachs International Equity Insights Fund - Class R6 31,924,854 2,509,857 Goldman Sachs E

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND Consolidated Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Common Stocks – 17.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND Consolidated Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Common Stocks – 17.

Number of

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Underlying Funds – 94.

Number of

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Underlying Funds – 94.

Number of

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Underlying Funds(a) – 89.

Number of

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Common Stocks – 97.

Unrealized Appreciation/

GOLDMAN SACHS INTERNATIONAL TAX- MANAGED EQUITY FUND Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Common Stocks – 97.

Unrealized Appreciation/

GOLDMAN SACHS INTERNATIONAL TAX- MANAGED EQUITY FUND Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Common Stocks – 97.

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

NPORT-EX 2 717227GS033123.htm GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Common Stocks – 98.4% Australia – 3.6% 916,026 Transurban Group (Transportation Infrastructure) $ 8,746,577 Canada – 14.6% 370,244 Enbridge, Inc. (Oil, Gas & Consumable Fuels) 14,116,666 28,248 Fortis, Inc. (Electric Utilities) 1,200,775 130,570 Hydro O

Currency

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND Consolidated Schedule of Investments March 31, 2023 (Unaudited) Shares Dividend Rate Value Investment Company(a) – 75.

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Common Stocks – 98.

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND Schedule of Investments March 31, 2023 (Unaudited) Shares Description Value Common Stocks – 98.

Expiration

GOLDMAN SACHS CLEAN ENERGY INCOME FUND Schedule of Investments February 28, 2023 (Unaudited) Shares Description Value Common Stocks† – 98.

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND Schedule of Investments February 28, 2023 (Unaudited) Shares Description Value Common Stocks – 99.

Expiration

NPORT-EX 2 NPORT58Z8903451140223.htm GOLDMAN SACHS CLEAN ENERGY INCOME FUND Schedule of Investments February 28, 2023 (Unaudited) Shares Description Value Common Stocks† – 98.5% Bioenergy* – 3.0% 66,208 Darling Ingredients, Inc. $ 4,188,980 113,665 Green Plains, Inc. 3,940,766 8,129,746 Clean power – 88.7% 2,964 Acciona SA 558,433 1,366,292 Algonquin Power & Utilities Corp. 10,433,685 25,094 Ameri

Dividend

NPORT-EX 2 307155GS022823.htm GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 102.3% China – 96.2% 139,000 Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services) $ 679,098 1,414 Alibaba Group Holding Ltd. ADR (Retailing)* 155,823 335,676 Alibaba Group Holding Ltd. (Retailing)* 4,615,098 4,691 Anji M

Dividend

NPORT-EX 2 307152GS022823.htm GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 102.3% China – 96.2% 139,000 Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services) $ 679,098 1,414 Alibaba Group Holding Ltd. ADR (Retailing)* 155,823 335,676 Alibaba Group Holding Ltd. (Retailing)* 4,615,098 4,691 Anji M

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

NPORT-EX 2 307197GS022823.htm GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 97.6% Australia – 0.0% 18,376 AngloGold Ashanti Ltd. ADR (Materials) $ 386,264 Brazil – 5.8% 915,500 Ambev SA ADR (Food, Beverage & Tobacco) 2,435,230 260,000 Banco Bradesco SA (Banks) 646,376 405,400 Banco BTG Pactual S.A (

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

NPORT-EX 2 307286GS022823.htm GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 97.6% Australia – 0.0% 18,376 AngloGold Ashanti Ltd. ADR (Materials) $ 386,264 Brazil – 5.8% 915,500 Ambev SA ADR (Food, Beverage & Tobacco) 2,435,230 260,000 Banco Bradesco SA (Banks) 646,376 405,400 Banco BTG Pactual S.A (

Dividend

NPORT-EX 2 306363GS022823.htm GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 102.3% China – 96.2% 139,000 Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services) $ 679,098 1,414 Alibaba Group Holding Ltd. ADR (Retailing)* 155,823 335,676 Alibaba Group Holding Ltd. (Retailing)* 4,615,098 4,691 Anji M

Number of

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 98.

Dividend

NPORT-EX 2 231931GS022823.htm GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 102.3% China – 96.2% 139,000 Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services) $ 679,098 1,414 Alibaba Group Holding Ltd. ADR (Retailing)* 155,823 335,676 Alibaba Group Holding Ltd. (Retailing)* 4,615,098 4,691 Anji M

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

NPORT-EX 2 307283GS022823.htm GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 97.6% Australia – 0.0% 18,376 AngloGold Ashanti Ltd. ADR (Materials) $ 386,264 Brazil – 5.8% 915,500 Ambev SA ADR (Food, Beverage & Tobacco) 2,435,230 260,000 Banco Bradesco SA (Banks) 646,376 405,400 Banco BTG Pactual S.A (

Number of

NPORT-EX 2 717226GS022823.htm GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 98.4% Aerospace & Defense – 2.2% 10,676 General Dynamics Corp. $ 2,488,148 70,903 Howmet Aerospace, Inc. 2,885,043 31,649 Lockheed Martin Corp. 14,661,716 20,034,907 Airlines – 0.3% 79,883 Delta Air Lines, Inc.* 3,123,425 Auto Comp

Dividend

NPORT-EX 2 307165GS022823.htm GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 102.3% China – 96.2% 139,000 Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services) $ 679,098 1,414 Alibaba Group Holding Ltd. ADR (Retailing)* 155,823 335,676 Alibaba Group Holding Ltd. (Retailing)* 4,615,098 4,691 Anji M

Number of

NPORT-EX 2 717222GS022823.htm GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 98.4% Aerospace & Defense – 2.2% 10,676 General Dynamics Corp. $ 2,488,148 70,903 Howmet Aerospace, Inc. 2,885,043 31,649 Lockheed Martin Corp. 14,661,716 20,034,907 Airlines – 0.3% 79,883 Delta Air Lines, Inc.* 3,123,425 Auto Comp

Dividend

GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 102.

Number of

NPORT-EX 2 717197GS022823.htm GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 98.4% Aerospace & Defense – 2.2% 10,676 General Dynamics Corp. $ 2,488,148 70,903 Howmet Aerospace, Inc. 2,885,043 31,649 Lockheed Martin Corp. 14,661,716 20,034,907 Airlines – 0.3% 79,883 Delta Air Lines, Inc.* 3,123,425 Auto Comp

Number of

NPORT-EX 2 717217GS022823.htm GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 98.4% Aerospace & Defense – 2.2% 10,676 General Dynamics Corp. $ 2,488,148 70,903 Howmet Aerospace, Inc. 2,885,043 31,649 Lockheed Martin Corp. 14,661,716 20,034,907 Airlines – 0.3% 79,883 Delta Air Lines, Inc.* 3,123,425 Auto Comp

Number of

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2023 (Unaudited) Shares Description Value Common Stocks – 98.

Payments Received by

NPORT-EX 2 NPORT58FK660934790123.htm GOLDMAN SACHS INCOME BUILDER FUND Schedule of Investments January 31, 2023 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 43.7% Advertising(a)(b) – 0.1% CMG Media Corp. $ 2,850,000 8.875 % 12/15/27 $ 2,228,216 Aerospace & Defense(b) – 0.9% Bombardier, Inc.(a) 900,000 7.500 12/01/24 917,478 998,000 7.500 03/15/25 998,878 S

Payments Received by

NPORT-EX 2 NPORT58LK345976780123.htm GOLDMAN SACHS INCOME BUILDER FUND Schedule of Investments January 31, 2023 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 43.7% Advertising(a)(b) – 0.1% CMG Media Corp. $ 2,850,000 8.875 % 12/15/27 $ 2,228,216 Aerospace & Defense(b) – 0.9% Bombardier, Inc.(a) 900,000 7.500 12/01/24 917,478 998,000 7.500 03/15/25 998,878 S

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Goldman Sachs Trust March 10, 2023 VIA EDGAR Lauren Hamilton U.S. Securities and Exchange Commission Division of Investment Management, Disclosure Review and Accounting 100 F Street, NE Washington, DC 20549 Re: Goldman Sachs Trust (811-05349) (the “Registrant”) — Review of Annual Report Disclosures Dear Ms. Hamilton: This letter responds to comments you provided telephonically to Matthew Barsamian

(1M USD LIBOR + 0.85%)

NPORT-EX 2 306223GS123122.htm GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Municipal Bonds – 97.7% Alabama – 1.8% Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A2/A-) $ 5,000,000 4.000 % 09/15/2033 $ 5,001,467 Black Belt Energy Gas District Gas Pre

(1M USD LIBOR + 0.85%)

NPORT-EX 2 306137GS123122.htm GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Municipal Bonds – 97.7% Alabama – 1.8% Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A2/A-) $ 5,000,000 4.000 % 09/15/2033 $ 5,001,467 Black Belt Energy Gas District Gas Pre

(1M USD LIBOR + 0.85%)

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Municipal Bonds – 97.

(1M USD LIBOR + 0.85%)

NPORT-EX 2 306142GS123122.htm GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Municipal Bonds – 97.7% Alabama – 1.8% Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A2/A-) $ 5,000,000 4.000 % 09/15/2033 $ 5,001,467 Black Belt Energy Gas District Gas Pre

Number of

NPORT-EX 2 NPORT5884638914971222.htm GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 64.0% Angola – 1.4% Angolan Government International Bond (NR/B3) $ 470,000 8.250 % 05/09/28 $ 425,350 Republic of Angola (NR/B3) 910,000 9.500 11/12/25 937,300 4,090,000 8.250 (a) 05/09/2

Number of

GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 60.

Number of

NPORT-EX 2 NPORT58N2103576711222.htm GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 64.0% Angola – 1.4% Angolan Government International Bond (NR/B3) $ 470,000 8.250 % 05/09/28 $ 425,350 Republic of Angola (NR/B3) 910,000 9.500 11/12/25 937,300 4,090,000 8.250 (a) 05/09/2

Number of

GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 64.

Payments by Fund

GOLDMAN SACHS BOND FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Mortgage-Backed Obligations – 54.

Number of

NPORT-EX 2 NPORT58U1990999671222.htm GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 64.0% Angola – 1.4% Angolan Government International Bond (NR/B3) $ 470,000 8.250 % 05/09/28 $ 425,350 Republic of Angola (NR/B3) 910,000 9.500 11/12/25 937,300 4,090,000 8.250 (a) 05/09/2

Payments by Fund

NPORT-EX 2 NPORT58U2584132601222.htm GOLDMAN SACHS BOND FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Mortgage-Backed Obligations – 54.8% Collateralized Mortgage Obligations – 2.7% Interest Only(a) – 0.7% FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%) $ 283,704 1.732 %(b) 03/15/44 $ 27,211 FHLMC REMIC Series 4583, Class

Number of

GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 60.

Payments by Fund

NPORT-EX 2 NPORT5883293325601222.htm GOLDMAN SACHS BOND FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Mortgage-Backed Obligations – 54.8% Collateralized Mortgage Obligations – 2.7% Interest Only(a) – 0.7% FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%) $ 283,704 1.732 %(b) 03/15/44 $ 27,211 FHLMC REMIC Series 4583, Class

Number of

GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 60.

Number of

NPORT-EX 2 NPORT58P6664882461222.htm GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 64.0% Angola – 1.4% Angolan Government International Bond (NR/B3) $ 470,000 8.250 % 05/09/28 $ 425,350 Republic of Angola (NR/B3) 910,000 9.500 11/12/25 937,300 4,090,000 8.250 (a) 05/09/2

Payments by Fund

NPORT-EX 2 NPORT58L4742073481222.htm GOLDMAN SACHS BOND FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Mortgage-Backed Obligations – 54.8% Collateralized Mortgage Obligations – 2.7% Interest Only(a) – 0.7% FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%) $ 283,704 1.732 %(b) 03/15/44 $ 27,211 FHLMC REMIC Series 4583, Class

Payments by Fund

NPORT-EX 2 NPORT5861412746701222.htm GOLDMAN SACHS BOND FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Mortgage-Backed Obligations – 54.8% Collateralized Mortgage Obligations – 2.7% Interest Only(a) – 0.7% FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%) $ 283,704 1.732 %(b) 03/15/44 $ 27,211 FHLMC REMIC Series 4583, Class

Number of

GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 64.

Number of

GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 60.

Payments by Fund

NPORT-EX 2 NPORT58I3750072741222.htm GOLDMAN SACHS BOND FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Mortgage-Backed Obligations – 54.8% Collateralized Mortgage Obligations – 2.7% Interest Only(a) – 0.7% FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%) $ 283,704 1.732 %(b) 03/15/44 $ 27,211 FHLMC REMIC Series 4583, Class

Number of

NPORT-EX 2 NPORT58L9600655831222.htm GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 60.6% Aerospace & Defense(a) – 1.1% Howmet Aerospace, Inc. $ 821,000 5.125 % 10/01/24 $ 810,524 Teledyne Technologies, Inc. 2,700,000 0.650 04/01/23 2,666,061 The Boeing Co. 1,925,000 1.167 02/04/23

Number of

GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments December 31, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 60.

GOLDMAN SACHS CONCENTRATED GROWTH FUND

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

GOLDMAN SACHS CONCENTRATED GROWTH FUND

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

GOLDMAN SACHS EQUITY INCOME FUND

NPORT-EX 2 717247GS113022.htm GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 98.2% Aerospace & Defense – 1.5% 27,935 L3Harris Technologies, Inc. $ 6,343,480 Banks – 8.6% 251,241 Bank of America Corp. 9,509,472 109,692 JPMorgan Chase & Co. 15,157,240 41,014 M&T Bank Corp. 6,973,200 129,922 Truist Financial Corp. 6,081,

GOLDMAN SACHS CONCENTRATED GROWTH FUND

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

GOLDMAN SACHS CONCENTRATED GROWTH FUND

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

Unrealized Appreciation/ (Depreciation)

HTML GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 10.

GOLDMAN SACHS CONCENTRATED GROWTH FUND

NPORT-EX 2 717237GS113022.htm GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 99.7% Aerospace & Defense – 1.3% 9,949 Boeing Co. (The)* $ 1,779,677 Auto Components – 2.1% 27,109 Aptiv PLC* 2,891,717 Biotechnology – 5.2% 5,492 Argenx SE ADR (Netherlands)* 2,185,651 19,060 BioMarin Pharmaceutical, Inc.* 1,924,679 11

GOLDMAN SACHS CONCENTRATED GROWTH FUND

NPORT-EX 2 563979GS113022.htm GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 99.7% Aerospace & Defense – 1.3% 9,949 Boeing Co. (The)* $ 1,779,677 Auto Components – 2.1% 27,109 Aptiv PLC* 2,891,717 Biotechnology – 5.2% 5,492 Argenx SE ADR (Netherlands)* 2,185,651 19,060 BioMarin Pharmaceutical, Inc.* 1,924,679 11

GOLDMAN SACHS CONCENTRATED GROWTH FUND

NPORT-EX 2 717236GS113022.htm GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 99.7% Aerospace & Defense – 1.3% 9,949 Boeing Co. (The)* $ 1,779,677 Auto Components – 2.1% 27,109 Aptiv PLC* 2,891,717 Biotechnology – 5.2% 5,492 Argenx SE ADR (Netherlands)* 2,185,651 19,060 BioMarin Pharmaceutical, Inc.* 1,924,679 11

GOLDMAN SACHS CONCENTRATED GROWTH FUND

NPORT-EX 2 717235GS113022.htm GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 99.7% Aerospace & Defense – 1.3% 9,949 Boeing Co. (The)* $ 1,779,677 Auto Components – 2.1% 27,109 Aptiv PLC* 2,891,717 Biotechnology – 5.2% 5,492 Argenx SE ADR (Netherlands)* 2,185,651 19,060 BioMarin Pharmaceutical, Inc.* 1,924,679 11

GOLDMAN SACHS CONCENTRATED GROWTH FUND

HTML GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

Unrealized Appreciation/ (Depreciation)

NPORT-EX 2 NPORT58HP976878501122.htm GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 10.2% Aerospace & Defense – 0.1% 12,636 BAE Systems PLC $ 125,144 236 Dassault Aviation SA 37,514 87 Elbit Systems Ltd. 15,274 1,045 General Dynamics Corp. 263,748 190 HEICO Corp. 30,839 171 HEICO Corp. Class A 21,679 511 Howmet

GOLDMAN SACHS EQUITY INCOME FUND

NPORT-EX 2 717244GS113022.htm GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 98.2% Aerospace & Defense – 1.5% 27,935 L3Harris Technologies, Inc. $ 6,343,480 Banks – 8.6% 251,241 Bank of America Corp. 9,509,472 109,692 JPMorgan Chase & Co. 15,157,240 41,014 M&T Bank Corp. 6,973,200 129,922 Truist Financial Corp. 6,081,

GOLDMAN SACHS EQUITY INCOME FUND

NPORT-EX 2 717260GS113022.htm GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 98.2% Aerospace & Defense – 1.5% 27,935 L3Harris Technologies, Inc. $ 6,343,480 Banks – 8.6% 251,241 Bank of America Corp. 9,509,472 109,692 JPMorgan Chase & Co. 15,157,240 41,014 M&T Bank Corp. 6,973,200 129,922 Truist Financial Corp. 6,081,

GOLDMAN SACHS EQUITY INCOME FUND

HTML GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

Premiums Paid (Received) by the Portfolio

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Underlying Funds (Class R6 Shares)(a) – 93.

Premiums Paid (Received) by the Portfolio

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Underlying Funds (Class R6 Shares)(a) – 93.

Unrealized Appreciation/ (Depreciation)

NPORT-EX 2 NPORT58YK510825101122.htm GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 10.2% Aerospace & Defense – 0.1% 12,636 BAE Systems PLC $ 125,144 236 Dassault Aviation SA 37,514 87 Elbit Systems Ltd. 15,274 1,045 General Dynamics Corp. 263,748 190 HEICO Corp. 30,839 171 HEICO Corp. Class A 21,679 511 Howmet

GOLDMAN SACHS EQUITY INCOME FUND

NPORT-EX 2 717246GS113022.htm GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 98.2% Aerospace & Defense – 1.5% 27,935 L3Harris Technologies, Inc. $ 6,343,480 Banks – 8.6% 251,241 Bank of America Corp. 9,509,472 109,692 JPMorgan Chase & Co. 15,157,240 41,014 M&T Bank Corp. 6,973,200 129,922 Truist Financial Corp. 6,081,

Unrealized Appreciation/ (Depreciation)

GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 10.

GOLDMAN SACHS EQUITY INCOME FUND

NPORT-EX 2 717245GS113022.htm GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments November 30, 2022 (Unaudited) Shares Description Value Common Stocks – 98.2% Aerospace & Defense – 1.5% 27,935 L3Harris Technologies, Inc. $ 6,343,480 Banks – 8.6% 251,241 Bank of America Corp. 9,509,472 109,692 JPMorgan Chase & Co. 15,157,240 41,014 M&T Bank Corp. 6,973,200 129,922 Truist Financial Corp. 6,081,

* * * * * * *

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form N-17f-2 Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies Pursuant to Rule 17f-2 [17 CFR 270.17f-2] 1. Inves

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form N-17f-2 Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies Pursuant to Rule 17f-2 [17 CFR 270.17f-2] 1. Investment Company Act File Number: Date examination completed: 811-05349 December 15, 2022 2. State identification Number: AL AK AZ AR CA CO CT DE DC FL G

Number of

HTML GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Underlying Funds(a) – 89.

Credit Spread at September 30, 2022(b)

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Common Stocks – 24.

Premiums Paid (Received) by Fund

HTML GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Underlying Funds – 86.

Dividend

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Common Stocks – 97.

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND Consolidated Schedule of Investments September 30, 2022 (Unaudited) Shares Dividend Rate Value INVESTMENT COMPANIES(a) – 86.

Premiums Paid (Received) by Fund

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Underlying Funds – 86.

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Common Stocks – 96.

Dividend

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Common Stocks – 97.

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

Premiums Paid (Received) by Fund

HTML GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Underlying Funds – 86.

Credit Spread at September 30, 2022(b)

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Common Stocks – 24.

Credit Spread at September 30, 2022(b)

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Common Stocks – 24.

Premiums Paid (Received) by Fund

HTML GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Underlying Funds – 86.

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND Schedule of Investments September 30, 2022 (Unaudited) Shares Description Value Common Stocks – 96.

333,300

GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND Schedule of Investments August 31, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Strike

HTML GOLDMAN SACHS CLEAN ENERGY INCOME FUND Schedule of Investments August 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

Strike

GOLDMAN SACHS CLEAN ENERGY INCOME FUND Schedule of Investments August 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

% of Market

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 94.

GOLDMAN SACHS CHINA EQUITY FUND

NPORT-EX 2 307152GS073122.htm GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.6% China – 93.2% 395,576 Alibaba Group Holding Ltd. (Retailing)* $ 4,447,646 50,800 ANTA Sports Products Ltd. (Consumer Durables & Apparel) 559,351 3,500 Baidu, Inc. ADR (Media & Entertainment)* 477,995 107,550 Baidu, Inc., Class A (Media & Ent

GOLDMAN SACHS CHINA EQUITY FUND

NPORT-EX 2 307155GS073122.htm GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.6% China – 93.2% 395,576 Alibaba Group Holding Ltd. (Retailing)* $ 4,447,646 50,800 ANTA Sports Products Ltd. (Consumer Durables & Apparel) 559,351 3,500 Baidu, Inc. ADR (Media & Entertainment)* 477,995 107,550 Baidu, Inc., Class A (Media & Ent

Unrealized Appreciation/

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

GOLDMAN SACHS CHINA EQUITY FUND

NPORT-EX 2 307171GS073122.htm GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.6% China – 93.2% 395,576 Alibaba Group Holding Ltd. (Retailing)* $ 4,447,646 50,800 ANTA Sports Products Ltd. (Consumer Durables & Apparel) 559,351 3,500 Baidu, Inc. ADR (Media & Entertainment)* 477,995 107,550 Baidu, Inc., Class A (Media & Ent

Unrealized Appreciation/

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

Unrealized Appreciation/

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

Unrealized Appreciation/

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

Unrealized Appreciation/

FOR VALIDATION PURPOSES ONLY - [352839.TX] GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.2% Aerospace & Defense – 0.8% 20,288 Lockheed Martin Corp. $ 8,395,377 Automobiles – 4.9% 304,145 General Motors Co.* 11,028,298 47,940 Tesla, Inc.* 42,736,113 53,764,411 Beverages – 0.1% 14,131 Brown-Forman Corp., Cla

GOLDMAN SACHS CHINA EQUITY FUND

NPORT-EX 2 306363GS073122.htm GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.6% China – 93.2% 395,576 Alibaba Group Holding Ltd. (Retailing)* $ 4,447,646 50,800 ANTA Sports Products Ltd. (Consumer Durables & Apparel) 559,351 3,500 Baidu, Inc. ADR (Media & Entertainment)* 477,995 107,550 Baidu, Inc., Class A (Media & Ent

% of Market

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 94.

GOLDMAN SACHS CHINA EQUITY FUND

NPORT-EX 2 307165GS073122.htm GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.6% China – 93.2% 395,576 Alibaba Group Holding Ltd. (Retailing)* $ 4,447,646 50,800 ANTA Sports Products Ltd. (Consumer Durables & Apparel) 559,351 3,500 Baidu, Inc. ADR (Media & Entertainment)* 477,995 107,550 Baidu, Inc., Class A (Media & Ent

Unrealized Appreciation/

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

% of Market

NPORT-EX 2 307197GS073122.htm GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 94.7% Brazil – 4.3% 5,110,700 Ambev SA ADR (Food, Beverage & Tobacco) $ 14,412,174 2,735,300 Banco do Brasil SA (Banks) 19,015,624 814,400 CCR SA (Transportation) 2,044,618 7,337,070 Cia Energetica de Minas Gerais ADR (Utilitie

Upfront Premium (Received)

GOLDMAN SACHS INCOME BUILDER FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 36.

Upfront Premium (Received)

GOLDMAN SACHS INCOME BUILDER FUND Schedule of Investments July 31, 2022 (Unaudited) Shares Description Value Common Stocks – 36.

Financing Rate Paid by the Fund(a)

GOLDMAN SACHS BOND FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 41.

Number of

GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 65.

Financing Rate Paid by the Fund(a)

GOLDMAN SACHS BOND FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 41.

Financing Rate Paid by the Fund(a)

GOLDMAN SACHS BOND FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 41.

Number of

GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 65.

Payments Received by Fund

HTML GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 53.

Payments Received by Fund

HTML GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 53.

Number of

HTML GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 65.

Payments Received by Fund

HTML GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 53.

Payments Received by Fund

GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 53.

Financing Rate Paid by the Fund(a)

GOLDMAN SACHS BOND FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 41.

Financing Rate Paid by the Fund(a)

GOLDMAN SACHS BOND FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 41.

Number of

HTML GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 65.

Payments Received by Fund

HTML GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 53.

Number of

GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 65.

Payments Received by Fund

HTML GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 53.

Financing Rate Paid by the Fund(a)

GOLDMAN SACHS BOND FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 41.

Number of

NPORT-EX 2 NPORT58U1985943120622.htm GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 65.0% Angola – 1.7% Republic of Angola (NR/B3) $ 910,000 9.500 % 11/12/25 $ 836,062 6,800,000 8.250 (a) 05/09/28 5,644,000 500,000 8.250 05/09/28 415,000 Republic of Angola (B-/B3) 510,000 8.0

Unrealized Appreciation/

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Municipal Bonds – 97.

Unrealized Appreciation/

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Municipal Bonds – 97.

Unrealized Appreciation/

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Municipal Bonds – 97.

Unrealized Appreciation/

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND Schedule of Investments June 30, 2022 (Unaudited) Principal Amount Interest Rate Maturity Date Value Municipal Bonds – 97.

Dividend

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Premiums Paid (Received) by the

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Underlying Funds (Class R6 Shares)(a) – 92.

Goldman Sachs Financial Square Government Fund – Institutional Shares

GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

Dividend

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Dividend

HTML GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Dividend

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Dividend

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Premiums Paid (Received) by the

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Underlying Funds (Class R6 Shares)(a) – 92.

Dividend

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Dividend

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Goldman Sachs Financial Square Government Fund – Institutional Shares

GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

Goldman Sachs Financial Square Government Fund – Institutional Shares

GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

Dividend

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Goldman Sachs Financial Square Government Fund – Institutional Shares

GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

Goldman Sachs Financial Square Government Fund – Institutional Shares

GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

Goldman Sachs Financial Square Government Fund – Institutional Shares

GOLDMAN SACHS EQUITY INCOME FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

Dividend

GOLDMAN SACHS CONCENTRATED GROWTH FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Dividend Rate

HTML GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 10.

Dividend Rate

HTML GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 10.

Dividend Rate

GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 10.

Dividend Rate

GOLDMAN SACHS GLOBAL MANAGED BETA FUND Schedule of Investments May 31, 2022 (Unaudited) Shares Description Value Common Stocks – 10.

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 95.

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 96.

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 95.

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 96.

Currency

HTML GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Dividend Rate Value INVESTMENT COMPANIES(a) – 75.

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 96.

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 96.

Number of

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.7% Aerospace & Defense – 2.2% 83,334 Lockheed Martin Corp. $ 36,783,628 296,330 Raytheon Technologies Corp. 29,357,413 66,141,041 Air Freight & Logistics – 0.6% 88,698 United Parcel Service, Inc. Class B 19,022,173 Auto Components – 0.1% 49,100 Autoliv,

Shares

HTML GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Underlying Funds(a) – 93.

Financing Rate Paid by the Fund

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 32.

Number of

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Underlying Funds – 83.

Financing Rate Paid by the Fund

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 32.

Number of

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Underlying Funds – 83.

Financing Rate Paid by the Fund

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 32.

Number of

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Underlying Funds – 83.

Number of

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.7% Aerospace & Defense – 2.2% 83,334 Lockheed Martin Corp. $ 36,783,628 296,330 Raytheon Technologies Corp. 29,357,413 66,141,041 Air Freight & Logistics – 0.6% 88,698 United Parcel Service, Inc. Class B 19,022,173 Auto Components – 0.1% 49,100 Autoliv,

Number of

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO Schedule of Investments March 31, 2022 (Unaudited) Shares Description Value Underlying Funds – 83.

As filed with the Securities and Exchange Commission on May 20, 2022

As filed with the Securities and Exchange Commission on May 20, 2022 1933 Act Registration No.

Opinion and Consent of Dechert LLP supporting the tax matters and consequences to shareholders discussed in the Information Statement/Prospectus (filed herewith)

Three Bryant Park 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.

Expiration

HTML GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND Schedule of Investments February 28, 2022 (Unaudited) Shares Description Value Common Stocks – 98.

Expiration Date

GOLDMAN SACHS CLEAN ENERGY INCOME FUND Schedule of Investments February 28, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Expiration Date

HTML GOLDMAN SACHS CLEAN ENERGY INCOME FUND Schedule of Investments February 28, 2022 (Unaudited) Shares Description Value Common Stocks – 100.

Unrealized Appreciation/

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks ? 95.

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

NPORT-EX 2 NPORT58FK964711820122.htm GOLDMAN SACHS INCOME BUILDER FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 37.2% Aerospace & Defense – 0.4% 48,621 L3Harris Technologies, Inc. $ 10,175,889 Banks – 4.5% 437,420 Bank of America Corp. 20,182,559 422,388 BNP Paribas SA ADR(a) 15,064,468 193,066 JPMorgan Chase & Co. 28,689,608 77,788 M&T Bank Cor

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

NPORT-EX 2 NPORT58LK666383760122.htm GOLDMAN SACHS INCOME BUILDER FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 37.2% Aerospace & Defense – 0.4% 48,621 L3Harris Technologies, Inc. $ 10,175,889 Banks – 4.5% 437,420 Bank of America Corp. 20,182,559 422,388 BNP Paribas SA ADR(a) 15,064,468 193,066 JPMorgan Chase & Co. 28,689,608 77,788 M&T Bank Cor

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

NPORT-EX 2 717226GS013122.htm GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.9% Automobiles – 3.5% 50,502 Tesla, Inc.* $ 47,306,233 Banks – 0.5% 266,868 KeyCorp 6,687,712 Beverages – 1.0% 51,874 Monster Beverage Corp.* 4,498,513 50,355 PepsiCo, Inc. 8,737,600 13,236,113 Biotechnology – 3.6% 68,018 AbbVie

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

Expiration

GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 97.

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

Expiration

GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 97.

Unrealized Appreciation/

NPORT-EX 2 307197GS013122.htm GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 95.3% Brazil – 4.9% 1,130,900 Ambev SA ADR (Food, Beverage & Tobacco) $ 3,200,447 3,282,750 Banco Bradesco SA (Banks) 11,622,323 4,332,550 Banco Bradesco SA ADR (Banks) 18,586,639 911,500 Banco do Brasil SA (Banks) 5,606,220

Expiration

GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 97.

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 99.

Unrealized Appreciation/

HTML GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 95.

Expiration

GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 97.

Expiration

GOLDMAN SACHS CHINA EQUITY FUND Schedule of Investments January 31, 2022 (Unaudited) Shares Description Value Common Stocks – 97.

As filed with the Securities and Exchange Commission on March 18, 2022

As filed with the Securities and Exchange Commission on March 18, 2022 1933 Act Registration No.

Opinion and Consent of Dechert LLP supporting the tax matters and consequences to shareholders discussed in the Prospectus/Information Statement (filed herewith)

EX-99.(12) Three Bryant Park 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.dechert.com January 28, 2022 Board of Trustees Goldman Sachs Trust Goldman Sachs High Quality Floating Rate Fund 71 South Wacker Drive Chicago, Illinois 60606 Board of Trustees Goldman Sachs Trust Goldman Sachs Enhanced Income Fund 71 South Wacker Drive Chicago, Illinois 60

(1M USD LIBOR + 0.85%)

HTML GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND Schedule of Investments December 31, 2021 (Unaudited) Principal Amount Interest Rate Maturity Date Value Municipal Bonds – 96.

Payments Received by

HTML GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments December 31, 2021 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 65.

(1M USD LIBOR + 0.85%)

HTML GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND Schedule of Investments December 31, 2021 (Unaudited) Principal Amount Interest Rate Maturity Date Value Municipal Bonds – 96.

Payments Received by

GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments December 31, 2021 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 65.

Payments Received by

GOLDMAN SACHS ENHANCED INCOME FUND Schedule of Investments December 31, 2021 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 65.

Number of

GOLDMAN SACHS BOND FUND Schedule of Investments December 31, 2021 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 44.

Number of

HTML GOLDMAN SACHS BOND FUND Schedule of Investments December 31, 2021 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 44.

Number of

HTML GOLDMAN SACHS BOND FUND Schedule of Investments December 31, 2021 (Unaudited) Principal Amount Interest Rate Maturity Date Value Corporate Obligations – 44.

Payments Received by

HTML GOLDMAN SACHS EMERGING MARKETS DEBT FUND Schedule of Investments December 31, 2021 (Unaudited) Principal Amount Interest Rate Maturity Date Value Sovereign Debt Obligations – 65.