0000822977gsam:Russell1000Index44494AdditionalIndexMember2023-08-310000822977gsam:Russell1000GrowthIndex43196AdditionalIndexMember2014-08-310000822977gsam:C000055752Memberoef:WithoutSalesLoadMember2019-09-012024-08-31
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, 2024
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Annual Report to Shareholders for the Goldman Sachs Enhanced Core Equity Fund, Goldman Sachs Large Cap Core Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Technology Opportunities Fund, Goldman Sachs U.S. Equity ESG Fund, Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, Goldman Sachs Small/Mid Cap Value Fund, Goldman Sachs Enhanced Dividend Global Equity Portfolio, and Goldman Sachs Tax-Advantaged Global Equity Portfolio is filed herewith.
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Dividend Global Equity Portfolio
This annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $56 | 0.51% |
How did the Fund perform and what affected its performance?
Global equities performed strongly as waning inflation levels globally suggested the peaking of central bank tightening cycles and potential interest rate cuts in several developed markets. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and a strong rally, especially in technology stocks, driven by enthusiasm around artificial intelligence. Weaker labor market data near the end of the reporting period fueled volatility as investors focused on the health of the U.S. economy.
Top Contributors to Performance:
The Portfolio benefited compared to the Enhanced Dividend Global Equity Composite Index ("EDGE Composite Index") from a strategic underweight in emerging markets equities, which generated positive returns but lagged the gains of developed markets equities broadly.
Strategic overweights in U.S. and non-U.S. developed markets equities, especially the Portfolio’s exposure to U.S. large-cap technology stocks, bolstered relative performance.
Tactical allocations to fixed income, equities and, to a lesser extent, commodities and a trend-based rotation tilt contributed positively to the Portfolio’s relative performance.
Top Detractors from Performance:
The call writing strategies of two of the Portfolio’s Underlying Funds–Goldman Sachs U.S. Equity Dividend and Premium Fund and Goldman Sachs International Equity Dividend and Premium Fund–detracted from their performance, as global equity markets posted double-digit gains.
Relative to the Index, the Portfolio’s underweight position in investment grade fixed income limited returns.
Goldman Sachs MLP Energy Infrastructure Fund and Goldman Sachs Global Real Estate Securities Fund, which were removed as Underlying Funds on June 28, 2024, underperformed their respective benchmark indices.
Currency-related tactical allocations detracted slightly from the Portfolio’s relative performance.
Strategic equities weightings
Investment grade fixed income - UW
Underlying Fund Performance
The above represents key factors.
Goldman Sachs Enhanced Dividend Global Equity Portfolio
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 performance benchmark and any additional performance benchmark(s) are also shown.
As of the close of business on June 28, 2024, the Fund’s benchmark index, the EDGE Composite Index, was changed from a custom benchmark comprised of the MSCI ACWI IMI (Unhedged) (90%) and Bloomberg U.S. Aggregate Bond Index (10%) ("Prior EDGE Composite Index") to a custom benchmark comprised of the MSCI ACWI IMI (Developed Markets FX 50% Hedged) (90%) and Bloomberg U.S. Intermediate Treasury Index (10%). The Investment Adviser believes that the new composition of the EDGE Composite Index is an appropriate index against which to measure performance in light of the Fund’s investment strategy.
| Class A Excluding sale charges | Class A Including sale charges | EDGE Composite Index | Bloomberg U.S. Aggregate Bond Index | Prior EDGE Composite Index | MSCI ACWI IMI | Bloomberg U.S. Intermediate Treasury Bond | MSCI ACWI IMI (Developed Markets FX 50% Hedged) |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,518 | $8,995 | $9,697 | $10,156 | $9,466 | $9,390 | $10,190 | $9,641 |
| 8/16 | $10,121 | $9,565 | $10,373 | $10,762 | $10,156 | $10,082 | $10,507 | $10,348 |
| 8/17 | $11,361 | $10,736 | $11,955 | $10,815 | $11,714 | $11,804 | $10,510 | $12,111 |
| 8/18 | $12,377 | $11,696 | $13,289 | $10,701 | $12,940 | $13,197 | $10,373 | $13,636 |
| 8/19 | $12,157 | $11,488 | $13,341 | $11,790 | $12,920 | $13,008 | $11,151 | $13,559 |
| 8/20 | $12,975 | $12,261 | $15,279 | $12,553 | $14,878 | $15,017 | $11,763 | $15,563 |
| 8/21 | $16,302 | $15,405 | $19,411 | $12,543 | $18,873 | $19,538 | $11,680 | $20,296 |
| 8/22 | $14,735 | $13,925 | $16,779 | $11,098 | $15,910 | $16,365 | $10,796 | $17,390 |
| 8/23 | $16,480 | $15,573 | $18,809 | $10,966 | $17,794 | $18,547 | $10,778 | $19,736 |
| 8/24 | $19,509 | $18,436 | $22,772 | $11,766 | $21,538 | $22,742 | $11,452 | $24,230 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 18.38% | 9.91% | 6.90% |
| Class A Including sale charges | 11.83% | 8.67% | 6.30% |
| EDGE Composite Index | 21.07% | 11.28% | 8.57% |
| MSCI ACWI IMI (Developed Markets FX 50% Hedged) | 22.77% | 12.30% | 9.25% |
| Bloomberg U.S. Intermediate Treasury Bond | 6.26% | 0.53% | 1.36% |
| Prior EDGE Composite Index | 21.04% | 10.75% | 7.97% |
| MSCI ACWI IMI | 22.62% | 11.81% | 8.56% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.64% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Dividend Global Equity Portfolio
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $446,101,199 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 10% |
| Total Net Advisory Fees Paid | $590,710 |
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.
| Underlying Funds | 90.9% |
| Investment Company | 6.5% |
| Exchange-Traded Funds | 0.7% |
Goldman Sachs Enhanced Dividend Global Equity Portfolio
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI (“MSCI Data”). For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “AS IS” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.
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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Dividend Global Equity Portfolio
38143H167-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Dividend Global Equity Portfolio
Institutional Class: GIDGX
This annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $21 | 0.19% |
How did the Fund perform and what affected its performance?
Global equities performed strongly as waning inflation levels globally suggested the peaking of central bank tightening cycles and potential interest rate cuts in several developed markets. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and a strong rally, especially in technology stocks, driven by enthusiasm around artificial intelligence. Weaker labor market data near the end of the reporting period fueled volatility as investors focused on the health of the U.S. economy.
Top Contributors to Performance:
The Portfolio benefited compared to the Enhanced Dividend Global Equity Composite Index ("EDGE Composite Index") from a strategic underweight in emerging markets equities, which generated positive returns but lagged the gains of developed markets equities broadly.
Strategic overweights in U.S. and non-U.S. developed markets equities, especially the Portfolio’s exposure to U.S. large-cap technology stocks, bolstered relative performance.
Tactical allocations to fixed income, equities and, to a lesser extent, commodities and a trend-based rotation tilt contributed positively to the Portfolio’s relative performance.
Top Detractors from Performance:
The call writing strategies of two of the Portfolio’s Underlying Funds–Goldman Sachs U.S. Equity Dividend and Premium Fund and Goldman Sachs International Equity Dividend and Premium Fund–detracted from their performance, as global equity markets posted double-digit gains.
Relative to the Index, the Portfolio’s underweight position in investment grade fixed income limited returns.
Goldman Sachs MLP Energy Infrastructure Fund and Goldman Sachs Global Real Estate Securities Fund, which were removed as Underlying Funds on June 28, 2024, underperformed their respective benchmark indices.
Currency-related tactical allocations detracted slightly from the Portfolio’s relative performance.
Strategic equities weightings
Investment grade fixed income - UW
Underlying Fund Performance
The above represents key factors.
Goldman Sachs Enhanced Dividend Global Equity Portfolio
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 performance benchmark and any additional performance benchmark(s) are also shown.
As of the close of business on June 28, 2024, the Fund’s benchmark index, the EDGE Composite Index, was changed from a custom benchmark comprised of the MSCI ACWI IMI (Unhedged) (90%) and Bloomberg U.S. Aggregate Bond Index (10%) ("Prior EDGE Composite Index") to a custom benchmark comprised of the MSCI ACWI IMI (Developed Markets FX 50% Hedged) (90%) and Bloomberg U.S. Intermediate Treasury Index (10%). The Investment Adviser believes that the new composition of the EDGE Composite Index is an appropriate index against which to measure performance in light of the Fund’s investment strategy.
| Institutional | EDGE Composite Index | Bloomberg U.S. Aggregate Bond Index | Prior EDGE Composite Index | MSCI ACWI IMI | Bloomberg U.S. Intermediate Treasury Bond | MSCI ACWI IMI (Developed Markets FX 50% Hedged) |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $957,100 | $969,700 | $1,015,600 | $946,600 | $939,000 | $939,000 | $964,100 |
| 8/16 | $1,021,130 | $1,037,288 | $1,076,231 | $1,015,607 | $1,008,204 | $1,008,204 | $1,034,769 |
| 8/17 | $1,150,405 | $1,195,475 | $1,081,505 | $1,171,401 | $1,180,406 | $1,180,406 | $1,211,093 |
| 8/18 | $1,259,118 | $1,328,889 | $1,070,149 | $1,294,047 | $1,319,693 | $1,037,343 | $1,363,570 |
| 8/19 | $1,240,735 | $1,334,072 | $1,178,983 | $1,291,977 | $1,300,822 | $1,115,144 | $1,355,934 |
| 8/20 | $1,329,944 | $1,527,913 | $1,255,263 | $1,487,840 | $1,501,669 | $1,176,254 | $1,556,341 |
| 8/21 | $1,676,394 | $1,941,060 | $1,254,259 | $1,887,325 | $1,953,821 | $1,168,020 | $2,029,624 |
| 8/22 | $1,520,155 | $1,677,853 | $1,109,769 | $1,591,015 | $1,636,521 | $1,079,601 | $1,738,982 |
| 8/23 | $1,706,221 | $1,880,873 | $1,096,562 | $1,779,391 | $1,854,669 | $1,077,765 | $1,973,570 |
| 8/24 | $2,025,967 | $2,277,173 | $1,176,611 | $2,153,775 | $2,274,323 | $1,145,234 | $2,422,952 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 18.74% | 10.29% | 7.31% |
| EDGE Composite Index | 21.07% | 11.28% | 8.57% |
| MSCI ACWI IMI (Developed Markets FX 50% Hedged) | 22.77% | 12.30% | 9.25% |
| Bloomberg U.S. Intermediate Treasury Bond | 6.26% | 0.53% | 1.36% |
| Prior EDGE Composite Index | 21.04% | 10.75% | 7.97% |
| MSCI ACWI IMI | 22.62% | 11.81% | 8.56% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.64% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Dividend Global Equity Portfolio
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $446,101,199 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 10% |
| Total Net Advisory Fees Paid | $590,710 |
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.
| Underlying Funds | 90.9% |
| Investment Company | 6.5% |
| Exchange-Traded Funds | 0.7% |
Goldman Sachs Enhanced Dividend Global Equity Portfolio
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI (“MSCI Data”). For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “AS IS” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.
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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Dividend Global Equity Portfolio
38143H175-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Dividend Global Equity Portfolio
This annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $19 | 0.17% |
How did the Fund perform and what affected its performance?
Global equities performed strongly as waning inflation levels globally suggested the peaking of central bank tightening cycles and potential interest rate cuts in several developed markets. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and a strong rally, especially in technology stocks, driven by enthusiasm around artificial intelligence. Weaker labor market data near the end of the reporting period fueled volatility as investors focused on the health of the U.S. economy.
Top Contributors to Performance:
The Portfolio benefited compared to the Enhanced Dividend Global Equity Composite Index ("EDGE Composite Index") from a strategic underweight in emerging markets equities, which generated positive returns but lagged the gains of developed markets equities broadly.
Strategic overweights in U.S. and non-U.S. developed markets equities, especially the Portfolio’s exposure to U.S. large-cap technology stocks, bolstered relative performance.
Tactical allocations to fixed income, equities and, to a lesser extent, commodities and a trend-based rotation tilt contributed positively to the Portfolio’s relative performance.
Top Detractors from Performance:
The call writing strategies of two of the Portfolio’s Underlying Funds–Goldman Sachs U.S. Equity Dividend and Premium Fund and Goldman Sachs International Equity Dividend and Premium Fund–detracted from their performance, as global equity markets posted double-digit gains.
Relative to the Index, the Portfolio’s underweight position in investment grade fixed income limited returns.
Goldman Sachs MLP Energy Infrastructure Fund and Goldman Sachs Global Real Estate Securities Fund, which were removed as Underlying Funds on June 28, 2024, underperformed their respective benchmark indices.
Currency-related tactical allocations detracted slightly from the Portfolio’s relative performance.
Strategic equities weightings
Investment grade fixed income - UW
Underlying Fund Performance
The above represents key factors.
Goldman Sachs Enhanced Dividend Global Equity Portfolio
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 performance benchmark and any additional performance benchmark(s) are also shown.
As of the close of business on June 28, 2024, the Fund’s benchmark index, the EDGE Composite Index, was changed from a custom benchmark comprised of the MSCI ACWI IMI (Unhedged) (90%) and Bloomberg U.S. Aggregate Bond Index (10%) ("Prior EDGE Composite Index") to a custom benchmark comprised of the MSCI ACWI IMI (Developed Markets FX 50% Hedged) (90%) and Bloomberg U.S. Intermediate Treasury Index (10%). The Investment Adviser believes that the new composition of the EDGE Composite Index is an appropriate index against which to measure performance in light of the Fund’s investment strategy.
| Class R6 | EDGE Composite Index | Bloomberg U.S. Aggregate Bond Index | Prior EDGE Composite Index | MSCI ACWI IMI | Bloomberg U.S. Intermediate Treasury Bond | MSCI ACWI IMI (Developed Markets FX 50% Hedged) |
|---|
| 12/29/17 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,339 | $10,378 | $9,904 | $10,308 | $10,353 | $9,970 | $10,423 |
| 8/19 | $10,180 | $10,418 | $10,911 | $10,292 | $10,205 | $10,718 | $10,365 |
| 8/20 | $10,923 | $11,932 | $11,617 | $11,852 | $11,781 | $11,305 | $11,897 |
| 8/21 | $13,766 | $15,159 | $11,608 | $15,034 | $15,328 | $11,226 | $15,514 |
| 8/22 | $12,493 | $13,103 | $10,271 | $12,674 | $12,839 | $10,376 | $13,293 |
| 8/23 | $14,017 | $14,689 | $10,148 | $14,174 | $14,550 | $10,359 | $15,086 |
| 8/24 | $16,641 | $17,784 | $10,889 | $17,156 | $17,841 | $11,007 | $18,521 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced December 29, 2017) | 18.72% | 10.32% | 7.92% |
| EDGE Composite Index | 21.07% | 11.28% | 9.00% |
| MSCI ACWI IMI (Developed Markets FX 50% Hedged) | 22.77% | 12.30% | 9.67% |
| Bloomberg U.S. Intermediate Treasury Bond | 6.26% | 0.53% | 1.45% |
| Prior EDGE Composite Index | 21.04% | 10.75% | 8.42% |
| MSCI ACWI IMI | 22.62% | 11.81% | 9.06% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.28% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Dividend Global Equity Portfolio
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $446,101,199 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 10% |
| Total Net Advisory Fees Paid | $590,710 |
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.
| Underlying Funds | 90.9% |
| Investment Company | 6.5% |
| Exchange-Traded Funds | 0.7% |
Goldman Sachs Enhanced Dividend Global Equity Portfolio
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI (“MSCI Data”). For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “AS IS” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.
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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Dividend Global Equity Portfolio
38148U197-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Dividend Global Equity Portfolio
This annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $20 | 0.18% |
How did the Fund perform and what affected its performance?
Global equities performed strongly as waning inflation levels globally suggested the peaking of central bank tightening cycles and potential interest rate cuts in several developed markets. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and a strong rally, especially in technology stocks, driven by enthusiasm around artificial intelligence. Weaker labor market data near the end of the reporting period fueled volatility as investors focused on the health of the U.S. economy.
Top Contributors to Performance:
The Portfolio benefited compared to the Enhanced Dividend Global Equity Composite Index ("EDGE Composite Index") from a strategic underweight in emerging markets equities, which generated positive returns but lagged the gains of developed markets equities broadly.
Strategic overweights in U.S. and non-U.S. developed markets equities, especially the Portfolio’s exposure to U.S. large-cap technology stocks, bolstered relative performance.
Tactical allocations to fixed income, equities and, to a lesser extent, commodities and a trend-based rotation tilt contributed positively to the Portfolio’s relative performance.
Top Detractors from Performance:
The call writing strategies of two of the Portfolio’s Underlying Funds–Goldman Sachs U.S. Equity Dividend and Premium Fund and Goldman Sachs International Equity Dividend and Premium Fund–detracted from their performance, as global equity markets posted double-digit gains.
Relative to the Index, the Portfolio’s underweight position in investment grade fixed income limited returns.
Goldman Sachs MLP Energy Infrastructure Fund and Goldman Sachs Global Real Estate Securities Fund, which were removed as Underlying Funds on June 28, 2024, underperformed their respective benchmark indices.
Currency-related tactical allocations detracted slightly from the Portfolio’s relative performance.
Strategic equities weightings
Investment grade fixed income - UW
Underlying Fund Performance
The above represents key factors.
Goldman Sachs Enhanced Dividend Global Equity Portfolio
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 performance benchmark and any additional performance benchmark(s) are also shown.
As of the close of business on June 28, 2024, the Fund’s benchmark index, the EDGE Composite Index, was changed from a custom benchmark comprised of the MSCI ACWI IMI (Unhedged) (90%) and Bloomberg U.S. Aggregate Bond Index (10%) ("Prior EDGE Composite Index") to a custom benchmark comprised of the MSCI ACWI IMI (Developed Markets FX 50% Hedged) (90%) and Bloomberg U.S. Intermediate Treasury Index (10%). The Investment Adviser believes that the new composition of the EDGE Composite Index is an appropriate index against which to measure performance in light of the Fund’s investment strategy.
| Class P | EDGE Composite Index | Bloomberg U.S. Aggregate Bond Index | Prior EDGE Composite Index | MSCI ACWI IMI | Bloomberg U.S. Intermediate Treasury Bond | MSCI ACWI IMI (Developed Markets FX 50% Hedged) |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,280 | $10,309 | $10,061 | $10,208 | $10,224 | $11,342 | $10,335 |
| 8/19 | $10,131 | $10,349 | $11,084 | $10,192 | $10,078 | $10,483 | $10,277 |
| 8/20 | $10,862 | $11,853 | $11,801 | $11,737 | $11,634 | $10,466 | $11,796 |
| 8/21 | $13,692 | $15,058 | $11,792 | $14,888 | $15,137 | $11,121 | $15,383 |
| 8/22 | $12,424 | $13,016 | $10,433 | $12,551 | $12,679 | $10,000 | $13,180 |
| 8/23 | $13,940 | $14,591 | $10,309 | $14,037 | $14,369 | $10,073 | $14,958 |
| 8/24 | $16,551 | $17,665 | $11,062 | $16,990 | $17,619 | $11,120 | $18,364 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 18.73% | 10.30% | 8.22% |
| EDGE Composite Index | 21.07% | 11.28% | 9.33% |
| MSCI ACWI IMI (Developed Markets FX 50% Hedged) | 22.77% | 12.30% | 10.00% |
| Bloomberg U.S. Intermediate Treasury Bond | 6.26% | 0.53% | 1.68% |
| Prior EDGE Composite Index | 21.04% | 10.75% | 8.67% |
| MSCI ACWI IMI | 22.62% | 11.81% | 9.29% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.59% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Dividend Global Equity Portfolio
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $446,101,199 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 10% |
| Total Net Advisory Fees Paid | $590,710 |
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.
| Underlying Funds | 90.9% |
| Investment Company | 6.5% |
| Exchange-Traded Funds | 0.7% |
Goldman Sachs Enhanced Dividend Global Equity Portfolio
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI (“MSCI Data”). For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “AS IS” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.
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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Dividend Global Equity Portfolio
38150B830-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Tax-Advantaged Global Equity Portfolio
This annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $61 | 0.55% |
How did the Fund perform and what affected its performance?
Global equities performed strongly as waning inflation levels globally suggested the peaking of central bank tightening cycles and potential interest rate cuts in several developed markets. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and a strong rally, especially in technology stocks, driven by enthusiasm around artificial intelligence. Weaker labor market data near the end of the reporting period fueled volatility as investors focused on the health of the U.S. economy.
Top Contributors to Performance:
The Portfolio benefited compared to the Tax-Advantaged Global Composite Index ("TAG Composite Index") from a strategic underweight in emerging markets equities, which generated positive returns but lagged the gains of developed markets equities broadly.
Strategic overweights in U.S. and non-U.S. developed markets equities, especially the Portfolio’s exposure to U.S. large-cap technology stocks, bolstered relative returns.
Goldman Sachs U.S. Tax-Managed Equity Fund and Goldman Sachs International Tax-Managed Equity Fund, the two Underlying Funds in which the Portfolio held its largest weightings, outperformed their respective benchmark indices most during the reporting period.
Tactical allocations to fixed income, equities and, to a lesser extent, commodities and a trend-based rotation tilt contributed positively to the Portfolio’s relative performance.
Top Detractors from Performance:
Relative to the TAG Composite Index, the Portfolio’s underweight in investment grade fixed income detracted from performance.
Goldman Sachs MLP Energy Infrastructure Fund and Goldman Sachs Global Real Estate Securities Fund, which were removed as Underlying Funds on June 28, 2024, underperformed their respective benchmark indices.
Currency-related tactical allocations detracted slightly from the Portfolio’s relative performance.
Underlying Fund performance
Strategic equities weightings
Fixed income-related tactical allocations
Equity-related tactical allocations
Investment grade fixed income - UW
Currency-related tactical allocations
The above represents key factors.
Goldman Sachs Tax-Advantaged Global Equity Portfolio
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.
As of the close of business on June 28, 2024, the Fund’s performance benchmark index, the TAG Composite Index, was changed from a custom benchmark comprised of the MSCI ACWI IMI (Unhedged) (90%) and Bloomberg U.S. Aggregate Bond Index (10%) ("Prior TAG Composite Index") to a custom benchmark comprised of the MSCI ACWI IMI (Developed Markets FX 50% Hedged) (90%) and Bloomberg U.S. Intermediate Treasury Index (10%). The Investment Adviser believes that the new composition of the TAG Composite Index is an appropriate index against which to measure performance in light of the Fund’s investment strategy.
| Class A Excluding sale charges | Class A Including sale charges | TAG Composite Index | Bloomberg U.S. Aggregate Bond Index | MSCI ACWI IMI | Prior TAG Composite Index | Bloomberg U.S. Intermediate Treasury Bond | MSCI ACWI IMI (Developed Markets FX 50% Hedged) |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 | $10,000 | $10,000 | $10,796 | $10,000 |
| 8/15 | $9,561 | $9,035 | $9,697 | $10,156 | $9,390 | $9,466 | $10,778 | $9,641 |
| 8/16 | $10,029 | $9,478 | $10,373 | $10,762 | $10,082 | $10,156 | $11,452 | $10,348 |
| 8/17 | $11,557 | $10,921 | $11,955 | $10,815 | $11,804 | $11,714 | $11,549 | $12,111 |
| 8/18 | $13,037 | $12,320 | $13,289 | $10,701 | $13,197 | $12,940 | $10,190 | $13,636 |
| 8/19 | $12,391 | $11,709 | $13,341 | $11,790 | $13,008 | $12,920 | $10,507 | $13,559 |
| 8/20 | $13,912 | $13,147 | $15,279 | $12,553 | $15,017 | $14,878 | $10,510 | $15,563 |
| 8/21 | $17,848 | $16,867 | $19,411 | $12,543 | $19,538 | $18,873 | $10,373 | $20,296 |
| 8/22 | $15,601 | $14,743 | $16,779 | $11,098 | $16,365 | $15,910 | $11,151 | $17,390 |
| 8/23 | $17,487 | $16,525 | $18,809 | $10,966 | $18,547 | $17,794 | $11,763 | $19,736 |
| 8/24 | $21,543 | $20,358 | $22,772 | $11,766 | $22,742 | $21,538 | $11,453 | $24,230 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 23.19% | 11.68% | 7.97% |
| Class A Including sale charges | 16.41% | 10.42% | 7.36% |
| TAG Composite Index | 21.07% | 11.28% | 8.57% |
| MSCI ACWI IMI (Developed Markets FX 50% Hedged) | 22.77% | 12.30% | 9.25% |
| Bloomberg U.S. Intermediate Treasury Bond | 6.26% | 0.53% | 1.36% |
| Prior TAG Composite Index | 21.04% | 10.75% | 7.97% |
| MSCI ACWI IMI | 22.62% | 11.81% | 8.56% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.64% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Tax-Advantaged Global Equity Portfolio
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $4,480,881,997 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $5,484,694 |
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.
| Underlying Funds | 89.5% |
| Investment Company | 7.8% |
| Exchange-Traded Funds | 0.7% |
Goldman Sachs Tax-Advantaged Global Equity Portfolio
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI (“MSCI Data”). For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “AS IS” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.
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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Tax-Advantaged Global Equity Portfolio
38142B120-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Tax-Advantaged Global Equity Portfolio
Institutional Class: TIGGX
This annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $21 | 0.19% |
How did the Fund perform and what affected its performance?
Global equities performed strongly as waning inflation levels globally suggested the peaking of central bank tightening cycles and potential interest rate cuts in several developed markets. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and a strong rally, especially in technology stocks, driven by enthusiasm around artificial intelligence. Weaker labor market data near the end of the reporting period fueled volatility as investors focused on the health of the U.S. economy.
Top Contributors to Performance:
The Portfolio benefited compared to the Tax-Advantaged Global Composite Index ("TAG Composite Index") from a strategic underweight in emerging markets equities, which generated positive returns but lagged the gains of developed markets equities broadly.
Strategic overweights in U.S. and non-U.S. developed markets equities, especially the Portfolio’s exposure to U.S. large-cap technology stocks, bolstered relative returns.
Goldman Sachs U.S. Tax-Managed Equity Fund and Goldman Sachs International Tax-Managed Equity Fund, the two Underlying Funds in which the Portfolio held its largest weightings, outperformed their respective benchmark indices most during the reporting period.
Tactical allocations to fixed income, equities and, to a lesser extent, commodities and a trend-based rotation tilt contributed positively to the Portfolio’s relative performance.
Top Detractors from Performance:
Relative to the TAG Composite Index, the Portfolio’s underweight in investment grade fixed income detracted from performance.
Goldman Sachs MLP Energy Infrastructure Fund and Goldman Sachs Global Real Estate Securities Fund, which were removed as Underlying Funds on June 28, 2024, underperformed their respective benchmark indices.
Currency-related tactical allocations detracted slightly from the Portfolio’s relative performance.
Underlying Fund performance
Strategic equities weightings
Fixed income-related tactical allocations
Equity-related tactical allocations
Investment grade fixed income - UW
Currency-related tactical allocations
The above represents key factors.
Goldman Sachs Tax-Advantaged Global Equity Portfolio
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.
As of the close of business on June 28, 2024, the Fund’s performance benchmark index, the TAG Composite Index, was changed from a custom benchmark comprised of the MSCI ACWI IMI (Unhedged) (90%) and Bloomberg U.S. Aggregate Bond Index (10%) ("Prior TAG Composite Index") to a custom benchmark comprised of the MSCI ACWI IMI (Developed Markets FX 50% Hedged) (90%) and Bloomberg U.S. Intermediate Treasury Index (10%). The Investment Adviser believes that the new composition of the TAG Composite Index is an appropriate index against which to measure performance in light of the Fund’s investment strategy.
| Institutional | TAG Composite Index | Bloomberg U.S. Aggregate Bond Index | MSCI ACWI IMI | Prior TAG Composite Index | Bloomberg U.S. Intermediate Treasury Bond | MSCI ACWI IMI (Developed Markets FX 50% Hedged) |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $960,400 | $969,700 | $1,015,600 | $939,000 | $946,600 | $1,019,000 | $964,100 |
| 8/16 | $1,010,725 | $1,037,288 | $1,076,231 | $1,008,204 | $1,015,607 | $1,050,691 | $1,034,769 |
| 8/17 | $1,169,813 | $1,195,475 | $1,081,505 | $1,180,406 | $1,171,401 | $1,051,006 | $1,211,093 |
| 8/18 | $1,325,632 | $1,328,889 | $1,070,149 | $1,319,693 | $1,294,047 | $1,037,343 | $1,363,570 |
| 8/19 | $1,264,521 | $1,334,072 | $1,178,983 | $1,300,822 | $1,291,977 | $1,115,144 | $1,355,934 |
| 8/20 | $1,424,356 | $1,527,913 | $1,255,263 | $1,501,669 | $1,487,840 | $1,176,254 | $1,556,341 |
| 8/21 | $1,834,713 | $1,941,060 | $1,254,259 | $1,953,821 | $1,887,325 | $1,168,020 | $2,029,624 |
| 8/22 | $1,608,860 | $1,677,853 | $1,109,769 | $1,636,521 | $1,591,015 | $1,079,601 | $1,738,982 |
| 8/23 | $1,810,128 | $1,880,873 | $1,096,562 | $1,854,669 | $1,779,391 | $1,077,765 | $1,973,570 |
| 8/24 | $2,238,404 | $2,277,173 | $1,176,611 | $2,274,195 | $2,153,775 | $1,145,234 | $2,422,952 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 23.66% | 12.09% | 8.38% |
| TAG Composite Index | 21.07% | 11.28% | 8.57% |
| MSCI ACWI IMI (Developed Markets FX 50% Hedged) | 22.77% | 12.30% | 9.25% |
| Bloomberg U.S. Intermediate Treasury Bond | 6.26% | 0.53% | 1.36% |
| Prior TAG Composite Index | 21.04% | 10.75% | 7.97% |
| MSCI ACWI IMI | 22.62% | 11.81% | 8.56% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.64% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Tax-Advantaged Global Equity Portfolio
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $4,480,881,997 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $5,484,694 |
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.
| Underlying Funds | 89.5% |
| Investment Company | 7.8% |
| Exchange-Traded Funds | 0.7% |
Goldman Sachs Tax-Advantaged Global Equity Portfolio
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI (“MSCI Data”). For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “AS IS” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.
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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Tax-Advantaged Global Equity Portfolio
38142B112-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Tax-Advantaged Global Equity Portfolio
This annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $20 | 0.18% |
How did the Fund perform and what affected its performance?
Global equities performed strongly as waning inflation levels globally suggested the peaking of central bank tightening cycles and potential interest rate cuts in several developed markets. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and a strong rally, especially in technology stocks, driven by enthusiasm around artificial intelligence. Weaker labor market data near the end of the reporting period fueled volatility as investors focused on the health of the U.S. economy.
Top Contributors to Performance:
The Portfolio benefited compared to the Tax-Advantaged Global Composite Index ("TAG Composite Index") from a strategic underweight in emerging markets equities, which generated positive returns but lagged the gains of developed markets equities broadly.
Strategic overweights in U.S. and non-U.S. developed markets equities, especially the Portfolio’s exposure to U.S. large-cap technology stocks, bolstered relative returns.
Goldman Sachs U.S. Tax-Managed Equity Fund and Goldman Sachs International Tax-Managed Equity Fund, the two Underlying Funds in which the Portfolio held its largest weightings, outperformed their respective benchmark indices most during the reporting period.
Tactical allocations to fixed income, equities and, to a lesser extent, commodities and a trend-based rotation tilt contributed positively to the Portfolio’s relative performance.
Top Detractors from Performance:
Relative to the TAG Composite Index, the Portfolio’s underweight in investment grade fixed income detracted from performance.
Goldman Sachs MLP Energy Infrastructure Fund and Goldman Sachs Global Real Estate Securities Fund, which were removed as Underlying Funds on June 28, 2024, underperformed their respective benchmark indices.
Currency-related tactical allocations detracted slightly from the Portfolio’s relative performance.
Underlying Fund performance
Strategic equities weightings
Fixed income-related tactical allocations
Equity-related tactical allocations
Investment grade fixed income - UW
Currency-related tactical allocations
The above represents key factors.
Goldman Sachs Tax-Advantaged Global Equity Portfolio
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.
As of the close of business on June 28, 2024, the Fund’s performance benchmark index, the TAG Composite Index, was changed from a custom benchmark comprised of the MSCI ACWI IMI (Unhedged) (90%) and Bloomberg U.S. Aggregate Bond Index (10%) ("Prior TAG Composite Index") to a custom benchmark comprised of the MSCI ACWI IMI (Developed Markets FX 50% Hedged) (90%) and Bloomberg U.S. Intermediate Treasury Index (10%). The Investment Adviser believes that the new composition of the TAG Composite Index is an appropriate index against which to measure performance in light of the Fund’s investment strategy.
| Class R6 | TAG Composite Index | Bloomberg U.S. Aggregate Bond Index | MSCI ACWI IMI | Prior TAG Composite Index | Bloomberg U.S. Intermediate Treasury Bond | MSCI ACWI IMI (Developed Markets FX 50% Hedged) |
|---|
| 12/29/17 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,558 | $10,378 | $9,904 | $10,353 | $10,308 | $9,970 | $10,423 |
| 8/19 | $10,075 | $10,418 | $10,911 | $10,205 | $10,292 | $10,718 | $10,365 |
| 8/20 | $11,347 | $11,932 | $11,617 | $11,781 | $11,852 | $11,305 | $11,897 |
| 8/21 | $14,620 | $15,159 | $11,608 | $15,328 | $15,034 | $11,226 | $15,514 |
| 8/22 | $12,830 | $13,103 | $10,271 | $12,839 | $12,674 | $10,376 | $13,293 |
| 8/23 | $14,430 | $14,689 | $10,148 | $14,550 | $14,174 | $10,359 | $15,086 |
| 8/24 | $17,846 | $17,784 | $10,889 | $17,841 | $17,156 | $11,007 | $18,521 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced December 29, 2017) | 23.67% | 12.10% | 9.06% |
| TAG Composite Index | 21.07% | 11.28% | 9.00% |
| MSCI ACWI IMI (Developed Markets FX 50% Hedged) | 22.77% | 12.30% | 9.67% |
| Bloomberg U.S. Intermediate Treasury Bond | 6.26% | 0.53% | 1.45% |
| Prior TAG Composite Index | 21.04% | 10.75% | 8.42% |
| MSCI ACWI IMI | 22.62% | 11.81% | 9.06% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.28% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Tax-Advantaged Global Equity Portfolio
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $4,480,881,997 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $5,484,694 |
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.
| Underlying Funds | 89.5% |
| Investment Company | 7.8% |
| Exchange-Traded Funds | 0.7% |
Goldman Sachs Tax-Advantaged Global Equity Portfolio
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI (“MSCI Data”). For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “AS IS” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.
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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Tax-Advantaged Global Equity Portfolio
38148U189-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Tax-Advantaged Global Equity Portfolio
This annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $20 | 0.18% |
How did the Fund perform and what affected its performance?
Global equities performed strongly as waning inflation levels globally suggested the peaking of central bank tightening cycles and potential interest rate cuts in several developed markets. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and a strong rally, especially in technology stocks, driven by enthusiasm around artificial intelligence. Weaker labor market data near the end of the reporting period fueled volatility as investors focused on the health of the U.S. economy.
Top Contributors to Performance:
The Portfolio benefited compared to the Tax-Advantaged Global Composite Index ("TAG Composite Index") from a strategic underweight in emerging markets equities, which generated positive returns but lagged the gains of developed markets equities broadly.
Strategic overweights in U.S. and non-U.S. developed markets equities, especially the Portfolio’s exposure to U.S. large-cap technology stocks, bolstered relative returns.
Goldman Sachs U.S. Tax-Managed Equity Fund and Goldman Sachs International Tax-Managed Equity Fund, the two Underlying Funds in which the Portfolio held its largest weightings, outperformed their respective benchmark indices most during the reporting period.
Tactical allocations to fixed income, equities and, to a lesser extent, commodities and a trend-based rotation tilt contributed positively to the Portfolio’s relative performance.
Top Detractors from Performance:
Relative to the TAG Composite Index, the Portfolio’s underweight in investment grade fixed income detracted from performance.
Goldman Sachs MLP Energy Infrastructure Fund and Goldman Sachs Global Real Estate Securities Fund, which were removed as Underlying Funds on June 28, 2024, underperformed their respective benchmark indices.
Currency-related tactical allocations detracted slightly from the Portfolio’s relative performance.
Underlying Fund performance
Strategic equities weightings
Fixed income-related tactical allocations
Equity-related tactical allocations
Investment grade fixed income - UW
Currency-related tactical allocations
The above represents key factors.
Goldman Sachs Tax-Advantaged Global Equity Portfolio
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.
As of the close of business on June 28, 2024, the Fund’s performance benchmark index, the TAG Composite Index, was changed from a custom benchmark comprised of the MSCI ACWI IMI (Unhedged) (90%) and Bloomberg U.S. Aggregate Bond Index (10%) ("Prior TAG Composite Index") to a custom benchmark comprised of the MSCI ACWI IMI (Developed Markets FX 50% Hedged) (90%) and Bloomberg U.S. Intermediate Treasury Index (10%). The Investment Adviser believes that the new composition of the TAG Composite Index is an appropriate index against which to measure performance in light of the Fund’s investment strategy.
| Class P | TAG Composite Index | Bloomberg U.S. Aggregate Bond Index | MSCI ACWI IMI | Prior TAG Composite Index | Bloomberg U.S. Intermediate Treasury Bond | MSCI ACWI IMI (Developed Markets FX 50% Hedged) |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,398 | $10,309 | $10,061 | $10,224 | $10,208 | $10,073 | $10,335 |
| 8/19 | $9,920 | $10,349 | $11,084 | $10,078 | $10,192 | $10,828 | $10,277 |
| 8/20 | $11,172 | $11,853 | $11,801 | $11,634 | $11,737 | $11,422 | $11,796 |
| 8/21 | $14,397 | $15,058 | $11,792 | $15,137 | $14,888 | $11,342 | $15,383 |
| 8/22 | $12,629 | $13,016 | $10,433 | $12,679 | $12,551 | $10,483 | $13,180 |
| 8/23 | $14,211 | $14,591 | $10,309 | $14,369 | $14,037 | $10,466 | $14,958 |
| 8/24 | $17,574 | $17,665 | $11,062 | $17,619 | $16,990 | $11,120 | $18,364 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 23.66% | 12.10% | 9.24% |
| TAG Composite Index | 21.07% | 11.28% | 9.33% |
| MSCI ACWI IMI (Developed Markets FX 50% Hedged) | 22.77% | 12.30% | 10.00% |
| Bloomberg U.S. Intermediate Treasury Bond | 6.26% | 0.53% | 1.68% |
| Prior TAG Composite Index | 21.04% | 10.75% | 8.67% |
| MSCI ACWI IMI | 22.62% | 11.81% | 9.29% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.59% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Tax-Advantaged Global Equity Portfolio
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $4,480,881,997 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $5,484,694 |
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.
| Underlying Funds | 89.5% |
| Investment Company | 7.8% |
| Exchange-Traded Funds | 0.7% |
Goldman Sachs Tax-Advantaged Global Equity Portfolio
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI (“MSCI Data”). For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “AS IS” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.
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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Tax-Advantaged Global Equity Portfolio
38150B236-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Core Equity Fund
This annual shareholder report contains important information about Goldman Sachs Enhanced Core Equity Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $105 | 0.93% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Mobile advertising technology company AppLovin was the Fund’s top relative contributor, largely on the back of quarterly earnings results driven by its software business, as revenue grew significantly with consensus expectations of ongoing growth.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to health care services company Humana proved detrimental to results, as the company faced cost pressures and higher utilization trends.
Information Technology – SS
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Enhanced Core Equity Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | S&P 500® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 |
| 8/15 | $10,459 | $9,884 | $10,048 |
| 8/16 | $10,976 | $10,372 | $11,309 |
| 8/17 | $13,186 | $12,461 | $13,144 |
| 8/18 | $15,668 | $14,806 | $15,729 |
| 8/19 | $16,149 | $15,261 | $16,188 |
| 8/20 | $19,742 | $18,656 | $19,740 |
| 8/21 | $25,688 | $24,275 | $25,892 |
| 8/22 | $22,744 | $21,493 | $22,985 |
| 8/23 | $26,820 | $25,345 | $26,648 |
| 8/24 | $33,506 | $31,664 | $33,881 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 24.93% | 15.70% | 12.84% |
| Class A Including sale charges | 18.03% | 14.41% | 12.21% |
S&P 500® Index | 27.14% | 15.90% | 12.97% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Core Equity Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $344,202,931 |
| # of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid | $983,044 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
Effective February 13, 2024, the Fund changed its name from the Goldman Sachs Flexible Cap Fund to the Goldman Sachs Enhanced Core Equity Fund. This change did not affect the Fund’s investment objective or principal investment strategy.
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.
| Information Technology | 31.3% |
| Financials | 14.2% |
| Health Care | 11.0% |
| Consumer Discretionary | 9.3% |
| Industrials | 8.6% |
| Communication Services | 7.7% |
| Consumer Staples | 5.4% |
| Energy | 3.7% |
| Materials | 3.1% |
| Other Sectors | 5.4% |
Goldman Sachs Enhanced Core Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The 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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Core Equity Fund
38145C109-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Core Equity Fund
This annual shareholder report contains important information about Goldman Sachs Enhanced Core Equity Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $188 | 1.68% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Mobile advertising technology company AppLovin was the Fund’s top relative contributor, largely on the back of quarterly earnings results driven by its software business, as revenue grew significantly with consensus expectations of ongoing growth.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to health care services company Humana proved detrimental to results, as the company faced cost pressures and higher utilization trends.
Information Technology – SS
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Enhanced Core Equity Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | S&P 500® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 |
| 8/15 | $10,383 | $10,279 | $10,048 |
| 8/16 | $10,812 | $10,704 | $11,309 |
| 8/17 | $12,886 | $12,757 | $13,144 |
| 8/18 | $15,205 | $15,053 | $15,729 |
| 8/19 | $15,555 | $15,399 | $16,188 |
| 8/20 | $18,857 | $18,668 | $19,740 |
| 8/21 | $24,361 | $24,118 | $25,892 |
| 8/22 | $21,421 | $21,207 | $22,985 |
| 8/23 | $25,067 | $24,816 | $26,648 |
| 8/24 | $31,093 | $30,782 | $33,881 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 24.04% | 14.84% | 12.00% |
| Class C Including sale charges | 23.03% | 14.84% | 12.00% |
S&P 500® Index | 27.14% | 15.90% | 12.97% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Core Equity Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $344,202,931 |
| # of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid | $983,044 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
Effective February 13, 2024, the Fund changed its name from the Goldman Sachs Flexible Cap Fund to the Goldman Sachs Enhanced Core Equity Fund. This change did not affect the Fund’s investment objective or principal investment strategy.
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.
| Information Technology | 31.3% |
| Financials | 14.2% |
| Health Care | 11.0% |
| Consumer Discretionary | 9.3% |
| Industrials | 8.6% |
| Communication Services | 7.7% |
| Consumer Staples | 5.4% |
| Energy | 3.7% |
| Materials | 3.1% |
| Other Sectors | 5.4% |
Goldman Sachs Enhanced Core Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The 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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Core Equity Fund
38145C208-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Core Equity Fund
Institutional Class: GILLX
This annual shareholder report contains important information about Goldman Sachs Enhanced Core Equity Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $64 | 0.57% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Mobile advertising technology company AppLovin was the Fund’s top relative contributor, largely on the back of quarterly earnings results driven by its software business, as revenue grew significantly with consensus expectations of ongoing growth.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to health care services company Humana proved detrimental to results, as the company faced cost pressures and higher utilization trends.
Information Technology – SS
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Enhanced Core Equity Fund
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.
| Institutional | S&P 500® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 |
| 8/15 | $1,049,900 | $1,004,800 |
| 8/16 | $1,105,650 | $1,130,902 |
| 8/17 | $1,333,524 | $1,314,448 |
| 8/18 | $1,590,761 | $1,572,868 |
| 8/19 | $1,645,960 | $1,618,796 |
| 8/20 | $2,017,947 | $1,973,960 |
| 8/21 | $2,635,843 | $2,589,243 |
| 8/22 | $2,343,264 | $2,298,471 |
| 8/23 | $2,772,082 | $2,664,848 |
| 8/24 | $3,477,854 | $3,388,087 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 25.46% | 16.12% | 13.26% |
S&P 500® Index | 27.14% | 15.90% | 12.97% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Core Equity Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $344,202,931 |
| # of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid | $983,044 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 13, 2024, the Fund changed its name from the Goldman Sachs Flexible Cap Fund to the Goldman Sachs Enhanced Core Equity Fund. This change did not affect the Fund’s investment objective or principal investment strategy.
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.
| Information Technology | 31.3% |
| Financials | 14.2% |
| Health Care | 11.0% |
| Consumer Discretionary | 9.3% |
| Industrials | 8.6% |
| Communication Services | 7.7% |
| Consumer Staples | 5.4% |
| Energy | 3.7% |
| Materials | 3.1% |
| Other Sectors | 5.4% |
Goldman Sachs Enhanced Core Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Core Equity Fund
38145C307-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Core Equity Fund
This annual shareholder report contains important information about Goldman Sachs Enhanced Core Equity Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $77 | 0.68% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Mobile advertising technology company AppLovin was the Fund’s top relative contributor, largely on the back of quarterly earnings results driven by its software business, as revenue grew significantly with consensus expectations of ongoing growth.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to health care services company Humana proved detrimental to results, as the company faced cost pressures and higher utilization trends.
Information Technology – SS
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Enhanced Core Equity Fund
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.
| Investor | S&P 500® Index |
|---|
| 9/1/14 | $10,000 | $10,000 |
| 8/15 | $10,488 | $10,048 |
| 8/16 | $11,035 | $11,309 |
| 8/17 | $13,290 | $13,144 |
| 8/18 | $15,826 | $15,729 |
| 8/19 | $16,364 | $16,188 |
| 8/20 | $20,046 | $19,740 |
| 8/21 | $26,138 | $25,892 |
| 8/22 | $23,208 | $22,985 |
| 8/23 | $27,417 | $26,648 |
| 8/24 | $34,354 | $33,881 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 25.30% | 15.97% | 13.12% |
S&P 500® Index | 27.14% | 15.90% | 12.97% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Core Equity Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $344,202,931 |
| # of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid | $983,044 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 13, 2024, the Fund changed its name from the Goldman Sachs Flexible Cap Fund to the Goldman Sachs Enhanced Core Equity Fund. This change did not affect the Fund’s investment objective or principal investment strategy.
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.
| Information Technology | 31.3% |
| Financials | 14.2% |
| Health Care | 11.0% |
| Consumer Discretionary | 9.3% |
| Industrials | 8.6% |
| Communication Services | 7.7% |
| Consumer Staples | 5.4% |
| Energy | 3.7% |
| Materials | 3.1% |
| Other Sectors | 5.4% |
Goldman Sachs Enhanced Core Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Core Equity Fund
38145C505-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Core Equity Fund
This annual shareholder report contains important information about Goldman Sachs Enhanced Core Equity Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $63 | 0.56% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Mobile advertising technology company AppLovin was the Fund’s top relative contributor, largely on the back of quarterly earnings results driven by its software business, as revenue grew significantly with consensus expectations of ongoing growth.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to health care services company Humana proved detrimental to results, as the company faced cost pressures and higher utilization trends.
Information Technology – SS
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Enhanced Core Equity Fund
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.
| Class R6 | S&P 500® Index |
|---|
| 7/31/15 | $10,000 | $10,000 |
| 8/15 | $9,297 | $9,397 |
| 8/16 | $9,791 | $10,576 |
| 8/17 | $11,809 | $12,293 |
| 8/18 | $14,084 | $14,710 |
| 8/19 | $14,573 | $15,139 |
| 8/20 | $17,876 | $18,461 |
| 8/21 | $23,354 | $24,215 |
| 8/22 | $20,757 | $21,496 |
| 8/23 | $24,568 | $24,922 |
| 8/24 | $30,823 | $31,686 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 25.46% | 16.14% | 13.17% |
S&P 500® Index | 27.14% | 15.90% | 13.52% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Core Equity Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $344,202,931 |
| # of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid | $983,044 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 13, 2024, the Fund changed its name from the Goldman Sachs Flexible Cap Fund to the Goldman Sachs Enhanced Core Equity Fund. This change did not affect the Fund’s investment objective or principal investment strategy.
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.
| Information Technology | 31.3% |
| Financials | 14.2% |
| Health Care | 11.0% |
| Consumer Discretionary | 9.3% |
| Industrials | 8.6% |
| Communication Services | 7.7% |
| Consumer Staples | 5.4% |
| Energy | 3.7% |
| Materials | 3.1% |
| Other Sectors | 5.4% |
Goldman Sachs Enhanced Core Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Core Equity Fund
38147X374-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Core Equity Fund
This annual shareholder report contains important information about Goldman Sachs Enhanced Core Equity Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $133 | 1.18% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Mobile advertising technology company AppLovin was the Fund’s top relative contributor, largely on the back of quarterly earnings results driven by its software business, as revenue grew significantly with consensus expectations of ongoing growth.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to health care services company Humana proved detrimental to results, as the company faced cost pressures and higher utilization trends.
Information Technology – SS
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Enhanced Core Equity Fund
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.
| Class R | S&P 500® Index |
|---|
| 9/1/14 | $10,000 | $10,000 |
| 8/15 | $10,443 | $10,048 |
| 8/16 | $10,925 | $11,309 |
| 8/17 | $13,092 | $13,144 |
| 8/18 | $15,514 | $15,729 |
| 8/19 | $15,962 | $16,188 |
| 8/20 | $19,449 | $19,740 |
| 8/21 | $25,240 | $25,892 |
| 8/22 | $22,292 | $22,985 |
| 8/23 | $26,220 | $26,648 |
| 8/24 | $32,702 | $33,881 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 24.72% | 15.41% | 12.57% |
S&P 500® Index | 27.14% | 15.90% | 12.97% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Core Equity Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $344,202,931 |
| # of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid | $983,044 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 13, 2024, the Fund changed its name from the Goldman Sachs Flexible Cap Fund to the Goldman Sachs Enhanced Core Equity Fund. This change did not affect the Fund’s investment objective or principal investment strategy.
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.
| Information Technology | 31.3% |
| Financials | 14.2% |
| Health Care | 11.0% |
| Consumer Discretionary | 9.3% |
| Industrials | 8.6% |
| Communication Services | 7.7% |
| Consumer Staples | 5.4% |
| Energy | 3.7% |
| Materials | 3.1% |
| Other Sectors | 5.4% |
Goldman Sachs Enhanced Core Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Core Equity Fund
38145C406-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Enhanced Core Equity Fund
This annual shareholder report contains important information about Goldman Sachs Enhanced Core Equity Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $63 | 0.56% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Mobile advertising technology company AppLovin was the Fund’s top relative contributor, largely on the back of quarterly earnings results driven by its software business, as revenue grew significantly with consensus expectations of ongoing growth.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to health care services company Humana proved detrimental to results, as the company faced cost pressures and higher utilization trends.
Information Technology – SS
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Enhanced Core Equity Fund
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.
| Class P | S&P 500® Index |
|---|
| 4/17/18 | $10,000 | $10,000 |
| 8/18 | $10,675 | $10,801 |
| 8/19 | $11,055 | $11,116 |
| 8/20 | $13,559 | $13,555 |
| 8/21 | $17,701 | $17,781 |
| 8/22 | $15,742 | $15,784 |
| 8/23 | $18,629 | $18,300 |
| 8/24 | $23,379 | $23,266 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 25.50% | 16.14% | 14.24% |
S&P 500® Index | 27.14% | 15.90% | 14.15% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Enhanced Core Equity Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $344,202,931 |
| # of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid | $983,044 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 13, 2024, the Fund changed its name from the Goldman Sachs Flexible Cap Fund to the Goldman Sachs Enhanced Core Equity Fund. This change did not affect the Fund’s investment objective or principal investment strategy.
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.
| Information Technology | 31.3% |
| Financials | 14.2% |
| Health Care | 11.0% |
| Consumer Discretionary | 9.3% |
| Industrials | 8.6% |
| Communication Services | 7.7% |
| Consumer Staples | 5.4% |
| Energy | 3.7% |
| Materials | 3.1% |
| Other Sectors | 5.4% |
Goldman Sachs Enhanced Core Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Enhanced Core Equity Fund
38150B780-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Core Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Core Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $113 | 1.01% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
An overweight in semiconductor and software design company ARM Holdings contributed positively. Its dominant market position benefited from several AI-driven rallies during the reporting period. The company has been able to outpace industry peers in expanding margins and bottom-line earnings. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
Information Technology – SS
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Large Cap Core Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 |
| 8/15 | $10,334 | $9,766 | $10,040 |
| 8/16 | $10,934 | $10,333 | $11,214 |
| 8/17 | $13,282 | $12,552 | $13,026 |
| 8/18 | $16,205 | $15,314 | $15,608 |
| 8/19 | $16,808 | $15,884 | $15,996 |
| 8/20 | $20,562 | $19,431 | $19,595 |
| 8/21 | $27,219 | $25,722 | $25,915 |
| 8/22 | $23,036 | $21,769 | $22,556 |
| 8/23 | $26,751 | $25,280 | $26,030 |
| 8/24 | $33,118 | $31,297 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 23.80% | 14.51% | 12.71% |
| Class A Including sale charges | 17.01% | 13.23% | 12.07% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Large Cap Core Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,331,778,166 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid | $8,487,863 |
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.
| Information Technology | 28.8% |
| Health Care | 12.2% |
| Financials | 11.1% |
| Industrials | 10.5% |
| Consumer Discretionary | 8.0% |
| Communication Services | 7.8% |
| Consumer Staples | 6.5% |
| Materials | 4.3% |
| Energy | 3.8% |
| Other Sectors | 5.5% |
Goldman Sachs Large Cap Core Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Core Fund
38141W638-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Core Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Core Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $196 | 1.76% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
An overweight in semiconductor and software design company ARM Holdings contributed positively. Its dominant market position benefited from several AI-driven rallies during the reporting period. The company has been able to outpace industry peers in expanding margins and bottom-line earnings. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
Information Technology – SS
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Large Cap Core Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 |
| 8/15 | $10,255 | $10,152 | $10,040 |
| 8/16 | $10,768 | $10,660 | $11,214 |
| 8/17 | $12,985 | $12,855 | $13,026 |
| 8/18 | $15,726 | $15,569 | $15,608 |
| 8/19 | $16,199 | $16,037 | $15,996 |
| 8/20 | $19,671 | $19,474 | $19,595 |
| 8/21 | $25,849 | $25,591 | $25,915 |
| 8/22 | $21,703 | $21,486 | $22,556 |
| 8/23 | $25,028 | $24,778 | $26,030 |
| 8/24 | $30,747 | $30,439 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 22.85% | 13.66% | 11.88% |
| Class C Including sale charges | 21.85% | 13.66% | 11.88% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Large Cap Core Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,331,778,166 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid | $8,487,863 |
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.
| Information Technology | 28.8% |
| Health Care | 12.2% |
| Financials | 11.1% |
| Industrials | 10.5% |
| Consumer Discretionary | 8.0% |
| Communication Services | 7.8% |
| Consumer Staples | 6.5% |
| Materials | 4.3% |
| Energy | 3.8% |
| Other Sectors | 5.5% |
Goldman Sachs Large Cap Core Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Core Fund
38142B344-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Core Fund
Institutional Class: GSPIX
This annual shareholder report contains important information about Goldman Sachs Large Cap Core Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $78 | 0.70% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
An overweight in semiconductor and software design company ARM Holdings contributed positively. Its dominant market position benefited from several AI-driven rallies during the reporting period. The company has been able to outpace industry peers in expanding margins and bottom-line earnings. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
Information Technology – SS
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Large Cap Core Fund
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.
| Institutional | Russell 1000® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 |
| 8/15 | $1,037,500 | $1,004,000 |
| 8/16 | $1,101,929 | $1,121,368 |
| 8/17 | $1,343,912 | $1,302,581 |
| 8/18 | $1,646,293 | $1,560,752 |
| 8/19 | $1,714,449 | $1,599,615 |
| 8/20 | $2,105,001 | $1,959,528 |
| 8/21 | $2,796,704 | $2,591,476 |
| 8/22 | $2,374,961 | $2,255,621 |
| 8/23 | $2,767,779 | $2,602,986 |
| 8/24 | $3,436,752 | $3,295,381 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 24.17% | 14.91% | 13.13% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Large Cap Core Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,331,778,166 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid | $8,487,863 |
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.
| Information Technology | 28.8% |
| Health Care | 12.2% |
| Financials | 11.1% |
| Industrials | 10.5% |
| Consumer Discretionary | 8.0% |
| Communication Services | 7.8% |
| Consumer Staples | 6.5% |
| Materials | 4.3% |
| Energy | 3.8% |
| Other Sectors | 5.5% |
Goldman Sachs Large Cap Core Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Core Fund
38142B146-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Core Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Core Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $134 | 1.20% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
An overweight in semiconductor and software design company ARM Holdings contributed positively. Its dominant market position benefited from several AI-driven rallies during the reporting period. The company has been able to outpace industry peers in expanding margins and bottom-line earnings. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
Information Technology – SS
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Large Cap Core Fund
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.
| Service | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 |
| 8/15 | $10,323 | $10,040 |
| 8/16 | $10,908 | $11,214 |
| 8/17 | $13,238 | $13,026 |
| 8/18 | $16,139 | $15,608 |
| 8/19 | $16,715 | $15,996 |
| 8/20 | $20,424 | $19,595 |
| 8/21 | $27,003 | $25,915 |
| 8/22 | $22,817 | $22,556 |
| 8/23 | $26,466 | $26,030 |
| 8/24 | $32,704 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 23.57% | 14.35% | 12.57% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Large Cap Core Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,331,778,166 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid | $8,487,863 |
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.
| Information Technology | 28.8% |
| Health Care | 12.2% |
| Financials | 11.1% |
| Industrials | 10.5% |
| Consumer Discretionary | 8.0% |
| Communication Services | 7.8% |
| Consumer Staples | 6.5% |
| Materials | 4.3% |
| Energy | 3.8% |
| Other Sectors | 5.5% |
Goldman Sachs Large Cap Core Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Core Fund
38142B138-AR-0824 Service Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Core Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Core Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $85 | 0.76% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
An overweight in semiconductor and software design company ARM Holdings contributed positively. Its dominant market position benefited from several AI-driven rallies during the reporting period. The company has been able to outpace industry peers in expanding margins and bottom-line earnings. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
Information Technology – SS
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Large Cap Core Fund
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.
| Investor | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 |
| 8/15 | $10,359 | $10,040 |
| 8/16 | $10,988 | $11,214 |
| 8/17 | $13,380 | $13,026 |
| 8/18 | $16,370 | $15,608 |
| 8/19 | $17,018 | $15,996 |
| 8/20 | $20,870 | $19,595 |
| 8/21 | $27,696 | $25,915 |
| 8/22 | $23,498 | $22,556 |
| 8/23 | $27,358 | $26,030 |
| 8/24 | $33,951 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 24.10% | 14.79% | 12.99% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Large Cap Core Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,331,778,166 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid | $8,487,863 |
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.
| Information Technology | 28.8% |
| Health Care | 12.2% |
| Financials | 11.1% |
| Industrials | 10.5% |
| Consumer Discretionary | 8.0% |
| Communication Services | 7.8% |
| Consumer Staples | 6.5% |
| Materials | 4.3% |
| Energy | 3.8% |
| Other Sectors | 5.5% |
Goldman Sachs Large Cap Core Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Core Fund
38144N452-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Core Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Core Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $77 | 0.69% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
An overweight in semiconductor and software design company ARM Holdings contributed positively. Its dominant market position benefited from several AI-driven rallies during the reporting period. The company has been able to outpace industry peers in expanding margins and bottom-line earnings. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
Information Technology – SS
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Large Cap Core Fund
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.
| Class R6 | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 |
| 8/15 | $9,293 | $9,398 |
| 8/16 | $9,870 | $10,497 |
| 8/17 | $12,041 | $12,193 |
| 8/18 | $14,753 | $14,610 |
| 8/19 | $15,361 | $14,973 |
| 8/20 | $18,860 | $18,342 |
| 8/21 | $25,069 | $24,258 |
| 8/22 | $21,291 | $21,114 |
| 8/23 | $24,815 | $24,365 |
| 8/24 | $30,818 | $30,847 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 24.19% | 14.92% | 13.17% |
Russell 1000® Index | 26.60% | 15.53% | 13.18% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Large Cap Core Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,331,778,166 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid | $8,487,863 |
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.
| Information Technology | 28.8% |
| Health Care | 12.2% |
| Financials | 11.1% |
| Industrials | 10.5% |
| Consumer Discretionary | 8.0% |
| Communication Services | 7.8% |
| Consumer Staples | 6.5% |
| Materials | 4.3% |
| Energy | 3.8% |
| Other Sectors | 5.5% |
Goldman Sachs Large Cap Core Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Core Fund
38147X390-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Core Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Core Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $141 | 1.26% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
An overweight in semiconductor and software design company ARM Holdings contributed positively. Its dominant market position benefited from several AI-driven rallies during the reporting period. The company has been able to outpace industry peers in expanding margins and bottom-line earnings. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
Information Technology – SS
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Large Cap Core Fund
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.
| Class R | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 |
| 8/15 | $10,305 | $10,040 |
| 8/16 | $10,874 | $11,214 |
| 8/17 | $13,178 | $13,026 |
| 8/18 | $16,042 | $15,608 |
| 8/19 | $16,598 | $15,996 |
| 8/20 | $20,243 | $19,595 |
| 8/21 | $26,739 | $25,915 |
| 8/22 | $22,573 | $22,556 |
| 8/23 | $26,151 | $26,030 |
| 8/24 | $32,291 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 23.48% | 14.22% | 12.43% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Large Cap Core Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,331,778,166 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid | $8,487,863 |
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.
| Information Technology | 28.8% |
| Health Care | 12.2% |
| Financials | 11.1% |
| Industrials | 10.5% |
| Consumer Discretionary | 8.0% |
| Communication Services | 7.8% |
| Consumer Staples | 6.5% |
| Materials | 4.3% |
| Energy | 3.8% |
| Other Sectors | 5.5% |
Goldman Sachs Large Cap Core Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Core Fund
38144N460-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Core Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Core Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $77 | 0.69% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products.
An overweight in semiconductor and software design company ARM Holdings contributed positively. Its dominant market position benefited from several AI-driven rallies during the reporting period. The company has been able to outpace industry peers in expanding margins and bottom-line earnings. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in semiconductor company NVIDIA. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
An underweight in semiconductor company Broadcom similarly detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
Information Technology – SS
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Large Cap Core Fund
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.
| Class P | Russell 1000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 |
| 8/18 | $10,704 | $10,813 |
| 8/19 | $11,146 | $11,082 |
| 8/20 | $13,687 | $13,576 |
| 8/21 | $18,191 | $17,954 |
| 8/22 | $15,447 | $15,627 |
| 8/23 | $18,005 | $18,034 |
| 8/24 | $22,363 | $22,831 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 24.20% | 14.92% | 13.44% |
Russell 1000® Index | 26.60% | 15.53% | 13.81% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 Large Cap Core Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,331,778,166 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid | $8,487,863 |
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.
| Information Technology | 28.8% |
| Health Care | 12.2% |
| Financials | 11.1% |
| Industrials | 10.5% |
| Consumer Discretionary | 8.0% |
| Communication Services | 7.8% |
| Consumer Staples | 6.5% |
| Materials | 4.3% |
| Energy | 3.8% |
| Other Sectors | 5.5% |
Goldman Sachs Large Cap Core Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Core Fund
38150B608-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $123 | 1.15% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
An overweight in cybersecurity technology company CrowdStrike Holdings proved beneficial, as its ongoing success with high quality, multi-module deals, solid growth rate and security capabilities secured its place as a preeminent player in the industry. Despite a system crash during the reporting period, the company swiftly resolved the issue and its management favorably revised its contract outlook. We sold the position.
An overweight in HVAC equipment manufacturer Trane Technologies contributed positively, as ongoing data center demand growth and organic revenue increases bolstered its stock price.
An underweight in server and storage solutions manufacturer Super Micro Computer helped, as the company lacked visibility and clear guidance since being added to the mid-cap universe in May 2024. Its failure to pre-announce earnings and the delayed release of certain financial reports sparked market uncertainty around the company’s accounting practices and reliability.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in data analytics software platform developer Palantir Technologies. The company benefited from artificial intelligence (AI) initiatives, such as partnering with Microsoft. Its stock also rallied on an increase in U.S. commercial revenue.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
An overweight to athletic apparel and accessories retailer Lululemon Athletica hurt. Its shares were pressured by a choppy U.S. consumer environment even as international trends remained notably constant. Its weakness was partially due to the company’s inability to fulfill demand for smaller sizes and more colors. We sold the position.
Information Technology – SS & UW
Communication Services – SS
Consumer Discretionary – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Growth Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell Midcap® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/15 | $9,853 | $9,311 | $10,246 | $10,036 |
| 8/16 | $10,188 | $9,628 | $10,963 | $11,184 |
| 8/17 | $11,553 | $10,918 | $12,555 | $12,980 |
| 8/18 | $13,791 | $13,033 | $15,701 | $15,609 |
| 8/19 | $14,894 | $14,075 | $16,637 | $15,813 |
| 8/20 | $19,203 | $18,147 | $20,557 | $19,204 |
| 8/21 | $25,704 | $24,290 | $27,787 | $25,549 |
| 8/22 | $19,039 | $17,992 | $20,370 | $22,156 |
| 8/23 | $20,516 | $19,388 | $23,019 | $25,426 |
| 8/24 | $23,431 | $22,143 | $27,408 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 14.21% | 9.47% | 8.88% |
| Class A Including sale charges | 7.93% | 8.24% | 8.27% |
Russell Midcap® Growth Index | 19.07% | 10.49% | 10.60% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $895,712,628 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $7,153,306 |
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.
| Information Technology | 24.1% |
| Industrials | 18.1% |
| Health Care | 17.3% |
| Financials | 9.3% |
| Consumer Discretionary | 9.1% |
| Communication Services | 4.8% |
| Materials | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 3.6% |
| Other Sectors | 5.7% |
Goldman Sachs Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Growth Fund
38142Y104-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $203 | 1.90% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
An overweight in cybersecurity technology company CrowdStrike Holdings proved beneficial, as its ongoing success with high quality, multi-module deals, solid growth rate and security capabilities secured its place as a preeminent player in the industry. Despite a system crash during the reporting period, the company swiftly resolved the issue and its management favorably revised its contract outlook. We sold the position.
An overweight in HVAC equipment manufacturer Trane Technologies contributed positively, as ongoing data center demand growth and organic revenue increases bolstered its stock price.
An underweight in server and storage solutions manufacturer Super Micro Computer helped, as the company lacked visibility and clear guidance since being added to the mid-cap universe in May 2024. Its failure to pre-announce earnings and the delayed release of certain financial reports sparked market uncertainty around the company’s accounting practices and reliability.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in data analytics software platform developer Palantir Technologies. The company benefited from artificial intelligence (AI) initiatives, such as partnering with Microsoft. Its stock also rallied on an increase in U.S. commercial revenue.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
An overweight to athletic apparel and accessories retailer Lululemon Athletica hurt. Its shares were pressured by a choppy U.S. consumer environment even as international trends remained notably constant. Its weakness was partially due to the company’s inability to fulfill demand for smaller sizes and more colors. We sold the position.
Information Technology – SS & UW
Communication Services – SS
Consumer Discretionary – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Growth Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell Midcap® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/15 | $9,777 | $9,679 | $10,246 | $10,036 |
| 8/16 | $10,038 | $9,938 | $10,963 | $11,184 |
| 8/17 | $11,292 | $11,179 | $12,555 | $12,980 |
| 8/18 | $13,383 | $13,249 | $15,701 | $15,609 |
| 8/19 | $14,352 | $14,208 | $16,637 | $15,813 |
| 8/20 | $18,362 | $18,178 | $20,557 | $19,204 |
| 8/21 | $24,401 | $24,157 | $27,787 | $25,549 |
| 8/22 | $17,959 | $17,780 | $20,370 | $22,156 |
| 8/23 | $19,216 | $19,024 | $23,019 | $25,426 |
| 8/24 | $21,791 | $21,573 | $27,408 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 13.40% | 8.70% | 8.10% |
| Class C Including sale charges | 12.40% | 8.70% | 8.10% |
Russell Midcap® Growth Index | 19.07% | 10.49% | 10.60% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $895,712,628 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $7,153,306 |
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.
| Information Technology | 24.1% |
| Industrials | 18.1% |
| Health Care | 17.3% |
| Financials | 9.3% |
| Consumer Discretionary | 9.1% |
| Communication Services | 4.8% |
| Materials | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 3.6% |
| Other Sectors | 5.7% |
Goldman Sachs Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Growth Fund
38142Y302-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Growth Fund
Institutional Class: GGOIX
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $91 | 0.85% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
An overweight in cybersecurity technology company CrowdStrike Holdings proved beneficial, as its ongoing success with high quality, multi-module deals, solid growth rate and security capabilities secured its place as a preeminent player in the industry. Despite a system crash during the reporting period, the company swiftly resolved the issue and its management favorably revised its contract outlook. We sold the position.
An overweight in HVAC equipment manufacturer Trane Technologies contributed positively, as ongoing data center demand growth and organic revenue increases bolstered its stock price.
An underweight in server and storage solutions manufacturer Super Micro Computer helped, as the company lacked visibility and clear guidance since being added to the mid-cap universe in May 2024. Its failure to pre-announce earnings and the delayed release of certain financial reports sparked market uncertainty around the company’s accounting practices and reliability.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in data analytics software platform developer Palantir Technologies. The company benefited from artificial intelligence (AI) initiatives, such as partnering with Microsoft. Its stock also rallied on an increase in U.S. commercial revenue.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
An overweight to athletic apparel and accessories retailer Lululemon Athletica hurt. Its shares were pressured by a choppy U.S. consumer environment even as international trends remained notably constant. Its weakness was partially due to the company’s inability to fulfill demand for smaller sizes and more colors. We sold the position.
Information Technology – SS & UW
Communication Services – SS
Consumer Discretionary – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Growth Fund
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.
| Institutional | Russell Midcap® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $989,200 | $1,024,600 | $1,003,600 |
| 8/16 | $1,026,493 | $1,096,322 | $1,118,412 |
| 8/17 | $1,168,252 | $1,255,508 | $1,298,029 |
| 8/18 | $1,399,332 | $1,570,138 | $1,560,880 |
| 8/19 | $1,516,036 | $1,663,718 | $1,581,327 |
| 8/20 | $1,962,054 | $2,055,691 | $1,920,364 |
| 8/21 | $2,634,449 | $2,778,677 | $2,554,852 |
| 8/22 | $1,957,659 | $2,037,048 | $2,215,568 |
| 8/23 | $2,116,426 | $2,301,864 | $2,542,585 |
| 8/24 | $2,425,635 | $2,740,830 | $3,207,217 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 14.61% | 9.85% | 9.26% |
Russell Midcap® Growth Index | 19.07% | 10.49% | 10.60% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $895,712,628 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $7,153,306 |
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.
| Information Technology | 24.1% |
| Industrials | 18.1% |
| Health Care | 17.3% |
| Financials | 9.3% |
| Consumer Discretionary | 9.1% |
| Communication Services | 4.8% |
| Materials | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 3.6% |
| Other Sectors | 5.7% |
Goldman Sachs Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Growth Fund
38142Y401-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $144 | 1.35% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
An overweight in cybersecurity technology company CrowdStrike Holdings proved beneficial, as its ongoing success with high quality, multi-module deals, solid growth rate and security capabilities secured its place as a preeminent player in the industry. Despite a system crash during the reporting period, the company swiftly resolved the issue and its management favorably revised its contract outlook. We sold the position.
An overweight in HVAC equipment manufacturer Trane Technologies contributed positively, as ongoing data center demand growth and organic revenue increases bolstered its stock price.
An underweight in server and storage solutions manufacturer Super Micro Computer helped, as the company lacked visibility and clear guidance since being added to the mid-cap universe in May 2024. Its failure to pre-announce earnings and the delayed release of certain financial reports sparked market uncertainty around the company’s accounting practices and reliability.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in data analytics software platform developer Palantir Technologies. The company benefited from artificial intelligence (AI) initiatives, such as partnering with Microsoft. Its stock also rallied on an increase in U.S. commercial revenue.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
An overweight to athletic apparel and accessories retailer Lululemon Athletica hurt. Its shares were pressured by a choppy U.S. consumer environment even as international trends remained notably constant. Its weakness was partially due to the company’s inability to fulfill demand for smaller sizes and more colors. We sold the position.
Information Technology – SS & UW
Communication Services – SS
Consumer Discretionary – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Growth Fund
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.
| Service | Russell Midcap® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,841 | $10,246 | $10,036 |
| 8/16 | $10,164 | $10,963 | $11,184 |
| 8/17 | $11,507 | $12,555 | $12,980 |
| 8/18 | $13,718 | $15,701 | $15,609 |
| 8/19 | $14,791 | $16,637 | $15,813 |
| 8/20 | $19,040 | $20,557 | $19,204 |
| 8/21 | $25,436 | $27,787 | $25,549 |
| 8/22 | $18,807 | $20,370 | $22,156 |
| 8/23 | $20,244 | $23,019 | $25,426 |
| 8/24 | $23,068 | $27,408 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 13.95% | 9.29% | 8.71% |
Russell Midcap® Growth Index | 19.07% | 10.49% | 10.60% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $895,712,628 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $7,153,306 |
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.
| Information Technology | 24.1% |
| Industrials | 18.1% |
| Health Care | 17.3% |
| Financials | 9.3% |
| Consumer Discretionary | 9.1% |
| Communication Services | 4.8% |
| Materials | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 3.6% |
| Other Sectors | 5.7% |
Goldman Sachs Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Growth Fund
38142Y500-AR-0824 Service Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $97 | 0.90% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
An overweight in cybersecurity technology company CrowdStrike Holdings proved beneficial, as its ongoing success with high quality, multi-module deals, solid growth rate and security capabilities secured its place as a preeminent player in the industry. Despite a system crash during the reporting period, the company swiftly resolved the issue and its management favorably revised its contract outlook. We sold the position.
An overweight in HVAC equipment manufacturer Trane Technologies contributed positively, as ongoing data center demand growth and organic revenue increases bolstered its stock price.
An underweight in server and storage solutions manufacturer Super Micro Computer helped, as the company lacked visibility and clear guidance since being added to the mid-cap universe in May 2024. Its failure to pre-announce earnings and the delayed release of certain financial reports sparked market uncertainty around the company’s accounting practices and reliability.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in data analytics software platform developer Palantir Technologies. The company benefited from artificial intelligence (AI) initiatives, such as partnering with Microsoft. Its stock also rallied on an increase in U.S. commercial revenue.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
An overweight to athletic apparel and accessories retailer Lululemon Athletica hurt. Its shares were pressured by a choppy U.S. consumer environment even as international trends remained notably constant. Its weakness was partially due to the company’s inability to fulfill demand for smaller sizes and more colors. We sold the position.
Information Technology – SS & UW
Communication Services – SS
Consumer Discretionary – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Growth Fund
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.
| Investor | Russell Midcap® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,875 | $10,246 | $10,036 |
| 8/16 | $10,235 | $10,963 | $11,184 |
| 8/17 | $11,639 | $12,555 | $12,980 |
| 8/18 | $13,925 | $15,701 | $15,609 |
| 8/19 | $15,084 | $16,637 | $15,813 |
| 8/20 | $19,495 | $20,557 | $19,204 |
| 8/21 | $26,161 | $27,787 | $25,549 |
| 8/22 | $19,414 | $20,370 | $22,156 |
| 8/23 | $20,984 | $23,019 | $25,426 |
| 8/24 | $24,027 | $27,408 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 14.50% | 9.75% | 9.15% |
Russell Midcap® Growth Index | 19.07% | 10.49% | 10.60% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $895,712,628 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $7,153,306 |
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.
| Information Technology | 24.1% |
| Industrials | 18.1% |
| Health Care | 17.3% |
| Financials | 9.3% |
| Consumer Discretionary | 9.1% |
| Communication Services | 4.8% |
| Materials | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 3.6% |
| Other Sectors | 5.7% |
Goldman Sachs Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Growth Fund
38144N346-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $90 | 0.84% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
An overweight in cybersecurity technology company CrowdStrike Holdings proved beneficial, as its ongoing success with high quality, multi-module deals, solid growth rate and security capabilities secured its place as a preeminent player in the industry. Despite a system crash during the reporting period, the company swiftly resolved the issue and its management favorably revised its contract outlook. We sold the position.
An overweight in HVAC equipment manufacturer Trane Technologies contributed positively, as ongoing data center demand growth and organic revenue increases bolstered its stock price.
An underweight in server and storage solutions manufacturer Super Micro Computer helped, as the company lacked visibility and clear guidance since being added to the mid-cap universe in May 2024. Its failure to pre-announce earnings and the delayed release of certain financial reports sparked market uncertainty around the company’s accounting practices and reliability.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in data analytics software platform developer Palantir Technologies. The company benefited from artificial intelligence (AI) initiatives, such as partnering with Microsoft. Its stock also rallied on an increase in U.S. commercial revenue.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
An overweight to athletic apparel and accessories retailer Lululemon Athletica hurt. Its shares were pressured by a choppy U.S. consumer environment even as international trends remained notably constant. Its weakness was partially due to the company’s inability to fulfill demand for smaller sizes and more colors. We sold the position.
Information Technology – SS & UW
Communication Services – SS
Consumer Discretionary – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Growth Fund
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.
| Class R6 | Russell Midcap® Growth Index | Russell 3000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,375 | $9,418 | $9,396 |
| 8/16 | $9,733 | $10,077 | $10,471 |
| 8/17 | $11,076 | $11,540 | $12,153 |
| 8/18 | $13,269 | $14,433 | $14,613 |
| 8/19 | $14,377 | $15,293 | $14,805 |
| 8/20 | $18,610 | $18,896 | $17,979 |
| 8/21 | $24,988 | $25,541 | $23,919 |
| 8/22 | $18,568 | $18,724 | $20,743 |
| 8/23 | $20,072 | $21,158 | $23,804 |
| 8/24 | $23,011 | $25,193 | $30,027 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 14.64% | 9.85% | 9.60% |
Russell Midcap® Growth Index | 19.07% | 10.49% | 10.69% |
Russell 3000® Index | 26.14% | 15.17% | 12.85% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $895,712,628 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $7,153,306 |
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.
| Information Technology | 24.1% |
| Industrials | 18.1% |
| Health Care | 17.3% |
| Financials | 9.3% |
| Consumer Discretionary | 9.1% |
| Communication Services | 4.8% |
| Materials | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 3.6% |
| Other Sectors | 5.7% |
Goldman Sachs Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Growth Fund
38148U601-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $150 | 1.40% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
An overweight in cybersecurity technology company CrowdStrike Holdings proved beneficial, as its ongoing success with high quality, multi-module deals, solid growth rate and security capabilities secured its place as a preeminent player in the industry. Despite a system crash during the reporting period, the company swiftly resolved the issue and its management favorably revised its contract outlook. We sold the position.
An overweight in HVAC equipment manufacturer Trane Technologies contributed positively, as ongoing data center demand growth and organic revenue increases bolstered its stock price.
An underweight in server and storage solutions manufacturer Super Micro Computer helped, as the company lacked visibility and clear guidance since being added to the mid-cap universe in May 2024. Its failure to pre-announce earnings and the delayed release of certain financial reports sparked market uncertainty around the company’s accounting practices and reliability.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in data analytics software platform developer Palantir Technologies. The company benefited from artificial intelligence (AI) initiatives, such as partnering with Microsoft. Its stock also rallied on an increase in U.S. commercial revenue.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
An overweight to athletic apparel and accessories retailer Lululemon Athletica hurt. Its shares were pressured by a choppy U.S. consumer environment even as international trends remained notably constant. Its weakness was partially due to the company’s inability to fulfill demand for smaller sizes and more colors. We sold the position.
Information Technology – SS & UW
Communication Services – SS
Consumer Discretionary – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Growth Fund
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.
| Class R | Russell Midcap® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,826 | $10,246 | $10,036 |
| 8/16 | $10,133 | $10,963 | $11,184 |
| 8/17 | $11,463 | $12,555 | $12,980 |
| 8/18 | $13,648 | $15,701 | $15,609 |
| 8/19 | $14,706 | $16,637 | $15,813 |
| 8/20 | $18,920 | $20,557 | $19,204 |
| 8/21 | $25,247 | $27,787 | $25,549 |
| 8/22 | $18,658 | $20,370 | $22,156 |
| 8/23 | $20,062 | $23,019 | $25,426 |
| 8/24 | $22,861 | $27,408 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 13.95% | 9.22% | 8.61% |
Russell Midcap® Growth Index | 19.07% | 10.49% | 10.60% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $895,712,628 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $7,153,306 |
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.
| Information Technology | 24.1% |
| Industrials | 18.1% |
| Health Care | 17.3% |
| Financials | 9.3% |
| Consumer Discretionary | 9.1% |
| Communication Services | 4.8% |
| Materials | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 3.6% |
| Other Sectors | 5.7% |
Goldman Sachs Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Growth Fund
38144N353-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $90 | 0.84% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
An overweight in cybersecurity technology company CrowdStrike Holdings proved beneficial, as its ongoing success with high quality, multi-module deals, solid growth rate and security capabilities secured its place as a preeminent player in the industry. Despite a system crash during the reporting period, the company swiftly resolved the issue and its management favorably revised its contract outlook. We sold the position.
An overweight in HVAC equipment manufacturer Trane Technologies contributed positively, as ongoing data center demand growth and organic revenue increases bolstered its stock price.
An underweight in server and storage solutions manufacturer Super Micro Computer helped, as the company lacked visibility and clear guidance since being added to the mid-cap universe in May 2024. Its failure to pre-announce earnings and the delayed release of certain financial reports sparked market uncertainty around the company’s accounting practices and reliability.
Top Detractors from Performance:
Stock selection and sector allocation decisions overall detracted from the Fund’s relative results.
The Fund’s top detractor was an underweight position in data analytics software platform developer Palantir Technologies. The company benefited from artificial intelligence (AI) initiatives, such as partnering with Microsoft. Its stock also rallied on an increase in U.S. commercial revenue.
An overweight to industrial automation systems company Rockwell Automation detracted, with its negative results driven by volatile performance, soft guidance, tariff pressures and inconsistency of financial management.
An overweight to athletic apparel and accessories retailer Lululemon Athletica hurt. Its shares were pressured by a choppy U.S. consumer environment even as international trends remained notably constant. Its weakness was partially due to the company’s inability to fulfill demand for smaller sizes and more colors. We sold the position.
Information Technology – SS & UW
Communication Services – SS
Consumer Discretionary – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Growth Fund
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.
| Class P | Russell Midcap® Growth Index | Russell 3000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,550 | $10,945 | $10,833 |
| 8/19 | $11,434 | $11,597 | $10,975 |
| 8/20 | $14,799 | $14,330 | $13,328 |
| 8/21 | $19,869 | $19,369 | $17,731 |
| 8/22 | $14,767 | $14,200 | $15,377 |
| 8/23 | $15,970 | $16,046 | $17,646 |
| 8/24 | $18,297 | $19,106 | $22,259 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 14.57% | 9.85% | 9.93% |
Russell Midcap® Growth Index | 19.07% | 10.49% | 10.68% |
Russell 3000® Index | 26.14% | 15.17% | 13.36% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $895,712,628 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $7,153,306 |
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.
| Information Technology | 24.1% |
| Industrials | 18.1% |
| Health Care | 17.3% |
| Financials | 9.3% |
| Consumer Discretionary | 9.1% |
| Communication Services | 4.8% |
| Materials | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 3.6% |
| Other Sectors | 5.7% |
Goldman Sachs Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Growth Fund
38150B699-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $136 | 1.22% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth. We sold the position, taking profit.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to Axcelis Technologies, a component producer for the semiconductor industry, detracted, as short-term demand weakness in the electric vehicle market caused its stock to sell off.
An overweight in digital healthcare company iRhythm Technologies dampened results, as investors were concerned about persistent FDA inspection issues as well as an unexpected departure of the company’s Chief Financial Officer.
Consumer Discretionary – SS
Information Technology – SS
Communication Services – SS
The above represents sectors.
Goldman Sachs Small Cap Growth Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 10/31/19 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/20 | $12,830 | $12,124 | $11,498 | $11,683 |
| 8/21 | $18,202 | $17,201 | $15,592 | $15,543 |
| 8/22 | $13,369 | $12,634 | $11,654 | $13,479 |
| 8/23 | $14,388 | $13,597 | $12,444 | $15,468 |
| 8/24 | $17,766 | $16,789 | $14,643 | $19,512 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Class A Excluding sale charges (Commenced October 31, 2019) | 23.48% | 12.61% |
| Class A Including sale charges (Commenced on October 31, 2019) | 16.68% | 11.31% |
Russell 2000® Growth Index | 17.67% | 8.20% |
Russell 3000® Index | 26.14% | 14.82% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $133,813,617 |
| # of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $618,799 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
Effective February 22, 2024, the Fund changed its principal investment strategy to raise the upper limit of the small market capitalization range in which it invests at least 80% of its net assets (from $8 billion to $16 billion).
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.
| Health Care | 24.5% |
| Information Technology | 23.6% |
| Industrials | 22.9% |
| Consumer Discretionary | 12.7% |
| Financials | 7.2% |
| Consumer Staples | 3.4% |
| Materials | 2.6% |
| Investment Company | 1.4% |
| Energy | 1.3% |
Goldman Sachs Small Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Fund
38145C182-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $219 | 1.97% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth. We sold the position, taking profit.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to Axcelis Technologies, a component producer for the semiconductor industry, detracted, as short-term demand weakness in the electric vehicle market caused its stock to sell off.
An overweight in digital healthcare company iRhythm Technologies dampened results, as investors were concerned about persistent FDA inspection issues as well as an unexpected departure of the company’s Chief Financial Officer.
Consumer Discretionary – SS
Information Technology – SS
Communication Services – SS
The above represents sectors.
Goldman Sachs Small Cap Growth Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 10/31/19 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/20 | $12,744 | $12,617 | $11,498 | $11,683 |
| 8/21 | $17,951 | $17,772 | $15,592 | $15,543 |
| 8/22 | $13,090 | $12,959 | $11,654 | $13,479 |
| 8/23 | $13,976 | $13,836 | $12,444 | $15,468 |
| 8/24 | $17,138 | $16,966 | $14,643 | $19,512 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Class C Excluding sale charges (Commenced October 31, 2019) | 22.62% | 11.78% |
| Class C Including sale charges (Commenced on October 31, 2019) | 21.62% | 11.78% |
Russell 2000® Growth Index | 17.67% | 8.20% |
Russell 3000® Index | 26.14% | 14.82% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $133,813,617 |
| # of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $618,799 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
Effective February 22, 2024, the Fund changed its principal investment strategy to raise the upper limit of the small market capitalization range in which it invests at least 80% of its net assets (from $8 billion to $16 billion).
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.
| Health Care | 24.5% |
| Information Technology | 23.6% |
| Industrials | 22.9% |
| Consumer Discretionary | 12.7% |
| Financials | 7.2% |
| Consumer Staples | 3.4% |
| Materials | 2.6% |
| Investment Company | 1.4% |
| Energy | 1.3% |
Goldman Sachs Small Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Fund
38145C174-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Growth Fund
Institutional Class: GSAJX
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $102 | 0.91% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth. We sold the position, taking profit.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to Axcelis Technologies, a component producer for the semiconductor industry, detracted, as short-term demand weakness in the electric vehicle market caused its stock to sell off.
An overweight in digital healthcare company iRhythm Technologies dampened results, as investors were concerned about persistent FDA inspection issues as well as an unexpected departure of the company’s Chief Financial Officer.
Consumer Discretionary – SS
Information Technology – SS
Communication Services – SS
The above represents sectors.
Goldman Sachs Small Cap Growth Fund
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.
| Institutional | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 10/31/19 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/20 | $1,286,800 | $1,149,800 | $1,168,300 |
| 8/21 | $1,831,888 | $1,559,244 | $1,554,306 |
| 8/22 | $1,351,751 | $1,165,379 | $1,347,894 |
| 8/23 | $1,458,404 | $1,244,391 | $1,546,844 |
| 8/24 | $1,808,275 | $1,464,275 | $1,951,189 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Institutional (Commenced October 31, 2019) | 23.99% | 13.03% |
Russell 2000® Growth Index | 17.67% | 8.20% |
Russell 3000® Index | 26.14% | 14.82% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $133,813,617 |
| # of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $618,799 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 22, 2024, the Fund changed its principal investment strategy to raise the upper limit of the small market capitalization range in which it invests at least 80% of its net assets (from $8 billion to $16 billion).
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.
| Health Care | 24.5% |
| Information Technology | 23.6% |
| Industrials | 22.9% |
| Consumer Discretionary | 12.7% |
| Financials | 7.2% |
| Consumer Staples | 3.4% |
| Materials | 2.6% |
| Investment Company | 1.4% |
| Energy | 1.3% |
Goldman Sachs Small Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Fund
38145C141-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $109 | 0.97% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth. We sold the position, taking profit.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to Axcelis Technologies, a component producer for the semiconductor industry, detracted, as short-term demand weakness in the electric vehicle market caused its stock to sell off.
An overweight in digital healthcare company iRhythm Technologies dampened results, as investors were concerned about persistent FDA inspection issues as well as an unexpected departure of the company’s Chief Financial Officer.
Consumer Discretionary – SS
Information Technology – SS
Communication Services – SS
The above represents sectors.
Goldman Sachs Small Cap Growth Fund
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.
| Investor | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 10/31/19 | $10,000 | $10,000 | $10,000 |
| 8/20 | $12,855 | $11,498 | $11,683 |
| 8/21 | $18,281 | $15,592 | $15,543 |
| 8/22 | $13,460 | $11,654 | $13,479 |
| 8/23 | $14,526 | $12,444 | $15,468 |
| 8/24 | $17,988 | $14,643 | $19,512 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Investor (Commenced October 31, 2019) | 23.83% | 12.90% |
Russell 2000® Growth Index | 17.67% | 8.20% |
Russell 3000® Index | 26.14% | 14.82% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $133,813,617 |
| # of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $618,799 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 22, 2024, the Fund changed its principal investment strategy to raise the upper limit of the small market capitalization range in which it invests at least 80% of its net assets (from $8 billion to $16 billion).
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.
| Health Care | 24.5% |
| Information Technology | 23.6% |
| Industrials | 22.9% |
| Consumer Discretionary | 12.7% |
| Financials | 7.2% |
| Consumer Staples | 3.4% |
| Materials | 2.6% |
| Investment Company | 1.4% |
| Energy | 1.3% |
Goldman Sachs Small Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Fund
38145C133-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $101 | 0.90% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth. We sold the position, taking profit.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to Axcelis Technologies, a component producer for the semiconductor industry, detracted, as short-term demand weakness in the electric vehicle market caused its stock to sell off.
An overweight in digital healthcare company iRhythm Technologies dampened results, as investors were concerned about persistent FDA inspection issues as well as an unexpected departure of the company’s Chief Financial Officer.
Consumer Discretionary – SS
Information Technology – SS
Communication Services – SS
The above represents sectors.
Goldman Sachs Small Cap Growth Fund
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.
| Class R6 | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 10/31/19 | $10,000 | $10,000 | $10,000 |
| 8/20 | $12,868 | $11,498 | $11,683 |
| 8/21 | $18,329 | $15,592 | $15,543 |
| 8/22 | $13,518 | $11,654 | $13,479 |
| 8/23 | $14,596 | $12,444 | $15,468 |
| 8/24 | $18,084 | $14,643 | $19,512 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Class R6 (Commenced October 31, 2019) | 23.89% | 13.03% |
Russell 2000® Growth Index | 17.67% | 8.20% |
Russell 3000® Index | 26.14% | 14.82% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $133,813,617 |
| # of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $618,799 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 22, 2024, the Fund changed its principal investment strategy to raise the upper limit of the small market capitalization range in which it invests at least 80% of its net assets (from $8 billion to $16 billion).
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.
| Health Care | 24.5% |
| Information Technology | 23.6% |
| Industrials | 22.9% |
| Consumer Discretionary | 12.7% |
| Financials | 7.2% |
| Consumer Staples | 3.4% |
| Materials | 2.6% |
| Investment Company | 1.4% |
| Energy | 1.3% |
Goldman Sachs Small Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Fund
38145C158-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $101 | 0.90% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth. We sold the position, taking profit.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to Axcelis Technologies, a component producer for the semiconductor industry, detracted, as short-term demand weakness in the electric vehicle market caused its stock to sell off.
An overweight in digital healthcare company iRhythm Technologies dampened results, as investors were concerned about persistent FDA inspection issues as well as an unexpected departure of the company’s Chief Financial Officer.
Consumer Discretionary – SS
Information Technology – SS
Communication Services – SS
The above represents sectors.
Goldman Sachs Small Cap Growth Fund
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.
| Class P | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 10/31/19 | $10,000 | $10,000 | $10,000 |
| 8/20 | $12,868 | $11,498 | $11,683 |
| 8/21 | $18,320 | $15,592 | $15,543 |
| 8/22 | $13,507 | $11,654 | $13,479 |
| 8/23 | $14,587 | $12,444 | $15,468 |
| 8/24 | $18,074 | $14,643 | $19,512 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Class P (Commenced October 31, 2019) | 23.91% | 13.02% |
Russell 2000® Growth Index | 17.67% | 8.20% |
Russell 3000® Index | 26.14% | 14.82% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $133,813,617 |
| # of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $618,799 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 22, 2024, the Fund changed its principal investment strategy to raise the upper limit of the small market capitalization range in which it invests at least 80% of its net assets (from $8 billion to $16 billion).
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.
| Health Care | 24.5% |
| Information Technology | 23.6% |
| Industrials | 22.9% |
| Consumer Discretionary | 12.7% |
| Financials | 7.2% |
| Consumer Staples | 3.4% |
| Materials | 2.6% |
| Investment Company | 1.4% |
| Energy | 1.3% |
Goldman Sachs Small Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Fund
38145C125-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $134 | 1.24% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth.
An overweight in specialty contractor EMCOR Group contributed positively. Its stock surged on the back of margin expansion and higher barriers to entry among mechanical contractors, which benefited the company given its ability to take on more complex bids than its peers due to its technical capabilities.
An overweight in cell-free DNA testing company Natera boosted results. Its core business performed well, with average sales price gains driving robust revenue and margin growth above market expectations.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to semiconductor company Lattice Semiconductor detracted, as the company’s sales were hurt by softening demand within its communications business in Europe and market weakness in China within its industrial and automobile segment.
An overweight in semiconductor company Allegro MicroSystems hurt, as its stock fell sharply following a primary offering to repurchase shares from a large shareholder. We sold the position.
Consumer Discretionary – SS
Information Technology – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Growth Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell 2500® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/15 | $10,767 | $10,175 | $10,453 | $10,036 |
| 8/16 | $10,706 | $10,117 | $10,939 | $11,184 |
| 8/17 | $12,181 | $11,511 | $12,642 | $12,980 |
| 8/18 | $15,253 | $14,414 | $16,458 | $15,609 |
| 8/19 | $15,913 | $15,038 | $15,849 | $15,813 |
| 8/20 | $21,197 | $20,031 | $19,334 | $19,204 |
| 8/21 | $29,474 | $27,853 | $26,321 | $25,549 |
| 8/22 | $20,738 | $19,597 | $19,562 | $22,156 |
| 8/23 | $21,928 | $20,722 | $21,041 | $25,426 |
| 8/24 | $25,636 | $24,226 | $24,359 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 16.91% | 9.99% | 9.86% |
| Class A Including sale charges | 10.48% | 8.76% | 9.24% |
Russell 2500® Growth Index | 15.77% | 8.97% | 9.31% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,804,070,231 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $15,343,813 |
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.
| Industrials | 23.2% |
| Information Technology | 22.9% |
| Health Care | 20.6% |
| Consumer Discretionary | 13.5% |
| Financials | 7.3% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 1.3% |
| Communication Services | 1.2% |
| Other Sectors | 0.9% |
Goldman Sachs Small/Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Growth Fund
38143H779-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $215 | 1.99% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth.
An overweight in specialty contractor EMCOR Group contributed positively. Its stock surged on the back of margin expansion and higher barriers to entry among mechanical contractors, which benefited the company given its ability to take on more complex bids than its peers due to its technical capabilities.
An overweight in cell-free DNA testing company Natera boosted results. Its core business performed well, with average sales price gains driving robust revenue and margin growth above market expectations.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to semiconductor company Lattice Semiconductor detracted, as the company’s sales were hurt by softening demand within its communications business in Europe and market weakness in China within its industrial and automobile segment.
An overweight in semiconductor company Allegro MicroSystems hurt, as its stock fell sharply following a primary offering to repurchase shares from a large shareholder. We sold the position.
Consumer Discretionary – SS
Information Technology – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Growth Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell 2500® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/15 | $10,684 | $10,577 | $10,453 | $10,036 |
| 8/16 | $10,541 | $10,435 | $10,939 | $11,184 |
| 8/17 | $11,909 | $11,790 | $12,642 | $12,980 |
| 8/18 | $14,803 | $14,655 | $16,458 | $15,609 |
| 8/19 | $15,321 | $15,168 | $15,849 | $15,813 |
| 8/20 | $20,268 | $20,066 | $19,334 | $19,204 |
| 8/21 | $27,970 | $27,690 | $26,321 | $25,549 |
| 8/22 | $19,529 | $19,333 | $19,562 | $22,156 |
| 8/23 | $20,490 | $20,285 | $21,041 | $25,426 |
| 8/24 | $23,782 | $23,544 | $24,359 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 16.07% | 9.18% | 9.04% |
| Class C Including sale charges | 15.07% | 9.18% | 9.04% |
Russell 2500® Growth Index | 15.77% | 8.97% | 9.31% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,804,070,231 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $15,343,813 |
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.
| Industrials | 23.2% |
| Information Technology | 22.9% |
| Health Care | 20.6% |
| Consumer Discretionary | 13.5% |
| Financials | 7.3% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 1.3% |
| Communication Services | 1.2% |
| Other Sectors | 0.9% |
Goldman Sachs Small/Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Growth Fund
38143H753-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Growth Fund
Institutional Class: GSMYX
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $100 | 0.92% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth.
An overweight in specialty contractor EMCOR Group contributed positively. Its stock surged on the back of margin expansion and higher barriers to entry among mechanical contractors, which benefited the company given its ability to take on more complex bids than its peers due to its technical capabilities.
An overweight in cell-free DNA testing company Natera boosted results. Its core business performed well, with average sales price gains driving robust revenue and margin growth above market expectations.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to semiconductor company Lattice Semiconductor detracted, as the company’s sales were hurt by softening demand within its communications business in Europe and market weakness in China within its industrial and automobile segment.
An overweight in semiconductor company Allegro MicroSystems hurt, as its stock fell sharply following a primary offering to repurchase shares from a large shareholder. We sold the position.
Consumer Discretionary – SS
Information Technology – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Growth Fund
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.
| Institutional | Russell 2500® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $1,081,500 | $1,045,300 | $1,003,600 |
| 8/16 | $1,079,229 | $1,093,906 | $1,118,412 |
| 8/17 | $1,232,587 | $1,264,228 | $1,298,029 |
| 8/18 | $1,549,239 | $1,645,772 | $1,560,880 |
| 8/19 | $1,620,814 | $1,584,878 | $1,581,327 |
| 8/20 | $2,166,218 | $1,933,393 | $1,920,364 |
| 8/21 | $3,022,090 | $2,632,121 | $2,554,852 |
| 8/22 | $2,132,991 | $1,956,192 | $2,215,568 |
| 8/23 | $2,263,104 | $2,104,080 | $2,542,585 |
| 8/24 | $2,653,263 | $2,435,894 | $3,207,217 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 17.24% | 10.35% | 10.24% |
Russell 2500® Growth Index | 15.77% | 8.97% | 9.31% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,804,070,231 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $15,343,813 |
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.
| Industrials | 23.2% |
| Information Technology | 22.9% |
| Health Care | 20.6% |
| Consumer Discretionary | 13.5% |
| Financials | 7.3% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 1.3% |
| Communication Services | 1.2% |
| Other Sectors | 0.9% |
Goldman Sachs Small/Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Growth Fund
38143H746-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $154 | 1.42% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth.
An overweight in specialty contractor EMCOR Group contributed positively. Its stock surged on the back of margin expansion and higher barriers to entry among mechanical contractors, which benefited the company given its ability to take on more complex bids than its peers due to its technical capabilities.
An overweight in cell-free DNA testing company Natera boosted results. Its core business performed well, with average sales price gains driving robust revenue and margin growth above market expectations.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to semiconductor company Lattice Semiconductor detracted, as the company’s sales were hurt by softening demand within its communications business in Europe and market weakness in China within its industrial and automobile segment.
An overweight in semiconductor company Allegro MicroSystems hurt, as its stock fell sharply following a primary offering to repurchase shares from a large shareholder. We sold the position.
Consumer Discretionary – SS
Information Technology – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Growth Fund
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.
| Service | Russell 2500® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $10,754 | $10,453 | $10,036 |
| 8/16 | $10,681 | $10,939 | $11,184 |
| 8/17 | $12,132 | $12,642 | $12,980 |
| 8/18 | $15,180 | $16,458 | $15,609 |
| 8/19 | $15,807 | $15,849 | $15,813 |
| 8/20 | $21,019 | $19,334 | $19,204 |
| 8/21 | $29,170 | $26,321 | $25,549 |
| 8/22 | $20,483 | $19,562 | $22,156 |
| 8/23 | $21,620 | $21,041 | $25,426 |
| 8/24 | $25,232 | $24,359 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 16.71% | 9.79% | 9.69% |
Russell 2500® Growth Index | 15.77% | 8.97% | 9.31% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,804,070,231 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $15,343,813 |
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.
| Industrials | 23.2% |
| Information Technology | 22.9% |
| Health Care | 20.6% |
| Consumer Discretionary | 13.5% |
| Financials | 7.3% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 1.3% |
| Communication Services | 1.2% |
| Other Sectors | 0.9% |
Goldman Sachs Small/Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Growth Fund
38143H738-AR-0824 Service Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $108 | 0.99% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth.
An overweight in specialty contractor EMCOR Group contributed positively. Its stock surged on the back of margin expansion and higher barriers to entry among mechanical contractors, which benefited the company given its ability to take on more complex bids than its peers due to its technical capabilities.
An overweight in cell-free DNA testing company Natera boosted results. Its core business performed well, with average sales price gains driving robust revenue and margin growth above market expectations.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to semiconductor company Lattice Semiconductor detracted, as the company’s sales were hurt by softening demand within its communications business in Europe and market weakness in China within its industrial and automobile segment.
An overweight in semiconductor company Allegro MicroSystems hurt, as its stock fell sharply following a primary offering to repurchase shares from a large shareholder. We sold the position.
Consumer Discretionary – SS
Information Technology – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Growth Fund
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.
| Investor | Russell 2500® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $10,797 | $10,453 | $10,036 |
| 8/16 | $10,764 | $10,939 | $11,184 |
| 8/17 | $12,277 | $12,642 | $12,980 |
| 8/18 | $15,416 | $16,458 | $15,609 |
| 8/19 | $16,121 | $15,849 | $15,813 |
| 8/20 | $21,529 | $19,334 | $19,204 |
| 8/21 | $30,005 | $26,321 | $25,549 |
| 8/22 | $21,163 | $19,562 | $22,156 |
| 8/23 | $22,430 | $21,041 | $25,426 |
| 8/24 | $26,290 | $24,359 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 17.21% | 10.27% | 10.14% |
Russell 2500® Growth Index | 15.77% | 8.97% | 9.31% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,804,070,231 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $15,343,813 |
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.
| Industrials | 23.2% |
| Information Technology | 22.9% |
| Health Care | 20.6% |
| Consumer Discretionary | 13.5% |
| Financials | 7.3% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 1.3% |
| Communication Services | 1.2% |
| Other Sectors | 0.9% |
Goldman Sachs Small/Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Growth Fund
38144N320-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $99 | 0.91% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth.
An overweight in specialty contractor EMCOR Group contributed positively. Its stock surged on the back of margin expansion and higher barriers to entry among mechanical contractors, which benefited the company given its ability to take on more complex bids than its peers due to its technical capabilities.
An overweight in cell-free DNA testing company Natera boosted results. Its core business performed well, with average sales price gains driving robust revenue and margin growth above market expectations.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to semiconductor company Lattice Semiconductor detracted, as the company’s sales were hurt by softening demand within its communications business in Europe and market weakness in China within its industrial and automobile segment.
An overweight in semiconductor company Allegro MicroSystems hurt, as its stock fell sharply following a primary offering to repurchase shares from a large shareholder. We sold the position.
Consumer Discretionary – SS
Information Technology – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Growth Fund
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.
| Class R6 | Russell 2500® Growth Index | Russell 3000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,242 | $9,299 | $9,396 |
| 8/16 | $9,223 | $9,731 | $10,471 |
| 8/17 | $10,538 | $11,247 | $12,153 |
| 8/18 | $13,244 | $14,641 | $14,613 |
| 8/19 | $13,862 | $14,099 | $14,805 |
| 8/20 | $18,530 | $17,199 | $17,979 |
| 8/21 | $25,851 | $23,415 | $23,919 |
| 8/22 | $18,248 | $17,402 | $20,743 |
| 8/23 | $19,359 | $18,718 | $23,804 |
| 8/24 | $22,701 | $21,670 | $30,027 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 17.26% | 10.36% | 9.43% |
Russell 2500® Growth Index | 15.77% | 8.97% | 8.88% |
Russell 3000® Index | 26.14% | 15.17% | 12.85% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,804,070,231 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $15,343,813 |
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.
| Industrials | 23.2% |
| Information Technology | 22.9% |
| Health Care | 20.6% |
| Consumer Discretionary | 13.5% |
| Financials | 7.3% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 1.3% |
| Communication Services | 1.2% |
| Other Sectors | 0.9% |
Goldman Sachs Small/Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Growth Fund
38148U700-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $161 | 1.49% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth.
An overweight in specialty contractor EMCOR Group contributed positively. Its stock surged on the back of margin expansion and higher barriers to entry among mechanical contractors, which benefited the company given its ability to take on more complex bids than its peers due to its technical capabilities.
An overweight in cell-free DNA testing company Natera boosted results. Its core business performed well, with average sales price gains driving robust revenue and margin growth above market expectations.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to semiconductor company Lattice Semiconductor detracted, as the company’s sales were hurt by softening demand within its communications business in Europe and market weakness in China within its industrial and automobile segment.
An overweight in semiconductor company Allegro MicroSystems hurt, as its stock fell sharply following a primary offering to repurchase shares from a large shareholder. We sold the position.
Consumer Discretionary – SS
Information Technology – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Growth Fund
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.
| Class R | Russell 2500® Growth Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $10,746 | $10,453 | $10,036 |
| 8/16 | $10,657 | $10,939 | $11,184 |
| 8/17 | $12,092 | $12,642 | $12,980 |
| 8/18 | $15,106 | $16,458 | $15,609 |
| 8/19 | $15,720 | $15,849 | $15,813 |
| 8/20 | $20,889 | $19,334 | $19,204 |
| 8/21 | $28,978 | $26,321 | $25,549 |
| 8/22 | $20,337 | $19,562 | $22,156 |
| 8/23 | $21,451 | $21,041 | $25,426 |
| 8/24 | $25,005 | $24,359 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 16.57% | 9.72% | 9.59% |
Russell 2500® Growth Index | 15.77% | 8.97% | 9.31% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,804,070,231 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $15,343,813 |
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.
| Industrials | 23.2% |
| Information Technology | 22.9% |
| Health Care | 20.6% |
| Consumer Discretionary | 13.5% |
| Financials | 7.3% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 1.3% |
| Communication Services | 1.2% |
| Other Sectors | 0.9% |
Goldman Sachs Small/Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Growth Fund
38144N338-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Growth Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $99 | 0.91% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results. Sector allocation decisions as a whole also boosted results, albeit modestly.
An overweight in restaurant operator Wingstop added to results, as the company experienced record levels of interest in its franchisee pipeline and witnessed robust transaction growth.
An overweight in specialty contractor EMCOR Group contributed positively. Its stock surged on the back of margin expansion and higher barriers to entry among mechanical contractors, which benefited the company given its ability to take on more complex bids than its peers due to its technical capabilities.
An overweight in cell-free DNA testing company Natera boosted results. Its core business performed well, with average sales price gains driving robust revenue and margin growth above market expectations.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in server and storage solutions manufacturer Super Micro Computer, as its stock price surged amid the exceptionally high demand for data centers on the back of artificial intelligence advancements. We sold the position.
An overweight to semiconductor company Lattice Semiconductor detracted, as the company’s sales were hurt by softening demand within its communications business in Europe and market weakness in China within its industrial and automobile segment.
An overweight in semiconductor company Allegro MicroSystems hurt, as its stock fell sharply following a primary offering to repurchase shares from a large shareholder. We sold the position.
Consumer Discretionary – SS
Information Technology – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Growth Fund
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.
| Class P | Russell 2500® Growth Index | Russell 3000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,860 | $11,180 | $10,833 |
| 8/19 | $11,367 | $10,766 | $10,975 |
| 8/20 | $15,194 | $13,134 | $13,328 |
| 8/21 | $21,198 | $17,880 | $17,731 |
| 8/22 | $14,964 | $13,289 | $15,377 |
| 8/23 | $15,875 | $14,293 | $17,646 |
| 8/24 | $18,623 | $16,547 | $22,259 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 17.31% | 10.36% | 10.23% |
Russell 2500® Growth Index | 15.77% | 8.97% | 8.21% |
Russell 3000® Index | 26.14% | 15.17% | 13.36% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,804,070,231 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid | $15,343,813 |
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.
| Industrials | 23.2% |
| Information Technology | 22.9% |
| Health Care | 20.6% |
| Consumer Discretionary | 13.5% |
| Financials | 7.3% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 1.3% |
| Communication Services | 1.2% |
| Other Sectors | 0.9% |
Goldman Sachs Small/Mid Cap Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Growth Fund
38150B327-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Strategic Growth Fund
This annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $117 | 1.04% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an underweight position in social media giant Meta Platforms. Its share price rose due to improvements within advertising, as it furthered its artificial intelligence (AI) capabilities, anticipated digital advertising revenue to be a new growth driver and took market share. Also, the company issued its first quarterly dividend.
An underweight in semiconductor company Broadcom detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An underweight in semiconductor company NVIDIA similarly hurt. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
Consumer Discretionary – SS & UW
Communication Services – SS & UW
Information Technology - SS
The above represents sectors.
Goldman Sachs Strategic Growth Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/15 | $10,309 | $9,742 | $10,426 | $10,040 |
| 8/16 | $10,979 | $10,375 | $11,525 | $11,214 |
| 8/17 | $13,152 | $12,428 | $13,924 | $13,026 |
| 8/18 | $16,517 | $15,609 | $17,716 | $15,608 |
| 8/19 | $16,990 | $16,055 | $18,472 | $15,996 |
| 8/20 | $24,486 | $23,139 | $26,663 | $19,595 |
| 8/21 | $31,613 | $29,875 | $34,270 | $25,915 |
| 8/22 | $23,577 | $22,281 | $27,738 | $22,556 |
| 8/23 | $28,807 | $27,222 | $33,824 | $26,030 |
| 8/24 | $36,164 | $34,175 | $44,225 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 25.54% | 16.29% | 13.71% |
| Class A Including sale charges | 18.66% | 14.98% | 13.06% |
Russell 1000® Growth Index | 30.75% | 19.05% | 16.01% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Strategic Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $187,292,593 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 39% |
| Total Net Advisory Fees Paid | $1,143,312 |
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.
| Information Technology | 49.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 12.1% |
| Health Care | 10.2% |
| Industrials | 5.4% |
| Financials | 5.2% |
| Materials | 2.3% |
| Energy | 1.4% |
| Consumer Staples | 0.8% |
| Other Sectors | 0.8% |
Goldman Sachs Strategic Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Strategic Growth Fund
38142Y609-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Strategic Growth Fund
This annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $201 | 1.79% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an underweight position in social media giant Meta Platforms. Its share price rose due to improvements within advertising, as it furthered its artificial intelligence (AI) capabilities, anticipated digital advertising revenue to be a new growth driver and took market share. Also, the company issued its first quarterly dividend.
An underweight in semiconductor company Broadcom detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An underweight in semiconductor company NVIDIA similarly hurt. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
Consumer Discretionary – SS & UW
Communication Services – SS & UW
Information Technology - SS
The above represents sectors.
Goldman Sachs Strategic Growth Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/15 | $10,223 | $10,121 | $10,426 | $10,040 |
| 8/16 | $10,808 | $10,700 | $11,525 | $11,214 |
| 8/17 | $12,849 | $12,721 | $13,924 | $13,026 |
| 8/18 | $16,012 | $15,851 | $17,716 | $15,608 |
| 8/19 | $16,343 | $16,180 | $18,472 | $15,996 |
| 8/20 | $23,374 | $23,140 | $26,663 | $19,595 |
| 8/21 | $29,970 | $29,670 | $34,270 | $25,915 |
| 8/22 | $22,187 | $21,965 | $27,738 | $22,556 |
| 8/23 | $26,912 | $26,643 | $33,824 | $26,030 |
| 8/24 | $33,522 | $33,187 | $44,225 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 24.56% | 15.43% | 12.85% |
| Class C Including sale charges | 23.52% | 15.43% | 12.85% |
Russell 1000® Growth Index | 30.75% | 19.05% | 16.01% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Strategic Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $187,292,593 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 39% |
| Total Net Advisory Fees Paid | $1,143,312 |
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.
| Information Technology | 49.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 12.1% |
| Health Care | 10.2% |
| Industrials | 5.4% |
| Financials | 5.2% |
| Materials | 2.3% |
| Energy | 1.4% |
| Consumer Staples | 0.8% |
| Other Sectors | 0.8% |
Goldman Sachs Strategic Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Strategic Growth Fund
38142Y807-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Strategic Growth Fund
Institutional Class: GSTIX
This annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $85 | 0.75% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an underweight position in social media giant Meta Platforms. Its share price rose due to improvements within advertising, as it furthered its artificial intelligence (AI) capabilities, anticipated digital advertising revenue to be a new growth driver and took market share. Also, the company issued its first quarterly dividend.
An underweight in semiconductor company Broadcom detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An underweight in semiconductor company NVIDIA similarly hurt. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
Consumer Discretionary – SS & UW
Communication Services – SS & UW
Information Technology - SS
The above represents sectors.
Goldman Sachs Strategic Growth Fund
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.
| Institutional | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $1,034,300 | $1,042,600 | $1,004,000 |
| 8/16 | $1,105,770 | $1,152,490 | $1,121,368 |
| 8/17 | $1,330,131 | $1,392,438 | $1,302,581 |
| 8/18 | $1,677,428 | $1,771,599 | $1,560,752 |
| 8/19 | $1,732,951 | $1,847,247 | $1,599,615 |
| 8/20 | $2,504,287 | $2,666,316 | $1,959,528 |
| 8/21 | $3,246,809 | $3,427,016 | $2,591,476 |
| 8/22 | $2,429,912 | $2,773,827 | $2,255,621 |
| 8/23 | $2,977,614 | $3,382,404 | $2,602,986 |
| 8/24 | $3,747,625 | $4,422,494 | $3,295,381 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 25.86% | 16.66% | 14.11% |
Russell 1000® Growth Index | 30.75% | 19.05% | 16.01% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Strategic Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $187,292,593 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 39% |
| Total Net Advisory Fees Paid | $1,143,312 |
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.
| Information Technology | 49.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 12.1% |
| Health Care | 10.2% |
| Industrials | 5.4% |
| Financials | 5.2% |
| Materials | 2.3% |
| Energy | 1.4% |
| Consumer Staples | 0.8% |
| Other Sectors | 0.8% |
Goldman Sachs Strategic Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Strategic Growth Fund
38142Y880-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Strategic Growth Fund
This annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $142 | 1.26% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an underweight position in social media giant Meta Platforms. Its share price rose due to improvements within advertising, as it furthered its artificial intelligence (AI) capabilities, anticipated digital advertising revenue to be a new growth driver and took market share. Also, the company issued its first quarterly dividend.
An underweight in semiconductor company Broadcom detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An underweight in semiconductor company NVIDIA similarly hurt. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
Consumer Discretionary – SS & UW
Communication Services – SS & UW
Information Technology - SS
The above represents sectors.
Goldman Sachs Strategic Growth Fund
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.
| Service | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $10,293 | $10,426 | $10,040 |
| 8/16 | $10,953 | $11,525 | $11,214 |
| 8/17 | $13,106 | $13,924 | $13,026 |
| 8/18 | $16,446 | $17,716 | $15,608 |
| 8/19 | $16,904 | $18,472 | $15,996 |
| 8/20 | $24,312 | $26,663 | $19,595 |
| 8/21 | $31,384 | $34,270 | $25,915 |
| 8/22 | $23,353 | $27,738 | $22,556 |
| 8/23 | $28,474 | $33,824 | $26,030 |
| 8/24 | $35,681 | $44,225 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 25.31% | 16.10% | 13.55% |
Russell 1000® Growth Index | 30.75% | 19.05% | 16.01% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Strategic Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $187,292,593 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 39% |
| Total Net Advisory Fees Paid | $1,143,312 |
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.
| Information Technology | 49.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 12.1% |
| Health Care | 10.2% |
| Industrials | 5.4% |
| Financials | 5.2% |
| Materials | 2.3% |
| Energy | 1.4% |
| Consumer Staples | 0.8% |
| Other Sectors | 0.8% |
Goldman Sachs Strategic Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Strategic Growth Fund
38142Y872-AR-0824 Service Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Strategic Growth Fund
This annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $88 | 0.78% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an underweight position in social media giant Meta Platforms. Its share price rose due to improvements within advertising, as it furthered its artificial intelligence (AI) capabilities, anticipated digital advertising revenue to be a new growth driver and took market share. Also, the company issued its first quarterly dividend.
An underweight in semiconductor company Broadcom detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An underweight in semiconductor company NVIDIA similarly hurt. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
Consumer Discretionary – SS & UW
Communication Services – SS & UW
Information Technology - SS
The above represents sectors.
Goldman Sachs Strategic Growth Fund
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.
| Investor | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $10,334 | $10,426 | $10,040 |
| 8/16 | $11,027 | $11,525 | $11,214 |
| 8/17 | $13,249 | $13,924 | $13,026 |
| 8/18 | $16,681 | $17,716 | $15,608 |
| 8/19 | $17,205 | $18,472 | $15,996 |
| 8/20 | $24,849 | $26,663 | $19,595 |
| 8/21 | $32,159 | $34,270 | $25,915 |
| 8/22 | $24,062 | $27,738 | $22,556 |
| 8/23 | $29,476 | $33,824 | $26,030 |
| 8/24 | $37,080 | $44,225 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 25.80% | 16.58% | 13.99% |
Russell 1000® Growth Index | 30.75% | 19.05% | 16.01% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Strategic Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $187,292,593 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 39% |
| Total Net Advisory Fees Paid | $1,143,312 |
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.
| Information Technology | 49.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 12.1% |
| Health Care | 10.2% |
| Industrials | 5.4% |
| Financials | 5.2% |
| Materials | 2.3% |
| Energy | 1.4% |
| Consumer Staples | 0.8% |
| Other Sectors | 0.8% |
Goldman Sachs Strategic Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Strategic Growth Fund
38144N387-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Strategic Growth Fund
This annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $84 | 0.74% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an underweight position in social media giant Meta Platforms. Its share price rose due to improvements within advertising, as it furthered its artificial intelligence (AI) capabilities, anticipated digital advertising revenue to be a new growth driver and took market share. Also, the company issued its first quarterly dividend.
An underweight in semiconductor company Broadcom detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An underweight in semiconductor company NVIDIA similarly hurt. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
Consumer Discretionary – SS & UW
Communication Services – SS & UW
Information Technology - SS
The above represents sectors.
Goldman Sachs Strategic Growth Fund
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.
| Class R6 | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,379 | $9,393 | $9,398 |
| 8/16 | $10,021 | $10,383 | $10,497 |
| 8/17 | $12,059 | $12,545 | $12,193 |
| 8/18 | $15,212 | $15,961 | $14,610 |
| 8/19 | $15,719 | $16,642 | $14,973 |
| 8/20 | $22,736 | $24,021 | $18,342 |
| 8/21 | $29,459 | $30,875 | $24,258 |
| 8/22 | $22,067 | $24,990 | $21,114 |
| 8/23 | $27,028 | $30,473 | $24,365 |
| 8/24 | $34,039 | $39,843 | $30,847 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 25.94% | 16.69% | 14.42% |
Russell 1000® Growth Index | 30.75% | 19.05% | 16.41% |
Russell 1000® Index | 26.60% | 15.53% | 13.18% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Strategic Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $187,292,593 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 39% |
| Total Net Advisory Fees Paid | $1,143,312 |
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.
| Information Technology | 49.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 12.1% |
| Health Care | 10.2% |
| Industrials | 5.4% |
| Financials | 5.2% |
| Materials | 2.3% |
| Energy | 1.4% |
| Consumer Staples | 0.8% |
| Other Sectors | 0.8% |
Goldman Sachs Strategic Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Strategic Growth Fund
38147X358-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Strategic Growth Fund
This annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $145 | 1.29% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an underweight position in social media giant Meta Platforms. Its share price rose due to improvements within advertising, as it furthered its artificial intelligence (AI) capabilities, anticipated digital advertising revenue to be a new growth driver and took market share. Also, the company issued its first quarterly dividend.
An underweight in semiconductor company Broadcom detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An underweight in semiconductor company NVIDIA similarly hurt. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
Consumer Discretionary – SS & UW
Communication Services – SS & UW
Information Technology - SS
The above represents sectors.
Goldman Sachs Strategic Growth Fund
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.
| Class R | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $10,278 | $10,426 | $10,040 |
| 8/16 | $10,915 | $11,525 | $11,214 |
| 8/17 | $13,050 | $13,924 | $13,026 |
| 8/18 | $16,351 | $17,716 | $15,608 |
| 8/19 | $16,787 | $18,472 | $15,996 |
| 8/20 | $24,118 | $26,663 | $19,595 |
| 8/21 | $31,050 | $34,270 | $25,915 |
| 8/22 | $23,110 | $27,738 | $22,556 |
| 8/23 | $28,176 | $33,824 | $26,030 |
| 8/24 | $35,257 | $44,225 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 25.13% | 15.98% | 13.42% |
Russell 1000® Growth Index | 30.75% | 19.05% | 16.01% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Strategic Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $187,292,593 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 39% |
| Total Net Advisory Fees Paid | $1,143,312 |
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.
| Information Technology | 49.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 12.1% |
| Health Care | 10.2% |
| Industrials | 5.4% |
| Financials | 5.2% |
| Materials | 2.3% |
| Energy | 1.4% |
| Consumer Staples | 0.8% |
| Other Sectors | 0.8% |
Goldman Sachs Strategic Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Strategic Growth Fund
38144N395-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Strategic Growth Fund
This annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $84 | 0.74% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in restaurant chain operator CAVA Group contributed positively on the back of better than consensus expected traffic and rapid new unit growth. The company also raised its guidance across all metrics, driving its stock price higher.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
Having an underweight in electric vehicle maker Tesla boosted results given headwinds the company has been facing as investors worry about weakening demand, declining deliveries, rising labor costs, supply chain delays and regulation challenges related to its self-driving technology—all contributing to share price volatility.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an underweight position in social media giant Meta Platforms. Its share price rose due to improvements within advertising, as it furthered its artificial intelligence (AI) capabilities, anticipated digital advertising revenue to be a new growth driver and took market share. Also, the company issued its first quarterly dividend.
An underweight in semiconductor company Broadcom detracted from results, as the company benefited from market interest in the AI industry. Also, the company saw growth after splitting its stock and announcing its catalyst acceleration initiative, both of which were viewed favorably by investors.
An underweight in semiconductor company NVIDIA similarly hurt. The company benefited from accelerated growth in its generative AI-related segments, with new product launches widely expected to drive further growth in its data center revenue and demand for its next generation of chips.
Consumer Discretionary – SS & UW
Communication Services – SS & UW
Information Technology - SS
The above represents sectors.
Goldman Sachs Strategic Growth Fund
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.
| Class P | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 |
| 8/18 | $11,013 | $11,143 | $10,813 |
| 8/19 | $11,372 | $11,619 | $11,082 |
| 8/20 | $16,455 | $16,771 | $13,576 |
| 8/21 | $21,328 | $21,555 | $17,954 |
| 8/22 | $15,970 | $17,447 | $15,627 |
| 8/23 | $19,568 | $21,275 | $18,034 |
| 8/24 | $24,615 | $27,817 | $22,831 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 25.79% | 16.68% | 15.16% |
Russell 1000® Growth Index | 30.75% | 19.05% | 17.39% |
Russell 1000® Index | 26.60% | 15.53% | 13.81% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Strategic Growth Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $187,292,593 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 39% |
| Total Net Advisory Fees Paid | $1,143,312 |
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.
| Information Technology | 49.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 12.1% |
| Health Care | 10.2% |
| Industrials | 5.4% |
| Financials | 5.2% |
| Materials | 2.3% |
| Energy | 1.4% |
| Consumer Staples | 0.8% |
| Other Sectors | 0.8% |
Goldman Sachs Strategic Growth Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Strategic Growth Fund
38150B285-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Technology Opportunities Fund
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $133 | 1.16% |
How did the Fund perform and what affected its performance?
Driven by improving fundamentals, excitement around artificial intelligence (AI) capabilities and easing interest rate expectations, mega-cap technology companies within the information technology sector experienced some volatility but remained the primary driver of U.S. equity market gains during the reporting period even with an improvement in market breadth.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results.
Positioning in the semiconductors & semiconductor equipment; communications equipment; and technology hardware, storage and peripherals industries helped most.
A position in information technology giant Apple contributed positively, as the company performed well, driven by strong underlying fundamentals and investor excitement about potential future innovations.
An overweight to semiconductor equipment company KLA proved beneficial, as the business transitioned from a period of stabilization to one of growth amid an improving industry backdrop.
An overweight to semiconductor developer Advanced Micro Devices boosted results, driven by solid earnings with results in line with consensus expectations. The company also benefited from tailwinds related to ongoing AI/data center growth. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection overall detracted from the Fund’s relative results, albeit modestly.
Positioning in the software; interactive media & services; and IT services industries hurt most.
The Fund’s top detractor was an underweight in social media giant Meta Platforms. Its share price rose due to improvements within its digital advertising business. The company has made significant AI investments, further developing its AI capabilities, which helped its stock gain market share within the segment. Also, the company issued its first quarterly dividend.
An out-of-benchmark position in cloud-based data management platform Snowflake detracted, as its stock came under pressure following the unexpected resignation of its Chief Executive Officer and investor concerns around its management’s conservative forward guidance.
An out-of-benchmark position in HubSpot, a software company engaged in cloud-based customer relationship management, lagged given ongoing macro headwinds, as high interest rates made it harder for small to medium-sized businesses to access capital.
Consumer Discretionary – SS & UW
Information Technology – OW
Communication Services – SS & UW
The above represents sectors.
Goldman Sachs Technology Opportunities Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | NASDAQ Composite Total Return Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/15 | $10,231 | $9,668 | $10,549 | $10,040 |
| 8/16 | $11,638 | $10,998 | $11,660 | $11,214 |
| 8/17 | $15,032 | $14,206 | $14,543 | $13,026 |
| 8/18 | $19,611 | $18,533 | $18,535 | $15,608 |
| 8/19 | $20,539 | $19,409 | $18,402 | $15,996 |
| 8/20 | $31,059 | $29,351 | $27,480 | $19,595 |
| 8/21 | $40,082 | $37,877 | $35,858 | $25,915 |
| 8/22 | $28,218 | $26,666 | $27,973 | $22,556 |
| 8/23 | $34,437 | $32,543 | $33,526 | $26,030 |
| 8/24 | $44,592 | $42,140 | $42,628 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 29.49% | 16.75% | 16.11% |
| Class A Including sale charges | 22.35% | 15.44% | 15.46% |
| NASDAQ Composite Total Return Index | 27.15% | 18.27% | 15.59% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Technology Opportunities Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $784,927,708 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 37% |
| Total Net Advisory Fees Paid | $5,911,795 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
The Fund's net expense ratio decreased from the prior period as a result of an increase in management fee waivers.
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.
| Information Technology | 69.4% |
| Communication Services | 11.5% |
| Consumer Discretionary | 9.1% |
| Financials | 6.2% |
| Real Estate | 3.0% |
| Investment Company | 0.8% |
Goldman Sachs Technology Opportunities Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
Nasdaq®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Technology Opportunities Fund
38142Y823-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Technology Opportunities Fund
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $218 | 1.91% |
How did the Fund perform and what affected its performance?
Driven by improving fundamentals, excitement around artificial intelligence (AI) capabilities and easing interest rate expectations, mega-cap technology companies within the information technology sector experienced some volatility but remained the primary driver of U.S. equity market gains during the reporting period even with an improvement in market breadth.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results.
Positioning in the semiconductors & semiconductor equipment; communications equipment; and technology hardware, storage and peripherals industries helped most.
A position in information technology giant Apple contributed positively, as the company performed well, driven by strong underlying fundamentals and investor excitement about potential future innovations.
An overweight to semiconductor equipment company KLA proved beneficial, as the business transitioned from a period of stabilization to one of growth amid an improving industry backdrop.
An overweight to semiconductor developer Advanced Micro Devices boosted results, driven by solid earnings with results in line with consensus expectations. The company also benefited from tailwinds related to ongoing AI/data center growth. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection overall detracted from the Fund’s relative results, albeit modestly.
Positioning in the software; interactive media & services; and IT services industries hurt most.
The Fund’s top detractor was an underweight in social media giant Meta Platforms. Its share price rose due to improvements within its digital advertising business. The company has made significant AI investments, further developing its AI capabilities, which helped its stock gain market share within the segment. Also, the company issued its first quarterly dividend.
An out-of-benchmark position in cloud-based data management platform Snowflake detracted, as its stock came under pressure following the unexpected resignation of its Chief Executive Officer and investor concerns around its management’s conservative forward guidance.
An out-of-benchmark position in HubSpot, a software company engaged in cloud-based customer relationship management, lagged given ongoing macro headwinds, as high interest rates made it harder for small to medium-sized businesses to access capital.
Consumer Discretionary – SS & UW
Information Technology – OW
Communication Services – SS & UW
The above represents sectors.
Goldman Sachs Technology Opportunities Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | NASDAQ Composite Total Return Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/15 | $10,153 | $10,051 | $10,549 | $10,040 |
| 8/16 | $11,464 | $11,349 | $11,660 | $11,214 |
| 8/17 | $14,694 | $14,547 | $14,543 | $13,026 |
| 8/18 | $19,028 | $18,837 | $18,535 | $15,608 |
| 8/19 | $19,783 | $19,585 | $18,402 | $15,996 |
| 8/20 | $29,694 | $29,397 | $27,480 | $19,595 |
| 8/21 | $38,047 | $37,667 | $35,858 | $25,915 |
| 8/22 | $26,584 | $26,318 | $27,973 | $22,556 |
| 8/23 | $32,190 | $31,868 | $33,526 | $26,030 |
| 8/24 | $41,380 | $40,967 | $42,628 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 28.55% | 15.88% | 15.24% |
| Class C Including sale charges | 27.55% | 15.88% | 15.24% |
| NASDAQ Composite Total Return Index | 27.15% | 18.27% | 15.59% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Technology Opportunities Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $784,927,708 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 37% |
| Total Net Advisory Fees Paid | $5,911,795 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
The Fund's net expense ratio decreased from the prior period as a result of an increase in management fee waivers.
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.
| Information Technology | 69.4% |
| Communication Services | 11.5% |
| Consumer Discretionary | 9.1% |
| Financials | 6.2% |
| Real Estate | 3.0% |
| Investment Company | 0.8% |
Goldman Sachs Technology Opportunities Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
Nasdaq®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Technology Opportunities Fund
38142Y849-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Technology Opportunities Fund
Institutional Class: GITIX
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $101 | 0.88% |
How did the Fund perform and what affected its performance?
Driven by improving fundamentals, excitement around artificial intelligence (AI) capabilities and easing interest rate expectations, mega-cap technology companies within the information technology sector experienced some volatility but remained the primary driver of U.S. equity market gains during the reporting period even with an improvement in market breadth.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results.
Positioning in the semiconductors & semiconductor equipment; communications equipment; and technology hardware, storage and peripherals industries helped most.
A position in information technology giant Apple contributed positively, as the company performed well, driven by strong underlying fundamentals and investor excitement about potential future innovations.
An overweight to semiconductor equipment company KLA proved beneficial, as the business transitioned from a period of stabilization to one of growth amid an improving industry backdrop.
An overweight to semiconductor developer Advanced Micro Devices boosted results, driven by solid earnings with results in line with consensus expectations. The company also benefited from tailwinds related to ongoing AI/data center growth. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection overall detracted from the Fund’s relative results, albeit modestly.
Positioning in the software; interactive media & services; and IT services industries hurt most.
The Fund’s top detractor was an underweight in social media giant Meta Platforms. Its share price rose due to improvements within its digital advertising business. The company has made significant AI investments, further developing its AI capabilities, which helped its stock gain market share within the segment. Also, the company issued its first quarterly dividend.
An out-of-benchmark position in cloud-based data management platform Snowflake detracted, as its stock came under pressure following the unexpected resignation of its Chief Executive Officer and investor concerns around its management’s conservative forward guidance.
An out-of-benchmark position in HubSpot, a software company engaged in cloud-based customer relationship management, lagged given ongoing macro headwinds, as high interest rates made it harder for small to medium-sized businesses to access capital.
Consumer Discretionary – SS & UW
Information Technology – OW
Communication Services – SS & UW
The above represents sectors.
Goldman Sachs Technology Opportunities Fund
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.
| Institutional | NASDAQ Composite Total Return Index | Russell 1000® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $1,026,800 | $1,054,900 | $1,004,000 |
| 8/16 | $1,173,222 | $1,165,981 | $1,121,368 |
| 8/17 | $1,521,199 | $1,454,328 | $1,302,581 |
| 8/18 | $1,992,010 | $1,853,541 | $1,560,752 |
| 8/19 | $2,094,001 | $1,840,196 | $1,599,615 |
| 8/20 | $3,175,762 | $2,747,964 | $1,959,528 |
| 8/21 | $4,110,072 | $3,585,818 | $2,591,476 |
| 8/22 | $2,902,533 | $2,797,297 | $2,255,621 |
| 8/23 | $3,551,829 | $3,352,560 | $2,602,986 |
| 8/24 | $4,612,405 | $4,262,780 | $3,295,381 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 29.86% | 17.09% | 16.50% |
| NASDAQ Composite Total Return Index | 27.15% | 18.27% | 15.59% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Technology Opportunities Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $784,927,708 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 37% |
| Total Net Advisory Fees Paid | $5,911,795 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased from the prior period as a result of an increase in management fee waivers.
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.
| Information Technology | 69.4% |
| Communication Services | 11.5% |
| Consumer Discretionary | 9.1% |
| Financials | 6.2% |
| Real Estate | 3.0% |
| Investment Company | 0.8% |
Goldman Sachs Technology Opportunities Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
Nasdaq®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Technology Opportunities Fund
38142Y856-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Technology Opportunities Fund
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $158 | 1.38% |
How did the Fund perform and what affected its performance?
Driven by improving fundamentals, excitement around artificial intelligence (AI) capabilities and easing interest rate expectations, mega-cap technology companies within the information technology sector experienced some volatility but remained the primary driver of U.S. equity market gains during the reporting period even with an improvement in market breadth.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results.
Positioning in the semiconductors & semiconductor equipment; communications equipment; and technology hardware, storage and peripherals industries helped most.
A position in information technology giant Apple contributed positively, as the company performed well, driven by strong underlying fundamentals and investor excitement about potential future innovations.
An overweight to semiconductor equipment company KLA proved beneficial, as the business transitioned from a period of stabilization to one of growth amid an improving industry backdrop.
An overweight to semiconductor developer Advanced Micro Devices boosted results, driven by solid earnings with results in line with consensus expectations. The company also benefited from tailwinds related to ongoing AI/data center growth. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection overall detracted from the Fund’s relative results, albeit modestly.
Positioning in the software; interactive media & services; and IT services industries hurt most.
The Fund’s top detractor was an underweight in social media giant Meta Platforms. Its share price rose due to improvements within its digital advertising business. The company has made significant AI investments, further developing its AI capabilities, which helped its stock gain market share within the segment. Also, the company issued its first quarterly dividend.
An out-of-benchmark position in cloud-based data management platform Snowflake detracted, as its stock came under pressure following the unexpected resignation of its Chief Executive Officer and investor concerns around its management’s conservative forward guidance.
An out-of-benchmark position in HubSpot, a software company engaged in cloud-based customer relationship management, lagged given ongoing macro headwinds, as high interest rates made it harder for small to medium-sized businesses to access capital.
Consumer Discretionary – SS & UW
Information Technology – OW
Communication Services – SS & UW
The above represents sectors.
Goldman Sachs Technology Opportunities Fund
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.
| Service | NASDAQ Composite Total Return Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $10,217 | $10,549 | $10,040 |
| 8/16 | $11,612 | $11,660 | $11,214 |
| 8/17 | $14,982 | $14,543 | $13,026 |
| 8/18 | $19,519 | $18,535 | $15,608 |
| 8/19 | $20,421 | $18,402 | $15,996 |
| 8/20 | $30,811 | $27,480 | $19,595 |
| 8/21 | $39,679 | $35,858 | $25,915 |
| 8/22 | $27,870 | $27,973 | $22,556 |
| 8/23 | $33,935 | $33,526 | $26,030 |
| 8/24 | $43,861 | $42,628 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 29.25% | 16.50% | 15.92% |
| NASDAQ Composite Total Return Index | 27.15% | 18.27% | 15.59% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Technology Opportunities Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $784,927,708 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 37% |
| Total Net Advisory Fees Paid | $5,911,795 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased from the prior period as a result of an increase in management fee waivers.
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.
| Information Technology | 69.4% |
| Communication Services | 11.5% |
| Consumer Discretionary | 9.1% |
| Financials | 6.2% |
| Real Estate | 3.0% |
| Investment Company | 0.8% |
Goldman Sachs Technology Opportunities Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
Nasdaq®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Technology Opportunities Fund
38142Y864-AR-0824 Service Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Technology Opportunities Fund
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $105 | 0.91% |
How did the Fund perform and what affected its performance?
Driven by improving fundamentals, excitement around artificial intelligence (AI) capabilities and easing interest rate expectations, mega-cap technology companies within the information technology sector experienced some volatility but remained the primary driver of U.S. equity market gains during the reporting period even with an improvement in market breadth.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results.
Positioning in the semiconductors & semiconductor equipment; communications equipment; and technology hardware, storage and peripherals industries helped most.
A position in information technology giant Apple contributed positively, as the company performed well, driven by strong underlying fundamentals and investor excitement about potential future innovations.
An overweight to semiconductor equipment company KLA proved beneficial, as the business transitioned from a period of stabilization to one of growth amid an improving industry backdrop.
An overweight to semiconductor developer Advanced Micro Devices boosted results, driven by solid earnings with results in line with consensus expectations. The company also benefited from tailwinds related to ongoing AI/data center growth. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection overall detracted from the Fund’s relative results, albeit modestly.
Positioning in the software; interactive media & services; and IT services industries hurt most.
The Fund’s top detractor was an underweight in social media giant Meta Platforms. Its share price rose due to improvements within its digital advertising business. The company has made significant AI investments, further developing its AI capabilities, which helped its stock gain market share within the segment. Also, the company issued its first quarterly dividend.
An out-of-benchmark position in cloud-based data management platform Snowflake detracted, as its stock came under pressure following the unexpected resignation of its Chief Executive Officer and investor concerns around its management’s conservative forward guidance.
An out-of-benchmark position in HubSpot, a software company engaged in cloud-based customer relationship management, lagged given ongoing macro headwinds, as high interest rates made it harder for small to medium-sized businesses to access capital.
Consumer Discretionary – SS & UW
Information Technology – OW
Communication Services – SS & UW
The above represents sectors.
Goldman Sachs Technology Opportunities Fund
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.
| Investor | NASDAQ Composite Total Return Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $10,254 | $10,549 | $10,040 |
| 8/16 | $11,694 | $11,660 | $11,214 |
| 8/17 | $15,139 | $14,543 | $13,026 |
| 8/18 | $19,795 | $18,535 | $15,608 |
| 8/19 | $20,787 | $18,402 | $15,996 |
| 8/20 | $31,507 | $27,480 | $19,595 |
| 8/21 | $40,776 | $35,858 | $25,915 |
| 8/22 | $28,780 | $27,973 | $22,556 |
| 8/23 | $35,195 | $33,526 | $26,030 |
| 8/24 | $45,708 | $42,628 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 29.87% | 17.05% | 16.40% |
| NASDAQ Composite Total Return Index | 27.15% | 18.27% | 15.59% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Technology Opportunities Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $784,927,708 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 37% |
| Total Net Advisory Fees Paid | $5,911,795 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased from the prior period as a result of an increase in management fee waivers.
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.
| Information Technology | 69.4% |
| Communication Services | 11.5% |
| Consumer Discretionary | 9.1% |
| Financials | 6.2% |
| Real Estate | 3.0% |
| Investment Company | 0.8% |
Goldman Sachs Technology Opportunities Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
Nasdaq®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Technology Opportunities Fund
38145C489-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Technology Opportunities Fund
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $100 | 0.87% |
How did the Fund perform and what affected its performance?
Driven by improving fundamentals, excitement around artificial intelligence (AI) capabilities and easing interest rate expectations, mega-cap technology companies within the information technology sector experienced some volatility but remained the primary driver of U.S. equity market gains during the reporting period even with an improvement in market breadth.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results.
Positioning in the semiconductors & semiconductor equipment; communications equipment; and technology hardware, storage and peripherals industries helped most.
A position in information technology giant Apple contributed positively, as the company performed well, driven by strong underlying fundamentals and investor excitement about potential future innovations.
An overweight to semiconductor equipment company KLA proved beneficial, as the business transitioned from a period of stabilization to one of growth amid an improving industry backdrop.
An overweight to semiconductor developer Advanced Micro Devices boosted results, driven by solid earnings with results in line with consensus expectations. The company also benefited from tailwinds related to ongoing AI/data center growth. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection overall detracted from the Fund’s relative results, albeit modestly.
Positioning in the software; interactive media & services; and IT services industries hurt most.
The Fund’s top detractor was an underweight in social media giant Meta Platforms. Its share price rose due to improvements within its digital advertising business. The company has made significant AI investments, further developing its AI capabilities, which helped its stock gain market share within the segment. Also, the company issued its first quarterly dividend.
An out-of-benchmark position in cloud-based data management platform Snowflake detracted, as its stock came under pressure following the unexpected resignation of its Chief Executive Officer and investor concerns around its management’s conservative forward guidance.
An out-of-benchmark position in HubSpot, a software company engaged in cloud-based customer relationship management, lagged given ongoing macro headwinds, as high interest rates made it harder for small to medium-sized businesses to access capital.
Consumer Discretionary – SS & UW
Information Technology – OW
Communication Services – SS & UW
The above represents sectors.
Goldman Sachs Technology Opportunities Fund
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.
| Class R6 | NASDAQ Composite Total Return Index | Russell 1000® Index |
|---|
| 12/29/17 | $10,000 | $10,000 | $10,000 |
| 8/18 | $12,273 | $11,831 | $11,007 |
| 8/19 | $12,905 | $11,746 | $11,281 |
| 8/20 | $19,574 | $17,540 | $13,819 |
| 8/21 | $25,337 | $22,888 | $18,276 |
| 8/22 | $17,893 | $17,855 | $15,907 |
| 8/23 | $21,898 | $21,399 | $18,357 |
| 8/24 | $28,436 | $27,209 | $23,240 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced December 29, 2017) | 29.86% | 17.10% | 16.94% |
| NASDAQ Composite Total Return Index | 27.15% | 18.27% | 16.17% |
Russell 1000® Index | 26.60% | 15.53% | 13.46% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Technology Opportunities Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $784,927,708 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 37% |
| Total Net Advisory Fees Paid | $5,911,795 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased from the prior period as a result of an increase in management fee waivers.
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.
| Information Technology | 69.4% |
| Communication Services | 11.5% |
| Consumer Discretionary | 9.1% |
| Financials | 6.2% |
| Real Estate | 3.0% |
| Investment Company | 0.8% |
Goldman Sachs Technology Opportunities Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
Nasdaq®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Technology Opportunities Fund
38148U148-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Technology Opportunities Fund
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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 reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $100 | 0.87% |
How did the Fund perform and what affected its performance?
Driven by improving fundamentals, excitement around artificial intelligence (AI) capabilities and easing interest rate expectations, mega-cap technology companies within the information technology sector experienced some volatility but remained the primary driver of U.S. equity market gains during the reporting period even with an improvement in market breadth.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results.
Positioning in the semiconductors & semiconductor equipment; communications equipment; and technology hardware, storage and peripherals industries helped most.
A position in information technology giant Apple contributed positively, as the company performed well, driven by strong underlying fundamentals and investor excitement about potential future innovations.
An overweight to semiconductor equipment company KLA proved beneficial, as the business transitioned from a period of stabilization to one of growth amid an improving industry backdrop.
An overweight to semiconductor developer Advanced Micro Devices boosted results, driven by solid earnings with results in line with consensus expectations. The company also benefited from tailwinds related to ongoing AI/data center growth. We sold the position, taking profits.
Top Detractors from Performance:
Stock selection overall detracted from the Fund’s relative results, albeit modestly.
Positioning in the software; interactive media & services; and IT services industries hurt most.
The Fund’s top detractor was an underweight in social media giant Meta Platforms. Its share price rose due to improvements within its digital advertising business. The company has made significant AI investments, further developing its AI capabilities, which helped its stock gain market share within the segment. Also, the company issued its first quarterly dividend.
An out-of-benchmark position in cloud-based data management platform Snowflake detracted, as its stock came under pressure following the unexpected resignation of its Chief Executive Officer and investor concerns around its management’s conservative forward guidance.
An out-of-benchmark position in HubSpot, a software company engaged in cloud-based customer relationship management, lagged given ongoing macro headwinds, as high interest rates made it harder for small to medium-sized businesses to access capital.
Consumer Discretionary – SS & UW
Information Technology – OW
Communication Services – SS & UW
The above represents sectors.
Goldman Sachs Technology Opportunities Fund
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.
| Class P | NASDAQ Composite Total Return Index | Russell 1000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 |
| 8/18 | $11,064 | $11,185 | $10,813 |
| 8/19 | $11,629 | $11,104 | $11,082 |
| 8/20 | $17,639 | $16,582 | $13,576 |
| 8/21 | $22,832 | $21,638 | $17,954 |
| 8/22 | $16,124 | $16,880 | $15,627 |
| 8/23 | $19,728 | $20,231 | $18,034 |
| 8/24 | $25,629 | $25,723 | $22,831 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 29.91% | 17.10% | 15.89% |
| NASDAQ Composite Total Return Index | 27.15% | 18.27% | 15.96% |
Russell 1000® Index | 26.60% | 15.53% | 13.81% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Technology Opportunities Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $784,927,708 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 37% |
| Total Net Advisory Fees Paid | $5,911,795 |
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, 2024 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased from the prior period as a result of an increase in management fee waivers.
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.
| Information Technology | 69.4% |
| Communication Services | 11.5% |
| Consumer Discretionary | 9.1% |
| Financials | 6.2% |
| Real Estate | 3.0% |
| Investment Company | 0.8% |
Goldman Sachs Technology Opportunities Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
Nasdaq®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Technology Opportunities Fund
38150B228-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs U.S. Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity ESG Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $114 | 1.03% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in financials institution JPMorgan Chase contributed positively to relative results, as the company saw increased net interest income, a recovery in its investment unit and positive results in equities trading.
An overweight in global payment and travel company American Express added value. Being tailored to a more resilient consumer cohort that exhibited stronger spending patterns and credit profiles proved beneficial in a higher interest rate environment.
An overweight in energy company GE Vernova, following General Electric’s split into two independent business units, added value, as it demonstrated solid margin expansion, significant demand through rising orders and positive forward profitability commentary.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An underweight in e-commerce retailing giant Amazon.com detracted, as the company, despite broader market uncertainty, successfully retained consumer activity and showed resilient trends, expanding margins and advancing Amazon Web Services (AWS) growth.
An overweight to digital communications technology conglomerate Cisco Systems dampened results, as company management trimmed forward guidance following a deceleration in new product orders and longer than usual sales cycles. These conservative estimates, coupled with a security issue during the reporting period, put pressure on its share price.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs U.S. Equity ESG Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | S&P 500® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 |
| 8/15 | $9,878 | $9,335 | $10,048 |
| 8/16 | $10,313 | $9,745 | $11,309 |
| 8/17 | $11,763 | $11,116 | $13,144 |
| 8/18 | $13,821 | $13,061 | $15,729 |
| 8/19 | $14,761 | $13,949 | $16,188 |
| 8/20 | $17,712 | $16,737 | $19,740 |
| 8/21 | $23,850 | $22,539 | $25,892 |
| 8/22 | $19,457 | $18,387 | $22,985 |
| 8/23 | $22,660 | $21,414 | $26,648 |
| 8/24 | $27,717 | $26,193 | $33,881 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 22.32% | 13.42% | 10.72% |
| Class A Including sale charges | 15.60% | 12.14% | 10.10% |
S&P 500® Index | 27.14% | 15.90% | 12.97% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 U.S. Equity ESG Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $28,437,383 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid | $142,082 |
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.
| Information Technology | 31.2% |
| Health Care | 13.0% |
| Industrials | 11.6% |
| Financials | 11.2% |
| Consumer Discretionary | 10.3% |
| Communication Services | 6.3% |
| Consumer Staples | 5.8% |
| Utilities | 4.5% |
| Materials | 3.5% |
| Other Sectors | 2.6% |
Goldman Sachs U.S. Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The 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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity ESG Fund
38144N288-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs U.S. Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity ESG Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $197 | 1.78% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in financials institution JPMorgan Chase contributed positively to relative results, as the company saw increased net interest income, a recovery in its investment unit and positive results in equities trading.
An overweight in global payment and travel company American Express added value. Being tailored to a more resilient consumer cohort that exhibited stronger spending patterns and credit profiles proved beneficial in a higher interest rate environment.
An overweight in energy company GE Vernova, following General Electric’s split into two independent business units, added value, as it demonstrated solid margin expansion, significant demand through rising orders and positive forward profitability commentary.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An underweight in e-commerce retailing giant Amazon.com detracted, as the company, despite broader market uncertainty, successfully retained consumer activity and showed resilient trends, expanding margins and advancing Amazon Web Services (AWS) growth.
An overweight to digital communications technology conglomerate Cisco Systems dampened results, as company management trimmed forward guidance following a deceleration in new product orders and longer than usual sales cycles. These conservative estimates, coupled with a security issue during the reporting period, put pressure on its share price.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs U.S. Equity ESG Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | S&P 500® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 |
| 8/15 | $9,804 | $9,706 | $10,048 |
| 8/16 | $10,164 | $10,062 | $11,309 |
| 8/17 | $11,503 | $11,388 | $13,144 |
| 8/18 | $13,420 | $13,286 | $15,729 |
| 8/19 | $14,230 | $14,088 | $16,188 |
| 8/20 | $16,938 | $16,769 | $19,740 |
| 8/21 | $22,638 | $22,412 | $25,892 |
| 8/22 | $18,328 | $18,145 | $22,985 |
| 8/23 | $21,183 | $20,972 | $26,648 |
| 8/24 | $25,721 | $25,464 | $33,881 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 21.42% | 12.55% | 9.90% |
| Class C Including sale charges | 20.42% | 12.55% | 9.90% |
S&P 500® Index | 27.14% | 15.90% | 12.97% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 U.S. Equity ESG Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $28,437,383 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid | $142,082 |
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.
| Information Technology | 31.2% |
| Health Care | 13.0% |
| Industrials | 11.6% |
| Financials | 11.2% |
| Consumer Discretionary | 10.3% |
| Communication Services | 6.3% |
| Consumer Staples | 5.8% |
| Utilities | 4.5% |
| Materials | 3.5% |
| Other Sectors | 2.6% |
Goldman Sachs U.S. Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The 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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity ESG Fund
38144N270-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs U.S. Equity ESG Fund
Institutional Class: GINGX
This annual shareholder report contains important information about Goldman Sachs U.S. Equity ESG Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $75 | 0.67% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in financials institution JPMorgan Chase contributed positively to relative results, as the company saw increased net interest income, a recovery in its investment unit and positive results in equities trading.
An overweight in global payment and travel company American Express added value. Being tailored to a more resilient consumer cohort that exhibited stronger spending patterns and credit profiles proved beneficial in a higher interest rate environment.
An overweight in energy company GE Vernova, following General Electric’s split into two independent business units, added value, as it demonstrated solid margin expansion, significant demand through rising orders and positive forward profitability commentary.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An underweight in e-commerce retailing giant Amazon.com detracted, as the company, despite broader market uncertainty, successfully retained consumer activity and showed resilient trends, expanding margins and advancing Amazon Web Services (AWS) growth.
An overweight to digital communications technology conglomerate Cisco Systems dampened results, as company management trimmed forward guidance following a deceleration in new product orders and longer than usual sales cycles. These conservative estimates, coupled with a security issue during the reporting period, put pressure on its share price.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs U.S. Equity ESG Fund
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.
| Institutional | S&P 500® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 |
| 8/15 | $991,800 | $1,004,800 |
| 8/16 | $1,039,902 | $1,130,902 |
| 8/17 | $1,189,960 | $1,314,448 |
| 8/18 | $1,403,201 | $1,572,868 |
| 8/19 | $1,505,214 | $1,618,796 |
| 8/20 | $1,811,525 | $1,973,960 |
| 8/21 | $2,447,551 | $2,589,243 |
| 8/22 | $2,003,810 | $2,298,471 |
| 8/23 | $2,341,853 | $2,664,848 |
| 8/24 | $2,875,561 | $3,388,087 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 22.79% | 13.81% | 11.13% |
S&P 500® Index | 27.14% | 15.90% | 12.97% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 U.S. Equity ESG Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $28,437,383 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid | $142,082 |
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.
| Information Technology | 31.2% |
| Health Care | 13.0% |
| Industrials | 11.6% |
| Financials | 11.2% |
| Consumer Discretionary | 10.3% |
| Communication Services | 6.3% |
| Consumer Staples | 5.8% |
| Utilities | 4.5% |
| Materials | 3.5% |
| Other Sectors | 2.6% |
Goldman Sachs U.S. Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity ESG Fund
38144N247-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs U.S. Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity ESG Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $87 | 0.78% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in financials institution JPMorgan Chase contributed positively to relative results, as the company saw increased net interest income, a recovery in its investment unit and positive results in equities trading.
An overweight in global payment and travel company American Express added value. Being tailored to a more resilient consumer cohort that exhibited stronger spending patterns and credit profiles proved beneficial in a higher interest rate environment.
An overweight in energy company GE Vernova, following General Electric’s split into two independent business units, added value, as it demonstrated solid margin expansion, significant demand through rising orders and positive forward profitability commentary.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An underweight in e-commerce retailing giant Amazon.com detracted, as the company, despite broader market uncertainty, successfully retained consumer activity and showed resilient trends, expanding margins and advancing Amazon Web Services (AWS) growth.
An overweight to digital communications technology conglomerate Cisco Systems dampened results, as company management trimmed forward guidance following a deceleration in new product orders and longer than usual sales cycles. These conservative estimates, coupled with a security issue during the reporting period, put pressure on its share price.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs U.S. Equity ESG Fund
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.
| Investor | S&P 500® Index |
|---|
| 9/1/14 | $10,000 | $10,000 |
| 8/15 | $9,902 | $10,048 |
| 8/16 | $10,365 | $11,309 |
| 8/17 | $11,845 | $13,144 |
| 8/18 | $13,960 | $15,729 |
| 8/19 | $14,944 | $16,188 |
| 8/20 | $17,976 | $19,740 |
| 8/21 | $24,266 | $25,892 |
| 8/22 | $19,845 | $22,985 |
| 8/23 | $23,171 | $26,648 |
| 8/24 | $28,415 | $33,881 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 22.63% | 13.70% | 11.00% |
S&P 500® Index | 27.14% | 15.90% | 12.97% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 U.S. Equity ESG Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $28,437,383 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid | $142,082 |
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.
| Information Technology | 31.2% |
| Health Care | 13.0% |
| Industrials | 11.6% |
| Financials | 11.2% |
| Consumer Discretionary | 10.3% |
| Communication Services | 6.3% |
| Consumer Staples | 5.8% |
| Utilities | 4.5% |
| Materials | 3.5% |
| Other Sectors | 2.6% |
Goldman Sachs U.S. Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity ESG Fund
38144N254-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs U.S. Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity ESG Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $74 | 0.66% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in financials institution JPMorgan Chase contributed positively to relative results, as the company saw increased net interest income, a recovery in its investment unit and positive results in equities trading.
An overweight in global payment and travel company American Express added value. Being tailored to a more resilient consumer cohort that exhibited stronger spending patterns and credit profiles proved beneficial in a higher interest rate environment.
An overweight in energy company GE Vernova, following General Electric’s split into two independent business units, added value, as it demonstrated solid margin expansion, significant demand through rising orders and positive forward profitability commentary.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An underweight in e-commerce retailing giant Amazon.com detracted, as the company, despite broader market uncertainty, successfully retained consumer activity and showed resilient trends, expanding margins and advancing Amazon Web Services (AWS) growth.
An overweight to digital communications technology conglomerate Cisco Systems dampened results, as company management trimmed forward guidance following a deceleration in new product orders and longer than usual sales cycles. These conservative estimates, coupled with a security issue during the reporting period, put pressure on its share price.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs U.S. Equity ESG Fund
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.
| Class R6 | S&P 500® Index |
|---|
| 7/31/15 | $10,000 | $10,000 |
| 8/15 | $9,315 | $9,397 |
| 8/16 | $9,769 | $10,576 |
| 8/17 | $11,187 | $12,293 |
| 8/18 | $13,194 | $14,710 |
| 8/19 | $14,144 | $15,139 |
| 8/20 | $17,034 | $18,461 |
| 8/21 | $23,011 | $24,215 |
| 8/22 | $18,839 | $21,496 |
| 8/23 | $22,023 | $24,922 |
| 8/24 | $27,042 | $31,686 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 22.79% | 13.82% | 11.56% |
S&P 500® Index | 27.14% | 15.90% | 13.52% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 U.S. Equity ESG Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $28,437,383 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid | $142,082 |
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.
| Information Technology | 31.2% |
| Health Care | 13.0% |
| Industrials | 11.6% |
| Financials | 11.2% |
| Consumer Discretionary | 10.3% |
| Communication Services | 6.3% |
| Consumer Staples | 5.8% |
| Utilities | 4.5% |
| Materials | 3.5% |
| Other Sectors | 2.6% |
Goldman Sachs U.S. Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity ESG Fund
38147X341-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs U.S. Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity ESG Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $142 | 1.28% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in financials institution JPMorgan Chase contributed positively to relative results, as the company saw increased net interest income, a recovery in its investment unit and positive results in equities trading.
An overweight in global payment and travel company American Express added value. Being tailored to a more resilient consumer cohort that exhibited stronger spending patterns and credit profiles proved beneficial in a higher interest rate environment.
An overweight in energy company GE Vernova, following General Electric’s split into two independent business units, added value, as it demonstrated solid margin expansion, significant demand through rising orders and positive forward profitability commentary.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An underweight in e-commerce retailing giant Amazon.com detracted, as the company, despite broader market uncertainty, successfully retained consumer activity and showed resilient trends, expanding margins and advancing Amazon Web Services (AWS) growth.
An overweight to digital communications technology conglomerate Cisco Systems dampened results, as company management trimmed forward guidance following a deceleration in new product orders and longer than usual sales cycles. These conservative estimates, coupled with a security issue during the reporting period, put pressure on its share price.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs U.S. Equity ESG Fund
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.
| Class R | S&P 500® Index |
|---|
| 9/1/14 | $10,000 | $10,000 |
| 8/15 | $9,852 | $10,048 |
| 8/16 | $10,265 | $11,309 |
| 8/17 | $11,678 | $13,144 |
| 8/18 | $13,688 | $15,729 |
| 8/19 | $14,589 | $16,188 |
| 8/20 | $17,451 | $19,740 |
| 8/21 | $23,446 | $25,892 |
| 8/22 | $19,080 | $22,985 |
| 8/23 | $22,165 | $26,648 |
| 8/24 | $27,044 | $33,881 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 22.01% | 13.12% | 10.45% |
S&P 500® Index | 27.14% | 15.90% | 12.97% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 U.S. Equity ESG Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $28,437,383 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid | $142,082 |
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.
| Information Technology | 31.2% |
| Health Care | 13.0% |
| Industrials | 11.6% |
| Financials | 11.2% |
| Consumer Discretionary | 10.3% |
| Communication Services | 6.3% |
| Consumer Staples | 5.8% |
| Utilities | 4.5% |
| Materials | 3.5% |
| Other Sectors | 2.6% |
Goldman Sachs U.S. Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity ESG Fund
38144N262-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs U.S. Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity ESG Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $74 | 0.66% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Sector allocation decisions as a whole boosted the Fund’s relative results, albeit modestly.
An overweight in financials institution JPMorgan Chase contributed positively to relative results, as the company saw increased net interest income, a recovery in its investment unit and positive results in equities trading.
An overweight in global payment and travel company American Express added value. Being tailored to a more resilient consumer cohort that exhibited stronger spending patterns and credit profiles proved beneficial in a higher interest rate environment.
An overweight in energy company GE Vernova, following General Electric’s split into two independent business units, added value, as it demonstrated solid margin expansion, significant demand through rising orders and positive forward profitability commentary.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An underweight in e-commerce retailing giant Amazon.com detracted, as the company, despite broader market uncertainty, successfully retained consumer activity and showed resilient trends, expanding margins and advancing Amazon Web Services (AWS) growth.
An overweight to digital communications technology conglomerate Cisco Systems dampened results, as company management trimmed forward guidance following a deceleration in new product orders and longer than usual sales cycles. These conservative estimates, coupled with a security issue during the reporting period, put pressure on its share price.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs U.S. Equity ESG Fund
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.
| Class P | S&P 500® Index |
|---|
| 4/17/18 | $10,000 | $10,000 |
| 8/18 | $10,804 | $10,801 |
| 8/19 | $11,584 | $11,116 |
| 8/20 | $13,943 | $13,555 |
| 8/21 | $18,838 | $17,781 |
| 8/22 | $15,421 | $15,784 |
| 8/23 | $18,031 | $18,300 |
| 8/24 | $22,142 | $23,266 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 22.80% | 13.82% | 13.27% |
S&P 500® Index | 27.14% | 15.90% | 14.15% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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 U.S. Equity ESG Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $28,437,383 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid | $142,082 |
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.
| Information Technology | 31.2% |
| Health Care | 13.0% |
| Industrials | 11.6% |
| Financials | 11.2% |
| Consumer Discretionary | 10.3% |
| Communication Services | 6.3% |
| Consumer Staples | 5.8% |
| Utilities | 4.5% |
| Materials | 3.5% |
| Other Sectors | 2.6% |
Goldman Sachs U.S. Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
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 © 2024 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.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity ESG Fund
38150C101-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $112 | 1.01% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Package delivery company United Parcel Service experienced industry-wide headwinds from macroeconomic uncertainty that lowered its stock price. Further pressure was driven by outsized volume growth of its lower-margin shipping services and increased cost pressures that added expenses to its U.S. operations.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Equity Income Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/15 | $9,602 | $9,074 | $9,652 | $10,040 |
| 8/16 | $10,469 | $9,893 | $10,899 | $11,214 |
| 8/17 | $11,509 | $10,876 | $12,161 | $13,026 |
| 8/18 | $12,761 | $12,059 | $13,678 | $15,608 |
| 8/19 | $13,339 | $12,605 | $13,762 | $15,996 |
| 8/20 | $13,751 | $12,995 | $13,878 | $19,595 |
| 8/21 | $17,358 | $16,403 | $18,935 | $25,915 |
| 8/22 | $16,700 | $15,782 | $17,756 | $22,556 |
| 8/23 | $17,794 | $16,815 | $19,281 | $26,030 |
| 8/24 | $21,739 | $20,543 | $23,359 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 22.17% | 10.25% | 8.07% |
| Class A Including sale charges | 15.44% | 9.01% | 7.46% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Equity Income Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $405,427,970 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid | $2,523,935 |
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.
| Financials | 20.5% |
| Industrials | 13.6% |
| Health Care | 13.5% |
| Information Technology | 11.1% |
| Consumer Staples | 10.3% |
| Energy | 6.8% |
| Communication Services | 6.1% |
| Utilities | 5.7% |
| Real Estate | 5.0% |
| Other Sectors | 7.3% |
Goldman Sachs Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Equity Income Fund
38141W588-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $195 | 1.76% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Package delivery company United Parcel Service experienced industry-wide headwinds from macroeconomic uncertainty that lowered its stock price. Further pressure was driven by outsized volume growth of its lower-margin shipping services and increased cost pressures that added expenses to its U.S. operations.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Equity Income Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/15 | $9,530 | $9,435 | $9,652 | $10,040 |
| 8/16 | $10,314 | $10,211 | $10,899 | $11,214 |
| 8/17 | $11,253 | $11,140 | $12,161 | $13,026 |
| 8/18 | $12,385 | $12,261 | $13,678 | $15,608 |
| 8/19 | $12,858 | $12,729 | $13,762 | $15,996 |
| 8/20 | $13,158 | $13,026 | $13,878 | $19,595 |
| 8/21 | $16,481 | $16,316 | $18,935 | $25,915 |
| 8/22 | $15,738 | $15,581 | $17,756 | $22,556 |
| 8/23 | $16,643 | $16,476 | $19,281 | $26,030 |
| 8/24 | $20,178 | $19,976 | $23,359 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 21.24% | 9.42% | 7.27% |
| Class C Including sale charges | 20.20% | 9.42% | 7.27% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Equity Income Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $405,427,970 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid | $2,523,935 |
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.
| Financials | 20.5% |
| Industrials | 13.6% |
| Health Care | 13.5% |
| Information Technology | 11.1% |
| Consumer Staples | 10.3% |
| Energy | 6.8% |
| Communication Services | 6.1% |
| Utilities | 5.7% |
| Real Estate | 5.0% |
| Other Sectors | 7.3% |
Goldman Sachs Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Equity Income Fund
38142B310-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Equity Income Fund
Institutional Class: GSIIX
This annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $79 | 0.71% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Package delivery company United Parcel Service experienced industry-wide headwinds from macroeconomic uncertainty that lowered its stock price. Further pressure was driven by outsized volume growth of its lower-margin shipping services and increased cost pressures that added expenses to its U.S. operations.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Equity Income Fund
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.
| Institutional | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $964,100 | $965,200 | $1,004,000 |
| 8/16 | $1,055,497 | $1,089,904 | $1,121,368 |
| 8/17 | $1,165,057 | $1,216,115 | $1,302,581 |
| 8/18 | $1,296,709 | $1,367,764 | $1,560,752 |
| 8/19 | $1,360,766 | $1,376,244 | $1,599,615 |
| 8/20 | $1,407,304 | $1,387,805 | $1,959,528 |
| 8/21 | $1,782,069 | $1,893,521 | $2,591,476 |
| 8/22 | $1,719,875 | $1,775,555 | $2,255,621 |
| 8/23 | $1,837,859 | $1,928,075 | $2,602,986 |
| 8/24 | $2,252,112 | $2,335,862 | $3,295,381 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 22.54% | 10.59% | 8.45% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Equity Income Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $405,427,970 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid | $2,523,935 |
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.
| Financials | 20.5% |
| Industrials | 13.6% |
| Health Care | 13.5% |
| Information Technology | 11.1% |
| Consumer Staples | 10.3% |
| Energy | 6.8% |
| Communication Services | 6.1% |
| Utilities | 5.7% |
| Real Estate | 5.0% |
| Other Sectors | 7.3% |
Goldman Sachs Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Equity Income Fund
38141W414-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $134 | 1.21% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Package delivery company United Parcel Service experienced industry-wide headwinds from macroeconomic uncertainty that lowered its stock price. Further pressure was driven by outsized volume growth of its lower-margin shipping services and increased cost pressures that added expenses to its U.S. operations.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Equity Income Fund
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.
| Service | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,594 | $9,652 | $10,040 |
| 8/16 | $10,449 | $10,899 | $11,214 |
| 8/17 | $11,477 | $12,161 | $13,026 |
| 8/18 | $12,713 | $13,678 | $15,608 |
| 8/19 | $13,272 | $13,762 | $15,996 |
| 8/20 | $13,657 | $13,878 | $19,595 |
| 8/21 | $17,210 | $18,935 | $25,915 |
| 8/22 | $16,525 | $17,756 | $22,556 |
| 8/23 | $17,571 | $19,281 | $26,030 |
| 8/24 | $21,424 | $23,359 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 21.93% | 10.04% | 7.91% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Equity Income Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $405,427,970 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid | $2,523,935 |
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.
| Financials | 20.5% |
| Industrials | 13.6% |
| Health Care | 13.5% |
| Information Technology | 11.1% |
| Consumer Staples | 10.3% |
| Energy | 6.8% |
| Communication Services | 6.1% |
| Utilities | 5.7% |
| Real Estate | 5.0% |
| Other Sectors | 7.3% |
Goldman Sachs Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Equity Income Fund
38141W422-AR-0824 Service Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $85 | 0.76% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Package delivery company United Parcel Service experienced industry-wide headwinds from macroeconomic uncertainty that lowered its stock price. Further pressure was driven by outsized volume growth of its lower-margin shipping services and increased cost pressures that added expenses to its U.S. operations.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Equity Income Fund
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.
| Investor | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,626 | $9,652 | $10,040 |
| 8/16 | $10,521 | $10,899 | $11,214 |
| 8/17 | $11,595 | $12,161 | $13,026 |
| 8/18 | $12,888 | $13,678 | $15,608 |
| 8/19 | $13,510 | $13,762 | $15,996 |
| 8/20 | $13,961 | $13,878 | $19,595 |
| 8/21 | $17,666 | $18,935 | $25,915 |
| 8/22 | $17,039 | $17,756 | $22,556 |
| 8/23 | $18,194 | $19,281 | $26,030 |
| 8/24 | $22,282 | $23,359 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 22.47% | 10.52% | 8.34% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Equity Income Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $405,427,970 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid | $2,523,935 |
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.
| Financials | 20.5% |
| Industrials | 13.6% |
| Health Care | 13.5% |
| Information Technology | 11.1% |
| Consumer Staples | 10.3% |
| Energy | 6.8% |
| Communication Services | 6.1% |
| Utilities | 5.7% |
| Real Estate | 5.0% |
| Other Sectors | 7.3% |
Goldman Sachs Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Equity Income Fund
38144N437-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $77 | 0.69% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Package delivery company United Parcel Service experienced industry-wide headwinds from macroeconomic uncertainty that lowered its stock price. Further pressure was driven by outsized volume growth of its lower-margin shipping services and increased cost pressures that added expenses to its U.S. operations.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Equity Income Fund
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.
| Class R6 | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,317 | $9,404 | $9,398 |
| 8/16 | $10,196 | $10,619 | $10,497 |
| 8/17 | $11,255 | $11,849 | $12,193 |
| 8/18 | $12,531 | $13,326 | $14,610 |
| 8/19 | $13,152 | $13,409 | $14,973 |
| 8/20 | $13,603 | $13,521 | $18,342 |
| 8/21 | $17,226 | $18,449 | $24,258 |
| 8/22 | $16,627 | $17,299 | $21,114 |
| 8/23 | $17,769 | $18,785 | $24,365 |
| 8/24 | $21,776 | $22,758 | $30,847 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 22.55% | 10.60% | 8.93% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.46% |
Russell 1000® Index | 26.60% | 15.53% | 13.18% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Equity Income Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $405,427,970 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid | $2,523,935 |
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.
| Financials | 20.5% |
| Industrials | 13.6% |
| Health Care | 13.5% |
| Information Technology | 11.1% |
| Consumer Staples | 10.3% |
| Energy | 6.8% |
| Communication Services | 6.1% |
| Utilities | 5.7% |
| Real Estate | 5.0% |
| Other Sectors | 7.3% |
Goldman Sachs Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Equity Income Fund
38147X457-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $140 | 1.26% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Package delivery company United Parcel Service experienced industry-wide headwinds from macroeconomic uncertainty that lowered its stock price. Further pressure was driven by outsized volume growth of its lower-margin shipping services and increased cost pressures that added expenses to its U.S. operations.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Equity Income Fund
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.
| Class R | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,581 | $9,652 | $10,040 |
| 8/16 | $10,417 | $10,899 | $11,214 |
| 8/17 | $11,426 | $12,161 | $13,026 |
| 8/18 | $12,636 | $13,678 | $15,608 |
| 8/19 | $13,178 | $13,762 | $15,996 |
| 8/20 | $13,550 | $13,878 | $19,595 |
| 8/21 | $17,060 | $18,935 | $25,915 |
| 8/22 | $16,374 | $17,756 | $22,556 |
| 8/23 | $17,394 | $19,281 | $26,030 |
| 8/24 | $21,202 | $23,359 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 21.89% | 9.97% | 7.80% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Equity Income Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $405,427,970 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid | $2,523,935 |
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.
| Financials | 20.5% |
| Industrials | 13.6% |
| Health Care | 13.5% |
| Information Technology | 11.1% |
| Consumer Staples | 10.3% |
| Energy | 6.8% |
| Communication Services | 6.1% |
| Utilities | 5.7% |
| Real Estate | 5.0% |
| Other Sectors | 7.3% |
Goldman Sachs Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Equity Income Fund
38144N445-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $78 | 0.70% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in pharmaceuticals company Eli Lilly & Co. proved beneficial, as the company performed well due to positive developments and optimism around its GLP-1 agonists drug class, indicated for weight loss.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Package delivery company United Parcel Service experienced industry-wide headwinds from macroeconomic uncertainty that lowered its stock price. Further pressure was driven by outsized volume growth of its lower-margin shipping services and increased cost pressures that added expenses to its U.S. operations.
Information Technology – SS
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Equity Income Fund
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.
| Class P | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,484 | $10,472 | $10,813 |
| 8/19 | $11,000 | $10,537 | $11,082 |
| 8/20 | $11,378 | $10,625 | $13,576 |
| 8/21 | $14,410 | $14,497 | $17,954 |
| 8/22 | $13,909 | $13,594 | $15,627 |
| 8/23 | $14,865 | $14,762 | $18,034 |
| 8/24 | $18,217 | $17,884 | $22,831 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 22.55% | 10.60% | 9.86% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.54% |
Russell 1000® Index | 26.60% | 15.53% | 13.81% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Equity Income Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $405,427,970 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid | $2,523,935 |
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.
| Financials | 20.5% |
| Industrials | 13.6% |
| Health Care | 13.5% |
| Information Technology | 11.1% |
| Consumer Staples | 10.3% |
| Energy | 6.8% |
| Communication Services | 6.1% |
| Utilities | 5.7% |
| Real Estate | 5.0% |
| Other Sectors | 7.3% |
Goldman Sachs Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Equity Income Fund
38150B798-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Focused Value Fund
This annual shareholder report contains important information about Goldman Sachs Focused Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $112 | 1.01% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in consumer staples company Colgate-Palmolive proved beneficial, as the company delivered strong earnings results and growth momentum, driven by positive volume growth in each of its operating divisions and ongoing global market share gain in its dental care products businesses.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Focused Value Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/15 | $9,280 | $8,770 | $9,404 | $9,398 |
| 8/16 | $9,925 | $9,379 | $10,619 | $10,497 |
| 8/17 | $11,257 | $10,638 | $11,849 | $12,193 |
| 8/18 | $12,229 | $11,557 | $13,326 | $14,610 |
| 8/19 | $12,486 | $11,800 | $13,409 | $14,973 |
| 8/20 | $13,313 | $12,581 | $13,521 | $18,342 |
| 8/21 | $17,897 | $16,912 | $18,449 | $24,258 |
| 8/22 | $16,771 | $15,848 | $17,299 | $21,114 |
| 8/23 | $18,929 | $17,888 | $18,785 | $24,365 |
| 8/24 | $23,222 | $21,945 | $22,758 | $30,847 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class A Excluding sale charges (Commenced July 31, 2015) | 22.68% | 13.20% | 9.70% |
| Class A Including sale charges (Commenced on July 31, 2015) | 15.93% | 11.93% | 9.03% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.46% |
Russell 1000® Index | 26.60% | 15.53% | 13.18% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Focused Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $56,684,513 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid | $329,303 |
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.
| Health Care | 17.6% |
| Financials | 17.5% |
| Industrials | 13.9% |
| Information Technology | 10.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 6.6% |
| Consumer Staples | 6.4% |
| Utilities | 6.1% |
| Energy | 6.1% |
| Other Sectors | 8.6% |
Goldman Sachs Focused Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Focused Value Fund
38147X689-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Focused Value Fund
This annual shareholder report contains important information about Goldman Sachs Focused Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $195 | 1.76% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in consumer staples company Colgate-Palmolive proved beneficial, as the company delivered strong earnings results and growth momentum, driven by positive volume growth in each of its operating divisions and ongoing global market share gain in its dental care products businesses.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Focused Value Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/15 | $9,280 | $9,187 | $9,404 | $9,398 |
| 8/16 | $9,843 | $9,745 | $10,619 | $10,497 |
| 8/17 | $11,087 | $10,977 | $11,849 | $12,193 |
| 8/18 | $11,960 | $11,840 | $13,326 | $14,610 |
| 8/19 | $12,112 | $11,991 | $13,409 | $14,973 |
| 8/20 | $12,822 | $12,694 | $13,521 | $18,342 |
| 8/21 | $17,096 | $16,926 | $18,449 | $24,258 |
| 8/22 | $15,912 | $15,753 | $17,299 | $21,114 |
| 8/23 | $17,807 | $17,629 | $18,785 | $24,365 |
| 8/24 | $21,698 | $21,481 | $22,758 | $30,847 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class C Excluding sale charges (Commenced July 31, 2015) | 21.85% | 12.35% | 8.89% |
| Class C Including sale charges (Commenced on July 31, 2015) | 20.84% | 12.35% | 8.89% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.46% |
Russell 1000® Index | 26.60% | 15.53% | 13.18% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Focused Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $56,684,513 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid | $329,303 |
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.
| Health Care | 17.6% |
| Financials | 17.5% |
| Industrials | 13.9% |
| Information Technology | 10.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 6.6% |
| Consumer Staples | 6.4% |
| Utilities | 6.1% |
| Energy | 6.1% |
| Other Sectors | 8.6% |
Goldman Sachs Focused Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Focused Value Fund
38147X671-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Focused Value Fund
Institutional Class: GFVSX
This annual shareholder report contains important information about Goldman Sachs Focused Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $77 | 0.69% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in consumer staples company Colgate-Palmolive proved beneficial, as the company delivered strong earnings results and growth momentum, driven by positive volume growth in each of its operating divisions and ongoing global market share gain in its dental care products businesses.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Focused Value Fund
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.
| Institutional | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 7/31/15 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $929,000 | $940,400 | $939,800 |
| 8/16 | $997,282 | $1,061,900 | $1,049,663 |
| 8/17 | $1,134,807 | $1,184,868 | $1,219,288 |
| 8/18 | $1,237,620 | $1,332,621 | $1,460,951 |
| 8/19 | $1,268,189 | $1,340,883 | $1,497,329 |
| 8/20 | $1,357,216 | $1,352,146 | $1,834,228 |
| 8/21 | $1,829,527 | $1,844,868 | $2,425,766 |
| 8/22 | $1,720,122 | $1,729,933 | $2,111,387 |
| 8/23 | $1,945,974 | $1,878,534 | $2,436,540 |
| 8/24 | $2,396,661 | $2,275,844 | $3,084,660 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Institutional (Commenced July 31, 2015) | 23.16% | 13.56% | 10.09% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.46% |
Russell 1000® Index | 26.60% | 15.53% | 13.18% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Focused Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $56,684,513 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid | $329,303 |
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.
| Health Care | 17.6% |
| Financials | 17.5% |
| Industrials | 13.9% |
| Information Technology | 10.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 6.6% |
| Consumer Staples | 6.4% |
| Utilities | 6.1% |
| Energy | 6.1% |
| Other Sectors | 8.6% |
Goldman Sachs Focused Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Focused Value Fund
38147X630-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Focused Value Fund
This annual shareholder report contains important information about Goldman Sachs Focused Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $85 | 0.76% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in consumer staples company Colgate-Palmolive proved beneficial, as the company delivered strong earnings results and growth momentum, driven by positive volume growth in each of its operating divisions and ongoing global market share gain in its dental care products businesses.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Focused Value Fund
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.
| Investor | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,280 | $9,404 | $9,398 |
| 8/16 | $9,957 | $10,619 | $10,497 |
| 8/17 | $11,316 | $11,849 | $12,193 |
| 8/18 | $12,335 | $13,326 | $14,610 |
| 8/19 | $12,614 | $13,409 | $14,973 |
| 8/20 | $13,489 | $13,521 | $18,342 |
| 8/21 | $18,171 | $18,449 | $24,258 |
| 8/22 | $17,070 | $17,299 | $21,114 |
| 8/23 | $19,308 | $18,785 | $24,365 |
| 8/24 | $23,751 | $22,758 | $30,847 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Investor (Commenced July 31, 2015) | 23.01% | 13.48% | 9.98% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.46% |
Russell 1000® Index | 26.60% | 15.53% | 13.18% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Focused Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $56,684,513 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid | $329,303 |
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.
| Health Care | 17.6% |
| Financials | 17.5% |
| Industrials | 13.9% |
| Information Technology | 10.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 6.6% |
| Consumer Staples | 6.4% |
| Utilities | 6.1% |
| Energy | 6.1% |
| Other Sectors | 8.6% |
Goldman Sachs Focused Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Focused Value Fund
38147X663-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Focused Value Fund
This annual shareholder report contains important information about Goldman Sachs Focused Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $76 | 0.68% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in consumer staples company Colgate-Palmolive proved beneficial, as the company delivered strong earnings results and growth momentum, driven by positive volume growth in each of its operating divisions and ongoing global market share gain in its dental care products businesses.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Focused Value Fund
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.
| Class R6 | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,290 | $9,404 | $9,398 |
| 8/16 | $9,974 | $10,619 | $10,497 |
| 8/17 | $11,361 | $11,849 | $12,193 |
| 8/18 | $12,390 | $13,326 | $14,610 |
| 8/19 | $12,703 | $13,409 | $14,973 |
| 8/20 | $13,584 | $13,521 | $18,342 |
| 8/21 | $18,310 | $18,449 | $24,258 |
| 8/22 | $17,230 | $17,299 | $21,114 |
| 8/23 | $19,499 | $18,785 | $24,365 |
| 8/24 | $23,999 | $22,758 | $30,847 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 23.08% | 13.55% | 10.10% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.46% |
Russell 1000® Index | 26.60% | 15.53% | 13.18% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Focused Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $56,684,513 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid | $329,303 |
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.
| Health Care | 17.6% |
| Financials | 17.5% |
| Industrials | 13.9% |
| Information Technology | 10.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 6.6% |
| Consumer Staples | 6.4% |
| Utilities | 6.1% |
| Energy | 6.1% |
| Other Sectors | 8.6% |
Goldman Sachs Focused Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Focused Value Fund
38147X648-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Focused Value Fund
This annual shareholder report contains important information about Goldman Sachs Focused Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $140 | 1.26% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in consumer staples company Colgate-Palmolive proved beneficial, as the company delivered strong earnings results and growth momentum, driven by positive volume growth in each of its operating divisions and ongoing global market share gain in its dental care products businesses.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Focused Value Fund
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.
| Class R | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,290 | $9,404 | $9,398 |
| 8/16 | $9,905 | $10,619 | $10,497 |
| 8/17 | $11,201 | $11,849 | $12,193 |
| 8/18 | $12,136 | $13,326 | $14,610 |
| 8/19 | $12,368 | $13,409 | $14,973 |
| 8/20 | $13,146 | $13,521 | $18,342 |
| 8/21 | $17,620 | $18,449 | $24,258 |
| 8/22 | $16,480 | $17,299 | $21,114 |
| 8/23 | $18,542 | $18,785 | $24,365 |
| 8/24 | $22,703 | $22,758 | $30,847 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R (Commenced July 31, 2015) | 22.44% | 12.90% | 9.43% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.46% |
Russell 1000® Index | 26.60% | 15.53% | 13.18% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Focused Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $56,684,513 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid | $329,303 |
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.
| Health Care | 17.6% |
| Financials | 17.5% |
| Industrials | 13.9% |
| Information Technology | 10.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 6.6% |
| Consumer Staples | 6.4% |
| Utilities | 6.1% |
| Energy | 6.1% |
| Other Sectors | 8.6% |
Goldman Sachs Focused Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Focused Value Fund
38147X655-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Focused Value Fund
This annual shareholder report contains important information about Goldman Sachs Focused Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $76 | 0.68% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in consumer staples company Colgate-Palmolive proved beneficial, as the company delivered strong earnings results and growth momentum, driven by positive volume growth in each of its operating divisions and ongoing global market share gain in its dental care products businesses.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results.
The Fund’s top detractor was an overweight to pharmaceuticals company Bristol-Myers Squibb, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Consumer Staples – SS & UW
Communication Services – SS
The above represents sectors.
Goldman Sachs Focused Value Fund
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.
| Class P | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,579 | $10,472 | $10,813 |
| 8/19 | $10,837 | $10,537 | $11,082 |
| 8/20 | $11,600 | $10,625 | $13,576 |
| 8/21 | $15,632 | $14,497 | $17,954 |
| 8/22 | $14,701 | $13,594 | $15,627 |
| 8/23 | $16,637 | $14,762 | $18,034 |
| 8/24 | $20,486 | $17,884 | $22,831 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 23.14% | 13.57% | 11.90% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.54% |
Russell 1000® Index | 26.60% | 15.53% | 13.81% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Focused Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $56,684,513 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid | $329,303 |
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.
| Health Care | 17.6% |
| Financials | 17.5% |
| Industrials | 13.9% |
| Information Technology | 10.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 6.6% |
| Consumer Staples | 6.4% |
| Utilities | 6.1% |
| Energy | 6.1% |
| Other Sectors | 8.6% |
Goldman Sachs Focused Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Focused Value Fund
38150B772-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $113 | 1.01% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to pharmaceuticals company Bristol-Myers Squibb hurt, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Information Technology – SS & OW
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Large Cap Value Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/15 | $9,449 | $8,929 | $9,652 | $10,040 |
| 8/16 | $10,181 | $9,621 | $10,899 | $11,214 |
| 8/17 | $11,102 | $10,491 | $12,161 | $13,026 |
| 8/18 | $12,133 | $11,466 | $13,678 | $15,608 |
| 8/19 | $12,179 | $11,509 | $13,762 | $15,996 |
| 8/20 | $12,420 | $11,737 | $13,878 | $19,595 |
| 8/21 | $16,474 | $15,568 | $18,935 | $25,915 |
| 8/22 | $15,613 | $14,754 | $17,756 | $22,556 |
| 8/23 | $16,999 | $16,064 | $19,281 | $26,030 |
| 8/24 | $21,200 | $20,034 | $23,359 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 24.71% | 11.71% | 7.80% |
| Class A Including sale charges | 17.88% | 10.45% | 7.19% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $453,400,971 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 51% |
| Total Net Advisory Fees Paid | $2,824,838 |
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.
| Financials | 22.0% |
| Health Care | 17.2% |
| Industrials | 15.4% |
| Consumer Staples | 8.1% |
| Information Technology | 7.4% |
| Energy | 6.5% |
| Materials | 5.8% |
| Utilities | 5.5% |
| Real Estate | 4.8% |
| Other Sectors | 7.0% |
Goldman Sachs Large Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Fund
38142Y815-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $197 | 1.76% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to pharmaceuticals company Bristol-Myers Squibb hurt, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Information Technology – SS & OW
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Large Cap Value Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/15 | $9,372 | $9,278 | $9,652 | $10,040 |
| 8/16 | $10,031 | $9,931 | $10,899 | $11,214 |
| 8/17 | $10,851 | $10,743 | $12,161 | $13,026 |
| 8/18 | $11,769 | $11,652 | $13,678 | $15,608 |
| 8/19 | $11,736 | $11,619 | $13,762 | $15,996 |
| 8/20 | $11,878 | $11,760 | $13,878 | $19,595 |
| 8/21 | $15,631 | $15,475 | $18,935 | $25,915 |
| 8/22 | $14,713 | $14,566 | $17,756 | $22,556 |
| 8/23 | $15,895 | $15,736 | $19,281 | $26,030 |
| 8/24 | $19,675 | $19,478 | $23,359 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 23.78% | 10.87% | 7.00% |
| Class C Including sale charges | 22.72% | 10.87% | 7.00% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $453,400,971 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 51% |
| Total Net Advisory Fees Paid | $2,824,838 |
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.
| Financials | 22.0% |
| Health Care | 17.2% |
| Industrials | 15.4% |
| Consumer Staples | 8.1% |
| Information Technology | 7.4% |
| Energy | 6.5% |
| Materials | 5.8% |
| Utilities | 5.5% |
| Real Estate | 4.8% |
| Other Sectors | 7.0% |
Goldman Sachs Large Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Fund
38142Y781-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Value Fund
Institutional Class: GSLIX
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $80 | 0.71% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to pharmaceuticals company Bristol-Myers Squibb hurt, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Information Technology – SS & OW
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Large Cap Value Fund
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.
| Institutional | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $948,700 | $965,200 | $1,004,000 |
| 8/16 | $1,026,399 | $1,089,904 | $1,121,368 |
| 8/17 | $1,122,983 | $1,216,115 | $1,302,581 |
| 8/18 | $1,231,350 | $1,367,764 | $1,560,752 |
| 8/19 | $1,239,847 | $1,376,244 | $1,599,615 |
| 8/20 | $1,267,991 | $1,387,805 | $1,959,528 |
| 8/21 | $1,687,443 | $1,893,521 | $2,591,476 |
| 8/22 | $1,605,096 | $1,775,555 | $2,255,621 |
| 8/23 | $1,752,122 | $1,928,075 | $2,602,986 |
| 8/24 | $2,191,555 | $2,335,862 | $3,295,381 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 25.08% | 12.05% | 8.15% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $453,400,971 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 51% |
| Total Net Advisory Fees Paid | $2,824,838 |
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.
| Financials | 22.0% |
| Health Care | 17.2% |
| Industrials | 15.4% |
| Consumer Staples | 8.1% |
| Information Technology | 7.4% |
| Energy | 6.5% |
| Materials | 5.8% |
| Utilities | 5.5% |
| Real Estate | 4.8% |
| Other Sectors | 7.0% |
Goldman Sachs Large Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Fund
38142Y773-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $136 | 1.21% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to pharmaceuticals company Bristol-Myers Squibb hurt, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Information Technology – SS & OW
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Large Cap Value Fund
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.
| Service | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,437 | $9,652 | $10,040 |
| 8/16 | $10,163 | $10,899 | $11,214 |
| 8/17 | $11,057 | $12,161 | $13,026 |
| 8/18 | $12,069 | $13,678 | $15,608 |
| 8/19 | $12,093 | $13,762 | $15,996 |
| 8/20 | $12,311 | $13,878 | $19,595 |
| 8/21 | $16,294 | $18,935 | $25,915 |
| 8/22 | $15,426 | $17,756 | $22,556 |
| 8/23 | $16,762 | $19,281 | $26,030 |
| 8/24 | $20,848 | $23,359 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 24.38% | 11.49% | 7.62% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $453,400,971 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 51% |
| Total Net Advisory Fees Paid | $2,824,838 |
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.
| Financials | 22.0% |
| Health Care | 17.2% |
| Industrials | 15.4% |
| Consumer Staples | 8.1% |
| Information Technology | 7.4% |
| Energy | 6.5% |
| Materials | 5.8% |
| Utilities | 5.5% |
| Real Estate | 4.8% |
| Other Sectors | 7.0% |
Goldman Sachs Large Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Fund
38142Y765-AR-0824 Service Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $85 | 0.76% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to pharmaceuticals company Bristol-Myers Squibb hurt, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Information Technology – SS & OW
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Large Cap Value Fund
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.
| Investor | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,471 | $9,652 | $10,040 |
| 8/16 | $10,235 | $10,899 | $11,214 |
| 8/17 | $11,183 | $12,161 | $13,026 |
| 8/18 | $12,258 | $13,678 | $15,608 |
| 8/19 | $12,336 | $13,762 | $15,996 |
| 8/20 | $12,610 | $13,878 | $19,595 |
| 8/21 | $16,761 | $18,935 | $25,915 |
| 8/22 | $15,933 | $17,756 | $22,556 |
| 8/23 | $17,393 | $19,281 | $26,030 |
| 8/24 | $21,731 | $23,359 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 24.94% | 11.98% | 8.06% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $453,400,971 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 51% |
| Total Net Advisory Fees Paid | $2,824,838 |
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.
| Financials | 22.0% |
| Health Care | 17.2% |
| Industrials | 15.4% |
| Consumer Staples | 8.1% |
| Information Technology | 7.4% |
| Energy | 6.5% |
| Materials | 5.8% |
| Utilities | 5.5% |
| Real Estate | 4.8% |
| Other Sectors | 7.0% |
Goldman Sachs Large Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Fund
38144N411-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $79 | 0.70% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to pharmaceuticals company Bristol-Myers Squibb hurt, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Information Technology – SS & OW
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Large Cap Value Fund
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.
| Class R6 | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,290 | $9,404 | $9,398 |
| 8/16 | $10,055 | $10,619 | $10,497 |
| 8/17 | $11,024 | $11,849 | $12,193 |
| 8/18 | $12,090 | $13,326 | $14,610 |
| 8/19 | $12,178 | $13,409 | $14,973 |
| 8/20 | $12,458 | $13,521 | $18,342 |
| 8/21 | $16,576 | $18,449 | $24,258 |
| 8/22 | $15,770 | $17,299 | $21,114 |
| 8/23 | $17,216 | $18,785 | $24,365 |
| 8/24 | $21,537 | $22,758 | $30,847 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 25.10% | 12.06% | 8.80% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.46% |
Russell 1000® Index | 26.60% | 15.53% | 13.18% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $453,400,971 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 51% |
| Total Net Advisory Fees Paid | $2,824,838 |
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.
| Financials | 22.0% |
| Health Care | 17.2% |
| Industrials | 15.4% |
| Consumer Staples | 8.1% |
| Information Technology | 7.4% |
| Energy | 6.5% |
| Materials | 5.8% |
| Utilities | 5.5% |
| Real Estate | 4.8% |
| Other Sectors | 7.0% |
Goldman Sachs Large Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Fund
38147X440-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $141 | 1.26% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to pharmaceuticals company Bristol-Myers Squibb hurt, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Information Technology – SS & OW
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Large Cap Value Fund
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.
| Class R | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,423 | $9,652 | $10,040 |
| 8/16 | $10,133 | $10,899 | $11,214 |
| 8/17 | $11,017 | $12,161 | $13,026 |
| 8/18 | $12,014 | $13,678 | $15,608 |
| 8/19 | $12,029 | $13,762 | $15,996 |
| 8/20 | $12,234 | $13,878 | $19,595 |
| 8/21 | $16,188 | $18,935 | $25,915 |
| 8/22 | $15,305 | $17,756 | $22,556 |
| 8/23 | $16,621 | $19,281 | $26,030 |
| 8/24 | $20,673 | $23,359 | $32,954 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 24.38% | 11.43% | 7.53% |
Russell 1000® Value Index | 21.15% | 11.15% | 8.85% |
Russell 1000® Index | 26.60% | 15.53% | 12.65% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $453,400,971 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 51% |
| Total Net Advisory Fees Paid | $2,824,838 |
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.
| Financials | 22.0% |
| Health Care | 17.2% |
| Industrials | 15.4% |
| Consumer Staples | 8.1% |
| Information Technology | 7.4% |
| Energy | 6.5% |
| Materials | 5.8% |
| Utilities | 5.5% |
| Real Estate | 4.8% |
| Other Sectors | 7.0% |
Goldman Sachs Large Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Fund
38144N429-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Large Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $79 | 0.70% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection overall contributed most positively to the Fund’s relative results.
An overweight in personal computers manufacturer Dell Technologies added value, as the company delivered strong earnings that reflected robust artificial intelligence (AI) demand with a sustainable growth trajectory to fuel server strength and data storage products. We sold the position, taking profits.
An overweight in GE Aerospace contributed positively. Its stock price rose following the split of General Electric into GE Aerospace and GE Vernova in early April 2024. Further, GE Aerospace announced a 250% increase in its quarterly dividend and reported a significant increase in its first quarter aerospace orders.
An overweight in investment firm KKR & Co. contributed positively, as the company saw increased fee-related earnings generated from a recovery in assets levels and due to a strong fundraising and investment period.
Top Detractors from Performance:
Sector allocation as a whole detracted from the Fund’s relative results, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower. We sold the position.
An overweight to pharmaceuticals company Bristol-Myers Squibb hurt, as concerns around the generic erosion and declining sales of Revlimid weighed on its shares. We sold the position.
An overweight to athletic footwear and apparel company NIKE detracted, as the company struggled to meet its management’s previous outlook on weaker discretionary spending and a realignment of its channel strategy.
Information Technology – SS & OW
Consumer Discretionary - SS
The above represents sectors.
Goldman Sachs Large Cap Value Fund
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.
| Class P | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,538 | $10,472 | $10,813 |
| 8/19 | $10,616 | $10,537 | $11,082 |
| 8/20 | $10,860 | $10,625 | $13,576 |
| 8/21 | $14,449 | $14,497 | $17,954 |
| 8/22 | $13,739 | $13,594 | $15,627 |
| 8/23 | $15,008 | $14,762 | $18,034 |
| 8/24 | $18,775 | $17,884 | $22,831 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 25.10% | 12.06% | 10.37% |
Russell 1000® Value Index | 21.15% | 11.15% | 9.54% |
Russell 1000® Index | 26.60% | 15.53% | 13.81% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $453,400,971 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 51% |
| Total Net Advisory Fees Paid | $2,824,838 |
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.
| Financials | 22.0% |
| Health Care | 17.2% |
| Industrials | 15.4% |
| Consumer Staples | 8.1% |
| Information Technology | 7.4% |
| Energy | 6.5% |
| Materials | 5.8% |
| Utilities | 5.5% |
| Real Estate | 4.8% |
| Other Sectors | 7.0% |
Goldman Sachs Large Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Fund
38150B533-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $129 | 1.19% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Midstream energy company Targa Resources was the Fund’s top relative contributor based on its announced construction plans for new processing plants to accommodate increasing volume of customer demand. Its stock price rose further on improved free cash flow visibility, strong margins and increased volume. We sold the position, taking profits.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
An overweight in payment services provider Fidelity National Information Services added value, as the company saw meaningful tailwinds from the spin-off of its payments business. The company also drove growth in its bank technology and capital market operations through strategic partnerships and acquisitions, to which investors reacted favorably.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
An overweight to medical device company Zimmer Biomet Holdings hampered results, as sentiment around a possible slowing of utilization trends going forward outweighed the company’s strong results.
An overweight to beauty products retailer Ulta Beauty detracted, as the company faced pressure from slower normalization in the discretionary beauty category and competitive intensity.
Information Technology – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Value Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell Midcap® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/15 | $9,579 | $9,052 | $9,746 | $10,036 |
| 8/16 | $9,867 | $9,325 | $11,001 | $11,184 |
| 8/17 | $10,821 | $10,225 | $12,192 | $12,980 |
| 8/18 | $11,976 | $11,317 | $13,736 | $15,609 |
| 8/19 | $12,382 | $11,701 | $13,306 | $15,813 |
| 8/20 | $12,331 | $11,653 | $13,133 | $19,204 |
| 8/21 | $17,729 | $16,754 | $18,978 | $25,549 |
| 8/22 | $16,938 | $16,007 | $17,497 | $22,156 |
| 8/23 | $17,780 | $16,802 | $18,486 | $25,426 |
| 8/24 | $20,863 | $19,716 | $22,218 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 17.34% | 10.99% | 7.62% |
| Class A Including sale charges | 10.88% | 9.74% | 7.02% |
Russell Midcap® Value Index | 20.19% | 10.78% | 8.30% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,215,637,209 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $8,619,422 |
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.
| Industrials | 17.6% |
| Financials | 17.5% |
| Utilities | 9.9% |
| Real Estate | 9.2% |
| Materials | 8.7% |
| Health Care | 8.5% |
| Consumer Discretionary | 8.4% |
| Information Technology | 8.1% |
| Energy | 5.6% |
| Other Sectors | 6.5% |
Goldman Sachs Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Value Fund
38142V720-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $210 | 1.94% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Midstream energy company Targa Resources was the Fund’s top relative contributor based on its announced construction plans for new processing plants to accommodate increasing volume of customer demand. Its stock price rose further on improved free cash flow visibility, strong margins and increased volume. We sold the position, taking profits.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
An overweight in payment services provider Fidelity National Information Services added value, as the company saw meaningful tailwinds from the spin-off of its payments business. The company also drove growth in its bank technology and capital market operations through strategic partnerships and acquisitions, to which investors reacted favorably.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
An overweight to medical device company Zimmer Biomet Holdings hampered results, as sentiment around a possible slowing of utilization trends going forward outweighed the company’s strong results.
An overweight to beauty products retailer Ulta Beauty detracted, as the company faced pressure from slower normalization in the discretionary beauty category and competitive intensity.
Information Technology – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Value Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell Midcap® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/15 | $9,509 | $9,414 | $9,746 | $10,036 |
| 8/16 | $9,719 | $9,622 | $11,001 | $11,184 |
| 8/17 | $10,580 | $10,474 | $12,192 | $12,980 |
| 8/18 | $11,623 | $11,507 | $13,736 | $15,609 |
| 8/19 | $11,923 | $11,804 | $13,306 | $15,813 |
| 8/20 | $11,787 | $11,670 | $13,133 | $19,204 |
| 8/21 | $16,821 | $16,652 | $18,978 | $25,549 |
| 8/22 | $15,946 | $15,787 | $17,497 | $22,156 |
| 8/23 | $16,622 | $16,456 | $18,486 | $25,426 |
| 8/24 | $19,348 | $19,155 | $22,218 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 16.40% | 10.16% | 6.82% |
| Class C Including sale charges | 15.35% | 10.16% | 6.82% |
Russell Midcap® Value Index | 20.19% | 10.78% | 8.30% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,215,637,209 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $8,619,422 |
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.
| Industrials | 17.6% |
| Financials | 17.5% |
| Utilities | 9.9% |
| Real Estate | 9.2% |
| Materials | 8.7% |
| Health Care | 8.5% |
| Consumer Discretionary | 8.4% |
| Information Technology | 8.1% |
| Energy | 5.6% |
| Other Sectors | 6.5% |
Goldman Sachs Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Value Fund
38142V696-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Value Fund
Institutional Class: GSMCX
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $91 | 0.84% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Midstream energy company Targa Resources was the Fund’s top relative contributor based on its announced construction plans for new processing plants to accommodate increasing volume of customer demand. Its stock price rose further on improved free cash flow visibility, strong margins and increased volume. We sold the position, taking profits.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
An overweight in payment services provider Fidelity National Information Services added value, as the company saw meaningful tailwinds from the spin-off of its payments business. The company also drove growth in its bank technology and capital market operations through strategic partnerships and acquisitions, to which investors reacted favorably.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
An overweight to medical device company Zimmer Biomet Holdings hampered results, as sentiment around a possible slowing of utilization trends going forward outweighed the company’s strong results.
An overweight to beauty products retailer Ulta Beauty detracted, as the company faced pressure from slower normalization in the discretionary beauty category and competitive intensity.
Information Technology – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Value Fund
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.
| Institutional | Russell Midcap® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $961,800 | $974,600 | $1,003,600 |
| 8/16 | $994,501 | $1,100,128 | $1,118,412 |
| 8/17 | $1,095,145 | $1,219,162 | $1,298,029 |
| 8/18 | $1,217,034 | $1,373,630 | $1,560,880 |
| 8/19 | $1,263,038 | $1,330,636 | $1,581,327 |
| 8/20 | $1,262,659 | $1,313,337 | $1,920,364 |
| 8/21 | $1,821,639 | $1,897,772 | $2,554,852 |
| 8/22 | $1,746,587 | $1,749,746 | $2,215,568 |
| 8/23 | $1,840,728 | $1,848,607 | $2,542,585 |
| 8/24 | $2,167,273 | $2,221,841 | $3,207,217 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 17.74% | 11.39% | 8.03% |
Russell Midcap® Value Index | 20.19% | 10.78% | 8.30% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,215,637,209 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $8,619,422 |
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.
| Industrials | 17.6% |
| Financials | 17.5% |
| Utilities | 9.9% |
| Real Estate | 9.2% |
| Materials | 8.7% |
| Health Care | 8.5% |
| Consumer Discretionary | 8.4% |
| Information Technology | 8.1% |
| Energy | 5.6% |
| Other Sectors | 6.5% |
Goldman Sachs Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Value Fund
38141W398-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $145 | 1.34% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Midstream energy company Targa Resources was the Fund’s top relative contributor based on its announced construction plans for new processing plants to accommodate increasing volume of customer demand. Its stock price rose further on improved free cash flow visibility, strong margins and increased volume. We sold the position, taking profits.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
An overweight in payment services provider Fidelity National Information Services added value, as the company saw meaningful tailwinds from the spin-off of its payments business. The company also drove growth in its bank technology and capital market operations through strategic partnerships and acquisitions, to which investors reacted favorably.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
An overweight to medical device company Zimmer Biomet Holdings hampered results, as sentiment around a possible slowing of utilization trends going forward outweighed the company’s strong results.
An overweight to beauty products retailer Ulta Beauty detracted, as the company faced pressure from slower normalization in the discretionary beauty category and competitive intensity.
Information Technology – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Value Fund
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.
| Service | Russell Midcap® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,570 | $9,746 | $10,036 |
| 8/16 | $9,846 | $11,001 | $11,184 |
| 8/17 | $10,787 | $12,192 | $12,980 |
| 8/18 | $11,928 | $13,736 | $15,609 |
| 8/19 | $12,316 | $13,306 | $15,813 |
| 8/20 | $12,252 | $13,133 | $19,204 |
| 8/21 | $17,590 | $18,978 | $25,549 |
| 8/22 | $16,781 | $17,497 | $22,156 |
| 8/23 | $17,596 | $18,486 | $25,426 |
| 8/24 | $20,610 | $22,218 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 17.13% | 10.83% | 7.49% |
Russell Midcap® Value Index | 20.19% | 10.78% | 8.30% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,215,637,209 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $8,619,422 |
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.
| Industrials | 17.6% |
| Financials | 17.5% |
| Utilities | 9.9% |
| Real Estate | 9.2% |
| Materials | 8.7% |
| Health Care | 8.5% |
| Consumer Discretionary | 8.4% |
| Information Technology | 8.1% |
| Energy | 5.6% |
| Other Sectors | 6.5% |
Goldman Sachs Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Value Fund
38141W380-AR-0824 Service Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $102 | 0.94% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Midstream energy company Targa Resources was the Fund’s top relative contributor based on its announced construction plans for new processing plants to accommodate increasing volume of customer demand. Its stock price rose further on improved free cash flow visibility, strong margins and increased volume. We sold the position, taking profits.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
An overweight in payment services provider Fidelity National Information Services added value, as the company saw meaningful tailwinds from the spin-off of its payments business. The company also drove growth in its bank technology and capital market operations through strategic partnerships and acquisitions, to which investors reacted favorably.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
An overweight to medical device company Zimmer Biomet Holdings hampered results, as sentiment around a possible slowing of utilization trends going forward outweighed the company’s strong results.
An overweight to beauty products retailer Ulta Beauty detracted, as the company faced pressure from slower normalization in the discretionary beauty category and competitive intensity.
Information Technology – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Value Fund
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.
| Investor | Russell Midcap® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,604 | $9,746 | $10,036 |
| 8/16 | $9,915 | $11,001 | $11,184 |
| 8/17 | $10,901 | $12,192 | $12,980 |
| 8/18 | $12,098 | $13,736 | $15,609 |
| 8/19 | $12,537 | $13,306 | $15,813 |
| 8/20 | $12,517 | $13,133 | $19,204 |
| 8/21 | $18,038 | $18,978 | $25,549 |
| 8/22 | $17,278 | $17,497 | $22,156 |
| 8/23 | $18,184 | $18,486 | $25,426 |
| 8/24 | $21,386 | $22,218 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 17.61% | 11.26% | 7.89% |
Russell Midcap® Value Index | 20.19% | 10.78% | 8.30% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,215,637,209 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $8,619,422 |
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.
| Industrials | 17.6% |
| Financials | 17.5% |
| Utilities | 9.9% |
| Real Estate | 9.2% |
| Materials | 8.7% |
| Health Care | 8.5% |
| Consumer Discretionary | 8.4% |
| Information Technology | 8.1% |
| Energy | 5.6% |
| Other Sectors | 6.5% |
Goldman Sachs Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Value Fund
38144N361-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $90 | 0.83% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Midstream energy company Targa Resources was the Fund’s top relative contributor based on its announced construction plans for new processing plants to accommodate increasing volume of customer demand. Its stock price rose further on improved free cash flow visibility, strong margins and increased volume. We sold the position, taking profits.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
An overweight in payment services provider Fidelity National Information Services added value, as the company saw meaningful tailwinds from the spin-off of its payments business. The company also drove growth in its bank technology and capital market operations through strategic partnerships and acquisitions, to which investors reacted favorably.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
An overweight to medical device company Zimmer Biomet Holdings hampered results, as sentiment around a possible slowing of utilization trends going forward outweighed the company’s strong results.
An overweight to beauty products retailer Ulta Beauty detracted, as the company faced pressure from slower normalization in the discretionary beauty category and competitive intensity.
Information Technology – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Value Fund
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.
| Class R6 | Russell Midcap® Value Index | Russell 3000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,513 | $9,527 | $9,396 |
| 8/16 | $9,838 | $10,754 | $10,471 |
| 8/17 | $10,835 | $11,918 | $12,153 |
| 8/18 | $12,038 | $13,428 | $14,613 |
| 8/19 | $12,494 | $13,007 | $14,805 |
| 8/20 | $12,488 | $12,838 | $17,979 |
| 8/21 | $18,023 | $18,551 | $23,919 |
| 8/22 | $17,286 | $17,104 | $20,743 |
| 8/23 | $18,216 | $18,071 | $23,804 |
| 8/24 | $21,448 | $21,719 | $30,027 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 17.74% | 11.40% | 8.75% |
Russell Midcap® Value Index | 20.19% | 10.78% | 8.90% |
Russell 3000® Index | 26.14% | 15.17% | 12.85% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,215,637,209 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $8,619,422 |
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.
| Industrials | 17.6% |
| Financials | 17.5% |
| Utilities | 9.9% |
| Real Estate | 9.2% |
| Materials | 8.7% |
| Health Care | 8.5% |
| Consumer Discretionary | 8.4% |
| Information Technology | 8.1% |
| Energy | 5.6% |
| Other Sectors | 6.5% |
Goldman Sachs Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Value Fund
38147X432-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $156 | 1.44% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Midstream energy company Targa Resources was the Fund’s top relative contributor based on its announced construction plans for new processing plants to accommodate increasing volume of customer demand. Its stock price rose further on improved free cash flow visibility, strong margins and increased volume. We sold the position, taking profits.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
An overweight in payment services provider Fidelity National Information Services added value, as the company saw meaningful tailwinds from the spin-off of its payments business. The company also drove growth in its bank technology and capital market operations through strategic partnerships and acquisitions, to which investors reacted favorably.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
An overweight to medical device company Zimmer Biomet Holdings hampered results, as sentiment around a possible slowing of utilization trends going forward outweighed the company’s strong results.
An overweight to beauty products retailer Ulta Beauty detracted, as the company faced pressure from slower normalization in the discretionary beauty category and competitive intensity.
Information Technology – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Value Fund
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.
| Class R | Russell Midcap® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,555 | $9,746 | $10,036 |
| 8/16 | $9,816 | $11,001 | $11,184 |
| 8/17 | $10,739 | $12,192 | $12,980 |
| 8/18 | $11,859 | $13,736 | $15,609 |
| 8/19 | $12,226 | $13,306 | $15,813 |
| 8/20 | $12,147 | $13,133 | $19,204 |
| 8/21 | $17,420 | $18,978 | $25,549 |
| 8/22 | $16,604 | $17,497 | $22,156 |
| 8/23 | $17,388 | $18,486 | $25,426 |
| 8/24 | $20,349 | $22,218 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 17.03% | 10.71% | 7.36% |
Russell Midcap® Value Index | 20.19% | 10.78% | 8.30% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,215,637,209 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $8,619,422 |
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.
| Industrials | 17.6% |
| Financials | 17.5% |
| Utilities | 9.9% |
| Real Estate | 9.2% |
| Materials | 8.7% |
| Health Care | 8.5% |
| Consumer Discretionary | 8.4% |
| Information Technology | 8.1% |
| Energy | 5.6% |
| Other Sectors | 6.5% |
Goldman Sachs Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Value Fund
38144N379-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $90 | 0.83% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Midstream energy company Targa Resources was the Fund’s top relative contributor based on its announced construction plans for new processing plants to accommodate increasing volume of customer demand. Its stock price rose further on improved free cash flow visibility, strong margins and increased volume. We sold the position, taking profits.
An overweight in insurance company Allstate contributed positively, as the company’s stock climbed on the back of favorable earnings results, supported by better than consensus expected net interest income and improvements in its profitability and underwriting results.
An overweight in payment services provider Fidelity National Information Services added value, as the company saw meaningful tailwinds from the spin-off of its payments business. The company also drove growth in its bank technology and capital market operations through strategic partnerships and acquisitions, to which investors reacted favorably.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in insurance company Globe Life, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
An overweight to medical device company Zimmer Biomet Holdings hampered results, as sentiment around a possible slowing of utilization trends going forward outweighed the company’s strong results.
An overweight to beauty products retailer Ulta Beauty detracted, as the company faced pressure from slower normalization in the discretionary beauty category and competitive intensity.
Information Technology – SS & UW
The above represents sectors.
Goldman Sachs Mid Cap Value Fund
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.
| Class P | Russell Midcap® Value Index | Russell 3000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,393 | $10,610 | $10,833 |
| 8/19 | $10,788 | $10,278 | $10,975 |
| 8/20 | $10,786 | $10,144 | $13,328 |
| 8/21 | $15,564 | $14,659 | $17,731 |
| 8/22 | $14,927 | $13,515 | $15,377 |
| 8/23 | $15,730 | $14,279 | $17,646 |
| 8/24 | $18,521 | $17,162 | $22,259 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 17.74% | 11.40% | 10.14% |
Russell Midcap® Value Index | 20.19% | 10.78% | 8.83% |
Russell 3000® Index | 26.14% | 15.17% | 13.36% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,215,637,209 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $8,619,422 |
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.
| Industrials | 17.6% |
| Financials | 17.5% |
| Utilities | 9.9% |
| Real Estate | 9.2% |
| Materials | 8.7% |
| Health Care | 8.5% |
| Consumer Discretionary | 8.4% |
| Information Technology | 8.1% |
| Energy | 5.6% |
| Other Sectors | 6.5% |
Goldman Sachs Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Mid Cap Value Fund
38150B475-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $137 | 1.27% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Engineered products and technologies supplier SPX Technologies was the Fund’s top relative contributor. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in construction company Granite Construction contributed positively, as the company was awarded key infrastructure contracts and stands to benefit from elevated infrastructure funding by the U.S. government.
An overweight in real estate investment trust Acadia Realty Trust added value, as the company benefited from an improving “Signed Not Open” pipeline and robust leasing spreads across its portfolio, indicators of strong landlord pricing power.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in automotive seating supplier Adient as the company’s EBITDA margin target was extended given low visibility, slower run-off of existing unprofitable contacts and a weaker customer program mix in its Europe segment. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
Shares of International Game Technology, a designer of computerized gaming systems, were pressured by the announced merger of its global gaming and play digital division with Everi to create a taxable spin-off company given concerns of elevated execution risk and limited buyout traction from private equity firms. The company also provided guidance that fell short of market expectations driven by headwinds in its North American global lottery business.
Consumer Staples – SS & UW
Consumer Discretionary – SS & OW
The above represents sectors.
Goldman Sachs Small Cap Value Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/15 | $9,769 | $9,232 | $9,505 | $10,036 |
| 8/16 | $10,869 | $10,271 | $10,817 | $11,184 |
| 8/17 | $12,125 | $11,459 | $12,274 | $12,980 |
| 8/18 | $14,326 | $13,538 | $14,735 | $15,609 |
| 8/19 | $12,727 | $12,027 | $12,541 | $15,813 |
| 8/20 | $11,462 | $10,832 | $11,771 | $19,204 |
| 8/21 | $17,167 | $16,223 | $18,773 | $25,549 |
| 8/22 | $15,565 | $14,709 | $16,862 | $22,156 |
| 8/23 | $15,987 | $15,108 | $17,228 | $25,426 |
| 8/24 | $18,529 | $17,510 | $20,544 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 15.90% | 7.79% | 6.35% |
| Class A Including sale charges | 9.53% | 6.58% | 5.76% |
Russell 2000® Value Index | 19.25% | 10.36% | 7.46% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,212,110,049 |
| # of Portfolio Holdings | 184 |
| Portfolio Turnover Rate | 83% |
| Total Net Advisory Fees Paid | $13,654,682 |
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.
| Financials | 29.5% |
| Industrials | 14.1% |
| Consumer Discretionary | 11.1% |
| Real Estate | 9.0% |
| Energy | 7.5% |
| Health Care | 7.3% |
| Information Technology | 6.9% |
| Materials | 6.6% |
| Utilities | 4.1% |
| Other Sectors | 4.0% |
Goldman Sachs Small Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Fund
38141W612-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $217 | 2.02% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Engineered products and technologies supplier SPX Technologies was the Fund’s top relative contributor. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in construction company Granite Construction contributed positively, as the company was awarded key infrastructure contracts and stands to benefit from elevated infrastructure funding by the U.S. government.
An overweight in real estate investment trust Acadia Realty Trust added value, as the company benefited from an improving “Signed Not Open” pipeline and robust leasing spreads across its portfolio, indicators of strong landlord pricing power.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in automotive seating supplier Adient as the company’s EBITDA margin target was extended given low visibility, slower run-off of existing unprofitable contacts and a weaker customer program mix in its Europe segment. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
Shares of International Game Technology, a designer of computerized gaming systems, were pressured by the announced merger of its global gaming and play digital division with Everi to create a taxable spin-off company given concerns of elevated execution risk and limited buyout traction from private equity firms. The company also provided guidance that fell short of market expectations driven by headwinds in its North American global lottery business.
Consumer Staples – SS & UW
Consumer Discretionary – SS & OW
The above represents sectors.
Goldman Sachs Small Cap Value Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/15 | $9,696 | $9,599 | $9,505 | $10,036 |
| 8/16 | $10,707 | $10,600 | $10,817 | $11,184 |
| 8/17 | $11,855 | $11,737 | $12,274 | $12,980 |
| 8/18 | $13,901 | $13,762 | $14,735 | $15,609 |
| 8/19 | $12,257 | $12,134 | $12,541 | $15,813 |
| 8/20 | $10,954 | $10,844 | $11,771 | $19,204 |
| 8/21 | $16,287 | $16,124 | $18,773 | $25,549 |
| 8/22 | $14,659 | $14,512 | $16,862 | $22,156 |
| 8/23 | $14,946 | $14,796 | $17,228 | $25,426 |
| 8/24 | $17,189 | $17,017 | $20,544 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 15.01% | 6.99% | 5.56% |
| Class C Including sale charges | 13.93% | 6.99% | 5.56% |
Russell 2000® Value Index | 19.25% | 10.36% | 7.46% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,212,110,049 |
| # of Portfolio Holdings | 184 |
| Portfolio Turnover Rate | 83% |
| Total Net Advisory Fees Paid | $13,654,682 |
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.
| Financials | 29.5% |
| Industrials | 14.1% |
| Consumer Discretionary | 11.1% |
| Real Estate | 9.0% |
| Energy | 7.5% |
| Health Care | 7.3% |
| Information Technology | 6.9% |
| Materials | 6.6% |
| Utilities | 4.1% |
| Other Sectors | 4.0% |
Goldman Sachs Small Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Fund
38142B336-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Value Fund
Institutional Class: GSSIX
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $110 | 1.02% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Engineered products and technologies supplier SPX Technologies was the Fund’s top relative contributor. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in construction company Granite Construction contributed positively, as the company was awarded key infrastructure contracts and stands to benefit from elevated infrastructure funding by the U.S. government.
An overweight in real estate investment trust Acadia Realty Trust added value, as the company benefited from an improving “Signed Not Open” pipeline and robust leasing spreads across its portfolio, indicators of strong landlord pricing power.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in automotive seating supplier Adient as the company’s EBITDA margin target was extended given low visibility, slower run-off of existing unprofitable contacts and a weaker customer program mix in its Europe segment. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
Shares of International Game Technology, a designer of computerized gaming systems, were pressured by the announced merger of its global gaming and play digital division with Everi to create a taxable spin-off company given concerns of elevated execution risk and limited buyout traction from private equity firms. The company also provided guidance that fell short of market expectations driven by headwinds in its North American global lottery business.
Consumer Staples – SS & UW
Consumer Discretionary – SS & OW
The above represents sectors.
Goldman Sachs Small Cap Value Fund
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.
| Institutional | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $980,800 | $950,500 | $1,003,600 |
| 8/16 | $1,095,456 | $1,081,669 | $1,118,412 |
| 8/17 | $1,226,910 | $1,227,370 | $1,298,029 |
| 8/18 | $1,455,361 | $1,473,457 | $1,560,880 |
| 8/19 | $1,298,036 | $1,254,060 | $1,581,327 |
| 8/20 | $1,173,035 | $1,177,060 | $1,920,364 |
| 8/21 | $1,762,955 | $1,877,294 | $2,554,852 |
| 8/22 | $1,603,936 | $1,686,185 | $2,215,568 |
| 8/23 | $1,651,413 | $1,722,775 | $2,542,585 |
| 8/24 | $1,919,272 | $2,054,410 | $3,207,217 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 16.22% | 8.13% | 6.73% |
Russell 2000® Value Index | 19.25% | 10.36% | 7.46% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,212,110,049 |
| # of Portfolio Holdings | 184 |
| Portfolio Turnover Rate | 83% |
| Total Net Advisory Fees Paid | $13,654,682 |
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.
| Financials | 29.5% |
| Industrials | 14.1% |
| Consumer Discretionary | 11.1% |
| Real Estate | 9.0% |
| Energy | 7.5% |
| Health Care | 7.3% |
| Information Technology | 6.9% |
| Materials | 6.6% |
| Utilities | 4.1% |
| Other Sectors | 4.0% |
Goldman Sachs Small Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Fund
38142V209-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $164 | 1.52% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Engineered products and technologies supplier SPX Technologies was the Fund’s top relative contributor. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in construction company Granite Construction contributed positively, as the company was awarded key infrastructure contracts and stands to benefit from elevated infrastructure funding by the U.S. government.
An overweight in real estate investment trust Acadia Realty Trust added value, as the company benefited from an improving “Signed Not Open” pipeline and robust leasing spreads across its portfolio, indicators of strong landlord pricing power.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in automotive seating supplier Adient as the company’s EBITDA margin target was extended given low visibility, slower run-off of existing unprofitable contacts and a weaker customer program mix in its Europe segment. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
Shares of International Game Technology, a designer of computerized gaming systems, were pressured by the announced merger of its global gaming and play digital division with Everi to create a taxable spin-off company given concerns of elevated execution risk and limited buyout traction from private equity firms. The company also provided guidance that fell short of market expectations driven by headwinds in its North American global lottery business.
Consumer Staples – SS & UW
Consumer Discretionary – SS & OW
The above represents sectors.
Goldman Sachs Small Cap Value Fund
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.
| Service | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,759 | $9,505 | $10,036 |
| 8/16 | $10,846 | $10,817 | $11,184 |
| 8/17 | $12,087 | $12,274 | $12,980 |
| 8/18 | $14,265 | $14,735 | $15,609 |
| 8/19 | $12,659 | $12,541 | $15,813 |
| 8/20 | $11,384 | $11,771 | $19,204 |
| 8/21 | $17,023 | $18,773 | $25,549 |
| 8/22 | $15,409 | $16,862 | $22,156 |
| 8/23 | $15,788 | $17,228 | $25,426 |
| 8/24 | $18,256 | $20,544 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 15.63% | 7.59% | 6.20% |
Russell 2000® Value Index | 19.25% | 10.36% | 7.46% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,212,110,049 |
| # of Portfolio Holdings | 184 |
| Portfolio Turnover Rate | 83% |
| Total Net Advisory Fees Paid | $13,654,682 |
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.
| Financials | 29.5% |
| Industrials | 14.1% |
| Consumer Discretionary | 11.1% |
| Real Estate | 9.0% |
| Energy | 7.5% |
| Health Care | 7.3% |
| Information Technology | 6.9% |
| Materials | 6.6% |
| Utilities | 4.1% |
| Other Sectors | 4.0% |
Goldman Sachs Small Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Fund
38142V308-AR-0824 Service Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $110 | 1.02% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Engineered products and technologies supplier SPX Technologies was the Fund’s top relative contributor. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in construction company Granite Construction contributed positively, as the company was awarded key infrastructure contracts and stands to benefit from elevated infrastructure funding by the U.S. government.
An overweight in real estate investment trust Acadia Realty Trust added value, as the company benefited from an improving “Signed Not Open” pipeline and robust leasing spreads across its portfolio, indicators of strong landlord pricing power.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in automotive seating supplier Adient as the company’s EBITDA margin target was extended given low visibility, slower run-off of existing unprofitable contacts and a weaker customer program mix in its Europe segment. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
Shares of International Game Technology, a designer of computerized gaming systems, were pressured by the announced merger of its global gaming and play digital division with Everi to create a taxable spin-off company given concerns of elevated execution risk and limited buyout traction from private equity firms. The company also provided guidance that fell short of market expectations driven by headwinds in its North American global lottery business.
Consumer Staples – SS & UW
Consumer Discretionary – SS & OW
The above represents sectors.
Goldman Sachs Small Cap Value Fund
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.
| Investor | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,793 | $9,505 | $10,036 |
| 8/16 | $10,922 | $10,817 | $11,184 |
| 8/17 | $12,215 | $12,274 | $12,980 |
| 8/18 | $14,468 | $14,735 | $15,609 |
| 8/19 | $12,885 | $12,541 | $15,813 |
| 8/20 | $11,631 | $11,771 | $19,204 |
| 8/21 | $17,463 | $18,773 | $25,549 |
| 8/22 | $15,879 | $16,862 | $22,156 |
| 8/23 | $16,346 | $17,228 | $25,426 |
| 8/24 | $18,994 | $20,544 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 16.20% | 8.06% | 6.62% |
Russell 2000® Value Index | 19.25% | 10.36% | 7.46% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,212,110,049 |
| # of Portfolio Holdings | 184 |
| Portfolio Turnover Rate | 83% |
| Total Net Advisory Fees Paid | $13,654,682 |
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.
| Financials | 29.5% |
| Industrials | 14.1% |
| Consumer Discretionary | 11.1% |
| Real Estate | 9.0% |
| Energy | 7.5% |
| Health Care | 7.3% |
| Information Technology | 6.9% |
| Materials | 6.6% |
| Utilities | 4.1% |
| Other Sectors | 4.0% |
Goldman Sachs Small Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Fund
38144N296-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $109 | 1.01% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Engineered products and technologies supplier SPX Technologies was the Fund’s top relative contributor. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in construction company Granite Construction contributed positively, as the company was awarded key infrastructure contracts and stands to benefit from elevated infrastructure funding by the U.S. government.
An overweight in real estate investment trust Acadia Realty Trust added value, as the company benefited from an improving “Signed Not Open” pipeline and robust leasing spreads across its portfolio, indicators of strong landlord pricing power.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in automotive seating supplier Adient as the company’s EBITDA margin target was extended given low visibility, slower run-off of existing unprofitable contacts and a weaker customer program mix in its Europe segment. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
Shares of International Game Technology, a designer of computerized gaming systems, were pressured by the announced merger of its global gaming and play digital division with Everi to create a taxable spin-off company given concerns of elevated execution risk and limited buyout traction from private equity firms. The company also provided guidance that fell short of market expectations driven by headwinds in its North American global lottery business.
Consumer Staples – SS & UW
Consumer Discretionary – SS & OW
The above represents sectors.
Goldman Sachs Small Cap Value Fund
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.
| Class R6 | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,457 | $9,509 | $9,396 |
| 8/16 | $10,564 | $10,821 | $10,471 |
| 8/17 | $11,835 | $12,279 | $12,153 |
| 8/18 | $14,040 | $14,741 | $14,613 |
| 8/19 | $12,522 | $12,546 | $14,805 |
| 8/20 | $11,320 | $11,776 | $17,979 |
| 8/21 | $17,016 | $18,781 | $23,919 |
| 8/22 | $15,481 | $16,869 | $20,743 |
| 8/23 | $15,944 | $17,235 | $23,804 |
| 8/24 | $18,528 | $20,553 | $30,027 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 16.21% | 8.14% | 7.01% |
Russell 2000® Value Index | 19.25% | 10.36% | 8.24% |
Russell 3000® Index | 26.14% | 15.17% | 12.85% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,212,110,049 |
| # of Portfolio Holdings | 184 |
| Portfolio Turnover Rate | 83% |
| Total Net Advisory Fees Paid | $13,654,682 |
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.
| Financials | 29.5% |
| Industrials | 14.1% |
| Consumer Discretionary | 11.1% |
| Real Estate | 9.0% |
| Energy | 7.5% |
| Health Care | 7.3% |
| Information Technology | 6.9% |
| Materials | 6.6% |
| Utilities | 4.1% |
| Other Sectors | 4.0% |
Goldman Sachs Small Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Fund
38147X424-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $164 | 1.52% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Engineered products and technologies supplier SPX Technologies was the Fund’s top relative contributor. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in construction company Granite Construction contributed positively, as the company was awarded key infrastructure contracts and stands to benefit from elevated infrastructure funding by the U.S. government.
An overweight in real estate investment trust Acadia Realty Trust added value, as the company benefited from an improving “Signed Not Open” pipeline and robust leasing spreads across its portfolio, indicators of strong landlord pricing power.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in automotive seating supplier Adient as the company’s EBITDA margin target was extended given low visibility, slower run-off of existing unprofitable contacts and a weaker customer program mix in its Europe segment. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
Shares of International Game Technology, a designer of computerized gaming systems, were pressured by the announced merger of its global gaming and play digital division with Everi to create a taxable spin-off company given concerns of elevated execution risk and limited buyout traction from private equity firms. The company also provided guidance that fell short of market expectations driven by headwinds in its North American global lottery business.
Consumer Staples – SS & UW
Consumer Discretionary – SS & OW
The above represents sectors.
Goldman Sachs Small Cap Value Fund
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.
| Class R | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,744 | $9,505 | $10,036 |
| 8/16 | $10,815 | $10,817 | $11,184 |
| 8/17 | $12,035 | $12,274 | $12,980 |
| 8/18 | $14,183 | $14,735 | $15,609 |
| 8/19 | $12,570 | $12,541 | $15,813 |
| 8/20 | $11,291 | $11,771 | $19,204 |
| 8/21 | $16,867 | $18,773 | $25,549 |
| 8/22 | $15,260 | $16,862 | $22,156 |
| 8/23 | $15,632 | $17,228 | $25,426 |
| 8/24 | $18,074 | $20,544 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 15.62% | 7.52% | 6.09% |
Russell 2000® Value Index | 19.25% | 10.36% | 7.46% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,212,110,049 |
| # of Portfolio Holdings | 184 |
| Portfolio Turnover Rate | 83% |
| Total Net Advisory Fees Paid | $13,654,682 |
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.
| Financials | 29.5% |
| Industrials | 14.1% |
| Consumer Discretionary | 11.1% |
| Real Estate | 9.0% |
| Energy | 7.5% |
| Health Care | 7.3% |
| Information Technology | 6.9% |
| Materials | 6.6% |
| Utilities | 4.1% |
| Other Sectors | 4.0% |
Goldman Sachs Small Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Fund
38144N312-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $109 | 1.01% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Engineered products and technologies supplier SPX Technologies was the Fund’s top relative contributor. The company benefited from margin accretive acquisitions and strength across its cooling segment.
An overweight in construction company Granite Construction contributed positively, as the company was awarded key infrastructure contracts and stands to benefit from elevated infrastructure funding by the U.S. government.
An overweight in real estate investment trust Acadia Realty Trust added value, as the company benefited from an improving “Signed Not Open” pipeline and robust leasing spreads across its portfolio, indicators of strong landlord pricing power.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative results. Sector allocation as a whole also detracted, albeit modestly.
The Fund’s top detractor was an overweight in automotive seating supplier Adient as the company’s EBITDA margin target was extended given low visibility, slower run-off of existing unprofitable contacts and a weaker customer program mix in its Europe segment. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
Shares of International Game Technology, a designer of computerized gaming systems, were pressured by the announced merger of its global gaming and play digital division with Everi to create a taxable spin-off company given concerns of elevated execution risk and limited buyout traction from private equity firms. The company also provided guidance that fell short of market expectations driven by headwinds in its North American global lottery business.
Consumer Staples – SS & UW
Consumer Discretionary – SS & OW
The above represents sectors.
Goldman Sachs Small Cap Value Fund
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.
| Class P | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,671 | $11,092 | $10,833 |
| 8/19 | $9,519 | $9,440 | $10,975 |
| 8/20 | $8,607 | $8,861 | $13,328 |
| 8/21 | $12,934 | $14,132 | $17,731 |
| 8/22 | $11,769 | $12,693 | $15,377 |
| 8/23 | $12,118 | $12,969 | $17,646 |
| 8/24 | $14,083 | $15,465 | $22,259 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 16.21% | 8.14% | 5.51% |
Russell 2000® Value Index | 19.25% | 10.36% | 7.07% |
Russell 3000® Index | 26.14% | 15.17% | 13.36% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $1,212,110,049 |
| # of Portfolio Holdings | 184 |
| Portfolio Turnover Rate | 83% |
| Total Net Advisory Fees Paid | $13,654,682 |
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.
| Financials | 29.5% |
| Industrials | 14.1% |
| Consumer Discretionary | 11.1% |
| Real Estate | 9.0% |
| Energy | 7.5% |
| Health Care | 7.3% |
| Information Technology | 6.9% |
| Materials | 6.6% |
| Utilities | 4.1% |
| Other Sectors | 4.0% |
Goldman Sachs Small Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Fund
38150B343-AR-0824 Class P
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $128 | 1.18% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection and sector allocation decisions overall added value to the Fund’s relative results, albeit modestly.
Health care services company Tenet Healthcare was the Fund’s top relative contributor. It benefited from strong procedure growth and pricing in its ambulatory surgery platform and from finalizing multiple ambulatory surgery company acquisitions widely expected to be accretive to its annualized EBITDA.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
Core & Main is a distributor of water, wastewater, storm drainage and fire protection products. Its shares rose amid its bolt-on acquisitions during the reporting period and improving end-market trends, capitalizing on its geographic expansion initiatives. We sold the position, taking profits.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in utilities company Vistra, as the company raised synergy expectations for its recent acquisition of Energy Harbor and approved an additional $1.5 billion in share repurchases during the reporting period. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Value Fund
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.
| Class A Excluding sale charges | Class A Including sale charges | Russell 2500® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 8/15 | $9,666 | $9,134 | $9,523 | $10,036 |
| 8/16 | $10,392 | $9,820 | $10,741 | $11,184 |
| 8/17 | $11,566 | $10,930 | $11,935 | $12,980 |
| 8/18 | $13,240 | $12,512 | $14,016 | $15,609 |
| 8/19 | $12,522 | $11,834 | $12,618 | $15,813 |
| 8/20 | $12,075 | $11,411 | $11,992 | $19,204 |
| 8/21 | $18,188 | $17,187 | $18,290 | $25,549 |
| 8/22 | $16,567 | $15,656 | $16,764 | $22,156 |
| 8/23 | $17,235 | $16,287 | $17,727 | $25,426 |
| 8/24 | $20,215 | $19,103 | $20,942 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 17.29% | 10.04% | 7.29% |
| Class A Including sale charges | 10.81% | 8.80% | 6.68% |
Russell 2500® Value Index | 18.14% | 10.65% | 7.66% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $155,177,018 |
| # of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid | $1,201,563 |
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.
| Financials | 22.0% |
| Industrials | 19.6% |
| Consumer Discretionary | 11.3% |
| Information Technology | 9.6% |
| Real Estate | 9.3% |
| Health Care | 8.7% |
| Materials | 8.2% |
| Energy | 5.2% |
| Utilities | 3.0% |
| Other Sectors | 2.8% |
Goldman Sachs Small/Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Value Fund
38147X101-AR-0824 Class A
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $209 | 1.93% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection and sector allocation decisions overall added value to the Fund’s relative results, albeit modestly.
Health care services company Tenet Healthcare was the Fund’s top relative contributor. It benefited from strong procedure growth and pricing in its ambulatory surgery platform and from finalizing multiple ambulatory surgery company acquisitions widely expected to be accretive to its annualized EBITDA.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
Core & Main is a distributor of water, wastewater, storm drainage and fire protection products. Its shares rose amid its bolt-on acquisitions during the reporting period and improving end-market trends, capitalizing on its geographic expansion initiatives. We sold the position, taking profits.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in utilities company Vistra, as the company raised synergy expectations for its recent acquisition of Energy Harbor and approved an additional $1.5 billion in share repurchases during the reporting period. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Value Fund
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.
| Class C Excluding sale charges | Class C Including sale charges | Russell 2500® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 8/15 | $9,598 | $9,502 | $9,523 | $10,036 |
| 8/16 | $10,244 | $10,142 | $10,741 | $11,184 |
| 8/17 | $11,318 | $11,204 | $11,935 | $12,980 |
| 8/18 | $12,860 | $12,731 | $14,016 | $15,609 |
| 8/19 | $12,079 | $11,959 | $12,618 | $15,813 |
| 8/20 | $11,552 | $11,436 | $11,992 | $19,204 |
| 8/21 | $17,265 | $17,092 | $18,290 | $25,549 |
| 8/22 | $15,614 | $15,458 | $16,764 | $22,156 |
| 8/23 | $16,122 | $15,961 | $17,727 | $25,426 |
| 8/24 | $18,776 | $18,588 | $20,942 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 16.46% | 9.21% | 6.50% |
| Class C Including sale charges | 15.46% | 9.21% | 6.50% |
Russell 2500® Value Index | 18.14% | 10.65% | 7.66% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $155,177,018 |
| # of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid | $1,201,563 |
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.
| Financials | 22.0% |
| Industrials | 19.6% |
| Consumer Discretionary | 11.3% |
| Information Technology | 9.6% |
| Real Estate | 9.3% |
| Health Care | 8.7% |
| Materials | 8.2% |
| Energy | 5.2% |
| Utilities | 3.0% |
| Other Sectors | 2.8% |
Goldman Sachs Small/Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Value Fund
38147X200-AR-0824 Class C
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Value Fund
Institutional Class: GSMVX
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $91 | 0.84% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection and sector allocation decisions overall added value to the Fund’s relative results, albeit modestly.
Health care services company Tenet Healthcare was the Fund’s top relative contributor. It benefited from strong procedure growth and pricing in its ambulatory surgery platform and from finalizing multiple ambulatory surgery company acquisitions widely expected to be accretive to its annualized EBITDA.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
Core & Main is a distributor of water, wastewater, storm drainage and fire protection products. Its shares rose amid its bolt-on acquisitions during the reporting period and improving end-market trends, capitalizing on its geographic expansion initiatives. We sold the position, taking profits.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in utilities company Vistra, as the company raised synergy expectations for its recent acquisition of Energy Harbor and approved an additional $1.5 billion in share repurchases during the reporting period. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Value Fund
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.
| Institutional | Russell 2500® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 8/15 | $972,100 | $952,300 | $1,003,600 |
| 8/16 | $1,049,674 | $1,074,099 | $1,118,412 |
| 8/17 | $1,172,590 | $1,193,539 | $1,298,029 |
| 8/18 | $1,347,658 | $1,401,573 | $1,560,880 |
| 8/19 | $1,280,275 | $1,261,836 | $1,581,327 |
| 8/20 | $1,238,410 | $1,199,249 | $1,920,364 |
| 8/21 | $1,871,981 | $1,828,975 | $2,554,852 |
| 8/22 | $1,711,739 | $1,676,438 | $2,215,568 |
| 8/23 | $1,785,858 | $1,772,666 | $2,542,585 |
| 8/24 | $2,102,312 | $2,094,227 | $3,207,217 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 17.72% | 10.42% | 7.71% |
Russell 2500® Value Index | 18.14% | 10.65% | 7.66% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $155,177,018 |
| # of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid | $1,201,563 |
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.
| Financials | 22.0% |
| Industrials | 19.6% |
| Consumer Discretionary | 11.3% |
| Information Technology | 9.6% |
| Real Estate | 9.3% |
| Health Care | 8.7% |
| Materials | 8.2% |
| Energy | 5.2% |
| Utilities | 3.0% |
| Other Sectors | 2.8% |
Goldman Sachs Small/Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Value Fund
38147X309-AR-0824 Institutional Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $101 | 0.93% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection and sector allocation decisions overall added value to the Fund’s relative results, albeit modestly.
Health care services company Tenet Healthcare was the Fund’s top relative contributor. It benefited from strong procedure growth and pricing in its ambulatory surgery platform and from finalizing multiple ambulatory surgery company acquisitions widely expected to be accretive to its annualized EBITDA.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
Core & Main is a distributor of water, wastewater, storm drainage and fire protection products. Its shares rose amid its bolt-on acquisitions during the reporting period and improving end-market trends, capitalizing on its geographic expansion initiatives. We sold the position, taking profits.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in utilities company Vistra, as the company raised synergy expectations for its recent acquisition of Energy Harbor and approved an additional $1.5 billion in share repurchases during the reporting period. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Value Fund
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.
| Investor | Russell 2500® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,689 | $9,523 | $10,036 |
| 8/16 | $10,449 | $10,741 | $11,184 |
| 8/17 | $11,652 | $11,935 | $12,980 |
| 8/18 | $13,379 | $14,016 | $15,609 |
| 8/19 | $12,685 | $12,618 | $15,813 |
| 8/20 | $12,262 | $11,992 | $19,204 |
| 8/21 | $18,514 | $18,290 | $25,549 |
| 8/22 | $16,907 | $16,764 | $22,156 |
| 8/23 | $17,630 | $17,727 | $25,426 |
| 8/24 | $20,740 | $20,942 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 17.64% | 10.32% | 7.56% |
Russell 2500® Value Index | 18.14% | 10.65% | 7.66% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $155,177,018 |
| # of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid | $1,201,563 |
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.
| Financials | 22.0% |
| Industrials | 19.6% |
| Consumer Discretionary | 11.3% |
| Information Technology | 9.6% |
| Real Estate | 9.3% |
| Health Care | 8.7% |
| Materials | 8.2% |
| Energy | 5.2% |
| Utilities | 3.0% |
| Other Sectors | 2.8% |
Goldman Sachs Small/Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Value Fund
38147X408-AR-0824 Investor Class
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $90 | 0.83% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection and sector allocation decisions overall added value to the Fund’s relative results, albeit modestly.
Health care services company Tenet Healthcare was the Fund’s top relative contributor. It benefited from strong procedure growth and pricing in its ambulatory surgery platform and from finalizing multiple ambulatory surgery company acquisitions widely expected to be accretive to its annualized EBITDA.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
Core & Main is a distributor of water, wastewater, storm drainage and fire protection products. Its shares rose amid its bolt-on acquisitions during the reporting period and improving end-market trends, capitalizing on its geographic expansion initiatives. We sold the position, taking profits.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in utilities company Vistra, as the company raised synergy expectations for its recent acquisition of Energy Harbor and approved an additional $1.5 billion in share repurchases during the reporting period. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Value Fund
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.
| Class R6 | Russell 2500® Value Index | Russell 3000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,452 | $9,514 | $9,396 |
| 8/16 | $10,208 | $10,731 | $10,471 |
| 8/17 | $11,413 | $11,924 | $12,153 |
| 8/18 | $13,118 | $14,002 | $14,613 |
| 8/19 | $12,454 | $12,606 | $14,805 |
| 8/20 | $12,058 | $11,981 | $17,979 |
| 8/21 | $18,222 | $18,272 | $23,919 |
| 8/22 | $16,662 | $16,749 | $20,743 |
| 8/23 | $17,397 | $17,710 | $23,804 |
| 8/24 | $20,475 | $20,922 | $30,027 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 17.69% | 10.44% | 8.20% |
Russell 2500® Value Index | 18.14% | 10.65% | 8.45% |
Russell 3000® Index | 26.14% | 15.17% | 12.85% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $155,177,018 |
| # of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid | $1,201,563 |
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.
| Financials | 22.0% |
| Industrials | 19.6% |
| Consumer Discretionary | 11.3% |
| Information Technology | 9.6% |
| Real Estate | 9.3% |
| Health Care | 8.7% |
| Materials | 8.2% |
| Energy | 5.2% |
| Utilities | 3.0% |
| Other Sectors | 2.8% |
Goldman Sachs Small/Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Value Fund
38147X416-AR-0824 Class R6
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $155 | 1.43% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection and sector allocation decisions overall added value to the Fund’s relative results, albeit modestly.
Health care services company Tenet Healthcare was the Fund’s top relative contributor. It benefited from strong procedure growth and pricing in its ambulatory surgery platform and from finalizing multiple ambulatory surgery company acquisitions widely expected to be accretive to its annualized EBITDA.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
Core & Main is a distributor of water, wastewater, storm drainage and fire protection products. Its shares rose amid its bolt-on acquisitions during the reporting period and improving end-market trends, capitalizing on its geographic expansion initiatives. We sold the position, taking profits.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in utilities company Vistra, as the company raised synergy expectations for its recent acquisition of Energy Harbor and approved an additional $1.5 billion in share repurchases during the reporting period. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Value Fund
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.
| Class R | Russell 2500® Value Index | Russell 3000® Index |
|---|
| 9/1/14 | $10,000 | $10,000 | $10,000 |
| 8/15 | $9,645 | $9,523 | $10,036 |
| 8/16 | $10,345 | $10,741 | $11,184 |
| 8/17 | $11,489 | $11,935 | $12,980 |
| 8/18 | $13,121 | $14,016 | $15,609 |
| 8/19 | $12,380 | $12,618 | $15,813 |
| 8/20 | $11,902 | $11,992 | $19,204 |
| 8/21 | $17,873 | $18,290 | $25,549 |
| 8/22 | $16,252 | $16,764 | $22,156 |
| 8/23 | $16,861 | $17,727 | $25,426 |
| 8/24 | $19,723 | $20,942 | $32,072 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 16.97% | 9.75% | 7.02% |
Russell 2500® Value Index | 18.14% | 10.65% | 7.66% |
Russell 3000® Index | 26.14% | 15.17% | 12.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $155,177,018 |
| # of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid | $1,201,563 |
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.
| Financials | 22.0% |
| Industrials | 19.6% |
| Consumer Discretionary | 11.3% |
| Information Technology | 9.6% |
| Real Estate | 9.3% |
| Health Care | 8.7% |
| Materials | 8.2% |
| Energy | 5.2% |
| Utilities | 3.0% |
| Other Sectors | 2.8% |
Goldman Sachs Small/Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Value Fund
38147X507-AR-0824 Class R
Annual Shareholder Report
August 31, 2024
Goldman Sachs Small/Mid Cap Value Fund
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Value Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. 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.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $90 | 0.83% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility but performed strongly amid soft landing optimism supported by a gradual cooldown in economic activity even as the labor market remained resilient. Further buoying investor sentiment were disinflation traction themes, an improvement in market breadth, excitement around artificial intelligence capabilities across sectors and a shift in tone from the Federal Reserve that signaled a potential easing of monetary policy.
Top Contributors to Performance:
Stock selection and sector allocation decisions overall added value to the Fund’s relative results, albeit modestly.
Health care services company Tenet Healthcare was the Fund’s top relative contributor. It benefited from strong procedure growth and pricing in its ambulatory surgery platform and from finalizing multiple ambulatory surgery company acquisitions widely expected to be accretive to its annualized EBITDA.
An overweight in engineered products and technologies supplier SPX Technologies proved beneficial. The company benefited from margin accretive acquisitions and strength across its cooling segment.
Core & Main is a distributor of water, wastewater, storm drainage and fire protection products. Its shares rose amid its bolt-on acquisitions during the reporting period and improving end-market trends, capitalizing on its geographic expansion initiatives. We sold the position, taking profits.
Top Detractors from Performance:
The Fund’s top detractor was an underweight position in utilities company Vistra, as the company raised synergy expectations for its recent acquisition of Energy Harbor and approved an additional $1.5 billion in share repurchases during the reporting period. We sold the position.
An overweight to diagnostics company QuidelOrtho detracted after the company experienced a notable slowdown in respiratory volumes across its COVID and flu markets. Its management revised its fiscal year 2024 EBITDA and earnings per share guidance below market estimates.
An overweight in insurance company Globe Life hurt, as an investigation by the U.S. Dept. of Justice into one of its largest subsidiaries, American Income Life, as well as a research report alleging systematic and widespread fraud at American Income Life, pressured its share price lower.
Consumer Discretionary – SS
The above represents sectors.
Goldman Sachs Small/Mid Cap Value Fund
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.
| Class P | Russell 2500® Value Index | Russell 3000® Index |
|---|
| 4/17/18 | $10,000 | $10,000 | $10,000 |
| 8/18 | $10,370 | $10,788 | $10,833 |
| 8/19 | $9,846 | $9,712 | $10,975 |
| 8/20 | $9,533 | $9,231 | $13,328 |
| 8/21 | $14,399 | $14,078 | $17,731 |
| 8/22 | $13,174 | $12,904 | $15,377 |
| 8/23 | $13,745 | $13,644 | $17,646 |
| 8/24 | $16,187 | $16,119 | $22,259 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 17, 2018) | 17.76% | 10.44% | 7.84% |
Russell 2500® Value Index | 18.14% | 10.65% | 7.77% |
Russell 3000® Index | 26.14% | 15.17% | 13.36% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return, principal value and market price will fluctuate so that an investor’s shares, when sold or 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 web site at:am.gs.comto 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. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small/Mid Cap Value Fund
Key Fund Statistics (as of August 31, 2024)
| Total Net Assets | $155,177,018 |
| # of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid | $1,201,563 |
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.
| Financials | 22.0% |
| Industrials | 19.6% |
| Consumer Discretionary | 11.3% |
| Information Technology | 9.6% |
| Real Estate | 9.3% |
| Health Care | 8.7% |
| Materials | 8.2% |
| Energy | 5.2% |
| Utilities | 3.0% |
| Other Sectors | 2.8% |
Goldman Sachs Small/Mid Cap Value Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small/Mid Cap Value Fund
38150B319-AR-0824 Class P
| | (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”). |
| | (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. |
| | (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. Kathryn A. Cassidy and Michael Latham are each an “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.
| | | | | | | | | | | | |
| | | 2024 | | 2023 | | Description of Services Rendered |
| | | |
| | | | | | | | | | | | |
| | | |
Audit Fees: | | | | | | | | | | | | |
| | | |
• PricewaterhouseCoopers LLP
(“PwC”) | | | $ | 4,088,928 | | | | $ | 3,823,618 | | | Financial Statement audits. |
| | | |
Audit-Related Fees: | | | | | | | | | | | | |
| | | |
• PwC | | | $ | 466,200 | | | | $ | 516,600 | | | Other attest services. |
| | | |
Tax 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.
| | | | | | | | | | | | |
| | | 2024 | | 2023 | | Description of Services Rendered |
| | | |
| | | | | | | | | | | | |
| | | |
Audit-Related Fees: | | | | | | | | | | | | |
| | | |
• PwC | | | $ | 2,122,312 | | | | $ | 2,075,449 | | | 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, 2024 and August 31, 2023 were approximately $466,200 and $516,600, 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, 2023 and December 31, 2022 were approximately $18.0 million and $17.1 million, respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2023 and 2022 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.
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 Funds Annual Financial Statements August 31, 2024 Goldman Sachs Fundamental Equity Growth Funds Goldman Sachs Enhanced Core Equity Fund* Goldman Sachs Large Cap Core Fund Goldman Sachs Mid Cap Growth Fund Goldman Sachs Small Cap Growth Fund Goldman Sachs Small/Mid Cap Growth Fund Goldman Sachs Strategic Growth Fund Goldman Sachs Technology Opportunities Fund Goldman Sachs U.S. Equity ESG Fund * Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.
Goldman Sachs Fundamental Equity Growth Funds
GOLDMAN SACHS ENHANCED CORE EQUITY FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – 99.1% | |
| | Aerospace & Defense – 0.3% | |
| | 1,693 | | Northrop Grumman Corp. | | $ | 885,795 | |
| | | |
| | Air Freight & Logistics – 0.6% | |
| | 16,049 | | United Parcel Service, Inc., Class B | | | 2,063,099 | |
| | | |
| | Automobiles – 1.3% | |
| | 48,378 | | General Motors Co. | | | 2,408,257 | |
| | 10,307 | | Tesla, Inc.* | | | 2,206,832 | |
| | | | | | | | |
| | | | | | | 4,615,089 | |
| | | |
| | Banks – 4.4% | |
| | 102,157 | | Bank of America Corp. | | | 4,162,898 | |
| | 39,511 | | Citigroup, Inc. | | | 2,474,969 | |
| | 22,472 | | East West Bancorp, Inc. | | | 1,889,221 | |
| | 20,928 | | JPMorgan Chase & Co. | | | 4,704,614 | |
| | 11,957 | | M&T Bank Corp. | | | 2,057,919 | |
| | | | | | | | |
| | | | | | | 15,289,621 | |
| | | |
| | Beverages – 0.7% | |
| | 8,827 | | Coca-Cola Co. (The) | | | 639,693 | |
| | 20,562 | | Coca-Cola Europacific Partners PLC (United Kingdom) | | | 1,655,035 | |
| | | | | | | | |
| | | | | | | 2,294,728 | |
| | | |
| | Biotechnology – 3.1% | |
| | 22,789 | | AbbVie, Inc. | | | 4,473,709 | |
| | 10,017 | | Amgen, Inc. | | | 3,343,975 | |
| | 7,998 | | Biogen, Inc.* | | | 1,637,670 | |
| | 8,378 | | Neurocrine Biosciences, Inc.* | | | 1,064,509 | |
| | | | | | | | |
| | | | | | | 10,519,863 | |
| | | |
| | Broadline Retail – 2.9% | |
| | 55,678 | | Amazon.com, Inc.* | | | 9,938,523 | |
| | | |
| | Building Products – 0.6% | |
| | 12,341 | | Builders FirstSource, Inc.* | | | 2,147,334 | |
| | | |
| | Capital Markets – 1.1% | |
| | 2,354 | | MSCI, Inc. | | | 1,366,709 | |
| | 35,338 | | Nasdaq, Inc. | | | 2,547,163 | |
| | | | | | | | |
| | | | | | | 3,913,872 | |
| | | |
| | Chemicals – 2.0% | |
| | 7,223 | | Linde PLC | | | 3,454,400 | |
| | 13,860 | | RPM International, Inc. | | | 1,611,225 | |
| | 5,173 | | Sherwin-Williams Co. (The) | | | 1,910,751 | |
| | | | | | | | |
| | | | | | | 6,976,376 | |
| | | |
| | Consumer Finance – 0.9% | |
| | 12,247 | | American Express Co. | | | 3,167,687 | |
| | | |
| | Consumer Staples Distribution & Retail – 1.2% | |
| | 1,235 | | Costco Wholesale Corp. | | | 1,102,089 | |
| | 20,310 | | Performance Food Group Co.* | | | 1,515,938 | |
| | 22,479 | | Walmart, Inc. | | | 1,736,053 | |
| | | | | | | | |
| | | | | | | 4,354,080 | |
| | | |
| | Containers & Packaging – 0.6% | |
| | 9,571 | | Avery Dennison Corp. | | | 2,123,326 | |
| | | |
| | Diversified Telecommunication Services – 1.0% | |
| | 164,042 | | AT&T, Inc. | | | 3,264,436 | |
| | | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – (continued) | |
| | Electric Utilities – 1.2% | |
| | 15,947 | | Entergy Corp. | | $ | 1,924,644 | |
| | 37,318 | | Xcel Energy, Inc. | | | 2,284,981 | |
| | | | | | | | |
| | | | | | | 4,209,625 | |
| | | |
| | Electrical Equipment – 1.0% | |
| | 11,124 | | GE Vernova, Inc.* | | | 2,235,924 | |
| | 3,962 | | Rockwell Automation, Inc. | | | 1,077,783 | |
| | | | | | | | |
| | | | | | | 3,313,707 | |
| | | |
| | Electronic Equipment, Instruments & Components – 0.5% | |
| | 7,413 | | CDW Corp. | | | 1,672,669 | |
| | | |
| | Entertainment – 0.5% | |
| | 12,224 | | Electronic Arts, Inc. | | | 1,855,848 | |
| | | |
| | Financial Services – 5.2% | |
| | 8,293 | | Berkshire Hathaway, Inc., Class B* | | | 3,946,805 | |
| | 5,626 | | Corpay, Inc.* | | | 1,775,284 | |
| | 34,068 | | Fidelity National Information Services, Inc. | | | 2,808,907 | |
| | 16,894 | | Fiserv, Inc.* | | | 2,949,692 | |
| | 9,603 | | Mastercard, Inc., Class A | | | 4,641,514 | |
| | 5,083 | | Visa, Inc., Class A | | | 1,404,789 | |
| | | | | | | | |
| | | | | | | 17,526,991 | |
| | | |
| | Food Products – 0.5% | |
| | 50,988 | | Kraft Heinz Co. (The) | | | 1,806,505 | |
| | | |
| | Ground Transportation – 0.8% | |
| | 9,624 | | Old Dominion Freight Line, Inc. | | | 1,855,507 | |
| | 2,640 | | Saia, Inc.* | | | 992,191 | |
| | | | | | | | |
| | | | | | | 2,847,698 | |
| | | |
| | Health Care Equipment & Supplies – 1.0% | |
| | 6,964 | | Align Technology, Inc.* | | | 1,652,000 | |
| | 15,440 | | Zimmer Biomet Holdings, Inc. | | | 1,782,702 | |
| | | | | | | | |
| | | | | | | 3,434,702 | |
| | | |
| | Health Care Providers & Services – 2.4% | |
| | 8,160 | | Cencora, Inc. | | | 1,954,891 | |
| | 5,733 | | Humana, Inc. | | | 2,032,176 | |
| | 6,918 | | UnitedHealth Group, Inc. | | | 4,083,004 | |
| | | | | | | | |
| | | | | | | 8,070,071 | |
| | | |
| | Health Care REITs – 0.6% | |
| | 15,588 | | Alexandria Real Estate Equities, Inc. REIT | | | 1,863,857 | |
| | | |
| | Hotels, Restaurants & Leisure – 1.8% | |
| | 4,095 | | Domino’s Pizza, Inc. | | | 1,696,190 | |
| | 8,709 | | McDonald’s Corp. | | | 2,513,940 | |
| | 14,920 | | Yum! Brands, Inc. | | | 2,013,006 | |
| | | | | | | | |
| | | | | | | 6,223,136 | |
| | | |
| | Household Durables – 0.7% | |
| | 12,357 | | Lennar Corp., Class A | | | 2,249,715 | |
| | | |
| | Household Products – 2.2% | |
| | 26,428 | | Colgate-Palmolive Co. | | | 2,814,582 | |
| | 28,286 | | Procter & Gamble Co. (The) | | | 4,852,180 | |
| | | | | | | | |
| | | | | | | 7,666,762 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 3 |
GOLDMAN SACHS ENHANCED CORE EQUITY FUND
|
Schedule of Investments (continued) August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – (continued) | |
| | Independent Power and Renewable Electricity Producers – 0.5% | |
| | 20,375 | | Vistra Corp. | | $ | 1,740,636 | |
| | | |
| | Industrial Conglomerates – 1.4% | |
| | 17,062 | | 3M Co. | | | 2,298,081 | |
| | 12,543 | | Honeywell International, Inc. | | | 2,607,815 | |
| | | | | | | | |
| | | | | | | 4,905,896 | |
| | | |
| | Insurance – 2.6% | |
| | 15,419 | | American Financial Group, Inc. | | | 2,060,286 | |
| | 16,354 | | Arch Capital Group Ltd.* | | | 1,849,474 | |
| | 12,706 | | Marsh & McLennan Cos., Inc. | | | 2,890,742 | |
| | 36,969 | | Unum Group | | | 2,051,410 | |
| | | | | | | | |
| | | | | | | 8,851,912 | |
| | | |
| | Interactive Media & Services – 6.2% | |
| | 52,878 | | Alphabet, Inc., Class A | | | 8,639,208 | |
| | 38,594 | | Alphabet, Inc., Class C | | | 6,372,255 | |
| | 12,360 | | Meta Platforms, Inc., Class A | | | 6,443,392 | |
| | | | | | | | |
| | | | | | | 21,454,855 | |
| | | |
| | IT Services – 1.9% | |
| | 10,001 | | Accenture PLC, Class A (Ireland) | | | 3,419,842 | |
| | 16,115 | | International Business Machines Corp. | | | 3,257,325 | |
| | | | | | | | |
| | | | | | | 6,677,167 | |
| | | |
| | Life Sciences Tools & Services – 2.4% | |
| | 15,286 | | Agilent Technologies, Inc. | | | 2,184,675 | |
| | 11,922 | | Danaher Corp. | | | 3,210,714 | |
| | 1,540 | | Mettler-Toledo International, Inc.* | | | 2,216,183 | |
| | 2,412 | | West Pharmaceutical Services, Inc. | | | 756,476 | |
| | | | | | | | |
| | | | | | | 8,368,048 | |
| | | |
| | Machinery – 3.3% | |
| | 8,878 | | Caterpillar, Inc. | | | 3,161,456 | |
| | 24,063 | | Fortive Corp. | | | 1,790,287 | |
| | 9,034 | | IDEX Corp. | | | 1,865,340 | |
| | 9,025 | | Illinois Tool Works, Inc. | | | 2,284,950 | |
| | 11,476 | | ITT, Inc. | | | 1,597,689 | |
| | 5,495 | | Xylem, Inc. | | | 755,727 | |
| | | | | | | | |
| | | | | | | 11,455,449 | |
| | | |
| | Metals & Mining – 0.5% | |
| | 13,428 | | Steel Dynamics, Inc. | | | 1,604,780 | |
| | | |
| |
| | Multi-Utilities – 0.7% | |
| | 71,577 | | NiSource, Inc. | | | 2,366,336 | |
| | | |
| | Oil, Gas & Consumable Fuels – 3.7% | |
| | 12,443 | | Chevron Corp. | | | 1,840,942 | |
| | 32,818 | | Exxon Mobil Corp. | | | 3,870,555 | |
| | 80,276 | | Marathon Oil Corp. | | | 2,299,907 | |
| | 13,218 | | Marathon Petroleum Corp. | | | 2,341,172 | |
| | 16,018 | | Phillips 66 | | | 2,247,486 | |
| | | | | | | | |
| | | | | | | 12,600,062 | |
| | | |
| | Personal Care Products – 0.7% | |
| | 108,930 | | Kenvue, Inc. | | | 2,391,013 | |
| | | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – (continued) | |
| | Pharmaceuticals – 2.1% | |
| | 17,925 | | AstraZeneca PLC ADR (United Kingdom) | | $ | 1,570,589 | |
| | 3,966 | | Eli Lilly & Co. | | | 3,807,439 | |
| | 7,215 | | Johnson & Johnson | | | 1,196,680 | |
| | 6,213 | | Merck & Co., Inc. | | | 735,930 | |
| | | | | | | | |
| | | | | | | 7,310,638 | |
| | | |
| | Residential REITs – 1.2% | |
| | 44,548 | | American Homes 4 Rent, Class A REIT | | | 1,771,674 | |
| | 11,238 | | AvalonBay Communities, Inc. REIT | | | 2,536,754 | |
| | | | | | | | |
| | | | | | | 4,308,428 | |
| | | |
| | Semiconductors & Semiconductor Equipment – 11.1% | |
| | 14,641 | | Applied Materials, Inc. | | | 2,888,084 | |
| | 40,335 | | Broadcom, Inc. | | | 6,567,345 | |
| | 17,879 | | Enphase Energy, Inc.* | | | 2,164,074 | |
| | 2,906 | | KLA Corp. | | | 2,381,263 | |
| | 26,216 | | Marvell Technology, Inc. | | | 1,998,708 | |
| | 11,803 | | MKS Instruments, Inc. | | | 1,407,272 | |
| | 163,828 | | NVIDIA Corp. | | | 19,556,148 | |
| | 6,395 | | Texas Instruments, Inc. | | | 1,370,704 | |
| | | | | | | | |
| | | | | | | 38,333,598 | |
| | | |
| | Software – 10.7% | |
| | 6,878 | | Adobe, Inc.* | | | 3,950,792 | |
| | 19,015 | | AppLovin Corp., Class A* | | | 1,765,923 | |
| | 16,785 | | Dynatrace, Inc.* | | | 849,657 | |
| | 4,533 | | Intuit, Inc. | | | 2,856,968 | |
| | 56,878 | | Microsoft Corp. | | | 23,726,089 | |
| | 13,872 | | Salesforce, Inc. | | | 3,508,229 | |
| | | | | | | | |
| | | | | | | 36,657,658 | |
| | | |
| | Specialized REITs – 0.6% | |
| | 61,808 | | VICI Properties, Inc. REIT | | | 2,069,332 | |
| | | |
| | Specialty Retail – 2.2% | |
| | 3,516 | | Home Depot, Inc. (The) | | | 1,295,646 | |
| | 11,218 | | Lowe’s Cos., Inc. | | | 2,787,673 | |
| | 12,939 | | Ross Stores, Inc. | | | 1,948,743 | |
| | 3,856 | | Ulta Beauty, Inc.* | | | 1,360,551 | |
| | | | | | | | |
| | | | | | | 7,392,613 | |
| | | |
| | Technology Hardware, Storage & Peripherals – 7.1% | |
| | 99,760 | | Apple, Inc. | | | 22,845,040 | |
| | 14,027 | | Dell Technologies, Inc., Class C | | | 1,620,680 | |
| | | | | | | | |
| | | | | | | 24,465,720 | |
| | | |
| | Textiles, Apparel & Luxury Goods – 0.5% | |
| | 15,521 | | PVH Corp. | | | 1,531,767 | |
| | | |
| | Trading Companies & Distributors – 0.6% | |
| | 30,774 | | Fastenal Co. | | | 2,101,249 | |
| | | |
| | TOTAL COMMON STOCKS
(Cost $235,405,195) | | | 340,882,272 | |
| | | |
| | |
| 4 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED CORE EQUITY FUND
| | | | | | | | |
| | |
Shares | | Dividend Rate | | Value | |
| |
| | | Investment Company – 0.6%(a) | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | |
| | 2,148,994 | | 5.183% | | $ | 2,148,994 | |
| |
| | (Cost $2,148,994) | |
| | | |
| | TOTAL INVESTMENTS – 99.7% (Cost $237,554,189) | | $ | 343,031,266 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.3% | | | 1,171,665 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 344,202,931 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| ADR | | —American Depositary Receipt |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 5 |
GOLDMAN SACHS LARGE CAP CORE FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – 97.7% | |
| | Aerospace & Defense – 0.9% | |
| | 32,865 | | General Electric Co. | | $ | 5,738,886 | |
| | 7,636 | | Northrop Grumman Corp. | | | 3,995,232 | |
| | 1,877 | | TransDigm Group, Inc. | | | 2,577,515 | |
| | | | | | | | |
| | | | | | | 12,311,633 | |
| | | |
| | Air Freight & Logistics – 0.8% | |
| | 81,279 | | United Parcel Service, Inc., Class B | | | 10,448,415 | |
| | | |
| | Automobile Components – 0.1% | |
| | 60,800 | | Mobileye Global, Inc., Class A (Israel)* | | | 868,224 | |
| | | |
| | Automobiles – 1.7% | |
| | 259,137 | | General Motors Co. | | | 12,899,840 | |
| | 44,730 | | Tesla, Inc.* | | | 9,577,140 | |
| | | | | | | | |
| | | | | | | 22,476,980 | |
| | | |
| | Banks – 3.6% | |
| | 461,961 | | Bank of America Corp. | | | 18,824,911 | |
| | 128,024 | | JPMorgan Chase & Co. | | | 28,779,795 | |
| | | | | | | | |
| | | | | | | 47,604,706 | |
| | | |
| | Beverages – 1.4% | |
| | 107,617 | | Coca-Cola Co. (The) | | | 7,799,004 | |
| | 65,704 | | Coca-Cola Europacific Partners PLC (United Kingdom) | | | 5,288,515 | |
| | 25,764 | | Constellation Brands, Inc., Class A | | | 6,201,652 | |
| | | | | | | | |
| | | | | | | 19,289,171 | |
| | | |
| | Biotechnology – 2.4% | |
| | 87,839 | | AbbVie, Inc. | | | 17,243,674 | |
| | 11,559 | | Alnylam Pharmaceuticals, Inc.* | | | 3,036,434 | |
| | 15,511 | | Amgen, Inc. | | | 5,178,037 | |
| | 30,286 | | BioMarin Pharmaceutical, Inc.* | | | 2,762,386 | |
| | 40,336 | | Exact Sciences Corp.* | | | 2,488,328 | |
| | 12,032 | | Neurocrine Biosciences, Inc.* | | | 1,528,786 | |
| | | | | | | | |
| | | | | | | 32,237,645 | |
| | | |
| | Broadline Retail – 3.1% | |
| | 233,564 | | Amazon.com, Inc.* | | | 41,691,174 | |
| | | |
| | Building Products – 0.5% | |
| | 11,076 | | Builders FirstSource, Inc.* | | | 1,927,224 | |
| | 11,403 | | Trane Technologies PLC | | | 4,124,009 | |
| | | | | | | | |
| | | | | | | 6,051,233 | |
| | | |
| | Capital Markets – 2.0% | |
| | 4,958 | | BlackRock, Inc. | | | 4,471,174 | |
| | 19,744 | | Blackstone, Inc. | | | 2,810,756 | |
| | 55,399 | | Charles Schwab Corp. (The) | | | 3,606,475 | |
| | 23,268 | | KKR & Co., Inc. | | | 2,879,880 | |
| | 5,236 | | MSCI, Inc. | | | 3,039,969 | |
| | 56,082 | | Nasdaq, Inc. | | | 4,042,391 | |
| | 8,236 | | S&P Global, Inc. | | | 4,227,045 | |
| | 7,834 | | Tradeweb Markets, Inc., Class A | | | 926,292 | |
| | | | | | | | |
| | | | | | | 26,003,982 | |
| | | |
| | Chemicals – 2.3% | |
| | 22,101 | | Ashland, Inc. | | | 1,978,039 | |
| | 21,951 | | Linde PLC | | | 10,498,066 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – (continued) | |
| | Chemicals – (continued) | |
| | 47,356 | | Sherwin-Williams Co. (The) | | $ | 17,491,886 | |
| | | | | | | | |
| | | | | | | 29,967,991 | |
| | | |
| | Commercial Services & Supplies – 0.2% | |
| | 15,691 | | Waste Connections, Inc. | | | 2,926,371 | |
| | | |
| | Communications Equipment – 0.5% | |
| | 4,679 | | Arista Networks, Inc.* | | | 1,653,465 | |
| | 41,443 | | Cisco Systems, Inc. | | | 2,094,529 | |
| | 6,097 | | Motorola Solutions, Inc. | | | 2,695,118 | |
| | | | | | | | |
| | | | | | | 6,443,112 | |
| | | |
| | Construction Materials – 0.6% | |
| | 13,729 | | Martin Marietta Materials, Inc. | | | 7,333,483 | |
| | | |
| | Consumer Finance – 1.0% | |
| | 50,436 | | American Express Co. | | | 13,045,271 | |
| | | |
| | Consumer Staples Distribution & Retail – 1.6% | |
| | 5,233 | | Costco Wholesale Corp. | | | 4,669,824 | |
| | 207,029 | | Walmart, Inc. | | | 15,988,850 | |
| | | | | | | | |
| | | | | | | 20,658,674 | |
| | | |
| | Containers & Packaging – 0.7% | |
| | 9,516 | | Avery Dennison Corp. | | | 2,111,125 | |
| | 119,418 | | Ball Corp. | | | 7,620,062 | |
| | | | | | | | |
| | | | | | | 9,731,187 | |
| | | |
| | Diversified Telecommunication Services – 1.3% | |
| | 898,263 | | AT&T, Inc. | | | 17,875,434 | |
| | | |
| | Electric Utilities – 1.4% | |
| | 108,561 | | Eversource Energy | | | 7,331,124 | |
| | 111,876 | | NextEra Energy, Inc. | | | 9,007,137 | |
| | 48,104 | | Xcel Energy, Inc. | | | 2,945,408 | |
| | | | | | | | |
| | | | | | | 19,283,669 | |
| | | |
| | Electrical Equipment – 2.5% | |
| | 16,042 | | AMETEK, Inc. | | | 2,743,984 | |
| | 36,383 | | Eaton Corp. PLC | | | 11,167,034 | |
| | 40,803 | | GE Vernova, Inc.* | | | 8,201,403 | |
| | 43,532 | | Rockwell Automation, Inc. | | | 11,842,010 | |
| | | | | | | | |
| | | | | | | 33,954,431 | |
| | | |
| | Electronic Equipment, Instruments & Components – 0.3% | |
| | 14,771 | | CDW Corp. | | | 3,332,928 | |
| | | |
| | Energy Equipment & Services – 0.2% | |
| | 57,495 | | Schlumberger NV | | | 2,529,205 | |
| | | |
| | Entertainment – 1.1% | |
| | 35,750 | | Live Nation Entertainment, Inc.* | | | 3,491,703 | |
| | 9,120 | | Netflix, Inc.* | | | 6,396,312 | |
| | 7,441 | | Spotify Technology SA* | | | 2,551,370 | |
| | 23,772 | | Walt Disney Co. (The) | | | 2,148,513 | |
| | | | | | | | |
| | | | | | | 14,587,898 | |
| | | |
| | Financial Services – 3.1% | |
| | 31,363 | | Berkshire Hathaway, Inc., Class B* | | | 14,926,279 | |
| | 2,804 | | Corpay, Inc.* | | | 884,802 | |
| | 33,935 | | Fiserv, Inc.* | | | 5,925,051 | |
| | 28,226 | | Mastercard, Inc., Class A | | | 13,642,755 | |
| | |
| 6 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – (continued) | |
| | Financial Services – (continued) | |
| | 24,174 | | Visa, Inc., Class A | | $ | 6,680,969 | |
| | | | | | | | |
| | | | | | | 42,059,856 | |
| | | |
| | Food Products – 0.6% | |
| | 90,759 | | Kraft Heinz Co. (The) | | | 3,215,591 | |
| | 62,653 | | McCormick & Co., Inc. | | | 5,014,120 | |
| | | | | | | | |
| | | | | | | 8,229,711 | |
| | | |
| | Ground Transportation – 1.2% | |
| | 11,987 | | Norfolk Southern Corp. | | | 3,070,590 | |
| | 14,888 | | Old Dominion Freight Line, Inc. | | | 2,870,406 | |
| | 15,115 | | Saia, Inc.* | | | 5,680,671 | |
| | 54,160 | | Uber Technologies, Inc.* | | | 3,960,721 | |
| | | | | | | | |
| | | | | | | 15,582,388 | |
| | | |
| | Health Care Equipment & Supplies – 2.7% | |
| | 35,654 | | Abbott Laboratories | | | 4,038,528 | |
| | 27,540 | | Align Technology, Inc.* | | | 6,533,039 | |
| | 133,159 | | Boston Scientific Corp.* | | | 10,891,075 | |
| | 4,604 | | IDEXX Laboratories, Inc.* | | | 2,216,043 | |
| | 14,393 | | Insulet Corp.* | | | 2,918,469 | |
| | 8,194 | | Intuitive Surgical, Inc.* | | | 4,036,610 | |
| | 45,215 | | Zimmer Biomet Holdings, Inc. | | | 5,220,524 | |
| | | | | | | | |
| | | | | | | 35,854,288 | |
| | | |
| | Health Care Providers & Services – 2.5% | |
| | 127,103 | | CVS Health Corp. | | | 7,275,376 | |
| | 27,658 | | Humana, Inc. | | | 9,803,931 | |
| | 27,353 | | UnitedHealth Group, Inc. | | | 16,143,741 | |
| | | | | | | | |
| | | | | | | 33,223,048 | |
| | | |
| | Health Care REITs – 0.7% | |
| | 82,345 | | Alexandria Real Estate Equities, Inc. REIT | | | 9,845,992 | |
| | | |
| | Hotels, Restaurants & Leisure – 1.7% | |
| | 16,353 | | Domino’s Pizza, Inc. | | | 6,773,576 | |
| | 17,126 | | DoorDash, Inc., Class A* | | | 2,204,288 | |
| | 86,935 | | DraftKings, Inc., Class A* | | | 2,999,257 | |
| | 11,460 | | Hilton Worldwide Holdings, Inc. | | | 2,517,074 | |
| | 20,701 | | McDonald’s Corp. | | | 5,975,551 | |
| | 21,217 | | Royal Caribbean Cruises Ltd.* | | | 3,492,743 | |
| | | | | | | | |
| | | | | | | 23,962,489 | |
| | | |
| | Household Products – 2.6% | |
| | 126,833 | | Colgate-Palmolive Co. | | | 13,507,714 | |
| | 120,668 | | Procter & Gamble Co. (The) | | | 20,699,389 | |
| | | | | | | | |
| | | | | | | 34,207,103 | |
| | | |
| | Independent Power and Renewable Electricity Producers – 0.1% | |
| | 21,361 | | Vistra Corp. | | | 1,824,870 | |
| | | |
| | Industrial Conglomerates – 1.7% | |
| | 62,577 | | 3M Co. | | | 8,428,496 | |
| | 68,916 | | Honeywell International, Inc. | | | 14,328,326 | |
| | | | | | | | |
| | | | | | | 22,756,822 | |
| | | |
| | Industrial REITs – 0.9% | |
| | 87,538 | | Prologis, Inc. REIT | | | 11,189,107 | |
| | | |
| | Insurance – 1.4% | |
| | 15,862 | | Allstate Corp. (The) | | | 2,996,966 | |
| | 18,503 | | Arch Capital Group Ltd.* | | | 2,092,504 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – (continued) | |
| | Insurance – (continued) | |
| | 10,872 | | Chubb Ltd. | | $ | 3,089,605 | |
| | 18,847 | | Globe Life, Inc. | | | 1,979,877 | |
| | 19,936 | | Marsh & McLennan Cos., Inc. | | | 4,535,640 | |
| | 11,154 | | Progressive Corp. (The) | | | 2,813,039 | |
| | 29,914 | | Unum Group | | | 1,659,928 | |
| | | | | | | | |
| | | | | | | 19,167,559 | |
| | | |
| | Interactive Media & Services – 5.4% | |
| | 168,489 | | Alphabet, Inc., Class A | | | 27,527,733 | |
| | 127,265 | | Alphabet, Inc., Class C | | | 21,012,724 | |
| | 29,014 | | Meta Platforms, Inc., Class A | | | 15,125,288 | |
| | 54,961 | | Pinterest, Inc., Class A* | | | 1,760,951 | |
| | 629,513 | | Snap, Inc., Class A* | | | 5,879,651 | |
| | | | | | | | |
| | | | | | | 71,306,347 | |
| | | |
| | IT Services – 2.5% | |
| | 43,406 | | Accenture PLC, Class A (Ireland) | | | 14,842,682 | |
| | 64,328 | | International Business Machines Corp. | | | 13,002,618 | |
| | 26,195 | | Shopify, Inc., Class A (Canada)* | | | 1,940,264 | |
| | 17,861 | | Snowflake, Inc., Class A* | | | 2,040,262 | |
| | | | | | | | |
| | | | | | | 31,825,826 | |
| | | |
| | Life Sciences Tools & Services – 1.8% | |
| | 62,914 | | Danaher Corp. | | | 16,943,369 | |
| | 9,801 | | Thermo Fisher Scientific, Inc. | | | 6,028,301 | |
| | 4,697 | | West Pharmaceutical Services, Inc. | | | 1,473,120 | |
| | | | | | | | |
| | | | | | | 24,444,790 | |
| | | |
| | Machinery – 2.4% | |
| | 43,363 | | Caterpillar, Inc. | | | 15,441,564 | |
| | 53,893 | | Illinois Tool Works, Inc. | | | 13,644,630 | |
| | 16,751 | | Xylem, Inc. | | | 2,303,765 | |
| | | | | | | | |
| | | | | | | 31,389,959 | |
| | | |
| | Metals & Mining – 0.7% | |
| | 87,961 | | Freeport-McMoRan, Inc. | | | 3,894,913 | |
| | 49,095 | | Steel Dynamics, Inc. | | | 5,867,344 | |
| | | | | | | | |
| | | | | | | 9,762,257 | |
| | | |
| | Multi-Utilities – 0.5% | |
| | 9,906 | | Ameren Corp. | | | 817,344 | |
| | 59,828 | | NiSource, Inc. | | | 1,977,914 | |
| | 22,008 | | Public Service Enterprise Group, Inc. | | | 1,777,146 | |
| | 28,945 | | Sempra | | | 2,378,700 | |
| | | | | | | | |
| | | | | | | 6,951,104 | |
| | | |
| | Oil, Gas & Consumable Fuels – 3.6% | |
| | 12,002 | | Cheniere Energy, Inc. | | | 2,223,491 | |
| | 68,441 | | Chesapeake Energy Corp. | | | 5,098,170 | |
| | 76,130 | | Chevron Corp. | | | 11,263,433 | |
| | 38,655 | | Diamondback Energy, Inc. | | | 7,541,977 | |
| | 21,100 | | DT Midstream, Inc. | | | 1,658,249 | |
| | 114,815 | | Exxon Mobil Corp. | | | 13,541,281 | |
| | 144,819 | | Marathon Oil Corp. | | | 4,149,064 | |
| | 3,281 | | Marathon Petroleum Corp. | | | 581,131 | |
| | 16,841 | | Phillips 66 | | | 2,362,961 | |
| | | | | | | | |
| | | | | | | 48,419,757 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 7 |
GOLDMAN SACHS LARGE CAP CORE FUND
|
Schedule of Investments (continued) August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – (continued) | |
| | Passenger Airlines – 0.1% | |
| | 35,495 | | United Airlines Holdings, Inc.* | | $ | 1,563,200 | |
| | | |
| | Personal Care Products – 0.3% | |
| | 183,923 | | Kenvue, Inc. | | | 4,037,110 | |
| | | |
| | Pharmaceuticals – 2.8% | |
| | 34,461 | | AstraZeneca PLC ADR (United Kingdom) | | | 3,019,473 | |
| | 16,489 | | Eli Lilly & Co. | | | 15,829,770 | |
| | 35,785 | | Johnson & Johnson | | | 5,935,300 | |
| | 102,145 | | Merck & Co., Inc. | | | 12,099,075 | |
| | | | | | | | |
| | | | | | | 36,883,618 | |
| | | |
| | Professional Services – 0.2% | |
| | 6,421 | | Equifax, Inc. | | | 1,972,082 | |
| | 3,776 | | Verisk Analytics, Inc. | | | 1,030,168 | |
| | | | | | | | |
| | | | | | | 3,002,250 | |
| | | |
| | Residential REITs – 0.5% | |
| | 12,581 | | AvalonBay Communities, Inc. REIT | | | 2,839,909 | |
| | 46,217 | | Equity LifeStyle Properties, Inc. REIT | | | 3,360,438 | |
| | | | | | | | |
| | | | | | | 6,200,347 | |
| | | |
| | Semiconductors & Semiconductor Equipment – 9.5% | |
| | 26,432 | | Applied Materials, Inc. | | | 5,213,976 | |
| | 89,724 | | Broadcom, Inc. | | | 14,608,862 | |
| | 13,887 | | KLA Corp. | | | 11,379,425 | |
| | 193,025 | | Marvell Technology, Inc. | | | 14,716,226 | |
| | 87,918 | | Micron Technology, Inc. | | | 8,461,228 | |
| | 440,018 | | NVIDIA Corp. | | | 52,524,949 | |
| | 94,104 | | Texas Instruments, Inc. | | | 20,170,251 | |
| | | | | | | | |
| | | | | | | 127,074,917 | |
| | | |
| | Software – 8.6% | |
| | 12,407 | | Adobe, Inc.* | | | 7,126,705 | |
| | 9,408 | | Cadence Design Systems, Inc.* | | | 2,530,093 | |
| | 6,550 | | Crowdstrike Holdings, Inc., Class A* | | | 1,816,184 | |
| | 10,599 | | Datadog, Inc., Class A* | | | 1,232,240 | |
| | 3,725 | | HubSpot, Inc.* | | | 1,859,036 | |
| | 206,097 | | Microsoft Corp. | | | 85,971,303 | |
| | 31,615 | | Salesforce, Inc. | | | 7,995,433 | |
| | 69,093 | | Samsara, Inc., Class A* | | | 2,837,650 | |
| | 15,889 | | Zscaler, Inc.* | | | 3,177,482 | |
| | | | | | | | |
| | | | | | | 114,546,126 | |
| | | |
| | Specialized REITs – 0.5% | |
| | 17,423 | | American Tower Corp. REIT | | | 3,903,797 | |
| | 3,686 | | Equinix, Inc. REIT | | | 3,075,451 | |
| | | | | | | | |
| | | | | | | 6,979,248 | |
| | | |
| | Specialty Retail – 1.1% | |
| | 24,651 | | Lowe’s Cos., Inc. | | | 6,125,774 | |
| | 22,317 | | Ross Stores, Inc. | | | 3,361,163 | |
| | 7,111 | | Ulta Beauty, Inc.* | | | 2,509,045 | |
| | 57,033 | | Wayfair, Inc., Class A* | | | 2,426,754 | |
| | | | | | | | |
| | | | | | | 14,422,736 | |
| | | |
| | Technology Hardware, Storage & Peripherals – 7.6% | |
| | 402,766 | | Apple, Inc. | | | 92,233,414 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – (continued) | |
| | Technology Hardware, Storage & Peripherals – (continued) | |
| | 73,938 | | Dell Technologies, Inc., Class C | | $ | 8,542,797 | |
| | | | | | | | |
| | | | | | | 100,776,211 | |
| | | |
| | Textiles, Apparel & Luxury Goods – 0.2% | |
| | 9,243 | | Lululemon Athletica, Inc.* | | | 2,398,281 | |
| | | |
| | |
| | TOTAL COMMON STOCKS
(Cost $745,844,285) | | | 1,300,540,134 | |
| | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | | Investment Company – 0.8%(a) | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | |
| | 11,242,350 | | 5.183% | | | 11,242,350 | |
| | (Cost $11,242,350) | | | | |
| | | |
| | |
| | TOTAL INVESTMENTS – 98.5%
(Cost $757,086,635) | | $ | 1,311,782,484 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.5% | | | 19,995,682 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 1,331,778,166 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| ADR | | —American Depositary Receipt |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| 8 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP GROWTH FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – 98.3% | |
| | Aerospace & Defense – 0.7% | |
| | 37,977 | | Woodward, Inc. | | $ | 6,328,867 | |
| | | |
| | Beverages – 1.1% | |
| | 122,492 | | Coca-Cola Europacific Partners PLC (United Kingdom) | | | 9,859,381 | |
| | | |
| | Biotechnology – 4.5% | |
| | 52,421 | | Alnylam Pharmaceuticals, Inc.* | | | 13,770,472 | |
| | 89,006 | | BioMarin Pharmaceutical, Inc.* | | | 8,118,237 | |
| | 84,644 | | Neurocrine Biosciences, Inc.* | | | 10,754,867 | |
| | 614,330 | | Roivant Sciences Ltd.* | | | 7,513,256 | |
| | | | | | | | |
| | | | | | | 40,156,832 | |
| | | |
| | Building Products – 1.3% | |
| | 32,555 | | Trane Technologies PLC | | | 11,773,841 | |
| | | |
| | Capital Markets – 6.6% | |
| | 126,553 | | Ares Management Corp., Class A | | | 18,527,359 | |
| | 17,345 | | Coinbase Global, Inc., Class A* | | | 3,180,379 | |
| | 40,714 | | MSCI, Inc. | | | 23,638,141 | |
| | 77,374 | | Nasdaq, Inc. | | | 5,577,118 | |
| | 67,772 | | Tradeweb Markets, Inc., Class A | | | 8,013,362 | |
| | | | | | | | |
| | | | | | | 58,936,359 | |
| | | |
| | Chemicals – 1.4% | |
| | 136,927 | | Ashland, Inc. | | | 12,254,967 | |
| | | |
| | Construction Materials – 1.7% | |
| | 28,543 | | Martin Marietta Materials, Inc. | | | 15,246,529 | |
| | | |
| | Consumer Staples Distribution & Retail – 1.5% | |
| | 165,922 | | BJ’s Wholesale Club Holdings, Inc.* | | | 13,267,123 | |
| | | |
| | Containers & Packaging – 1.2% | |
| | 170,414 | | Ball Corp. | | | 10,874,117 | |
| | | |
| | Electrical Equipment – 6.0% | |
| | 52,833 | | AMETEK, Inc. | | | 9,037,085 | |
| | 91,647 | | GE Vernova, Inc.* | | | 18,421,047 | |
| | 26,901 | | Rockwell Automation, Inc. | | | 7,317,879 | |
| | 226,797 | | Vertiv Holdings Co., Class A | | | 18,830,955 | |
| | | | | | | | |
| | | | | | | 53,606,966 | |
| | | |
| | Electronic Equipment, Instruments & Components – 0.6% | |
| | 82,392 | | Amphenol Corp., Class A | | | 5,557,340 | |
| | | |
| | Entertainment – 1.0% | |
| | 91,633 | | Live Nation Entertainment, Inc.* | | | 8,949,795 | |
| | | |
| | Financial Services – 2.7% | |
| | 50,199 | | Corpay, Inc.* | | | 15,840,294 | |
| | 100,785 | | Fidelity National Information Services, Inc. | | | 8,309,723 | |
| | | | | | | | |
| | | | | | | 24,150,017 | |
| | | |
| | Ground Transportation – 3.1% | |
| | 97,766 | | Old Dominion Freight Line, Inc. | | | 18,849,285 | |
| | 24,252 | | Saia, Inc.* | | | 9,114,629 | |
| | | | | | | | |
| | | | | | | 27,963,914 | |
| | | |
| | Health Care Equipment & Supplies – 7.4% | |
| | 51,446 | | Align Technology, Inc.* | | | 12,204,020 | |
| | 94,111 | | Cooper Cos., Inc. (The)* | | | 9,950,356 | |
| | 32,649 | | IDEXX Laboratories, Inc.* | | | 15,714,943 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | Health Care Equipment & Supplies – (continued) | |
| | 108,197 | | Insulet Corp.* | | $ | 21,939,106 | |
| | 56,133 | | Zimmer Biomet Holdings, Inc. | | | 6,481,116 | |
| | | | | | | | |
| | | | | | | 66,289,541 | |
| | | |
| | Health Care Providers & Services – 2.6% | |
| | 95,461 | | Cencora, Inc. | | | 22,869,592 | |
| | | |
| | Hotel & Resort REITs – 1.0% | |
| | 84,034 | | Ryman Hospitality Properties, Inc. REIT | | | 8,736,175 | |
| | | |
| | Hotels, Restaurants & Leisure – 6.4% | |
| | 77,414 | | Cava Group, Inc.* | | | 8,828,293 | |
| | 38,754 | | Domino’s Pizza, Inc. | | | 16,052,294 | |
| | 61,314 | | DoorDash, Inc., Class A* | | | 7,891,725 | |
| | 350,522 | | DraftKings, Inc., Class A* | | | 12,093,009 | |
| | 94,148 | | Yum! Brands, Inc. | | | 12,702,448 | |
| | | | | | | | |
| | | | | | | 57,567,769 | |
| | | |
| | Independent Power and Renewable Electricity Producers – 1.9% | |
| | 198,492 | | Vistra Corp. | | | 16,957,172 | |
| | | |
| |
| | Interactive Media & Services – 0.9% | |
| | 895,714 | | Snap, Inc., Class A* | | | 8,365,969 | |
| | | |
| | IT Services – 2.9% | |
| | 147,868 | | Cloudflare, Inc., Class A* | | | 12,145,878 | |
| | 47,580 | | MongoDB, Inc.* | | | 13,835,788 | |
| | | | | | | | |
| | | | | | | 25,981,666 | |
| | | |
| | Life Sciences Tools & Services – 2.8% | |
| | 7,853 | | Mettler-Toledo International, Inc.* | | | 11,301,095 | |
| | 44,557 | | West Pharmaceutical Services, Inc. | | | 13,974,412 | |
| | | | | | | | |
| | | | | | | 25,275,507 | |
| | | |
| | Machinery – 2.7% | |
| | 111,162 | | Fortive Corp. | | | 8,270,453 | |
| | 34,257 | | ITT, Inc. | | | 4,769,259 | |
| | 81,834 | | Xylem, Inc. | | | 11,254,630 | |
| | | | | | | | |
| | | | | | | 24,294,342 | |
| | | |
| | Media – 2.9% | |
| | 244,219 | | Trade Desk, Inc. (The), Class A* | | | 25,528,212 | |
| | | |
| | Oil, Gas & Consumable Fuels – 4.2% | |
| | 74,887 | | Cheniere Energy, Inc. | | | 13,873,566 | |
| | 127,612 | | DT Midstream, Inc. | | | 10,029,027 | |
| | 73,327 | | Hess Corp. | | | 10,123,525 | |
| | 220,192 | | Permian Resources Corp. | | | 3,135,534 | |
| | | | | | | | |
| | | | | | | 37,161,652 | |
| | | |
| | Personal Care Products – 1.0% | |
| | 60,385 | | elf Beauty, Inc.* | | | 9,045,069 | |
| | | |
| | Professional Services – 1.4% | |
| | 39,879 | | Equifax, Inc. | | | 12,248,037 | |
| | | |
| | Real Estate Management & Development – 0.8% | |
| | 90,606 | | CoStar Group, Inc.* | | | 7,003,844 | |
| | | |
| | Semiconductors & Semiconductor Equipment – 3.4% | |
| | 78,930 | | Entegris, Inc. | | | 9,145,619 | |
| | 222,529 | | Marvell Technology, Inc. | | | 16,965,611 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 9 |
GOLDMAN SACHS MID CAP GROWTH FUND
|
Schedule of Investments (continued) August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | Semiconductors & Semiconductor Equipment – (continued) | |
| | 37,367 | | MKS Instruments, Inc. | | $ | 4,455,267 | |
| | | | | | | | |
| | | | | | | 30,566,497 | |
| | | |
| | Software – 16.8% | |
| | 157,693 | | AppLovin Corp., Class A* | | | 14,644,949 | |
| | 131,502 | | Datadog, Inc., Class A* | | | 15,288,423 | |
| | 162,799 | | Dynatrace, Inc.* | | | 8,240,885 | |
| | 54,431 | | Elastic NV* | | | 4,147,098 | |
| | 12,489 | | Fair Isaac Corp.* | | | 21,609,342 | |
| | 14,142 | | HubSpot, Inc.* | | | 7,057,848 | |
| | 59,663 | | Manhattan Associates, Inc.* | | | 15,776,687 | |
| | 20,167 | | Monday.com Ltd.* | | | 5,362,204 | |
| | 487,198 | | Palantir Technologies, Inc., Class A* | | | 15,336,993 | |
| | 151,609 | | Samsara, Inc., Class A* | | | 6,226,582 | |
| | 35,894 | | Tyler Technologies, Inc.* | | | 21,101,006 | |
| | 93,424 | | Varonis Systems, Inc.* | | | 5,287,798 | |
| | 51,675 | | Zscaler, Inc.* | | | 10,333,966 | |
| | | | | | | | |
| | | | | | | 150,413,781 | |
| | | |
| | Specialty Retail – 2.6% | |
| | 122,572 | | Ross Stores, Inc. | | | 18,460,569 | |
| | 14,457 | | Ulta Beauty, Inc.* | | | 5,101,008 | |
| | | | | | | | |
| | | | | | | 23,561,577 | |
| | | |
| | Technology Hardware, Storage & Peripherals – 0.3% | |
| | 6,778 | | Super Micro Computer, Inc.* | | | 2,966,731 | |
| | | |
| | Trading Companies & Distributors – 2.9% | |
| | 232,745 | | Fastenal Co. | | | 15,891,829 | |
| | 13,801 | | United Rentals, Inc. | | | 10,230,129 | |
| | | | | | | | |
| | | | | | | 26,121,958 | |
| | | |
| | |
| | TOTAL COMMON STOCKS (Cost $706,573,916) | | | 879,881,139 | |
| | | |
| | |
Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 2.0%(a) | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | |
| | 18,331,907 | | 5.183% | | | 18,331,907 | |
| | (Cost $18,331,907) | |
| | | |
| | |
| | TOTAL INVESTMENTS – 100.3% (Cost $724,905,823) | | $ | 898,213,046 | |
| | | |
| | LIABILITIES IN EXCESS OF
OTHER ASSETS – (0.3)% | | | (2,500,418 | ) |
| | | |
| | |
| | NET ASSETS – 100.0% | | $ | 895,712,628 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| 10 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – 98.3% | |
| | Aerospace & Defense – 3.7% | |
| | 28,347 | | Loar Holdings, Inc.*(a) | | $ | 2,102,214 | |
| | 14,221 | | Moog, Inc., Class A | | | 2,807,225 | |
| | | | | | | | |
| | | | | | | 4,909,439 | |
| | | |
| | Automobile Components – 2.3% | |
| | 15,178 | | Dorman Products, Inc.* | | | 1,721,489 | |
| | 10,982 | | Modine Manufacturing Co.* | | | 1,334,862 | |
| | | | | | | | |
| | | | | | | 3,056,351 | |
| | | |
| | Beverages – 1.1% | |
| | 7,555 | | MGP Ingredients, Inc. | | | 676,852 | |
| | 29,214 | | Vita Coco Co., Inc. (The)* | | | 763,070 | |
| | | | | | | | |
| | | | | | | 1,439,922 | |
| | | |
| | Biotechnology – 10.4% | |
| | 41,276 | | Alkermes PLC* | | | 1,174,302 | |
| | 10,665 | | AnaptysBio, Inc.* | | | 406,230 | |
| | 11,594 | | Blueprint Medicines Corp.* | | | 1,107,691 | |
| | 16,998 | | Celldex Therapeutics, Inc.* | | | 702,527 | |
| | 17,162 | | CG oncology, Inc.* | | | 632,935 | |
| | 9,626 | | Crinetics Pharmaceuticals, Inc.* | | | 510,756 | |
| | 34,784 | | Dynavax Technologies Corp.* | | | 390,276 | |
| | 19,075 | | Dyne Therapeutics, Inc.* | | | 879,167 | |
| | 19,873 | | Immunovant, Inc.* | | | 614,076 | |
| | 17,439 | | Insmed, Inc.* | | | 1,333,560 | |
| | 3,892 | | Madrigal Pharmaceuticals, Inc.* | | | 961,830 | |
| | 7,590 | | Natera, Inc.* | | | 897,593 | |
| | 16,724 | | REVOLUTION Medicines, Inc.* | | | 712,944 | |
| | 42,415 | | Syndax Pharmaceuticals, Inc.* | | | 871,628 | |
| | 15,232 | | Ultragenyx Pharmaceutical, Inc.* | | | 864,873 | |
| | 18,268 | | Vaxcyte, Inc.* | | | 1,475,324 | |
| | 10,417 | | Xenon Pharmaceuticals, Inc. (Canada)* | | | 420,222 | |
| | | | | | | | |
| | | | | | | 13,955,934 | |
| | | |
| | Broadline Retail – 0.8% | |
| | 12,235 | | Ollie’s Bargain Outlet Holdings, Inc.* | | | 1,095,767 | |
| | | |
| | Building Products – 2.1% | |
| | 29,780 | | AAON, Inc. | | | 2,844,288 | |
| | | |
| |
| | Capital Markets – 5.0% | |
| | 12,517 | | Hamilton Lane, Inc., Class A | | | 1,913,098 | |
| | 6,284 | | Houlihan Lokey, Inc. | | | 984,200 | |
| | 7,708 | | Piper Sandler Cos. | | | 2,101,972 | |
| | 13,760 | | PJT Partners, Inc., Class A | | | 1,699,360 | |
| | | | | | | | |
| | | | | | | 6,698,630 | |
| | | |
| | Chemicals – 2.6% | |
| | 19,887 | | Ashland, Inc. | | | 1,779,886 | |
| | 9,502 | | Balchem Corp. | | | 1,682,139 | |
| | | | | | | | |
| | | | | | | 3,462,025 | |
| | | |
| | Commercial Services & Supplies – 2.7% | |
| | 15,001 | | Casella Waste Systems, Inc., Class A* | | | 1,618,008 | |
| | 20,836 | | VSE Corp. | | | 1,938,373 | |
| | | | | | | | |
| | | | | | | 3,556,381 | |
| | | |
| | Construction & Engineering – 2.4% | |
| | 11,810 | | MYR Group, Inc.* | | | 1,190,448 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | Construction & Engineering – (continued) | |
| | 14,595 | | Primoris Services Corp. | | $ | 823,742 | |
| | 9,953 | | Sterling Infrastructure, Inc.* | | | 1,189,682 | |
| | | | | | | | |
| | | | | | | 3,203,872 | |
| | | |
| | Consumer Staples Distribution & Retail – 1.3% | |
| | 17,008 | | Sprouts Farmers Market, Inc.* | | | 1,769,682 | |
| | | |
| | Diversified Consumer Services – 0.7% | |
| | 6,997 | | Bright Horizons Family Solutions, Inc.* | | | 984,618 | |
| | | |
| | Electrical Equipment – 0.7% | |
| | 13,777 | | nVent Electric PLC | | | 936,285 | |
| | | |
| | Electronic Equipment, Instruments & Components – 4.5% | |
| | 13,191 | | Badger Meter, Inc. | | | 2,729,745 | |
| | 11,395 | | Novanta, Inc.* | | | 2,088,476 | |
| | 35,334 | | Vontier Corp. | | | 1,237,750 | |
| | | | | | | | |
| | | | | | | 6,055,971 | |
| | | |
| | Energy Equipment & Services – 0.6% | |
| | 10,901 | | Kodiak Gas Services, Inc. | | | 302,503 | |
| | 9,300 | | Noble Corp. PLC | | | 354,795 | |
| | 1,716 | | Weatherford International PLC | | | 180,077 | |
| | | | | | | | |
| | | | | | | 837,375 | |
| | | |
| | Health Care Equipment & Supplies – 7.3% | |
| | 5,268 | | Glaukos Corp.* | | | 705,333 | |
| | 28,323 | | Inari Medical, Inc.* | | | 1,224,403 | |
| | 18,297 | | iRhythm Technologies, Inc.* | | | 1,296,891 | |
| | 7,009 | | Lantheus Holdings, Inc.* | | | 746,248 | |
| | 14,537 | | Merit Medical Systems, Inc.* | | | 1,405,437 | |
| | 22,183 | | PROCEPT BioRobotics Corp.* | | | 1,752,457 | |
| | 31,053 | | STAAR Surgical Co.* | | | 1,027,544 | |
| | 9,419 | | TransMedics Group, Inc.* | | | 1,582,957 | |
| | | | | | | | |
| | | | | | | 9,741,270 | |
| | | |
| | Health Care Providers & Services – 4.1% | |
| | 5,871 | | Acadia Healthcare Co., Inc.* | | | 481,011 | |
| | 7,114 | | Ensign Group, Inc. (The) | | | 1,076,775 | |
| | 43,189 | | NeoGenomics, Inc.* | | | 713,482 | |
| | 48,120 | | Pennant Group, Inc. (The)* | | | 1,648,591 | |
| | 24,631 | | RadNet, Inc.* | | | 1,632,789 | |
| | | | | | | | |
| | | | | | | 5,552,648 | |
| | | |
| | Health Care Technology – 0.8% | |
| | 40,824 | | Waystar Holding Corp.* | | | 1,111,229 | |
| | | |
| | Hotels, Restaurants & Leisure – 2.9% | |
| | 10,320 | | Cava Group, Inc.* | | | 1,176,893 | |
| | 24,792 | | Dutch Bros, Inc., Class A* | | | 768,552 | |
| | 12,619 | | Shake Shack, Inc., Class A* | | | 1,254,455 | |
| | 19,528 | | Sweetgreen, Inc., Class A* | | | 617,280 | |
| | | | | | | | |
| | | | | | | 3,817,180 | |
| | | |
| | Household Durables – 2.1% | |
| | 5,610 | | Installed Building Products, Inc. | | | 1,247,159 | |
| | 16,208 | | SharkNinja, Inc. | | | 1,553,051 | |
| | | | | | | | |
| | | | | | | 2,800,210 | |
| | | |
| | Insurance – 2.2% | |
| | 16,923 | | Goosehead Insurance, Inc., Class A* | | | 1,427,286 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 11 |
GOLDMAN SACHS SMALL CAP GROWTH FUND
|
Schedule of Investments (continued) August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | Insurance – (continued) | |
| | 15,243 | | Palomar Holdings, Inc.* | | $ | 1,512,410 | |
| | | | | | | | |
| | | | | | | 2,939,696 | |
| | | |
| | IT Services – 1.1% | |
| | 38,230 | | DigitalOcean Holdings, Inc.* | | | 1,430,949 | |
| | | |
| | Life Sciences Tools & Services – 1.2% | |
| | 110,332 | | Maravai LifeSciences Holdings, Inc., Class A* | | | 998,505 | |
| | 1,700 | | Medpace Holdings, Inc.* | | | 603,959 | |
| | | | | | | | |
| | | | | | | 1,602,464 | |
| | | |
| | Machinery – 9.6% | |
| | 15,098 | | Esab Corp. | | | 1,584,837 | |
| | 30,276 | | Federal Signal Corp. | | | 2,860,779 | |
| | 16,340 | | Franklin Electric Co., Inc. | | | 1,697,072 | |
| | 7,549 | | RBC Bearings, Inc.* | | | 2,248,470 | |
| | 15,892 | | SPX Technologies, Inc.* | | | 2,592,621 | |
| | 4,566 | | Standex International Corp. | | | 815,716 | |
| | 5,427 | | Watts Water Technologies, Inc., Class A | | | 1,067,491 | |
| | | | | | | | |
| | | | | | | 12,866,986 | |
| | | |
| | Oil, Gas & Consumable Fuels – 0.6% | |
| | 5,168 | | Matador Resources Co. | | | 293,129 | |
| | 37,978 | | Permian Resources Corp. | | | 540,807 | |
| | | | | | | | |
| | | | | | | 833,936 | |
| | | |
| | Personal Care Products – 1.0% | |
| | 6,309 | | Inter Parfums, Inc. | | | 812,851 | |
| | 14,127 | | Oddity Tech Ltd., Class A (Israel)* | | | 519,874 | |
| | | | | | | | |
| | | | | | | 1,332,725 | |
| | | |
| | Pharmaceuticals – 0.6% | |
| | 11,633 | | Intra-Cellular Therapies, Inc.* | | | 852,466 | |
| | | |
| | Professional Services – 0.7% | |
| | 9,895 | | Maximus, Inc. | | | 912,913 | |
| | | |
| | Semiconductors & Semiconductor Equipment – 7.3% | |
| | 10,666 | | Astera Labs, Inc.* | | | 459,278 | |
| | 12,691 | | Axcelis Technologies, Inc.* | | | 1,387,507 | |
| | 13,937 | | Camtek Ltd. (Israel) | | | 1,268,546 | |
| | 35,337 | | Cohu, Inc.* | | | 950,918 | |
| | 52,570 | | Credo Technology Group Holding Ltd.* | | | 1,835,219 | |
| | 27,875 | | FormFactor, Inc.* | | | 1,359,464 | |
| | 8,043 | | Impinj, Inc.* | | | 1,352,028 | |
| | 16,699 | | Power Integrations, Inc. | | | 1,120,503 | |
| | | | | | | | |
| | | | | | | 9,733,463 | |
| | | |
| | Software – 10.8% | |
| | 50,084 | | Alkami Technology, Inc.* | | | 1,669,801 | |
| | 56,427 | | Clearwater Analytics Holdings, Inc., Class A* | | | 1,398,261 | |
| | 31,628 | | Confluent, Inc., Class A* | | | 671,146 | |
| | 29,241 | | nCino, Inc.* | | | 876,060 | |
| | 23,675 | | Onestream, Inc.* | | | 733,925 | |
| | 39,281 | | SentinelOne, Inc., Class A* | | | 925,460 | |
| | 20,234 | | Smartsheet, Inc., Class A* | | | 987,419 | |
| | 10,424 | | SPS Commerce, Inc.* | | | 2,082,090 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | Software – (continued) | |
| | 33,749 | | Tenable Holdings, Inc.* | | $ | 1,393,159 | |
| | 37,761 | | Varonis Systems, Inc.* | | | 2,137,273 | |
| | 39,444 | | Vertex, Inc., Class A* | | | 1,526,088 | |
| | | | | | | | |
| | | | | | | 14,400,682 | |
| | | |
| | Specialty Retail – 2.1% | |
| | 85,930 | | Arhaus, Inc. | | | 1,057,798 | |
| | 13,027 | | Boot Barn Holdings, Inc.* | | | 1,747,833 | |
| | | | | | | | |
| | | | | | | 2,805,631 | |
| | | |
| | Textiles, Apparel & Luxury Goods – 1.9% | |
| | 7,844 | | Crocs, Inc.* | | | 1,146,557 | |
| | 17,526 | | Kontoor Brands, Inc. | | | 1,311,821 | |
| | | | | | | | |
| | | | | | | 2,458,378 | |
| | | |
| | Trading Companies & Distributors – 1.1% | |
| | 30,598 | | Core & Main, Inc., Class A* | | | 1,469,622 | |
| | | |
| | |
| | TOTAL COMMON STOCKS (Cost $108,316,147) | | | 131,468,988 | |
| | | |
| | |
Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 1.4%(b) | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | |
| | 1,877,227 | | 5.183% | | | 1,877,227 | |
| | (Cost $1,877,227) | |
| | | |
| | |
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $110,193,374) | | | 133,346,215 | |
| | | |
| | | | | | | | |
| |
| | Securities Lending Reinvestment Vehicle – 1.5%(b) | |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | 2,073,871 | | 5.183% | | | 2,073,871 | |
| | (Cost $2,073,871) | |
| | | |
| | TOTAL INVESTMENTS – 101.2% (Cost $112,267,245) | | $ | 135,420,086 | |
| | | |
| | LIABILITIES IN EXCESS OF
OTHER ASSETS – (1.2)% | | | (1,606,469 | ) |
| | | |
| | NET ASSETS – 100.0% | | $ | 133,813,617 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | All or a portion of security is on loan. |
| (b) | | Represents an affiliated issuer. |
| | |
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
|
|
| | |
| 12 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – 98.7% | |
| | Aerospace & Defense – 1.9% | |
| | 313,712 | | Loar Holdings, Inc.* | | $ | 23,264,882 | |
| | 57,694 | | Moog, Inc., Class A | | | 11,388,795 | |
| | | | | | | | |
| | | | | | | 34,653,677 | |
| | | |
| | Automobile Components – 0.7% | |
| | 112,095 | | Modine Manufacturing Co.* | | | 13,625,147 | |
| | | |
| | Beverages – 0.9% | |
| | 11,985 | | Coca-Cola Consolidated, Inc. | | | 16,088,664 | |
| | | |
| | Biotechnology – 11.6% | |
| | 148,933 | | Blueprint Medicines Corp.* | | | 14,229,059 | |
| | 137,829 | | Celldex Therapeutics, Inc.* | | | 5,696,472 | |
| | 104,244 | | Crinetics Pharmaceuticals, Inc.* | | | 5,531,187 | |
| | 160,653 | | Dyne Therapeutics, Inc.* | | | 7,404,497 | |
| | 256,808 | | Exact Sciences Corp.* | | | 15,842,485 | |
| | 338,348 | | Exelixis, Inc.* | | | 8,807,198 | |
| | 166,670 | | Halozyme Therapeutics, Inc.* | | | 10,641,879 | |
| | 237,261 | | Insmed, Inc.* | | | 18,143,349 | |
| | 36,994 | | Madrigal Pharmaceuticals, Inc.* | | | 9,142,327 | |
| | 247,564 | | Natera, Inc.* | | | 29,276,919 | |
| | 137,629 | | Neurocrine Biosciences, Inc.* | | | 17,487,141 | |
| | 148,214 | | REVOLUTION Medicines, Inc.* | | | 6,318,363 | |
| | 1,098,276 | | Roivant Sciences Ltd.* | | | 13,431,915 | |
| | 139,290 | | Sarepta Therapeutics, Inc.* | | | 18,912,796 | |
| | 243,961 | | Ultragenyx Pharmaceutical, Inc.* | | | 13,852,106 | |
| | 186,876 | | Vaxcyte, Inc.* | | | 15,092,106 | |
| | | | | | | | |
| | | | | | | 209,809,799 | |
| | | |
| | Building Products – 2.3% | |
| | 327,858 | | AAON, Inc. | | | 31,313,718 | |
| | 17,181 | | Lennox International, Inc. | | | 10,140,054 | |
| | | | | | | | |
| | | | | | | 41,453,772 | |
| | | |
| | Capital Markets – 4.7% | |
| | 252,978 | | Hamilton Lane, Inc., Class A | | | 38,665,157 | |
| | 101,224 | | Houlihan Lokey, Inc. | | | 15,853,703 | |
| | 268,225 | | Jefferies Financial Group, Inc. | | | 16,080,089 | |
| | 46,293 | | Morningstar, Inc. | | | 14,525,355 | |
| | | | | | | | |
| | | | | | | 85,124,304 | |
| | | |
| | Chemicals – 2.9% | |
| | 313,259 | | Ashland, Inc. | | | 28,036,681 | |
| | 216,429 | | RPM International, Inc. | | | 25,159,871 | |
| | | | | | | | |
| | | | | | | 53,196,552 | |
| | | |
| | Commercial Services & Supplies – 1.3% | |
| | 95,683 | | Tetra Tech, Inc. | | | 22,747,676 | |
| | | |
| | Construction & Engineering – 1.1% | |
| | 52,375 | | EMCOR Group, Inc. | | | 20,586,518 | |
| | | |
| | Consumer Staples Distribution & Retail – 2.3% | |
| | 217,843 | | BJ’s Wholesale Club Holdings, Inc.* | | | 17,418,726 | |
| | 63,435 | | Casey’s General Stores, Inc. | | | 22,983,135 | |
| | | | | | | | |
| | | | | | | 40,401,861 | |
| | | |
| | Containers & Packaging – 1.9% | |
| | 81,884 | | Avery Dennison Corp. | | | 18,165,966 | |
| | 259,026 | | Ball Corp. | | | 16,528,449 | |
| | | | | | | | |
| | | | | | | 34,694,415 | |
| | | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | Distributors – 1.5% | |
| | 76,675 | | Pool Corp. | | $ | 26,960,464 | |
| | | |
| | Diversified Consumer Services – 0.6% | |
| | 82,208 | | Bright Horizons Family Solutions, Inc.* | | | 11,568,310 | |
| | | |
| | Electrical Equipment – 2.8% | |
| | 66,383 | | Hubbell, Inc. | | | 26,547,889 | |
| | 345,665 | | nVent Electric PLC | | | 23,491,394 | |
| | | | | | | | |
| | | | | | | 50,039,283 | |
| | | |
| | Electronic Equipment, Instruments & Components – 3.6% | |
| | 93,751 | | Badger Meter, Inc. | | | 19,400,832 | |
| | 172,152 | | Novanta, Inc.* | | | 31,552,019 | |
| | 42,304 | | Zebra Technologies Corp., Class A* | | | 14,610,955 | |
| | | | | | | | |
| | | | | | | 65,563,806 | |
| | | |
| | Energy Equipment & Services – 0.6% | |
| | 218,738 | | Noble Corp. PLC | | | 8,344,855 | |
| | 24,975 | | Weatherford International PLC | | | 2,620,876 | |
| | | | | | | | |
| | | | | | | 10,965,731 | |
| | | |
| | Entertainment – 1.2% | |
| | 272,662 | | Liberty Media Corp.-Liberty Formula One, Class C* | | | 21,281,269 | |
| | | |
| | Ground Transportation – 0.6% | |
| | 28,123 | | Saia, Inc.* | | | 10,569,467 | |
| | | |
| | Health Care Equipment & Supplies – 3.0% | |
| | 197,571 | | Cooper Cos., Inc. (The)* | | | 20,889,182 | |
| | 72,201 | | Glaukos Corp.* | | | 9,666,992 | |
| | 63,501 | | Lantheus Holdings, Inc.* | | | 6,760,951 | |
| | 82,446 | | Penumbra, Inc.* | | | 16,680,475 | |
| | | | | | | | |
| | | | | | | 53,997,600 | |
| | | |
| | Health Care Providers & Services – 1.6% | |
| | 96,593 | | Encompass Health Corp. | | | 8,987,979 | |
| | 136,449 | | Ensign Group, Inc. (The) | | | 20,652,920 | |
| | | | | | | | |
| | | | | | | 29,640,899 | |
| | | |
| | Hotels, Restaurants & Leisure – 5.1% | |
| | 130,847 | | Cava Group, Inc.* | | | 14,921,792 | |
| | 43,131 | | Domino’s Pizza, Inc. | | | 17,865,291 | |
| | 144,017 | | Texas Roadhouse, Inc. | | | 24,302,869 | |
| | 266,583 | | Viking Holdings Ltd.* | | | 8,943,860 | |
| | 68,547 | | Wingstop, Inc. | | | 26,466,682 | |
| | | | | | | | |
| | | | | | | 92,500,494 | |
| | | |
| | Household Durables – 1.8% | |
| | 200,735 | | SharkNinja, Inc. | | | 19,234,428 | |
| | 32,520 | | TopBuild Corp.* | | | 12,781,010 | |
| | | | | | | | |
| | | | | | | 32,015,438 | |
| | | |
| | Insurance – 2.6% | |
| | 63,451 | | Kinsale Capital Group, Inc. | | | 31,160,152 | |
| | 243,594 | | Ryan Specialty Holdings, Inc. | | | 15,743,480 | |
| | | | | | | | |
| | | | | | | 46,903,632 | |
| | | |
| | IT Services – 1.0% | |
| | 63,446 | | MongoDB, Inc.* | | | 18,449,462 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 13 |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
|
Schedule of Investments (continued) August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | Life Sciences Tools & Services – 3.7% | |
| | 143,626 | | Bio-Techne Corp. | | $ | 10,626,888 | |
| | 326,211 | | Bruker Corp. | | | 21,918,117 | |
| | 55,444 | | Medpace Holdings, Inc.* | | | 19,697,590 | |
| | 93,127 | | Repligen Corp.* | | | 14,055,658 | |
| | | | | | | | |
| | | | | | | 66,298,253 | |
| | | |
| | Machinery – 8.9% | |
| | 47,161 | | Crane Co. | | | 7,469,359 | |
| | 152,136 | | Esab Corp. | | | 15,969,716 | |
| | 206,679 | | Federal Signal Corp. | | | 19,529,099 | |
| | 94,755 | | IDEX Corp. | | | 19,565,012 | |
| | 114,243 | | Lincoln Electric Holdings, Inc. | | | 22,118,587 | |
| | 84,610 | | Nordson Corp. | | | 21,707,542 | |
| | 72,270 | | RBC Bearings, Inc.* | | | 21,525,619 | |
| | 122,252 | | SPX Technologies, Inc.* | | | 19,944,191 | |
| | 66,575 | | Watts Water Technologies, Inc., Class A | | | 13,095,303 | |
| | | | | | | | |
| | | | | | | 160,924,428 | |
| | | |
| | Oil, Gas & Consumable Fuels – 0.7% | |
| | 89,291 | | Antero Resources Corp.* | | | 2,409,964 | |
| | 48,527 | | Chesapeake Energy Corp. | | | 3,614,776 | |
| | 457,015 | | Permian Resources Corp. | | | 6,507,894 | |
| | | | | | | | |
| | | | | | | 12,532,634 | |
| | | |
| | Personal Care Products – 0.8% | |
| | 95,111 | | elf Beauty, Inc.* | | | 14,246,677 | |
| | | |
| | Pharmaceuticals – 0.7% | |
| | 163,530 | | Intra-Cellular Therapies, Inc.* | | | 11,983,478 | |
| | | |
| | Professional Services – 1.6% | |
| | 290,206 | | Parsons Corp.* | | | 27,703,065 | |
| | | |
| | Semiconductors & Semiconductor Equipment – 4.2% | |
| | 152,566 | | Astera Labs, Inc.*(a) | | | 6,569,492 | |
| | 306,808 | | Lattice Semiconductor Corp.* | | | 14,530,427 | |
| | 213,983 | | MACOM Technology Solutions Holdings, Inc.* | | | 23,373,363 | |
| | 123,622 | | MKS Instruments, Inc. | | | 14,739,451 | |
| | 79,882 | | Onto Innovation, Inc.* | | | 17,032,440 | |
| | | | | | | | |
| | | | | | | 76,245,173 | �� |
| | | |
| | Software – 13.1% | |
| | 82,823 | | CyberArk Software Ltd.* | | | 23,748,667 | |
| | 448,129 | | Dynatrace, Inc.* | | | 22,684,290 | |
| | 134,792 | | Guidewire Software, Inc.* | | | 20,053,006 | |
| | 548,237 | | Klaviyo, Inc., Class A* | | | 17,247,536 | |
| | 132,805 | | Manhattan Associates, Inc.* | | | 35,117,626 | |
| | 69,424 | | Monday.com Ltd.* | | | 18,459,147 | |
| | 259,434 | | Nutanix, Inc., Class A* | | | 16,393,635 | |
| | 328,922 | | Onestream, Inc.* | | | 10,196,582 | |
| | 269,164 | | Procore Technologies, Inc.* | | | 15,953,350 | |
| | 520,458 | | Samsara, Inc., Class A* | | | 21,375,210 | |
| | 104,246 | | SPS Commerce, Inc.* | | | 20,822,096 | |
| | 243,425 | | Varonis Systems, Inc.* | | | 13,777,855 | |
| | | | | | | | |
| | | | | | | 235,829,000 | |
| | | |
| | Specialty Retail – 1.3% | |
| | 209,838 | | Floor & Decor Holdings, Inc., Class A* | | | 23,594,185 | |
| | | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | Technology Hardware, Storage & Peripherals – 0.9% | |
| | 316,165 | | Pure Storage, Inc., Class A* | | $ | 16,216,103 | |
| | | |
| | Textiles, Apparel & Luxury Goods – 2.4% | |
| | 319,556 | | Birkenstock Holding PLC (Luxembourg)* | | | 15,945,844 | |
| | 96,234 | | Crocs, Inc.* | | | 14,066,524 | |
| | 285,326 | | On Holding AG, Class A (Switzerland)* | | | 13,404,616 | |
| | | | | | | | |
| | | | | | | 43,416,984 | |
| | | |
| | Trading Companies & Distributors – 2.8% | |
| | 381,971 | | Core & Main, Inc., Class A* | | | 18,346,067 | |
| | 133,185 | | SiteOne Landscape Supply, Inc.* | | | 18,893,624 | |
| | 26,969 | | Watsco, Inc. | | | 12,821,602 | |
| | | | | | | | |
| | | | | | | 50,061,293 | |
| | | |
| | |
| | TOTAL COMMON STOCKS (Cost $1,354,633,023) | | | 1,781,889,513 | |
| | | |
| | |
Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 0.9%(b) | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | |
| | 15,677,804 | | 5.183% | | | 15,677,804 | |
| | (Cost $15,677,804) | |
| | | |
| | |
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,370,310,827) | | | 1,797,567,317 | |
| | | |
| | | | | | | | |
| |
| | Securities Lending Reinvestment Vehicle – 0.2%(b) | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | |
| | 2,789,778 | | 5.183% | | | 2,789,778 | |
| | (Cost $2,789,778) | |
| | | |
| | TOTAL INVESTMENTS – 99.8%
(Cost $1,373,100,605) | | $ | 1,800,357,095 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.2% | | | 3,713,136 | |
| | | |
| | |
| | NET ASSETS – 100.0% | | $ | 1,804,070,231 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | All or a portion of security is on loan. |
| (b) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
|
|
| | |
| 14 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC GROWTH FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – 99.3% | |
| | Automobiles – 1.1% | |
| | 9,605 | | Tesla, Inc.* | | $ | 2,056,527 | |
| | | |
| | Biotechnology – 1.4% | |
| | 3,473 | | Alnylam Pharmaceuticals, Inc.* | | | 912,323 | |
| | 2,110 | | Argenx SE ADR (Netherlands)* | | | 1,091,545 | |
| | 5,152 | | Neurocrine Biosciences, Inc.* | | | 654,613 | |
| | | | | | | | |
| | | | | | | 2,658,481 | |
| | | |
| | Broadline Retail – 6.3% | |
| | 66,512 | | Amazon.com, Inc.* | | | 11,872,392 | |
| | | |
| | Capital Markets – 2.0% | |
| | 27,822 | | Charles Schwab Corp. (The) | | | 1,811,212 | |
| | 3,237 | | MSCI, Inc. | | | 1,879,370 | |
| | | | | | | | |
| | | | | | | 3,690,582 | |
| | | |
| | Chemicals – 1.7% | |
| | 1,785 | | Linde PLC | | | 853,677 | |
| | 6,379 | | Sherwin-Williams Co. (The) | | | 2,356,211 | |
| | | | | | | | |
| | | | | | | 3,209,888 | |
| | | |
| | Commercial Services & Supplies – 0.9% | |
| | 9,054 | | Waste Connections, Inc. | | | 1,688,571 | |
| | | |
| | Construction Materials – 0.5% | |
| | 1,876 | | Martin Marietta Materials, Inc. | | | 1,002,084 | |
| | | |
| | Electrical Equipment – 1.6% | |
| | 6,459 | | GE Vernova, Inc.* | | | 1,298,259 | |
| | 5,867 | | Rockwell Automation, Inc. | | | 1,596,000 | |
| | | | | | | | |
| | | | | | | 2,894,259 | |
| | | |
| | Entertainment – 2.6% | |
| | 4,992 | | Netflix, Inc.* | | | 3,501,139 | |
| | 3,789 | | Spotify Technology SA* | | | 1,299,173 | |
| | | | | | | | |
| | | | | | | 4,800,312 | |
| | | |
| | Financial Services – 3.2% | |
| | 12,384 | | Mastercard, Inc., Class A | | | 5,985,683 | |
| | | |
| | Ground Transportation – 1.6% | |
| | 9,344 | | Old Dominion Freight Line, Inc. | | | 1,801,523 | |
| | 3,053 | | Saia, Inc.* | | | 1,147,409 | |
| | | | | | | | |
| | | | | | | 2,948,932 | |
| | | |
| | Health Care Equipment & Supplies – 3.6% | |
| | 3,388 | | Align Technology, Inc.* | | | 803,701 | |
| | 24,009 | | Boston Scientific Corp.* | | | 1,963,696 | |
| | 8,386 | | Insulet Corp.* | | | 1,700,429 | |
| | 4,531 | | Intuitive Surgical, Inc.* | | | 2,232,107 | |
| | | | | | | | |
| | | | | | | 6,699,933 | |
| | | |
| | Hotels, Restaurants & Leisure – 2.3% | |
| | 9,088 | | Cava Group, Inc.* | | | 1,036,395 | |
| | 7,909 | | DoorDash, Inc., Class A* | | | 1,017,967 | |
| | 29,870 | | DraftKings, Inc., Class A* | | | 1,030,515 | |
| | 4,359 | | McDonald’s Corp. | | | 1,258,269 | |
| | | | | | | | |
| | | | | | | 4,343,146 | |
| | | |
| | Household Products – 0.8% | |
| | 8,560 | | Procter & Gamble Co. (The) | | | 1,468,382 | |
| | | |
| | Interactive Media & Services – 9.5% | |
| | 56,199 | | Alphabet, Inc., Class A | | | 9,181,793 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | Interactive Media & Services – (continued) | |
| | 29,965 | | Alphabet, Inc., Class C | | $ | 4,947,521 | |
| | 5,200 | | Meta Platforms, Inc., Class A | | | 2,710,812 | |
| | 99,769 | | Snap, Inc., Class A* | | | 931,842 | |
| | | | | | | | |
| | | | | | | 17,771,968 | |
| | | |
| | IT Services – 1.2% | |
| | 3,990 | | Accenture PLC, Class A (Ireland) | | | 1,364,380 | |
| | 8,151 | | Snowflake, Inc., Class A* | | | 931,089 | |
| | | | | | | | |
| | | | | | | 2,295,469 | |
| | | |
| | Machinery – 0.5% | |
| | 6,640 | | Xylem, Inc. | | | 913,199 | |
| | | |
| | Oil, Gas & Consumable Fuels – 1.4% | |
| | 14,052 | | Cheniere Energy, Inc. | | | 2,603,274 | |
| | | |
| | Pharmaceuticals – 5.2% | |
| | 26,341 | | AstraZeneca PLC ADR (United Kingdom) | | | 2,307,998 | |
| | 7,822 | | Eli Lilly & Co. | | | 7,509,277 | |
| | | | | | | | |
| | | | | | | 9,817,275 | |
| | | |
| | Professional Services – 0.9% | |
| | 5,095 | | Equifax, Inc. | | | 1,564,827 | |
| | | |
| | Real Estate Management & Development – 0.4% | |
| | 10,515 | | CoStar Group, Inc.* | | | 812,810 | |
| | | |
| | Semiconductors & Semiconductor Equipment – 16.4% | |
| | 40,202 | | Broadcom, Inc. | | | 6,545,690 | |
| | 5,201 | | Enphase Energy, Inc.* | | | 629,529 | |
| | 1,615 | | KLA Corp. | | | 1,323,379 | |
| | 34,495 | | Marvell Technology, Inc. | | | 2,629,899 | |
| | 147,755 | | NVIDIA Corp. | | | 17,637,514 | |
| | 9,471 | | Texas Instruments, Inc. | | | 2,030,014 | |
| | | | | | | | |
| | | | | | | 30,796,025 | |
| | | |
| | Software – 18.7% | |
| | 5,165 | | Adobe, Inc.* | | | 2,966,828 | |
| | 13,951 | | AppLovin Corp., Class A* | | | 1,295,629 | |
| | 25,376 | | Dynatrace, Inc.* | | | 1,284,533 | |
| | 733 | | Fair Isaac Corp.* | | | 1,268,288 | |
| | 3,772 | | Intuit, Inc. | | | 2,377,341 | |
| | 52,351 | | Microsoft Corp. | | | 21,837,696 | |
| | 7,431 | | Oracle Corp. | | | 1,049,926 | |
| | 11,940 | | Salesforce, Inc. | | | 3,019,626 | |
| | | | | | | | |
| | | | | | | 35,099,867 | |
| | | |
| | Specialty Retail – 2.4% | |
| | 10,602 | | Lowe’s Cos., Inc. | | | 2,634,597 | |
| | 12,361 | | Ross Stores, Inc. | | | 1,861,690 | |
| | | | | | | | |
| | | | | | | 4,496,287 | |
| | | |
| | Technology Hardware, Storage & Peripherals – 13.1% | |
| | 106,810 | | Apple, Inc. | | | 24,459,490 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $79,115,442) | | | 185,949,663 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 15 |
GOLDMAN SACHS STRATEGIC GROWTH FUND
|
Schedule of Investments (continued) August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Dividend Rate | | Value | |
| |
| | | Investment Company – 0.4%(a) | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | |
| | 723,465 | | 5.183% | | $ | 723,465 | |
| | (Cost $723,465) | | | | |
| | | |
| | TOTAL INVESTMENTS – 99.7% (Cost $79,838,907) | | $ | 186,673,128 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.3% | | | 619,465 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 187,292,593 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| ADR | | —American Depositary Receipt |
| PLC | | —Public Limited Company |
|
|
| | |
| 16 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | | Common Stocks – 99.2% | |
| | Broadline Retail – 9.1% | |
| | 314,994 | | Amazon.com, Inc.* | | $ | 56,226,429 | |
| | 7,430 | | MercadoLibre, Inc. (Brazil)* | | | 15,318,134 | |
| | | | | | | | |
| | | | | | | 71,544,563 | |
| | | |
| | Communications Equipment – 2.4% | |
| | 43,461 | | Motorola Solutions, Inc. | | | 19,211,500 | |
| | | |
| | Financial Services – 6.3% | |
| | 184,702 | | Fidelity National Information Services, Inc. | | | 15,228,680 | |
| | 27,668 | | Mastercard, Inc., Class A | | | 13,373,051 | |
| | 73,199 | | Visa, Inc., Class A | | | 20,230,008 | |
| | | | | | | | |
| | | | | | | 48,831,739 | |
| | | |
| | Interactive Media & Services – 11.5% | |
| | 419,586 | | Alphabet, Inc., Class C | | | 69,277,844 | |
| | 30,695 | | Meta Platforms, Inc., Class A | | | 16,001,610 | |
| | 567,581 | | Snap, Inc., Class A* | | | 5,301,207 | |
| | | | | | | | |
| | | | | | | 90,580,661 | |
| | | |
| | IT Services – 3.3% | |
| | 57,826 | | Accenture PLC, Class A (Ireland) | | | 19,773,601 | |
| | 55,862 | | Snowflake, Inc., Class A* | | | 6,381,116 | |
| | | | | | | | |
| | | | | | | 26,154,717 | |
| | | |
| | Semiconductors & Semiconductor Equipment – 29.7% | |
| | 102,599 | | Applied Materials, Inc. | | | 20,238,679 | |
| | 210,732 | | Broadcom, Inc. | | | 34,311,384 | |
| | 43,093 | | KLA Corp. | | | 35,311,697 | |
| | 557,677 | | Marvell Technology, Inc. | | | 42,517,294 | |
| | 126,728 | | Micron Technology, Inc. | | | 12,196,303 | |
| | 579,703 | | NVIDIA Corp. | | | 69,199,147 | |
| | 88,780 | | Texas Instruments, Inc. | | | 19,029,105 | |
| | | | | | | | |
| | | | | | | 232,803,609 | |
| | | |
| | Software – 28.8% | |
| | 43,064 | | Adobe, Inc.* | | | 24,736,392 | |
| | 122,335 | | Datadog, Inc., Class A* | | | 14,222,667 | |
| | 408,794 | | Dynatrace, Inc.* | | | 20,693,152 | |
| | 28,294 | | HubSpot, Inc.* | | | 14,120,687 | |
| | 184,136 | | Microsoft Corp. | | | 76,810,491 | |
| | 139,129 | | Oracle Corp. | | | 19,657,536 | |
| | 100,864 | | Salesforce, Inc. | | | 25,508,506 | |
| | 34,785 | | Workday, Inc., Class A* | | | 9,155,064 | |
| | 107,606 | | Zscaler, Inc.* | | | 21,519,048 | |
| | | | | | | 226,423,543 | |
| | | |
| | Specialized REITs – 3.0% | |
| | 27,919 | | Equinix, Inc. REIT | | | 23,294,497 | |
| | | |
| | Technology Hardware, Storage & Peripherals – 5.1% | |
| | 175,471 | | Apple, Inc. | | | 40,182,859 | |
| | | |
| | |
| | TOTAL COMMON STOCKS (Cost $394,077,484) | | | 779,027,688 | |
| | | |
| | | | | | | | |
| |
Shares | | Dividend Rate | | Value | |
| |
| | | Investment Company – 0.8%(a) | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | |
| | 5,964,907 | | 5.183% | | $ | 5,964,907 | |
| | (Cost $5,964,907) | | | | |
| | | |
| | TOTAL INVESTMENTS – 100.0% (Cost $400,042,391) | | $ | 784,992,595 | |
| | | |
| | LIABILITIES IN EXCESS OF
OTHER ASSETS – (0.0)% | | | (64,887 | ) |
| | | |
| | NET ASSETS – 100.0% | | $ | 784,927,708 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 17 |
GOLDMAN SACHS U.S. EQUITY ESG FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – 99.4% | |
| | Air Freight & Logistics – 1.5% | |
| | 3,268 | | United Parcel Service, Inc., Class B | | $ | 420,101 | |
| | | |
| | Banks – 3.9% | |
| | 4,945 | | JPMorgan Chase & Co. | | | 1,111,636 | |
| | | |
| | Broadline Retail – 4.1% | |
| | 6,481 | | Amazon.com, Inc.* | | | 1,156,859 | |
| | | |
| | Capital Markets – 4.7% | |
| | 604 | | BlackRock, Inc. | | | 544,693 | |
| | 7,649 | | Morgan Stanley | | | 792,513 | |
| | | | | | | | |
| | | | | | | 1,337,206 | |
| | | |
| | Chemicals – 1.7% | |
| | 1,031 | | Linde PLC | | | 493,076 | |
| | | |
| | Communications Equipment – 2.0% | |
| | 11,583 | | Cisco Systems, Inc. | | | 585,405 | |
| | | |
| | Consumer Finance – 2.6% | |
| | 2,844 | | American Express Co. | | | 735,601 | |
| | | |
| | Consumer Staples Distribution & Retail – 2.7% | |
| | 10,087 | | Walmart, Inc. | | | 779,019 | |
| | | |
| | Diversified Telecommunication Services – 2.4% | |
| | 34,906 | | AT&T, Inc. | | | 694,629 | |
| | | |
| | Electric Utilities – 2.8% | |
| | 9,821 | | NextEra Energy, Inc. | | | 790,689 | |
| | | |
| | Electrical Equipment – 5.4% | |
| | 1,550 | | Eaton Corp. PLC | | | 475,741 | |
| | 2,826 | | GE Vernova, Inc.* | | | 568,026 | |
| | 1,827 | | Rockwell Automation, Inc. | | | 496,999 | |
| | | | | | | | |
| | | | | | | 1,540,766 | |
| | | |
| | Ground Transportation – 1.3% | |
| | 1,890 | | Old Dominion Freight Line, Inc. | | | 364,392 | |
| | | |
| | Health Care Equipment & Supplies – 3.6% | |
| | 4,717 | | Cooper Cos., Inc. (The)* | | | 498,729 | |
| | 1,053 | | Intuitive Surgical, Inc.* | | | 518,739 | |
| | | | | | | | |
| | | | | | | 1,017,468 | |
| | | |
| | Health Care Providers & Services – 2.5% | |
| | 701 | | Humana, Inc. | | | 248,483 | |
| | 800 | | UnitedHealth Group, Inc. | | | 472,160 | |
| | | | | | | | |
| | | | | | | 720,643 | |
| | | |
| | Hotels, Restaurants & Leisure – 2.6% | |
| | 2,530 | | McDonald’s Corp. | | | 730,310 | |
| | | |
| | Household Products – 3.0% | |
| | 4,993 | | Procter & Gamble Co. (The) | | | 856,499 | |
| | | |
| | Interactive Media & Services – 3.9% | |
| | 6,779 | | Alphabet, Inc., Class A | | | 1,107,553 | |
| | | |
| | IT Services – 2.0% | |
| | 1,679 | | Accenture PLC, Class A (Ireland) | | | 574,134 | |
| | | |
| | Life Sciences Tools & Services – 2.4% | |
| | 2,495 | | Danaher Corp. | | | 671,928 | |
| | | |
| | Machinery – 3.4% | |
| | 1,443 | | Caterpillar, Inc. | | | 513,852 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | Machinery – (continued) | |
| | 3,346 | | Xylem, Inc. | | $ | 460,176 | |
| | | | | | | | |
| | | | | | | 974,028 | |
| | | |
| | Metals & Mining – 1.7% | |
| | 4,095 | | Steel Dynamics, Inc. | | | 489,393 | |
| | | |
| | Pharmaceuticals – 4.5% | |
| | 752 | | Eli Lilly & Co. | | | 721,935 | |
| | 4,723 | | Merck & Co., Inc. | | | 559,439 | |
| | | | | | | | |
| | | | | | | 1,281,374 | |
| | | |
| | Semiconductors & Semiconductor Equipment – 10.6% | |
| | 1,862 | | Broadcom, Inc. | | | 303,171 | |
| | 3,955 | | Marvell Technology, Inc. | | | 301,529 | |
| | 3,205 | | Micron Technology, Inc. | | | 308,449 | |
| | 12,598 | | NVIDIA Corp. | | | 1,503,823 | |
| | 2,738 | | Texas Instruments, Inc. | | | 586,863 | |
| | | | | | | | |
| | | | | | | 3,003,835 | |
| | | |
| | Software – 8.8% | |
| | 4,876 | | Microsoft Corp. | | | 2,033,975 | |
| | 1,850 | | Salesforce, Inc. | | | 467,865 | |
| | | | | | | | |
| | | | | | | 2,501,840 | |
| | | |
| | Specialized REITs – 2.3% | |
| | 2,889 | | American Tower Corp. REIT | | | 647,309 | |
| | | |
| | Specialty Retail – 2.0% | |
| | 2,339 | | Lowe’s Cos., Inc. | | | 581,242 | |
| | | |
| | Technology Hardware, Storage & Peripherals – 7.7% | |
| | 9,575 | | Apple, Inc. | | | 2,192,675 | |
| | | |
| | Textiles, Apparel & Luxury Goods – 1.6% | |
| | 5,352 | | NIKE, Inc., Class B | | | 445,929 | |
| | | |
| | Water Utilities – 1.7% | |
| | 3,371 | | American Water Works Co., Inc. | | | 482,458 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $18,975,813) | | | 28,287,997 | |
| | | |
| | | | | | | | |
| | | Shares | | Dividend Rate | | Value | |
| | Investment Company – 0.4%(a) | |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | 100,881 | | 5.183% | | | 100,881 | |
| | (Cost $100,881) | |
| | | |
| | |
| | TOTAL INVESTMENTS – 99.8% (Cost $19,076,694) | | $ | 28,388,878 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.2% | | | 48,505 | |
| | | |
| | |
| | NET ASSETS – 100.0% | | $ | 28,437,383 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Represents an affiliated issuer. |
| | |
| 18 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY ESG FUND
| | |
|
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 19 |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Statements of Assets and Liabilities August 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Enhanced Core Equity
Fund | | | Large Cap Core Fund | | | Mid Cap Growth Fund | | | |
| | |
| | | Assets: | | | |
| | | | | |
| | Investments in unaffiliated issuers, at value (cost $235,405,195, $745,844,285 and $706,573,916, respectively) | | $ | 340,882,272 | | | $ | 1,300,540,134 | | | $ | 879,881,139 | | | |
| | Investments in affiliated issuers, at value (cost $2,148,994, $11,242,350 and $18,331,907, respectively) | | | 2,148,994 | | | | 11,242,350 | | | | 18,331,907 | | | |
| | Cash | | | 519,531 | | | | 20,022,270 | | | | 564,788 | | | |
| | Receivables: | | | | | | | | | | | | | | |
| | Dividends | | | 343,363 | | | | 1,329,290 | | | | 199,336 | | | |
| | Fund shares sold | | | 331,218 | | | | 90,057 | | | | 276,437 | | | |
| | Reimbursement from investment adviser | | | 250,850 | | | | 90,384 | | | | 38,138 | | | |
| | Investments sold | | | — | | | | — | | | | 2,994,853 | | | |
| | Securities lending income | | | — | | | | 57 | | | | 16 | | | |
| | Other assets | | | 43,026 | | | | 63,990 | | | | 55,088 | | | |
| | |
| | Total assets | | | 344,519,254 | | | | 1,333,378,532 | | | | 902,341,702 | | | |
| | |
| | | | | |
| | Liabilities: | | | | | | | | | | | | | | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | |
| | Management fees | | | 154,831 | | | | 783,782 | | | | 596,647 | | | |
| | Fund shares redeemed | | | 23,916 | | | | 333,611 | | | | 2,201,881 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 22,804 | | | | 300,617 | | | | 123,405 | | | |
| | Investments purchased | | | — | | | | — | | | | 3,527,125 | | | |
| | Accrued expenses | | | 114,772 | | | | 182,356 | | | | 180,016 | | | |
| | |
| | Total liabilities | | | 316,323 | | | | 1,600,366 | | | | 6,629,074 | | | |
| | |
| | | | | |
| | Net Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 233,427,074 | | | | 650,161,195 | | | | 649,990,378 | | | |
| | Total distributable earnings | | | 110,775,857 | | | | 681,616,971 | | | | 245,722,250 | | | |
| | |
| | NET ASSETS | | $ | 344,202,931 | | | $ | 1,331,778,166 | | | $ | 895,712,628 | | | |
| | | | | | | | | | | | | | | | |
| | | Net Assets: | | | | | | | | | | | | | | |
| | | Class A | | $ | 28,668,584 | | | $ | 941,875,278 | | | $ | 239,246,166 | | | |
| | | Class C | | | 3,268,305 | | | | 20,425,321 | | | | 9,664,214 | | | |
| | | Institutional | | | 46,799,375 | | | | 135,154,107 | | | | 264,134,098 | | | |
| | | Service | | | — | | | | 788,399 | | | | 22,648,922 | | | |
| | | Investor | | | 21,077,403 | | | | 55,087,491 | | | | 94,163,224 | | | |
| | | Class R6 | | | 25,086,991 | | | | 14,113,328 | | | | 195,527,780 | | | |
| | | Class R | | | 512,970 | | | | 10,345,976 | | | | 31,067,162 | | | |
| | | Class P | | | 218,789,303 | | | | 153,988,266 | | | | 39,261,062 | | | |
| | | Total Net Assets | | $ | 344,202,931 | | | $ | 1,331,778,166 | | | $ | 895,712,628 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | |
| | | Class A | | | 1,455,709 | | | | 27,228,122 | | | | 19,319,177 | | | |
| | | Class C | | | 205,766 | | | | 1,225,399 | | | | 492,304 | | | |
| | | Institutional | | | 2,143,025 | | | | 3,242,373 | | | | 13,000,477 | | | |
| | | Service | | | — | | | | 24,502 | | | | 2,200,409 | | | |
| | | Investor | | | 990,255 | | | | 1,543,351 | | | | 6,408,185 | | | |
| | | Class R6 | | | 1,151,564 | | | | 339,107 | | | | 9,602,799 | | | |
| | | Class R | | | 27,749 | | | | 324,864 | | | | 3,019,964 | | | |
| | | Class P | | | 10,033,310 | | | | 3,701,427 | | | | 1,926,995 | | | |
| | | Net asset value, offering and redemption price per share:(a) | | | | | | | | | | | | | | |
| | | Class A | | $ | 19.69 | | | $ | 34.59 | | | $ | 12.38 | | | |
| | | Class C | | | 15.88 | | | | 16.67 | | | | 19.63 | | | |
| | | Institutional | | | 21.84 | | | | 41.68 | | | | 20.32 | | | |
| | | Service | | | — | | | | 32.18 | | | | 10.29 | | | |
| | | Investor | | | 21.28 | | | | 35.69 | | | | 14.69 | | | |
| | | Class R6 | | | 21.79 | | | | 41.62 | | | | 20.36 | | | |
| | | Class R | | | 18.49 | | | | 31.85 | | | | 10.29 | | | |
| | | Class P | | | 21.81 | | | | 41.60 | | | | 20.37 | | | |
| | (a) | Maximum public offering price per share for Class A Shares of the Enhanced Core Equity Fund, Large Cap Core Fund and Mid Cap Growth Fund is $20.84, $36.60 and $13.10, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| 20 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Statements of Assets and Liabilities (continued) August 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Fund | | | Small/Mid Cap Growth
Fund | | | Strategic Growth Fund | | | |
| | | | | |
| | | Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Investments in unaffiliated issuers, at value (cost $108,316,147, $1,354,633,023 and $79,115,442, respectively)(a) | | $ | 131,468,988 | | | $ | 1,781,889,513 | | | $ | 185,949,663 | | | |
| | Investments in affiliated issuers, at value (cost $1,877,227, $15,677,804 and $723,465, respectively) | | | 1,877,227 | | | | 15,677,804 | | | | 723,465 | | | |
| | Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | | | 2,073,871 | | | | 2,789,778 | | | | — | | | |
| | Cash | | | 327,959 | | | | 427,828 | | | | 684,943 | | | |
| | Receivables: | | | | | | | | | | | | | | |
| | Fund shares sold | | | 207,271 | | | | 1,369,246 | | | | 42,744 | | | |
| | Reimbursement from investment adviser | | | 33,166 | | | | — | | | | 34,132 | | | |
| | Dividends | | | 27,454 | | | | 451,109 | | | | 79,174 | | | |
| | Securities lending income | | | 2,539 | | | | 21,972 | | | | 13 | | | |
| | Investments sold | | | — | | | | 14,764,746 | | | | — | | | |
| | Other assets | | | 30,300 | | | | 68,087 | | | | 53,965 | | | |
| | |
| | Total assets | | | 136,048,775 | | | | 1,817,460,083 | | | | 187,568,099 | | | |
| | |
| | | | | |
| | Liabilities: | | | | | | | | | | | | | | |
| | Payables: | | | | | | | | | | | | | | |
| | Payable upon return of securities loaned | | | 2,073,871 | | | | 2,789,778 | | | | — | | | |
| | Management fees | | | 90,942 | | | | 1,274,037 | | | | 109,362 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 9,026 | | | | 172,962 | | | | 18,316 | | | |
| | Fund shares redeemed | | | 919 | | | | 1,593,892 | | | | 65,235 | | | |
| | Investments purchased | | | — | | | | 7,289,687 | | | | — | | | |
| | Accrued expenses | | | 60,400 | | | | 269,496 | | | | 82,593 | | | |
| | |
| | Total liabilities | | | 2,235,158 | | | | 13,389,852 | | | | 275,506 | | | |
| | |
| | | | | |
| | Net Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 115,290,477 | | | | 1,411,007,893 | | | | 68,224,886 | | | |
| | Total distributable earnings | | | 18,523,140 | | | | 393,062,338 | | | | 119,067,707 | | | |
| | |
| | NET ASSETS | | $ | 133,813,617 | | | $ | 1,804,070,231 | | | $ | 187,292,593 | | | |
| | | | | | | | | | | | | | | | |
| | | Net Assets: | | | | | | | | | | | | | | |
| | | Class A | | $ | 1,324,968 | | | $ | 260,222,090 | | | $ | 37,723,280 | | | |
| | | Class C | | | 551,235 | | | | 29,348,382 | | | | 3,200,705 | | | |
| | | Institutional | | | 27,219,643 | | | | 739,232,796 | | | | 50,266,882 | | | |
| | | Service | | | — | | | | 1,426,854 | | | | 1,060,915 | | | |
| | | Investor | | | 85,612,191 | | | | 300,626,873 | | | | 19,961,294 | | | |
| | | Class R6 | | | 104,629 | | | | 135,737,610 | | | | 5,425,984 | | | |
| | | Class R | | | — | | | | 7,378,090 | | | | 1,333,794 | | | |
| | | Class P | | | 19,000,951 | | | | 330,097,536 | | | | 68,319,739 | | | |
| | | Total Net Assets | | $ | 133,813,617 | | | $ | 1,804,070,231 | | | $ | 187,292,593 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | |
| | | Class A | | | 89,324 | | | | 12,340,885 | | | | 3,684,114 | | | |
| | | Class C | | | 38,513 | | | | 2,011,792 | | | | 228,335 | | | |
| | | Institutional | | | 1,804,384 | | | | 30,194,572 | | | | 3,908,134 | | | |
| | | Service | | | — | | | | 72,168 | | | | 108,614 | | | |
| | | Investor | | | 5,698,761 | | | | 13,060,446 | | | | 1,567,362 | | | |
| | | Class R6 | | | 6,934 | | | | 5,535,721 | | | | 423,004 | | | |
| | | Class R | | | — | | | | 382,629 | | | | 143,783 | | | |
| | | Class P | | | 1,259,676 | | | | 13,459,154 | | | | 5,339,586 | | | |
| | | Net asset value, offering and redemption price per share:(b) | | | | | | | | | | | | | | |
| | | Class A | | $ | 14.83 | | | $ | 21.09 | | | $ | 10.24 | | | |
| | | Class C | | | 14.31 | | | | 14.59 | | | | 14.02 | | | |
| | | Institutional | | | 15.09 | | | | 24.48 | | | | 12.86 | | | |
| | | Service | | | — | | | | 19.77 | | | | 9.77 | | | |
| | | Investor | | | 15.02 | | | | 23.02 | | | | 12.74 | | | |
| | | Class R6 | | | 15.09 | | | | 24.52 | | | | 12.83 | | | |
| | | Class R | | | — | | | | 19.28 | | | | 9.28 | | | |
| | | Class P | | | 15.08 | | | | 24.53 | | | | 12.79 | | | |
| | (a) | Includes loaned securities having a market value of $2,039,103, $2,404,686 and $– for Small Cap Growth Fund, Small/Mid Cap Growth Fund and Strategic Growth Fund, respectively. |
| | (b) | Maximum public offering price per share for Class A Shares of the Small Cap Growth Fund, Small/Mid Cap Growth Fund and Strategic Growth Fund is $15.69, $22.32 and $10.84, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 21 |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Statements of Assets and Liabilities (continued) August 31, 2024 |
| | | | | | | | | | | | | | |
| | | | | Technology
Opportunities Fund | | | U.S. Equity ESG Fund | | | | |
| | | | |
| | | Assets: | | | | | | | | | | | | |
| | | | |
| | Investments in unaffiliated issuers, at value (cost $394,077,484 and $18,975,813, respectively) | | $ | 779,027,688 | | | $ | 28,287,997 | | | | | |
| | Investments in affiliated issuers, at value (cost $5,964,907 and $100,881, respectively) | | | 5,964,907 | | | | 100,881 | | | | | |
| | Cash | | | 588,995 | | | | 49,949 | | | | | |
| | Receivables: | | | | | | | | | | | | |
| | Dividends | | | 389,127 | | | | 23,627 | | | | | |
| | Fund shares sold | | | 73,014 | | | | 2,010 | | | | | |
| | Reimbursement from investment adviser | | | 41,267 | | | | 31,359 | | | | | |
| | Securities lending income | | | 74 | | | | — | | | | | |
| | Other assets | | | 72,477 | | | | 29,404 | | | | | |
| | | |
| | Total assets | | | 786,157,549 | | | | 28,525,227 | | | | | |
| | | |
| | | | |
| | Liabilities: | | | | | | | | | | | | |
| | Payables: | | | | | | | | | | | | |
| | Management fees | | | 543,602 | | | | 13,019 | | | | | |
| | Fund shares redeemed | | | 415,062 | | | | — | | | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 134,692 | | | | 4,493 | | | | | |
| | Accrued expenses | | | 136,485 | | | | 70,332 | | | | | |
| | | |
| | Total liabilities | | | 1,229,841 | | | | 87,844 | | | | | |
| | | |
| | | | |
| | Net Assets: | | | | | | | | | | | | |
| | | | |
| | Paid-in capital | | | 382,406,424 | | | | 19,461,524 | | | | | |
| | Total distributable earnings | | | 402,521,284 | | | | 8,975,859 | | | | | |
| | | |
| | NET ASSETS | | $ | 784,927,708 | | | $ | 28,437,383 | | | | | |
| | | | | | | | | | | | | | |
| | | Net Assets: | | | | | | | | | | | | |
| | | Class A | | $ | 392,777,049 | | | $ | 9,102,370 | | | | | |
| | | Class C | | | 18,666,656 | | | | 778,128 | | | | | |
| | | Institutional | | | 129,278,101 | | | | 2,122,979 | | | | | |
| | | Service | | | 11,040,400 | | | | — | | | | | |
| | | Investor | | | 30,381,750 | | | | 656,849 | | | | | |
| | | Class R6 | | | 84,792,681 | | | | 1,627,730 | | | | | |
| | | Class R | | | — | | | | 394,735 | | | | | |
| | | Class P | | | 117,991,071 | | | | 13,754,592 | | | | | |
| | | Total Net Assets | | $ | 784,927,708 | | | $ | 28,437,383 | | | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | |
| | | Class A | | | 15,007,553 | | | | 425,951 | | | | | |
| | | Class C | | | 1,336,868 | | | | 39,434 | | | | | |
| | | Institutional | | | 3,856,125 | | | | 97,847 | | | | | |
| | | Service | | | 451,040 | | | | — | | | | | |
| | | Investor | | | 939,272 | | | | 30,248 | | | | | |
| | | Class R6 | | | 2,525,676 | | | | 74,974 | | | | | |
| | | Class R | | | — | | | | 18,376 | | | | | |
| | | Class P | | | 3,515,059 | | | | 633,907 | | | | | |
| | | Net asset value, offering and redemption price per share:(a) | | | | | | | | | | | | |
| | | Class A | | $ | 26.17 | | | $ | 21.37 | | | | | |
| | | Class C | | | 13.96 | | | | 19.73 | | | | | |
| | | Institutional | | | 33.53 | | | | 21.70 | | | | | |
| | | Service | | | 24.48 | | | | — | | | | | |
| | | Investor | | | 32.35 | | | | 21.72 | | | | | |
| | | Class R6 | | | 33.57 | | | | 21.71 | | | | | |
| | | Class R | | | — | | | | 21.48 | | | | | |
| | | Class P | | | 33.57 | | | | 21.70 | | | | | |
| | (a) | Maximum public offering price per share for Class A Shares of the Technology Opportunities Fund and U.S. Equity ESG Fund is $27.69 and $22.61, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| 22 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Statements of Operations For the Fiscal Year Ended August 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Enhanced Core
Equity Fund | | | Large Cap Core
Fund | | | Mid Cap Growth
Fund | | | |
| | | | | |
| | Investment income: | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $2,805 and $–, respectively) | | $ | 2,546,359 | | | $ | 17,277,667 | | | $ | 4,952,732 | | | |
| | | | | |
| | Dividends — affiliated issuers | | | 72,358 | | | | 336,292 | | | | 758,809 | | | |
| | | | | |
| | Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | | | 2,724 | | | | 24,828 | | | | 26,994 | | | |
| | |
| | Total Investment Income | | | 2,621,441 | | | | 17,638,787 | | | | 5,738,535 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Expenses: | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 1,033,669 | | | | 8,937,235 | | | | 8,151,027 | | | |
| | | | | |
| | Professional fees | | | 287,037 | | | | 105,944 | | | | 105,383 | | | |
| | | | | |
| | Registration fees | | | 118,761 | | | | 133,148 | | | | 145,407 | | | |
| | | | | |
| | Transfer Agency fees(a) | | | 105,258 | | | | 1,529,774 | | | | 735,288 | | | |
| | | | | |
| | Printing and mailing costs | | | 69,828 | | | | 91,884 | | | | 31,880 | | | |
| | | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 69,359 | | | | 2,354,317 | | | | 887,624 | | | |
| | | | | |
| | Custody, accounting and administrative services | | | 47,761 | | | | 147,114 | | | | 98,557 | | | |
| | | | | |
| | Trustee fees | | | 25,697 | | | | 27,786 | | | | 26,934 | | | |
| | | | | |
| | Service fees — Class C | | | 5,669 | | | | 44,755 | | | | 24,455 | | | |
| | | | | |
| | Shareholder Administration fees — Service Shares | | | — | | | | 2,159 | | | | 49,772 | | | |
| | | | | |
| | Other | | | 12,416 | | | | 22,862 | | | | 20,172 | | | |
| | |
| | Total expenses | | | 1,775,455 | | | | 13,396,978 | | | | 10,276,499 | | | |
| | |
| | Less — expense reductions | | | (602,939 | ) | | | (1,418,967 | ) | | | (1,616,178 | ) | | |
| | |
| | Net expenses | | | 1,172,516 | | | | 11,978,011 | | | | 8,660,321 | | | |
| | |
| | NET INVESTMENT INCOME (LOSS) | | | 1,448,925 | | | | 5,660,776 | | | | (2,921,786 | ) | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 4,501,629 | | | | 134,800,100 | | | | 101,226,994 | | | |
| | | | | |
| | Foreign currency transactions | | | (484 | ) | | | (3,519 | ) | | | (518 | ) | | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 91,905,623 | | | | 138,043,748 | | | | 20,778,106 | | | |
| | |
| | Net realized and unrealized gain | | | 96,406,768 | | | | 272,840,329 | | | | 122,004,582 | | | |
| | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 97,855,693 | | | $ | 278,501,105 | | | $ | 119,082,796 | | | |
| | |
| | (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Distribution and/or Service (12b-1) Fees | | | Transfer Agency Fees | |
| | | Fund | | Class A | | | Class C | | | Service | | | Class R | | | | | | Class A | | | Class C | | | Institutional | | | Service | | | Investor | | | Class R6 | | | Class R | | | Class P | |
| | Enhanced Core Equity Fund | | | $50,603 | | | | $17,006 | | | | $– | | | | $1,750 | | | | | | | | $30,362 | | | | $3,401 | | | | $11,768 | | | | $– | | | | $23,128 | | | | $5,010 | | | | $525 | | | | $31,064 | |
| | Large Cap Core Fund | | | 2,171,756 | | | | 134,264 | | | | 2,159 | | | | 46,138 | | | | | | | | 1,303,065 | | | | 26,853 | | | | 47,132 | | | | 345 | | | | 70,982 | | | | 27,186 | | | | 13,842 | | | | 40,369 | |
| | Mid Cap Growth Fund | | | 609,975 | | | | 73,364 | | | | 49,772 | | | | 154,513 | | | | | | | | 365,988 | | | | 14,673 | | | | 104,984 | | | | 7,963 | | | | 124,549 | | | | 58,511 | | | | 46,355 | | | | 12,265 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 23 |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Statements of Operations (continued) For the Fiscal Year Ended August 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth
Fund | | | Small/Mid Cap
Growth Fund | | | Strategic Growth
Fund | | | |
| | | | | |
| | Investment income: | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,334, $– and $1,673, respectively) | | $ | 302,143 | | | $ | 8,165,226 | | | $ | 968,883 | | | |
| | | | | |
| | Dividends — affiliated issuers | | | 81,847 | | | | 809,016 | | | | 36,082 | | | |
| | | | | |
| | Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | | | 11,512 | | | | 454,509 | | | | 1,563 | | | |
| | |
| | Total Investment Income | | | 395,502 | | | | 9,428,751 | | | | 1,006,528 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Expenses: | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 621,292 | | | | 15,368,443 | | | | 1,144,413 | | | |
| | | | | |
| | Professional fees | | | 105,597 | | | | 107,581 | | | | 100,647 | | | |
| | | | | |
| | Registration fees | | | 91,739 | | | | 154,003 | | | | 130,756 | | | |
| | | | | |
| | Transfer Agency fees(a) | | | 67,464 | | | | 1,358,815 | | | | 109,976 | | | |
| | | | | |
| | Printing and mailing costs | | | 35,234 | | | | 75,121 | | | | 36,854 | | | |
| | | | | |
| | Custody, accounting and administrative services | | | 29,392 | | | | 183,505 | | | | 35,664 | | | |
| | | | | |
| | Trustee fees | | | 25,335 | | | | 28,714 | | | | 25,496 | | | |
| | | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 3,459 | | | | 1,003,680 | | | | 113,141 | | | |
| | | | | |
| | Shareholder meeting expense | | | 919 | | | | — | | | | 1,990 | | | |
| | | | | |
| | Service fees — Class C | | | 605 | | | | 108,403 | | | | 6,525 | | | |
| | | | | |
| | Shareholder Administration fees — Service Shares | | | — | | | | 3,504 | | | | 2,810 | | | |
| | | | | |
| | Other | | | 10,695 | | | | 51,346 | | | | 12,462 | | | |
| | |
| | Total expenses | | | 991,731 | | | | 18,443,115 | | | | 1,720,734 | | | |
| | |
| | Less — expense reductions | | | (300,954 | ) | | | (272,246 | ) | | | (374,506 | ) | | |
| | |
| | Net expenses | | | 690,777 | | | | 18,170,869 | | | | 1,346,228 | | | |
| | |
| | NET INVESTMENT LOSS | | | (295,275 | ) | | | (8,742,118 | ) | | | (339,700 | ) | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 1,679,249 | | | | 170,193,030 | | | | 13,306,142 | | | |
| | | | | |
| | Foreign currency transactions | | | — | | | | — | | | | 31 | | | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 15,892,564 | | | | 125,748,979 | | | | 23,769,113 | | | |
| | |
| | Net realized and unrealized gain | | | 17,571,813 | | | | 295,942,009 | | | | 37,075,286 | | | |
| | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 17,276,538 | | | $ | 287,199,891 | | | $ | 36,735,586 | | | |
| | |
| | (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Distribution and/or Service (12b-1) Fees | | | Transfer Agency Fees | |
| | | Fund | | Class A | | | Class C | | | Service | | | Class R | | | | | | Class A | | | Class C | | | Institutional | | | Service | | | Investor | | | Class R6 | | | Class R | | | Class P | |
| | Small Cap Growth Fund | | | $1,643 | | | | $1,816 | | | | $– | | | | $– | | | | | | | | $986 | | | | $363 | | | | $9,195 | | | | $– | | | | $52,697 | | | | $26 | | | | $– | | | | $4,197 | |
| | Small/Mid Cap Growth Fund | | | 634,850 | | | | 325,203 | | | | 3,504 | | | | 40,123 | | | | | | | | 380,913 | | | | 65,042 | | | | 293,629 | | | | 561 | | | | 470,562 | | | | 41,786 | | | | 12,037 | | | | 94,285 | |
| | Strategic Growth Fund | | | 89,523 | | | | 19,574 | | | | 2,810 | | | | 1,234 | | | | | | | | 53,715 | | | | 3,915 | | | | 18,171 | | | | 450 | | | | 13,205 | | | | 1,445 | | | | 370 | | | | 18,705 | |
| | |
| 24 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Statements of Operations (continued) For the Fiscal Year Ended August 31, 2024 |
| | | | | | | | | | | | | | |
| | | | | Technology
Opportunities Fund | | | U.S. Equity ESG
Fund | | | | |
| | | | |
| | Investment income: | | | | | | | | | | | | |
| | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $16,552 and $525, respectively) | | $ | 4,204,373 | | | $ | 394,868 | | | | | |
| | | | |
| | Dividends — affiliated issuers | | | 508,969 | | | | 7,008 | | | | | |
| | | | |
| | Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | | | 23,466 | | | | 236 | | | | | |
| | | |
| | Total Investment Income | | | 4,736,808 | | | | 402,112 | | | | | |
| | | |
| | | | | | | | | | | | | | |
| | | | |
| | Expenses: | | | | | | | | | | | | |
| | | | |
| | Management fees | | | 6,634,658 | | | | 142,287 | | | | | |
| | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 1,088,464 | | | | 28,584 | | | | | |
| | | | |
| | Transfer Agency fees(a) | | | 719,388 | | | | 20,186 | | | | | |
| | | | |
| | Registration fees | | | 116,012 | | | | 104,061 | | | | | |
| | | | |
| | Professional fees | | | 106,570 | | | | 106,435 | | | | | |
| | | | |
| | Custody, accounting and administrative services | | | 81,374 | | | | 22,117 | | | | | |
| | | | |
| | Service fees — Class C | | | 45,352 | | | | 2,018 | | | | | |
| | | | |
| | Trustee fees | | | 26,632 | | | | 25,220 | | | | | |
| | | | |
| | Shareholder Administration fees — Service Shares | | | 25,567 | | | | — | | | | | |
| | | | |
| | Printing and mailing costs | | | 23,685 | | | | 29,821 | | | | | |
| | | | |
| | Shareholder meeting expense | | | — | | | | 92 | | | | | |
| | | | |
| | Other | | | 21,922 | | | | 8,672 | | | | | |
| | | |
| | Total expenses | | | 8,889,624 | | | | 489,493 | | | | | |
| | | |
| | Less — expense reductions | | | (1,406,365 | ) | | | (274,791 | ) | | | | |
| | | |
| | Net expenses | | | 7,483,259 | | | | 214,702 | | | | | |
| | | |
| | NET INVESTMENT INCOME (LOSS) | | | (2,746,451 | ) | | | 187,410 | | | | | |
| | | |
| | | | | | | | | | | | | | |
| | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | |
| | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | |
| | | | |
| | Investments — unaffiliated issuers | | | 68,135,448 | | | | 1,610,588 | | | | | |
| | | | |
| | Foreign currency transactions | | | — | | | | 10 | | | | | |
| | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | |
| | | | |
| | Investments — unaffiliated issuers | | | 115,056,647 | | | | 3,619,779 | | | | | |
| | | |
| | Net realized and unrealized gain | | | 183,192,095 | | | | 5,230,377 | | | | | |
| | | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 180,445,644 | | | $ | 5,417,787 | | | | | |
| | | |
| | (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Distribution and/or Service (12b-1) Fees | | | Transfer Agency Fees | |
| | | Fund | | Class A | | | Class C | | | Service | | | Class R | | | | | | Class A | | | Class C | | | Institutional | | | Service | | | Investor | | | Class R6 | | | Class R | | | Class P | |
| | Technology Opportunities Fund | | | $926,842 | | | | $136,055 | | | | $25,567 | | | | $– | | | | | | | | $556,110 | | | | $27,211 | | | | $43,638 | | | | $4,091 | | | | $36,314 | | | | $21,978 | | | | $– | | | | $30,046 | |
| | U.S. Equity ESG Fund | | | 20,849 | | | | 6,055 | | | | – | | | | 1,680 | | | | | | | | 12,509 | | | | 1,211 | | | | 762 | | | | – | | | | 1,069 | | | | 424 | | | | 504 | | | | 3,707 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 25 |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Statements of Changes in Net Assets |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Enhanced Core Equity Fund | | | Large Cap Core Fund | | | |
| | | | | For the Fiscal
Year Ended
August 31, 2024 | | | For the Fiscal
Year Ended
August 31, 2023 | | | For the Fiscal
Year Ended
August 31, 2024 | | | For the Fiscal
Year Ended
August 31, 2023 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 1,448,925 | | | $ | 386,509 | | | $ | 5,660,776 | | | $ | 4,815,078 | | | |
| | | | | | |
| | Net realized gain | | | 4,501,145 | | | | 722,759 | | | | 134,796,581 | | | | 18,950,640 | | | |
| | | | | | |
| | Net change in unrealized gain | | | 91,905,623 | | | | 7,278,864 | | | | 138,043,748 | | | | 144,453,280 | | | |
| | |
| | Net increase in net assets resulting from operations | | | 97,855,693 | | | | 8,388,132 | | | | 278,501,105 | | | | 168,218,998 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (131,977 | ) | | | (320,512 | ) | | | (3,930,731 | ) | | | (58,898,160 | ) | | |
| | | | | | |
| | Class C Shares | | | (19,266 | ) | | | (37,776 | ) | | | (100,707 | ) | | | (2,333,506 | ) | | |
| | | | | | |
| | Institutional Shares | | | (226,373 | ) | | | (438,747 | ) | | | (715,425 | ) | | | (6,566,206 | ) | | |
| | | | | | |
| | Service Shares | | | – | | | | – | | | | (3,118 | ) | | | (41,453 | ) | | |
| | | | | | |
| | Investor Shares | | | (134,117 | ) | | | (3,084 | ) | | | (329,410 | ) | | | (2,864,034 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (141,950 | ) | | | (72,502 | ) | | | (596,827 | ) | | | (5,472,703 | ) | | |
| | | | | | |
| | Class R Shares | | | (1,705 | ) | | | (460 | ) | | | (26,377 | ) | | | (695,499 | ) | | |
| | | | | | |
| | Class P Shares | | | (601,291 | ) | | | (977,357 | ) | | | (809,997 | ) | | | (7,579,703 | ) | | |
| | |
| | Total distributions to shareholders | | | (1,256,679 | ) | | | (1,850,438 | ) | | | (6,512,592 | ) | | | (84,451,264 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 123,786,254 | | | | 34,903,216 | | | | 90,378,275 | | | | 75,870,461 | | | |
| | | | | | |
| | Proceeds received in connection with merger | | | 126,358,740 | | | | – | | | | – | | | | – | | | |
| | | | | | |
| | Reinvestment of distributions | | | 1,256,680 | | | | 1,850,439 | | | | 6,253,622 | | | | 80,510,834 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (74,523,190 | ) | | | (13,486,154 | ) | | | (233,163,316 | ) | | | (144,152,160 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 176,878,484 | | | | 23,267,501 | | | | (136,531,419 | ) | | | 12,229,135 | | | |
| | |
| | TOTAL INCREASE | | | 273,477,498 | | | | 29,805,195 | | | | 135,457,094 | | | | 95,996,869 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | Beginning of year | | $ | 70,725,433 | | | $ | 40,920,238 | | | $ | 1,196,321,072 | | | $ | 1,100,324,203 | | | |
| | |
| | End of year | | $ | 344,202,931 | | | $ | 70,725,433 | | | $ | 1,331,778,166 | | | $ | 1,196,321,072 | | | |
| | |
| | |
| 26 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Mid Cap Growth Fund | | | Small Cap Growth Fund | | | |
| | | | | For the Fiscal
Year Ended
August 31, 2024 | | | For the Fiscal
Year Ended
August 31, 2023 | | | For the Fiscal
Year Ended
August 31, 2024 | | | For the Fiscal
Year Ended
August 31, 2023 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment loss | | $ | (2,921,786 | ) | | $ | (2,982,155 | ) | | $ | (295,275 | ) | | $ | (164,771 | ) | | |
| | | | | | |
| | Net realized gain (loss) | | | 101,226,476 | | | | 27,254,816 | | | | 1,679,249 | | | | (3,903,590 | ) | | |
| | | | | | |
| | Net change in unrealized gain | | | 20,778,106 | | | | 42,926,374 | | | | 15,892,564 | | | | 6,530,426 | | | |
| | |
| | Net increase in net assets resulting from operations | | | 119,082,796 | | | | 67,199,035 | | | | 17,276,538 | | | | 2,462,065 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | – | | | | (23,026,495 | ) | | | – | | | | – | | | |
| | | | | | |
| | Class C Shares | | | – | | | | (619,512 | ) | | | – | | | | – | | | |
| | | | | | |
| | Institutional Shares | | | – | | | | (16,642,501 | ) | | | – | | | | – | | | |
| | | | | | |
| | Service Shares | | | – | | | | (2,215,669 | ) | | | – | | | | – | | | |
| | | | | | |
| | Investor Shares | | | – | | | | (5,328,564 | ) | | | – | | | | – | | | |
| | | | | | |
| | Class R6 Shares | | | – | | | | (11,376,499 | ) | | | – | | | | – | | | |
| | | | | | |
| | Class R Shares | | | – | | | | (3,449,738 | ) | | | – | | | | – | | | |
| | | | | | |
| | Class P Shares | | | – | | | | (2,336,037 | ) | | | – | | | | – | | | |
| | |
| | Total distributions to shareholders | | | – | | | | (64,995,015 | ) | | | – | | | | – | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 124,251,965 | | | | 117,079,662 | | | | 99,414,421 | | | | 20,340,089 | | | |
| | | | | | |
| | Reinvestment of distributions | | | – | | | | 61,006,885 | | | | – | | | | – | | | |
| | | | | | |
| | Cost of shares redeemed | | | (236,122,459 | ) | | | (256,259,283 | ) | | | (23,616,596 | ) | | | (12,989,107 | ) | | |
| | |
| | Net increase (decrease) in net assets resulting from share transactions | | | (111,870,494 | ) | | | (78,172,736 | ) | | | 75,797,825 | | | | 7,350,982 | | | |
| | |
| | TOTAL INCREASE | | | 7,212,302 | | | | 75,968,716 | | | | 93,074,363 | | | | 9,813,047 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | Beginning of year | | $ | 888,500,326 | | | $ | 964,469,042 | | | $ | 40,739,254 | | | $ | 30,926,207 | | | |
| | |
| | End of year | | $ | 895,712,628 | | | $ | 888,500,326 | | | $ | 133,813,617 | | | $ | 40,739,254 | | | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 27 |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Small/Mid Cap Growth Fund | | | Strategic Growth Fund | | | |
| | | | | For the Fiscal
Year Ended
August 31, 2024 | | | For the Fiscal
Year Ended
August 31, 2023 | | | For the Fiscal
Year Ended
August 31, 2024 | | | For the Fiscal
Year Ended
August 31, 2023 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment loss | | $ | (8,742,118 | ) | | $ | (9,245,553 | ) | | $ | (339,700 | ) | | $ | (161,344 | ) | | |
| | | | | | |
| | Net realized gain (loss) | | | 170,193,030 | | | | (148,761,986 | ) | | | 13,306,173 | | | | 11,617,939 | | | |
| | | | | | |
| | Net change in unrealized gain | | | 125,748,979 | | | | 267,486,781 | | | | 23,769,113 | | | | 15,586,018 | | | |
| | |
| | Net increase in net assets resulting from operations | | | 287,199,891 | | | | 109,479,242 | | | | 36,735,586 | | | | 27,042,613 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | – | | | | – | | | | (1,914,375 | ) | | | (3,688,064 | ) | | |
| | | | | | |
| | Class C Shares | | | – | | | | – | | | | (98,698 | ) | | | (178,463 | ) | | |
| | | | | | |
| | Institutional Shares | | | – | | | | – | | | | (1,938,741 | ) | | | (3,310,008 | ) | | |
| | | | | | |
| | Service Shares | | | – | | | | – | | | | (59,705 | ) | | | (65,953 | ) | | |
| | | | | | |
| | Investor Shares | | | – | | | | – | | | | (251,168 | ) | | | (206,704 | ) | | |
| | | | | | |
| | Class R6 Shares | | | – | | | | – | | | | (194,619 | ) | | | (356,083 | ) | | |
| | | | | | |
| | Class R Shares | | | – | | | | – | | | | (12,914 | ) | | | (22,119 | ) | | |
| | | | | | |
| | Class P Shares | | | – | | | | – | | | | (2,650,501 | ) | | | (5,415,754 | ) | | |
| | |
| | Total distributions to shareholders | | | – | | | | – | | | | (7,120,721 | ) | | | (13,243,148 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 258,804,913 | | | | 335,106,863 | | | | 30,801,901 | | | | 21,797,412 | | | |
| | | | | | |
| | Reinvestment of distributions | | | – | | | | – | | | | 6,985,315 | | | | 12,981,568 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (644,139,566 | ) | | | (660,406,639 | ) | | | (28,713,206 | ) | | | (43,883,299 | ) | | |
| | |
| | Net increase (decrease) in net assets resulting from share transactions | | | (385,334,653 | ) | | | (325,299,776 | ) | | | 9,074,010 | | | | (9,104,319 | ) | | |
| | |
| | TOTAL INCREASE (DECREASE) | | | (98,134,762 | ) | | | (215,820,534 | ) | | | 38,688,875 | | | | 4,695,146 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | Beginning of year | | $ | 1,902,204,993 | | | $ | 2,118,025,527 | | | $ | 148,603,718 | | | $ | 143,908,572 | | | |
| | |
| | End of year | | $ | 1,804,070,231 | | | $ | 1,902,204,993 | | | $ | 187,292,593 | | | $ | 148,603,718 | | | |
| | |
| | |
| 28 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Technology Opportunities Fund | | | U.S. Equity ESG Fund | | | |
| | | | | For the Fiscal
Year Ended
August 31, 2024 | | | For the Fiscal
Year Ended
August 31, 2023 | | | For the Fiscal
Year Ended
August 31, 2024 | | | For the Fiscal
Year Ended
August 31, 2023 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income (loss) | | $ | (2,746,451 | ) | | $ | (2,221,215 | ) | | $ | 187,410 | | | $ | 150,357 | | | |
| | | | | | |
| | Net realized gain (loss) | | | 68,135,448 | | | | (14,584,246 | ) | | | 1,610,598 | | | | (298,709 | ) | | |
| | | | | | |
| | Net change in unrealized gain | | | 115,056,647 | | | | 121,447,287 | | | | 3,619,779 | | | | 3,581,902 | | | |
| | |
| | Net increase in net assets resulting from operations | | | 180,445,644 | | | | 104,641,826 | | | | 5,417,787 | | | | 3,433,550 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | – | | | | (59,073,390 | ) | | | (37,572 | ) | | | (27,866 | ) | | |
| | | | | | |
| | Class C Shares | | | – | | | | (4,679,796 | ) | | | – | | | | – | | | |
| | | | | | |
| | Institutional Shares | | | – | | | | (13,244,082 | ) | | | (14,398 | ) | | | (10,348 | ) | | |
| | | | | | |
| | Service Shares | | | – | | | | (1,511,457 | ) | | | – | | | | – | | | |
| | | | | | |
| | Investor Shares | | | – | | | | (3,799,155 | ) | | | (4,859 | ) | | | (3,657 | ) | | |
| | | | | | |
| | Class R6 Shares | | | – | | | | (8,037,564 | ) | | | (10,833 | ) | | | (8,673 | ) | | |
| | | | | | |
| | Class R Shares | | | – | | | | – | | | | (261 | ) | | | (624 | ) | | |
| | | | | | |
| | Class P Shares | | | – | | | | (10,285,667 | ) | | | (91,767 | ) | | | (69,687 | ) | | |
| | |
| | Total distributions to shareholders | | | – | | | | (100,631,111 | ) | | | (159,690 | ) | | | (120,855 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 128,582,886 | | | | 84,245,348 | | | | 2,969,974 | | | | 6,071,106 | | | |
| | | | | | |
| | Reinvestment of distributions | | | – | | | | 95,426,778 | | | | 159,163 | | | | 120,853 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (150,766,504 | ) | | | (175,464,516 | ) | | | (3,784,155 | ) | | | (3,992,055 | ) | | |
| | |
| | Net increase (decrease) in net assets resulting from share transactions | | | (22,183,618 | ) | | | 4,207,610 | | | | (655,018 | ) | | | 2,199,904 | | | |
| | |
| | TOTAL INCREASE | | | 158,262,026 | | | | 8,218,325 | | | | 4,603,079 | | | | 5,512,599 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | Beginning of year | | $ | 626,665,682 | | | $ | 618,447,357 | | | $ | 23,834,304 | | | $ | 18,321,705 | | | |
| | |
| | End of year | | $ | 784,927,708 | | | $ | 626,665,682 | | | $ | 28,437,383 | | | $ | 23,834,304 | | | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 29 |
GOLDMAN SACHS ENHANCED CORE EQUITY FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Enhanced Core Equity Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 15.91 | | | | $ | 14.09 | | | | $ | 16.94 | | | | $ | 13.78 | | | | $ | 11.93 | | | |
| | |
| | | | | | | |
| | Net investment income(a) | | | | 0.08 | | | | | 0.08 | | | | | 0.06 | | | | | 0.03 | | | | | 0.07 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.85 | | | | | 2.35 | | | | | (1.85 | ) | | | | 3.93 | | | | | 2.48 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 3.93 | | | | | 2.43 | | | | | (1.79 | ) | | | | 3.96 | | | | | 2.55 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.01 | ) | | | | (0.08 | ) | | | | (0.03 | ) | | | | (0.06 | ) | | | | (0.08 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.14 | ) | | | | (0.53 | ) | | | | (1.03 | ) | | | | (0.74 | ) | | | | (0.62 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.15 | ) | | | | (0.61 | ) | | | | (1.06 | ) | | | | (0.80 | ) | | | | (0.70 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 19.69 | | | | $ | 15.91 | | | | $ | 14.09 | | | | $ | 16.94 | | | | $ | 13.78 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 24.93% | | | | | 17.92% | | | | | (11.46)% | | | | | 30.12% | | | | | 22.18% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 28,669 | | | | $ | 19,760 | | | | $ | 6,820 | | | | $ | 7,359 | | | | $ | 5,843 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.93% | | | | | 0.96% | | | | | 0.96% | | | | | 0.96% | | | | | 1.00% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.27% | | | | | 1.54% | | | | | 1.60% | | | | | 2.00% | | | | | 2.47% | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.46% | | | | | 0.52% | | | | | 0.37% | | | | | 0.21% | | | | | 0.58% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 79% | | | | | 63% | | | | | 49% | | | | | 43% | | | | | 69% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 30 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED CORE EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Enhanced Core Equity Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 12.94 | | | | $ | 11.57 | | | | $ | 14.17 | | | | $ | 11.67 | | | | $ | 10.23 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.04 | ) | | | | (0.02 | ) | | | | (0.05 | ) | | | | (0.07 | ) | | | | (0.02 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.12 | | | | | 1.92 | | | | | (1.52 | ) | | | | 3.31 | | | | | 2.10 | | | |
| | |
| | | | | | | |
| | | Total from investment operations | | | | 3.08 | | | | | 1.90 | | | | | (1.57 | ) | | | | 3.24 | | | | | 2.08 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | – | | | | | (0.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.14 | ) | | | | (0.53 | ) | | | | (1.03 | ) | | | | (0.74 | ) | | | | (0.62 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.14 | ) | | | | (0.53 | ) | | | | (1.03 | ) | | | | (0.74 | ) | | | | (0.64 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 15.88 | | | | $ | 12.94 | | | | $ | 11.57 | | | | $ | 14.17 | | | | $ | 11.67 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 24.04% | | | | | 17.02% | | | | | (12.07)% | | | | | 29.19% | | | | | 21.16% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 3,268 | | | | $ | 1,271 | | | | $ | 890 | | | | $ | 1,354 | | | | $ | 1,516 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.68% | | | | | 1.71% | | | | | 1.71% | | | | | 1.71% | | | | | 1.75% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.00% | | | | | 2.30% | | | | | 2.35% | | | | | 2.76% | | | | | 3.19% | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.29)% | | | | | (0.21)% | | | | | (0.39)% | | | | | (0.54)% | | | | | (0.16)% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 79% | | | | | 63% | | | | | 49% | | | | | 43% | | | | | 69% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS ENHANCED CORE EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Enhanced Core Equity Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 17.62 | | | | $ | 15.53 | | | | $ | 18.56 | | | | $ | 15.01 | | | | $ | 12.94 | | | |
| | |
| | | | | | | |
| | Net investment income(a) | | | | 0.16 | | | | | 0.15 | | | | | 0.13 | | | | | 0.09 | | | | | 0.12 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 4.28 | | | | | 2.59 | | | | | (2.04 | ) | | | | 4.31 | | | | | 2.70 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 4.44 | | | | | 2.74 | | | | | (1.91 | ) | | | | 4.40 | | | | | 2.82 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.08 | ) | | | | (0.12 | ) | | | | (0.09 | ) | | | | (0.11 | ) | | | | (0.13 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.14 | ) | | | | (0.53 | ) | | | | (1.03 | ) | | | | (0.74 | ) | | | | (0.62 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.22 | ) | | | | (0.65 | ) | | | | (1.12 | ) | | | | (0.85 | ) | | | | (0.75 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.84 | | | | $ | 17.62 | | | | $ | 15.53 | | | | $ | 18.56 | | | | $ | 15.01 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 25.46% | | | | | 18.30% | | | | | (11.10)% | | | | | 30.62% | | | | | 22.53% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 46,799 | | | | $ | 12,776 | | | | $ | 8,832 | | | | $ | 4,514 | | | | $ | 594 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.57% | | | | | 0.59% | | | | | 0.59% | | | | | 0.59% | | | | | 0.62% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.89% | | | | | 1.18% | | | | | 1.24% | | | | | 1.46% | | | | | 2.11% | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.82% | | | | | 0.91% | | | | | 0.78% | | | | | 0.54% | | | | | 0.95% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 79% | | | | | 63% | | | | | 49% | | | | | 43% | | | | | 69% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED CORE EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Enhanced Core Equity Fund |
| | |
| | | | | Investor Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 17.19 | | | | $ | 15.12 | | | | $ | 18.09 | | | | $ | 14.66 | | | | $ | 12.65 | | | |
| | |
| | | | | | | |
| | Net investment income(a) | | | | 0.14 | | | | | 0.13 | | | | | 0.14 | | | | | 0.07 | | | | | 0.10 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 4.16 | | | | | 2.52 | | | | | (2.01 | ) | | | | 4.19 | | | | | 2.64 | | | |
| | |
| | | | | | | |
| | | Total from investment operations | | | | 4.30 | | | | | 2.65 | | | | | (1.87 | ) | | | | 4.26 | | | | | 2.74 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.07 | ) | | | | (0.05 | ) | | | | (0.07 | ) | | | | (0.09 | ) | | | | (0.11 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.14 | ) | | | | (0.53 | ) | | | | (1.03 | ) | | | | (0.74 | ) | | | | (0.62 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.21 | ) | | | | (0.58 | ) | | | | (1.10 | ) | | | | (0.83 | ) | | | | (0.73 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.28 | | | | $ | 17.19 | | | | $ | 15.12 | | | | $ | 18.09 | | | | $ | 14.66 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 25.30% | | | | | 18.14% | | | | | (11.21)% | | | | | 30.39% | | | | | 22.43% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 21,077 | | | | $ | 5,055 | | | | $ | 66 | | | | $ | 52 | | | | $ | 38 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.68% | | | | | 0.72% | | | | | 0.71% | | | | | 0.71% | | | | | 0.76% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.98% | | | | | 1.22% | | | | | 1.42% | | | | | 1.74% | | | | | 2.66% | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.71% | | | | | 0.77% | | | | | 0.91% | | | | | 0.46% | | | | | 0.78% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 79% | | | | | 63% | | | | | 49% | | | | | 43% | | | | | 69% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS ENHANCED CORE EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Enhanced Core Equity Fund |
| | |
| | | | | Class R6 Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 17.58 | | | | $ | 15.50 | | | | $ | 18.52 | | | | $ | 14.98 | | | | $ | 12.91 | | | |
| | |
| | | | | | | |
| | Net investment income(a) | | | | 0.16 | | | | | 0.15 | | | | | 0.15 | | | | | 0.10 | | | | | 0.13 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 4.27 | | | | | 2.59 | | | | | (2.05 | ) | | | | 4.29 | | | | | 2.69 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 4.43 | | | | | 2.74 | | | | | (1.90 | ) | | | | 4.39 | | | | | 2.82 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.08 | ) | | | | (0.13 | ) | | | | (0.09 | ) | | | | (0.11 | ) | | | | (0.13 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.14 | ) | | | | (0.53 | ) | | | | (1.03 | ) | | | | (0.74 | ) | | | | (0.62 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.22 | ) | | | | (0.66 | ) | | | | (1.12 | ) | | | | (0.85 | ) | | | | (0.75 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.79 | | | | $ | 17.58 | | | | $ | 15.50 | | | | $ | 18.52 | | | | $ | 14.98 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 25.46% | | | | | 18.36% | | | | | (11.12)% | | | | | 30.64% | | | | | 22.60% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 25,087 | | | | $ | 7,236 | | | | $ | 2,061 | | | | $ | 334 | | | | $ | 226 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.56% | | | | | 0.59% | | | | | 0.58% | | | | | 0.58% | | | | | 0.61% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.88% | | | | | 1.16% | | | | | 1.26% | | | | | 1.61% | | | | | 2.10% | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.83% | | | | | 0.92% | | | | | 0.92% | | | | | 0.59% | | | | | 0.96% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 79% | | | | | 63% | | | | | 49% | | | | | 43% | | | | | 69% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED CORE EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Enhanced Core Equity Fund |
| | |
| | | | | Class R Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 15.00 | | | | $ | 13.32 | | | | $ | 16.08 | | | | $ | 13.13 | | | | $ | 11.40 | | | |
| | |
| | | | | | | |
| | Net investment income (loss)(a) | | | | 0.03 | | | | | 0.03 | | | | | –(b) | | | | | (0.01 | ) | | | | 0.04 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.64 | | | | | 2.23 | | | | | (1.73 | ) | | | | 3.74 | | | | | 2.36 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 3.67 | | | | | 2.26 | | | | | (1.73 | ) | | | | 3.73 | | | | | 2.40 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.04 | ) | | | | (0.05 | ) | | | | – | | | | | (0.04 | ) | | | | (0.05 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.14 | ) | | | | (0.53 | ) | | | | (1.03 | ) | | | | (0.74 | ) | | | | (0.62 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.18 | ) | | | | (0.58 | ) | | | | (1.03 | ) | | | | (0.78 | ) | | | | (0.67 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 18.49 | | | | $ | 15.00 | | | | $ | 13.32 | | | | $ | 16.08 | | | | $ | 13.13 | | | |
| | |
| | | | | | | |
| | Total Return(c) | | | | 24.72% | | | | | 17.62% | | | | | (11.68)% | | | | | 29.78% | | | | | 21.78% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 513 | | | | $ | 118 | | | | $ | 10 | | | | $ | 46 | | | | $ | 49 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.18% | | | | | 1.21% | | | | | 1.21% | | | | | 1.21% | | | | | 1.25% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.49% | | | | | 1.75% | | | | | 1.89% | | | | | 2.23% | | | | | 2.63% | | | |
| | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.20% | | | | | 0.22% | | | | | 0.01% | | | | | (0.04)% | | | | | 0.33% | | | |
| | | | | | | |
| | Portfolio turnover rate(d) | | | | 79% | | | | | 63% | | | | | 49% | | | | | 43% | | | | | 69% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.005 per share. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS ENHANCED CORE EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Enhanced Core Equity Fund |
| | |
| | | | | Class P Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 17.59 | | | | $ | 15.51 | | | | $ | 18.52 | | | | $ | 14.99 | | | | $ | 12.92 | | | |
| | |
| | | | | | | |
| | Net investment income(a) | | | | 0.17 | | | | | 0.15 | | | | | 0.13 | | | | | 0.10 | | | | | 0.13 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 4.27 | | | | | 2.58 | | | | | (2.02 | ) | | | | 4.28 | | | | | 2.69 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 4.44 | | | | | 2.73 | | | | | (1.89 | ) | | | | 4.38 | | | | | 2.82 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.08 | ) | | | | (0.12 | ) | | | | (0.09 | ) | | | | (0.11 | ) | | | | (0.13 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.14 | ) | | | | (0.53 | ) | | | | (1.03 | ) | | | | (0.74 | ) | | | | (0.62 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.22 | ) | | | | (0.65 | ) | | | | (1.12 | ) | | | | (0.85 | ) | | | | (0.75 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.81 | | | | $ | 17.59 | | | | $ | 15.51 | | | | $ | 18.52 | | | | $ | 14.99 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 25.50% | | | | | 18.34% | | | | | (11.07)% | | | | | 30.55% | | | | | 22.58% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 218,789 | | | | $ | 24,509 | | | | $ | 22,240 | | | | $ | 24,713 | | | | $ | 15,263 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.56% | | | | | 0.58% | | | | | 0.58% | | | | | 0.58% | | | | | 0.61% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.88% | | | | | 1.18% | | | | | 1.22% | | | | | 1.59% | | | | | 1.94% | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.84% | | | | | 0.92% | | | | | 0.75% | | | | | 0.59% | | | | | 0.96% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 79% | | | | | 63% | | | | | 49% | | | | | 43% | | | | | 69% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 36 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Core Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 28.07 | | | | $ | 26.18 | | | | $ | 34.35 | | | | $ | 26.94 | | | | $ | 22.93 | | | |
| | |
| | | | | | | |
| | Net investment income (loss)(a) | | | | 0.11 | | | | | 0.09 | | | | | 0.04 | | | | | (0.05 | ) | | | | 0.05 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 6.55 | | | | | 3.87 | | | | | (4.79 | ) | | | | 8.52 | | | | | 4.93 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 6.66 | | | | | 3.96 | | | | | (4.75 | ) | | | | 8.47 | | | | | 4.98 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.11 | ) | | | | (0.08 | ) | | | | – | | | | | (0.06 | ) | | | | (0.08 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.99 | ) | | | | (3.42 | ) | | | | (1.00 | ) | | | | (0.89 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.14 | ) | | | | (2.07 | ) | | | | (3.42 | ) | | | | (1.06 | ) | | | | (0.97 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 34.59 | | | | $ | 28.07 | | | | $ | 26.18 | | | | $ | 34.35 | | | | $ | 26.94 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 23.80% | | | | | 16.13% | | | | | (15.37)% | | | | | 32.38% | | | | | 22.26% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 941,875 | | | | $ | 816,621 | | | | $ | 756,801 | | | | $ | 961,786 | | | | $ | 776,919 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.01% | | | | | 1.04% | | | | | 1.07% | | | | | 1.11% | | | | | 1.14% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.14% | | | | | 1.17% | | | | | 1.15% | | | | | 1.17% | | | | | 1.22% | | | |
| | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.36% | | | | | 0.35% | | | | | 0.14% | | | | | (0.17)% | | | | | 0.23% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 57% | | | | | 42% | | | | | 63% | | | | | 46% | | | | | 47% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS LARGE CAP CORE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Core Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 13.65 | | | | $ | 13.81 | | | | $ | 19.86 | | | | $ | 16.05 | | | | $ | 14.05 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.06 | ) | | | | (0.05 | ) | | | | (0.10 | ) | | | | (0.16 | ) | | | | (0.06 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.16 | | | | | 1.91 | | | | | (2.53 | ) | | | | 4.97 | | | | | 2.95 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 3.10 | | | | | 1.86 | | | | | (2.63 | ) | | | | 4.81 | | | | | 2.89 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.05 | ) | | | | (0.03 | ) | | | | – | | | | | – | | | | | – | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.99 | ) | | | | (3.42 | ) | | | | (1.00 | ) | | | | (0.89 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.08 | ) | | | | (2.02 | ) | | | | (3.42 | ) | | | | (1.00 | ) | | | | (0.89 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 16.67 | | | | $ | 13.65 | | | | $ | 13.81 | | | | $ | 19.86 | | | | $ | 16.05 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 22.85% | | | | | 15.32% | | | | | (16.04)% | | | | | 31.41% | | | | | 21.37% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 20,425 | | | | $ | 16,921 | | | | $ | 16,518 | | | | $ | 21,144 | | | | $ | 16,596 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.76% | | | | | 1.79% | | | | | 1.82% | | | | | 1.86% | | | | | 1.89% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.89% | | | | | 1.92% | | | | | 1.90% | | | | | 1.92% | | | | | 1.97% | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.39)% | | | | | (0.40)% | | | | | (0.61)% | | | | | (0.92)% | | | | | (0.45)% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 57% | | | | | 42% | | | | | 63% | | | | | 46% | | | | | 47% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Core Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 33.78 | | | | $ | 31.09 | | | | $ | 40.01 | | | | $ | 31.19 | | | | $ | 26.39 | | | |
| | |
| | | | | | | |
| | Net investment income(a) | | | | 0.25 | | | | | 0.21 | | | | | 0.17 | | | | | 0.07 | | | | | 0.16 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 7.88 | | | | | 4.64 | | | | | (5.67 | ) | | | | 9.90 | | | | | 5.70 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 8.13 | | | | | 4.85 | | | | | (5.50 | ) | | | | 9.97 | | | | | 5.86 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.17 | ) | | | | – | | | | | (0.15 | ) | | | | (0.17 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.99 | ) | | | | (3.42 | ) | | | | (1.00 | ) | | | | (0.89 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.23 | ) | | | | (2.16 | ) | | | | (3.42 | ) | | | | (1.15 | ) | | | | (1.06 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 41.68 | | | | $ | 33.78 | | | | $ | 31.09 | | | | $ | 40.01 | | | | $ | 31.19 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 24.17% | | | | | 16.54% | | | | | (15.08)% | | | | | 32.86% | | | | | 22.71% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 135,154 | | | | $ | 104,217 | | | | $ | 93,741 | | | | $ | 118,823 | | | | $ | 64,708 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.70% | | | | | 0.71% | | | | | 0.72% | | | | | 0.74% | | | | | 0.76% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.78% | | | | | 0.80% | | | | | 0.78% | | | | | 0.80% | | | | | 0.84% | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.67% | | | | | 0.69% | | | | | 0.49% | | | | | 0.20% | | | | | 0.58% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 57% | | | | | 42% | | | | | 63% | | | | | 46% | | | | | 47% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS LARGE CAP CORE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Core Fund |
| | |
| | | | | Service Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 26.13 | | | | $ | 24.51 | | | | $ | 32.41 | | | | $ | 25.46 | | | | $ | 21.73 | | | |
| | |
| | | | | | | |
| | Net investment income (loss)(a) | | | | 0.05 | | | | | 0.05 | | | | | (0.03 | ) | | | | (0.08 | ) | | | | 0.03 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 6.09 | | | | | 3.60 | | | | | (4.45 | ) | | | | 8.04 | | | | | 4.66 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 6.14 | | | | | 3.65 | | | | | (4.48 | ) | | | | 7.96 | | | | | 4.69 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.06 | ) | | | | (0.04 | ) | | | | – | | | | | (0.01 | ) | | | | (0.07 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.99 | ) | | | | (3.42 | ) | | | | (1.00 | ) | | | | (0.89 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.09 | ) | | | | (2.03 | ) | | | | (3.42 | ) | | | | (1.01 | ) | | | | (0.96 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 32.18 | | | | $ | 26.13 | | | | $ | 24.51 | | | | $ | 32.41 | | | | $ | 25.46 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 23.57% | | | | | 15.99% | | | | | (15.50)% | | | | | 32.21% | | | | | 22.12% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 788 | | | | $ | 960 | | | | $ | 486 | | | | $ | 2,151 | | | | $ | 1,814 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.20% | | | | | 1.21% | | | | | 1.23% | | | | | 1.24% | | | | | 1.26% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.28% | | | | | 1.30% | | | | | 1.28% | | | | | 1.30% | | | | | 1.34% | | | |
| | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.17% | | | | | 0.20% | | | | | (0.11)% | | | | | (0.30)% | | | | | 0.13% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 57% | | | | | 42% | | | | | 63% | | | | | 46% | | | | | 47% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Core Fund |
| | |
| | | | | Investor Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 28.96 | | | | $ | 26.96 | | | | $ | 35.18 | | | | $ | 27.56 | | | | $ | 23.43 | | | |
| | |
| | | | | | | |
| | Net investment income(a) | | | | 0.19 | | | | | 0.16 | | | | | 0.13 | | | | | 0.02 | | | | | 0.11 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 6.75 | | | | | 3.98 | | | | | (4.93 | ) | | | | 8.73 | | | | | 5.05 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 6.94 | | | | | 4.14 | | | | | (4.80 | ) | | | | 8.75 | | | | | 5.16 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.18 | ) | | | | (0.15 | ) | | | | – | | | | | (0.13 | ) | | | | (0.14 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.99 | ) | | | | (3.42 | ) | | | | (1.00 | ) | | | | (0.89 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.21 | ) | | | | (2.14 | ) | | | | (3.42 | ) | | | | (1.13 | ) | | | | (1.03 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 35.69 | | | | $ | 28.96 | | | | $ | 26.96 | | | | $ | 35.18 | | | | $ | 27.56 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 24.10% | | | | | 16.43% | | | | | (15.16)% | | | | | 32.71% | | | | | 22.56% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 55,087 | | | | $ | 40,556 | | | | $ | 36,346 | | | | $ | 21,889 | | | | $ | 8,703 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.76% | | | | | 0.79% | | | | | 0.81% | | | | | 0.86% | | | | | 0.89% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.89% | | | | | 0.92% | | | | | 0.90% | | | | | 0.92% | | | | | 0.96% | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.61% | | | | | 0.61% | | | | | 0.44% | | | | | 0.08% | | | | | 0.46% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 57% | | | | | 42% | | | | | 63% | | | | | 46% | | | | | 47% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS LARGE CAP CORE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Core Fund |
| | |
| | | | | Class R6 Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 33.72 | | | | $ | 31.04 | | | | $ | 39.96 | | | | $ | 31.14 | | | | $ | 26.35 | | | |
| | |
| | | | | | | |
| | Net investment income(a) | | | | 0.25 | | | | | 0.22 | | | | | 0.19 | | | | | 0.07 | | | | | 0.16 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 7.88 | | | | | 4.62 | | | | | (5.69 | ) | | | | 9.90 | | | | | 5.69 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 8.13 | | | | | 4.84 | | | | | (5.50 | ) | | | | 9.97 | | | | | 5.85 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.17 | ) | | | | – | | | | | (0.15 | ) | | | | (0.17 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.99 | ) | | | | (3.42 | ) | | | | (1.00 | ) | | | | (0.89 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.23 | ) | | | | (2.16 | ) | | | | (3.42 | ) | | | | (1.15 | ) | | | | (1.06 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 41.62 | | | | $ | 33.72 | | | | $ | 31.04 | | | | $ | 39.96 | | | | $ | 31.14 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 24.19% | | | | | 16.55% | | | | | (15.07)% | | | | | 32.92% | | | | | 22.71% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 14,113 | | | | $ | 88,467 | | | | $ | 78,897 | | | | $ | 8,707 | | | | $ | 2,454 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.69% | | | | | 0.70% | | | | | 0.70% | | | | | 0.73% | | | | | 0.75% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.76% | | | | | 0.79% | | | | | 0.77% | | | | | 0.78% | | | | | 0.83% | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.68% | | | | | 0.70% | | | | | 0.56% | | | | | 0.21% | | | | | 0.59% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 57% | | | | | 42% | | | | | 63% | | | | | 46% | | | | | 47% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Core Fund |
| | |
| | | | | Class R Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 25.86 | | | | $ | 24.29 | | | | $ | 32.19 | | | | $ | 25.32 | | | | $ | 21.63 | | | |
| | |
| | | | | | | |
| | Net investment income (loss)(a) | | | | 0.03 | | | | | 0.02 | | | | | (0.03 | ) | | | | (0.12 | ) | | | | –(b) | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 6.04 | | | | | 3.57 | | | | | (4.45 | ) | | | | 8.01 | | | | | 4.62 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 6.07 | | | | | 3.59 | | | | | (4.48 | ) | | | | 7.89 | | | | | 4.62 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.05 | ) | | | | (0.03 | ) | | | | – | | | | | (0.02 | ) | | | | (0.04 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.99 | ) | | | | (3.42 | ) | | | | (1.00 | ) | | | | (0.89 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.08 | ) | | | | (2.02 | ) | | | | (3.42 | ) | | | | (1.02 | ) | | | | (0.93 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 31.85 | | | | $ | 25.86 | | | | $ | 24.29 | | | | $ | 32.19 | | | | $ | 25.32 | | | |
| | |
| | | | | | | |
| | Total Return(c) | | | | 23.48% | | | | | 15.85% | | | | | (15.58)% | | | | | 32.09% | | | | | 21.90% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 10,346 | | | | $ | 8,577 | | | | $ | 8,186 | | | | $ | 12,608 | | | | $ | 10,097 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.26% | | | | | 1.29% | | | | | 1.32% | | | | | 1.36% | | | | | 1.39% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.39% | | | | | 1.42% | | | | | 1.40% | | | | | 1.42% | | | | | 1.47% | | | |
| | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.11% | | | | | 0.10% | | | | | (0.12)% | | | | | (0.42)% | | | | | 0.01% | | | |
| | | | | | | |
| | Portfolio turnover rate(d) | | | | 57% | | | | | 42% | | | | | 63% | | | | | 46% | | | | | 47% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.005 per share. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions 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) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 43 |
GOLDMAN SACHS LARGE CAP CORE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Core Fund |
| | |
| | | | | Class P Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 33.71 | | | | $ | 31.03 | | | | $ | 39.94 | | | | $ | 31.13 | | | | $ | 26.34 | | | |
| | |
| | | | | | | |
| | Net investment income(a) | | | | 0.25 | | | | | 0.22 | | | | | 0.18 | | | | | 0.07 | | | | | 0.16 | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 7.87 | | | | | 4.62 | | | | | (5.67 | ) | | | | 9.89 | | | | | 5.69 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 8.12 | | | | | 4.84 | | | | | (5.49 | ) | | | | 9.96 | | | | | 5.85 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.17 | ) | | | | – | | | | | (0.15 | ) | | | | (0.17 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.99 | ) | | | | (3.42 | ) | | | | (1.00 | ) | | | | (0.89 | ) | | |
| | |
| | | | | | | |
| | Total distributions | | | | (0.23 | ) | | | | (2.16 | ) | | | | (3.42 | ) | | | | (1.15 | ) | | | | (1.06 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 41.60 | | | | $ | 33.71 | | | | $ | 31.03 | | | | $ | 39.94 | | | | $ | 31.13 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 24.20% | | | | | 16.56% | | | | | (15.08)% | | | | | 32.90% | | | | | 22.73% | | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 153,988 | | | | $ | 120,003 | | | | $ | 109,347 | | | | $ | 132,700 | | | | $ | 95,182 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.69% | | | | | 0.70% | | | | | 0.71% | | | | | 0.73% | | | | | 0.75% | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.77% | | | | | 0.79% | | | | | 0.77% | | | | | 0.79% | | | | | 0.83% | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.68% | | | | | 0.70% | | | | | 0.50% | | | | | 0.21% | | | | | 0.59% | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 57% | | | | | 42% | | | | | 63% | | | | | 46% | | | | | 47% | | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all distributions 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 44 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Mid Cap Growth Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 10.84 | | | | $ | 11.03 | | | | $ | 18.20 | | | | $ | 17.14 | | | | $ | 18.14 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.06 | ) | | | | (0.05 | ) | | | | (0.10 | ) | | | | (0.15 | ) | | | | (0.10 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 1.60 | | | | | 0.86 | | | | | (3.93 | ) | | | | 5.26 | | | | | 4.13 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 1.54 | | | | | 0.81 | | | | | (4.03 | ) | | | | 5.11 | | | | | 4.03 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (1.00 | ) | | | | (3.14 | ) | | | | (4.05 | ) | | | | (5.03 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 12.38 | | | | $ | 10.84 | | | | $ | 11.03 | | | | $ | 18.20 | | | | $ | 17.14 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 14.21 | % | | | | 7.76 | % | | | | (25.93 | )% | | | | 33.85 | % | | | | 28.84 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 239,246 | | | | $ | 244,602 | | | | $ | 262,404 | | | | $ | 404,921 | | | | $ | 347,644 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.15 | % | | | | 1.19 | % | | | | 1.24 | % | | | | 1.24 | % | | | | 1.25 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.37 | % | | | | 1.39 | % | | | | 1.37 | % | | | | 1.37 | % | | | | 1.41 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.50 | )% | | | | (0.51 | )% | | | | (0.73 | )% | | | | (0.87 | )% | | | | (0.64 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 63 | % | | | | 43 | % | | | | 50 | % | | | | 57 | % | | | | 65 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 45 |
GOLDMAN SACHS MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Mid Cap Growth Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 17.31 | | | | $ | 17.15 | | | | $ | 102.96 | | | | $ | 162.72 | | | | $ | 243.84 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.23 | ) | | | | (0.21 | ) | | | | (0.48 | ) | | | | (1.68 | ) | | | | (2.16 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.55 | | | | | 1.37 | | | | | (9.97 | ) | | | | 39.12 | | | | | 41.76 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 2.32 | | | | | 1.16 | | | | | (10.45 | ) | | | | 37.44 | | | | | 39.60 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (1.00 | ) | | | | (75.36 | ) | | | | (97.20 | ) | | | | (120.72 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 19.63 | | | | $ | 17.31 | | | | $ | 17.15 | | | | $ | 102.96 | | | | $ | 162.72 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 13.40 | % | | | | 7.00 | % | | | | (26.40 | )% | | | | 32.89 | % | | | | 27.86 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 9,664 | | | | $ | 10,235 | | | | $ | 13,261 | | | | $ | 23,337 | | | | $ | 28,894 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.90 | % | | | | 1.94 | % | | | | 1.99 | % | | | | 1.99 | % | | | | 2.00 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.12 | % | | | | 2.14 | % | | | | 2.12 | % | | | | 2.12 | % | | | | 2.16 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (1.25 | )% | | | | (1.26 | )% | | | | (1.48 | )% | | | | (1.62 | )% | | | | (1.38 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 63 | % | | | | 43 | % | | | | 50 | % | | | | 57 | % | | | | 65 | % | | | | | |
| | | |
| | * | On June 10, 2022, the Fund’s Class C Shares affected a 24-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 46 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Mid Cap Growth Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 17.73 | | | | $ | 17.37 | | | | $ | 26.68 | | | | $ | 23.41 | | | | $ | 22.93 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.04 | ) | | | | (0.03 | ) | | | | (0.08 | ) | | | | (0.13 | ) | | | | (0.06 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.63 | | | | | 1.39 | | | | | (6.09 | ) | | | | 7.45 | | | | | 5.57 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.59 | | | | | 1.36 | | | | | (6.17 | ) | | | | 7.32 | | | | | 5.51 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (1.00 | ) | | | | (3.14 | ) | | | | (4.05 | ) | | | | (5.03 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 20.32 | | | | $ | 17.73 | | | | $ | 17.37 | | | | $ | 26.68 | | | | $ | 23.41 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 14.61 | % | | | | 8.11 | % | | | | (25.69 | )% | | | | 34.27 | % | | | | 29.33 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 264,134 | | | | $ | 275,045 | | | | $ | 313,137 | | | | $ | 478,127 | | | | $ | 442,693 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.85 | % | | | | 0.87 | % | | | | 0.90 | % | | | | 0.90 | % | | | | 0.91 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.01 | % | | | | 1.02 | % | | | | 1.00 | % | | | | 1.00 | % | | | | 1.03 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.20 | )% | | | | (0.20 | )% | | | | (0.39 | )% | | | | (0.53 | )% | | | | (0.29 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 63 | % | | | | 43 | % | | | | 50 | % | | | | 57 | % | | | | 65 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 47 |
GOLDMAN SACHS MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Mid Cap Growth Fund |
| | |
| | | | | Service Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 9.03 | | | | $ | 9.36 | | | | $ | 15.97 | | | | $ | 15.50 | | | | $ | 16.89 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.07 | ) | | | | (0.06 | ) | | | | (0.10 | ) | | | | (0.16 | ) | | | | (0.11 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 1.33 | | | | | 0.73 | | | | | (3.37 | ) | | | | 4.68 | | | | | 3.75 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 1.26 | | | | | 0.67 | | | | | (3.47 | ) | | | | 4.52 | | | | | 3.64 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (1.00 | ) | | | | (3.14 | ) | | | | (4.05 | ) | | | | (5.03 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 10.29 | | | | $ | 9.03 | | | | $ | 9.36 | | | | $ | 15.97 | | | | $ | 15.50 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 13.95 | % | | | | 7.64 | % | | | | (26.06 | )% | | | | 33.59 | % | | | | 28.64 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 22,649 | | | | $ | 21,916 | | | | $ | 21,107 | | | | $ | 33,114 | | | | $ | 27,723 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.35 | % | | | | 1.37 | % | | | | 1.40 | % | | | | 1.40 | % | | | | 1.41 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.51 | % | | | | 1.52 | % | | | | 1.50 | % | | | | 1.50 | % | | | | 1.53 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.70 | )% | | | | (0.70 | )% | | | | (0.90 | )% | | | | (1.03 | )% | | | | (0.79 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 63 | % | | | | 43 | % | | | | 50 | % | | | | 57 | % | | | | 65 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 48 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Mid Cap Growth Fund |
| | |
| | | | | Investor Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 12.83 | | | | $ | 12.84 | | | | $ | 20.61 | | | | $ | 18.90 | | | | $ | 19.47 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.04 | ) | | | | (0.03 | ) | | | | (0.07 | ) | | | | (0.12 | ) | | | | (0.07 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 1.90 | | | | | 1.02 | | | | | (4.56 | ) | | | | 5.88 | | | | | 4.53 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 1.86 | | | | | 0.99 | | | | | (4.63 | ) | | | | 5.76 | | | | | 4.46 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (1.00 | ) | | | | (3.14 | ) | | | | (4.05 | ) | | | | (5.03 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 14.69 | | | | $ | 12.83 | | | | $ | 12.84 | | | | $ | 20.61 | | | | $ | 18.90 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 14.50 | % | | | | 8.09 | % | | | | (25.79 | )% | | | | 34.19 | % | | | | 29.15 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 94,163 | | | | $ | 69,632 | | | | $ | 70,759 | | | | $ | 105,878 | | | | $ | 81,928 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.90 | % | | | | 0.93 | % | | | | 0.99 | % | | | | 0.99 | % | | | | 1.00 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.12 | % | | | | 1.14 | % | | | | 1.12 | % | | | | 1.12 | % | | | | 1.16 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.26 | )% | | | | (0.26 | )% | | | | (0.48 | )% | | | | (0.62 | )% | | | | (0.39 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 63 | % | | | | 43 | % | | | | 50 | % | | | | 57 | % | | | | 65 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Mid Cap Growth Fund |
| | |
| | | | | Class R6 Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 17.76 | | | | $ | 17.40 | | | | $ | 26.72 | | | | $ | 23.44 | | | | $ | 22.95 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.04 | ) | | | | (0.03 | ) | | | | (0.08 | ) | | | | (0.13 | ) | | | | (0.06 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.64 | | | | | 1.39 | | | | | (6.10 | ) | | | | 7.46 | | | | | 5.58 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.60 | | | | | 1.36 | | | | | (6.18 | ) | | | | 7.33 | | | | | 5.52 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (1.00 | ) | | | | (3.14 | ) | | | | (4.05 | ) | | | | (5.03 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 20.36 | | | | $ | 17.76 | | | | $ | 17.40 | | | | $ | 26.72 | | | | $ | 23.44 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 14.64 | % | | | | 8.10 | % | | | | (25.69 | )% | | | | 34.27 | % | | | | 29.35 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 195,528 | | | | $ | 192,601 | | | | $ | 199,472 | | | | $ | 283,233 | | | | $ | 211,480 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.84 | % | | | | 0.86 | % | | | | 0.89 | % | | | | 0.89 | % | | | | 0.90 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.00 | % | | | | 1.01 | % | | | | 0.99 | % | | | | 0.99 | % | | | | 1.02 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.19 | )% | | | | (0.18 | )% | | | | (0.38 | )% | | | | (0.53 | )% | | | | (0.28 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 63 | % | | | | 43 | % | | | | 50 | % | | | | 57 | % | | | | 65 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 50 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Mid Cap Growth Fund |
| | |
| | | | | Class R Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 9.03 | | | | $ | 9.37 | | | | $ | 15.99 | | | | $ | 15.53 | | | | $ | 16.92 | | | |
| | |
| | | | | | | |
| �� | Net investment loss(a) | | | | (0.07 | ) | | | | (0.07 | ) | | | | (0.11 | ) | | | | (0.17 | ) | | | | (0.12 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 1.33 | | | | | 0.73 | | | | | (3.37 | ) | | | | 4.68 | | | | | 3.76 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 1.26 | | | | | 0.66 | | | | | (3.48 | ) | | | | 4.51 | | | | | 3.64 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (1.00 | ) | | | | (3.14 | ) | | | | (4.05 | ) | | | | (5.03 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 10.29 | | | | $ | 9.03 | | | | $ | 9.37 | | | | $ | 15.99 | | | | $ | 15.53 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 13.95 | % | | | | 7.53 | % | | | | (26.10 | )% | | | | 33.44 | % | | | | 28.58 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 31,067 | | | | $ | 31,403 | | | | $ | 33,397 | | | | $ | 54,987 | | | | $ | 48,780 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.40 | % | | | | 1.43 | % | | | | 1.49 | % | | | | 1.49 | % | | | | 1.50 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.62 | % | | | | 1.64 | % | | | | 1.62 | % | | | | 1.62 | % | | | | 1.66 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.75 | )% | | | | (0.76 | )% | | | | (0.98 | )% | | | | (1.12 | )% | | | | (0.89 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 63 | % | | | | 43 | % | | | | 50 | % | | | | 57 | % | | | | 65 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 51 |
GOLDMAN SACHS MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Mid Cap Growth Fund |
| | |
| | | | | Class P Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 17.78 | | | | $ | 17.41 | | | | $ | 26.74 | | | | $ | 23.45 | | | | $ | 22.96 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.04 | ) | | | | (0.03 | ) | | | | (0.08 | ) | | | | (0.13 | ) | | | | (0.06 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.63 | | | | | 1.40 | | | | | (6.11 | ) | | | | 7.47 | | | | | 5.58 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.59 | | | | | 1.37 | | | | | (6.19 | ) | | | | 7.34 | | | | | 5.52 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (1.00 | ) | | | | (3.14 | ) | | | | (4.05 | ) | | | | (5.03 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 20.37 | | | | $ | 17.78 | | | | $ | 17.41 | | | | $ | 26.74 | | | | $ | 23.45 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 14.57 | % | | | | 8.15 | % | | | | (25.68 | )% | | | | 34.26 | % | | | | 29.34 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 39,261 | | | | $ | 43,066 | | | | $ | 50,932 | | | | $ | 90,649 | | | | $ | 69,989 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.84 | % | | | | 0.86 | % | | | | 0.89 | % | | | | 0.89 | % | | | | 0.90 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.00 | % | | | | 1.01 | % | | | | 0.99 | % | | | | 0.99 | % | | | | 1.02 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.19 | )% | | | | (0.19 | )% | | | | (0.40 | )% | | | | (0.53 | )% | | | | (0.28 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 63 | % | | | | 43 | % | | | | 50 | % | | | | 57 | % | | | | 65 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 52 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Fund |
| | |
| | | | | Class A Shares |
| | | | |
| | | | | Year Ended August 31, | | Period Ended August 31, 2020(a) | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 12.01 | | | | $ | 11.16 | | | | $ | 16.89 | | | | $ | 12.81 | | | | $ | 10.00 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(b) | | | | (0.09 | )(c) | | | | (0.10 | ) | | | | (0.10 | )(d) | | | | (0.16 | )(e) | | | | (0.09 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.91 | | | | | 0.95 | | | | | (4.04 | ) | | | | 5.36 | | | | | 2.92 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 2.82 | | | | | 0.85 | | | | | (4.14 | ) | | | | 5.20 | | | | | 2.83 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | (0.02 | ) | | | | (0.02 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.10 | ) | | | | – | | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.12 | ) | | | | (0.02 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 14.83 | | | | $ | 12.01 | | | | $ | 11.16 | | | | $ | 16.89 | | | | $ | 12.81 | | | | | | |
| | | | | | | |
| | Total Return(f) | | | | 23.48 | % | | | | 7.62 | % | | | | (26.55 | )% | | | | 41.87 | % | | | | 28.30 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 1,325 | | | | $ | 561 | | | | $ | 451 | | | | $ | 669 | | | | $ | 175 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.22 | % | | | | 1.24 | % | | | | 1.28 | % | | | | 1.28 | % | | | | 1.30 | %(g) | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.68 | % | | | | 2.09 | % | | | | 2.16 | % | | | | 3.50 | % | | | | 8.30 | %(g) | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.70 | )%(c) | | | | (0.85 | )% | | | | (0.74 | )%(d) | | | | (1.01 | )%(e) | | | | (0.94 | )%(g) | | | | | |
| | | | | | | |
| | Portfolio turnover rate(h) | | | | 69 | % | | | | 87 | % | | | | 81 | % | | | | 101 | % | | | | 70 | % | | | | | |
| | | |
| | (a) | Commenced operations on October 31, 2019. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| | (d) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets. |
| | (e) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets. |
| | (f) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (h) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS SMALL CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Fund |
| | |
| | | | | Class C Shares |
| | | | |
| | | | | Year Ended August 31, | | Period Ended August 31, 2020(a) | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 11.67 | | | | $ | 10.93 | | | | $ | 16.69 | | | | $ | 12.74 | | | | $ | 10.00 | | | |
| | |
| | | | | | | |
| | Net investment loss(b) | | | | (0.19 | )(c) | | | | (0.17 | ) | | | | (0.20 | )(d) | | | | (0.27 | )(e) | | | | (0.15 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.83 | | | | | 0.91 | | | | | (3.97 | ) | | | | 5.32 | | | | | 2.89 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.64 | | | | | 0.74 | | | | | (4.17 | ) | | | | 5.05 | | | | | 2.74 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.10 | ) | | | | – | | | |
| | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 14.31 | | | | $ | 11.67 | | | | $ | 10.93 | | | | $ | 16.69 | | | | $ | 12.74 | | | |
| | |
| | | | | | | |
| | Total Return(f) | | | | 22.62 | % | | | | 6.77 | % | | | | (27.08 | )% | | | | 40.86 | % | | | | 27.44 | % | | |
| | |
| | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 551 | | | | $ | 112 | | | | $ | 72 | | | | $ | 119 | | | | $ | 91 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.97 | % | | | | 2.00 | % | | | | 2.03 | % | | | | 2.03 | % | | | | 2.06 | %(g) | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.39 | % | | | | 2.84 | % | | | | 2.92 | % | | | | 4.09 | % | | | | 9.80 | %(g) | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (1.45 | )%(c) | | | | (1.58 | )% | | | | (1.48 | )%(d) | | | | (1.78 | )%(e) | | | | (1.70 | )%(g) | | |
| | | | | | | |
| | Portfolio turnover rate(h) | | | | 69 | % | | | | 87 | % | | | | 81 | % | | | | 101 | % | | | | 70 | % | | |
| | |
| | (a) | Commenced operations on October 31, 2019. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| | (d) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets. |
| | (e) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets. |
| | (f) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (h) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 54 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Fund |
| | |
| | | | | Institutional Shares |
| | | | | Year Ended August 31, | | Period Ended August 31, 2020(a) | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 12.17 | | | | $ | 11.28 | | | | $ | 16.98 | | | | $ | 12.84 | | | | $ | 10.00 | | | |
| | |
| | | | | | | |
| | Net investment loss(b) | | | | (0.05 | )(c) | | | | (0.06 | ) | | | | (0.04 | )(d) | | | | (0.10 | )(e) | | | | (0.05 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.97 | | | | | 0.95 | | | | | (4.07 | ) | | | | 5.37 | | | | | 2.91 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.92 | | | | | 0.89 | | | | | (4.11 | ) | | | | 5.27 | | | | | 2.86 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | (0.03 | ) | | | | (0.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.10 | ) | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.13 | ) | | | | (0.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 15.09 | | | | $ | 12.17 | | | | $ | 11.28 | | | | $ | 16.98 | | | | $ | 12.84 | | | |
| | |
| | | | | | | |
| | Total Return(f) | | | | 23.99 | % | | | | 7.89 | % | | | | (26.21 | )% | | | | 42.36 | % | | | | 28.68 | % | | |
| | |
| | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 27,220 | | | | $ | 22,012 | | | | $ | 18,661 | | | | $ | 14,313 | | | | $ | 10,516 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.91 | % | | | | 0.91 | % | | | | 0.91 | % | | | | 0.91 | % | | | | 0.93 | %(g) | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.42 | % | | | | 1.73 | % | | | | 1.75 | % | | | | 2.93 | % | | | | 8.24 | %(g) | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.38 | )%(c) | | | | (0.49 | )% | | | | (0.34 | )%(d) | | | | (0.66 | )%(e) | | | | (0.58 | )%(g) | | |
| | | | | | | |
| | Portfolio turnover rate(h) | | | | 69 | % | | | | 87 | % | | | | 81 | % | | | | 101 | % | | | | 70 | % | | |
| | |
| | (a) | Commenced operations on October 31, 2019. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| | (d) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets. |
| | (e) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets. |
| | (f) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (h) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 55 |
GOLDMAN SACHS SMALL CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Fund |
| | |
| | | | | Investor Shares |
| | | | |
| | | | | Year Ended August 31, | | Period Ended August 31, 2020(a) | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 12.13 | | | | $ | 11.24 | | | | $ | 16.96 | | | | $ | 12.83 | | | | $ | 10.00 | | | |
| | |
| | | | | | | |
| | Net investment loss(b) | | | | (0.06 | )(c) | | | | (0.08 | ) | | | | (0.06 | )(d) | | | | (0.12 | )(e) | | | | (0.06 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.95 | | | | | 0.97 | | | | | (4.07 | ) | | | | 5.37 | | | | | 2.91 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.89 | | | | | 0.89 | | | | | (4.13 | ) | | | | 5.25 | | | | | 2.85 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | (0.02 | ) | | | | (0.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.10 | ) | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.12 | ) | | | | (0.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 15.02 | | | | $ | 12.13 | | | | $ | 11.24 | | | | $ | 16.96 | | | | $ | 12.83 | | | |
| | |
| | | | | | | |
| | Total Return(f) | | | | 23.83 | % | | | | 7.92 | % | | | | (26.37 | )% | | | | 42.21 | % | | | | 28.55 | % | | |
| | |
| | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 85,612 | | | | $ | 5,116 | | | | $ | 67 | | | | $ | 91 | | | | $ | 64 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.97 | % | | | | 0.98 | % | | | | 1.03 | % | | | | 1.03 | % | | | | 1.06 | %(g) | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.29 | % | | | | 1.77 | % | | | | 1.90 | % | | | | 3.13 | % | | | | 9.22 | %(g) | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.42 | )%(c) | | | | (0.63 | )% | | | | (0.48 | )%(d) | | | | (0.78 | )%(e) | | | | (0.69 | )%(g) | | |
| | | | | | | |
| | Portfolio turnover rate(h) | | | | 69 | % | | | | 87 | % | | | | 81 | % | | | | 101 | % | | | | 70 | % | | |
| | |
| | (a) | Commenced operations on October 31, 2019. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| | (d) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets. |
| | (e) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets. |
| | (f) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (h) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 56 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Fund | | |
| | | |
| | | | | Class R6 Shares | | |
| | | | |
| | | | | Year Ended August 31, | | Period Ended August 31, 2020(a) | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 12.18 | | | | $ | 11.28 | | | | $ | 16.99 | | | | $ | 12.84 | | | | $ | 10.00 | | | |
| | |
| | | | | | | |
| | Net investment loss(b) | | | | (0.05 | )(c) | | | | (0.06 | ) | | | | (0.05 | )(d) | | | | (0.10 | )(e) | | | | (0.05 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.96 | | | | | 0.96 | | | | | (4.07 | ) | | | | 5.38 | | | | | 2.91 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.91 | | | | | 0.90 | | | | | (4.12 | ) | | | | 5.28 | | | | | 2.86 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | (0.03 | ) | | | | (0.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.10 | ) | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.13 | ) | | | | (0.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 15.09 | | | | $ | 12.18 | | | | $ | 11.28 | | | | $ | 16.99 | | | | $ | 12.84 | | | |
| | |
| | | | | | | |
| | Total Return(f) | | | | 23.89 | % | | | | 7.98 | % | | | | (26.25 | )% | | | | 42.44 | % | | | | 28.68 | % | | |
| | |
| | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 105 | | | | $ | 80 | | | | $ | 68 | | | | $ | 92 | | | | $ | 64 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.90 | % | | | | 0.90 | % | | | | 0.90 | % | | | | 0.90 | % | | | | 0.93 | %(g) | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.40 | % | | | | 1.72 | % | | | | 1.77 | % | | | | 3.00 | % | | | | 9.08 | %(g) | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.37 | )%(c) | | | | (0.49 | )% | | | | (0.35 | )%(d) | | | | (0.65 | )%(e) | | | | (0.55 | )%(g) | | |
| | | | | | | |
| | Portfolio turnover rate(h) | | | | 69 | % | | | | 87 | % | | | | 81 | % | | | | 101 | % | | | | 70 | % | | |
| | |
| | (a) | Commenced operations on October 31, 2019. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| | (d) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets. |
| | (e) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets. |
| | (f) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (h) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 57 |
GOLDMAN SACHS SMALL CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Fund |
| | |
| | | | | Class P Shares |
| | | | |
| | | | | Year Ended August 31, | | Period Ended August 31, 2020(a) | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 12.17 | | | | $ | 11.27 | | | | $ | 16.98 | | | | $ | 12.84 | | | | $ | 10.00 | | | |
| | |
| | | | | | | |
| | Net investment loss(b) | | | | (0.05 | )(c) | | | | (0.06 | ) | | | | (0.04 | )(d) | | | | (0.10 | )(e) | | | | (0.05 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.96 | | | | | 0.96 | | | | | (4.08 | ) | | | | 5.37 | | | | | 2.91 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.91 | | | | | 0.90 | | | | | (4.12 | ) | | | | 5.27 | | | | | 2.86 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | (0.03 | ) | | | | (0.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.10 | ) | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (1.59 | ) | | | | (1.13 | ) | | | | (0.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 15.08 | | | | $ | 12.17 | | | | $ | 11.27 | | | | $ | 16.98 | | | | $ | 12.84 | | | |
| | |
| | | | | | | |
| | Total Return(f) | | | | 23.91 | % | | | | 7.99 | % | | | | (26.27 | )% | | | | 42.38 | % | | | | 28.68 | % | | |
| | |
| | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 19,001 | | | | $ | 12,859 | | | | $ | 11,540 | | | | $ | 5,349 | | | | $ | 2,831 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.90 | % | | | | 0.90 | % | | | | 0.90 | % | | | | 0.90 | % | | | | 0.90 | %(g) | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.39 | % | | | | 1.72 | % | | | | 1.75 | % | | | | 3.00 | % | | | | 6.73 | %(g) | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.37 | )%(c) | | | | (0.49 | )% | | | | (0.35 | )%(d) | | | | (0.64 | )%(e) | | | | (0.55 | )%(g) | | |
| | | | | | | |
| | Portfolio turnover rate(h) | | | | 69 | % | | | | 87 | % | | | | 81 | % | | | | 101 | % | | | | 70 | % | | |
| | |
| | (a) | Commenced operations on October 31, 2019. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| | (d) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets. |
| | (e) | Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets. |
| | (f) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (h) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 58 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small/Mid Cap Growth Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 18.04 | | | | $ | 17.06 | | | | $ | 28.31 | | | | $ | 23.56 | | | | $ | 20.53 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.14 | ) | | | | (0.12 | ) | | | | (0.17 | ) | | | | (0.25 | ) | | | | (0.15 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.19 | | | | | 1.10 | | | | | (7.31 | ) | | | | 8.84 | | | | | 6.20 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 3.05 | | | | | 0.98 | | | | | (7.48 | ) | | | | 8.59 | | | | | 6.05 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (3.74 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | (0.03 | ) | | | | – | | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (3.77 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.09 | | | | $ | 18.04 | | | | $ | 17.06 | | | | $ | 28.31 | | | | $ | 23.56 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 16.91 | % | | | | 5.74 | % | | | | (29.64 | )% | | | | 39.05 | % | | | | 33.09 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 260,222 | | | | $ | 255,118 | | | | $ | 276,714 | | | | $ | 470,941 | | | | $ | 309,715 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.24 | % | | | | 1.26 | % | | | | 1.22 | % | | | | 1.21 | % | | | | 1.27 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.28 | % | | | | 1.30 | % | | | | 1.27 | % | | | | 1.26 | % | | | | 1.32 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.72 | )% | | | | (0.70 | )% | | | | (0.79 | )% | | | | (0.94 | )% | | | | (0.74 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 69 | % | | | | 62 | % | | | | 65 | % | | | | 60 | % | | | | 76 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 59 |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small/Mid Cap Growth Fund | | |
| | | |
| | | | | Class C Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 12.57 | | | | $ | 11.98 | | | | $ | 21.23 | | | | $ | 18.59 | | | | $ | 16.90 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.19 | ) | | | | (0.18 | ) | | | | (0.24 | ) | | | | (0.34 | ) | | | | (0.25 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.21 | | | | | 0.77 | | | | | (5.24 | ) | | | | 6.82 | | | | | 4.96 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.02 | | | | | 0.59 | | | | | (5.48 | ) | | | | 6.48 | | | | | 4.71 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (3.74 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | (0.03 | ) | | | | – | | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (3.77 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 14.59 | | | | $ | 12.57 | | | | $ | 11.98 | | | | $ | 21.23 | | | | $ | 18.59 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 16.07 | % | | | | 4.92 | % | | | | (30.18 | )% | | | | 38.00 | % | | | | 32.18 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 29,348 | | | | $ | 59,508 | | | | $ | 76,089 | | | | $ | 145,721 | | | | $ | 153,835 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.99 | % | | | | 2.01 | % | | | | 1.97 | % | | | | 1.96 | % | | | | 2.02 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.04 | % | | | | 2.05 | % | | | | 2.02 | % | | | | 2.01 | % | | | | 2.08 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (1.46 | )% | | | | (1.45 | )% | | | | (1.54 | )% | | | | (1.69 | )% | | | | (1.55 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 69 | % | | | | 62 | % | | | | 65 | % | | | | 60 | % | | | | 76 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 60 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small/Mid Cap Growth Fund | | |
| | | |
| | | | | Institutional Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 20.88 | | | | $ | 19.68 | | | | $ | 31.94 | | | | $ | 26.09 | | | | $ | 22.36 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.09 | ) | | | | (0.07 | ) | | | | (0.11 | ) | | | | (0.18 | ) | | | | (0.09 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.69 | | | | | 1.27 | | | | | (8.38 | ) | | | | 9.87 | | | | | 6.84 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 3.60 | | | | | 1.20 | | | | | (8.49 | ) | | | | 9.69 | | | | | 6.75 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (3.74 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | (0.03 | ) | | | | – | | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (3.77 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 24.48 | | | | $ | 20.88 | | | | $ | 19.68 | | | | $ | 31.94 | | | | $ | 26.09 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 17.24 | % | | | | 6.10 | % | | | | (29.42 | )% | | | | 39.51 | % | | | | 33.55 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 739,233 | | | | $ | 759,588 | | | | $ | 824,359 | | | | $ | 1,303,226 | | | | $ | 921,412 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.92 | % | | | | 0.93 | % | | | | 0.90 | % | | | | 0.89 | % | | | | 0.94 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.92 | % | | | | 0.93 | % | | | | 0.90 | % | | | | 0.89 | % | | | | 0.95 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.40 | )% | | | | (0.37 | )% | | | | (0.47 | )% | | | | (0.63 | )% | | | | (0.39 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 69 | % | | | | 62 | % | | | | 65 | % | | | | 60 | % | | | | 76 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 61 |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small/Mid Cap Growth Fund | | |
| | | |
| | | | | Service Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 16.94 | | | | $ | 16.05 | | | | $ | 26.92 | | | | $ | 22.60 | | | | $ | 19.84 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.16 | ) | | | | (0.14 | ) | | | | (0.27 | ) | | | | (0.27 | ) | | | | (0.18 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.99 | | | | | 1.03 | | | | | (6.83 | ) | | | | 8.43 | | | | | 5.96 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.83 | | | | | 0.89 | | | | | (7.10 | ) | | | | 8.16 | | | | | 5.78 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (3.74 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | (0.03 | ) | | | | – | | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (3.77 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 19.77 | | | | $ | 16.94 | | | | $ | 16.05 | | | | $ | 26.92 | | | | $ | 22.60 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 16.71 | % | | | | 5.55 | % | | | | (29.78 | )% | | | | 38.78 | % | | | | 32.87 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 1,427 | | | | $ | 1,206 | | | | $ | 1,267 | | | | $ | 22,781 | | | | $ | 32,215 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.42 | % | | | | 1.43 | % | | | | 1.39 | % | | | | 1.39 | % | | | | 1.44 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.42 | % | | | | 1.43 | % | | | | 1.39 | % | | | | 1.40 | % | | | | 1.45 | % | | |
| | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | (0.90 | )% | | | | (0.87 | )% | | | | (1.10 | )% | | | | 1.12 | % | | | | 0.92 | % | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 69 | % | | | | 62 | % | | | | 65 | % | | | | 60 | % | | | | 76 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 62 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small/Mid Cap Growth Fund | | |
| | | |
| | | | | Investor Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 19.64 | | | | $ | 18.53 | | | | $ | 30.33 | | | | $ | 24.96 | | | | $ | 21.53 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.10 | ) | | | | (0.09 | ) | | | | (0.13 | ) | | | | (0.19 | ) | | | | (0.10 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.48 | | | | | 1.20 | | | | | (7.90 | ) | | | | 9.40 | | | | | 6.55 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 3.38 | | | | | 1.11 | | | | | (8.03 | ) | | | | 9.21 | | | | | 6.45 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (3.74 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | (0.03 | ) | | | | – | | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (3.77 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 23.02 | | | | $ | 19.64 | | | | $ | 18.53 | | | | $ | 30.33 | | | | $ | 24.96 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 17.21 | % | | | | 5.99 | % | | | | (29.47 | )% | | | | 39.37 | % | | | | 33.44 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 300,627 | | | | $ | 344,304 | | | | $ | 428,149 | | | | $ | 815,104 | | | | $ | 495,629 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.99 | % | | | | 1.01 | % | | | | 0.97 | % | | | | 0.96 | % | | | | 1.02 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.03 | % | | | | 1.05 | % | | | | 1.02 | % | | | | 1.01 | % | | | | 1.07 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.47 | )% | | | | (0.45 | )% | | | | (0.55 | )% | | | | (0.69 | )% | | | | (0.47 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 69 | % | | | | 62 | % | | | | 65 | % | | | | 60 | % | | | | 76 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 63 |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small/Mid Cap Growth Fund | | |
| | | |
| | | | | Class R6 Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 20.91 | | | | $ | 19.71 | | | | $ | 31.98 | | | | $ | 26.12 | | | | $ | 22.38 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.09 | ) | | | | (0.07 | ) | | | | (0.10 | ) | | | | (0.18 | ) | | | | (0.08 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.70 | | | | | 1.27 | | | | | (8.40 | ) | | | | 9.88 | | | | | 6.84 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 3.61 | | | | | 1.20 | | | | | (8.50 | ) | | | | 9.70 | | | | | 6.76 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (3.74 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | (0.03 | ) | | | | – | | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (3.77 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 24.52 | | | | $ | 20.91 | | | | $ | 19.71 | | | | $ | 31.98 | | | | $ | 26.12 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 17.26 | % | | | | 6.09 | % | | | | (29.41 | )% | | | | 39.51 | % | | | | 33.56 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 135,738 | | | | $ | 150,699 | | | | $ | 156,599 | | | | $ | 139,453 | | | | $ | 73,863 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.91 | % | | | | 0.92 | % | | | | 0.89 | % | | | | 0.88 | % | | | | 0.93 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.91 | % | | | | 0.92 | % | | | | 0.89 | % | | | | 0.88 | % | | | | 0.94 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.39 | )% | | | | (0.36 | )% | | | | (0.43 | )% | | | | (0.61 | )% | | | | (0.38 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 69 | % | | | | 62 | % | | | | 65 | % | | | | 60 | % | | | | 76 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 64 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small/Mid Cap Growth Fund | | |
| | | |
| | | | | Class R Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 16.54 | | | | $ | 15.68 | | | | $ | 26.41 | | | | $ | 22.24 | | | | $ | 19.58 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.17 | ) | | | | (0.15 | ) | | | | (0.20 | ) | | | | (0.29 | ) | | | | (0.19 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.91 | | | | | 1.01 | | | | | (6.76 | ) | | | | 8.30 | | | | | 5.87 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 2.74 | | | | | 0.86 | | | | | (6.96 | ) | | | | 8.01 | | | | | 5.68 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (3.74 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | (0.03 | ) | | | | – | | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (3.77 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 19.28 | | | | $ | 16.54 | | | | $ | 15.68 | | | | $ | 26.41 | | | | $ | 22.24 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 16.57 | % | | | | 5.48 | % | | | | (29.82 | )% | | | | 38.72 | % | | | | 32.78 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 7,378 | | | | $ | 8,576 | | | | $ | 9,301 | | | | $ | 14,818 | | | | $ | 13,209 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.49 | % | | | | 1.51 | % | | | | 1.47 | % | | | | 1.46 | % | | | | 1.52 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.53 | % | | | | 1.55 | % | | | | 1.52 | % | | | | 1.51 | % | | | | 1.57 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.97 | )% | | | | (0.95 | )% | | | | (1.04 | )% | | | | (1.20 | )% | | | | (1.00 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 69 | % | | | | 62 | % | | | | 65 | % | | | | 60 | % | | | | 76 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 65 |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small/Mid Cap Growth Fund | | |
| | | |
| | | | | Class P Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 20.91 | | | | $ | 19.71 | | | | $ | 31.98 | | | | $ | 26.12 | | | | $ | 22.38 | | | |
| | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.09 | ) | | | | (0.07 | ) | | | | (0.11 | ) | | | | (0.18 | ) | | | | (0.08 | ) | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.71 | | | | | 1.27 | | | | | (8.39 | ) | | | | 9.88 | | | | | 6.84 | | | |
| | |
| | | | | | | |
| | Total from investment operations | | | | 3.62 | | | | | 1.20 | | | | | (8.50 | ) | | | | 9.70 | | | | | 6.76 | | | |
| | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (3.74 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | (0.03 | ) | | | | – | | | | | – | | | |
| | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (3.77 | ) | | | | (3.84 | ) | | | | (3.02 | ) | | |
| | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 24.53 | | | | $ | 20.91 | | | | $ | 19.71 | | | | $ | 31.98 | | | | $ | 26.12 | | | |
| | |
| | | | | | | |
| | Total Return(b) | | | | 17.31 | % | | | | 6.09 | % | | | | (29.41 | )% | | | | 39.51 | % | | | | 33.56 | % | | |
| | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 330,098 | | | | $ | 323,206 | | | | $ | 345,549 | | | | $ | 601,794 | | | | $ | 285,307 | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.91 | % | | | | 0.92 | % | | | | 0.89 | % | | | | 0.88 | % | | | | 0.93 | % | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.91 | % | | | | 0.92 | % | | | | 0.89 | % | | | | 0.88 | % | | | | 0.94 | % | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.39 | )% | | | | (0.36 | )% | | | | (0.46 | )% | | | | (0.61 | )% | | | | (0.38 | )% | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 69 | % | | | | 62 | % | | | | 65 | % | | | | 60 | % | | | | 76 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 66 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Strategic Growth Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 8.63 | | | | $ | 8.06 | | | | $ | 12.32 | | | | $ | 11.24 | | | | $ | 9.25 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.04 | ) | | | | (0.03 | ) | | | | (0.06 | ) | | | | (0.07 | ) | | | | (0.03 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.15 | | | | | 1.58 | | | | | (2.69 | ) | | | | 2.92 | | | | | 3.58 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 2.11 | | | | | 1.55 | | | | | (2.75 | ) | | | | 2.85 | | | | | 3.55 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.56 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 10.24 | | | | $ | 8.63 | | | | $ | 8.06 | | | | $ | 12.32 | | | | $ | 11.24 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 25.54 | % | | | | 22.18 | % | | | | (25.42 | )% | | | | 29.11 | % | | | | 43.98 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 37,723 | | | | $ | 35,059 | | | | $ | 33,996 | | | | $ | 63,591 | | | | $ | 36,688 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.04 | % | | | | 1.06 | % | | | | 1.11 | % | | | | 1.12 | % | | | | 1.14 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.33 | % | | | | 1.36 | % | | | | 1.29 | % | | | | 1.30 | % | | | | 1.35 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.41 | )% | | | | (0.34 | )% | | | | (0.63 | )% | | | | (0.60 | )% | | | | (0.35 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 39 | % | | | | 33 | % | | | | 24 | % | | | | 31 | % | | | | 39 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 67 |
GOLDMAN SACHS STRATEGIC GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Strategic Growth Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 11.73 | | | | $ | 10.67 | | | | $ | 18.96 | | | | $ | 19.89 | | | | $ | 18.27 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.15 | ) | | | | (0.11 | ) | | | | (0.21 | ) | | | | (0.24 | ) | | | | (0.21 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.94 | | | | | 2.15 | | | | | (3.55 | ) | | | | 4.62 | | | | | 6.51 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 2.79 | | | | | 2.04 | | | | | (3.76 | ) | | | | 4.38 | | | | | 6.30 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.50 | ) | | | | (0.98 | ) | | | | (4.53 | ) | | | | (5.31 | ) | | | | (4.68 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 14.02 | | | | $ | 11.73 | | | | $ | 10.67 | | | | $ | 18.96 | | | | $ | 19.89 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 24.56 | % | | | | 21.30 | % | | | | (25.97 | )% | | | | 28.22 | % | | | | 42.88 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 3,201 | | | | $ | 2,353 | | | | $ | 2,153 | | | | $ | 3,901 | | | | $ | 4,522 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.79 | % | | | | 1.81 | % | | | | 1.86 | % | | | | 1.87 | % | | | | 1.89 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.07 | % | | | | 2.11 | % | | | | 2.04 | % | | | | 2.05 | % | | | | 2.11 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (1.16 | )% | | | | (1.09 | )% | | | | (1.37 | )% | | | | (1.34 | )% | | | | (1.25 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 39 | % | | | | 33 | % | | | | 24 | % | | | | 31 | % | | | | 39 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 68 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Strategic Growth Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 10.69 | | | | $ | 9.72 | | | | $ | 14.50 | | | | $ | 12.88 | | | | $ | 10.39 | | | | | | |
| | | |
| | | | | | | |
| | Net investment income (loss)(a) | | | | (0.01 | ) | | | | – | (b) | | | | (0.03 | ) | | | | (0.03 | ) | | | | 0.01 | | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.68 | | | | | 1.95 | | | | | (3.24 | ) | | | | 3.42 | | | | | 4.07 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 2.67 | | | | | 1.95 | | | | | (3.27 | ) | | | | 3.39 | | | | | 4.08 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | – | (b) | | | | (0.03 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.56 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.59 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 12.86 | | | | $ | 10.69 | | | | $ | 9.72 | | | | $ | 14.50 | | | | $ | 12.88 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(c) | | | | 25.86 | % | | | | 22.54 | % | | | | (25.16 | )% | | | | 29.65 | % | | | | 44.36 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 50,267 | | | | $ | 40,849 | | | | $ | 39,300 | | | | $ | 62,894 | | | | $ | 60,474 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.75 | % | | | | 0.76 | % | | | | 0.75 | % | | | | 0.75 | % | | | | 0.76 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.96 | % | | | | 1.00 | % | | | | 0.92 | % | | | | 0.93 | % | | | | 0.98 | % | | | | | |
| | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | (0.13 | )% | | | | (0.03 | )% | | | | (0.25 | )% | | | | (0.23 | )% | | | | 0.10 | % | | | | | |
| | | | | | | |
| | Portfolio turnover rate(d) | | | | 39 | % | | | | 33 | % | | | | 24 | % | | | | 31 | % | | | | 39 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.005 per share. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 69 |
GOLDMAN SACHS STRATEGIC GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Strategic Growth Fund |
| | |
| | | | | Service Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 8.27 | | | | $ | 7.78 | | | | $ | 11.97 | | | | $ | 10.97 | | | | $ | 9.08 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.06 | ) | | | | (0.04 | ) | | | | (0.07 | ) | | | | (0.08 | ) | | | | (0.04 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.06 | | | | | (1.51 | ) | | | | (2.61 | ) | | | | 2.85 | | | | | 3.49 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 2.00 | | | | | 1.47 | | | | | (2.68 | ) | | | | 2.77 | | | | | 3.45 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.56 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 9.77 | | | | $ | 8.27 | | | | $ | 7.78 | | | | $ | 11.97 | | | | $ | 10.97 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 25.31 | % | | | | 21.93 | % | | | | (25.59 | )% | | | | 29.09 | % | | | | 43.67 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 1,061 | | | | $ | 990 | | | | $ | 536 | | | | $ | 623 | | | | $ | 505 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.26 | % | | | | 1.26 | % | | | | 1.25 | % | | | | 1.25 | % | | | | 1.26 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.46 | % | | | | 1.49 | % | | | | 1.42 | % | | | | 1.43 | % | | | | 1.53 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.64 | )% | | | | (0.53 | )% | | | | (0.75 | )% | | | | (0.72 | )% | | | | (0.47 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 39 | % | | | | 33 | % | | | | 24 | % | | | | 31 | % | | | | 39 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 70 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Strategic Growth Fund |
| | |
| | | | | Investor Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 10.60 | | | | $ | 9.65 | | | | $ | 14.41 | | | | $ | 12.83 | | | | $ | 10.34 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.02 | ) | | | | (0.01 | ) | | | | (0.04 | ) | | | | (0.04 | ) | | | | (0.01 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.66 | | | | | 1.94 | | | | | (3.21 | ) | | | | 3.39 | | | | | 4.07 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 2.64 | | | | | 1.93 | | | | | (3.25 | ) | | | | 3.35 | | | | | 4.06 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | – | | | | | (0.01 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.56 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.57 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 12.74 | | | | $ | 10.60 | | | | $ | 9.65 | | | | $ | 14.41 | | | | $ | 12.83 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 25.80 | % | | | | 22.50 | % | | | | (25.18 | )% | | | | 29.42 | % | | | | 44.28 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 19,961 | | | | $ | 5,364 | | | | $ | 3,304 | | | | $ | 3,232 | | | | $ | 2,758 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.78 | % | | | | 0.81 | % | | | | 0.86 | % | | | | 0.87 | % | | | | 0.89 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.07 | % | | | | 1.10 | % | | | | 1.04 | % | | | | 1.05 | % | | | | 1.06 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.15 | )% | | | | (0.07 | )% | | | | (0.34 | )% | | | | (0.35 | )% | | | | (0.09 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 39 | % | | | | 33 | % | | | | 24 | % | | | | 31 | % | | | | 39 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 71 |
GOLDMAN SACHS STRATEGIC GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Strategic Growth Fund |
| | |
| | | | | Class R6 Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 10.66 | | | | $ | 9.70 | | | | $ | 14.46 | | | | $ | 12.86 | | | | $ | 10.37 | | | | | | |
| | | |
| | | | | | | |
| | Net investment income (loss)(a) | | | | (0.01 | ) | | | | – | (b) | | | | (0.02 | ) | | | | (0.03 | ) | | | | 0.01 | | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.68 | | | | | 1.94 | | | | | (3.23 | ) | | | | 3.40 | | | | | 4.07 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 2.67 | | | | | 1.94 | | | | | (3.25 | ) | | | | 3.37 | | | | | 4.08 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | – | (b) | | | | (0.03 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.56 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.59 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 12.83 | | | | $ | 10.66 | | | | $ | 9.70 | | | | $ | 14.46 | | | | $ | 12.86 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(c) | | | | 25.94 | % | | | | 22.48 | % | | | | (25.09 | )% | | | | 29.57 | % | | | | 44.49 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 5,426 | | | | $ | 4,197 | | | | $ | 3,846 | | | | $ | 789 | | | | $ | 509 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.74 | % | | | | 0.75 | % | | | | 0.74 | % | | | | 0.74 | % | | | | 0.75 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.95 | % | | | | 0.99 | % | | | | 0.92 | % | | | | 0.92 | % | | | | 0.99 | % | | | | | |
| | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | (0.12 | )% | | | | (0.03 | )% | | | | (0.18 | )% | | | | (0.22 | )% | | | | 0.10 | % | | | | | |
| | | | | | | |
| | Portfolio turnover rate(d) | | | | 39 | % | | | | 33 | % | | | | 24 | % | | | | 31 | % | | | | 39 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.005 per share. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 72 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Strategic Growth Fund |
| | |
| | | | | Class R Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 7.89 | | | | $ | 7.47 | | | | $ | 11.55 | | | | $ | 10.67 | | | | $ | 8.88 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.06 | ) | | | | (0.04 | ) | | | | (0.08 | ) | | | | (0.09 | ) | | | | (0.06 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 1.95 | | | | | 1.44 | | | | | (2.49 | ) | | | | 2.74 | | | | | 3.41 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 1.89 | | | | | 1.40 | | | | | (2.57 | ) | | | | 2.65 | | | | | 3.35 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.56 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 9.28 | | | | $ | 7.89 | | | | $ | 7.47 | | | | $ | 11.55 | | | | $ | 10.67 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 25.13 | % | | | | 21.92 | % | | | | (25.57 | )% | | | | 28.74 | % | | | | 43.52 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 1,334 | | | | $ | 205 | | | | $ | 170 | | | | $ | 213 | | | | $ | 66 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.29 | % | | | | 1.31 | % | | | | 1.36 | % | | | | 1.37 | % | | | | 1.40 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.58 | % | | | | 1.61 | % | | | | 1.54 | % | | | | 1.55 | % | | | | 1.75 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.69 | )% | | | | (0.59 | )% | | | | (0.85 | )% | | | | (0.85 | )% | | | | (0.66 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 39 | % | | | | 33 | % | | | | 24 | % | | | | 31 | % | | | | 39 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 73 |
GOLDMAN SACHS STRATEGIC GROWTH FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Strategic Growth Fund |
| | |
| | | | | Class P Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 10.64 | | | | $ | 9.68 | | | | $ | 14.44 | | | | $ | 12.84 | | | | $ | 10.35 | | | | | | |
| | | |
| | | | | | | |
| | Net investment income (loss)(a) | | | | (0.01 | ) | | | | – | (b) | | | | (0.03 | ) | | | | (0.03 | ) | | | | 0.01 | | | | | | |
| | | | | | | |
| | | Net realized and unrealized gain (loss) | | | | 2.66 | | | | | 1.94 | | | | | (3.22 | ) | | | | 3.40 | | | | | 4.07 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 2.65 | | | | | 1.94 | | | | | (3.25 | ) | | | | 3.37 | | | | | 4.08 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | – | (b) | | | | (0.03 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.56 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | (0.50 | ) | | | | (0.98 | ) | | | | (1.51 | ) | | | | (1.77 | ) | | | | (1.59 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 12.79 | | | | $ | 10.64 | | | | $ | 9.68 | | | | $ | 14.44 | | | | $ | 12.84 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(c) | | | | 25.79 | % | | | | 22.53 | % | | | | (25.12 | )% | | | | 29.61 | % | | | | 44.56 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 68,320 | | | | $ | 59,587 | | | | $ | 60,603 | | | | $ | 90,823 | | | | $ | 78,539 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.74 | % | | | | 0.75 | % | | | | 0.74 | % | | | | 0.74 | % | | | | 0.75 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.95 | % | | | | 0.99 | % | | | | 0.91 | % | | | | 0.92 | % | | | | 0.98 | % | | | | | |
| | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | (0.12 | )% | | | | (0.02 | )% | | | | (0.24 | )% | | | | (0.22 | )% | | | | 0.12 | % | | | | | |
| | | | | | | |
| | Portfolio turnover rate(d) | | | | 39 | % | | | | 33 | % | | | | 24 | % | | | | 31 | % | | | | 39 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.005 per share. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 74 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Technology Opportunities Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 20.21 | | | | $ | 20.84 | | | | $ | 35.07 | | | | $ | 29.76 | | | | $ | 23.17 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.11 | ) | | | | (0.09 | ) | | | | (0.18 | ) | | | | (0.22 | ) | | | | (0.13 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 6.07 | | | | | 3.45 | | | | | (8.75 | ) | | | | 8.18 | | | | | 10.43 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 5.96 | | | | | 3.36 | | | | | (8.93 | ) | | | | 7.96 | | | | | 10.30 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (3.99 | ) | | | | (5.30 | ) | | | | (2.65 | ) | | | | (3.71 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 26.17 | | | | $ | 20.21 | | | | $ | 20.84 | | | | $ | 35.07 | | | | $ | 29.76 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 29.49 | % | | | | 22.04 | % | | | | (29.60 | )% | | | | 29.05 | % | | | | 51.05 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 392,777 | | | | $ | 348,621 | | | | $ | 324,628 | | | | $ | 503,553 | | | | $ | 429,267 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.16 | % | | | | 1.22 | % | | | | 1.25 | % | | | | 1.26 | % | | | | 1.28 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.39 | % | | | | 1.42 | % | | | | 1.41 | % | | | | 1.41 | % | | | | 1.46 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.49 | )% | | | | (0.50 | )% | | | | (0.67 | )% | | | | (0.72 | )% | | | | (0.55 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 37 | % | | | | 36 | % | | | | 51 | % | | | | 41 | % | | | | 41 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 75 |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Technology Opportunities Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 10.86 | | | | $ | 13.26 | | | | $ | 24.46 | | | | $ | 21.68 | | | | $ | 17.94 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.15 | ) | | | | (0.12 | ) | | | | (0.25 | ) | | | | (0.31 | ) | | | | (0.23 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.25 | | | | | 1.71 | | | | | (5.65 | ) | | | | 5.74 | | | | | 7.68 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 3.10 | | | | | 1.59 | | | | | (5.90 | ) | | | | 5.43 | | | | | 7.45 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (3.99 | ) | | | | (5.30 | ) | | | | (2.65 | ) | | | | (3.71 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 13.96 | | | | $ | 10.86 | | | | $ | 13.26 | | | | $ | 24.46 | | | | $ | 21.68 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 28.55 | % | | | | 21.09 | % | | | | (30.13 | )% | | | | 28.13 | % | | | | 49.93 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 18,667 | | | | $ | 17,229 | | | | $ | 16,950 | | | | $ | 27,866 | | | | $ | 30,011 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.91 | % | | | | 1.97 | % | | | | 2.00 | % | | | | 2.01 | % | | | | 2.03 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.14 | % | | | | 2.17 | % | | | | 2.16 | % | | | | 2.16 | % | | | | 2.21 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (1.24 | )% | | | | (1.25 | )% | | | | (1.43 | )% | | | | (1.47 | )% | | | | (1.31 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 37 | % | | | | 36 | % | | | | 51 | % | | | | 41 | % | | | | 41 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 76 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Technology Opportunities Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 25.82 | | | | $ | 25.38 | | | | $ | 41.40 | | | | $ | 34.57 | | | | $ | 26.28 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.06 | ) | | | | (0.05 | ) | | | | (0.13 | ) | | | | (0.16 | ) | | | | (0.07 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 7.77 | | | | | 4.48 | | | | | (10.59 | ) | | | | 9.64 | | | | | 12.07 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 7.71 | | | | | 4.43 | | | | | (10.72 | ) | | | | 9.48 | | | | | 12.00 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (3.99 | ) | | | | (5.30 | ) | | | | (2.65 | ) | | | | (3.71 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 33.53 | | | | $ | 25.82 | | | | $ | 25.38 | | | | $ | 41.40 | | | | $ | 34.57 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 29.86 | % | | | | 22.37 | % | | | | (29.38 | )% | | | | 29.42 | % | | | | 51.49 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 129,278 | | | | $ | 91,673 | | | | $ | 97,095 | | | | $ | 190,705 | | | | $ | 157,267 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.88 | % | | | | 0.93 | % | | | | 0.97 | % | | | | 0.98 | % | | | | 0.99 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.03 | % | | | | 1.06 | % | | | | 1.04 | % | | | | 1.04 | % | | | | 1.08 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.21 | )% | | | | (0.22 | )% | | | | (0.40 | )% | | | | (0.44 | )% | | | | (0.27 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 37 | % | | | | 36 | % | | | | 51 | % | | | | 41 | % | | | | 41 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 77 |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Technology Opportunities Fund |
| | |
| | | | | Service Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of year | | | $ | 18.94 | | | | $ | 19.84 | | | | $ | 33.72 | | | | $ | 28.77 | | | | $ | 22.56 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.16 | ) | | | | (0.12 | ) | | | | (0.25 | ) | | | | (0.27 | ) | | | | (0.17 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.70 | | | | | 3.21 | | | | | (8.33 | ) | | | | 7.87 | | | | | 10.09 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 5.54 | | | | | 3.09 | | | | | (8.58 | ) | | | | 7.60 | | | | | 9.92 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (3.99 | ) | | | | (5.30 | ) | | | | (2.65 | ) | | | | (3.71 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 24.48 | | | | $ | 18.94 | | | | $ | 19.84 | | | | $ | 33.72 | | | | $ | 28.77 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 29.25 | % | | | | 21.76 | % | | | | (29.76 | )% | | | | 28.78 | % | | | | 50.71 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 11,040 | | | | $ | 8,899 | | | | $ | 8,259 | | | | $ | 38,670 | | | | $ | 41,024 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.38 | % | | | | 1.43 | % | | | | 1.47 | % | | | | 1.48 | % | | | | 1.49 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.53 | % | | | | 1.56 | % | | | | 1.54 | % | | | | 1.54 | % | | | | 1.58 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.71 | )% | | | | (0.71 | )% | | | | (0.93 | )% | | | | (0.94 | )% | | | | (0.77 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 37 | % | | | | 36 | % | | | | 51 | % | | | | 41 | % | | | | 41 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 78 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Technology Opportunities Fund | | |
| | | |
| | | | | Investor Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 24.91 | | | | $ | 24.65 | | | | $ | 40.39 | | | | $ | 33.79 | | | | $ | 25.78 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.07 | ) | | | | (0.05 | ) | | | | (0.13 | ) | | | | (0.16 | ) | | | | (0.08 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 7.51 | | | | | 4.30 | | | | | (10.31 | ) | | | | 9.41 | | | | | 11.80 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 7.44 | | | | | 4.25 | | | | | (10.44 | ) | | | | 9.25 | | | | | 11.72 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (3.99 | ) | | | | (5.30 | ) | | | | (2.65 | ) | | | | (3.71 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 32.35 | | | | $ | 24.91 | | | | $ | 24.65 | | | | $ | 40.39 | | | | $ | 33.79 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 29.87 | % | | | | 22.29 | % | | | | (29.42 | )% | | | | 29.42 | % | | | | 51.40 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 30,382 | | | | $ | 23,450 | | | | $ | 26,044 | | | | $ | 41,403 | | | | $ | 48,387 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.91 | % | | | | 0.97 | % | | | | 1.00 | % | | | | 1.01 | % | | | | 1.02 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.14 | % | | | | 1.17 | % | | | | 1.16 | % | | | | 1.16 | % | | | | 1.21 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.23 | )% | | | | (0.25 | )% | | | | (0.42 | )% | | | | (0.47 | )% | | | | (0.31 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 37 | % | | | | 36 | % | | | | 51 | % | | | | 41 | % | | | | 41 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 79 |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Technology Opportunities Fund | | |
| | | |
| | | | | Class R6 Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 25.85 | | | | $ | 25.40 | | | | $ | 41.43 | | | | $ | 34.59 | | | | $ | 26.29 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.06 | ) | | | | (0.05 | ) | | | | (0.06 | ) | | | | (0.15 | ) | | | | (0.08 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 7.78 | | | | | 4.49 | | | | | (10.67 | ) | | | | 9.64 | | | | | 12.09 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 7.72 | | | | | 4.44 | | | | | (10.73 | ) | | | | 9.49 | | | | | 12.01 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (3.99 | ) | | | | (5.30 | ) | | | | (2.65 | ) | | | | (3.71 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 33.57 | | | | $ | 25.85 | | | | $ | 25.40 | | | | $ | 41.43 | | | | $ | 34.59 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 29.86 | % | | | | 22.38 | % | | | | (29.38 | )% | | | | 29.44 | % | | | | 51.51 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 84,793 | | | | $ | 63,365 | | | | $ | 50,264 | | | | $ | 3,134 | | | | $ | 1,330 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.87 | % | | | | 0.92 | % | | | | 0.94 | % | | | | 0.97 | % | | | | 0.97 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.02 | % | | | | 1.05 | % | | | | 1.04 | % | | | | 1.03 | % | | | | 1.06 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.20 | )% | | | | (0.20 | )% | | | | (0.23 | )% | | | | (0.43 | )% | | | | (0.28 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 37 | % | | | | 36 | % | | | | 51 | % | | | | 41 | % | | | | 41 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 80 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Technology Opportunities Fund | | |
| | | |
| | | | | Class P Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 25.84 | | | | $ | 25.40 | | | | $ | 41.43 | | | | $ | 34.59 | | | | $ | 26.29 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.06 | ) | | | | (0.05 | ) | | | | (0.12 | ) | | | | (0.15 | ) | | | | (0.07 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 7.79 | | | | | 4.48 | | | | | (10.61 | ) | | | | 9.64 | | | | | 12.08 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 7.73 | | | | | 4.43 | | | | | (10.73 | ) | | | | 9.49 | | | | | 12.01 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (3.99 | ) | | | | (5.30 | ) | | | | (2.65 | ) | | | | (3.71 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 33.57 | | | | $ | 25.84 | | | | $ | 25.40 | | | | $ | 41.43 | | | | $ | 34.59 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 29.91 | % | | | | 22.35 | % | | | | (29.38 | )% | | | | 29.44 | % | | | | 51.51 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 117,991 | | | | $ | 73,429 | | | | $ | 95,207 | | | | $ | 145,094 | | | | $ | 63,555 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.87 | % | | | | 0.92 | % | | | | 0.95 | % | | | | 0.97 | % | | | | 0.98 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.02 | % | | | | 1.05 | % | | | | 1.03 | % | | | | 1.03 | % | | | | 1.07 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.20 | )% | | | | (0.20 | )% | | | | (0.38 | )% | | | | (0.43 | )% | | | | (0.25 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 37 | % | | | | 36 | % | | | | 51 | % | | | | 41 | % | | | | 41 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 81 |
GOLDMAN SACHS U.S. EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity ESG Fund | | |
| | | |
| | | | | Class A Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 17.55 | | | | $ | 15.13 | | | | $ | 18.89 | | | | $ | 15.63 | | | | $ | 13.59 | | | | | | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.10 | | | | | 0.08 | | | | | 0.05 | | | | | 0.04 | | | | | 0.09 | | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.80 | | | | | 2.40 | | | | | (3.46 | ) | | | | 4.91 | | | | | 2.56 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 3.90 | | | | | 2.48 | | | | | (3.41 | ) | | | | 4.95 | | | | | 2.65 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.08 | ) | | | | (0.06 | ) | | | | – | | | | | (0.07 | ) | | | | (0.15 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (0.35 | ) | | | | (1.62 | ) | | | | (0.46 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | (0.08 | ) | | | | (0.06 | ) | | | | (0.35 | ) | | | | (1.69 | ) | | | | (0.61 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.37 | | | | $ | 17.55 | | | | $ | 15.13 | | | | $ | 18.89 | | | | $ | 15.63 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 22.32 | % | | | | 16.46 | % | | | | (18.42 | )% | | | | 34.66 | % | | | | 19.93 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 9,102 | | | | $ | 7,855 | | | | $ | 6,597 | | | | $ | 7,354 | | | | $ | 5,448 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.03 | % | | | | 1.04 | % | | | | 1.03 | % | | | | 1.01 | % | | | | 1.05 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.10 | % | | | | 2.25 | % | | | | 2.23 | % | | | | 3.73 | % | | | | 3.30 | % | | | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.52 | % | | | | 0.51 | % | | | | 0.31 | % | | | | 0.26 | % | | | | 0.64 | % | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 47 | % | | | | 34 | % | | | | 114 | % | | | | 31 | % | | | | 65 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 82 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity ESG Fund | | |
| | | |
| | | | | Class C Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 16.25 | | | | $ | 14.06 | | | | $ | 17.71 | | | | $ | 14.79 | | | | $ | 12.91 | | | | | | |
| | | |
| | | | | | | |
| | Net investment loss(a) | | | | (0.04 | ) | | | | (0.04 | ) | | | | (0.08 | ) | | | | (0.08 | ) | | | | (0.01 | ) | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.52 | | | | | 2.23 | | | | | (3.22 | ) | | | | 4.62 | | | | | 2.41 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 3.48 | | | | | 2.19 | | | | | (3.30 | ) | | | | 4.54 | | | | | 2.40 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | – | | | | | – | | | | | – | | | | | (0.06 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (0.35 | ) | | | | (1.62 | ) | | | | (0.46 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | – | | | | | – | | | | | (0.35 | ) | | | | (1.62 | ) | | | | (0.52 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 19.73 | | | | $ | 16.25 | | | | $ | 14.06 | | | | $ | 17.71 | | | | $ | 14.79 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 21.42 | % | | | | 15.58 | % | | | | (19.04 | )% | | | | 33.65 | % | | | | 18.97 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 778 | | | | $ | 1,007 | | | | $ | 1,402 | | | | $ | 2,430 | | | | $ | 1,985 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.78 | % | | | | 1.79 | % | | | | 1.78 | % | | | | 1.76 | % | | | | 1.80 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.90 | % | | | | 3.03 | % | | | | 2.94 | % | | | | 4.46 | % | | | | 4.07 | % | | | | | |
| | | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.24 | )% | | | | (0.24 | )% | | | | (0.47 | )% | | | | (0.49 | )% | | | | (0.11 | )% | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 47 | % | | | | 34 | % | | | | 114 | % | | | | 31 | % | | | | 65 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 83 |
GOLDMAN SACHS U.S. EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity ESG Fund | | |
| | | |
| | | | | Institutional Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 17.81 | | | | $ | 15.35 | | | | $ | 19.13 | | | | $ | 15.80 | | | | $ | 13.73 | | | | | | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.17 | | | | | 0.14 | | | | | 0.14 | | | | | 0.10 | | | | | 0.14 | | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.86 | | | | | 2.43 | | | | | (3.53 | ) | | | | 4.97 | | | | | 2.58 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 4.03 | | | | | 2.57 | | | | | (3.39 | ) | | | | 5.07 | | | | | 2.72 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.14 | ) | | | | (0.11 | ) | | | | (0.04 | ) | | | | (0.12 | ) | | | | (0.19 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (0.35 | ) | | | | (1.62 | ) | | | | (0.46 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | (0.14 | ) | | | | (0.11 | ) | | | | (0.39 | ) | | | | (1.74 | ) | | | | (0.65 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.70 | | | | $ | 17.81 | | | | $ | 15.35 | | | | $ | 19.13 | | | | $ | 15.80 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 22.79 | % | | | | 16.87 | % | | | | (18.13 | )% | | | | 35.11 | % | | | | 20.29 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 2,123 | | | | $ | 1,770 | | | | $ | 1,425 | | | | $ | 1,921 | | | | $ | 1,009 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.67 | % | | | | 0.68 | % | | | | 0.67 | % | | | | 0.67 | % | | | | 0.70 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.74 | % | | | | 1.88 | % | | | | 1.51 | % | | | | 3.39 | % | | | | 2.99 | % | | | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.88 | % | | | | 0.88 | % | | | | 0.74 | % | | | | 0.60 | % | | | | 0.99 | % | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 47 | % | | | | 34 | % | | | | 114 | % | | | | 31 | % | | | | 65 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 84 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity ESG Fund | | |
| | | |
| | | | | Investor Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 17.83 | | | | $ | 15.35 | | | | $ | 19.14 | | | | $ | 15.81 | | | | $ | 13.72 | | | | | | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.15 | | | | | 0.12 | | | | | 0.10 | | | | | 0.09 | | | | | 0.11 | | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.86 | | | | | 2.44 | | | | | (3.51 | ) | | | | 4.96 | | | | | 2.60 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 4.01 | | | | | 2.56 | | | | | (3.41 | ) | | | | 5.05 | | | | | 2.71 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.12 | ) | | | | (0.08 | ) | | | | (0.03 | ) | | | | (0.10 | ) | | | | (0.16 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (0.35 | ) | | | | (1.62 | ) | | | | (0.46 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | (0.12 | ) | | | | (0.08 | ) | | | | (0.38 | ) | | | | (1.72 | ) | | | | (0.62 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.72 | | | | $ | 17.83 | | | | $ | 15.35 | | | | $ | 19.14 | | | | $ | 15.81 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 22.63 | % | | | | 16.76 | % | | | | (18.22 | )% | | | | 34.99 | % | | | | 20.23 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 657 | | | | $ | 673 | | | | $ | 1,175 | | | | $ | 878 | | | | $ | 344 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.78 | % | | | | 0.79 | % | | | | 0.78 | % | | | | 0.76 | % | | | | 0.85 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.85 | % | | | | 2.05 | % | | | | 1.96 | % | | | | 3.79 | % | | | | 3.75 | % | | | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.78 | % | | | | 0.77 | % | | | | 0.57 | % | | | | 0.52 | % | | | | 0.76 | % | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 47 | % | | | | 34 | % | | | | 114 | % | | | | 31 | % | | | | 65 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 85 |
GOLDMAN SACHS U.S. EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity ESG Fund | | |
| | | |
| | | | | Class R6 Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 17.82 | | | | $ | 15.36 | | | | $ | 19.14 | | | | $ | 15.81 | | | | $ | 13.73 | | | | | | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.17 | | | | | 0.15 | | | | | 0.12 | | | | | 0.10 | | | | | 0.13 | | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.87 | | | | | 2.43 | | | | | (3.51 | ) | | | | 4.96 | | | | | 2.60 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 4.04 | | | | | 2.58 | | | | | (3.39 | ) | | | | 5.06 | | | | | 2.73 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.15 | ) | | | | (0.12 | ) | | | | (0.04 | ) | | | | (0.11 | ) | | | | (0.19 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (0.35 | ) | | | | (1.62 | ) | | | | (0.46 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | (0.15 | ) | | | | (0.12 | ) | | | | (0.39 | ) | | | | (1.73 | ) | | | | (0.65 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.71 | | | | $ | 17.82 | | | | $ | 15.36 | | | | $ | 19.14 | | | | $ | 15.81 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 22.79 | % | | | | 16.90 | % | | | | (18.13 | )% | | | | 35.09 | % | | | | 20.37 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 1,628 | | | | $ | 1,293 | | | | $ | 1,173 | | | | $ | 1,199 | | | | $ | 1,325 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.66 | % | | | | 0.67 | % | | | | 0.66 | % | | | | 0.66 | % | | | | 0.71 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.73 | % | | | | 1.88 | % | | | | 1.85 | % | | | | 3.30 | % | | | | 3.84 | % | | | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.89 | % | | | | 0.89 | % | | | | 0.68 | % | | | | 0.60 | % | | | | 0.96 | % | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 47 | % | | | | 34 | % | | | | 114 | % | | | | 31 | % | | | | 65 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 86 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity ESG Fund | | |
| | | |
| | | | | Class R Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 17.62 | | | | $ | 15.19 | | | | $ | 19.01 | | | | $ | 15.72 | | | | $ | 13.67 | | | | | | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.05 | | | | | 0.04 | | | | | 0.01 | | | | | 0.03 | | | | | 0.05 | | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.83 | | | | | 2.41 | | | | | (3.48 | ) | | | | 4.92 | | | | | 2.57 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 3.88 | | | | | 2.45 | | | | | (3.47 | ) | | | | 4.95 | | | | | 2.62 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.02 | ) | | | | (0.02 | ) | | | | – | | | | | (0.04 | ) | | | | (0.11 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (0.35 | ) | | | | (1.62 | ) | | | | (0.46 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | (0.02 | ) | | | | (0.02 | ) | | | | (0.35 | ) | | | | (1.66 | ) | | | | (0.57 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.48 | | | | $ | 17.62 | | | | $ | 15.19 | | | | $ | 19.01 | | | | $ | 15.72 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 22.01 | % | | | | 16.17 | % | | | | (18.62 | )% | | | | 34.35 | % | | | | 19.56 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 395 | | | | $ | 298 | | | | $ | 408 | | | | $ | 482 | | | | $ | 23 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.28 | % | | | | 1.29 | % | | | | 1.28 | % | | | | 1.26 | % | | | | 1.30 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.34 | % | | | | 2.51 | % | | | | 2.48 | % | | | | 5.23 | % | | | | 3.68 | % | | | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.27 | % | | | | 0.28 | % | | | | 0.06 | % | | | | 0.15 | % | | | | 0.39 | % | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 47 | % | | | | 34 | % | | | | 114 | % | | | | 31 | % | | | | 65 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 87 |
GOLDMAN SACHS U.S. EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity ESG Fund | | |
| | | |
| | | | | Class P Shares | | |
| | | |
| | | | | Year Ended August 31, | | |
| | | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | Net asset value, beginning of year | | | $ | 17.81 | | | | $ | 15.35 | | | | $ | 19.13 | | | | $ | 15.80 | | | | $ | 13.73 | | | | | | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.17 | | | | | 0.15 | | | | | 0.12 | | | | | 0.11 | | | | | 0.14 | | | | | | |
| | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.87 | | | | | 2.43 | | | | | (3.51 | ) | | | | 4.95 | | | | | 2.58 | | | | | | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 4.04 | | | | | 2.58 | | | | | (3.39 | ) | | | | 5.06 | | | | | 2.72 | | | | | | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.15 | ) | | | | (0.12 | ) | | | | (0.04 | ) | | | | (0.11 | ) | | | | (0.19 | ) | | | | | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | – | | | | | (0.35 | ) | | | | (1.62 | ) | | | | (0.46 | ) | | | | | |
| | | |
| | | | | | | |
| | Total distributions | | | | (0.15 | ) | | | | (0.12 | ) | | | | (0.39 | ) | | | | (1.73 | ) | | | | (0.65 | ) | | | | | |
| | | |
| | | | | | | |
| | Net asset value, end of year | | | $ | 21.70 | | | | $ | 17.81 | | | | $ | 15.35 | | | | $ | 19.13 | | | | $ | 15.80 | | | | | | |
| | | |
| | | | | | | |
| | Total Return(b) | | | | 22.80 | % | | | | 16.93 | % | | | | (18.14 | )% | | | | 35.11 | % | | | | 20.30 | % | | | | | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 13,755 | | | | $ | 10,938 | | | | $ | 6,141 | | | | $ | 2,963 | | | | $ | 830 | | | | | | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.66 | % | | | | 0.67 | % | | | | 0.66 | % | | | | 0.66 | % | | | | 0.71 | % | | | | | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.72 | % | | | | 1.85 | % | | | | 1.85 | % | | | | 3.70 | % | | | | 3.98 | % | | | | | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.89 | % | | | | 0.89 | % | | | | 0.72 | % | | | | 0.63 | % | | | | 0.98 | % | | | | | |
| | | | | | | |
| | Portfolio turnover rate(c) | | | | 47 | % | | | | 34 | % | | | | 114 | % | | | | 31 | % | | | | 65 | % | | | | | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 88 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements August 31, 2024 |
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 Enhanced Core Equity Fund | | A, C, Institutional, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Large Cap Core Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Mid Cap Growth Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Small Cap Growth Fund | | A, C, Institutional, Investor, R6 and P | | Diversified |
| | |
| Goldman Sachs Small/Mid Cap Growth Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Strategic Growth Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Non-diversified |
| | |
| Goldman Sachs Technology Opportunities Fund | | A, C, Institutional, Service, Investor, R6 and P | | Diversified |
| | |
| Goldman Sachs U.S. Equity ESG Fund | | A, C, Institutional, Investor, R6, R and P | | Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
|
|
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ and underlying funds’ (“Underlying Funds”) valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
|
be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. 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;
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, 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 Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2024:
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | | | | | |
| | | | |
| Enhanced Core Equity Fund | | | | | | | | | | | | | | | | |
| | | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | | |
|
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | | | | | |
| | | | |
Europe | | $ | 6,645,466 | | | $ | — | | | $ | — | | | | | |
| | | | |
North America | | | 334,236,806 | | | | — | | | | — | | | | | |
| | | | |
Investment Company | | | 2,148,994 | | | | — | | | | — | | | | | |
|
| |
| | | | |
Total | | $ | 343,031,266 | | | $ | — | | | $ | — | | | | | |
|
| |
| | | | |
| Large Cap Core Fund | | | | | | | | | | | | | | | | |
| | | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | | |
|
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | | | | | |
| | | | |
Asia | | $ | 868,224 | | | $ | — | | | $ | — | | | | | |
| | | | |
Europe | | | 23,150,670 | | | | — | | | | — | | | | | |
| | | | |
North America | | | 1,276,521,240 | | | | — | | | | — | | | | | |
| | | | |
Investment Company | | | 11,242,350 | | | | — | | | | — | | | | | |
|
| |
| | | | |
Total | | $ | 1,311,782,484 | | | $ | — | | | $ | — | | | | | |
|
| |
| | | | |
| Mid Cap Growth Fund | | | | | | | | | | | | | | | | |
| | | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | | |
|
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | | | | | |
| | | | |
Europe | | $ | 9,859,381 | | | $ | — | | | $ | — | | | | | |
| | | | |
North America | | | 870,021,758 | | | | — | | | | — | | | | | |
| | | | |
Investment Company | | | 18,331,907 | | | | — | | | | — | | | | | |
|
| |
| | | | |
Total | | $ | 898,213,046 | | | $ | — | | | $ | — | | | | | |
|
| |
| | | | |
| Small Cap Growth Fund | | | | | | | | | | | | | | | | |
| | | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | | |
|
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | | | | | |
| | | | |
Asia | | $ | 1,788,420 | | | $ | — | | | $ | — | | | | | |
| | | | |
North America | | | 129,680,568 | | | | — | | | | — | | | | | |
| | | | |
Investment Company | | | 1,877,227 | | | | — | | | | — | | | | | |
| | | | |
Securities Lending Reinvestment Vehicle | | | 2,073,871 | | | | — | | | | — | | | | | |
|
| |
| | | | |
Total | | $ | 135,420,086 | | | $ | — | | | $ | — | | | | | |
|
| |
| | | | |
| Small/Mid Cap Growth Fund | | | | | | | | | | | | | | | | |
| | | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | | |
|
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | | | | | |
| | | | |
Europe | | $ | 29,350,460 | | | $ | — | | | $ | — | | | | | |
| | | | |
North America | | | 1,752,539,053 | | | | — | | | | — | | | | | |
| | | | |
Investment Company | | | 15,677,804 | | | | — | | | | — | | | | | |
| | | | |
Securities Lending Reinvestment Vehicle | | | 2,789,778 | | | | — | | | | — | | | | | |
|
| |
| | | | |
Total | | $ | 1,800,357,095 | | | $ | — | | | $ | — | | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | | | | | |
| Strategic Growth Fund | | | | | | | | | | | | | | | | |
| | | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | | |
|
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | | | | | |
| | | | |
Europe | | $ | 4,763,923 | | | $ | — | | | $ | — | | | | | |
| | | | |
North America | | | 181,185,740 | | | | — | | | | — | | | | | |
| | | | |
Investment Company | | | 723,465 | �� | | | — | | | | — | | | | | |
|
| |
| | | | |
Total | | $ | 186,673,128 | | | $ | — | | | $ | — | | | | | |
|
| |
| | | | |
| Technology Opportunities Fund | | | | | | | | | | | | | | | | |
| | | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | | |
|
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | | | | | |
| | | | |
Europe | | $ | 19,773,601 | | | $ | — | | | $ | — | | | | | |
| | | | |
North America | | | 743,935,953 | | | | — | | | | — | | | | | |
| | | | |
South America | | | 15,318,134 | | | | — | | | | — | | | | | |
| | | | |
Investment Company | | | 5,964,907 | | | | — | | | | — | | | | | |
|
| |
| | | | |
Total | | $ | 784,992,595 | | | $ | — | | | $ | — | | | | | |
|
| |
| | | | |
| U.S. Equity ESG Fund | | | | | | | | | | | | | | | | |
| | | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | | |
|
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | | | | | |
| | | | |
Europe | | $ | 574,134 | | | $ | — | | | $ | — | | | | | |
| | | | |
North America | | | 27,713,863 | | | | — | | | | — | | | | | |
| | | | |
Investment Company | | | 100,881 | | | | — | | | | — | | | | | |
|
| |
| | | | |
Total | | $ | 28,388,878 | | | $ | — | | | $ | — | | | | | |
|
| |
| | (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedules of Investments.
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
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, 2024, contractual and effective net management fees with GSAM were at the following rates:
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Contractual Management Rate | | | | | |
| | | | | | | |
| Fund | | First
$1 billion | | Next
$1 billion | | Next
$3 billion | | Next
$3 billion | | Over
$8 billion | | Effective
Rate | | Effective Net
Management
Rate^ | |
|
| |
| | | | | | | |
Enhanced Core Equity Fund | | | 0.55 | % | | | 0.50 | % | | | 0.47 | % | | | 0.46 | % | | | 0.45 | % | | | 0.55 | % | | | 0.52%* | |
|
| |
| | | | | | | |
Large Cap Core Fund | | | 0.71 | | | | 0.64 | | | | 0.61 | | | | 0.61 | | | | 0.61 | | | | 0.69 | | | | 0.66* | |
|
| |
| | | | | | | |
Mid Cap Growth Fund | | | 0.92 | | | | 0.92 | | | | 0.83 | | | | 0.79 | | | | 0.77 | | | | 0.92 | | | | 0.81* | |
|
| |
| | | | | | | |
Small Cap Growth Fund | | | 0.85 | | | | 0.85 | | | | 0.77 | | | | 0.73 | | | | 0.71 | | | | 0.85 | | | | 0.85 | |
|
| |
| | | | | | | |
Small/Mid Cap Growth Fund | | | 0.85 | | | | 0.85 | | | | 0.77 | | | | 0.73 | | | | 0.71 | | | | 0.85 | | | | 0.85 | |
|
| |
| | | | | | | |
Strategic Growth Fund | | | 0.71 | | | | 0.64 | | | | 0.61 | | | | 0.59 | | | | 0.58 | | | | 0.71 | | | | 0.71 | |
|
| |
| | | | | | | |
Technology Opportunities Fund | | | 0.94 | | | | 0.85 | | | | 0.80 | | | | 0.79 | | | | 0.77 | | | | 0.94 | | | | 0.85* | |
|
| |
| | | | | | | |
U.S. Equity ESG Fund | | | 0.55 | | | | 0.50 | | | | 0.47 | | | | 0.46 | | | | 0.45 | | | | 0.55 | | | | 0.55 | |
|
| |
| | ^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
| | * | The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.52% as an annual percentage of the Enhanced Core Equity Fund, 0.66% as an annual percentage of the Large Cap Core, 0.81% as an annual percentage rate of the Mid Cap Growth and 0.85% as an annual percentage rate of the Technology Opportunities Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2024. |
| | | Prior to December 29, 2023, the Enhanced Core Equity Fund did not have management fee waivers. |
The Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the fiscal year ended August 31, 2024 the management fee waived by GSAM for each Fund was as follows:
| | | | | | | | |
| Fund | | Management
Fee Waived | | | | |
|
| |
| | |
Enhanced Core Equity | | $ | 2,100 | | | | | |
|
| |
| | |
Large Cap Core | | | 9,988 | | | | | |
|
| |
| | |
Mid Cap Growth | | | 23,119 | | | | | |
|
| |
| | |
Small Cap Growth | | | 2,493 | | | | | |
|
| |
| | |
Small/Mid Cap Growth | | | 24,630 | | | | | |
|
| |
| | |
Strategic Growth | | | 1,101 | | | | | |
|
| |
| | |
Technology Opportunities | | | 15,300 | | | | | |
|
| |
| | |
U.S. Equity ESG | | | 205 | | | | | |
|
| |
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
| | | | | | | | | | | | |
| | | Distribution and/or Service Plan Rates | |
| | | Class A* | | Class C | | Service | | Class R* | | | |
|
| |
Distribution and/or Service Plan | | 0.25% | | 0.75% | | 0.25% | | 0.50% | | | | |
|
| |
| | * | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended August 31, 2024, Goldman Sachs retained the following amounts:
| | | | | | | | |
| | | Front End
Sales Charge | | | Contingent Deferred
Sales Charge | |
| Fund | | Class A | | | Class C | |
|
| |
| | |
Enhanced Core Equity Fund | | | $ 15,168 | | | | $ — | |
|
| |
| | |
Large Cap Core Fund | | | 20,313 | | | | 742 | |
|
| |
| | |
Mid Cap Growth Fund | | | 6,277 | | | | 1,095 | |
|
| |
| | |
Small Cap Growth Fund | | | 84 | | | | — | |
|
| |
| | |
Small/Mid Cap Growth Fund | | | 15,699 | | | | — | |
|
| |
| | |
Strategic Growth Fund | | | 2,115 | | | | — | |
|
| |
| | |
Technology Opportunities Fund | | | 9,978 | | | | 973 | |
|
| |
| | |
U.S. Equity ESG Fund | | | 459 | | | | — | |
|
| |
D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
For the fiscal year ended August 31, 2024 the transfer agency fee waivers were as follows:
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| | | | | | | | | | |
| | | Enhanced Core Equity
Fund | | Large Cap Core Fund | | Mid Cap Growth Fund | | Small Cap Growth
Fund | | Small/Mid Cap Growth
Fund |
|
|
| | | | | |
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) * | | –% | | 0.06%** | | 0.06% | | 0.05% | | 0.04% |
|
|
| | * | These arrangements will remain in effect through at least December 29, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees. |
| | ** | Prior to December 29, 2023, the rate for Class A, Class C, Investor and Class R Shares was 0.03% for the Large Cap Core Fund. |
| | | | | | |
| | | Strategic Growth Fund | | Technology
Opportunities Fund | | U.S. Equity ESG Fund |
|
|
| | | |
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) * | | 0.08% | | 0.08% | | –% |
|
|
| | * | These arrangements will remain in effect through at least December 29, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees. |
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Enhanced Core Equity, Large Cap Core, Mid Cap Growth, Small Cap Growth, Small/ Mid Cap Growth, Strategic Growth, Technology Opportunities, and U.S. Equity ESG Funds are 0.004%, 0.004%, 0.004%, 0.024%, 0.044%, 0.004%, 0.004%, and 0.084%, respectively. These Other Expense limitations will remain in place through at least December 29, 2024, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the fiscal year ended August 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| | | | | | | | | | | | | | | | |
| Fund | | Management
Fee Waiver | | | Transfer Agency
Waiver/Credits | | | Other Expense
Reimbursements | | | Total Expense
Reductions | |
|
| |
| | | | |
Enhanced Core Equity Fund | | | $ 50,625 | | | $ | – | | | $ | 552,314 | | | $ | 602,939 | |
|
| |
| | | | |
Large Cap Core Fund | | | 449,372 | | | | 481,445 | | | | 488,150 | | | | 1,418,967 | |
|
| |
| | | | |
Mid Cap Growth Fund | | | 997,721 | | | | 220,621 | | | | 397,836 | | | | 1,616,178 | |
|
| |
| | | | |
Small Cap Growth Fund | | | 2,493 | | | | 18,015 | | | | 280,446 | | | | 300,954 | |
|
| |
| | | | |
Small/Mid Cap Growth Fund | | | 24,630 | | | | 247,616 | | | | – | | | | 272,246 | |
|
| |
| | | | |
Strategic Growth Fund | | | 1,101 | | | | 37,976 | | | | 335,429 | | | | 374,506 | |
|
| |
| | | | |
Technology Opportunities Fund | | | 722,863 | | | | 330,471 | | | | 353,031 | | | | 1,406,365 | |
|
| |
| | | | |
U.S. Equity ESG Fund | | | 205 | | | | – | | | | 274,586 | | | | 274,791 | |
|
| |
G. Line of Credit Facility — As of August 31, 2024, the Funds participated in a $1,150,000,000 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.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the fiscal year ended August 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
H. Other Transactions with Affiliates — For the fiscal year ended August 31, 2024, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:
| | | | | | | | |
| | | Goldman Sachs Enhanced
Core Equity Fund | | Goldman Sachs Large Cap
Core Fund | | Goldman Sachs Mid Cap
Growth Fund | | Goldman Sachs Small Cap
Growth Fund |
|
|
| | | | |
Brokerage commissions paid | | $2,406 | | $62,055 | | $49,930 | | $2,055 |
|
|
| | | | |
| | | Goldman Sachs Small/Mid
Cap Growth Fund | | Goldman Sachs Strategic
Growth Fund | | Goldman Sachs
Technology Opportunities
Fund | | Goldman Sachs U.S. Equity
ESG Fund |
|
|
| | | | |
Brokerage commissions paid | | $52,715 | | $545 | | $18,178 | | $429 |
|
|
The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares for the fiscal year ended August 31, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Enhanced Core Equity Fund | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Underlying Fund | | Beginning value
as of August 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend Income | |
|
| |
| | | |
Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | | | | | | | | | |
| | | | | | |
| | $ | 346,974 | | | $ | 69,237,490 | | | $ | (67,435,470 | ) | | $ | 2,148,994 | | | | 2,148,994 | | | $ | 72,358 | |
|
| |
| | | | | |
| Large Cap Core Fund | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Underlying Fund | | Beginning value
as of August 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend Income | |
|
| |
| | | |
Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | | | | | | | | | |
| | | | | | |
| | | 5,257,679 | | | | 99,723,556 | | | | (93,738,885 | ) | | | 11,242,350 | | | | 11,242,350 | | | | 336,292 | |
|
| |
| | | | | |
| Mid Cap Growth Fund | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Underlying Fund | | Beginning value
as of August 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend Income | |
|
| |
| | | |
Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | | | | | | | | | |
| | | | | | |
| | | 13,928,891 | | | | 234,306,639 | | | | (229,903,623 | ) | | | 18,331,907 | | | | 18,331,907 | | | | 758,809 | |
|
| |
| | | | | |
| Small Cap Growth Fund | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Underlying Fund | | Beginning value
as of August 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend Income | |
|
| |
| | | |
Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | | | | | | | | | |
| | | | | | |
| | | 1,120,998 | | | | 80,368,344 | | | | (79,612,115 | ) | | | 1,877,227 | | | | 1,877,227 | | | | 81,847 | |
|
| |
| | | | | |
| Small/Mid Cap Growth Fund | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Underlying Fund | | Beginning value
as of August 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend Income | |
|
| |
| | | |
Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | | | | | | | | | |
| | | | | | |
| | | 6,074,506 | | | | 512,329,727 | | | | (502,726,429 | ) | | | 15,677,804 | | | | 15,677,804 | | | | 809,016 | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Strategic Growth Fund | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Underlying Fund | | Beginning value
as of August 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend Income | |
|
| |
| | | |
Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | | | | | | | | | |
| | | | | | |
| | $ | – | | | $ | 20,095,878 | | | $ | (19,372,413 | ) | | $ | 723,465 | | | | 723,465 | | | $ | 36,082 | |
|
| |
| | | | | |
| Technology Opportunities Fund | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Underlying Fund | | Beginning value
as of August 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend Income | |
|
| |
| | | |
Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | | | | | | | | | |
| | | | | | |
| | | 9,421,313 | | | | 127,731,488 | | | | (131,187,894 | ) | | | 5,964,907 | | | | 5,964,907 | | | | 508,969 | |
|
| |
| | | | | |
| U.S. Equity ESG Fund | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Underlying Fund | | Beginning value
as of August 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend Income | |
|
| |
| | | |
Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | | | | | | | | | |
| | | | | | |
| | | 142,769 | | | | 2,212,088 | | | | (2,253,976 | ) | | | 100,881 | | | | 100,881 | | | | 7,008 | |
|
| |
As of August 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding shares of the following Funds:
| | | | | | | | | | |
| Fund | | Class C | | Class R | | Class R6 | | | |
|
| |
| | | | |
Small Cap Growth | | 16% | | –% | | 86% | | | | |
|
| |
| | | | |
U.S. Equity ESG | | – | | 9 | | – | | | | |
|
| |
|
|
5. PORT FOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended August 31, 2024, were as follows:
| | | | | | | | |
| Fund | | Purchases | | | Sales | |
|
| |
| | |
Enhanced Core Equity Fund | | $ | 203,840,442 | | | $ | 152,404,371 | |
|
| |
| | |
Large Cap Core Fund | | | 725,548,518 | | | | 880,102,946 | |
|
| |
| | |
Mid Cap Growth Fund | | | 547,326,805 | | | | 664,283,100 | |
|
| |
| | |
Small Cap Growth Fund | | | 123,393,161 | | | | 49,384,118 | |
|
| |
| | |
Small/Mid Cap Growth Fund | | | 1,236,332,461 | | | | 1,626,039,102 | |
|
| |
| | |
Strategic Growth Fund | | | 62,376,746 | | | | 61,753,521 | |
|
| |
| | |
Technology Opportunities Fund | | | 253,706,320 | | | | 274,815,047 | |
|
| |
| | |
U.S. Equity ESG Fund | | | 11,951,034 | | | | 12,552,008 | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (the “Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM 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 BNYM is unable to purchase replacement securities, BNYM 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, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Each of the Funds and BNYM 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, 2024, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended August 31, 2024.
| | | | | | | | | | | | | | | | | | | | |
| Fund | | Beginning value as
of August 31, 2023 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Ending value as
of August 31, 2024 | | | | |
|
| |
| | | | | |
Enhanced Core Equity Fund | | $ | — | | | $ | 3,946,602 | | | $ | (3,946,602 | ) | | $ | — | | | | | |
|
| |
| | | | | |
Large Cap Core Fund | | | — | | | | 54,029,564 | | | | (54,029,564 | ) | | | — | | | | | |
|
| |
| | | | | |
Mid Cap Growth Fund | | | — | | | | 66,736,528 | | | | (66,736,528 | ) | | | — | | | | | |
|
| |
| | | | | |
Small Cap Growth Fund | | | 242,183 | | | | 10,073,386 | | | | (8,241,698 | ) | | | 2,073,871 | | | | | |
|
| |
| | | | | |
Small/Mid Cap Growth Fund | | | — | | | | 197,007,498 | | | | (194,217,720 | ) | | | 2,789,778 | | | | | |
|
| |
| | | | | |
Strategic Growth Fund | | | — | | | | 3,482,967 | | | | (3,482,967 | ) | | | — | | | | | |
|
| |
| | | | | |
Technology Opportunities Fund | | | — | | | | 59,830,626 | | | | (59,830,626 | ) | | | — | | | | | |
|
| |
| | | | | |
U.S. Equity ESG Fund | | | — | | | | 307,775 | | | | (307,775 | ) | | | — | | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
The tax character of distributions paid during the fiscal year ended August 31, 2024 was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Enhanced Core
Equity Fund | | | Large Cap Core Fund | | | Mid Cap Growth
Fund | | | Small Cap Growth
Fund | | | Small/Mid Cap
Growth Fund | | | | |
|
| |
| | | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ordinary Income | | $ | 653,252 | | | $ | 5,255,920 | | | $ | — | | | $ | — | | | $ | — | | | | | |
| | | | | | |
Long-term capital gains | | | 603,427 | | | | 1,256,672 | | | | — | | | | — | | | | — | | | | | |
|
| |
| | | | | | |
Total taxable distributions | | $ | 1,256,679 | | | $ | 6,512,592 | | | $ | — | | | $ | — | | | $ | — | | | | | |
|
| |
| | | | | | |
| | | | | | | | | Strategic Growth
Fund | | | Technology
Opportunities Fund | | | U.S. Equity ESG Fund | | | | |
|
| |
| | | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ordinary Income | | | | | | | | | | $ | — | | | $ | — | | | $ | 159,690 | | | | | |
| | | | | | |
Long-term capital gains | | | | | | | | | | | 7,120,721 | | | | — | | | | — | | | | | |
|
| |
| | | | | | |
Total taxable distributions | | | | | | | | | | $ | 7,120,721 | | | $ | — | | | $ | 159,690 | | | | | |
|
| |
The tax character of distributions paid during the fiscal year ended August 31, 2023 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Enhanced Core
Equity Fund | | | Large Cap Core Fund | | | Mid Cap Growth
Fund | | | Small Cap Growth
Fund | | | Small/Mid Cap
Growth Fund | | | | |
|
| |
| | | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ordinary Income | | $ | 418,161 | | | $ | 4,629,044 | | | $ | — | | | $ | — | | | $ | — | | | | | |
| | | | | | |
Long-term capital gains | | | 1,432,777 | | | | 79,822,220 | | | | 64,995,015 | | | | — | | | | — | | | | | |
|
| |
| | | | | | |
Total taxable distributions | | $ | 1,850,438 | | | $ | 84,451,264 | | | $ | 64,995,015 | | | $ | — | | | $ | — | | | | | |
|
| |
| | | | | | |
| | | | | | | | | Strategic Growth
Fund | | | Technology
Opportunities Fund | | | U.S. Equity ESG Fund | | | | |
|
| |
| | | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ordinary Income | | | | | | | | | | $ | — | | | $ | — | | | $ | 120,855 | | | | | |
| | | | | | |
Long-term capital gains | | | | | | | | | | | 13,243,148 | | | | 100,631,111 | | | | — | | | | | |
|
| |
| | | | | | |
Total taxable distributions | | | | | | | | | | $ | 13,243,148 | | | $ | 100,631,111 | | | $ | 120,855 | | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
7. TAX INFORMATION (continued) |
As of August 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Enhanced Core
Equity Fund | | | Large Cap Core
Fund* | | | Mid Cap Growth
Fund* | | | Small Cap Growth
Fund* | | | Small/Mid Cap
Growth Fund* | | | | |
|
| |
| | | | | | |
Undistributed ordinary income — net | | $ | 3,623,324 | | | $ | 34,280,116 | | | $ | 1,457,851 | | | $ | — | | | $ | — | | | | | |
| | | | | | |
Undistributed long-term capital gains | | | 2,551,291 | | | | 99,483,785 | | | | 76,111,511 | | | | — | | | | — | | | | | |
|
| |
| | | | | | |
Total undistributed earnings | | $ | 6,174,615 | | | $ | 133,763,901 | | | $ | 77,569,362 | | | $ | — | | | $ | — | | | | | |
|
| |
| | | | | | |
Capital loss carryforwards: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Perpetual Short-Term | | | — | | | | — | | | | — | | | | (2,355,978 | ) | | | (22,925,446 | ) | | | | |
|
| |
| | | | | | |
Timing differences — (Qualified late Year Loss
Deferral and Post October Losses) | | | (484 | ) | | | (3,519 | ) | | | (2,204,376 | ) | | | (1,676,936 | ) | | | (6,200,923 | ) | | | | |
| | | | | | |
Unrealized gains (losses) — net | | | 104,601,726 | | | | 547,856,589 | | | | 170,357,264 | | | | 22,556,054 | | | | 422,188,707 | | | | | |
|
| |
| | | | | | |
Total accumulated earnings (losses) — net | | $ | 110,775,857 | | | $ | 681,616,971 | | | $ | 245,722,250 | | | $ | 18,523,140 | | | $ | 393,062,338 | | | | | |
|
| |
| | | | | | |
| | | | | | | | | Strategic Growth
Fund | | | Technology
Opportunities
Fund* | | | U.S. Equity ESG
Fund* | | | | |
|
| |
| | | | | | |
Undistributed ordinary income — net | | | | | | | | | | $ | 2,062,620 | | | $ | — | | | $ | 140,320 | | | | | |
| | | | | | |
Undistributed long-term capital gains | | | | | | | | | | | 11,016,195 | | | | 28,904,877 | | | | — | | | | | |
|
| |
| | | | | | |
Total undistributed earnings | | | | | | | | | | $ | 13,078,815 | | | $ | 28,904,877 | | | $ | 140,320 | | | | | |
| |
| | | | | |
| | | | | | |
Capital loss carryforwards: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Perpetual Short-Term | | | | | | | | | | | — | | | | — | | | | (221,627 | ) | | | | |
|
| |
| | | | |
Timing differences — (Qualified Late Year Loss Deferral and Post October Losses) | | | | (232,463 | ) | | | (1,887,949 | ) | | | — | | | | | |
| | | | | | |
Unrealized gains (losses) — net | | | | | | | | | | | 106,221,355 | | | | 375,504,356 | | | | 9,057,166 | | | | | |
|
| |
| | | | | | |
Total accumulated earnings (losses) — net | | | | | | | | | | $ | 119,067,707 | | | $ | 402,521,284 | | | $ | 8,975,859 | | | | | |
|
| |
| | * | The Large Cap Core Fund, Mid Cap Growth Fund, Small Cap Growth Fund, Small/Mid Cap Growth Fund, Technology Opportunities Fund, and U.S. Equity ESG Fund utilized $2,135,591, $10,980,786, $836,476, $78,426,424, $33,630,445, and $1,274,956 of capital losses in the current fiscal year, respectively. |
As of August 31, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Enhanced Core Equity
Fund | | | Large Cap Core Fund | | | Mid Cap Growth Fund | | | Small Cap Growth Fund | | | | |
|
| |
| | | | | |
Tax Cost | | $ | 238,429,540 | | | $ | 763,925,895 | | | $ | 727,855,782 | | | $ | 112,864,032 | | | | | |
|
| |
| | | | | |
Gross unrealized gain | | | 108,216,298 | | | | 561,610,468 | | | | 194,859,108 | | | | 26,114,520 | | | | | |
| | | | | |
Gross unrealized loss | | | (3,614,572 | ) | | | (13,753,879 | ) | | | (24,501,844 | ) | | | (3,558,466 | ) | | | | |
|
| |
| | | | | |
Net unrealized gain (loss) | | $ | 104,601,726 | | | $ | 547,856,589 | | | $ | 170,357,264 | | | $ | 22,556,054 | | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
7. TAX INFORMATION (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Growth
Fund | | | Strategic Growth Fund | | | Technology
Opportunities Fund | | | U.S. Equity ESG Fund | | | | |
|
| |
| | | | | |
Tax Cost | | $ | 1,378,168,388 | | | $ | 80,451,772 | | | $ | 409,488,239 | | | $ | 19,331,712 | | | | | |
|
| |
| | | | | |
Gross unrealized gain | | | 450,052,194 | | | | 107,998,902 | | | | 386,235,024 | | | | 9,436,689 | | | | | |
| | | | | |
Gross unrealized loss | | | (27,863,487 | ) | | | (1,777,547 | ) | | | (10,730,668 | ) | | | (379,523 | ) | | | | |
|
| |
| | | | | |
Net unrealized gain (loss) | | $ | 422,188,707 | | | $ | 106,221,355 | | | $ | 375,504,356 | | | $ | 9,057,166 | | | | | |
|
| |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.
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 net operating losses and wash sale merger adjustments.
| | | | | | | | | | | | |
| Fund | | Paid in
Capital | | | Total
Distributable
Earnings | | | | |
|
| |
| | | |
Goldman Sachs Enhanced Core Equity Fund | | $ | 138,181 | | | $ | (138,181 | ) | | | | |
|
| |
| | | |
Goldman Sachs Small Cap Growth Fund | | | (138,286 | ) | | | 138,286 | | | | | |
|
| |
| | | |
Goldman Sachs Small/Mid Cap Growth Fund | | | (8,799,342 | ) | | | 8,799,342 | | | | | |
|
| |
| | | |
Goldman Sachs Technology Opportunities Fund | | | (2,288,542 | ) | | | 2,288,542 | | | | | |
|
| |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
8. OTHER RISKS (continued) |
exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Industry Concentration Risk — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.
Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase.
Issuer Concentration Risk — Under normal circumstances, the U.S. Equity ESG Fund intends to invest in up to approximately 50 companies. As a result of the relatively small number of issuers in which the Fund generally invests, it may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a mutual fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer in the Fund and may be susceptible to greater losses because of these developments.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk — The Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
8. OTHER RISKS (continued) |
susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
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.
Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund’s name changed to “Goldman Sachs Enhanced Core Equity Fund.”
Mergers and Reorganizations — Pursuant to an Agreement and Plan of Reorganization (a “Reorganization Agreement”) between the Goldman Sachs Concentrated Growth Fund (the “Acquired Fund”), and the Goldman Sachs Enhanced Core Equity Fund (the “Survivor Fund”), as of the close of business on April 26, 2024, all of the assets and liabilities of each share class of the Acquired Fund were transferred to the Survivor Fund in exchange for shares of the Survivor Fund having an aggregate NAV equal to the NAV of such Acquired Fund as of the time of valuation specified in the applicable Reorganization Agreement, which were then distributed to shareholders of record of such Acquired Fund in a tax-free exchange (the “Reorganization”) as follows:
| | | | | | |
| Acquired Fund/Survivor Fund | | Exchanged Shares
of Survivor Fund
Issued | | Value of
Exchanged Shares | | Acquired
Fund’s Shares
Outstanding as of
April 26, 2024 |
|
|
| Goldman Sachs Concentrated Growth Fund, Class A/Goldman Sachs Enhanced Core Equity Fund, Class A | | 566,122 | | $10,190,216 | | 1,489,594 |
|
|
| Goldman Sachs Concentrated Growth Fund, Class C/Goldman Sachs Enhanced Core Equity Fund, Class C | | 56,689 | | 825,382 | | 212,840 |
|
|
| Goldman Sachs Concentrated Growth Fund, Institutional Class/Goldman Sachs Enhanced Core Equity Fund, Institutional Class | | 644,089 | | 12,843,152 | | 1,975,324 |
|
|
| Goldman Sachs Concentrated Growth Fund, Investor Class/Goldman Sachs Enhanced Core Equity Fund, Investor Class | | 404,491 | | 7,863,301 | | 1,252,064 |
|
|
| Goldman Sachs Concentrated Growth Fund, Class R6/Goldman Sachs Enhanced Core Equity Fund, Class R6 | | 109,754 | | 2,183,009 | | 1,085,109 |
|
|
| Goldman Sachs Concentrated Growth Fund, Class P/Goldman Sachs Enhanced Core Equity Fund, Class P | | 7,196,373 | | 143,279,791 | | 10,595,877 |
|
|
The following chart shows Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized depreciation:
| | | | | | | | | | | | | | | | | | | | |
| Acquired Fund/Survivor Fund | | Survivor Fund’s Aggregate
Net Assets before
acquisition | | | Acquired Fund’s
Aggregate Net Assets
before acquisition | | | Survivor Fund’s
Aggregate Net Assets
immediately after
acquisition | | | Acquired Fund’s
Unrealized
Appreciation
(Depreciation)(1) | | | Acquired Fund’s
Capital Loss
Carryforward(2) | |
|
| |
| GS Concentrated Growth Fund/GS Enhanced Core Equity Fund | | $ | 149,426,451 | | | $ | 177,184,851 | | | $ | 326,611,302 | | | $ | 50,826,111 | | | $ | (1,338,300 | ) |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
10. OTHER MATTERS (continued) |
(1) The Survivor Fund has elected to carry forward the assets of the Acquired Fund at the Acquired Fund’s historical cost basis for purposes of measuring unrealized depreciation and future realized gain or loss of those acquired assets.
(2) Due to Fund reorganization, utilization of acquired losses may be substantially limited under the Code.
Pro-Forma Financial Information (Unaudited)
Assuming the acquisition had been completed on September 1, 2023, the Survivor Fund’s pro-forma results of operations for the fiscal year ended August 31, 2024 are as follows:
| | | | | | | | |
Net investment income | | $ | 1,232,199 | (a) | | | | |
|
| |
Net realized and unrealized loss on investments | | $ | (3,367,831 | )(b) | | | | |
|
| |
Net decrease in net assets from operations | | $ | (2,135,632 | ) | | | | |
|
| |
(a) $1,448,925 net investment income as reported at August 31, 2024, minus $216,726 from Acquired Fund pre-merger net investment income.
(b) $4,501,145 realized gain as reported at August 31, 2024, plus $91,905,623 pro-forma August 31, 2024 unrealized appreciation, minus $48,948,488 net realized gain as reported at April 26, 2024, minus $50,826,111 in net unrealized gain from Acquired Fund pre-merger.
Because the combined Survivor Fund has been managed as a single integrated fund since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Survivor Fund’s Statement of Operations since April 26, 2024.
All other subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Enhanced Core Equity Fund | |
| | | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | | | | |
| |
| | | | |
| | | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | | |
| |
| | | | |
| | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 433,517 | | | $ | 7,596,439 | | | | 843,738 | | | $ | 12,409,214 | | | | | |
Proceeds received in connection with merger | | | 566,122 | | | | 7,267,116 | | | | — | | | | — | | | | | |
Reinvestment of distributions | | | 7,960 | | | | 131,977 | | | | 23,089 | | | | 320,512 | | | | | |
Shares redeemed | | | (794,116 | ) | | | (13,271,542 | ) | | | (108,814 | ) | | | (1,584,569 | ) | | | | |
|
| |
| | | 213,483 | | | | 1,723,990 | | | | 758,013 | | | | 11,145,157 | | | | | |
|
| |
| | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 90,259 | | | | 1,216,401 | | | | 42,180 | | | | 527,861 | | | | | |
Proceeds received in connection with merger | | | 56,689 | | | | 588,618 | | | | — | | | | — | | | | | |
Reinvestment of distributions | | | 1,436 | | | | 19,266 | | | | 3,325 | | | | 37,776 | | | | | |
Shares redeemed | | | (40,882 | ) | | | (578,395 | ) | | | (24,137 | ) | | | (283,704 | ) | | | | |
|
| |
| | | 107,502 | | | | 1,245,890 | | | | 21,368 | | | | 281,933 | | | | | |
|
| |
| | | | | |
Institutional Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 1,715,477 | | | | 32,861,953 | | | | 537,497 | | | | 8,519,739 | | | | | |
Proceeds received in connection with merger | | | 644,089 | | | | 9,159,047 | | | | — | | | | — | | | | | |
Reinvestment of distributions | | | 12,285 | | | | 226,373 | | | | 28,628 | | | | 438,748 | | | | | |
Shares redeemed | | | (953,914 | ) | | | (18,947,960 | ) | | | (409,710 | ) | | | (6,418,090 | ) | | | | |
|
| |
| | | 1,417,937 | | | | 23,299,413 | | | | 156,415 | | | | 2,540,397 | | | | | |
|
| |
| | | | | |
Investor Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 1,152,688 | | | | 21,216,633 | | | | 299,781 | | | | 5,019,672 | | | | | |
Proceeds received in connection with merger | | | 404,491 | | | | 5,607,685 | | | | — | | | | — | | | | | |
Reinvestment of distributions | | | 7,468 | | | | 134,118 | | | | 206 | | | | 3,084 | | | | | |
Shares redeemed | | | (868,486 | ) | | | (17,252,187 | ) | | | (10,291 | ) | | | (167,411 | ) | | | | |
|
| |
| | | 696,161 | | | | 9,706,249 | | | | 289,696 | | | | 4,855,345 | | | | | |
|
| |
| | | | | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 938,317 | | | | 17,926,035 | | | | 366,119 | | | | 6,151,144 | | | | | |
Proceeds received in connection with merger | | | 109,754 | | | | 1,556,805 | | | | — | | | | — | | | | | |
Reinvestment of distributions | | | 7,728 | | | | 141,950 | | | | 4,742 | | | | 72,502 | | | | | |
Shares redeemed | | | (315,915 | ) | | | (6,283,569 | ) | | | (92,148 | ) | | | (1,445,441 | ) | | | | |
|
| |
| | | 739,884 | | | | 13,341,221 | | | | 278,713 | | | | 4,778,205 | | | | | |
|
| |
| | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 20,181 | | | | 320,593 | | | | 7,048 | | | | 95,975 | | | | | |
Reinvestment of distributions | | | 109 | | | | 1,705 | | | | 35 | | | | 460 | | | | | |
Shares redeemed | | | (396 | ) | | | (5,862 | ) | | | (2 | ) | | | (25 | ) | | | | |
|
| |
| | | 19,894 | | | | 316,436 | | | | 7,081 | | | | 96,410 | | | | | |
|
| |
| | | | | |
Class P Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 2,293,560 | | | | 42,648,200 | | | | 137,552 | | | | 2,179,611 | | | | | |
Proceeds received in connection with merger | | | 7,196,373 | | | | 102,179,469 | | | | — | | | | — | | | | | |
Reinvestment of distributions | | | 32,711 | | | | 601,291 | | | | 63,896 | | | | 977,357 | | | | | |
Shares redeemed | | | (882,766 | ) | | | (18,183,675 | ) | | | (242,398 | ) | | | (3,586,914 | ) | | | | |
|
| |
| | | 8,639,878 | | | | 127,245,285 | | | | (40,950 | ) | | | (429,946 | ) | | | | |
|
| |
| | | | | |
NET INCREASE IN SHARES | | | 11,834,739 | | | $ | 176,878,484 | | | | 1,470,336 | | | $ | 23,267,501 | | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund | |
| | | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | | | | |
| |
| | | | |
| | | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | | |
| |
| | | | |
| | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 600,244 | | | $ | 18,201,403 | | | | 598,659 | | | $ | 15,501,905 | | | | | |
Reinvestment of distributions | | | 127,059 | | | | 3,750,614 | | | | 2,255,272 | | | | 56,134,192 | | | | | |
Shares redeemed | | | (2,591,926 | ) | | | (80,342,140 | ) | | | (2,664,917 | ) | | | (68,519,802 | ) | | | | |
|
| |
| | | (1,864,623 | ) | | | (58,390,123 | ) | | | 189,014 | | | | 3,116,295 | | | | | |
|
| |
| | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 257,880 | | | | 3,901,346 | | | | 195,403 | | | | 2,479,859 | | | | | |
Reinvestment of distributions | | | 6,947 | | | | 99,253 | | | | 187,167 | | | | 2,277,760 | | | | | |
Shares redeemed | | | (279,523 | ) | | | (4,111,249 | ) | | | (338,778 | ) | | | (4,309,165 | ) | | | | |
|
| |
| | | (14,696 | ) | | | (110,650 | ) | | | 43,792 | | | | 448,454 | | | | | |
|
| |
| | | | | |
Institutional Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 694,738 | | | | 25,707,667 | | | | 710,332 | | | | 22,066,254 | | | | | |
Reinvestment of distributions | | | 18,223 | | | | 647,206 | | | | 184,800 | | | | 5,524,687 | | | | | |
Shares redeemed | | | (555,951 | ) | | | (20,816,856 | ) | | | (825,370 | ) | | | (25,317,985 | ) | | | | |
|
| |
| | | 157,010 | | | | 5,538,017 | | | | 69,762 | | | | 2,272,956 | | | | | |
|
| |
| | | | | |
Service Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 1,375 | | | | 38,095 | | | | 18,402 | | | | 411,362 | | | | | |
Reinvestment of distributions | | | 103 | | | | 2,826 | | | | 1,610 | | | | 37,336 | | | | | |
Shares redeemed | | | (13,716 | ) | | | (462,752 | ) | | | (3,102 | ) | | | (79,217 | ) | | | | |
|
| |
| | | (12,238 | ) | | | (421,831 | ) | | | 16,910 | | | | 369,481 | | | | | |
|
| |
| | | | | |
Investor Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 650,961 | | | | 20,580,932 | | | | 769,807 | | | | 21,876,661 | | | | | |
Reinvestment of distributions | | | 10,825 | | | | 329,411 | | | | 111,603 | | | | 2,864,034 | | | | | |
Shares redeemed | | | (518,879 | ) | | | (16,463,414 | ) | | | (829,362 | ) | | | (21,770,606 | ) | | | | |
|
| |
| | | 142,907 | | | | 4,446,929 | | | | 52,048 | | | | 2,970,089 | | | | | |
|
| |
| | | | | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 204,137 | | | | 7,502,033 | | | | 236,578 | | | | 7,328,876 | | | | | |
Reinvestment of distributions | | | 16,599 | | | | 588,710 | | | | 181,282 | | | | 5,409,816 | | | | | |
Shares redeemed | | | (2,504,814 | ) | | | (100,872,820 | ) | | | (336,410 | ) | | | (10,379,420 | ) | | | | |
|
| |
| | | (2,284,078 | ) | | | (92,782,077 | ) | | | 81,450 | | | | 2,359,272 | | | | | |
|
| |
| | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 55,770 | | | | 1,592,092 | | | | 40,837 | | | | 975,554 | | | | | |
Reinvestment of distributions | | | 942 | | | | 25,606 | | | | 29,757 | | | | 683,306 | | | | | |
Shares redeemed | | | (63,479 | ) | | | (1,790,318 | ) | | | (75,965 | ) | | | (1,775,346 | ) | | | | |
|
| |
| | | (6,767 | ) | | | (172,620 | ) | | | (5,371 | ) | | | (116,486 | ) | | | | |
|
| |
| | | | | |
Class P Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 344,332 | | | | 12,854,707 | | | | 174,926 | | | | 5,229,990 | | | | | |
Reinvestment of distributions | | | 22,850 | | | | 809,996 | | | | 254,067 | | | | 7,579,703 | | | | | |
Shares redeemed | | | (225,447 | ) | | | (8,303,767 | ) | | | (393,322 | ) | | | (12,000,619 | ) | | | | |
|
| |
| | | 141,735 | | | | 5,360,936 | | | | 35,671 | | | | 809,074 | | | | | |
|
| |
| | | | | |
NET INCREASE (DECREASE) IN SHARES | | | (3,740,750 | ) | | $ | (136,531,419 | ) | | | 483,276 | | | $ | 12,229,135 | | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | Mid Cap Growth Fund | |
| | | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | | | | |
| |
| | | | |
| | | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | | |
| |
| | | | |
| | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 1,597,097 | | | $ | 18,081,820 | | | | 2,194,971 | | | $ | 23,239,944 | | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 2,082,022 | | | | 21,528,113 | | | | | |
Shares redeemed | | | (4,846,502 | ) | | | (56,079,031 | ) | | | (5,505,296 | ) | | | (57,901,918 | ) | | | | |
|
| |
| | | (3,249,405 | ) | | | (37,997,211 | ) | | | (1,228,303 | ) | | | (13,133,861 | ) | | | | |
|
| |
| | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 69,088 | | | | 1,252,183 | | | | 83,219 | | | | 1,381,779 | | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 36,639 | | | | 608,206 | | | | | |
Shares redeemed | | | (168,102 | ) | | | (3,094,303 | ) | | | (301,568 | ) | | | (5,031,162 | ) | | | | |
|
| |
| | | (99,014 | ) | | | (1,842,120 | ) | | | (181,710 | ) | | | (3,041,177 | ) | | | | |
|
| |
| | | | | |
Institutional Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 1,652,001 | | | | 30,811,781 | | | | 2,110,692 | | | | 35,711,131 | | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 896,983 | | | | 15,132,108 | | | | | |
Shares redeemed | | | (4,166,163 | ) | | | (77,041,191 | ) | | | (5,523,469 | ) | | | (94,241,708 | ) | | | | |
|
| |
| | | (2,514,162 | ) | | | (46,229,410 | ) | | | (2,515,794 | ) | | | (43,398,469 | ) | | | | |
|
| |
| | | | | |
Service Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 908,481 | | | | 8,862,983 | | | | 322,700 | | | | 2,821,775 | | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 251,465 | | | | 2,167,628 | | | | | |
Shares redeemed | | | (1,136,175 | ) | | | (10,263,050 | ) | | | (400,695 | ) | | | (3,512,490 | ) | | | | |
|
| |
| | | (227,694 | ) | | | (1,400,067 | ) | | | 173,470 | | | | 1,476,913 | | | | | |
|
| |
| | | | | |
Investor Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 2,224,354 | | | | 30,779,372 | | | | 818,901 | | | | 10,191,197 | | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 436,410 | | | | 5,328,564 | | | | | |
Shares redeemed | | | (1,244,426 | ) | | | (16,930,269 | ) | | | (1,336,771 | ) | | | (16,471,411 | ) | | | | |
|
| |
| | | 979,928 | | | | 13,849,103 | | | | (81,460 | ) | | | (951,650 | ) | | | | |
|
| |
| | | | | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 1,615,561 | | | | 30,217,837 | | | | 2,035,299 | | | | 34,451,427 | | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 618,862 | | | | 10,458,767 | | | | | |
Shares redeemed | | | (2,854,373 | ) | | | (54,628,749 | ) | | | (3,276,613 | ) | | | (54,232,479 | ) | | | | |
|
| |
| | | (1,238,812 | ) | | | (24,410,912 | ) | | | (622,452 | ) | | | (9,322,285 | ) | | | | |
|
| |
| | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 418,633 | | | | 3,980,542 | | | | 451,512 | | | | 3,979,734 | | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 399,938 | | | | 3,447,462 | | | | | |
Shares redeemed | | | (877,893 | ) | | | (8,396,079 | ) | | | (937,376 | ) | | | (8,266,468 | ) | | | | |
|
| |
| | | (459,260 | ) | | | (4,415,537 | ) | | | (85,926 | ) | | | (839,272 | ) | | | | |
|
| |
| | | | | |
Class P Shares | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 14,914 | | | | 265,447 | | | | 325,041 | | | | 5,302,675 | | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 138,145 | | | | 2,336,037 | | | | | |
Shares redeemed | | | (510,633 | ) | | | (9,689,787 | ) | | | (965,908 | ) | | | (16,601,647 | ) | | | | |
|
| |
| | | (495,719 | ) | | | (9,424,340 | ) | | | (502,722 | ) | | | (8,962,935 | ) | | | | |
|
| |
| | | | | |
NET DECREASE IN SHARES | | | (7,304,138 | ) | | $ | (111,870,494 | ) | | | (5,044,897 | ) | | $ | (78,172,736 | ) | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | Small Cap Growth Fund | |
| | | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | | | | |
| |
| | | | |
| | | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | | |
| |
| | | | |
| | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 70,182 | | | $ | 967,290 | | | | 58,537 | | | $ | 706,438 | | | | | |
| | | | | |
Shares redeemed | | | (27,537 | ) | | | (345,224 | ) | | | (52,282 | ) | | | (619,357 | ) | | | | |
|
| |
| | | | | |
| | | 42,645 | | | | 622,066 | | | | 6,255 | | | | 87,081 | | | | | |
|
| |
| | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 31,040 | | | | 407,804 | | | | 3,944 | | | | 45,019 | | | | | |
| | | | | |
Shares redeemed | | | (2,152 | ) | | | (29,074 | ) | | | (951 | ) | | | (9,943 | ) | | | | |
|
| |
| | | | | |
| | | 28,888 | | | | 378,730 | | | | 2,993 | | | | 35,076 | | | | | |
|
| |
| | | | | |
Institutional Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 860,573 | | | | 11,046,403 | | | | 616,396 | | | | 6,953,831 | | | | | |
| | | | | |
Shares redeemed | | | (864,254 | ) | | | (10,912,323 | ) | | | (463,206 | ) | | | (5,148,825 | ) | | | | |
|
| |
| | | | | |
| | | (3,681 | ) | | | 134,080 | | | | 153,190 | | | | 1,805,006 | | | | | |
|
| |
| | | | | |
Investor Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 5,572,724 | | | | 75,832,331 | | | | 416,252 | | | | 5,000,039 | | | | | |
| | | | | |
Shares redeemed | | | (295,630 | ) | | | (4,161,974 | ) | | | (573 | ) | | | (7,040 | ) | | | | |
|
| |
| | | | | |
| | | 5,277,094 | | | | 71,670,357 | | | | 415,679 | | | | 4,992,999 | | | | | |
|
| |
| | | | | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 395 | | | | 5,220 | | | | 554 | | | | 6,077 | | | | | |
| | | | | |
Shares redeemed | | | (3 | ) | | | (45 | ) | | | (4 | ) | | | (45 | ) | | | | |
|
| |
| | | | | |
| | | 392 | | | | 5,175 | | | | 550 | | | | 6,032 | | | | | |
|
| |
| | | | | |
Class R Shares* | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | — | | | | — | | | | — | | | | — | | | | | |
| | | | | |
Shares redeemed | | | — | | | | — | | | | (5,984 | ) | | | (72,227 | ) | | | | |
|
| |
| | | | | |
| | | — | | | | — | | | | (5,984 | ) | | | (72,227 | ) | | | | |
|
| |
| | | | | |
Class P Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 851,560 | | | $ | 11,155,374 | | | | 680,601 | | | $ | 7,628,685 | | | | | |
| | | | | |
Shares redeemed | | | (648,252 | ) | | | (8,167,957 | ) | | | (647,812 | ) | | | (7,131,670 | ) | | | | |
|
| |
| | | | | |
| | | 203,308 | | | | 2,987,417 | | | | 32,789 | | | | 497,015 | | | | | |
|
| |
| | | | | |
NET INCREASE IN SHARES | | | 5,548,646 | | | $ | 75,797,825 | | | | 605,472 | | | $ | 7,350,982 | | | | | |
|
| |
| | * | At the close of business on July 14, 2023, Class R Shares of the Goldman Sachs Small Cap Growth Fund were terminated. |
| | | | | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Growth Fund | |
| | | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | | | | |
| |
| | | | |
| | | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | | |
| |
| | | | |
| | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,445,426 | | | $ | 27,864,882 | | | | 1,710,722 | | | $ | 29,535,985 | | | | | |
| | | | | |
Shares redeemed | | | (3,247,279 | ) | | | (62,020,947 | ) | | | (3,786,236 | ) | | | (65,178,159 | ) | | | | |
|
| |
| | | | | |
| | | (1,801,853 | ) | | | (34,156,065 | ) | | | (2,075,514 | ) | | | (35,642,174 | ) | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Growth Fund | |
| | | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | | | | |
| |
| | | | |
| | | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | | |
| |
| | | | |
| | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 134,613 | | | $ | 1,813,979 | | | | 342,229 | | | $ | 4,133,974 | | | | | |
| | | | | |
Shares redeemed | | | (2,855,479 | ) | | | (39,334,109 | ) | | | (1,959,542 | ) | | | (23,637,550 | ) | | | | |
|
| |
| | | | | |
| | | (2,720,866 | ) | | | (37,520,130 | ) | | | (1,617,313 | ) | | | (19,503,576 | ) | | | | |
|
| |
| | | | | |
Institutional Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 5,262,391 | | | | 115,830,573 | | | | 6,666,890 | | | | 132,515,782 | | | | | |
| | | | | |
Shares redeemed | | | (11,451,696 | ) | | | (255,823,344 | ) | | | (12,167,338 | ) | | | (241,397,817 | ) | | | | |
|
| |
| | | | | |
| | | (6,189,305 | ) | | | (139,992,771 | ) | | | (5,500,448 | ) | | | (108,882,035 | ) | | | | |
|
| |
| | | | | |
Service Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 20,437 | | | | 326,849 | | | | 12,602 | | | | 209,145 | | | | | |
| | | | | |
Shares redeemed | | | (19,468 | ) | | | (340,157 | ) | | | (20,301 | ) | | | (340,149 | ) | | | | |
|
| |
| | | | | |
| | | 969 | | | | (13,308 | ) | | | (7,699 | ) | | | (131,004 | ) | | | | |
|
| |
| | | | | |
Investor Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 2,385,884 | | | | 49,840,378 | | | | 4,144,372 | | | | 77,758,694 | | | | | |
| | | | | |
Shares redeemed | | | (6,854,149 | ) | | | (142,397,564 | ) | | | (9,717,900 | ) | | | (182,799,915 | ) | | | | |
|
| |
| | | | | |
| | | (4,468,265 | ) | | | (92,557,186 | ) | | | (5,573,528 | ) | | | (105,041,221 | ) | | | | |
|
| |
| | | | | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,036,287 | | | | 23,386,571 | | | | 1,374,923 | | | | 27,675,512 | | | | | |
| | | | | |
Shares redeemed | | | (2,708,290 | ) | | | (60,967,970 | ) | | | (2,112,790 | ) | | | (42,295,451 | ) | | | | |
|
| |
| | | | | |
| | | (1,672,003 | ) | | | (37,581,399 | ) | | | (737,867 | ) | | | (14,619,939 | ) | | | | |
|
| |
| | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 82,405 | | | | 1,426,696 | | | | 127,033 | | | | 2,042,036 | | | | | |
| | | | | |
Shares redeemed | | | (218,357 | ) | | | (3,955,509 | ) | | | (201,612 | ) | | | (3,227,010 | ) | | | | |
|
| |
| | | | | |
| | | (135,952 | ) | | | (2,528,813 | ) | | | (74,579 | ) | | | (1,184,974 | ) | | | | |
|
| |
| | | | | |
Class P Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,689,578 | | | | 38,314,985 | | | | 3,073,051 | | | | 61,235,735 | | | | | |
| | | | | |
Shares redeemed | | | (3,685,855 | ) | | | (79,299,966 | ) | | | (5,146,665 | ) | | | (101,530,588 | ) | | | | |
|
| |
| | | | | |
| | | (1,996,277 | ) | | | (40,984,981 | ) | | | (2,073,614 | ) | | | (40,294,853 | ) | | | | |
|
| |
| | | | | |
NET DECREASE IN SHARES | | | (18,983,552 | ) | | $ | (385,334,653 | ) | | | (17,660,562 | ) | | $ | (325,299,776 | ) | | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | |
| | | Strategic Growth Fund | |
| | | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | | | | |
| |
| | | | |
| | | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | | |
| |
| | | | |
| | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 262,456 | | | $ | 2,355,173 | | | | 322,158 | | | $ | 2,412,093 | | | | | |
| | | | | |
Reinvestment of distributions | | | 209,259 | | | | 1,791,257 | | | | 498,747 | | | | 3,451,328 | | | | | |
| | | | | |
Shares redeemed | | | (849,362 | ) | | | (7,734,746 | ) | | | (974,825 | ) | | | (7,441,585 | ) | | | | |
|
| |
| | | | | |
| | | (377,647 | ) | | | (3,588,316 | ) | | | (153,920 | ) | | | (1,578,164 | ) | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | Strategic Growth Fund | |
| | | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | | | | |
| |
| | | | |
| | | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | | |
| |
| | | | |
| | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 66,515 | | | $ | 850,077 | | | | 33,157 | | | $ | 347,038 | | | | | |
| | | | | |
Reinvestment of distributions | | | 8,378 | | | | 98,698 | | | | 18,885 | | | | 178,463 | | | | | |
| | | | | |
Shares redeemed | | | (47,168 | ) | | | (582,000 | ) | | | (53,123 | ) | | | (534,528 | ) | | | | |
|
| |
| | | | | |
| | | 27,725 | | | | 366,775 | | | | (1,081 | ) | | | (9,027 | ) | | | | |
|
| |
| | | | | |
Institutional Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 699,687 | | | | 7,721,406 | | | | 1,103,806 | | | | 9,656,953 | | | | | |
| | | | | |
Reinvestment of distributions | | | 180,125 | | | | 1,932,748 | | | | 385,457 | | | | 3,295,656 | | | | | |
| | | | | |
Shares redeemed | | | (792,064 | ) | | | (8,971,083 | ) | | | (1,710,461 | ) | | | (15,689,694 | ) | | | | |
|
| |
| | | | | |
| | | 87,748 | | | | 683,071 | | | | (221,198 | ) | | | (2,737,085 | ) | | | | |
|
| |
| | | | | |
Service Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 23,437 | | | | 205,616 | | | | 64,325 | | | | 510,634 | | | | | |
| | | | | |
Reinvestment of distributions | | | 7,299 | | | | 59,705 | | | | 9,933 | | | | 65,953 | | | | | |
| | | | | |
Shares redeemed | | | (41,836 | ) | | | (394,322 | ) | | | (23,463 | ) | | | (165,647 | ) | | | | |
|
| |
| | | | | |
| | | (11,100 | ) | | | (129,001 | ) | | | 50,795 | | | | 410,940 | | | | | |
|
| |
| | | | | |
Investor Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,218,232 | | | | 15,255,998 | | | | 367,583 | | | | 3,472,809 | | | | | |
| | | | | |
Reinvestment of distributions | | | 23,628 | | | | 251,168 | | | | 24,375 | | | | 206,704 | | | | | |
| | | | | |
Shares redeemed | | | (180,712 | ) | | | (2,135,941 | ) | | | (228,216 | ) | | | (2,170,730 | ) | | | | |
|
| |
| | | | | |
| | | 1,061,148 | | | | 13,371,225 | | | | 163,742 | | | | 1,508,783 | | | | | |
|
| |
| | | | | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 63,659 | | | | 734,077 | | | | 33,887 | | | | 312,753 | | | | | |
| | | | | |
Reinvestment of distributions | | | 17,601 | | | | 188,325 | | | | 40,515 | | | | 345,591 | | | | | |
| | | | | |
Shares redeemed | | | (51,826 | ) | | | (623,172 | ) | | | (77,324 | ) | | | (713,994 | ) | | | | |
|
| |
| | | | | |
| | | 29,434 | | | | 299,230 | | | | (2,922 | ) | | | (55,650 | ) | | | | |
|
| |
| | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 116,761 | | | | 1,078,747 | | | | 2,000 | | | | 13,753 | | | | | |
| | | | | |
Reinvestment of distributions | | | 1,662 | | | | 12,914 | | | | 3,494 | | | | 22,119 | | | | | |
| | | | | |
Shares redeemed | | | (587 | ) | | | (4,426 | ) | | | (2,326 | ) | | | (15,478 | ) | | | | |
|
| |
| | | | | |
| | | 117,836 | | | | 1,087,235 | | | | 3,168 | | | | 20,394 | | | | | |
|
| |
| | | | | |
Class P Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 225,944 | | | | 2,600,807 | | | | 585,456 | | | | 5,071,379 | | | | | |
| | | | | |
Reinvestment of distributions | | | 248,174 | | | | 2,650,500 | | | | 636,399 | | | | 5,415,754 | | | | | |
| | | | | |
Shares redeemed | | | (736,105 | ) | | | (8,267,516 | ) | | | (1,882,177 | ) | | | (17,151,643 | ) | | | | |
|
| |
| | | | | |
| | | (261,987 | ) | | | (3,016,209 | ) | | | (660,322 | ) | | | (6,664,510 | ) | | | | |
|
| |
| | | | | |
NET INCREASE (DECREASE) IN SHARES | | | 673,157 | | | $ | 9,074,010 | | | | (821,738 | ) | | $ | (9,104,319 | ) | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | Technology Opportunities Fund | |
| | | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | | | | |
| |
| | | | |
| | | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | | |
| |
| | | | |
| | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,353,549 | | | $ | 32,115,350 | | | | 1,913,042 | | | $ | 33,536,147 | | | | | |
| | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 3,552,465 | | | | 54,779,008 | | | | | |
| | | | | |
Shares redeemed | | | (3,596,393 | ) | | | (82,549,207 | ) | | | (3,789,907 | ) | | | (65,364,768 | ) | | | | |
|
| |
| | | | | |
| | | (2,242,844 | ) | | | (50,433,857 | ) | | | 1,675,600 | | | | 22,950,387 | | | | | |
|
| |
| | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 144,142 | | | | 1,783,521 | | | | 165,415 | | | | 1,711,923 | | | | | |
| | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 560,074 | | | | 4,665,417 | | | | | |
| | | | | |
Shares redeemed | | | (393,305 | ) | | | (4,934,566 | ) | | | (417,571 | ) | | | (4,297,788 | ) | | | | |
|
| |
| | | | | |
| | | (249,163 | ) | | | (3,151,045 | ) | | | 307,918 | | | | 2,079,552 | | | | | |
|
| |
| | | | | |
Institutional Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,331,071 | | | | 39,746,153 | | | | 903,875 | | | | 20,273,907 | | | | | |
| | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 628,475 | | | | 12,349,543 | | | | | |
| | | | | |
Shares redeemed | | | (1,026,041 | ) | | | (30,232,023 | ) | | | (1,807,617 | ) | | | (39,213,652 | ) | | | | |
|
| |
| | | | | |
| | | 305,030 | | | | 9,514,130 | | | | (275,267 | ) | | | (6,590,202 | ) | | | | |
|
| |
| | | | | |
Service Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 160,770 | | | | 3,556,079 | | | | 128,332 | | | | 2,177,721 | | | | | |
| | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 104,455 | | | | 1,511,457 | | | | | |
| | | | | |
Shares redeemed | | | (179,518 | ) | | | (3,954,027 | ) | | | (179,205 | ) | | | (3,081,215 | ) | | | | |
|
| |
| | | | | |
| | | (18,748 | ) | | | (397,948 | ) | | | 53,582 | | | | 607,963 | | | | | |
|
| |
| | | | | |
Investor Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 395,953 | | | | 12,903,359 | | | | 217,621 | | | | 4,637,208 | | | | | |
| | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 200,217 | | | | 3,798,122 | | | | | |
| | | | | |
Shares redeemed | | | (397,914 | ) | | | (11,742,511 | ) | | | (533,249 | ) | | | (11,276,734 | ) | | | | |
|
| |
| | | | | |
| | | (1,961 | ) | | | 1,160,848 | | | | (115,411 | ) | | | (2,841,404 | ) | | | | |
|
| |
| | | | | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 305,923 | | | | 9,430,046 | | | | 261,517 | | | | 6,203,937 | | | | | |
| | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 408,413 | | | | 8,037,564 | | | | | |
| | | | | |
Shares redeemed | | | (231,640 | ) | | | (6,990,839 | ) | | | (197,512 | ) | | | (4,235,913 | ) | | | | |
|
| |
| | | | | |
| | | 74,283 | | | | 2,439,207 | | | | 472,418 | | | | 10,005,588 | | | | | |
|
| |
| | | | | |
Class P Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,011,818 | | | | 29,048,378 | | | | 726,632 | | | | 15,704,505 | | | | | |
| | | | | |
Reinvestment of distributions | | | — | | | | — | | | | 522,911 | | | | 10,285,667 | | | | | |
| | | | | |
Shares redeemed | | | (337,927 | ) | | | (10,363,331 | ) | | | (2,156,999 | ) | | | (47,994,446 | ) | | | | |
|
| |
| | | | | |
| | | 673,891 | | | | 18,685,047 | | | | (907,456 | ) | | | (22,004,274 | ) | | | | |
|
| |
| | | | | |
NET INCREASE (DECREASE) IN SHARES | | | (1,459,512 | ) | | $ | (22,183,618 | ) | | | 1,211,384 | | | $ | 4,207,610 | | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity ESG Fund | |
| | | |
| | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | | | | |
| |
| | | | |
| | | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | | |
| |
| | | | |
| | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 41,430 | | | $ | 768,219 | | | | 63,036 | | | $ | 1,006,562 | | | | | |
| | | | | |
Reinvestment of distributions | | | 2,066 | | | | 37,570 | | | | 1,820 | | | | 27,864 | | | | | |
| | | | | |
Shares redeemed | | | (65,099 | ) | | | (1,233,143 | ) | | | (53,326 | ) | | | (866,250 | ) | | | | |
|
| |
| | | | | |
| | | (21,603 | ) | | | (427,354 | ) | | | 11,530 | | | | 168,176 | | | | | |
|
| |
| | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 3,639 | | | | 68,136 | | | | 3,591 | | | | 53,271 | | | | | |
| | | | | |
Shares redeemed | | | (26,135 | ) | | | (452,319 | ) | | | (41,358 | ) | | | (600,664 | ) | | | | |
|
| |
| | | | | |
| | | (22,496 | ) | | | (384,183 | ) | | | (37,767 | ) | | | (547,393 | ) | | | | |
|
| |
| | | | | |
Institutional Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 14,251 | | | | 273,358 | | | | 17,941 | | | | 301,021 | | | | | |
| | | | | |
Reinvestment of distributions | | | 753 | | | | 13,873 | | | | 668 | | | | 10,348 | | | | | |
| | | | | |
Shares redeemed | | | (16,516 | ) | | | (322,558 | ) | | | (12,106 | ) | | | (196,979 | ) | | | | |
|
| |
| | | | | |
| | | (1,512 | ) | | | (35,327 | ) | | | 6,503 | | | | 114,390 | | | | | |
|
| |
| | | | | |
Investor Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 2,232 | | | | 39,591 | | | | 3,356 | | | | 56,997 | | | | | |
| | | | | |
Reinvestment of distributions | | | 263 | | | | 4,859 | | | | 236 | | | | 3,657 | | | | | |
| | | | | |
Shares redeemed | | | (10,009 | ) | | | (209,318 | ) | | | (42,375 | ) | | | (670,197 | ) | | | | |
|
| |
| | | | | |
| | | (7,514 | ) | | | (164,868 | ) | | | (38,783 | ) | | | (609,543 | ) | | | | |
|
| |
| | | | | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 15,074 | | | | 277,490 | | | | 18,023 | | | | 293,189 | | | | | |
| | | | | |
Reinvestment of distributions | | | 588 | | | | 10,833 | | | | 559 | | | | 8,673 | | | | | |
| | | | | |
Shares redeemed | | | (13,251 | ) | | | (246,734 | ) | | | (22,364 | ) | | | (359,651 | ) | | | | |
|
| |
| | | | | |
| | | 2,411 | | | | 41,589 | | | | (3,782 | ) | | | (57,789 | ) | | | | |
|
| |
| | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,517 | | | | 28,982 | | | | 4,058 | | | | 67,039 | | | | | |
| | | | | |
Reinvestment of distributions | | | 14 | | | | 261 | | | | 41 | | | | 624 | | | | | |
| | | | | |
Shares redeemed | | | (94 | ) | | | (1,811 | ) | | | (14,051 | ) | | | (239,108 | ) | | | | |
|
| |
| | | | | |
| | | 1,437 | | | | 27,432 | | | | (9,952 | ) | | | (171,445 | ) | | | | |
|
| |
| | | | | |
Class P Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 81,635 | | | | 1,514,198 | | | | 273,158 | | | | 4,293,027 | | | | | |
| | | | | |
Reinvestment of distributions | | | 4,984 | | | | 91,767 | | | | 4,496 | | | | 69,687 | | | | | |
| | | | | |
Shares redeemed | | | (66,712 | ) | | | (1,318,272 | ) | | | (63,635 | ) | | | (1,059,206 | ) | | | | |
|
| |
| | | | | |
| | | 19,907 | | | | 287,693 | | | | 214,019 | | | | 3,303,508 | | | | | |
|
| |
| | | | | |
NET INCREASE (DECREASE) IN SHARES | | | (29,370 | ) | | $ | (655,018 | ) | | | 141,768 | | | $ | 2,199,904 | | | | | |
|
| |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced Core Equity Fund (formerly Goldman Sachs Flexible Cap Fund), Goldman Sachs Large Cap Core Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Technology Opportunities Fund, and Goldman Sachs U.S. Equity ESG Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Core Equity Fund (formerly Goldman Sachs Flexible Cap Fund), Goldman Sachs Large Cap Core Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Technology Opportunities Fund, and Goldman Sachs U.S. Equity ESG Fund (eight of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, 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, 2024 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.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 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 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 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 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 financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent 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 25, 2024
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Enhanced Core Equity Fund, Goldman Sachs Large Cap Core Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Technology Opportunities Fund, and Goldman Sachs U.S. Equity ESG 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, 2025 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 11-12 2024 (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 two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
| | (a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, 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, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests; |
| | (c) | 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; |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| | (i) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
| | (j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services; |
| | (k) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
| | (l) | information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
| | (m) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| | (n) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| | (o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. 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 Independent 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 by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2023, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Provider as of March 31, 2024. 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’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
The Trustees observed that the Enhanced Core Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They noted that the former Goldman Sachs Flexible Cap Fund had been renamed as the Enhanced Core Equity Fund in 2023. The Trustees noted that the Large Cap Core 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 three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2024. They observed that the former Goldman Sachs Capital Growth Fund had been repositioned as the Large Cap Core Fund in 2022, which involved changes to the Fund’s investment strategy and name. They considered that the Mid Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five-year period and in the third quartile for the one-, three-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. The Trustees observed that the Small Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and outperformed the Fund’s benchmark index for the one- and three-year periods ended March 31, 2024. They noted that the Small/Mid Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods and in the third quartile for the one- and three-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. The Trustees observed that the Strategic Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods and in the third quartile for the one- and three-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They noted that the Technology Opportunities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. The Trustees noted that the U.S. Equity ESG Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the five- and ten-year periods and in the fourth quartile for the one- and three-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They noted that the former Goldman Sachs Blue Chip Fund had been repositioned as the U.S. Equity ESG Fund in 2020, which involved changes to the Fund’s investment strategy and portfolio management, as well as the Fund’s name.
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 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. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
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 2023 and 2022, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:
| | | | | | | | | | | | | | | | | | | | |
Average Daily
Net Assets | | Enhanced Core
Equity Fund | | Large Cap Core
Fund | | Mid Cap
Growth Fund | | Small Cap Growth
Fund |
| | | | |
First $1 billion | | | | 0.55 | % | | | | 0.71 | % | | | | 0.92 | % | | | | 0.85 | % |
| | | | |
Next $1 billion | | | | 0.50 | | | | | 0.64 | | | | | 0.92 | | | | | 0.85 | |
| | | | |
Next $3 billion | | | | 0.47 | | | | | 0.61 | | | | | 0.83 | | | | | 0.77 | |
| | | | |
Next $3 billion | | | | 0.46 | | | | | 0.61 | | | | | 0.79 | | | | | 0.73 | |
| | | | |
Over $8 billion | | | | 0.45 | | | | | 0.61 | | | | | 0.77 | | | | | 0.71 | |
| | | | |
Average Daily
Net Assets | | Small/Mid Cap
Growth Fund | | Strategic Growth
Fund | | Technology
Opportunities
Fund | | U.S. Equity ESG
Fund |
| | | | |
First $1 billion | | | | 0.85 | % | | | | 0.71 | % | | | | 0.94 | % | | | | 0.55 | % |
| | | | |
Next $1 billion | | | | 0.85 | | | | | 0.64 | | | | | 0.85 | | | | | 0.50 | |
| | | | |
Next $3 billion | | | | 0.77 | | | | | 0.61 | | | | | 0.80 | | | | | 0.47 | |
| | | | |
Next $3 billion | | | | 0.73 | | | | | 0.59 | | | | | 0.79 | | | | | 0.46 | |
| | | | |
Over $8 billion | | | | 0.71 | | | | | 0.58 | | | | | 0.77 | | | | | 0.45 | |
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee for the Enhanced Core Equity Fund, Mid Cap Growth Fund, Technology Opportunities Fund, and Large Cap Core Fund and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Large Cap Core Fund’s, Mid Cap Growth Fund’s, Small Cap Growth Fund’s, Small/Mid Cap Growth Fund’s, Strategic Growth Fund’s, and Technology Opportunities Fund’s Class A, Class C, Investor, and Class R Shares, as applicable. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Large Cap Core Fund and Mid Cap Growth Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by the Investment Adviser for managing the fund in which the 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; (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’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) 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, 2025.
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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Goldman Sachs Trust — Fundamental Equity Growth Funds — Tax Information (Unaudited)
For the year ended August 31, 2024, 88.10%, 76.88%, and 100% of the dividends paid from net investment company taxable income by the Enhanced Core Equity, Large Cap Core, and U.S. Equity ESG Funds, respectively, qualify for the dividends received deduction available to corporations.
Pursuant to Section 852 of the Internal Revenue Code, the Enhanced Core Equity, Large Cap Core, and Strategic Growth Funds designate $603,427, $1,256,672, and $7,120,721 respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the year ended August 31, 2024.
For the year ended August 31, 2024, 100.00%, 100.00%, and 100.00% of the dividends paid from net investment company taxable income by the Enhanced Core Equity, Large Cap Core, and U.S. Equity ESG Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
During the fiscal year ended August 31, 2024, the Enhanced Core Equity Fund designates $212,315 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 (C) 2024 Goldman Sachs. All rights reserved. EQGRWAR-24
Goldman Sachs Funds Annual Financial Statements August 31, 2024 Goldman Sachs Fundamental Equity Value Funds Goldman Sachs Equity Income Fund Goldman Sachs Focused Value Fund Goldman Sachs Large Cap Value Fund Goldman Sachs Mid Cap Value Fund Goldman Sachs Small Cap Value Fund Goldman Sachs Small/Mid Cap Value Fund
Goldman Sachs Fundamental Equity Value Funds
GOLDMAN SACHS EQUITY INCOME FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 99.7% | |
| |
| | Aerospace & Defense – 2.5% | |
| | 35,332 | | General Electric Co. | | $ | 6,169,674 | |
| | 17,160 | | L3Harris Technologies, Inc. | | | 4,061,257 | |
| | | | | | | | |
| | | | | | | 10,230,931 | |
| | | |
| |
| | Air Freight & Logistics – 1.1% | |
| | 36,153 | | United Parcel Service, Inc., Class B | | | 4,647,468 | |
| | | |
| | |
| | Banks – 8.5% | | | | |
| | 217,839 | | Bank of America Corp. | | | 8,876,939 | |
| | 99,804 | | Citigroup, Inc. | | | 6,251,723 | |
| | 151,629 | | Huntington Bancshares, Inc. | | | 2,269,886 | |
| | 76,095 | | JPMorgan Chase & Co. | | | 17,106,156 | |
| | | | | | | | |
| | | | | | | 34,504,704 | |
| | | |
| |
| | Beverages – 2.6% | |
| | 100,343 | | Coca-Cola Co. (The) | | | 7,271,857 | |
| | 38,069 | | Coca-Cola Europacific Partners PLC (United Kingdom) | | | 3,064,174 | |
| | | | | | | | |
| | | | | | | 10,336,031 | |
| | | |
| |
| | Biotechnology – 1.4% | |
| | 17,481 | | Amgen, Inc. | | | 5,835,682 | |
| | | |
| |
| | Capital Markets – 6.0% | |
| | 3,438 | | BlackRock, Inc. | | | 3,100,423 | |
| | 40,703 | | Blackstone, Inc. | | | 5,794,479 | |
| | 37,861 | | KKR & Co., Inc. | | | 4,686,056 | |
| | 51,038 | | Morgan Stanley | | | 5,288,047 | |
| | 72,726 | | Nasdaq, Inc. | | | 5,242,090 | |
| | | | | | | | |
| | | | | | | 24,111,095 | |
| | | |
| |
| | Chemicals – 2.5% | |
| | 21,043 | | Linde PLC | | | 10,063,815 | |
| | | |
| |
| | Commercial Services & Supplies – 1.3% | |
| | 25,213 | | Republic Services, Inc. | | | 5,249,599 | |
| | | |
| |
| | Communications Equipment – 1.7% | |
| | 139,195 | | Cisco Systems, Inc. | | | 7,034,915 | |
| | | |
| |
| | Consumer Finance – 1.7% | |
| | 26,778 | | American Express Co. | | | 6,926,130 | |
| | | |
| |
| | Consumer Staples Distribution & Retail – 2.4% | |
| | 126,171 | | Walmart, Inc. | | | 9,744,186 | |
| | | |
| |
| | Diversified Telecommunication Services – 1.6% | |
| | 316,108 | | AT&T, Inc. | | | 6,290,549 | |
| | | |
| |
| | Electric Utilities – 1.7% | |
| | 47,191 | | NextEra Energy, Inc. | | | 3,799,347 | |
| | 49,402 | | Xcel Energy, Inc. | | | 3,024,885 | |
| | | | | | | | |
| | | | | | | 6,824,232 | |
| | | |
| |
| | Electrical Equipment – 1.8% | |
| | 24,211 | | Eaton Corp. PLC | | | 7,431,082 | |
| | | |
| |
| | Financial Services – 1.0% | |
| | 14,616 | | Visa, Inc., Class A | | | 4,039,424 | |
| | | |
| |
| | Food Products – 1.7% | |
| | 36,439 | | General Mills, Inc. | | | 2,634,176 | |
| | 123,910 | | Kraft Heinz Co. (The) | | | 4,390,131 | |
| | | | | | | | |
| | | | | | | 7,024,307 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Ground Transportation – 0.9% | |
| | 14,412 | | Norfolk Southern Corp. | | $ | 3,691,778 | |
| | | |
| |
| | Health Care Equipment & Supplies – 2.4% | |
| | 57,632 | | Abbott Laboratories | | | 6,527,977 | |
| | 29,337 | | Zimmer Biomet Holdings, Inc. | | | 3,387,250 | |
| | | | | | | | |
| | | | | | | 9,915,227 | |
| | | |
| |
| | Health Care Providers & Services – 2.7% | |
| | 48,930 | | CVS Health Corp. | | | 2,800,753 | |
| | 13,679 | | UnitedHealth Group, Inc. | | | 8,073,346 | |
| | | | | | | | |
| | | | | | | 10,874,099 | |
| | | |
| |
| | Health Care REITs – 0.9% | |
| | 157,199 | | Healthpeak Properties, Inc. REIT | | | 3,502,394 | |
| | | |
| |
| | Hotels, Restaurants & Leisure – 1.6% | |
| | 22,229 | | McDonald’s Corp. | | | 6,416,623 | |
| | | |
| |
| | Household Products – 2.0% | |
| | 48,103 | | Procter & Gamble Co. (The) | | | 8,251,589 | |
| | | |
| |
| | Industrial Conglomerates – 1.5% | |
| | 28,029 | | Honeywell International, Inc. | | | 5,827,509 | |
| | | |
| |
| | Insurance – 3.3% | |
| | 18,162 | | Allstate Corp. (The) | | | 3,431,528 | |
| | 24,089 | | Marsh & McLennan Cos., Inc. | | | 5,480,489 | |
| | 18,065 | | Progressive Corp. (The) | | | 4,555,993 | |
| | | | | | | | |
| | | | | | | 13,468,010 | |
| | | |
| |
| | Interactive Media & Services – 3.0% | |
| | 73,418 | | Alphabet, Inc., Class A | | | 11,995,033 | |
| | | |
| |
| | IT Services – 2.0% | |
| | 11,286 | | Accenture PLC, Class A (Ireland) | | | 3,859,247 | |
| | 20,321 | | International Business Machines Corp. | | | 4,107,484 | |
| | | | | | | | |
| | | | | | | 7,966,731 | |
| | | |
| |
| | Life Sciences Tools & Services – 1.7% | |
| | 25,419 | | Danaher Corp. | | | 6,845,591 | |
| | | |
| |
| | Machinery – 3.2% | |
| | 16,394 | | Caterpillar, Inc. | | | 5,837,903 | |
| | 16,515 | | Illinois Tool Works, Inc. | | | 4,181,268 | |
| | 30,607 | | Stanley Black & Decker, Inc. | | | 3,132,933 | |
| | | | | | | | |
| | | | | | | 13,152,104 | |
| | | |
| |
| | Media – 1.6% | |
| | 56,524 | | New York Times Co. (The), Class A | | | 3,104,863 | |
| | 32,493 | | Omnicom Group, Inc. | | | 3,263,272 | |
| | | | | | | | |
| | | | | | | 6,368,135 | |
| | | |
| |
| | Metals & Mining – 1.3% | |
| | 80,225 | | Rio Tinto PLC ADR (Australia) | | | 5,075,836 | |
| | | |
| |
| | Multi-Utilities – 3.2% | |
| | 47,653 | | Ameren Corp. | | | 3,931,849 | |
| | 56,013 | | CMS Energy Corp. | | | 3,801,042 | |
| | 38,016 | | Dominion Energy, Inc. | | | 2,125,094 | |
| | 49,146 | | National Grid PLC ADR (United Kingdom) | | | 3,273,124 | |
| | | | | | | | |
| | | | | | | 13,131,109 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 3 |
GOLDMAN SACHS EQUITY INCOME FUND
|
Schedule of Investments (continued) August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Oil, Gas & Consumable Fuels – 6.8% | |
| | 57,204 | | ConocoPhillips | | $ | 6,509,243 | |
| | 36,693 | | EOG Resources, Inc. | | | 4,726,792 | |
| | 107,146 | | Exxon Mobil Corp. | | | 12,636,799 | |
| | 51,631 | | Shell PLC ADR | | | 3,699,878 | |
| | | | | | | | |
| | | | | | | 27,572,712 | |
| | | |
| |
| | Personal Care Products – 1.6% | |
| | 292,070 | | Kenvue, Inc. | | | 6,410,936 | |
| | | |
| |
| | Pharmaceuticals – 5.3% | |
| | 24,675 | | AstraZeneca PLC ADR (United Kingdom) | | | 2,162,024 | |
| | 3,976 | | Eli Lilly & Co. | | | 3,817,040 | |
| | 48,469 | | Johnson & Johnson | | | 8,039,068 | |
| | 62,483 | | Merck & Co., Inc. | | | 7,401,111 | |
| | | | | | | | |
| | | | | | | 21,419,243 | |
| | | |
| |
| | Residential REITs – 1.1% | |
| | 20,611 | | AvalonBay Communities, Inc. REIT | | | 4,652,521 | |
| | | |
| |
| | Retail REITs – 0.7% | |
| | 41,266 | | Regency Centers Corp. REIT | | | 2,999,626 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 3.9% | |
| | 4,286 | | KLA Corp. | | | 3,512,077 | |
| | 79,982 | | Marvell Technology, Inc. | | | 6,097,828 | |
| | 29,512 | | Texas Instruments, Inc. | | | 6,325,602 | |
| | | | | | | | |
| | | | | | | 15,935,507 | |
| | | |
| |
| | Software – 3.4% | |
| | 10,183 | | Microsoft Corp. | | | 4,247,737 | |
| | 34,456 | | Oracle Corp. | | | 4,868,288 | |
| | 18,745 | | Salesforce, Inc. | | | 4,740,610 | |
| | | | | | | | |
| | | | | | | 13,856,635 | |
| | | |
| |
| | Specialized REITs – 2.2% | |
| | 15,673 | | American Tower Corp. REIT | | | 3,511,692 | |
| | 35,540 | | Digital Realty Trust, Inc. REIT | | | 5,388,219 | |
| | | | | | | | |
| | | | | | | 8,899,911 | |
| | | |
| |
| | Specialty Retail – 1.0% | |
| | 16,560 | | Lowe’s Cos., Inc. | | | 4,115,160 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 0.9% | |
| | 44,275 | | NIKE, Inc., Class B | | | 3,688,993 | |
| | | |
| |
| | Trading Companies & Distributors – 1.2% | |
| | 69,902 | | Fastenal Co. | | | 4,772,909 | |
| | | |
| |
| | Water Utilities – 0.8% | |
| | 21,359 | | American Water Works Co., Inc. | | | 3,056,900 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $297,019,103) | | | 404,156,971 | |
| | | |
| | | | | | | | |
| | | Shares | | Dividend Rate | | Value | |
| | |
| | Investment Company – 0.1%(a) | | | | |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | 430,066 | | 5.183% | | $ | 430,066 | |
| | (Cost $430,066) | | | | |
| | | |
| | TOTAL INVESTMENTS – 99.8%
(Cost $297,449,169) | | $ | 404,587,037 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% | | | 840,933 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 405,427,970 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| (a) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| ADR | | —American Depositary Receipt |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| 4 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED VALUE FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 98.8% | |
| |
| | Air Freight & Logistics – 2.7% | |
| | 11,786 | | United Parcel Service, Inc., Class B | | $ | 1,515,090 | |
| | | |
| |
| | Banks – 7.3% | |
| | 60,909 | | Bank of America Corp. | | | 2,482,042 | |
| | 25,968 | | Citigroup, Inc. | | | 1,626,635 | |
| | | | | | | | |
| | | | | | | 4,108,677 | |
| | | |
| |
| | Biotechnology – 2.7% | |
| | 4,507 | | Amgen, Inc. | | | 1,504,572 | |
| | | |
| |
| | Capital Markets – 5.7% | |
| | 10,028 | | KKR & Co., Inc. | | | 1,241,165 | |
| | 27,736 | | Nasdaq, Inc. | | | 1,999,211 | |
| | | | | | | | |
| | | | | | | 3,240,376 | |
| | | |
| |
| | Construction Materials – 1.9% | |
| | 2,043 | | Martin Marietta Materials, Inc. | | | 1,091,289 | |
| | | |
| |
| | Diversified Telecommunication Services – 4.4% | |
| | 125,409 | | AT&T, Inc. | | | 2,495,639 | |
| | | |
| |
| | Electric Utilities – 2.2% | |
| | 15,298 | | NextEra Energy, Inc. | | | 1,231,642 | |
| | | |
| |
| | Electrical Equipment – 3.9% | |
| | 11,001 | | GE Vernova, Inc.* | | | 2,211,201 | |
| | | |
| |
| | Health Care Equipment & Supplies – 2.7% | |
| | 13,431 | | Zimmer Biomet Holdings, Inc. | | | 1,550,743 | |
| | | |
| |
| | Health Care Providers & Services – 2.9% | |
| | 4,599 | | Humana, Inc. | | | 1,630,208 | |
| | | |
| |
| | Household Products – 3.9% | |
| | 20,612 | | Colgate-Palmolive Co. | | | 2,195,178 | |
| | | |
| |
| | Industrial Conglomerates – 3.4% | |
| | 9,357 | | Honeywell International, Inc. | | | 1,945,414 | |
| | | |
| |
| | Insurance – 4.5% | |
| | 7,128 | | Allstate Corp. (The) | | | 1,346,765 | |
| | 5,375 | | Marsh & McLennan Cos., Inc. | | | 1,222,866 | |
| | | | | | | | |
| | | | | | | 2,569,631 | |
| | | |
| |
| | Interactive Media & Services – 2.6% | |
| | 8,963 | | Alphabet, Inc., Class A | | | 1,464,375 | |
| | | |
| |
| | Life Sciences Tools & Services – 5.3% | |
| | 11,147 | | Danaher Corp. | | | 3,001,999 | |
| | | |
| |
| | Machinery – 3.9% | |
| | 6,160 | | Caterpillar, Inc. | | | 2,193,576 | |
| | | |
| |
| | Metals & Mining – 2.4% | |
| | 31,324 | | Freeport-McMoRan, Inc. | | | 1,387,027 | |
| | | |
| |
| | Multi-Utilities – 3.9% | |
| | 27,076 | | Ameren Corp. | | | 2,234,041 | |
| | | |
| |
| | Oil, Gas & Consumable Fuels – 6.1% | |
| | 29,231 | | Exxon Mobil Corp. | | | 3,447,504 | |
| | | |
| |
| | Personal Care Products – 2.5% | |
| | 64,923 | | Kenvue, Inc. | | | 1,425,060 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Pharmaceuticals – 4.0% | |
| | 25,676 | | AstraZeneca PLC ADR (United Kingdom) | | $ | 2,249,731 | |
| | | |
| |
| | Residential REITs – 3.3% | |
| | 8,186 | | AvalonBay Communities, Inc. REIT | | | 1,847,826 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 5.9% | |
| | 21,977 | | Marvell Technology, Inc. | | | 1,675,526 | |
| | 7,844 | | Texas Instruments, Inc. | | | 1,681,283 | |
| | | | | | | | |
| | | | | | | 3,356,809 | |
| | | |
| |
| | Software – 4.2% | |
| | 9,375 | | Salesforce, Inc. | | | 2,370,937 | |
| | | |
| |
| | Specialty Retail – 4.2% | |
| | 9,665 | | Lowe’s Cos., Inc. | | | 2,401,752 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 2.3% | |
| | 15,794 | | NIKE, Inc., Class B | | | 1,315,956 | |
| | | |
| | TOTAL COMMON STOCKS
(Cost $45,659,824) | | | 55,986,253 | |
| | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 0.9%(a) | |
| |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | 537,511 | | 5.183% | | | 537,511 | |
| | (Cost $537,511) | |
| | | |
| | TOTAL INVESTMENTS – 99.7%
(Cost $46,197,335) | | $ | 56,523,764 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | | | 160,749 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 56,684,513 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| ADR | | —American Depositary Receipt |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 5 |
GOLDMAN SACHS LARGE CAP VALUE FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 98.9% | |
| |
| | Aerospace & Defense – 2.4% | |
| | 45,107 | | General Electric Co. | | $ | 7,876,584 | |
| | 6,136 | | Northrop Grumman Corp. | | | 3,210,416 | |
| | | | | | | | |
| | | | | | | 11,087,000 | |
| | | |
| |
| | Air Freight & Logistics – 1.4% | |
| | 50,538 | | United Parcel Service, Inc., Class B | | | 6,496,660 | |
| | | |
| |
| | Banks – 7.2% | |
| | 211,495 | | Bank of America Corp. | | | 8,618,421 | |
| | 113,608 | | Citigroup, Inc. | | | 7,116,405 | |
| | 74,486 | | JPMorgan Chase & Co. | | | 16,744,453 | |
| | | | | | | | |
| | | | | | | 32,479,279 | |
| | | |
| |
| | Beverages – 1.7% | |
| | 107,895 | | Coca-Cola Co. (The) | | | 7,819,151 | |
| | | |
| |
| | Biotechnology – 2.4% | |
| | 19,975 | | AbbVie, Inc. | | | 3,921,292 | |
| | 18,979 | | Amgen, Inc. | | | 6,335,760 | |
| | 8,209 | | BioMarin Pharmaceutical, Inc.* | | | 748,743 | |
| | | | | | | | |
| | | | | | | 11,005,795 | |
| | | |
| |
| | Capital Markets – 5.5% | |
| | 7,831 | | BlackRock, Inc. | | | 7,062,074 | |
| | 19,224 | | Blackstone, Inc. | | | 2,736,729 | |
| | 34,449 | | KKR & Co., Inc. | | | 4,263,753 | |
| | 48,512 | | Morgan Stanley | | | 5,026,328 | |
| | 82,505 | | Nasdaq, Inc. | | | 5,946,960 | |
| | | | | | | | |
| | | | | | | 25,035,844 | |
| | | |
| |
| | Chemicals – 2.9% | |
| | 14,945 | | Linde PLC | | | 7,147,446 | |
| | 16,761 | | Sherwin-Williams Co. (The) | | | 6,191,011 | |
| | | | | | | | |
| | | | | | | 13,338,457 | |
| | | |
| |
| | Commercial Services & Supplies – 0.9% | |
| | 20,641 | | Waste Connections, Inc. | | | 3,849,546 | |
| | | |
| |
| | Construction Materials – 1.0% | |
| | 8,410 | | Martin Marietta Materials, Inc. | | | 4,492,286 | |
| | | |
| |
| | Consumer Finance – 2.0% | |
| | 34,336 | | American Express Co. | | | 8,881,006 | |
| | | |
| |
| | Consumer Staples Distribution & Retail – 2.4% | |
| | 142,532 | | Walmart, Inc. | | | 11,007,746 | |
| | | |
| |
| | Containers & Packaging – 0.7% | |
| | 49,251 | | Ball Corp. | | | 3,142,706 | |
| | | |
| |
| | Diversified Telecommunication Services – 2.0% | |
| | 448,590 | | AT&T, Inc. | | | 8,926,941 | |
| | | |
| |
| | Electric Utilities – 2.7% | |
| | 137,462 | | Exelon Corp. | | | 5,235,928 | |
| | 86,106 | | NextEra Energy, Inc. | | | 6,932,394 | |
| | | | | | | | |
| | | | | | | 12,168,322 | |
| | | |
| |
| | Electrical Equipment – 3.3% | |
| | 23,588 | | Eaton Corp. PLC | | | 7,239,865 | |
| | 38,628 | | GE Vernova, Inc.* | | | 7,764,228 | |
| | | | | | | | |
| | | | | | | 15,004,093 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Financial Services – 4.9% | |
| | 22,701 | | Berkshire Hathaway, Inc., Class B* | | $ | 10,803,860 | |
| | 78,976 | | Fidelity National Information Services, Inc. | | | 6,511,571 | |
| | 17,818 | | Visa, Inc., Class A | | | 4,924,361 | |
| | | | | | | | |
| | | | | | | 22,239,792 | |
| | | |
| |
| | Food Products – 1.0% | |
| | 122,041 | | Kraft Heinz Co. (The) | | | 4,323,913 | |
| | | |
| |
| | Ground Transportation – 1.2% | |
| | 17,093 | | Old Dominion Freight Line, Inc. | | | 3,295,530 | |
| | 5,455 | | Saia, Inc.* | | | 2,050,153 | |
| | | | | | | | |
| | | | | | | 5,345,683 | |
| | | |
| |
| | Health Care Equipment & Supplies – 4.2% | |
| | 9,227 | | Align Technology, Inc.* | | | 2,188,829 | |
| | 93,072 | | Boston Scientific Corp.* | | | 7,612,359 | |
| | 38,771 | | Cooper Cos., Inc. (The)* | | | 4,099,257 | |
| | 43,378 | | Zimmer Biomet Holdings, Inc. | | | 5,008,424 | |
| | | | | | | | |
| | | | | | | 18,908,869 | |
| | | |
| |
| | Health Care Providers & Services – 3.1% | |
| | 15,080 | | Humana, Inc. | | | 5,345,408 | |
| | 15,061 | | UnitedHealth Group, Inc. | | | 8,889,002 | |
| | | | | | | | |
| | | | | | | 14,234,410 | |
| | | |
| |
| | Health Care REITs – 0.5% | |
| | 19,759 | | Alexandria Real Estate Equities, Inc. REIT | | | 2,362,584 | |
| | | |
| |
| | Household Products – 1.4% | |
| | 61,431 | | Colgate-Palmolive Co. | | | 6,542,401 | |
| | | |
| |
| | Industrial Conglomerates – 3.2% | |
| | 49,732 | | 3M Co. | | | 6,698,403 | |
| | 37,344 | | Honeywell International, Inc. | | | 7,764,191 | |
| | | | | | | | |
| | | | | | | 14,462,594 | |
| | | |
| |
| | Industrial REITs – 1.4% | |
| | 47,969 | | Prologis, Inc. REIT | | | 6,131,397 | |
| | | |
| |
| | Insurance – 2.5% | |
| | 33,561 | | Allstate Corp. (The) | | | 6,341,015 | |
| | 21,668 | | Marsh & McLennan Cos., Inc. | | | 4,929,687 | |
| | | | | | | | |
| | | | | | | 11,270,702 | |
| | | |
| |
| | Interactive Media & Services – 1.9% | |
| | 52,593 | | Alphabet, Inc., Class A | | | 8,592,644 | |
| | | |
| |
| | IT Services – 1.3% | |
| | 16,512 | | Accenture PLC, Class A (Ireland) | | | 5,646,279 | |
| | | |
| |
| | Life Sciences Tools & Services – 3.0% | |
| | 37,820 | | Danaher Corp. | | | 10,185,304 | |
| | 5,808 | | Thermo Fisher Scientific, Inc. | | | 3,572,327 | |
| | | | | | | | |
| | | | | | | 13,757,631 | |
| | | |
| |
| | Machinery – 3.0% | |
| | 21,976 | | Caterpillar, Inc. | | | 7,825,654 | |
| | 23,122 | | Illinois Tool Works, Inc. | | | 5,854,028 | |
| | | | | | | | |
| | | | | | | 13,679,682 | |
| | | |
| | |
| 6 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Metals & Mining – 1.2% | |
| | 123,103 | | Freeport-McMoRan, Inc. | | $ | 5,451,001 | |
| | | |
| |
| | Multi-Utilities – 2.8% | |
| | 86,153 | | Ameren Corp. | | | 7,108,484 | |
| | 84,496 | | CMS Energy Corp. | | | 5,733,899 | |
| | | | | | | | |
| | | | | | | 12,842,383 | |
| | | |
| |
| | Oil, Gas & Consumable Fuels – 6.5% | |
| | 20,237 | | Cheniere Energy, Inc. | | | 3,749,107 | |
| | 48,036 | | EOG Resources, Inc. | | | 6,187,997 | |
| | 137,200 | | Exxon Mobil Corp. | | | 16,181,368 | |
| | 23,603 | | Phillips 66 | | | 3,311,737 | |
| | | | | | | | |
| | | | | | | 29,430,209 | |
| | | |
| |
| | Personal Care Products – 1.6% | |
| | 329,007 | | Kenvue, Inc. | | | 7,221,704 | |
| | | |
| |
| | Pharmaceuticals – 4.4% | |
| | 73,040 | | AstraZeneca PLC ADR (United Kingdom) | | | 6,399,765 | |
| | 63,799 | | Johnson & Johnson | | | 10,581,702 | |
| | 26,778 | | Merck & Co., Inc. | | | 3,171,854 | |
| | | | | | | | |
| | | | | | | 20,153,321 | |
| | | |
| |
| | Residential REITs – 1.4% | |
| | 28,771 | | AvalonBay Communities, Inc. REIT | | | 6,494,478 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 3.9% | |
| | 85,026 | | Marvell Technology, Inc. | | | 6,482,382 | |
| | 40,862 | | Micron Technology, Inc. | | | 3,932,559 | |
| | 34,084 | | Texas Instruments, Inc. | | | 7,305,565 | |
| | | | | | | | |
| | | | | | | 17,720,506 | |
| | | |
| |
| | Software – 2.2% | |
| | 76,315 | | Dynatrace, Inc.* | | | 3,863,065 | |
| | 24,808 | | Salesforce, Inc. | | | 6,273,943 | |
| | | | | | | | |
| | | | | | | 10,137,008 | |
| | | |
| |
| | Specialized REITs – 1.5% | |
| | 14,973 | | American Tower Corp. REIT | | | 3,354,850 | |
| | 18,158 | | Extra Space Storage, Inc. REIT | | | 3,213,966 | |
| | | | | | | | |
| | | | | | | 6,568,816 | |
| | | |
| |
| | Specialty Retail – 1.3% | |
| | 23,610 | | Lowe’s Cos., Inc. | | | 5,867,085 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 1.0% | |
| | 55,258 | | NIKE, Inc., Class B | | | 4,604,097 | |
| | | |
| | TOTAL COMMON STOCKS
(Cost $334,452,419) | | | 448,724,021 | |
| | | |
| | | | | | | | |
| | | Shares | | Dividend Rate | | Value | |
| | |
| | Investment Company – 0.9%(a) | | | | |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | 3,906,237 | | 5.183% | | $ | 3,906,237 | |
| | (Cost $3,906,237) | | | | |
| | | |
| | TOTAL INVESTMENTS – 99.8%
(Cost $338,358,656) | | $ | 452,630,258 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% | | | 770,713 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 453,400,971 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| ADR | | —American Depositary Receipt |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 7 |
GOLDMAN SACHS MID CAP VALUE FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 99.6% | |
| |
| | Aerospace & Defense – 2.3% | |
| | 62,386 | | L3Harris Technologies, Inc. | | $ | 14,764,895 | |
| | 81,373 | | Woodward, Inc. | | | 13,560,810 | |
| | | | | | | | |
| | | | | | | 28,325,705 | |
| | | |
| |
| | Automobiles – 1.1% | |
| | 275,400 | | General Motors Co. | | | 13,709,412 | |
| | | |
| |
| | Banks – 5.2% | |
| | 271,889 | | Citizens Financial Group, Inc. | | | 11,704,822 | |
| | 146,931 | | East West Bancorp, Inc. | | | 12,352,489 | |
| | 897,057 | | Huntington Bancshares, Inc. | | | 13,428,943 | |
| | 86,831 | | M&T Bank Corp. | | | 14,944,484 | |
| | 107,718 | | Pinnacle Financial Partners, Inc. | | | 10,725,481 | |
| | | | | | | | |
| | | | | | | 63,156,219 | |
| | | |
| |
| | Beverages – 1.7% | |
| | 159,622 | | Coca-Cola Europacific Partners PLC (United Kingdom) | | | 12,847,975 | |
| | 32,628 | | Constellation Brands, Inc., Class A | | | 7,853,886 | |
| | | | | | | | |
| | | | | | | 20,701,861 | |
| | | |
| |
| | Biotechnology – 1.6% | |
| | 55,312 | | Biogen, Inc.* | | | 11,325,685 | |
| | 654,163 | | Roivant Sciences Ltd.* | | | 8,000,414 | |
| | | | | | | | |
| | | | | | | 19,326,099 | |
| | | |
| |
| | Capital Markets – 2.4% | |
| | 219,665 | | Nasdaq, Inc. | | | 15,833,453 | |
| | 106,892 | | Raymond James Financial, Inc. | | | 12,781,077 | |
| | | | | | | | |
| | | | | | | 28,614,530 | |
| | | |
| |
| | Chemicals – 3.6% | |
| | 202,388 | | Ashland, Inc. | | | 18,113,726 | |
| | 74,591 | | Celanese Corp. | | | 9,741,585 | |
| | 139,164 | | RPM International, Inc. | | | 16,177,815 | |
| | | | | | | | |
| | | | | | | 44,033,126 | |
| | | |
| |
| | Construction Materials – 1.0% | |
| | 23,338 | | Martin Marietta Materials, Inc. | | | 12,466,226 | |
| | | |
| |
| | Consumer Staples Distribution & Retail – 1.5% | |
| | 107,455 | | BJ’s Wholesale Club Holdings, Inc.* | | | 8,592,102 | |
| | 130,260 | | Performance Food Group Co.* | | | 9,722,606 | |
| | | | | | | | |
| | | | | | | 18,314,708 | |
| | | |
| |
| | Containers & Packaging – 2.2% | |
| | 55,099 | | Avery Dennison Corp. | | | 12,223,713 | |
| | 235,710 | | Ball Corp. | | | 15,040,655 | |
| | | | | | | | |
| | | | | | | 27,264,368 | |
| | | |
| |
| | Electric Utilities – 2.5% | |
| | 109,689 | | Entergy Corp. | | | 13,238,366 | |
| | 252,310 | | Eversource Energy | | | 17,038,494 | |
| | | | | | | | |
| | | | | | | 30,276,860 | |
| | | |
| |
| | Electrical Equipment – 4.9% | |
| | 120,675 | | AMETEK, Inc. | | | 20,641,459 | |
| | 130,754 | | GE Vernova, Inc.* | | | 26,281,554 | |
| | 45,676 | | Rockwell Automation, Inc. | | | 12,425,242 | |
| | | | | | | | |
| | | | | | | 59,348,255 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Electronic Equipment, Instruments & Components – 2.5% | |
| | 195,629 | | Cognex Corp. | | $ | 7,899,499 | |
| | 56,365 | | Keysight Technologies, Inc.* | | | 8,686,974 | |
| | 39,359 | | Zebra Technologies Corp., Class A* | | | 13,593,811 | |
| | | | | | | | |
| | | | | | | 30,180,284 | |
| | | |
| |
| | Entertainment – 1.1% | |
| | 85,178 | | Electronic Arts, Inc. | | | 12,931,724 | |
| | | |
| |
| | Financial Services – 3.1% | |
| | 349,644 | | Fidelity National Information Services, Inc. | | | 28,828,148 | |
| | 114,909 | | Voya Financial, Inc. | | | 8,139,004 | |
| | | | | | | | |
| | | | | | | 36,967,152 | |
| | | |
| |
| | Food Products – 1.1% | |
| | 362,825 | | Kraft Heinz Co. (The) | | | 12,854,890 | |
| | | |
| |
| | Ground Transportation – 1.0% | |
| | 34,149 | | Old Dominion Freight Line, Inc. | | | 6,583,927 | |
| | 14,517 | | Saia, Inc.* | | | 5,455,924 | |
| | | | | | | | |
| | | | | | | 12,039,851 | |
| | | |
| |
| | Health Care Equipment & Supplies – 2.9% | |
| | 178,307 | | Cooper Cos., Inc. (The)* | | | 18,852,399 | |
| | 136,307 | | Zimmer Biomet Holdings, Inc. | | | 15,738,006 | |
| | | | | | | | |
| | | | | | | 34,590,405 | |
| | | |
| |
| | Health Care Providers & Services – 2.2% | |
| | 62,876 | | Cencora, Inc. | | | 15,063,203 | |
| | 32,914 | | Humana, Inc. | | | 11,667,026 | |
| | | | | | | | |
| | | | | | | 26,730,229 | |
| | | |
| |
| | Health Care REITs – 1.4% | |
| | 138,700 | | Alexandria Real Estate Equities, Inc. REIT | | | 16,584,359 | |
| | | |
| |
| | Hotels, Restaurants & Leisure – 1.9% | |
| | 128,717 | | Red Rock Resorts, Inc., Class A | | | 7,501,627 | |
| | 62,953 | | Royal Caribbean Cruises Ltd.* | | | 10,363,323 | |
| | 38,975 | | Yum! Brands, Inc. | | | 5,258,507 | |
| | | | | | | | |
| | | | | | | 23,123,457 | |
| | | |
| |
| | Household Durables – 1.5% | |
| | 101,723 | | Lennar Corp., Class A | | | 18,519,689 | |
| | | |
| |
| | Independent Power and Renewable Electricity Producers – 1.8% | |
| | 951,593 | | AES Corp. (The) | | | 16,300,788 | |
| | 67,376 | | Vistra Corp. | | | 5,755,932 | |
| | | | | | | | |
| | | | | | | 22,056,720 | |
| | | |
| |
| | Industrial REITs – 0.4% | |
| | 161,588 | | Americold Realty Trust, Inc. REIT | | | 4,686,052 | |
| | | |
| |
| | Insurance – 6.9% | |
| | 117,463 | | Allstate Corp. (The) | | | 22,193,459 | |
| | 67,064 | | American Financial Group, Inc. | | | 8,961,092 | |
| | 105,452 | | Arch Capital Group Ltd.* | | | 11,925,567 | |
| | 41,512 | | Arthur J Gallagher & Co. | | | 12,145,166 | |
| | 64,632 | | Globe Life, Inc. | | | 6,789,591 | |
| | 59,237 | | Prudential Financial, Inc. | | | 7,177,155 | |
| | |
| 8 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP VALUE FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Insurance – (continued) | |
| | 259,604 | | Unum Group | | $ | 14,405,426 | |
| | | | | | | | |
| | | | | | | 83,597,456 | |
| | | |
| |
| | Life Sciences Tools & Services – 1.9% | |
| | 44,368 | | Agilent Technologies, Inc. | | | 6,341,074 | |
| | 11,674 | | Mettler-Toledo International, Inc.* | | | 16,799,820 | |
| | | | | | | | |
| | | | | | | 23,140,894 | |
| | | |
| |
| | Machinery – 6.0% | |
| | 246,419 | | Fortive Corp. | | | 18,333,574 | |
| | 53,778 | | IDEX Corp. | | | 11,104,082 | |
| | 158,494 | | Ingersoll Rand, Inc. | | | 14,494,276 | |
| | 67,220 | | ITT, Inc. | | | 9,358,368 | |
| | 117,801 | | Stanley Black & Decker, Inc. | | | 12,058,110 | |
| | 58,664 | | Xylem, Inc. | | | 8,068,060 | |
| | | | | | | | |
| | | | | | | 73,416,470 | |
| | | |
| |
| | Media – 0.8% | |
| | 97,254 | | Omnicom Group, Inc. | | | 9,767,219 | |
| | | |
| |
| | Metals & Mining – 1.8% | |
| | 178,487 | | Steel Dynamics, Inc. | | | 21,330,981 | |
| | | |
| |
| | Multi-Utilities – 5.6% | |
| | 557,896 | | CenterPoint Energy, Inc. | | | 15,230,561 | |
| | 223,261 | | CMS Energy Corp. | | | 15,150,491 | |
| | 724,561 | | NiSource, Inc. | | | 23,953,987 | |
| | 175,675 | | Public Service Enterprise Group, Inc. | | | 14,185,756 | |
| | | | | | | | |
| | | | | | | 68,520,795 | |
| | | |
| |
| | Oil, Gas & Consumable Fuels – 5.6% | |
| | 79,582 | | Chesapeake Energy Corp. | | | 5,928,063 | |
| | 94,822 | | Diamondback Energy, Inc. | | | 18,500,720 | |
| | 126,175 | | DT Midstream, Inc. | | | 9,916,093 | |
| | 478,529 | | Marathon Oil Corp. | | | 13,709,856 | |
| | 508,382 | | Permian Resources Corp. | | | 7,239,360 | |
| | 93,992 | | Phillips 66 | | | 13,188,018 | |
| | | | | | | | |
| | | | | | | 68,482,110 | |
| | | |
| |
| | Passenger Airlines – 0.9% | |
| | 251,103 | | United Airlines Holdings, Inc.* | | | 11,058,576 | |
| | | |
| |
| | Residential REITs – 3.6% | |
| | 196,985 | | American Homes 4 Rent, Class A REIT | | | 7,834,093 | |
| | 102,138 | | AvalonBay Communities, Inc. REIT | | | 23,055,611 | |
| | 176,574 | | Equity LifeStyle Properties, Inc. REIT | | | 12,838,696 | |
| | | | | | | | |
| | | | | | | 43,728,400 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 3.2% | |
| | 365,277 | | Marvell Technology, Inc. | | | 27,848,718 | |
| | 92,650 | | MKS Instruments, Inc. | | | 11,046,660 | |
| | | | | | | | |
| | | | | | | 38,895,378 | |
| | | |
| |
| | Software – 1.2% | |
| | 116,924 | | Dynatrace, Inc.* | | | 5,918,693 | |
| | 291,745 | | Klaviyo, Inc., Class A* | | | 9,178,298 | |
| | | | | | | | |
| | | | | | | 15,096,991 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Specialized REITs – 3.8% | |
| | 71,809 | | Digital Realty Trust, Inc. REIT | | $ | 10,886,962 | |
| | 63,150 | | Extra Space Storage, Inc. REIT | | | 11,177,550 | |
| | 728,275 | | VICI Properties, Inc. REIT | | | 24,382,647 | |
| | | | | | | | |
| | | | | | | 46,447,159 | |
| | | |
| |
| | Specialty Retail – 3.9% | |
| | 274,002 | | Foot Locker, Inc. | | | 8,532,422 | |
| | 18,056 | | RH* | | | 4,580,807 | |
| | 90,330 | | Ross Stores, Inc. | | | 13,604,602 | |
| | 34,074 | | Ulta Beauty, Inc.* | | | 12,022,670 | |
| | 199,270 | | Wayfair, Inc., Class A* | | | 8,478,938 | |
| | | | | | | | |
| | | | | | | 47,219,439 | |
| | | |
| |
| | Technology Hardware, Storage & Peripherals – 1.1% | |
| | 328,901 | | Hewlett Packard Enterprise Co. | | | 6,370,812 | |
| | 113,773 | | Western Digital Corp.* | | | 7,462,371 | |
| | | | | | | | |
| | | | | | | 13,833,183 | |
| | | |
| |
| | Trading Companies & Distributors – 2.4% | |
| | 204,075 | | Fastenal Co. | | | 13,934,241 | |
| | 20,591 | | United Rentals, Inc. | | | 15,263,285 | |
| | | | | | | | |
| | | | | | | 29,197,526 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $964,242,453) | | | 1,210,534,758 | |
| | | |
| | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 0.4%(a) | |
| |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | 4,642,905 | | 5.183% | | | 4,642,905 | |
| | (Cost $4,642,905) | |
| | | |
| | TOTAL INVESTMENTS – 100.0%
(Cost $968,885,358) | | $ | 1,215,177,663 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | | | 459,546 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 1,215,637,209 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 9 |
GOLDMAN SACHS SMALL CAP VALUE FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 98.7% | |
| |
| | Aerospace & Defense – 2.0% | |
| | 344,765 | | Kratos Defense & Security Solutions, Inc.* | | $ | 7,908,909 | |
| | 97,248 | | Mercury Systems, Inc.* | | | 3,685,699 | |
| | 38,081 | | Moog, Inc., Class A | | | 7,517,189 | |
| | 100,910 | | V2X, Inc.* | | | 5,716,552 | |
| | | | | | | | |
| | | | | | | 24,828,349 | |
| | | |
| |
| | Automobile Components – 1.0% | |
| | 51,679 | | Patrick Industries, Inc. | | | 6,677,960 | |
| | 132,898 | | Phinia, Inc. | | | 6,373,788 | |
| | | | | | | | |
| | | | | | | 13,051,748 | |
| | | |
| |
| | Banks – 17.4% | |
| | 289,553 | | Ameris Bancorp | | | 17,845,151 | |
| | 260,747 | | Atlantic Union Bankshares Corp. | | | 10,346,441 | |
| | 442,775 | | Banc of California, Inc. | | | 6,296,260 | |
| | 168,427 | | Banner Corp. | | | 10,033,196 | |
| | 126,476 | | Community Financial System, Inc. | | | 7,735,272 | |
| | 294,390 | | ConnectOne Bancorp, Inc. | | | 7,359,750 | |
| | 346,320 | | CVB Financial Corp. | | | 6,379,214 | |
| | 705,568 | | Eastern Bankshares, Inc. | | | 11,973,489 | |
| | 183,080 | | FB Financial Corp. | | | 8,828,118 | |
| | 164,323 | | First Financial Bankshares, Inc. | | | 6,009,292 | |
| | 230,432 | | First Merchants Corp. | | | 8,986,848 | |
| | 210,425 | | Glacier Bancorp, Inc. | | | 9,953,102 | |
| | 559,451 | | Home BancShares, Inc. | | | 15,575,116 | |
| | 118,474 | | NBT Bancorp, Inc. | | | 5,800,487 | |
| | 225,108 | | Origin Bancorp, Inc. | | | 7,534,365 | |
| | 350,478 | | Pacific Premier Bancorp, Inc. | | | 9,007,285 | |
| | 144,373 | | Pinnacle Financial Partners, Inc. | | | 14,375,220 | |
| | 266,278 | | Renasant Corp. | | | 9,319,730 | |
| | 163,000 | | SouthState Corp. | | | 15,825,670 | |
| | 114,616 | | Stock Yards Bancorp, Inc. | | | 6,945,730 | |
| | 188,573 | | TriCo Bancshares | | | 8,572,529 | |
| | 759,184 | | Valley National Bancorp | | | 6,589,717 | |
| | | | | | | | |
| | | | | | | 211,291,982 | |
| | | |
| |
| | Beverages – 0.7% | |
| | 393,674 | | Primo Water Corp. | | | 8,700,195 | |
| | | |
| |
| | Biotechnology – 3.1% | |
| | 44,431 | | Agios Pharmaceuticals, Inc.* | | | 2,039,827 | |
| | 100,551 | | Alkermes PLC* | | | 2,860,676 | |
| | 47,635 | | Bridgebio Pharma, Inc.* | | | 1,326,635 | |
| | 34,825 | | Celldex Therapeutics, Inc.* | | | 1,439,317 | |
| | 35,580 | | CG oncology, Inc.* | | | 1,312,190 | |
| | 24,905 | | Crinetics Pharmaceuticals, Inc.* | | | 1,321,459 | |
| | 108,734 | | Cytokinetics, Inc.* | | | 6,206,537 | |
| | 89,022 | | Intellia Therapeutics, Inc.* | | | 1,997,654 | |
| | 4,561 | | Madrigal Pharmaceuticals, Inc.* | | | 1,127,160 | |
| | 149,519 | | Myriad Genetics, Inc.* | | | 4,235,873 | |
| | 77,583 | | REVOLUTION Medicines, Inc.* | | | 3,307,363 | |
| | 91,547 | | Syndax Pharmaceuticals, Inc.* | | | 1,881,291 | |
| | 39,032 | | Ultragenyx Pharmaceutical, Inc.* | | | 2,216,237 | |
| | 186,319 | | Veracyte, Inc.* | | | 5,878,365 | |
| | | | | | | | |
| | | | | | | 37,150,584 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Broadline Retail – 0.2% | |
| | 22,060 | | Ollie’s Bargain Outlet Holdings, Inc.* | | $ | 1,975,694 | |
| | | |
| |
| | Building Products – 1.3% | |
| | 97,210 | | AZZ, Inc. | | | 8,084,956 | |
| | 442,003 | | Masterbrand, Inc.* | | | 7,089,728 | |
| | | | | | | | |
| | | | | | | 15,174,684 | |
| | | |
| |
| | Capital Markets – 2.8% | |
| | 182,407 | | Marex Group PLC (United Kingdom) | | | 4,499,981 | |
| | 530,263 | | Perella Weinberg Partners | | | 10,366,642 | |
| | 35,233 | | Piper Sandler Cos. | | | 9,608,039 | |
| | 104,737 | | Stifel Financial Corp. | | | 9,231,519 | |
| | | | | | | | |
| | | | | | | 33,706,181 | |
| | | |
| |
| | Chemicals – 3.2% | |
| | 968,401 | | Arcadium Lithium PLC (Argentina)* | | | 2,624,367 | |
| | 97,170 | | Ashland, Inc. | | | 8,696,715 | |
| | 142,733 | | Avient Corp. | | | 7,012,472 | |
| | 304,897 | | Ecovyst, Inc.* | | | 2,189,161 | |
| | 181,937 | | Element Solutions, Inc. | | | 4,864,995 | |
| | 49,830 | | HB Fuller Co. | | | 4,268,438 | |
| | 55,339 | | Minerals Technologies, Inc. | | | 4,266,637 | |
| | 312,283 | | Tronox Holdings PLC | | | 4,350,102 | |
| | | | | | | | |
| | | | | | | 38,272,887 | |
| | | |
| |
| | Commercial Services & Supplies – 0.4% | |
| | 337,309 | | BrightView Holdings, Inc.* | | | 5,386,825 | |
| | | |
| |
| | Construction & Engineering – 1.8% | |
| | 148,092 | | Arcosa, Inc. | | | 13,548,937 | |
| | 107,472 | | Granite Construction, Inc. | | | 8,077,596 | |
| | | | | | | | |
| | | | | | | 21,626,533 | |
| | | |
| |
| | Construction Materials – 0.6% | |
| | 183,894 | | Summit Materials, Inc., Class A* | | | 7,447,707 | |
| | | |
| |
| | Consumer Finance – 1.3% | |
| | 187,397 | | Encore Capital Group, Inc.* | | | 9,384,842 | |
| | 53,381 | | FirstCash Holdings, Inc. | | | 6,410,524 | |
| | | | | | | | |
| | | | | | | 15,795,366 | |
| | | |
| |
| | Containers & Packaging – 0.7% | |
| | 79,777 | | Greif, Inc., Class A | | | 4,987,658 | |
| | 289,081 | | O-I Glass, Inc.* | | | 3,668,438 | |
| | | | | | | | |
| | | | | | | 8,656,096 | |
| | | |
| |
| | Electric Utilities – 2.5% | |
| | 64,957 | | IDACORP, Inc. | | | 6,619,768 | |
| | 43,706 | | MGE Energy, Inc. | | | 3,789,529 | |
| | 165,829 | | Portland General Electric Co. | | | 7,978,033 | |
| | 298,326 | | TXNM Energy, Inc. | | | 12,225,399 | |
| | | | | | | | |
| | | | | | | 30,612,729 | |
| | | |
| |
| | Electrical Equipment – 0.2% | |
| | 59,969 | | NEXTracker, Inc., Class A* | | | 2,438,939 | |
| | | |
| |
| | Electronic Equipment, Instruments & Components – 2.7% | |
| | 56,342 | | Advanced Energy Industries, Inc. | | | 5,977,323 | |
| | 492,748 | | Knowles Corp.* | | | 9,091,201 | |
| | 38,643 | | Rogers Corp.* | | | 4,144,848 | |
| | |
| 10 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Electronic Equipment, Instruments & Components – (continued) | |
| | 124,482 | | Sanmina Corp.* | | $ | 8,636,561 | |
| | 282,649 | | TTM Technologies, Inc.* | | | 5,497,523 | |
| | | | | | | | |
| | | | | | | 33,347,456 | |
| | | |
| |
| | Energy Equipment & Services – 2.5% | |
| | 155,079 | | Archrock, Inc. | | | 3,137,248 | |
| | 138,174 | | Atlas Energy Solutions, Inc. | | | 2,914,090 | |
| | 234,358 | | Kodiak Gas Services, Inc. | | | 6,503,434 | |
| | 140,133 | | Noble Corp. PLC | | | 5,346,074 | |
| | 786,824 | | Patterson-UTI Energy, Inc. | | | 7,246,649 | |
| | 23,320 | | Tidewater, Inc.* | | | 2,068,484 | |
| | 677,261 | | Transocean Ltd.* | | | 3,210,217 | |
| | | | | | | | |
| | | | | | | 30,426,196 | |
| | | |
| |
| | Financial Services – 3.3% | |
| | 431,319 | | MGIC Investment Corp. | | | 10,968,442 | |
| | 103,418 | | Mr Cooper Group, Inc.* | | | 9,701,642 | |
| | 116,955 | | PennyMac Financial Services, Inc. | | | 12,631,140 | |
| | 61,927 | | Walker & Dunlop, Inc. | | | 6,629,905 | |
| | | | | | | | |
| | | | | | | 39,931,129 | |
| | | |
| |
| | Food Products – 1.1% | |
| | 41,406 | | Cal-Maine Foods, Inc. | | | 2,982,888 | |
| | 20,335 | | Lancaster Colony Corp. | | | 3,472,405 | |
| | 118,715 | | Simply Good Foods Co. (The)* | | | 3,750,207 | |
| | 183,686 | | Utz Brands, Inc. | | | 3,102,456 | |
| | | | | | | | |
| | | | | | | 13,307,956 | |
| | | |
| |
| | Gas Utilities – 0.9% | |
| | 39,811 | | Chesapeake Utilities Corp. | | | 4,714,419 | |
| | 88,607 | | ONE Gas, Inc. | | | 6,108,566 | |
| | | | | | | | |
| | | | | | | 10,822,985 | |
| | | |
| |
| | Ground Transportation – 0.3% | |
| | 237,753 | | Marten Transport Ltd. | | | 4,148,790 | |
| | | |
| |
| | Health Care Equipment & Supplies – 2.2% | |
| | 110,006 | | Enovis Corp.* | | | 5,126,280 | |
| | 86,268 | | Globus Medical, Inc., Class A* | | | 6,271,684 | |
| | 47,626 | | Integer Holdings Corp.* | | | 6,194,714 | |
| | 55,452 | | Merit Medical Systems, Inc.* | | | 5,361,099 | |
| | 76,854 | | QuidelOrtho Corp.* | | | 3,247,081 | |
| | | | | | | | |
| | | | | | | 26,200,858 | |
| | | |
| |
| | Health Care Providers & Services – 1.8% | |
| | 109,883 | | Acadia Healthcare Co., Inc.* | | | 9,002,714 | |
| | 55,344 | | AMN Healthcare Services, Inc.* | | | 2,934,892 | |
| | 569,007 | | NeoGenomics, Inc.* | | | 9,399,996 | |
| | | | | | | | |
| | | | | | | 21,337,602 | |
| | | |
| |
| | Hotel & Resort REITs – 1.6% | |
| | 588,084 | | Apple Hospitality REIT, Inc. REIT | | | 8,491,933 | |
| | 203,136 | | Pebblebrook Hotel Trust REIT | | | 2,701,709 | |
| | 882,753 | | RLJ Lodging Trust REIT | | | 8,386,153 | |
| | | | | | | | |
| | | | | | | 19,579,795 | |
| | | |
| |
| | Hotels, Restaurants & Leisure – 2.6% | |
| | 147,151 | | First Watch Restaurant Group, Inc.* | | | 2,429,463 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Hotels, Restaurants & Leisure – (continued) | |
| | 282,939 | | International Game Technology | | | | |
| | | | PLC | | $ | 6,335,004 | |
| | 326,186 | | Krispy Kreme, Inc. | | | 3,676,116 | |
| | 120,544 | | Red Rock Resorts, Inc., Class A | | | 7,025,304 | |
| | 140,525 | | Travel + Leisure Co. | | | 6,219,637 | |
| | 67,725 | | Wyndham Hotels & Resorts, Inc. | | | 5,329,958 | |
| | | | | | | | |
| | | | | | | 31,015,482 | |
| | | |
| |
| | Household Durables – 4.0% | |
| | 18,988 | | Installed Building Products, Inc. | | | 4,221,222 | |
| | 140,201 | | La-Z-Boy, Inc. | | | 5,687,955 | |
| | 73,845 | | M/I Homes, Inc.* | | | 11,768,678 | |
| | 95,624 | | Meritage Homes Corp. | | | 18,940,246 | |
| | 166,067 | | Tri Pointe Homes, Inc.* | | | 7,380,017 | |
| | | | | | | | |
| | | | | | | 47,998,118 | |
| | | |
| |
| | Independent Power and Renewable Electricity Producers – 0.7% | |
| | 109,237 | | Ormat Technologies, Inc. | | | 8,141,434 | |
| | | |
| |
| | Industrial REITs – 2.0% | |
| | 322,089 | | STAG Industrial, Inc. REIT | | | 13,070,372 | |
| | 154,038 | | Terreno Realty Corp. REIT | | | 10,634,783 | |
| | | | | | | | |
| | | | | | | 23,705,155 | |
| | | |
| |
| | Insurance – 3.7% | |
| | 488,185 | | Abacus Life, Inc.* | | | 4,984,369 | |
| | 196,064 | | CNO Financial Group, Inc. | | | 6,846,555 | |
| | 55,542 | | Hanover Insurance Group, Inc. (The) | | | 8,164,119 | |
| | 172,428 | | Kemper Corp. | | | 10,778,474 | |
| | 245,429 | | Skyward Specialty Insurance Group, Inc.* | | | 10,030,683 | |
| | 150,328 | | TWFG, Inc.* | | | 4,309,904 | |
| | | | | | | | |
| | | | | | | 45,114,104 | |
| | | |
| |
| | IT Services – 1.2% | |
| | 152,042 | | ASGN, Inc.* | | | 14,620,359 | |
| | | |
| |
| | Leisure Products – 0.3% | |
| | 360,760 | | Topgolf Callaway Brands Corp.* | | | 3,629,246 | |
| | | |
| |
| | Life Sciences Tools & Services – 0.2% | |
| | 322,424 | | Maravai LifeSciences Holdings, Inc., Class A* | | | 2,917,937 | |
| | | |
| |
| | Machinery – 6.0% | |
| | 142,887 | | Barnes Group, Inc. | | | 5,721,195 | |
| | 49,207 | | Enpro, Inc. | | | 7,913,962 | |
| | 109,439 | | ESCO Technologies, Inc. | | | 13,122,831 | |
| | 26,073 | | Federal Signal Corp. | | | 2,463,638 | |
| | 880,783 | | Gates Industrial Corp. PLC* | | | 15,995,019 | |
| | 236,291 | | REV Group, Inc. | | | 7,523,505 | |
| | 31,404 | | SPX Technologies, Inc.* | | | 5,123,249 | |
| | 43,688 | | Standex International Corp. | | | 7,804,861 | |
| | 128,512 | | Terex Corp. | | | 7,295,626 | |
| | | | | | | | |
| | | | | | | 72,963,886 | |
| | | |
| |
| | Media – 0.6% | |
| | 24,424 | | Nexstar Media Group, Inc. | | | 4,173,573 | |
| | 253,329 | | TEGNA, Inc. | | | 3,516,207 | |
| | | | | | | | |
| | | | | | | 7,689,780 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 11 |
GOLDMAN SACHS SMALL CAP VALUE FUND
|
Schedule of Investments (continued) August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Metals & Mining – 2.2% | |
| | 30,785 | | Arch Resources, Inc. | | $ | 4,199,997 | |
| | 213,726 | | Commercial Metals Co. | | | 11,453,576 | |
| | 337,983 | | Constellium SE* | | | 5,667,975 | |
| | 77,802 | | Warrior Met Coal, Inc. | | | 4,770,041 | |
| | | | | | | | |
| | | | | | | 26,091,589 | |
| | | |
| |
| | Mortgage Real Estate Investment Trusts (REITs) – 1.0% | |
| | 559,373 | | Ladder Capital Corp. REIT | | | 6,913,850 | |
| | 76,683 | | PennyMac Mortgage Investment Trust REIT | | | 1,089,666 | |
| | 510,369 | | Redwood Trust, Inc. REIT | | | 3,863,493 | |
| | | | | | | | |
| | | | | | | 11,867,009 | |
| | | |
| |
| | Office REITs – 0.5% | |
| | 234,714 | | Cousins Properties, Inc. REIT | | | 6,691,696 | |
| | | |
| |
| | Oil, Gas & Consumable Fuels – 4.9% | |
| | 95,178 | | California Resources Corp. | | | 4,993,990 | |
| | 85,273 | | Civitas Resources, Inc. | | | 5,229,793 | |
| | 203,261 | | Delek US Holdings, Inc. | | | 4,150,590 | |
| | 337,214 | | DHT Holdings, Inc. | | | 3,652,028 | |
| | 85,896 | | Dorian LPG Ltd. | | | 3,349,085 | |
| | 37,628 | | Gulfport Energy Corp.* | | | 5,458,318 | |
| | 241,201 | | Murphy Oil Corp. | | | 8,991,973 | |
| | 108,456 | | PBF Energy, Inc., Class A | | | 3,694,011 | |
| | 183,348 | | Peabody Energy Corp. | | | 4,292,177 | |
| | 88,706 | | Scorpio Tankers, Inc. (Monaco) | | | 6,346,027 | |
| | 215,042 | | SM Energy Co. | | | 9,812,366 | |
| | | | | | | | |
| | | | | | | 59,970,358 | |
| | | |
| |
| | Pharmaceuticals – 0.1% | |
| | 14,986 | | Intra-Cellular Therapies, Inc.* | | | 1,098,174 | |
| | | |
| |
| | Professional Services – 0.4% | |
| | 28,879 | | ICF International, Inc. | | | 4,786,983 | |
| | | |
| |
| | Real Estate Management & Development – 0.9% | |
| | 774,612 | | Newmark Group, Inc., Class A | | | 10,712,884 | |
| | | |
| |
| | Residential REITs – 0.9% | |
| | 513,172 | | Independence Realty Trust, Inc. REIT | | | 10,663,714 | |
| | | |
| |
| | Retail REITs – 3.1% | |
| | 624,363 | | Acadia Realty Trust REIT | | | 14,054,411 | |
| | 104,784 | | Agree Realty Corp. REIT | | | 7,650,280 | |
| | 261,292 | | SITE Centers Corp. REIT | | | 15,768,972 | |
| | | | | | | | |
| | | | | | | 37,473,663 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 2.2% | |
| | 43,761 | | Ambarella, Inc.* | | | 2,612,532 | |
| | 37,911 | | Axcelis Technologies, Inc.* | | | 4,144,810 | |
| | 116,577 | | Cohu, Inc.* | | | 3,137,087 | |
| | 134,012 | | Ichor Holdings Ltd.* | | | 4,154,372 | |
| | 224,986 | | Semtech Corp.* | | | 9,858,886 | |
| | 31,717 | | Synaptics, Inc.* | | | 2,582,398 | |
| | | | | | | | |
| | | | | | | 26,490,085 | |
| | | |
| |
| | Software – 0.7% | |
| | 90,200 | | Smartsheet, Inc., Class A* | | | 4,401,760 | |
| | 108,965 | | Tenable Holdings, Inc.* | | | 4,498,075 | |
| | | | | | | | |
| | | | | | | 8,899,835 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Specialty Retail – 2.4% | |
| | 20,082 | | AutoNation, Inc.* | | $ | 3,574,194 | |
| | 217,912 | | Foot Locker, Inc. | | | 6,785,780 | |
| | 30,271 | | Group 1 Automotive, Inc. | | | 11,404,902 | |
| | 172,726 | | Valvoline, Inc.* | | | 7,289,037 | |
| | | | | | | | |
| | | | | | | 29,053,913 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 0.7% | |
| | 55,221 | | Crocs, Inc.* | | | 8,071,654 | |
| | | |
| |
| | Trading Companies & Distributors – 1.6% | |
| | 99,156 | | Beacon Roofing Supply, Inc.* | | | 8,983,534 | |
| | 42,791 | | Boise Cascade Co. | | | 5,803,315 | |
| | 344,283 | | MRC Global, Inc.* | | | 4,530,764 | |
| | | | | | | | |
| | | | | | | 19,317,613 | |
| | | |
| |
| | Wireless Telecommunication Services – 0.2% | |
| | 93,284 | | Telephone and Data Systems, Inc. | | | 2,203,368 | |
| | | |
| | TOTAL COMMON STOCKS
(Cost $890,099,156) | | | 1,196,407,305 | |
| | | |
| | | | | | | | |
| |
| | Exchange-Traded Fund – 1.0% | |
| | 72,142 | | iShares Russell 2000 Value ETF | | | | |
| | (Cost $11,033,690) | | | 12,100,378 | |
| | | |
| | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 0.3%(a) | |
| |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | 3,859,680 | | 5.183% | | | 3,859,680 | |
| | (Cost $3,859,680) | |
| | | |
| | TOTAL INVESTMENTS – 100.0%
(Cost $904,992,526) | | $ | 1,212,367,363 | |
| | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)% | | | (257,314 | ) |
| | | |
| | NET ASSETS – 100.0% | | $ | 1,212,110,049 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| 12 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 99.7% | |
| |
| | Aerospace & Defense – 2.1% | |
| | 6,880 | | Curtiss-Wright Corp. | | $ | 2,173,117 | |
| | 5,098 | | Moog, Inc., Class A | | | 1,006,345 | |
| | | | | | | | |
| | | | | | | 3,179,462 | |
| | | |
| |
| | Automobile Components – 0.6% | |
| | 8,836 | | Autoliv, Inc. (Sweden) | | | 905,425 | |
| | | |
| |
| | Automobiles – 0.2% | |
| | 20,751 | | Rivian Automotive, Inc., Class A* | | | 293,212 | |
| | | |
| |
| | Banks – 8.2% | |
| | 24,990 | | East West Bancorp, Inc. | | | 2,100,909 | |
| | 20,104 | | Glacier Bancorp, Inc. | | | 950,919 | |
| | 16,512 | | Pinnacle Financial Partners, Inc. | | | 1,644,100 | |
| | 31,523 | | Prosperity Bancshares, Inc. | | | 2,319,462 | |
| | 18,920 | | SouthState Corp. | | | 1,836,943 | |
| | 40,100 | | Webster Financial Corp. | | | 1,901,943 | |
| | 17,877 | | Wintrust Financial Corp. | | | 1,945,018 | |
| | | | | | | | |
| | | | | | | 12,699,294 | |
| | | |
| |
| | Biotechnology – 1.2% | |
| | 6,460 | | Cytokinetics, Inc.* | | | 368,737 | |
| | 9,245 | | Exact Sciences Corp.* | | | 570,324 | |
| | 27,392 | | Roivant Sciences Ltd.* | | | 335,004 | |
| | 1,604 | | United Therapeutics Corp.* | | | 583,134 | |
| | | | | | | | |
| | | | | | | 1,857,199 | |
| | | |
| |
| | Broadline Retail – 0.3% | |
| | 5,888 | | Ollie’s Bargain Outlet Holdings, Inc.* | | | 527,329 | |
| | | |
| |
| | Building Products – 0.8% | |
| | 7,980 | | Advanced Drainage Systems, Inc. | | | 1,250,945 | |
| | | |
| |
| | Capital Markets – 3.2% | |
| | 5,832 | | Evercore, Inc., Class A | | | 1,433,156 | |
| | 32,552 | | Jefferies Financial Group, Inc. | | | 1,951,492 | |
| | 17,950 | | Stifel Financial Corp. | | | 1,582,113 | |
| | | | | | | | |
| | | | | | | 4,966,761 | |
| | | |
| |
| | Chemicals – 2.6% | |
| | 16,446 | | Ashland, Inc. | | | 1,471,917 | |
| | 11,187 | | HB Fuller Co. | | | 958,278 | |
| | 13,706 | | RPM International, Inc. | | | 1,593,323 | |
| | | | | | | | |
| | | | | | | 4,023,518 | |
| | | |
| |
| | Construction & Engineering – 2.3% | |
| | 13,159 | | AECOM | | | 1,317,742 | |
| | 15,786 | | Arcosa, Inc. | | | 1,444,261 | |
| | 7,287 | | MasTec, Inc.* | | | 824,379 | |
| | | | | | | | |
| | | | | | | 3,586,382 | |
| | | |
| |
| | Consumer Finance – 1.7% | |
| | 16,670 | | Encore Capital Group, Inc.* | | | 834,834 | |
| | 6,157 | | FirstCash Holdings, Inc. | | | 739,394 | |
| | 20,198 | | OneMain Holdings, Inc. | | | 997,983 | |
| | | | | | | | |
| | | | | | | 2,572,211 | |
| | | |
| |
| | Consumer Staples Distribution & Retail – 1.4% | |
| | 14,959 | | BJ’s Wholesale Club Holdings, Inc.* | | | 1,196,122 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Consumer Staples Distribution & Retail – (continued) | |
| | 2,519 | | Casey’s General Stores, Inc. | | $ | 912,659 | |
| | | | | | | | |
| | | | | | | 2,108,781 | |
| | | |
| |
| | Containers & Packaging – 2.7% | |
| | 4,138 | | Avery Dennison Corp. | | | 918,015 | |
| | 23,093 | | Crown Holdings, Inc. | | | 2,087,838 | |
| | 40,420 | | Graphic Packaging Holding Co. | | | 1,209,771 | |
| | | | | | | | |
| | | | | | | 4,215,624 | |
| | | |
| |
| | Diversified Telecommunication Services – –% | |
| | 3,739 | | GCI Liberty, Inc., Class A*(a) | | | — | |
| | | |
| |
| | Electric Utilities – 2.0% | |
| | 14,579 | | IDACORP, Inc. | | | 1,485,746 | |
| | 39,560 | | TXNM Energy, Inc. | | | 1,621,169 | |
| | | | | | | | |
| | | | | | | 3,106,915 | |
| | | |
| |
| | Electrical Equipment – 2.5% | |
| | 17,784 | | nVent Electric PLC | | | 1,208,601 | |
| | 12,715 | | Regal Rexnord Corp. | | | 2,133,704 | |
| | 14,735 | | Sensata Technologies Holding PLC | | | 568,034 | |
| | | | | | | | |
| | | | | | | 3,910,339 | |
| | | |
| |
| | Electronic Equipment, Instruments & Components – 5.6% | |
| | 23,339 | | Cognex Corp. | | | 942,429 | |
| | 20,548 | | Coherent Corp.* | | | 1,601,717 | |
| | 11,670 | | Jabil, Inc. | | | 1,275,297 | |
| | 50,671 | | Knowles Corp.* | | | 934,880 | |
| | 12,958 | | Sanmina Corp.* | | | 899,026 | |
| | 16,004 | | TD SYNNEX Corp. | | | 1,943,206 | |
| | 3,082 | | Zebra Technologies Corp., Class A* | | | 1,064,461 | |
| | | | | | | | |
| | | | | | | 8,661,016 | |
| | | |
| |
| | Energy Equipment & Services – 1.2% | |
| | 19,892 | | Noble Corp. PLC | | | 758,880 | |
| | 39,168 | | TechnipFMC PLC (United Kingdom) | | | 1,051,269 | |
| | | | | | | | |
| | | | | | | 1,810,149 | |
| | | |
| |
| | Financial Services – 3.9% | |
| | 70,007 | | MGIC Investment Corp. | | | 1,780,278 | |
| | 19,043 | | Mr Cooper Group, Inc.* | | | 1,786,424 | |
| | 14,592 | | PennyMac Financial Services, Inc. | | | 1,575,936 | |
| | 12,382 | | Voya Financial, Inc. | | | 877,017 | |
| | | | | | | | |
| | | | | | | 6,019,655 | |
| | | |
| |
| | Food Products – 0.4% | |
| | 22,327 | | Simply Good Foods Co. (The)* | | | 705,310 | |
| | | |
| |
| | Ground Transportation – 0.8% | |
| | 3,370 | | Saia, Inc.* | | | 1,266,547 | |
| | | |
| |
| | Health Care Equipment & Supplies – 2.7% | |
| | 19,872 | | Enovis Corp.* | | | 926,035 | |
| | 21,437 | | Globus Medical, Inc., Class A* | | | 1,558,470 | |
| | 15,373 | | QuidelOrtho Corp.* | | | 649,509 | |
| | 4,301 | | Teleflex, Inc. | | | 1,054,476 | |
| | | | | | | | |
| | | | | | | 4,188,490 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 13 |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
|
Schedule of Investments (continued) August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Health Care Providers & Services – 2.7% | |
| | 21,345 | | Acadia Healthcare Co., Inc.* | | $ | 1,748,796 | |
| | 52,423 | | NeoGenomics, Inc.* | | | 866,028 | |
| | 9,397 | | Tenet Healthcare Corp.* | | | 1,558,398 | |
| | | | | | | | |
| | | | | | | 4,173,222 | |
| | | |
| |
| | Hotels, Restaurants & Leisure – 2.1% | |
| | 7,757 | | Churchill Downs, Inc. | | | 1,077,990 | |
| | 8,090 | | Hyatt Hotels Corp., Class A | | | 1,229,033 | |
| | 11,294 | | Wyndham Hotels & Resorts, Inc. | | | 888,838 | |
| | | | | | | | |
| | | | | | | 3,195,861 | |
| | | |
| |
| | Household Durables – 3.1% | |
| | 9,204 | | Meritage Homes Corp. | | | 1,823,036 | |
| | 11,690 | | Toll Brothers, Inc. | | | 1,684,179 | |
| | 3,511 | | TopBuild Corp.* | | | 1,379,893 | |
| | | | | | | | |
| | | | | | | 4,887,108 | |
| | | |
| |
| | Industrial REITs – 1.2% | |
| | 45,329 | | STAG Industrial, Inc. REIT | | | 1,839,451 | |
| | | |
| |
| | Insurance – 4.6% | |
| | 11,864 | | American Financial Group, Inc. | | | 1,585,268 | |
| | 30,590 | | CNO Financial Group, Inc. | | | 1,068,203 | |
| | 2,847 | | Everest Group Ltd. | | | 1,116,707 | |
| | 9,059 | | Globe Life, Inc. | | | 951,648 | |
| | 23,614 | | Kemper Corp. | | | 1,476,111 | |
| | 10,144 | | Selective Insurance Group, Inc. | | | 922,901 | |
| | | | | | | | |
| | | | | | | 7,120,838 | |
| | | |
| |
| | IT Services – 1.2% | |
| | 18,987 | | ASGN, Inc.* | | | 1,825,790 | |
| | | |
| |
| | Leisure Products – 0.8% | |
| | 10,158 | | Brunswick Corp. | | | 802,990 | |
| | 43,339 | | Topgolf Callaway Brands Corp.* | | | 435,990 | |
| | | | | | | | |
| | | | | | | 1,238,980 | |
| | | |
| |
| | Life Sciences Tools & Services – 1.4% | |
| | 13,505 | | Bio-Techne Corp. | | | 999,235 | |
| | 12,281 | | Bruker Corp. | | | 825,160 | |
| | 2,657 | | Repligen Corp.* | | | 401,021 | |
| | | | | | | | |
| | | | | | | 2,225,416 | |
| | | |
| |
| | Machinery – 6.1% | |
| | 9,523 | | Crane Co. | | | 1,508,253 | |
| | 13,587 | | Esab Corp. | | | 1,426,227 | |
| | 134,110 | | Gates Industrial Corp. PLC* | | | 2,435,437 | |
| | 9,615 | | Oshkosh Corp. | | | 1,037,555 | |
| | 19,797 | | Pentair PLC | | | 1,755,796 | |
| | 7,764 | | SPX Technologies, Inc.* | | | 1,266,619 | |
| | | | | | | | |
| | | | | | | 9,429,887 | |
| | | |
| |
| | Media – 1.0% | |
| | 15,539 | | Liberty Media Corp.-Liberty SiriusXM* | | | 370,294 | |
| | 5,581 | | Nexstar Media Group, Inc. | | | 953,681 | |
| | 18,836 | | TEGNA, Inc. | | | 261,444 | |
| | | | | | | | |
| | | | | | | 1,585,419 | |
| | | |
| |
| | Metals & Mining – 2.9% | |
| | 15,368 | | ATI, Inc.* | | | 981,708 | |
| | 21,651 | | Commercial Metals Co. | | | 1,160,277 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Metals & Mining – (continued) | |
| | 5,258 | | Reliance, Inc. | | $ | 1,507,206 | |
| | 6,277 | | Royal Gold, Inc. | | | 879,847 | |
| | | | | | | | |
| | | | | | | 4,529,038 | |
| | | |
| |
| | Mortgage Real Estate Investment Trusts (REITs) – 0.5% | |
| | 61,403 | | Ladder Capital Corp. REIT | | | 758,941 | |
| | | |
| |
| | Multi-Utilities – 1.0% | |
| | 45,926 | | NiSource, Inc. | | | 1,518,314 | |
| | | |
| |
| | Office REITs – 0.7% | |
| | 34,076 | | Highwoods Properties, Inc. REIT | | | 1,097,929 | |
| | | |
| |
| | Oil, Gas & Consumable Fuels – 4.0% | |
| | 8,681 | | Chord Energy Corp. | | | 1,288,521 | |
| | 26,225 | | EQT Corp. | | | 878,800 | |
| | 24,214 | | HF Sinclair Corp. | | | 1,189,876 | |
| | 90,852 | | Permian Resources Corp. | | | 1,293,732 | |
| | 54,279 | | Range Resources Corp. | | | 1,621,857 | |
| | | | | | | | |
| | | | | | | 6,272,786 | |
| | | |
| |
| | Pharmaceuticals – 0.7% | |
| | 14,726 | | Catalent, Inc.* | | | 897,697 | |
| | 1,949 | | Intra-Cellular Therapies, Inc.* | | | 142,823 | |
| | | | | | | | |
| | | | | | | 1,040,520 | |
| | | |
| |
| | Professional Services – 3.4% | |
| | 1,999 | | CACI International, Inc., Class A* | | | 975,752 | |
| | 43,661 | | KBR, Inc. | | | 3,028,327 | |
| | 13,744 | | Parsons Corp.* | | | 1,312,002 | |
| | | | | | | | |
| | | | | | | 5,316,081 | |
| | | |
| |
| | Real Estate Management & Development – 0.8% | |
| | 4,799 | | Jones Lang LaSalle, Inc.* | | | 1,224,849 | |
| | | |
| |
| | Residential REITs – 2.6% | |
| | 42,325 | | American Homes 4 Rent, Class A REIT | | | 1,683,265 | |
| | 19,965 | | Equity LifeStyle Properties, Inc. REIT | | | 1,451,655 | |
| | 47,053 | | Independence Realty Trust, Inc. REIT | | | 977,761 | |
| | | | | | | | |
| | | | | | | 4,112,681 | |
| | | |
| |
| | Retail REITs – 2.9% | |
| | 37,663 | | Regency Centers Corp. REIT | | | 2,737,724 | |
| | 28,869 | | SITE Centers Corp. REIT | | | 1,742,244 | |
| | | | | | | | |
| | | | | | | 4,479,968 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 2.5% | |
| | 6,540 | | Axcelis Technologies, Inc.* | | | 715,018 | |
| | 7,540 | | MACOM Technology Solutions Holdings, Inc.* | | | 823,594 | |
| | 9,705 | | MKS Instruments, Inc. | | | 1,157,127 | |
| | 27,229 | | Semtech Corp.* | | | 1,193,175 | |
| | | | | | | | |
| | | | | | | 3,888,914 | |
| | | |
| |
| | Software – 0.3% | |
| | 12,219 | | Tenable Holdings, Inc.* | | | 504,400 | |
| | | |
| |
| | Specialized REITs – 1.1% | |
| | 32,299 | | CubeSmart REIT | | | 1,674,057 | |
| | | |
| | |
| 14 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Specialty Retail – 2.5% | |
| | 6,111 | | AutoNation, Inc.* | | $ | 1,087,636 | |
| | 7,300 | | Floor & Decor Holdings, Inc., Class A* | | | 820,812 | |
| | 22,131 | | Foot Locker, Inc. | | | 689,159 | |
| | 3,596 | | Group 1 Automotive, Inc. | | | 1,354,829 | |
| | | | | | | | |
| | | | | | | 3,952,436 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 1.6% | |
| | 10,949 | | Crocs, Inc.* | | | 1,600,415 | |
| | 14,156 | | Skechers USA, Inc., Class A* | | | 969,403 | |
| | | | | | | | |
| | | | | | | 2,569,818 | |
| | | |
| |
| | Trading Companies & Distributors – 1.6% | |
| | 17,252 | | Beacon Roofing Supply, Inc.* | | | 1,563,031 | |
| | 6,298 | | Boise Cascade Co. | | | 854,135 | |
| | | | | | | | |
| | | | | | | 2,417,166 | |
| | | |
| | TOTAL INVESTMENTS – 99.7%
(Cost $124,112,066) | | $ | 154,734,434 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | | | 442,584 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 155,177,018 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| (a) | | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| | |
|
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 15 |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Statements of Assets and Liabilities August 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Equity Income Fund | | Focused Value Fund | | Large Cap Value Fund | | |
| | | | | |
| | Assets: | | | | | | | | | | | | | | |
| | | | | |
| | | Investments in unaffiliated issuers, at value (cost $297,019,103, $45,659,824 and $334,452,419, respectively) | | $ | 404,156,971 | | | $ | 55,986,253 | | | $ | 448,724,021 | | | |
| | Investments in affiliated issuers, at value (cost $430,066, $537,511 and $3,906,237, respectively) | | | 430,066 | | | | 537,511 | | | | 3,906,237 | | | |
| | Cash | | | 535,613 | | | | 56,610 | | | | 535,244 | | | |
| | Receivables: | | | | | | | | | | | | | | |
| | Dividends | | | 738,771 | | | | 100,568 | | | | 705,033 | | | |
| | Reimbursement from investment adviser | | | 66,261 | | | | 41,816 | | | | 77,198 | | | |
| | Fund shares sold | | | 33,319 | | | | 62 | | | | 85,326 | | | |
| | Foreign tax reclaims | | | 25,138 | | | | 253 | | | | — | | | |
| | Securities lending income | | | 1,156 | | | | — | | | | — | | | |
| | Other assets | | | 54,856 | | | | 63,540 | | | | 38,253 | | | |
| | |
| | Total assets | | | 406,042,151 | | | | 56,786,613 | | | | 454,071,312 | | | |
| | |
| | | | | |
| | Liabilities: | | | | | | | | | | | | | | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | |
| | Management fees | | | 227,529 | | | | 34,423 | | | | 277,983 | | | |
| | Fund shares redeemed | | | 174,363 | | | | 307 | | | | 230,934 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 94,507 | | | | 2,395 | | | | 45,502 | | | |
| | Accrued expenses | | | 117,782 | | | | 64,975 | | | | 115,922 | | | |
| | |
| | Total liabilities | | | 614,181 | | | | 102,100 | | | | 670,341 | | | |
| | |
| | | | | |
| | Net Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 266,524,158 | | | | 43,043,628 | | | | 300,044,469 | | | |
| | Total distributable earnings | | | 138,903,812 | | | | 13,640,885 | | | | 153,356,502 | | | |
| | |
| | NET ASSETS | | $ | 405,427,970 | | | $ | 56,684,513 | | | $ | 453,400,971 | | | |
| | | | | | | | | | | | | | | | |
| | | Net Assets: | | | | | | | | | | | | | | |
| | | Class A | | $ | 327,113,783 | | | $ | 1,396,529 | | | $ | 89,817,203 | | | |
| | | Class C | | | 4,153,627 | | | | 159,690 | | | | 6,773,668 | | | |
| | | Institutional | | | 19,719,498 | | | | 4,836,132 | | | | 132,226,823 | | | |
| | | Service | | | 90,754 | | | | — | | | | 1,055,415 | | | |
| | | Investor | | | 3,489,140 | | | | 4,894,500 | | | | 4,301,417 | | | |
| | | Class R6 | | | 7,056,904 | | | | 1,961,213 | | | | 2,915,988 | | | |
| | | Class R | | | 818,480 | | | | 55,916 | | | | 2,740,663 | | | |
| | | Class P | | | 42,985,784 | | | | 43,380,533 | | | | 213,569,794 | | | |
| | | Total Net Assets | | $ | 405,427,970 | | | $ | 56,684,513 | | | $ | 453,400,971 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | |
| | | Class A | | | 6,614,097 | | | | 86,252 | | | | 5,092,106 | | | |
| | | Class C | | | 89,297 | | | | 10,024 | | | | 414,900 | | | |
| | | Institutional | | | 389,825 | | | | 296,601 | | | | 7,375,481 | | | |
| | | Service | | | 1,826 | | | | — | | | | 60,165 | | | |
| | | Investor | | | 70,696 | | | | 301,334 | | | | 243,592 | | | |
| | | Class R6 | | | 139,486 | | | | 120,608 | | | | 157,382 | | | |
| | | Class R | | | 16,648 | | | | 3,478 | | | | 162,544 | | | |
| | | Class P | | | 849,869 | | | | 2,666,820 | | | | 11,528,608 | | | |
| | | Net asset value, offering and redemption price per share:(a) | | | | | | | | | | | | | | |
| | | Class A | | $ | 49.46 | | | $ | 16.19 | | | $ | 17.64 | | | |
| | | Class C | | | 46.51 | | | | 15.93 | | | | 16.33 | | | |
| | | Institutional | | | 50.59 | | | | 16.31 | | | | 17.93 | | | |
| | | Service | | | 49.70 | | | | — | | | | 17.54 | | | |
| | | Investor | | | 49.35 | | | | 16.24 | | | | 17.66 | | | |
| | | Class R6 | | | 50.59 | | | | 16.26 | | | | 18.53 | | | |
| | | Class R | | | 49.17 | | | | 16.08 | | | | 16.86 | | | |
| | | Class P | | | 50.58 | | | | 16.27 | | | | 18.53 | | | |
| (a) | Maximum public offering price per share for Class A Shares of the Equity Income Fund, Focused Value Fund and Large Cap Value Fund is $52.34, $17.13 and $18.67, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| 16 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Statements of Assets and Liabilities (continued) August 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Mid Cap Value Fund | | Small Cap Value Fund | | Small/Mid Cap Value Fund | | |
| | | | | |
| | Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Investments in unaffiliated issuers, at value (cost $964,242,453, $901,132,846 and $124,112,066, respectively) | | $ | 1,210,534,758 | | | $ | 1,208,507,683 | | | $ | 154,734,434 | | | |
| | Investments in affiliated issuers, at value (cost $4,642,905, $3,859,680 and $–, respectively) | | | 4,642,905 | | | | 3,859,680 | | | | — | | | |
| | Cash | | | 312,122 | | | | 796,337 | | | | 418,029 | | | |
| | Receivables: | | | | | | | | | | | | | | |
| | Dividends | | | 1,070,304 | | | | 948,327 | | | | 106,013 | | | |
| | Fund shares sold | | | 940,676 | | | | 205,595 | | | | 46,226 | | | |
| | Investments sold | | | — | | | | 18,722,922 | | | | — | | | |
| | Securities lending income | | | — | | | | 29 | | | | — | | | |
| | Reimbursement from investment adviser | | | — | | | | 72,811 | | | | 39,269 | | | |
| | Other assets | | | 64,335 | | | | 72,599 | | | | 38,765 | | | |
| | |
| | Total assets | | | 1,217,565,100 | | | | 1,233,185,983 | | | | 155,382,736 | | | |
| | |
| | | | | |
| | Liabilities: | | | | | | | | | | | | | | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | |
| | Fund shares redeemed | | | 768,857 | | | | 19,413,104 | | | | 23,376 | | | |
| | Management fees | | | 745,659 | | | | 1,005,676 | | | | 102,103 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 199,058 | | | | 104,565 | | | | 5,841 | | | |
| | Investments purchased | | | — | | | | 166,107 | | | | — | | | |
| | | Accrued expenses | | | 214,317 | | | | 386,482 | | | | 74,398 | | | |
| | |
| | Total liabilities | | | 1,927,891 | | | | 21,075,934 | | | | 205,718 | | | |
| | |
| | | | | |
| | Net Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 925,146,591 | | | | 763,697,477 | | | | 125,595,539 | | | |
| | Total distributable earnings | | | 290,490,618 | | | | 448,412,572 | | | | 29,581,479 | | | |
| | |
| | NET ASSETS | | $ | 1,215,637,209 | | | $ | 1,212,110,049 | | | $ | 155,177,018 | | | |
| | | | | | | | | | | | | | | | |
| | | Net Assets: | | | | | | | | | | | | | | |
| | | Class A | | $ | 437,847,223 | | | $ | 236,140,008 | | | $ | 2,595,993 | | | |
| | | Class C | | | 5,581,161 | | | | 1,154,652 | | | | 680,318 | | | |
| | | Institutional | | | 326,248,044 | | | | 348,968,713 | | | | 23,681,133 | | | |
| | | Service | | | 28,250,005 | | | | 9,907,049 | | | | — | | | |
| | | Investor | | | 98,242,575 | | | | 33,030,421 | | | | 5,491,270 | | | |
| | | Class R6 | | | 104,309,606 | | | | 310,155,352 | | | | 24,928,319 | | | |
| | | Class R | | | 19,808,470 | | | | 34,566,447 | | | | 105,310 | | | |
| | | Class P | | | 195,350,125 | | | | 238,187,407 | | | | 97,694,675 | | | |
| | | Total Net Assets | | $ | 1,215,637,209 | | | $ | 1,212,110,049 | | | $ | 155,177,018 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | |
| | | Class A | | | 11,624,358 | | | | 5,586,977 | | | | 154,989 | | | |
| | | Class C | | | 185,021 | | | | 51,522 | | | | 42,560 | | | |
| | | Institutional | | | 8,492,655 | | | | 7,174,109 | | | | 1,388,671 | | | |
| | | Service | | | 775,050 | | | | 249,219 | | | | — | | | |
| | | Investor | | | 2,703,849 | | | | 792,356 | | | | 324,222 | | | |
| | | Class R6 | | | 2,717,901 | | | | 6,381,921 | | | | 1,462,950 | | | |
| | | Class R | | | 554,546 | | | | 857,903 | | | | 6,309 | | | |
| | | Class P | | | 5,091,155 | | | | 4,901,078 | | | | 5,737,240 | | | |
| | | Net asset value, offering and redemption price per share:(a) | | | | | | | | | | | | | | |
| | | Class A | | $ | 37.67 | | | $ | 42.27 | | | $ | 16.75 | | | |
| | | Class C | | | 30.17 | | | | 22.41 | | | | 15.98 | | | |
| | | Institutional | | | 38.42 | | | | 48.64 | | | | 17.05 | | | |
| | | Service | | | 36.45 | | | | 39.75 | | | | — | | | |
| | | Investor | | | 36.33 | | | | 41.69 | | | | 16.94 | | | |
| | | Class R6 | | | 38.38 | | | | 48.60 | | | | 17.04 | | | |
| | | Class R | | | 35.72 | | | | 40.29 | | | | 16.69 | | | |
| | | Class P | | | 38.37 | | | | 48.60 | | | | 17.03 | | | |
| (a) | Maximum public offering price per share for Class A Shares of the Mid Cap Value Fund, Small Cap Value Fund and Small/Mid Cap Value Fund is $39.86, $44.73 and $17.72, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 17 |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Statements of Operations For the Fiscal Year Ended August 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Equity Income Fund | | | Focused Value Fund | | | Large Cap Value Fund | | | |
| | | | | |
| | Investment income: | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $22,843, $1,195 and $4,682, respectively) | | $ | 9,509,150 | | | $ | 1,079,507 | | | $ | 8,589,459 | | | |
| | | | | |
| | | Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | | | 31,582 | | | | — | | | | 802 | | | |
| | | | | |
| | Dividends — affiliated issuers | | | 10,338 | | | | 35,160 | | | | 105,197 | | | |
| | |
| | Total Investment Income | | | 9,551,070 | | | | 1,114,667 | | | | 8,695,458 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Expenses: | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 2,626,836 | | | | 350,740 | | | | 3,168,828 | | | |
| | | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 790,168 | | | | 3,312 | | | | 276,783 | | | |
| | | | | |
| | Transfer Agency fees(a) | | | 489,142 | | | | 18,563 | | | | 254,987 | | | |
| | | | | |
| | Registration fees | | | 121,059 | | | | 102,914 | | | | 136,031 | | | |
| | | | | |
| | Professional fees | | | 102,453 | | | | 106,323 | | | | 116,189 | | | |
| | | | | |
| | Printing and mailing costs | | | 70,846 | | | | 34,363 | | | | 64,010 | | | |
| | | | | |
| | Custody, accounting and administrative services | | | 66,490 | | | | 22,079 | | | | 61,943 | | | |
| | | | | |
| | Trustee fees | | | 25,915 | | | | 25,269 | | | | 26,002 | | | |
| | | | | |
| | Service fees — Class C | | | 10,023 | | | | 380 | | | | 17,082 | | | |
| | | | | |
| | Shareholder Administration fees — Service Shares | | | 223 | | | | — | | | | 2,414 | | | |
| | | | | |
| | Other | | | 15,653 | | | | 10,430 | | | | 16,374 | | | |
| | |
| | Total expenses | | | 4,318,808 | | | | 674,373 | | | | 4,140,643 | | | |
| | |
| | Less — expense reductions | | | (680,830 | ) | | | (320,656 | ) | | | (805,562 | ) | | |
| | |
| | Net expenses | | | 3,637,978 | | | | 353,717 | | | | 3,335,081 | | | |
| | |
| | NET INVESTMENT INCOME | | | 5,913,092 | | | | 760,950 | | | | 5,360,377 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 32,677,857 | | | | 3,886,079 | | | | 38,709,583 | | | |
| | | | | |
| | Foreign currency transactions | | | (2,484 | ) | | | 39 | | | | 100 | | | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 37,288,629 | | | | 5,833,606 | | | | 50,462,721 | | | |
| | | | | |
| | Foreign currency translations | | | — | | | | 2 | | | | — | | | |
| | |
| | Net realized and unrealized gain | | | 69,964,002 | | | | 9,719,726 | | | | 89,172,404 | | | |
| | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 75,877,094 | | | $ | 10,480,676 | | | $ | 94,532,781 | | | |
| | |
| | (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Distribution and/or Service (12b-1) Fees | | | Transfer Agency Fees | |
| Fund | | Class A | | | Class C | | | Service | | | Class R | | | Class A | | | Class C | | | Institutional | | | Service | | | Investor | | | Class R6 | | | Class R | | | Class P | |
Equity Income Fund | | | $756,223 | | | | $30,069 | | | | $223 | | | | $3,653 | | | | $453,738 | | | | $6,014 | | | | $8,043 | | | | $36 | | | | $5,290 | | | | $1,893 | | | | $1,096 | | | | $13,032 | |
Focused Value Fund | | | 1,922 | | | | 1,141 | | | | — | | | | 249 | | | | 1,153 | | | | 228 | | | | 1,116 | | | | — | | | | 2,337 | | | | 314 | | | | 75 | | | | 13,340 | |
Large Cap Value Fund | | | 205,116 | | | | 51,247 | | | | 2,414 | | | | 18,006 | | | | 123,072 | | | | 10,250 | | | | 50,330 | | | | 386 | | | | 5,715 | | | | 767 | | | | 5,402 | | | | 59,065 | |
| | |
| 18 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Statements of Operations (continued) For the Fiscal Year Ended August 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Mid Cap Value Fund | | | Small Cap Value Fund | | | Small/Mid Cap
Value Fund | | | |
| | | | | |
| | Investment income: | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $28,229 and $187, respectively) | | $ | 20,050,076 | | | $ | 21,885,695 | | | $ | 2,149,782 | | | |
| | | | | |
| | Dividends — affiliated issuers | | | 514,508 | | | | 422,597 | | | | 66,983 | | | |
| | | | | |
| | Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | | | 51,059 | | | | 16,417 | | | | 5 | | | |
| | |
| | Total Investment Income | | | 20,615,643 | | | | 22,324,709 | | | | 2,216,770 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Expenses: | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 8,634,884 | | | | 13,667,617 | | | | 1,203,587 | | | |
| | | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 1,273,974 | | | | 775,460 | | | | 12,079 | | | |
| | | | | |
| | Transfer Agency fees(a) | | | 1,021,188 | | | | 834,106 | | | | 60,126 | | | |
| | | | | |
| | Registration fees | | | 150,128 | | | | 153,857 | | | | 108,600 | | | |
| | | | | |
| | Printing and mailing costs | | | 136,520 | | | | 84,760 | | | | 40,183 | | | |
| | | | | |
| | Custody, accounting and administrative services | | | 121,115 | | | | 264,385 | | | | 44,420 | | | |
| | | | | |
| | Professional fees | | | 105,869 | | | | 100,040 | | | | 122,908 | | | |
| | | | | |
| | Shareholder Administration fees — Service Shares | | | 69,109 | | | | 27,424 | | | | — | | | |
| | | | | |
| | Trustee fees | | | 27,451 | | | | 27,727 | | | | 25,462 | | | |
| | | | | |
| | Service fees — Class C | | | 14,515 | | | | 2,770 | | | | 1,836 | | | |
| | | | | |
| | Other | | | 32,177 | | | | 52,143 | | | | 14,548 | | | |
| | |
| | Total expenses | | | 11,586,930 | | | | 15,990,289 | | | | 1,633,749 | | | |
| | |
| | Less — expense reductions | | | (68,938 | ) | | | (1,004,939 | ) | | | (352,781 | ) | | |
| | |
| | | Net expenses | | | 11,517,992 | | | | 14,985,350 | | | | 1,280,968 | | | |
| | |
| | NET INVESTMENT INCOME | | | 9,097,651 | | | | 7,339,359 | | | | 935,802 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 51,400,378 | | | | 230,675,283 | | | | 12,944,840 | | | |
| | | | | |
| | Foreign currency transactions | | | (8,607 | ) | | | — | | | | — | | | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 125,701,137 | | | | (49,605,839 | ) | | | 8,295,025 | | | |
| | |
| | Net realized and unrealized gain | | | 177,092,908 | | | | 181,069,444 | | | | 21,239,865 | | | |
| | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 186,190,559 | | | $ | 188,408,803 | | | $ | 22,175,667 | | | |
| | |
| | (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Distribution and/or Service (12b-1) Fees | | | Transfer Agency Fees | |
| Fund | | Class A | | | Class C | | | Service | | | Class R | | | Class A | | | Class C | | | Institutional | | | Service | | | Investor | | | Class R6 | | | Class R | | | Class P | |
Mid Cap Value Fund | | | $1,064,027 | | | | $43,545 | | | | $69,109 | | | | $97,293 | | | | $638,422 | | | | $8,709 | | | | $125,107 | | | | $11,058 | | | | $125,861 | | | | $28,547 | | | | $29,188 | | | | $54,296 | |
Small Cap Value Fund | | | 569,908 | | | | 8,309 | | | | 27,425 | | | | 169,818 | | | | 341,948 | | | | 1,662 | | | | 188,084 | | | | 4,388 | | | | 64,922 | | | | 113,850 | | | | 50,947 | | | | 68,305 | |
Small/Mid Cap Value Fund | | | 6,052 | | | | 5,508 | | | | — | | | | 519 | | | | 3,631 | | | | 1,102 | | | | 9,162 | | | | — | | | | 10,985 | | | | 8,126 | | | | 156 | | | | 26,964 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 19 |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Statements of Changes in Net Assets |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Equity Income Fund | | | Focused Value Fund | | | |
| | | | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 5,913,092 | | | $ | 7,886,801 | | | $ | 760,950 | | | $ | 657,082 | | | |
| | | | | | |
| | Net realized gain (loss) | | | 32,675,373 | | | | 8,811,402 | | | | 3,886,118 | | | | (685,397 | ) | | |
| | | | | | |
| | Net change in unrealized gain | | | 37,288,629 | | | | 8,535,232 | | | | 5,833,608 | | | | 5,692,620 | | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 75,877,094 | | | | 25,233,435 | | | | 10,480,676 | | | | 5,664,305 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Class A Shares | | | (13,432,507 | ) | | | (15,964,013 | ) | | | (8,993 | ) | | | (27,797 | ) | | |
| | | | | | |
| | Class C Shares | | | (166,369 | ) | | | (231,155 | ) | | | (514 | ) | | | (28,283 | ) | | |
| | | | | | |
| | Institutional Shares | | | (962,141 | ) | | | (1,383,100 | ) | | | (40,641 | ) | | | (196,617 | ) | | |
| | | | | | |
| | Service Shares | | | (4,012 | ) | | | (4,654 | ) | | | — | | | | — | | | |
| | | | | | |
| | Investor Shares | | | (178,617 | ) | | | (285,008 | ) | | | (230 | ) | | | (1,281 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (286,056 | ) | | | (358,806 | ) | | | (243 | ) | | | (1,290 | ) | | |
| | | | | | |
| | Class R Shares | | | (30,475 | ) | | | (32,124 | ) | | | (533 | ) | | | (3,995 | ) | | |
| | | | | | |
| | Class P Shares | | | (1,802,226 | ) | | | (3,656,406 | ) | | | (695,465 | ) | | | (3,634,594 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (16,862,403 | ) | | | (21,915,266 | ) | | | (746,619 | ) | | | (3,893,857 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 15,471,112 | | | | 31,147,105 | | | | 12,927,412 | | | | 10,572,005 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 16,554,956 | | | | 21,544,310 | | | | 746,619 | | | | 3,893,857 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (89,022,011 | ) | | | (58,547,443 | ) | | | (13,703,967 | ) | | | (12,234,451 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | (56,995,943 | ) | | | (5,856,028 | ) | | | (29,936 | ) | | | 2,231,411 | | | |
| | |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | 2,018,748 | | | | (2,537,859 | ) | | | 9,704,121 | | | | 4,001,859 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 403,409,222 | | | $ | 405,947,081 | | | $ | 46,980,392 | | | $ | 42,978,533 | | | |
| | |
| | | | | | |
| | End of year | | $ | 405,427,970 | | | $ | 403,409,222 | | | $ | 56,684,513 | | | $ | 46,980,392 | | | |
| | |
| | |
| 20 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Value Fund | | | Mid Cap Value Fund | | | |
| | | | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 5,360,377 | | | $ | 5,619,486 | | | $ | 9,097,651 | | | $ | 8,659,129 | | | |
| | | | | | |
| | Net realized gain | | | 38,709,683 | | | | 17,600,750 | | | | 51,391,771 | | | | 49,393,542 | | | |
| | | | | | |
| | Net change in unrealized gain (loss) | | | 50,462,721 | | | | 15,770,239 | | | | 125,701,137 | | | | (490,107 | ) | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 94,532,781 | | | | 38,990,475 | | | | 186,190,559 | | | | 57,562,564 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (4,718,280 | ) | | | (6,742,536 | ) | | | (19,926,417 | ) | | | (55,239,987 | ) | | |
| | | | | | |
| | Class C Shares | | | (415,123 | ) | | | (857,851 | ) | | | (313,678 | ) | | | (1,231,703 | ) | | |
| | | | | | |
| | Institutional Shares | | | (7,608,539 | ) | | | (13,297,130 | ) | | | (15,261,356 | ) | | | (38,717,068 | ) | | |
| | | | | | |
| | Service Shares | | | (53,526 | ) | | | (76,077 | ) | | | (1,276,414 | ) | | | (4,173,176 | ) | | |
| | | | | | |
| | Investor Shares | | | (189,186 | ) | | | (313,809 | ) | | | (3,882,128 | ) | | | (9,223,366 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (140,563 | ) | | | (194,345 | ) | | | (4,565,476 | ) | | | (10,488,178 | ) | | |
| | | | | | |
| | Class R Shares | | | (232,201 | ) | | | (309,775 | ) | | | (928,135 | ) | | | (2,295,189 | ) | | |
| | | | | | |
| | Class P Shares | | | (11,344,187 | ) | | | (16,929,697 | ) | | | (7,704,303 | ) | | | (21,613,805 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (24,701,605 | ) | | | (38,721,220 | ) | | | (53,857,907 | ) | | | (142,982,472 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 20,032,017 | | | | 33,412,731 | | | | 208,881,145 | | | | 221,163,999 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 24,310,006 | | | | 38,058,875 | | | | 51,092,460 | | | | 135,698,815 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (82,173,605 | ) | | | (100,644,410 | ) | | | (328,371,525 | ) | | | (268,511,768 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | (37,831,582 | ) | | | (29,172,804 | ) | | | (68,397,920 | ) | | | 88,351,046 | | | |
| | |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | 31,999,594 | | | | (28,903,549 | ) | | | 63,934,732 | | | | 2,931,138 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 421,401,377 | | | $ | 450,304,926 | | | $ | 1,151,702,477 | | | $ | 1,148,771,339 | | | |
| | |
| | | | | | |
| | End of year | | $ | 453,400,971 | | | $ | 421,401,377 | | | $ | 1,215,637,209 | | | $ | 1,151,702,477 | | | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 21 |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Value Fund | | | Small/Mid Cap Value Fund | | | |
| | | | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 7,339,359 | | | $ | 19,191,459 | | | $ | 935,802 | | | $ | 1,716,932 | | | |
| | | | | | |
| | Net realized gain (loss) | | | 230,675,283 | | | | 96,955,058 | | | | 12,944,840 | | | | (6,660,726 | ) | | |
| | | | | | |
| | Net change in unrealized gain (loss) | | | (49,605,839 | ) | | | (43,305,466 | ) | | | 8,295,025 | | | | 14,063,494 | | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 188,408,803 | | | | 72,841,051 | | | | 22,175,667 | | | | 9,119,700 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (10,561,785 | ) | | | (51,748,366 | ) | | | (14,532 | ) | | | (164,809 | ) | | |
| | | | | | |
| | Class C Shares | | | (82,198 | ) | | | (440,629 | ) | | | — | | | | (66,005 | ) | | |
| | | | | | |
| | Institutional Shares | | | (22,662,987 | ) | | | (202,459,669 | ) | | | (206,693 | ) | | | (1,864,079 | ) | | |
| | | | | | |
| | Service Shares | | | (578,093 | ) | | | (2,858,068 | ) | | | — | | | | — | | | |
| | | | | | |
| | | Investor Shares | | | (2,216,137 | ) | | | (20,218,513 | ) | | | (70,022 | ) | | | (757,902 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (18,226,558 | ) | | | (144,535,398 | ) | | | (238,483 | ) | | | (6,757,794 | ) | | |
| | | | | | |
| | Class R Shares | | | (1,602,322 | ) | | | (6,990,091 | ) | | | (393 | ) | | | (7,935 | ) | | |
| | | | | | |
| | Class P Shares | | | (8,853,867 | ) | | | (38,556,866 | ) | | | (845,088 | ) | | | (5,911,852 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (64,783,947 | ) | | | (467,807,600 | ) | | | (1,375,211 | ) | | | (15,530,376 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 236,999,084 | | | | 376,347,158 | | | | 26,351,934 | | | | 54,323,797 | | | |
| | | | | | |
| | Proceeds paid in connection with in-kind transactions | | | — | | | | (23,891,044 | ) | | | — | | | | — | | | |
| | | | | | |
| | Reinvestment of distributions | | | 62,580,861 | | | | 454,551,534 | | | | 1,375,161 | | | | 15,529,991 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (920,311,288 | ) | | | (2,086,211,976 | ) | | | (114,268,720 | ) | | | (72,236,151 | ) | | |
| | |
| | | | | | |
| | Net decrease in net assets resulting from share transactions | | | (620,731,343 | ) | | | (1,279,204,328 | ) | | | (86,541,625 | ) | | | (2,382,363 | ) | | |
| | |
| | | | | | |
| | TOTAL DECREASE | | | (497,106,487 | ) | | | (1,674,170,877 | ) | | | (65,741,169 | ) | | | (8,793,039 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 1,709,216,536 | | | $ | 3,383,387,413 | | | $ | 220,918,187 | | | $ | 229,711,226 | | | |
| | |
| | | | | | |
| | End of year | | $ | 1,212,110,049 | | | $ | 1,709,216,536 | | | $ | 155,177,018 | | | $ | 220,918,187 | | | |
| | |
| | |
| 22 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY INCOME FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Equity Income Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 42.36 | | | | $ | 41.89 | | | | $ | 47.25 | | | | $ | 37.94 | | | | $ | 38.96 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.67 | | | | | 0.78 | | | | | 0.71 | | | | | 0.59 | | | | | 0.62 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 8.41 | | | | | 1.93 | | | | | (2.31 | ) | | | | 9.28 | | | | | 0.58 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 9.08 | | | | | 2.71 | | | | | (1.60 | ) | | | | 9.87 | | | | | 1.20 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.69 | ) | | | | (0.77 | ) | | | | (0.73 | ) | | | | (0.56 | ) | | | | (0.65) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.29 | ) | | | | (1.47 | ) | | | | (3.03 | ) | | | | – | | | | | (1.57) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.98 | ) | | | | (2.24 | ) | | | | (3.76 | ) | | | | (0.56 | ) | | | | (2.22) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 49.46 | | | | $ | 42.36 | | | | $ | 41.89 | | | | $ | 47.25 | | | | $ | 37.94 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 22.17 | % | | | | 6.55 | % | | | | (3.79 | )% | | | | 26.23 | % | | | | 3.08% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 327,114 | | | | $ | 294,458 | | | | $ | 300,621 | | | | $ | 334,886 | | | | $ | 292,009 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.01 | % | | | | 1.04 | % | | | | 1.04 | % | | | | 1.04 | % | | | | 1.08% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.20 | % | | | | 1.19 | % | | | | 1.18 | % | | | | 1.20 | % | | | | 1.25% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.50 | % | | | | 1.86 | % | | | | 1.58 | % | | | | 1.40 | % | | | | 1.67% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 31 | % | | | | 32 | % | | | | 17 | % | | | | 44 | % | | | | 42% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 23 |
GOLDMAN SACHS EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Equity Income Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 39.95 | | | | $ | 39.62 | | | | $ | 44.89 | | | | $ | 36.06 | | | | $ | 37.12 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.31 | | | | | 0.44 | | | | | 0.36 | | | | | 0.26 | | | | | 0.34 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 7.91 | | | | | 1.83 | | | | | (2.19 | ) | | | | 8.82 | | | | | 0.54 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 8.22 | | | | | 2.27 | | | | | (1.83 | ) | | | | 9.08 | | | | | 0.88 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.37 | ) | | | | (0.47 | ) | | | | (0.41 | ) | | | | (0.25 | ) | | | | (0.37) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.29 | ) | | | | (1.47 | ) | | | | (3.03 | ) | | | | – | | | | | (1.57) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.66 | ) | | | | (1.94 | ) | | | | (3.44 | ) | | | | (0.25 | ) | | | | (1.94) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 46.51 | | | | $ | 39.95 | | | | $ | 39.62 | | | | $ | 44.89 | | | | $ | 36.06 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 21.24 | % | | | | 5.75 | % | | | | (4.51 | )% | | | | 25.26 | % | | | | 2.33% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 4,154 | | | | $ | 4,327 | | | | $ | 4,651 | | | | $ | 6,026 | | | | $ | 5,477 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.76 | % | | | | 1.79 | % | | | | 1.79 | % | | | | 1.79 | % | | | | 1.83% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.95 | % | | | | 1.94 | % | | | | 1.93 | % | | | | 1.95 | % | | | | 2.00% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.75 | % | | | | 1.11 | % | | | | 0.84 | % | | | | 0.65 | % | | | | 0.94% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 31 | % | | | | 32 | % | | | | 17 | % | | | | 44 | % | | | | 42% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 24 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Equity Income Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 43.28 | | | | $ | 42.76 | | | | $ | 48.15 | | | | $ | 38.65 | | | | $ | 39.66 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.81 | | | | | 0.93 | | | | | 0.87 | | | | | 0.75 | | | | | 0.76 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 8.61 | | | | | 1.96 | | | | | (2.37 | ) | | | | 9.44 | | | | | 0.58 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 9.42 | | | | | 2.89 | | | | | (1.50 | ) | | | | 10.19 | | | | | 1.34 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.82 | ) | | | | (0.90 | ) | | | | (0.86 | ) | | | | (0.69 | ) | | | | (0.78) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.29 | ) | | | | (1.47 | ) | | | | (3.03 | ) | | | | – | | | | | (1.57) | |
| | | |
| | | | | | |
| | Total distributions | | | | (2.11 | ) | | | | (2.37 | ) | | | | (3.89 | ) | | | | (0.69 | ) | | | | (2.35) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 50.59 | | | | $ | 43.28 | | | | $ | 42.76 | | | | $ | 48.15 | | | | $ | 38.65 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 22.54 | % | | | | 6.86 | % | | | | (3.49 | )% | | | | 26.63 | % | | | | 3.41% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 19,719 | | | | $ | 25,845 | | | | $ | 31,702 | | | | $ | 33,660 | | | | $ | 22,592 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.71 | % | | | | 0.74 | % | | | | 0.73 | % | | | | 0.73 | % | | | | 0.74% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.84 | % | | | | 0.82 | % | | | | 0.81 | % | | | | 0.83 | % | | | | 0.86% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.80 | % | | | | 2.18 | % | | | | 1.90 | % | | | | 1.73 | % | | | | 2.00% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 31 | % | | | | 32 | % | | | | 17 | % | | | | 44 | % | | | | 42% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 25 |
GOLDMAN SACHS EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Equity Income Fund |
| | |
| | | | | Service Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 42.56 | | | | $ | 42.08 | | | | $ | 47.45 | | | | $ | 38.08 | | | | $ | 39.10 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.58 | | | | | 0.70 | | | | | 0.63 | | | | | 0.48 | | | | | 0.57 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 8.44 | | | | | 1.94 | | | | | (2.33 | ) | | | | 9.35 | | | | | 0.57 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 9.02 | | | | | 2.64 | | | | | (1.70 | ) | | | | 9.83 | | | | | 1.14 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.59 | ) | | | | (0.69 | ) | | | | (0.64 | ) | | | | (0.46 | ) | | | | (0.59) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.29 | ) | | | | (1.47 | ) | | | | (3.03 | ) | | | | – | | | | | (1.57) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.88 | ) | | | | (2.16 | ) | | | | (3.67 | ) | | | | (0.46 | ) | | | | (2.16) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 49.70 | | | | $ | 42.56 | | | | $ | 42.08 | | | | $ | 47.45 | | | | $ | 38.08 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 21.93 | % | | | | 6.33 | % | | | | (3.98 | )% | | | | 26.01 | % | | | | 2.89% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 91 | | | | $ | 93 | | | | $ | 90 | | | | $ | 103 | | | | $ | 161 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.21 | % | | | | 1.24 | % | | | | 1.23 | % | | | | 1.23 | % | | | | 1.24% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.34 | % | | | | 1.31 | % | | | | 1.31 | % | | | | 1.33 | % | | | | 1.37% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.30 | % | | | | 1.67 | % | | | | 1.39 | % | | | | 1.16 | % | | | | 1.52% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 31 | % | | | | 32 | % | | | | 17 | % | | | | 44 | % | | | | 42% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 26 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Equity Income Fund |
| | |
| | | | | Investor Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 42.27 | | | | $ | 41.82 | | | | $ | 47.18 | | | | $ | 37.88 | | | | $ | 38.91 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.77 | | | | | 0.88 | | | | | 0.83 | | | | | 0.69 | | | | | 0.71 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 8.39 | | | | | 1.92 | | | | | (2.32 | ) | | | | 9.27 | | | | | 0.58 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 9.16 | | | | | 2.80 | | | | | (1.49 | ) | | | | 9.96 | | | | | 1.29 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.79 | ) | | | | (0.88 | ) | | | | (0.84 | ) | | | | (0.66 | ) | | | | (0.75) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.29 | ) | | | | (1.47 | ) | | | | (3.03 | ) | | | | – | | | | | (1.57) | |
| | | |
| | | | | | |
| | Total distributions | | | | (2.08 | ) | | | | (2.35 | ) | | | | (3.87 | ) | | | | (0.66 | ) | | | | (2.32) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 49.35 | | | | $ | 42.27 | | | | $ | 41.82 | | | | $ | 47.18 | | | | $ | 37.88 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 22.47 | % | | | | 6.78 | % | | | | (3.55 | )% | | | | 26.54 | % | | | | 3.33% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 3,489 | | | | $ | 4,197 | | | | $ | 4,394 | | | | $ | 3,042 | | | | $ | 2,384 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.76 | % | | | | 0.79 | % | | | | 0.79 | % | | | | 0.80 | % | | | | 0.83% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.95 | % | | | | 0.94 | % | | | | 0.93 | % | | | | 0.95 | % | | | | 0.99% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.74 | % | | | | 2.10 | % | | | | 1.86 | % | | | | 1.66 | % | | | | 1.92% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 31 | % | | | | 32 | % | | | | 17 | % | | | | 44 | % | | | | 42% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 27 |
GOLDMAN SACHS EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Equity Income Fund |
| | |
| | | | | Class R6 Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 43.28 | | | | $ | 42.76 | | | | $ | 48.15 | | | | $ | 38.65 | | | | $ | 39.66 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.82 | | | | | 0.93 | | | | | 0.87 | | | | | 0.75 | | | | | 0.76 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 8.60 | | | | | 1.96 | | | | | (2.36 | ) | | | | 9.44 | | | | | 0.58 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 9.42 | | | | | 2.89 | | | | | (1.49 | ) | | | | 10.19 | | | | | 1.34 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.82 | ) | | | | (0.90 | ) | | | | (0.87 | ) | | | | (0.69 | ) | | | | (0.78) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.29 | ) | | | | (1.47 | ) | | | | (3.03 | ) | | | | – | | | | | (1.57) | |
| | | |
| | | | | | |
| | Total distributions | | | | (2.11 | ) | | | | (2.37 | ) | | | | (3.90 | ) | | | | (0.69 | ) | | | | (2.35) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 50.59 | | | | $ | 43.28 | | | | $ | 42.76 | | | | $ | 48.15 | | | | $ | 38.65 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 22.55 | % | | | | 6.87 | % | | | | (3.48 | )% | | | | 26.64 | % | | | | 3.42% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 7,057 | | | | $ | 5,817 | | | | $ | 6,582 | | | | $ | 6,981 | | | | $ | 5,378 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.69 | % | | | | 0.73 | % | | | | 0.72 | % | | | | 0.72 | % | | | | 0.73% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.83 | % | | | | 0.81 | % | | | | 0.80 | % | | | | 0.82 | % | | | | 0.86% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.82 | % | | | | 2.17 | % | | | | 1.90 | % | | | | 1.73 | % | | | | 2.00% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 31 | % | | | | 32 | % | | | | 17 | % | | | | 44 | % | | | | 42% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 28 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Equity Income Fund |
| | |
| | | | | Class R Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 42.12 | | | | $ | 41.62 | | | | $ | 46.98 | | | | $ | 37.73 | | | | $ | 38.75 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.55 | | | | | 0.67 | | | | | 0.60 | | | | | 0.49 | | | | | 0.53 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 8.37 | | | | | 1.92 | | | | | (2.31 | ) | | | | 9.22 | | | | | 0.57 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 8.92 | | | | | 2.59 | | | | | (1.71 | ) | | | | 9.71 | | | | | 1.10 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.58 | ) | | | | (0.62 | ) | | | | (0.62 | ) | | | | (0.46 | ) | | | | (0.55) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.29 | ) | | | | (1.47 | ) | | | | (3.03 | ) | | | | – | | | | | (1.57) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.87 | ) | | | | (2.09 | ) | | | | (3.65 | ) | | | | (0.46 | ) | | | | (2.12) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 49.17 | | | | $ | 42.12 | | | | $ | 41.62 | | | | $ | 46.98 | | | | $ | 37.73 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 21.89 | % | | | | 6.23 | % | | | | (4.02 | )% | | | | 25.91 | % | | | | 2.82% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 818 | | | | $ | 676 | | | | $ | 630 | | | | $ | 1,337 | | | | $ | 1,131 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.26 | % | | | | 1.29 | % | | | | 1.29 | % | | | | 1.29 | % | | | | 1.33% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.45 | % | | | | 1.44 | % | | | | 1.43 | % | | | | 1.45 | % | | | | 1.50% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.26 | % | | | | 1.61 | % | | | | 1.34 | % | | | | 1.15 | % | | | | 1.42% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 31 | % | | | | 32 | % | | | | 17 | % | | | | 44 | % | | | | 42% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 29 |
GOLDMAN SACHS EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Equity Income Fund |
| | |
| | | | | Class P Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 43.27 | | | | $ | 42.75 | | | | $ | 48.14 | | | | $ | 38.64 | | | | $ | 39.65 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.81 | | | | | 0.93 | | | | | 0.88 | | | | | 0.76 | | | | | 0.76 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 8.61 | | | | | 1.96 | | | | | (2.37 | ) | | | | 9.43 | | | | | 0.59 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 9.42 | | | | | 2.89 | | | | | (1.49 | ) | | | | 10.19 | | | | | 1.35 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.82 | ) | | | | (0.90 | ) | | | | (0.87 | ) | | | | (0.69 | ) | | | | (0.79) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.29 | ) | | | | (1.47 | ) | | | | (3.03 | ) | | | | – | | | | | (1.57) | |
| | | |
| | | | | | |
| | Total distributions | | | | (2.11 | ) | | | | (2.37 | ) | | | | (3.90 | ) | | | | (0.69 | ) | | | | (2.36) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 50.58 | | | | $ | 43.27 | | | | $ | 42.75 | | | | $ | 48.14 | | | | $ | 38.64 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 22.55 | % | | | | 6.87 | % | | | | (3.48 | )% | | | | 26.65 | % | | | | 3.43% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 42,986 | | | | $ | 67,997 | | | | $ | 57,277 | | | | $ | 40,099 | | | | $ | 20,492 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.70 | % | | | | 0.73 | % | | | | 0.72 | % | | | | 0.72 | % | | | | 0.73% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.83 | % | | | | 0.81 | % | | | | 0.80 | % | | | | 0.82 | % | | | | 0.85% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.81 | % | | | | 2.17 | % | | | | 1.94 | % | | | | 1.74 | % | | | | 2.04% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 31 | % | | | | 32 | % | | | | 17 | % | | | | 44 | % | | | | 42% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 30 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Focused Value Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 13.39 | | | | $ | 13.07 | | | | $ | 14.86 | | | | $ | 11.25 | | | | $ | 10.69 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.17 | | | | | 0.15 | | | | | 0.10 | | | | | 0.07 | | | | | 0.09 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.84 | | | | | 1.47 | | | | | (0.96 | ) | | | | 3.76 | | | | | 0.62 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.01 | | | | | 1.62 | | | | | (0.86 | ) | | | | 3.83 | | | | | 0.71 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.18 | ) | | | | (0.13 | ) | | | | (0.07 | ) | | | | (0.08 | ) | | | | (0.04) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.17 | ) | | | | (0.86 | ) | | | | (0.14 | ) | | | | (0.11) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.21 | ) | | | | (1.30 | ) | | | | (0.93 | ) | | | | (0.22 | ) | | | | (0.15) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.19 | | | | $ | 13.39 | | | | $ | 13.07 | | | | $ | 14.86 | | | | $ | 11.25 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 22.68 | % | | | | 12.87 | % | | | | (6.29 | )% | | | | 34.43 | % | | | | 6.60% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 1,397 | | | | $ | 419 | | | | $ | 312 | | | | $ | 369 | | | | $ | 148 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.01 | % | | | | 1.03 | % | | | | 1.04 | % | | | | 1.04 | % | | | | 1.09% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.68 | % | | | | 1.72 | % | | | | 1.72 | % | | | | 2.27 | % | | | | 4.71% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.17 | % | | | | 1.13 | % | | | | 0.73 | % | | | | 0.51 | % | | | | 0.83% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 85 | % | | | | 82 | % | | | | 78 | % | | | | 78 | % | | | | 102% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS FOCUSED VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Focused Value Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 13.10 | | | | $ | 12.85 | | | | $ | 14.65 | | | | $ | 11.11 | | | | $ | 10.60 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | | 0.06 | | | | | 0.06 | | | | | – | | | | | (0.03 | ) | | | | 0.01 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.80 | | | | | 1.42 | | | | | (0.94 | ) | | | | 3.71 | | | | | 0.61 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 2.86 | | | | | 1.48 | | | | | (0.94 | ) | | | | 3.68 | | | | | 0.62 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | (0.06 | ) | | | | – | | | | | – | | | | | – | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.17 | ) | | | | (0.86 | ) | | | | (0.14 | ) | | | | (0.11) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.03 | ) | | | | (1.23 | ) | | | | (0.86 | ) | | | | (0.14 | ) | | | | (0.11) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 15.93 | | | | $ | 13.10 | | | | $ | 12.85 | | | | $ | 14.65 | | | | $ | 11.11 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 21.85 | % | | | | 11.91 | % | | | | (6.93 | )% | | | | 33.34 | % | | | | 5.85% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 160 | | | | $ | 212 | | | | $ | 326 | | | | $ | 49 | | | | $ | 32 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.76 | % | | | | 1.78 | % | | | | 1.79 | % | | | | 1.79 | % | | | | 1.85% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.46 | % | | | | 2.48 | % | | | | 2.43 | % | | | | 2.99 | % | | | | 5.81% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.46 | % | | | | 0.44 | % | | | | 0.04 | % | | | | (0.24 | )% | | | | 0.06% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 85 | % | | | | 82 | % | | | | 78 | % | | | | 78 | % | | | | 102% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Focused Value Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 13.46 | | | | $ | 13.14 | | | | $ | 14.92 | | | | $ | 11.29 | | | | $ | 10.72 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.22 | | | | | 0.19 | | | | | 0.16 | | | | | 0.11 | | | | | 0.12 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.86 | | | | | 1.46 | | | | | (0.97 | ) | | | | 3.77 | | | | | 0.63 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.08 | | | | | 1.65 | | | | | (0.81 | ) | | | | 3.88 | | | | | 0.75 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.16 | ) | | | | (0.11 | ) | | | | (0.11 | ) | | | | (0.07) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.17 | ) | | | | (0.86 | ) | | | | (0.14 | ) | | | | (0.11) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.23 | ) | | | | (1.33 | ) | | | | (0.97 | ) | | | | (0.25 | ) | | | | (0.18) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.31 | | | | $ | 13.46 | | | | $ | 13.14 | | | | $ | 14.92 | | | | $ | 11.29 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 23.16 | % | | | | 13.13 | % | | | | (5.98 | )% | | | | 34.80 | % | | | | 7.00% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 4,836 | | | | $ | 2,310 | | | | $ | 2,167 | | | | $ | 5,999 | | | | $ | 871 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.69 | % | | | | 0.71 | % | | | | 0.73 | % | | | | 0.73 | % | | | | 0.76% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.33 | % | | | | 1.36 | % | | | | 1.41 | % | | | | 1.65 | % | | | | 4.65% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.50 | % | | | | 1.46 | % | | | | 1.10 | % | | | | 0.82 | % | | | | 1.13% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 85 | % | | | | 82 | % | | | | 78 | % | | | | 78 | % | | | | 102% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS FOCUSED VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Focused Value Fund |
| | |
| | | | | Investor Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 13.41 | | | | $ | 13.09 | | | | $ | 14.88 | | | | $ | 11.26 | | | | $ | 10.69 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.23 | | | | | 0.18 | | | | | 0.14 | | | | | 0.09 | | | | | 0.11 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.82 | | | | | 1.47 | | | | | (0.96 | ) | | | | 3.77 | | | | | 0.63 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.05 | | | | | 1.65 | | | | | (0.82 | ) | | | | 3.86 | | | | | 0.74 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.19 | ) | | | | (0.16 | ) | | | | (0.11 | ) | | | | (0.10 | ) | | | | (0.06) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.17 | ) | | | | (0.86 | ) | | | | (0.14 | ) | | | | (0.11) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.22 | ) | | | | (1.33 | ) | | | | (0.97 | ) | | | | (0.24 | ) | | | | (0.17) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.24 | | | | $ | 13.41 | | | | $ | 13.09 | | | | $ | 14.88 | | | | $ | 11.26 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 23.01 | % | | | | 13.11 | % | | | | (6.06 | )% | | | | 34.71 | % | | | | 6.92% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 4,895 | | | | $ | 14 | | | | $ | 12 | | | | $ | 13 | | | | $ | 34 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.76 | % | | | | 0.78 | % | | | | 0.80 | % | | | | 0.80 | % | | | | 0.85% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.39 | % | | | | 1.47 | % | | | | 1.47 | % | | | | 2.61 | % | | | | 4.81% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.51 | % | | | | 1.38 | % | | | | 0.97 | % | | | | 0.69 | % | | | | 1.04% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 85 | % | | | | 82 | % | | | | 78 | % | | | | 78 | % | | | | 102% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Focused Value Fund |
| | |
| | | | | Class R6 Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 13.43 | | | | $ | 13.11 | | | | $ | 14.89 | | | | $ | 11.27 | | | | $ | 10.71 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.22 | | | | | 0.19 | | | | | 0.15 | | | | | 0.10 | | | | | 0.12 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.84 | | | | | 1.47 | | | | | (0.95 | ) | | | | 3.77 | | | | | 0.62 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.06 | | | | | 1.66 | | | | | (0.80 | ) | | | | 3.87 | | | | | 0.74 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.17 | ) | | | | (0.12 | ) | | | | (0.11 | ) | | | | (0.07) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.17 | ) | | | | (0.86 | ) | | | | (0.14 | ) | | | | (0.11) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.23 | ) | | | | (1.34 | ) | | | | (0.98 | ) | | | | (0.25 | ) | | | | (0.18) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.26 | | | | $ | 13.43 | | | | $ | 13.11 | | | | $ | 14.89 | | | | $ | 11.27 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 23.08 | % | | | | 13.17 | % | | | | (5.90 | )% | | | | 34.79 | % | | | | 6.92% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 1,961 | | | | $ | 14 | | | | $ | 12 | | | | $ | 13 | | | | $ | 34 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.68 | % | | | | 0.69 | % | | | | 0.72 | % | | | | 0.72 | % | | | | 0.75% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.25 | % | | | | 1.34 | % | | | | 1.33 | % | | | | 2.48 | % | | | | 4.67% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.46 | % | | | | 1.47 | % | | | | 1.05 | % | | | | 0.77 | % | | | | 1.13% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 85 | % | | | | 82 | % | | | | 78 | % | | | | 78 | % | | | | 102% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS FOCUSED VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Focused Value Fund |
| | |
| | | | | Class R Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 13.28 | | | | $ | 12.98 | | | | $ | 14.76 | | | | $ | 11.20 | | | | $ | 10.65 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.13 | | | | | 0.12 | | | | | 0.07 | | | | | 0.03 | | | | | 0.06 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.83 | | | | | 1.44 | | | | | (0.95 | ) | | | | 3.74 | | | | | 0.61 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 2.96 | | | | | 1.56 | | | | | (0.88 | ) | | | | 3.77 | | | | | 0.67 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.13 | ) | | | | (0.09 | ) | | | | (0.04 | ) | | | | (0.07 | ) | | | | (0.01) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.17 | ) | | | | (0.86 | ) | | | | (0.14 | ) | | | | (0.11) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.16 | ) | | | | (1.26 | ) | | | | (0.90 | ) | | | | (0.21 | ) | | | | (0.12) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.08 | | | | $ | 13.28 | | | | $ | 12.98 | | | | $ | 14.76 | | | | $ | 11.20 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 22.44 | % | | | | 12.51 | % | | | | (6.47 | )% | | | | 34.04 | % | | | | 6.27% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 56 | | | | $ | 46 | | | | $ | 41 | | | | $ | 43 | | | | $ | 33 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.26 | % | | | | 1.28 | % | | | | 1.29 | % | | | | 1.29 | % | | | | 1.35% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.93 | % | | | | 1.97 | % | | | | 1.96 | % | | | | 2.69 | % | | | | 5.31% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.93 | % | | | | 0.89 | % | | | | 0.47 | % | | | | 0.23 | % | | | | 0.55% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 85 | % | | | | 82 | % | | | | 78 | % | | | | 78 | % | | | | 102% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 36 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Focused Value Fund |
| | |
| | | | | Class P Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 13.43 | | | | $ | 13.11 | | | | $ | 14.90 | | | | $ | 11.28 | | | | $ | 10.71 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.22 | | | | | 0.19 | | | | | 0.15 | | | | | 0.11 | | | | | 0.12 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.85 | | | | | 1.47 | | | | | (0.96 | ) | | | | 3.76 | | | | | 0.63 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.07 | | | | | 1.66 | | | | | (0.81 | ) | | | | 3.87 | | | | | 0.75 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.17 | ) | | | | (0.12 | ) | | | | (0.11 | ) | | | | (0.07) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.03 | ) | | | | (1.17 | ) | | | | (0.86 | ) | | | | (0.14 | ) | | | | (0.11) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.23 | ) | | | | (1.34 | ) | | | | (0.98 | ) | | | | (0.25 | ) | | | | (0.18) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.27 | | | | $ | 13.43 | | | | $ | 13.11 | | | | $ | 14.90 | | | | $ | 11.28 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 23.14 | % | | | | 13.17 | % | | | | (5.96 | )% | | | | 34.76 | % | | | | 7.03% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 43,381 | | | | $ | 43,965 | | | | $ | 40,108 | | | | $ | 33,202 | | | | $ | 8,657 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.68 | % | | | | 0.70 | % | | | | 0.72 | % | | | | 0.72 | % | | | | 0.74% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.32 | % | | | | 1.35 | % | | | | 1.33 | % | | | | 1.80 | % | | | | 4.45% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.51 | % | | | | 1.47 | % | | | | 1.04 | % | | | | 0.82 | % | | | | 1.16% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 85 | % | | | | 82 | % | | | | 78 | % | | | | 78 | % | | | | 102% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS LARGE CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Value Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 15.02 | | | | $ | 15.03 | | | | $ | 17.86 | | | | $ | 13.92 | | | | $ | 14.42 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.16 | | | | | 0.15 | | | | | 0.15 | | | | | 0.12 | | | | | 0.16 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.37 | | | | | 1.15 | | | | | (0.95 | ) | | | | 4.31 | | | | | 0.18 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.53 | | | | | 1.30 | | | | | (0.80 | ) | | | | 4.43 | | | | | 0.34 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.17 | ) | | | | (0.16 | ) | | | | (0.12 | ) | | | | (0.16 | ) | | | | (0.17) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.74 | ) | | | | (1.15 | ) | | | | (1.91 | ) | | | | (0.33 | ) | | | | (0.67) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.91 | ) | | | | (1.31 | ) | | | | (2.03 | ) | | | | (0.49 | ) | | | | (0.84) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 17.64 | | | | $ | 15.02 | | | | $ | 15.03 | | | | $ | 17.86 | | | | $ | 13.92 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 24.71 | % | | | | 8.88 | % | | | | (5.23 | )% | | | | 32.64 | % | | | | 1.97% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 89,817 | | | | $ | 77,915 | | | | $ | 77,259 | | | | $ | 87,359 | | | | $ | 74,559 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.01 | % | | | | 1.04 | % | | | | 1.04 | % | | | | 1.04 | % | | | | 1.07% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.25 | % | | | | 1.24 | % | | | | 1.22 | % | | | | 1.24 | % | | | | 1.28% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.04 | % | | | | 1.04 | % | | | | 0.93 | % | | | | 0.74 | % | | | | 1.13% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 51 | % | | | | 57 | % | | | | 46 | % | | | | 53 | % | | | | 64% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Value Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 13.94 | | | | $ | 14.04 | | | | $ | 16.80 | | | | $ | 13.12 | | | | $ | 13.64 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.05 | | | | | 0.04 | | | | | 0.03 | | | | | – | | | | | 0.05 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.12 | | | | | 1.06 | | | | | (0.88 | ) | | | | 4.06 | | | | | 0.17 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.17 | | | | | 1.10 | | | | | (0.85 | ) | | | | 4.06 | | | | | 0.22 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.04 | ) | | | | (0.05 | ) | | | | – | | | | | (0.05 | ) | | | | (0.07) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.74 | ) | | | | (1.15 | ) | | | | (1.91 | ) | | | | (0.33 | ) | | | | (0.67) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.78 | ) | | | | (1.20 | ) | | | | (1.91 | ) | | | | (0.38 | ) | | | | (0.74) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.33 | | | | $ | 13.94 | | | | $ | 14.04 | | | | $ | 16.80 | | | | $ | 13.12 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 23.78 | % | | | | 8.03 | % | | | | (5.87 | )% | | | | 31.59 | % | | | | 1.21% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 6,774 | | | | $ | 8,198 | | | | $ | 10,176 | | | | $ | 12,948 | | | | $ | 17,422 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.76 | % | | | | 1.79 | % | | | | 1.79 | % | | | | 1.79 | % | | | | 1.82% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.00 | % | | | | 1.99 | % | | | | 1.97 | % | | | | 1.99 | % | | | | 2.03% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.31 | % | | | | 0.30 | % | | | | 0.18 | % | | | | – | %(c) | | | | 0.39% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | | 51 | % | | | | 57 | % | | | | 46 | % | | | | 53 | % | | | | 64% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | Amount is less than 0.005%. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS LARGE CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Value Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 15.25 | | | | $ | 15.25 | | | | $ | 18.08 | | | | $ | 14.08 | | | | $ | 14.58 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.21 | | | | | 0.20 | | | | | 0.21 | | | | | 0.17 | | | | | 0.20 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.43 | | | | | 1.15 | | | | | (0.96 | ) | | | | 4.37 | | | | | 0.19 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.64 | | | | | 1.35 | | | | | (0.75 | ) | | | | 4.54 | | | | | 0.39 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.22 | ) | | | | (0.20 | ) | | | | (0.17 | ) | | | | (0.21 | ) | | | | (0.22) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.74 | ) | | | | (1.15 | ) | | | | (1.91 | ) | | | | (0.33 | ) | | | | (0.67) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.96 | ) | | | | (1.35 | ) | | | | (2.08 | ) | | | | (0.54 | ) | | | | (0.89) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 17.93 | | | | $ | 15.25 | | | | $ | 15.25 | | | | $ | 18.08 | | | | $ | 14.08 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 25.08 | % | | | | 9.16 | % | | | | (4.88 | )% | | | | 33.08 | % | | | | 2.26% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 132,227 | | | | $ | 127,436 | | | | $ | 155,700 | | | | $ | 181,806 | | | | $ | 140,814 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.71 | % | | | | 0.73 | % | | | | 0.73 | % | | | | 0.73 | % | | | | 0.76% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.89 | % | | | | 0.87 | % | | | | 0.85 | % | | | | 0.87 | % | | | | 0.90% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.35 | % | | | | 1.35 | % | | | | 1.24 | % | | | | 1.04 | % | | | | 1.43% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 51 | % | | | | 57 | % | | | | 46 | % | | | | 53 | % | | | | 64% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Value Fund |
| | |
| | | | | Service Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 14.95 | | | | $ | 14.97 | | | | $ | 17.78 | | | | $ | 13.86 | | | | $ | 14.36 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.13 | | | | | 0.12 | | | | | 0.12 | | | | | 0.09 | | | | | 0.13 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.34 | | | | | 1.14 | | | | | (0.93 | ) | | | | 4.29 | | | | | 0.19 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.47 | | | | | 1.26 | | | | | (0.81 | ) | | | | 4.38 | | | | | 0.32 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.14 | ) | | | | (0.13 | ) | | | | (0.09 | ) | | | | (0.13 | ) | | | | (0.15) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.74 | ) | | | | (1.15 | ) | | | | (1.91 | ) | | | | (0.33 | ) | | | | (0.67) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.88 | ) | | | | (1.28 | ) | | | | (2.00 | ) | | | | (0.46 | ) | | | | (0.82) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 17.54 | | | | $ | 14.95 | | | | $ | 14.97 | | | | $ | 17.78 | | | | $ | 13.86 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 24.38 | % | | | | 8.66 | % | | | | (5.33 | )% | | | | 32.36 | % | | | | 1.80% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 1,055 | | | | $ | 964 | | | | $ | 835 | | | | $ | 846 | | | | $ | 836 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.21 | % | | | | 1.23 | % | | | | 1.23 | % | | | | 1.23 | % | | | | 1.26% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.39 | % | | | | 1.37 | % | | | | 1.35 | % | | | | 1.37 | % | | | | 1.40% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.84 | % | | | | 0.85 | % | | | | 0.74 | % | | | | 0.55 | % | | | | 0.94% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 51 | % | | | | 57 | % | | | | 46 | % | | | | 53 | % | | | | 64% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS LARGE CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Value Fund |
| | |
| | | | | Investor Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 15.04 | | | | $ | 15.05 | | | | $ | 17.87 | | | | $ | 13.93 | | | | $ | 14.43 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.20 | | | | | 0.19 | | | | | 0.19 | | | | | 0.16 | | | | | 0.19 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.37 | | | | | 1.15 | | | | | (0.94 | ) | | | | 4.31 | | | | | 0.19 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.57 | | | | | 1.34 | | | | | (0.75 | ) | | | | 4.47 | | | | | 0.38 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.21 | ) | | | | (0.20 | ) | | | | (0.16 | ) | | | | (0.20 | ) | | | | (0.21) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.74 | ) | | | | (1.15 | ) | | | | (1.91 | ) | | | | (0.33 | ) | | | | (0.67) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.95 | ) | | | | (1.35 | ) | | | | (2.07 | ) | | | | (0.53 | ) | | | | (0.88) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 17.66 | | | | $ | 15.04 | | | | $ | 15.05 | | | | $ | 17.87 | | | | $ | 13.93 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 24.94 | % | | | | 9.16 | % | | | | (4.94 | )% | | | | 32.92 | % | | | | 2.22% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 4,301 | | | | $ | 6,907 | | | | $ | 3,318 | | | | $ | 3,559 | | | | $ | 3,460 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.76 | % | | | | 0.79 | % | | | | 0.79 | % | | | | 0.79 | % | | | | 0.82% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.00 | % | | | | 0.99 | % | | | | 0.97 | % | | | | 0.99 | % | | | | 1.03% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.27 | % | | | | 1.27 | % | | | | 1.19 | % | | | | 0.99 | % | | | | 1.37% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 51 | % | | | | 57 | % | | | | 46 | % | | | | 53 | % | | | | 64% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Value Fund |
| | |
| | | | | Class R6 Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 15.73 | | | | $ | 15.69 | | | | $ | 18.54 | | | | $ | 14.43 | | | | $ | 14.92 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.22 | | | | | 0.21 | | | | | 0.21 | | | | | 0.17 | | | | | 0.21 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.54 | | | | | 1.19 | | | | | (0.97 | ) | | | | 4.48 | | | | | 0.19 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.76 | | | | | 1.40 | | | | | (0.76 | ) | | | | 4.65 | | | | | 0.40 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.22 | ) | | | | (0.21 | ) | | | | (0.18 | ) | | | | (0.21 | ) | | | | (0.22) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.74 | ) | | | | (1.15 | ) | | | | (1.91 | ) | | | | (0.33 | ) | | | | (0.67) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.96 | ) | | | | (1.36 | ) | | | | (2.09 | ) | | | | (0.54 | ) | | | | (0.89) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 18.53 | | | | $ | 15.73 | | | | $ | 15.69 | | | | $ | 18.54 | | | | $ | 14.43 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 25.10 | % | | | | 9.17 | % | | | | (4.86 | )% | | | | 33.05 | % | | | | 2.29% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 2,916 | | | | $ | 2,233 | | | | $ | 2,245 | | | | $ | 1,958 | | | | $ | 1,636 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.70 | % | | | | 0.72 | % | | | | 0.72 | % | | | | 0.72 | % | | | | 0.75% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.88 | % | | | | 0.86 | % | | | | 0.84 | % | | | | 0.86 | % | | | | 0.89% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.35 | % | | | | 1.36 | % | | | | 1.26 | % | | | | 1.06 | % | | | | 1.43% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 51 | % | | | | 57 | % | | | | 46 | % | | | | 53 | % | | | | 64% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 43 |
GOLDMAN SACHS LARGE CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Value Fund |
| | |
| | | | | Class R Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 14.40 | | | | $ | 14.47 | | | | $ | 17.27 | | | | $ | 13.47 | | | | $ | 13.97 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.12 | | | | | 0.11 | | | | | 0.11 | | | | | 0.07 | | | | | 0.12 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.22 | | | | | 1.10 | | | | | (0.91 | ) | | | | 4.18 | | | | | 0.17 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.34 | | | | | 1.21 | | | | | (0.80 | ) | | | | 4.25 | | | | | 0.29 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.14 | ) | | | | (0.13 | ) | | | | (0.09 | ) | | | | (0.12 | ) | | | | (0.12) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.74 | ) | | | | (1.15 | ) | | | | (1.91 | ) | | | | (0.33 | ) | | | | (0.67) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.88 | ) | | | | (1.28 | ) | | | | (2.00 | ) | | | | (0.45 | ) | | | | (0.79) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.86 | | | | $ | 14.40 | | | | $ | 14.47 | | | | $ | 17.27 | | | | $ | 13.47 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 24.38 | % | | | | 8.60 | % | | | | (5.46 | )% | | | | 32.32 | % | | | | 1.70% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 2,741 | | | | $ | 4,114 | | | | $ | 3,437 | | | | $ | 3,269 | | | | $ | 2,932 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.26 | % | | | | 1.29 | % | | | | 1.29 | % | | | | 1.29 | % | | | | 1.32% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.50 | % | | | | 1.49 | % | | | | 1.47 | % | | | | 1.49 | % | | | | 1.53% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.80 | % | | | | 0.78 | % | | | | 0.69 | % | | | | 0.49 | % | | | | 0.89% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 51 | % | | | | 57 | % | | | | 46 | % | | | | 53 | % | | | | 64% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 44 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Value Fund |
| | |
| | | | | Class P Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 15.73 | | | | $ | 15.68 | | | | $ | 18.54 | | | | $ | 14.43 | | | | $ | 14.92 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.22 | | | | | 0.21 | | | | | 0.21 | | | | | 0.17 | | | | | 0.21 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.54 | | | | | 1.20 | | | | | (0.98 | ) | | | | 4.48 | | | | | 0.19 | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 3.76 | | | | | 1.41 | | | | | (0.77 | ) | | | | 4.65 | | | | | 0.40 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.22 | ) | | | | (0.21 | ) | | | | (0.18 | ) | | | | (0.21 | ) | | | | (0.22) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (0.74 | ) | | | | (1.15 | ) | | | | (1.91 | ) | | | | (0.33 | ) | | | | (0.67) | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.96 | ) | | | | (1.36 | ) | | | | (2.09 | ) | | | | (0.54 | ) | | | | (0.89) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 18.53 | | | | $ | 15.73 | | | | $ | 15.68 | | | | $ | 18.54 | | | | $ | 14.43 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 25.10 | % | | | | 9.24 | % | | | | (4.92 | )% | | | | 33.05 | % | | | | 2.29% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 213,570 | | | | $ | 193,633 | | | | $ | 197,335 | | | | $ | 207,926 | | | | $ | 154,720 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.70 | % | | | | 0.72 | % | | | | 0.72 | % | | | | 0.72 | % | | | | 0.75% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.88 | % | | | | 0.86 | % | | | | 0.84 | % | | | | 0.86 | % | | | | 0.89% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 1.36 | % | | | | 1.36 | % | | | | 1.26 | % | | | | 1.05 | % | | | | 1.45% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 51 | % | | | | 57 | % | | | | 46 | % | | | | 53 | % | | | | 64% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 45 |
GOLDMAN SACHS MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Mid Cap Value Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 33.63 | | | | $ | 36.32 | | | | $ | 44.72 | | | | $ | 31.22 | | | | $ | 32.33 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.21 | | | | | 0.19 | | | | | 0.13 | | | | | – | | | | | 0.16 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.43 | | | | | 1.57 | | | | | (1.59 | ) | | | | 13.63 | | | | | (0.22) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.64 | | | | | 1.76 | | | | | (1.46 | ) | | | | 13.63 | | | | | (0.06) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.17 | ) | | | | (0.11 | ) | | | | (0.13 | ) | | | | (0.18) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.40 | ) | | | | (4.28 | ) | | | | (6.83 | ) | | | | – | | | | | (0.84) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | – | | | | | – | | | | | (0.03) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.60 | ) | | | | (4.45 | ) | | | | (6.94 | ) | | | | (0.13 | ) | | | | (1.05) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 37.67 | | | | $ | 33.63 | | | | $ | 36.32 | | | | $ | 44.72 | | | | $ | 31.22 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.34 | % | | | | 4.97 | % | | | | (4.46 | )% | | | | 43.77 | % | | | | (0.41)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 437,847 | | | | $ | 435,463 | | | | $ | 458,090 | | | | $ | 536,384 | | | | $ | 424,878 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.19 | % | | | | 1.19 | % | | | | 1.20 | % | | | | 1.21 | % | | | | 1.24% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.20 | % | | | | 1.21 | % | | | | 1.21 | % | | | | 1.21 | % | | | | 1.24% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.60 | % | | | | 0.57 | % | | | | 0.33 | % | | | | 0.01 | % | | | | 0.52% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 56 | % | | | | 64 | % | | | | 69 | % | | | | 66 | % | | | | 87% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 46 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Mid Cap Value Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 27.25 | | | | $ | 30.26 | | | | $ | 38.53 | | | | $ | 27.00 | | | | $ | 28.10 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | | (0.04 | ) | | | | (0.05 | ) | | | | (0.14 | ) | | | | (0.24 | ) | | | | (0.02) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 4.36 | | | | | 1.32 | | | | | (1.30 | ) | | | | 11.77 | | | | | (0.24) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 4.32 | | | | | 1.27 | | | | | (1.44 | ) | | | | 11.53 | | | | | (0.26) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | – | | | | | (4.28 | ) | | | | (6.83 | ) | | | | – | | | | | (0.81) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.40 | ) | | | | – | | | | | – | | | | | – | | | | | (0.03) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.40 | ) | | | | (4.28 | ) | | | | (6.83 | ) | | | | – | | | | | (0.84) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 30.17 | | | | $ | 27.25 | | | | $ | 30.26 | | | | $ | 38.53 | | | | $ | 27.00 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 16.40 | % | | | | 4.24 | % | | | | (5.20 | )% | | | | 42.70 | % | | | | (1.14)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 5,581 | | | | $ | 6,558 | | | | $ | 9,337 | | | | $ | 12,836 | | | | $ | 16,230 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.94 | % | | | | 1.94 | % | | | | 1.95 | % | | | | 1.96 | % | | | | 1.99% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.95 | % | | | | 1.96 | % | | | | 1.96 | % | | | | 1.96 | % | | | | 1.99% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.13 | )% | | | | (0.17 | )% | | | | (0.42 | )% | | | | (0.73 | )% | | | | (0.07)% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 56 | % | | | | 64 | % | | | | 69 | % | | | | 66 | % | | | | 87% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 47 |
GOLDMAN SACHS MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Mid Cap Value Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 34.27 | | | | $ | 36.92 | | | | $ | 45.34 | | | | $ | 31.65 | | | | $ | 32.76 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.34 | | | | | 0.32 | | | | | 0.28 | | | | | 0.15 | | | | | 0.26 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.53 | | | | | 1.61 | | | | | (1.62 | ) | | | | 13.80 | | | | | (0.19) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.87 | | | | | 1.93 | | | | | (1.34 | ) | | | | 13.95 | | | | | 0.07 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.32 | ) | | | | (0.30 | ) | | | | (0.25 | ) | | | | (0.26 | ) | | | | (0.30) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.40 | ) | | | | (4.28 | ) | | | | (6.83 | ) | | | | – | | | | | (0.84) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | – | | | | | – | | | | | (0.04) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.72 | ) | | | | (4.58 | ) | | | | (7.08 | ) | | | | (0.26 | ) | | | | (1.18) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 38.42 | | | | $ | 34.27 | | | | $ | 36.92 | | | | $ | 45.34 | | | | $ | 31.65 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.74 | % | | | | 5.39 | % | | | | (4.12 | )% | | | | 44.27 | % | | | | (0.03)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 326,248 | | | | $ | 318,000 | | | | $ | 298,877 | | | | $ | 331,383 | | | | $ | 271,283 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.84 | % | | | | 0.84 | % | | | | 0.83 | % | | | | 0.84 | % | | | | 0.86% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.84 | % | | | | 0.84 | % | | | | 0.84 | % | | | | 0.84 | % | | | | 0.86% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.95 | % | | | | 0.93 | % | | | | 0.71 | % | | | | 0.38 | % | | | | 0.82% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 56 | % | | | | 64 | % | | | | 69 | % | | | | 66 | % | | | | 87% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 48 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Mid Cap Value Fund |
| | |
| | | | | Service Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 32.59 | | | | $ | 35.32 | | | | $ | 43.69 | | | | $ | 30.50 | | | | $ | 31.58 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | | 0.15 | | | | | 0.14 | | | | | 0.08 | | | | | (0.04 | ) | | | | 0.13 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.25 | | | | | 1.54 | | | | | (1.55 | ) | | | | 13.31 | | | | | (0.23) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.40 | | | | | 1.68 | | | | | (1.47 | ) | | | | 13.27 | | | | | (0.10) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.14 | ) | | | | (0.13 | ) | | | | (0.07 | ) | | | | (0.08 | ) | | | | (0.11) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.40 | ) | | | | (4.28 | ) | | | | (6.83 | ) | | | | – | | | | | (0.84) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | – | | | | | – | | | | | (0.03) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.54 | ) | | | | (4.41 | ) | | | | (6.90 | ) | | | | (0.08 | ) | | | | (0.98) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 36.45 | | | | $ | 32.59 | | | | $ | 35.32 | | | | $ | 43.69 | | | | $ | 30.50 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.13 | % | | | | 4.86 | % | | | | (4.60 | )% | | | | 43.57 | % | | | | (0.52)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 28,250 | | | | $ | 27,582 | | | | $ | 34,533 | | | | $ | 34,851 | | | | $ | 30,424 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.34 | % | | | | 1.33 | % | | | | 1.33 | % | | | | 1.34 | % | | | | 1.36% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.34 | % | | | | 1.34 | % | | | | 1.34 | % | | | | 1.34 | % | | | | 1.36% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.45 | % | | | | 0.42 | % | | | | 0.20 | % | | | | (0.12 | )% | | | | 0.43% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 56 | % | | | | 64 | % | | | | 69 | % | | | | 66 | % | | | | 87% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Mid Cap Value Fund |
| | |
| | | | | Investor Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 32.50 | | | | $ | 35.26 | | | | $ | 43.60 | | | | $ | 30.44 | | | | $ | 31.55 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.28 | | | | | 0.27 | | | | | 0.25 | | | | | 0.10 | | | | | 0.22 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.24 | | | | | 1.52 | | | | | (1.55 | ) | | | | 13.28 | | | | | (0.19) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.52 | | | | | 1.79 | | | | | (1.30 | ) | | | | 13.38 | | | | | 0.03 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.29 | ) | | | | (0.27 | ) | | | | (0.21 | ) | | | | (0.22 | ) | | | | (0.26) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.40 | ) | | | | (4.28 | ) | | | | (6.83 | ) | | | | – | | | | | (0.84) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | – | | | | | – | | | | | (0.04) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.69 | ) | | | | (4.55 | ) | | | | (7.04 | ) | | | | (0.22 | ) | | | | (1.14) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 36.33 | | | | $ | 32.50 | | | | $ | 35.26 | | | | $ | 43.60 | | | | $ | 30.44 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.61 | % | | | | 5.24 | % | | | | (4.21 | )% | | | | 44.11 | % | | | | (0.16)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 98,243 | | | | $ | 76,816 | | | | $ | 68,948 | | | | $ | 42,206 | | | | $ | 33,249 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.94 | % | | | | 0.94 | % | | | | 0.95 | % | | | | 0.96 | % | | | | 0.99% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.95 | % | | | | 0.96 | % | | | | 0.96 | % | | | | 0.96 | % | | | | 0.99% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.85 | % | | | | 0.82 | % | | | | 0.65 | % | | | | 0.26 | % | | | | 0.72% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 56 | % | | | | 64 | % | | | | 69 | % | | | | 66 | % | | | | 87% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 50 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Mid Cap Value Fund |
| | |
| | | | | Class R6 Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 34.24 | | | | $ | 36.90 | | | | $ | 45.31 | | | | $ | 31.62 | | | | $ | 32.74 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.34 | | | | | 0.32 | | | | | 0.29 | | | | | 0.15 | | | | | 0.25 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.52 | | | | | 1.60 | | | | | (1.61 | ) | | | | 13.80 | | | | | (0.18) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.86 | | | | | 1.92 | | | | | (1.32 | ) | | | | 13.95 | | | | | 0.07 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.32 | ) | | | | (0.30 | ) | | | | (0.26 | ) | | | | (0.26 | ) | | | | (0.27) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.40 | ) | | | | (4.28 | ) | | | | (6.83 | ) | | | | – | | | | | (0.84) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | – | | | | | – | | | | | (0.08) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.72 | ) | | | | (4.58 | ) | | | | (7.09 | ) | | | | (0.26 | ) | | | | (1.19) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 38.38 | | | | $ | 34.24 | | | | $ | 36.90 | | | | $ | 45.31 | | | | $ | 31.62 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.74 | % | | | | 5.38 | % | | | | (4.09 | )% | | | | 44.33 | % | | | | (0.05)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 104,310 | | | | $ | 89,605 | | | | $ | 83,400 | | | | $ | 80,114 | | | | $ | 54,633 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.83 | % | | | | 0.83 | % | | | | 0.82 | % | | | | 0.83 | % | | | | 0.85% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.83 | % | | | | 0.83 | % | | | | 0.83 | % | | | | 0.83 | % | | | | 0.85% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.96 | % | | | | 0.94 | % | | | | 0.72 | % | | | | 0.39 | % | | | | 0.82% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 56 | % | | | | 64 | % | | | | 69 | % | | | | 66 | % | | | | 87% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 51 |
GOLDMAN SACHS MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Mid Cap Value Fund |
| | |
| | | | | Class R Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 31.99 | | | | $ | 34.76 | | | | $ | 43.09 | | | | $ | 30.09 | | | | $ | 31.20 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | | 0.12 | | | | | 0.10 | | | | | 0.04 | | | | | (0.09 | ) | | | | 0.10 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.15 | | | | | 1.51 | | | | | (1.52 | ) | | | | 13.14 | | | | | (0.24) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.27 | | | | | 1.61 | | | | | (1.48 | ) | | | | 13.05 | | | | | (0.14) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.14 | ) | | | | (0.10 | ) | | | | (0.02 | ) | | | | (0.05 | ) | | | | (0.10) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.40 | ) | | | | (4.28 | ) | | | | (6.83 | ) | | | | – | | | | | (0.84) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | – | | | | | – | | | | | (0.03) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.54 | ) | | | | (4.38 | ) | | | | (6.85 | ) | | | | (0.05 | ) | | | | (0.97) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 35.72 | | | | $ | 31.99 | | | | $ | 34.76 | | | | $ | 43.09 | | | | $ | 30.09 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.03 | % | | | | 4.72 | % | | | | (4.68 | )% | | | | 43.41 | % | | | | (0.65)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 19,808 | | | | $ | 19,373 | | | | $ | 18,760 | | | | $ | 21,249 | | | | $ | 17,015 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.44 | % | | | | 1.44 | % | | | | 1.45 | % | | | | 1.46 | % | | | | 1.49% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.45 | % | | | | 1.46 | % | | | | 1.46 | % | | | | 1.46 | % | | | | 1.49% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.35 | % | | | | 0.32 | % | | | | 0.09 | % | | | | (0.23 | )% | | | | 0.32% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 56 | % | | | | 64 | % | | | | 69 | % | | | | 66 | % | | | | 87% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 52 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Mid Cap Value Fund |
| | |
| | | | | Class P Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 34.23 | | | | $ | 36.89 | | | | $ | 45.30 | | | | $ | 31.62 | | | | $ | 32.73 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.34 | | | | | 0.32 | | | | | 0.29 | | | | | 0.15 | | | | | 0.26 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.52 | | | | | 1.60 | | | | | (1.61 | ) | | | | 13.79 | | | | | (0.19) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.86 | | | | | 1.92 | | | | | (1.32 | ) | | | | 13.94 | | | | | 0.07 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.32 | ) | | | | (0.30 | ) | | | | (0.26 | ) | | | | (0.26 | ) | | | | (0.33) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.40 | ) | | | | (4.28 | ) | | | | (6.83 | ) | | | | – | | | | | (0.84) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | | – | | | | | – | | | | | – | | | | | – | | | | | (0.01) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.72 | ) | | | | (4.58 | ) | | | | (7.09 | ) | | | | (0.26 | ) | | | | (1.18) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 38.37 | | | | $ | 34.23 | | | | $ | 36.89 | | | | $ | 45.30 | | | | $ | 31.62 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.74 | % | | | | 5.38 | % | | | | (4.09 | )% | | | | 44.30 | % | | | | (0.02)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 195,350 | | | | $ | 178,305 | | | | $ | 176,827 | | | | $ | 191,790 | | | | $ | 129,680 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.83 | % | | | | 0.83 | % | | | | 0.82 | % | | | | 0.83 | % | | | | 0.85% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.83 | % | | | | 0.83 | % | | | | 0.83 | % | | | | 0.83 | % | | | | 0.85% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.96 | % | | | | 0.94 | % | | | | 0.71 | % | | | | 0.39 | % | | | | 0.82% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 56 | % | | | | 64 | % | | | | 69 | % | | | | 66 | % | | | | 87% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS SMALL CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small Cap Value Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 38.16 | | | | $ | 44.45 | | | | $ | 60.69 | | | | $ | 40.60 | | | | $ | 47.20 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | | 0.12 | | | | | 0.20 | | | | | 0.10 | | | | | (0.08 | ) | | | | 0.20 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.74 | | | | | 0.98 | | | | | (4.46 | ) | | | | 20.27 | | | | | (4.48) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.86 | | | | | 1.18 | | | | | (4.36 | ) | | | | 20.19 | | | | | (4.28) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.29 | ) | | | | (0.17 | ) | | | | (0.03 | ) | | | | (0.10 | ) | | | | (0.26) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.46 | ) | | | | (7.30 | ) | | | | (11.85 | ) | | | | – | | | | | (2.06) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.75 | ) | | | | (7.47 | ) | | | | (11.88 | ) | | | | (0.10 | ) | | | | (2.32) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 42.27 | | | | $ | 38.16 | | | | $ | 44.45 | | | | $ | 60.69 | | | | $ | 40.60 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 15.90 | % | | | | 2.71 | % | | | | (9.33 | )% | | | | 49.77 | % | | | | (9.92)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 236,140 | | | | $ | 248,764 | | | | $ | 333,814 | | | | $ | 468,122 | | | | $ | 413,666 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.27 | % | | | | 1.29 | % | | | | 1.29 | % | | | | 1.30 | % | | | | 1.34% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.43 | % | | | | 1.41 | % | | | | 1.36 | % | | | | 1.36 | % | | | | 1.37% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.32 | % | | | | 0.52 | % | | | | 0.20 | % | | | | (0.15 | )% | | | | 0.47% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 83 | % | | | | 71 | % | | | | 65 | % | | | | 64 | % | | | | 75% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 54 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small Cap Value Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 21.07 | | | | $ | 27.87 | | | | $ | 42.63 | | | | $ | 28.68 | | | | $ | 33.97 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | | (0.09 | ) | | | | (0.05 | ) | | | | (0.18 | ) | | | | (0.33 | ) | | | | (0.02) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 3.07 | | | | | 0.61 | | | | | (2.73 | ) | | | | 14.28 | | | | | (3.21) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 2.98 | | | | | 0.56 | | | | | (2.91 | ) | | | | 13.95 | | | | | (3.23) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.18 | ) | | | | (0.06 | ) | | | | – | | | | | – | | | | | – | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.46 | ) | | | | (7.30 | ) | | | | (11.85 | ) | | | | – | | | | | (2.06) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.64 | ) | | | | (7.36 | ) | | | | (11.85 | ) | | | | – | | | | | (2.06) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 22.41 | | | | $ | 21.07 | | | | $ | 27.87 | | | | $ | 42.63 | | | | $ | 28.68 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 15.01 | % | | | | 1.96 | % | | | | (10.00 | )% | | | | 48.69 | % | | | | (10.61)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 1,155 | | | | $ | 1,146 | | | | $ | 1,788 | | | | $ | 2,204 | | | | $ | 3,220 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 2.02 | % | | | | 2.04 | % | | | | 2.04 | % | | | | 2.05 | % | | | | 2.09% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.18 | % | | | | 2.15 | % | | | | 2.11 | % | | | | 2.11 | % | | | | 2.12% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.43 | )% | | | | (0.23 | )% | | | | (0.54 | )% | | | | (0.89 | )% | | | | (0.05)% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 83 | % | | | | 71 | % | | | | 65 | % | | | | 64 | % | | | | 75% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 55 |
GOLDMAN SACHS SMALL CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small Cap Value Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 43.64 | | | | $ | 49.82 | | | | $ | 66.58 | | | | $ | 44.52 | | | | $ | 51.56 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.25 | | | | | 0.36 | | | | | 0.30 | | | | | 0.11 | | | | | 0.35 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 6.60 | | | | | 1.07 | | | | | (5.02 | ) | | | | 22.22 | | | | | (4.87) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 6.85 | | | | | 1.43 | | | | | (4.72 | ) | | | | 22.33 | | | | | (4.52) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.39 | ) | | | | (0.31 | ) | | | | (0.19 | ) | | | | (0.27 | ) | | | | (0.46) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.46 | ) | | | | (7.30 | ) | | | | (11.85 | ) | | | | – | | | | | (2.06) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.85 | ) | | | | (7.61 | ) | | | | (12.04 | ) | | | | (0.27 | ) | | | | (2.52) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 48.64 | | | | $ | 43.64 | | | | $ | 49.82 | | | | $ | 66.58 | | | | $ | 44.52 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 16.22 | % | | | | 2.96 | % | | | | (9.02 | )% | | | | 50.29 | % | | | | (9.60)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 348,969 | | | | $ | 630,611 | | | | $ | 1,446,222 | | | | $ | 2,331,482 | | | | $ | 2,454,781 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.02 | % | | | | 1.00 | % | | | | 0.97 | % | | | | 0.96 | % | | | | 0.96% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.07 | % | | | | 1.03 | % | | | | 0.99 | % | | | | 0.99 | % | | | | 0.99% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.58 | % | | | | 0.79 | % | | | | 0.51 | % | | | | 0.19 | % | | | | 0.74% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 83 | % | | | | 71 | % | | | | 65 | % | | | | 64 | % | | | | 75% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 56 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small Cap Value Fund |
| | |
| | | | | Service Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 35.99 | | | | $ | 42.36 | | | | $ | 58.44 | | | | $ | 39.10 | | | | $ | 45.50 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | | 0.03 | | | | | 0.11 | | | | | 0.01 | | | | | (0.15 | ) | | | | 0.16 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.40 | | | | | 0.93 | | | | | (4.24 | ) | | | | 19.51 | | | | | (4.35) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.43 | | | | | 1.04 | | | | | (4.23 | ) | | | | 19.36 | | | | | (4.19) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.21 | ) | | | | (0.11 | ) | | | | – | | | | | (0.02 | ) | | | | (0.15) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.46 | ) | | | | (7.30 | ) | | | | (11.85 | ) | | | | – | | | | | (2.06) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.67 | ) | | | | (7.41 | ) | | | | (11.85 | ) | | | | (0.02 | ) | | | | (2.21) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 39.75 | | | | $ | 35.99 | | | | $ | 42.36 | | | | $ | 58.44 | | | | $ | 39.10 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 15.63 | % | | | | 2.46 | % | | | | (9.48 | )% | | | | 49.53 | % | | | | (10.04)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 9,907 | | | | $ | 14,083 | | | | $ | 17,138 | | | | $ | 27,102 | | | | $ | 39,295 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.52 | % | | | | 1.51 | % | | | | 1.47 | % | | | | 1.46 | % | | | | 1.46% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.57 | % | | | | 1.54 | % | | | | 1.49 | % | | | | 1.49 | % | | | | 1.49% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.08 | % | | | | 0.29 | % | | | | 0.01 | % | | | | (0.31 | )% | | | | 0.39% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 83 | % | | | | 71 | % | | | | 65 | % | | | | 64 | % | | | | 75% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 57 |
GOLDMAN SACHS SMALL CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small Cap Value Fund |
| | |
| | | | | Investor Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 37.66 | | | | $ | 43.99 | | | | $ | 60.18 | | | | $ | 40.26 | | | | $ | 46.84 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.21 | | | | | 0.31 | | | | | 0.24 | | | | | 0.05 | | | | | 0.27 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.67 | | | | | 0.94 | | | | | (4.41 | ) | | | | 20.09 | | | | | (4.39) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.88 | | | | | 1.25 | | | | | (4.17 | ) | | | | 20.14 | | | | | (4.12) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.39 | ) | | | | (0.28 | ) | | | | (0.17 | ) | | | | (0.22 | ) | | | | (0.40) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.46 | ) | | | | (7.30 | ) | | | | (11.85 | ) | | | | – | | | | | (2.06) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.85 | ) | | | | (7.58 | ) | | | | (12.02 | ) | | | | (0.22 | ) | | | | (2.46) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 41.69 | | | | $ | 37.66 | | | | $ | 43.99 | | | | $ | 60.18 | | | | $ | 40.26 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 16.20 | % | | | | 2.94 | % | | | | (9.07 | )% | | | | 50.14 | % | | | | (9.70)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 33,030 | | | | $ | 71,845 | | | | $ | 131,530 | | | | $ | 140,918 | | | | $ | 115,491 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.02 | % | | | | 1.04 | % | | | | 1.04 | % | | | | 1.04 | % | | | | 1.09% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.18 | % | | | | 1.15 | % | | | | 1.11 | % | | | | 1.11 | % | | | | 1.12% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.57 | % | | | | 0.78 | % | | | | 0.46 | % | | | | 0.09 | % | | | | 0.64% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 83 | % | | | | 71 | % | | | | 65 | % | | | | 64 | % | | | | 75% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 58 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small Cap Value Fund |
| | |
| | | | | Class R6 Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 43.61 | | | | $ | 49.78 | | | | $ | 66.55 | | | | $ | 44.50 | | | | $ | 51.53 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.26 | | | | | 0.37 | | | | | 0.31 | | | | | 0.11 | | | | | 0.35 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 6.59 | | | | | 1.08 | | | | | (5.02 | ) | | | | 22.22 | | | | | (4.85) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 6.85 | | | | | 1.45 | | | | | (4.71 | ) | | | | 22.33 | | | | | (4.50) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.40 | ) | | | | (0.32 | ) | | | | (0.21 | ) | | | | (0.28 | ) | | | | (0.47) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.46 | ) | | | | (7.30 | ) | | | | (11.85 | ) | | | | – | | | | | (2.06) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.86 | ) | | | | (7.62 | ) | | | | (12.06 | ) | | | | (0.28 | ) | | | | (2.53) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 48.60 | | | | $ | 43.61 | | | | $ | 49.78 | | | | $ | 66.55 | | | | $ | 44.50 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 16.21 | % | | | | 2.99 | % | | | | (9.02 | )% | | | | 50.31 | % | | | | (9.58)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 310,155 | | | | $ | 443,791 | | | | $ | 1,145,840 | | | | $ | 1,436,954 | | | | $ | 1,229,047 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.01 | % | | | | 0.99 | % | | | | 0.96 | % | | | | 0.95 | % | | | | 0.95% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.06 | % | | | | 1.02 | % | | | | 0.98 | % | | | | 0.98 | % | | | | 0.98% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.60 | % | | | | 0.82 | % | | | | 0.54 | % | | | | 0.19 | % | | | | 0.74% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 83 | % | | | | 71 | % | | | | 65 | % | | | | 64 | % | | | | 75% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 59 |
GOLDMAN SACHS SMALL CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small Cap Value Fund |
| | |
| | | | | Class R Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 36.47 | | | | $ | 42.82 | | | | $ | 58.98 | | | | $ | 39.48 | | | | $ | 45.96 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | | 0.03 | | | | | 0.10 | | | | | (0.03 | ) | | | | (0.21 | ) | | | | 0.13 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 5.47 | | | | | 0.94 | | | | | (4.28 | ) | | | | 19.71 | | | | | (4.42) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 5.50 | | | | | 1.04 | | | | | (4.31 | ) | | | | 19.50 | | | | | (4.29) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.22 | ) | | | | (0.09 | ) | | | | – | | | | | – | | | | | (0.13) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.46 | ) | | | | (7.30 | ) | | | | (11.85 | ) | | | | – | | | | | (2.06) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.68 | ) | | | | (7.39 | ) | | | | (11.85 | ) | | | | – | | | | | (2.19) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 40.29 | | | | $ | 36.47 | | | | $ | 42.82 | | | | $ | 58.98 | | | | $ | 39.48 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 15.62 | % | | | | 2.44 | % | | | | (9.53 | )% | | | | 49.39 | % | | | | (10.16)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 34,566 | | | | $ | 35,901 | | | | $ | 41,857 | | | | $ | 62,339 | | | | $ | 57,272 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.52 | % | | | | 1.54 | % | | | | 1.54 | % | | | | 1.55 | % | | | | 1.59% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.68 | % | | | | 1.66 | % | | | | 1.61 | % | | | | 1.61 | % | | | | 1.62% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.07 | % | | | | 0.26 | % | | | | (0.06 | )% | | | | (0.40 | )% | | | | 0.30% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 83 | % | | | | 71 | % | | | | 65 | % | | | | 64 | % | | | | 75% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 60 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small Cap Value Fund |
| | |
| | | | | Class P Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 43.61 | | | | $ | 49.79 | | | | $ | 66.55 | | | | $ | 44.50 | | | | $ | 51.53 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.25 | | | | | 0.35 | | | | | 0.31 | | | | | 0.11 | | | | | 0.34 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 6.60 | | | | | 1.09 | | | | | (5.01 | ) | | | | 22.22 | | | | | (4.85) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 6.85 | | | | | 1.44 | | | | | (4.70 | ) | | | | 22.33 | | | | | (4.51) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.40 | ) | | | | (0.32 | ) | | | | (0.21 | ) | | | | (0.28 | ) | | | | (0.46) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | (1.46 | ) | | | | (7.30 | ) | | | | (11.85 | ) | | | | – | | | | | (2.06) | |
| | | |
| | | | | | |
| | Total distributions | | | | (1.86 | ) | | | | (7.62 | ) | | | | (12.06 | ) | | | | (0.28 | ) | | | | (2.52) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 48.60 | | | | $ | 43.61 | | | | $ | 49.79 | | | | $ | 66.55 | | | | $ | 44.50 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 16.21 | % | | | | 2.97 | % | | | | (9.01 | )% | | | | 50.28 | % | | | | (9.56)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 238,187 | | | | $ | 263,075 | | | | $ | 265,197 | | | | $ | 333,524 | | | | $ | 206,370 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.01 | % | | | | 1.00 | % | | | | 0.96 | % | | | | 0.95 | % | | | | 0.95% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.06 | % | | | | 1.03 | % | | | | 0.98 | % | | | | 0.98 | % | | | | 0.98% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.58 | % | | | | 0.80 | % | | | | 0.53 | % | | | | 0.18 | % | | | | 0.74% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 83 | % | | | | 71 | % | | | | 65 | % | | | | 64 | % | | | | 75% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 61 |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small/Mid Cap Value Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 14.37 | | | | $ | 14.86 | | | | $ | 17.26 | | | | $ | 11.50 | | | | $ | 11.99 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.04 | | | | | 0.06 | | | | | 0.05 | | | | | 0.01 | | | | | 0.06 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.43 | | | | | 0.50 | | | | | (1.48 | ) | | | | 5.80 | | | | | (0.48) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 2.47 | | | | | 0.56 | | | | | (1.43 | ) | | | | 5.81 | | | | | (0.42) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.09 | ) | | | | (0.08 | ) | | | | (0.04 | ) | | | | (0.05 | ) | | | | (0.07) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (0.97 | ) | | | | (0.93 | ) | | | | – | | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.09 | ) | | | | (1.05 | ) | | | | (0.97 | ) | | | | (0.05 | ) | | | | (0.07) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.75 | | | | $ | 14.37 | | | | $ | 14.86 | | | | $ | 17.26 | | | | $ | 11.50 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.29 | % | | | | 4.03 | % | | | | (8.91 | )% | | | | 50.62 | % | | | | (3.56)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 2,596 | | | | $ | 2,279 | | | | $ | 2,231 | | | | $ | 2,034 | | | | $ | 988 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.18 | % | | | | 1.20 | % | | | | 1.21 | % | | | | 1.21 | % | | | | 1.23% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.44 | % | | | | 1.35 | % | | | | 1.34 | % | | | | 1.42 | % | | | | 1.50% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.28 | % | | | | 0.43 | % | | | | 0.33 | % | | | | 0.07 | % | | | | 0.49% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 67 | % | | | | 56 | % | | | | 90 | % | | | | 78 | % | | | | 76% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 62 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small/Mid Cap Value Fund |
| | |
| | | | | Class C Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 13.73 | | | | $ | 14.26 | | | | $ | 16.68 | | | | $ | 11.17 | | | | $ | 11.67 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | | (0.06 | ) | | | | (0.04 | ) | | | | (0.07 | ) | | | | (0.10 | ) | | | | (0.01) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.31 | | | | | 0.48 | | | | | (1.42 | ) | | | | 5.61 | | | | | (0.49) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 2.25 | | | | | 0.44 | | | | | (1.49 | ) | | | | 5.51 | | | | | (0.50) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (0.97 | ) | | | | (0.93 | ) | | | | – | | | | | – | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 15.98 | | | | $ | 13.73 | | | | $ | 14.26 | | | | $ | 16.68 | | | | $ | 11.17 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 16.46 | % | | | | 3.25 | % | | | | (9.56 | )% | | | | 49.46 | % | | | | (4.36)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 680 | | | | $ | 894 | | | | $ | 997 | | | | $ | 1,483 | | | | $ | 948 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.93 | % | | | | 1.95 | % | | | | 1.96 | % | | | | 1.96 | % | | | | 1.98% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 2.19 | % | | | | 2.10 | % | | | | 2.09 | % | | | | 2.17 | % | | | | 2.24% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | | (0.45 | )% | | | | (0.32 | )% | | | | (0.44 | )% | | | | (0.69 | )% | | | | (0.07)% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 67 | % | | | | 56 | % | | | | 90 | % | | | | 78 | % | | | | 76% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 63 |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small/Mid Cap Value Fund |
| | |
| | | | | Institutional Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 14.62 | | | | $ | 15.11 | | | | $ | 17.51 | | | | $ | 11.67 | | | | $ | 12.18 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.10 | | | | | 0.11 | | | | | 0.12 | | | | | 0.07 | | | | | 0.09 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.47 | | | | | 0.50 | | | | | (1.50 | ) | | | | 5.87 | | | | | (0.47) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 2.57 | | | | | 0.61 | | | | | (1.38 | ) | | | | 5.94 | | | | | (0.38) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.14 | ) | | | | (0.13 | ) | | | | (0.09 | ) | | | | (0.10 | ) | | | | (0.13) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (0.97 | ) | | | | (0.93 | ) | | | | – | | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.14 | ) | | | | (1.10 | ) | | | | (1.02 | ) | | | | (0.10 | ) | | | | (0.13) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 17.05 | | | | $ | 14.62 | | | | $ | 15.11 | | | | $ | 17.51 | | | | $ | 11.67 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.72 | % | | | | 4.33 | % | | | | (8.56 | )% | | | | 51.16 | % | | | | (3.26)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 23,681 | | | | $ | 24,274 | | | | $ | 23,900 | | | | $ | 18,472 | | | | $ | 7,054 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.84 | % | | | | 0.84 | % | | | | 0.84 | % | | | | 0.84 | % | | | | 0.85% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.08 | % | | | | 0.99 | % | | | | 0.97 | % | | | | 1.05 | % | | | | 1.12% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.63 | % | | | | 0.79 | % | | | | 0.72 | % | | | | 0.44 | % | | | | 0.78% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 67 | % | | | | 56 | % | | | | 90 | % | | | | 78 | % | | | | 76% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 64 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small/Mid Cap Value Fund |
| | |
| | | | | Investor Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 14.52 | | | | $ | 15.00 | | | | $ | 17.41 | | | | $ | 11.59 | | | | $ | 12.09 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.08 | | | | | 0.10 | | | | | 0.09 | | | | | 0.07 | | | | | 0.08 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.46 | | | | | 0.50 | | | | | (1.49 | ) | | | | 5.82 | | | | | (0.47) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 2.54 | | | | | 0.60 | | | | | (1.40 | ) | | | | 5.89 | | | | | (0.39) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.12 | ) | | | | (0.11 | ) | | | | (0.08 | ) | | | | (0.07 | ) | | | | (0.11) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (0.97 | ) | | | | (0.93 | ) | | | | – | | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.12 | ) | | | | (1.08 | ) | | | | (1.01 | ) | | | | (0.07 | ) | | | | (0.11) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.94 | | | | $ | 14.52 | | | | $ | 15.00 | | | | $ | 17.41 | | | | $ | 11.59 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.64 | % | | | | 4.28 | % | | | | (8.68 | )% | | | | 50.98 | % | | | | (3.32)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 5,491 | | | | $ | 9,219 | | | | $ | 11,178 | | | | $ | 13,553 | | | | $ | 1,435 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.93 | % | | | | 0.95 | % | | | | 0.96 | % | | | | 0.96 | % | | | | 0.98% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.18 | % | | | | 1.10 | % | | | | 1.08 | % | | | | 1.15 | % | | | | 1.26% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.53 | % | | | | 0.69 | % | | | | 0.55 | % | | | | 0.40 | % | | | | 0.74% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 67 | % | | | | 56 | % | | | | 90 | % | | | | 78 | % | | | | 76% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 65 |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small/Mid Cap Value Fund |
| | |
| | | | | Class R6 Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 14.61 | | | | $ | 15.09 | | | | $ | 17.50 | | | | $ | 11.66 | | | | $ | 12.16 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.10 | | | | | 0.11 | | | | | 0.12 | | | | | 0.07 | | | | | 0.09 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.47 | | | | | 0.51 | | | | | (1.51 | ) | | | | 5.87 | | | | | (0.46) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 2.57 | | | | | 0.62 | | | | | (1.39 | ) | | | | 5.94 | | | | | (0.37) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.14 | ) | | | | (0.13 | ) | | | | (0.09 | ) | | | | (0.10 | ) | | | | (0.13) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (0.97 | ) | | | | (0.93 | ) | | | | – | | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.14 | ) | | | | (1.10 | ) | | | | (1.02 | ) | | | | (0.10 | ) | | | | (0.13) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 17.04 | | | | $ | 14.61 | | | | $ | 15.09 | | | | $ | 17.50 | | | | $ | 11.66 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.69 | % | | | | 4.41 | % | | | | (8.56 | )% | | | | 51.12 | % | | | | (3.17)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 24,928 | | | | $ | 91,082 | | | | $ | 93,904 | | | | $ | 97,324 | | | | $ | 52,507 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.83 | % | | | | 0.83 | % | | | | 0.83 | % | | | | 0.83 | % | | | | 0.84% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.06 | % | | | | 0.98 | % | | | | 0.96 | % | | | | 1.04 | % | | | | 1.11% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.66 | % | | | | 0.80 | % | | | | 0.70 | % | | | | 0.44 | % | | | | 0.79% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 67 | % | | | | 56 | % | | | | 90 | % | | | | 78 | % | | | | 76% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 66 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small/Mid Cap Value Fund |
| | |
| | | | | Class R Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 14.32 | | | | $ | 14.82 | | | | $ | 17.21 | | | | $ | 11.46 | | | | $ | 11.96 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | | 0.01 | | | | | 0.03 | | | | | 0.01 | | | | | (0.03 | ) | | | | 0.03 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.41 | | | | | 0.49 | | | | | (1.47 | ) | | | | 5.78 | | | | | (0.49) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 2.42 | | | | | 0.52 | | | | | (1.46 | ) | | | | 5.75 | | | | | (0.46) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.05 | ) | | | | (0.05 | ) | | | | – | | | | | – | | | | | (0.04) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (0.97 | ) | | | | (0.93 | ) | | | | – | | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.05 | ) | | | | (1.02 | ) | | | | (0.93 | ) | | | | – | | | | | (0.04) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 16.69 | | | | $ | 14.32 | | | | $ | 14.82 | | | | $ | 17.21 | | | | $ | 11.46 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 16.97 | % | | | | 3.75 | % | | | | (9.07 | )% | | | | 50.17 | % | | | | (3.85)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 105 | | | | $ | 107 | | | | $ | 105 | | | | $ | 99 | | | | $ | 74 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.43 | % | | | | 1.45 | % | | | | 1.45 | % | | | | 1.46 | % | | | | 1.48% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.69 | % | | | | 1.60 | % | | | | 1.58 | % | | | | 1.67 | % | | | | 1.76% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 0.04 | % | | | | 0.18 | % | | | | 0.07 | % | | | | (0.19 | )% | | | | 0.29% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 67 | % | | | | 56 | % | | | | 90 | % | | | | 78 | % | | | | 76% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 67 |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Small/Mid Cap Value Fund |
| | |
| | | | | Class P Shares |
| | |
| | | | | Year Ended August 31, |
| | | | | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | | $ | 14.60 | | | | $ | 15.09 | | | | $ | 17.49 | | | | $ | 11.66 | | | | $ | 12.16 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | | 0.10 | | | | | 0.11 | | | | | 0.12 | | | | | 0.07 | | | | | 0.09 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | | 2.47 | | | | | 0.50 | | | | | (1.50 | ) | | | | 5.86 | | | | | (0.46) | |
| | | |
| | | | | | |
| | Total from investment operations | | | | 2.57 | | | | | 0.61 | | | | | (1.38 | ) | | | | 5.93 | | | | | (0.37) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.14 | ) | | | | (0.13 | ) | | | | (0.09 | ) | | | | (0.10 | ) | | | | (0.13) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | | | | | (0.97 | ) | | | | (0.93 | ) | | | | – | | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | | (0.14 | ) | | | | (1.10 | ) | | | | (1.02 | ) | | | | (0.10 | ) | | | | (0.13) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | | $ | 17.03 | | | | $ | 14.60 | | | | $ | 15.09 | | | | $ | 17.49 | | | | $ | 11.66 | |
| | | |
| | | | | | |
| | Total Return(b) | | | | 17.76 | % | | | | 4.34 | % | | | | (8.51 | )% | | | | 51.04 | % | | | | (3.17)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 97,695 | | | | $ | 93,063 | | | | $ | 97,396 | | | | $ | 92,056 | | | | $ | 38,153 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.83 | % | | | | 0.83 | % | | | | 0.83 | % | | | | 0.83 | % | | | | 0.84% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.07 | % | | | | 0.98 | % | | | | 0.96 | % | | | | 1.04 | % | | | | 1.11% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | | 0.63 | % | | | | 0.80 | % | | | | 0.70 | % | | | | 0.44 | % | | | | 0.79% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | | 67 | % | | | | 56 | % | | | | 90 | % | | | | 78 | % | | | | 76% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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. |
| | (c) | 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. |
| | |
| 68 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements August 31, 2024 |
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 Equity Income Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Focused Value Fund | | A, C, Institutional, Investor, R6, R and P | | Non-Diversified |
| | |
| Goldman Sachs Large Cap Value Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Mid Cap Value Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Small Cap Value Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Small/Mid Cap Value Fund | | A, C, Institutional, Investor, R6, R and P | | Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
|
|
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.
| | | | |
| Fund | | Income Distributions Declared/Paid | | Capital Gains Distributions Declared/Paid |
| | |
| Equity Income Fund | | Quarterly | | Annually |
| | |
| Focused Value Fund | | Annually | | Annually |
| | |
| Large Cap Value Fund | | Annually | | Annually |
| | |
| Mid Cap Value Fund | | Annually | | Annually |
| | |
| Small Cap Value Fund | | Annually | | Annually |
| | |
| Small/Mid Cap Value Fund | | Annually | | Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
F. In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with each Fund’s Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, 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 Investment Company Act of 1940 (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
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 shareholder report.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2024:
| | | | | | | | | | | | |
| Equity Income Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Europe | | $ | 12,358,569 | | | $ | — | | | $ | — | |
North America | | | 386,722,566 | | | | — | | | | — | |
Oceania | | | 5,075,836 | | | | — | | | | — | |
Investment Company | | | 430,066 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 404,587,037 | | | $ | — | | | $ | — | |
|
| |
| | | | | | | | | | | | |
| Focused Value Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Europe | | $ | 2,249,731 | | | $ | — | | | $ | — | |
North America | | | 53,736,522 | | | | — | | | | — | |
Investment Company | | | 537,511 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 56,523,764 | | | $ | — | | | $ | — | |
|
| |
| | | | | | | | | | | | |
| Large Cap Value Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Europe | | $ | 12,046,044 | | | $ | — | | | $ | — | |
North America | | | 436,677,977 | | | | — | | | | — | |
Investment Company | | | 3,906,237 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 452,630,258 | | | $ | — | | | $ | — | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| Mid Cap Value Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Europe | | $ | 12,847,975 | | | $ | — | | | $ | — | |
North America | | | 1,197,686,783 | | | | — | | | | — | |
Investment Company | | | 4,642,905 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 1,215,177,663 | | | $ | — | | | $ | — | |
|
| |
| | | | | | | | | | | | |
| Small Cap Value Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Europe | | $ | 10,846,008 | | | $ | — | | | $ | — | |
North America | | | 1,182,936,930 | | | | — | | | | — | |
South America | | | 2,624,367 | | | | — | | | | — | |
Exchange-Traded Fund | | | 12,100,378 | | | | — | | | | — | |
Investment Company | | | 3,859,680 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 1,212,367,363 | | | $ | — | | | $ | — | |
|
| |
| | | | | | | | | | | | |
| Small/Mid Cap Value Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Europe | | $ | 1,956,694 | | | $ | — | | | $ | — | |
North America | | | 152,777,740 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 154,734,434 | | | $ | — | | | $ | — | |
|
| |
| | (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedules of Investments.
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
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, 2024, contractual and effective net management fees with GSAM were at the following rates:
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Contractual Management Rate | | | | | |
| | | | | | | |
| Fund | | First
$1 billion | | Next
$1 billion | | Next
$3 billion | | Next
$3 billion | | Over
$8 billion | | Effective
Rate | | Effective Net
Management
Rate^ | |
|
| |
| | | | | | | |
Equity Income Fund | | | 0.69 | % | | | 0.62 | % | | | 0.59 | % | | | 0.58 | % | | | 0.57 | % | | | 0.69 | % | | | 0.66%* | |
|
| |
| | | | | | | |
Focused Value Fund | | | 0.69 | | | | 0.62 | | | | 0.59 | | | | 0.58 | | | | 0.57 | | | | 0.69 | | | | 0.65* | |
|
| |
| | | | | | | |
Large Cap Value Fund | | | 0.75 | | | | 0.68 | | | | 0.65 | | | | 0.64 | | | | 0.63 | | | | 0.75 | | | | 0.67* | |
|
| |
| | | | | | | |
Mid Cap Value Fund | | | 0.75 | | | | 0.75 | | | | 0.68 | | | | 0.65 | | | | 0.64 | | | | 0.75 | | | | 0.75 | |
|
| |
| | | | | | | |
Small Cap Value Fund | | | 0.98 | | | | 0.98 | | | | 0.88 | | | | 0.84 | | | | 0.82 | | | | 0.98 | | | | 0.98 | |
|
| |
| | | | | | | |
Small/Mid Cap Value Fund | | | 0.80 | | | | 0.80 | | | | 0.72 | | | | 0.68 | | | | 0.67 | | | | 0.80 | | | | 0.80 | |
|
| |
| | ^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
| | * | GSAM agreed to waive a portion of its management fee with respect to the Equity Income Fund, Focused Value Fund, and Large Cap Value Fund in order to achieve an effective net management fee rate of 0.65%, 0.65%, and 0.66%, respectively, as an annual percentage of each Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2024, and prior to such date, the Investment Advisor may not terminate the arrangement without the approval of the Board of trustees. Prior to December 29, 2023, GSAM agreed to waive a portion of its management fee with respect to the Large Cap Value Fund in order to achieve an effective net management fee rate of 0.69%. |
The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2024, the management fee waived by GSAM for each Fund was as follows:
| | | | |
| Fund | | Management Fee Waived | |
|
| |
| |
Equity Income Fund | | $ | 297 | |
|
| |
| |
Focused Value Fund | | | 1,104 | |
|
| |
| |
Large Cap Value Fund | | | 3,166 | |
|
| |
| |
Mid Cap Value Fund | | | 15,462 | |
|
| |
| |
Small Cap Value Fund | | | 12,935 | |
|
| |
| |
Small/Mid Cap Value Fund | | | 2,024 | |
|
| |
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| | | | | | | | |
| | | Distribution and/or Service Plan Rates |
| | | | |
| | | Class A* | | Class C | | Service | | Class R* |
|
|
| | | | |
Distribution and/or Service Plan | | 0.25% | | 0.75% | | 0.25% | | 0.50% |
|
|
| | * | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended August 31, 2024, Goldman Sachs retained the following amounts:
| | | | | | | | |
| | | Front End
Sales Charge | | | Contingent Deferred
Sales Charge | |
| | |
| Fund | | Class A | | | Class C | |
|
| |
| | |
Equity Income Fund | | $ | 6,593 | | | $ | — | |
|
| |
| | |
Focused Value Fund | | | 285 | | | | — | |
|
| |
| | |
Large Cap Value Fund | | | 4,134 | | | | — | |
|
| |
| | |
Mid Cap Value Fund | | | 8,447 | | | | — | |
|
| |
| | |
Small Cap Value Fund | | | 2,062 | | | | — | |
|
| |
| | |
Small/Mid Cap Value Fund | | | 464 | | | | — | |
|
| |
D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
For the fiscal year ended August 31, 2024, the transfer agency fee waivers were as follows:
| | | | | | | | |
| | | | |
| | | Equity Income Fund | | Focused Value Fund | | Large Cap Value Fund | | Mid Cap Value Fund |
|
|
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) * | | 0.06% | | 0.04% | | 0.06% | | 0.01% |
|
|
| | | | | | | | | | |
| | | | | | | | Small Cap Value Fund | | Small/Mid Cap Value Fund |
|
|
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) * | | | | | | 0.11% | | 0.03% |
|
|
| | * | These arrangements will remain in effect through at least December 29, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees. |
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification,
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| |
and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Equity Income, Focused Value, Large Cap Value, Small Cap Value and Small/Mid Cap Value Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 29, 2024, 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.
Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Shareholder Administration Plan, and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.
For the fiscal year ended August 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| | | | | | | | | | | | | | | | |
| | | | |
| Fund | | Management Fee Waiver | | | Transfer Agency Waiver/Credits | | | Other Expense Reimbursements | | | Total Expense Reductions | |
|
| |
| | | | |
Equity Income Fund | | $ | 102,901 | | | $ | 186,448 | | | $ | 391,481 | | | $ | 680,830 | |
|
| |
| | | | |
Focused Value Fund | | | 21,437 | | | | 1,011 | | | | 298,208 | | | | 320,656 | |
|
| |
| | | | |
Large Cap Value Fund | | | 343,990 | | | | 57,773 | | | | 403,799 | | | | 805,562 | |
|
| |
| | | | |
Mid Cap Value Fund | | | 15,462 | | | | 53,476 | | | | — | | | | 68,938 | |
|
| |
| | | | |
Small Cap Value Fund | | | 12,935 | | | | 336,952 | | | | 655,052 | | | | 1,004,939 | |
|
| |
| | | | |
Small/Mid Cap Value Fund | | | 2,024 | | | | 2,426 | | | | 348,331 | | | | 352,781 | |
|
| |
G. Line of Credit Facility — As of August 31, 2024, the Funds participated in a $1,150,000,000 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, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024 the facility was $1,110,000,000.
H. Other Transactions with Affiliates — For the fiscal year ended August 31, 2024, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:
| | | | | | |
| | | |
| | | Equity Income Fund | | Focused Value Fund | | Large Cap Value Fund |
|
|
| | | |
Brokerage commissions paid | | $45 | | $941 | | $21,155 |
|
|
| | | | | | |
| | | Mid Cap Value Fund | | Small Cap Value Fund | | Small/Mid Cap Value Fund |
|
|
| | | |
Brokerage commissions paid | | $6,835 | | $6,544 | | $2,010 |
|
|
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
The tables below show the transactions in and earnings from investments in the Financial Square Government Money Market Fund — Institutional Shares for the fiscal year ended August 31, 2024 :
| | | | | | | | | | | | | | | | | | | | | | | | |
| Equity Income Fund | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Beginning value | | | | | | | | | | | | | | | | |
| | | as of August 31, | | | | | | | | | Ending value as of | | | Shares as of August | | | | |
| Underlying Fund | | 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | August 31, 2024 | | | 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | $ | 714,371 | | | $ | 17,008,908 | | | $ | (17,293,213 | ) | | $ | 430,066 | | | | 430,066 | | | $ | 10,338 | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Focused Value Fund | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Beginning value | | | | | | | | | | | | | | | | |
| | | as of August 31, | | | | | | | | | Ending value as of | | | Shares as of August | | | | |
| Underlying Fund | | 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | August 31, 2024 | | | 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | 153,740 | | | | 12,134,809 | | | | (11,751,038 | ) | | | 537,511 | | | | 537,511 | | | | 35,160 | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Large Cap Value Fund | | | | | | | | | | | | | |
| | | | | | |
| | | Beginning value | | | | | | | | | | | | | | | | |
| | | as of August 31, | | | | | | | | | Ending value as of | | | Shares as of August | | | | |
| Underlying Fund | | 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | August 31, 2024 | | | 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | 1,988,552 | | | | 55,915,787 | | | | (53,998,102 | ) | | | 3,906,237 | | | | 3,906,237 | | | | 105,197 | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Mid Cap Value Fund | | | | | | | | | | | | | |
| | | | | | |
| | | Beginning value | | | | | | | | | | | | | | | | |
| | | as of August 31, | | | | | | | | | Ending value as of | | | Shares as of August | | | | |
| Underlying Fund | | 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | August 31, 2024 | | | 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | 3,503,744 | | | | 183,794,993 | | | | (182,655,832 | ) | | | 4,642,905 | | | | 4,642,905 | | | | 514,508 | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Small Cap Value Fund | | | | | | | | | | | | | |
| | | | | | |
| | | Beginning value | | | | | | | | | | | | | | | | |
| | | as of August 31, | | | | | | | | | Ending value as of | | | Shares as of August | | | | |
| Underlying Fund | | 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | August 31, 2024 | | | 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | 912,932 | | | | 546,052,208 | | | | (543,105,460 | ) | | | 3,859,680 | | | | 3,859,680 | | | | 422,597 | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Small/Mid Cap Value Fund | | | | | | | | | | | | | |
| | | | | | |
| | | Beginning value | | | | | | | | | | | | | | | | |
| | | as of August 31, | | | | | | | | | Ending value as of | | | Shares as of August | | | | |
| Underlying Fund | | 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | August 31, 2024 | | | 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | – | | | | 37,802,061 | | | | (37,802,061 | ) | | | – | | | | – | | | | 66,983 | |
|
| |
As of August 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding shares of the following Funds:
| | | | | | | | |
| | | |
| Fund | | Class C | | Class R | | | |
|
| |
| | | |
Focused Value Fund | | 10% | | 31% | | | | |
|
| |
| | | |
Small/Mid Cap Value Fund | | — | | 11 | | | | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
5. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended August 31, 2024, were as follows:
| | | | | | | | |
| | |
| Fund | | Purchases | | | Sales | |
|
| |
| | |
Equity Income Fund | | $ | 116,982,357 | | | $ | 183,462,461 | |
|
| |
| | |
Focused Value Fund | | | 43,140,482 | | | | 42,716,542 | |
|
| |
| | |
Large Cap Value Fund | | | 215,215,898 | | | | 273,466,616 | |
|
| |
| | |
Mid Cap Value Fund | | | 645,134,828 | | | | 758,661,448 | |
|
| |
| | |
Small Cap Value Fund | | | 1,163,270,891 | | | | 1,827,970,624 | |
|
| |
| | |
Small/Mid Cap Value Fund | | | 101,814,552 | | | | 188,299,787 | |
|
| |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the 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, BNYM 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 BNYM is unable to purchase replacement securities, BNYM 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, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
|
6. SECURITIES LENDING (continued) |
Each of the Funds and BNYM 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, 2024, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended August 31, 2024.
| | | | | | | | | | | | | | | | |
| Fund | | Beginning value as of August 31, 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of August 31, 2024 | |
| | | | |
Equity Income Fund | | $ | 1,298,115 | | | $ | 32,379,238 | | | $ | (33,677,353 | ) | | $ | — | |
| | | | |
Large Cap Value Fund | | | — | | | | 11,159,713 | | | | (11,159,713 | ) | | | — | |
| | | | |
Mid Cap Value Fund | | | — | | | | 83,296,992 | | | | (83,296,992 | ) | | | — | |
| | | | |
Small Cap Value Fund | | | 6,000 | | | | 72,275,034 | | | | (72,281,034 | ) | | | — | |
| | | | |
Small/Mid Cap Value Fund | | | — | | | | 84,909 | | | | (84,909 | ) | | | — | |
The tax character of distributions paid during the fiscal year ended August 31, 2024 was as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Income Fund | | | Focused Value Fund | | | Large Cap Value Fund | | | Mid Cap Value Fund | | | Small Cap Value Fund |
| | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ordinary Income | | $ | 6,078,185 | | | $ | 660,040 | | | $ | 9,315,185 | | | $ | 13,466,354 | | | $ | 13,235,592 | |
| | | | | |
Long-term capital gains | | | 10,784,218 | | | | 86,579 | | | | 15,386,420 | | | | 40,391,553 | | | | 51,548,355 | |
| | | | | |
Total taxable distributions | | $ | 16,862,403 | | | $ | 746,619 | | | $ | 24,701,605 | | | $ | 53,857,907 | | | $ | 64,783,947 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | Small/Mid Cap Value Fund |
| | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ordinary Income | | | | | | | | | | | | | | | | | | $ | 1,375,211 | |
| | | | | |
Total taxable distributions | | | | | | | | | | | | | | | | | | $ | 1,375,211 | |
The tax character of distributions paid during the fiscal year ended August 31, 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Income Fund | | | Focused Value Fund | | | Large Cap Value Fund | | | Mid Cap Value Fund | | | Small Cap Value Fund |
| | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ordinary Income | | $ | 9,033,251 | | | $ | 2,039,306 | | | $ | 5,835,947 | | | $ | 8,244,638 | | | $ | 19,926,056 | |
| | | | | |
Long-term capital gains | | | 12,882,015 | | | | 1,854,551 | | | | 32,885,273 | | | | 134,737,834 | | | | 447,881,544 | |
| | | | | |
Total taxable distributions | | $ | 21,915,266 | | | $ | 3,893,857 | | | $ | 38,721,220 | | | $ | 142,982,472 | | | $ | 467,807,600 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | Small/Mid Cap Value Fund |
| | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ordinary Income | | | | | | | | | | | | | | | | | | $ | 1,977,511 | |
| | | | | |
Long-term capital gains | | | | | | | | | | | | | | | | | | | 13,552,865 | |
| | | | | |
Total taxable distributions | | | | | | | | | | | | | | | | | | $ | 15,530,376 | |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
7. TAX INFORMATION (continued) |
As of August 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Income Fund | | | Focused Value Fund* | | | Large Cap Value Fund | | | Mid Cap Value Fund | | | Small Cap Value Fund |
| | | | | |
Undistributed ordinary income — net | | $ | 7,969,676 | | | $ | 1,611,211 | | | $ | 16,664,935 | | | $ | 9,859,024 | | | $ | 27,475,762 | |
| | | | | |
Undistributed long-term capital gains | | | 24,123,166 | | | | 2,411,728 | | | | 24,420,902 | | | | 41,115,520 | | | | 141,919,629 | |
| | | | | |
Total undistributed earnings | | $ | 32,092,842 | | | $ | 4,022,939 | | | $ | 41,085,837 | | | $ | 50,974,544 | | | $ | 169,395,391 | |
| | | | | |
Timing differences — (Qualified Late Year Ordinary Loss Deferral) | | | (2,484 | ) | | | — | | | | — | | | | (8,607 | ) | | | — | |
| | | | | |
Unrealized gains (losses) — net | | | 106,813,454 | | | | 9,617,946 | | | | 112,270,665 | | | | 239,524,681 | | | | 279,017,181 | |
| | | | | |
Total accumulated earnings (losses) — net | | $ | 138,903,812 | | | $ | 13,640,885 | | | $ | 153,356,502 | | | $ | 290,490,618 | | | $ | 448,412,572 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | Small/Mid Cap Value Fund* |
| | | | | |
Undistributed ordinary income — net | | | | | | | | | | | | | | | | | | $ | 178,813 | |
| | | | | |
Undistributed long-term capital gains | | | | | | | | | | | | | | | | | | | 23,607 | |
| | | | | |
Total undistributed earnings | | | | | | | | | | | | | | | | | | $ | 202,420 | |
| | | | | |
Unrealized gains (losses) — net | | | | | | | | | | | | | | | | | | | 29,379,059 | |
| | | | | |
Total accumulated earnings (losses) — net | | | | | | | | | | | | | | | | | | $ | 29,581,479 | |
| | * | The Focused Value Fund, and Small/Mid Cap Value Fund utilized 89,507 and 8,003,757 of capital losses in the current fiscal year. |
As of August 31, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
| | | Equity Income Fund | | | Focused Value Fund | | | Large Cap Value Fund | | | Mid Cap Value Fund | |
| | | | |
Tax Cost | | $ | 297,773,583 | | | $ | 46,905,818 | | | $ | 340,359,593 | | | $ | 975,652,982 | |
| | | | |
Gross unrealized gain | | | 113,505,154 | | | | 10,398,112 | | | | 118,421,475 | | | | 260,531,234 | |
| | | | |
Gross unrealized loss | | | (6,691,700 | ) | | | (780,166 | ) | | | (6,150,810 | ) | | | (21,006,553 | ) |
| | | | |
Net unrealized gain (loss) | | $ | 106,813,454 | | | $ | 9,617,946 | | | $ | 112,270,665 | | | $ | 239,524,681 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | Small Cap Value Fund | | | Small/Mid Cap Value Fund | |
| | | | |
Tax Cost | | | | | | | | | | $ | 933,350,182 | | | $ | 125,355,375 | |
| | | | |
Gross unrealized gain | | | | | | | | | | | 298,615,337 | | | | 32,986,864 | |
| | | | |
Gross unrealized loss | | | | | | | | | | | (19,598,156 | ) | | | (3,607,805 | ) |
| | | | |
Net unrealized gain (loss) | | | | | | | | | | $ | 279,017,181 | | | $ | 29,379,059 | |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales.
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
|
7. TAX INFORMATION (continued) |
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.
| | | | | | | | |
| Fund | | Paid in
Capital | | | Total
Distributable
Earnings | |
| | |
Small Cap Value Fund | | $ | 33,877,934 | | | $ | (33,877,934 | ) |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.
Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Value investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
8. OTHER RISKS (continued) |
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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk — The Focused Value Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
REIT Risk — Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.
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.
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.
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
|
11. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | Equity Income Fund | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 107,321 | | | $ | 4,722,651 | | | | 154,854 | | | $ | 6,498,025 | |
| | | | |
Reinvestment of distributions | | | 305,149 | | | | 13,153,613 | | | | 369,096 | | | | 15,627,272 | |
| | | | |
Shares redeemed | | | (749,949 | ) | | | (33,161,786 | ) | | | (748,112 | ) | | | (31,357,744 | ) |
| | | | |
| | | | (337,479 | ) | | | (15,285,522 | ) | | | (224,162 | ) | | | (9,232,447 | ) |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 8,427 | | | | 349,517 | | | | 32,734 | | | | 1,298,342 | |
| | | | |
Reinvestment of distributions | | | 4,114 | | | | 166,308 | | | | 5,743 | | | | 230,878 | |
| | | | |
Shares redeemed | | | (31,551 | ) | | | (1,291,603 | ) | | | (47,560 | ) | | | (1,872,919 | ) |
| | | | |
| | | | (19,010 | ) | | | (775,778 | ) | | | (9,083 | ) | | | (343,699 | ) |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 50,740 | | | | 2,244,260 | | | | 100,243 | | | | 4,294,731 | |
| | | | |
Reinvestment of distributions | | | 21,224 | | | | 933,996 | | | | 31,355 | | | | 1,349,606 | |
| | | | |
Shares redeemed | | | (279,312 | ) | | | (12,109,172 | ) | | | (275,849 | ) | | | (11,190,696 | ) |
| | | | |
| | | | (207,348 | ) | | | (8,930,916 | ) | | | (144,251 | ) | | | (5,546,359 | ) |
| | | | |
Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | — | | | | 1 | | | | 41 | |
| | | | |
Reinvestment of distributions | | | 85 | | | | 3,664 | | | | 99 | | | | 4,210 | |
| | | | |
Shares redeemed | | | (439 | ) | | | (19,602 | ) | | | (61 | ) | | | (2,619 | ) |
| | | | |
| | | | (354 | ) | | | (15,938 | ) | | | 39 | | | | 1,632 | |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 19,982 | | | | 883,959 | | | | 52,946 | | | | 2,230,853 | |
| | | | |
Reinvestment of distributions | | | 4,159 | | | | 178,617 | | | | 6,755 | | | | 285,008 | |
| | | | |
Shares redeemed | | | (52,723 | ) | | | (2,290,606 | ) | | | (65,503 | ) | | | (2,725,921 | ) |
| | | | |
| | | | (28,582 | ) | | | (1,228,030 | ) | | | (5,802 | ) | | | (210,060 | ) |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 24,784 | | | | 1,125,121 | | | | 25,099 | | | | 1,079,345 | |
| | | | |
Reinvestment of distributions | | | 6,478 | | | | 286,056 | | | | 8,316 | | | | 358,806 | |
| | | | |
Shares redeemed | | | (26,175 | ) | | | (1,197,720 | ) | | | (52,924 | ) | | | (2,286,221 | ) |
| | | | |
| | | | 5,087 | | | | 213,457 | | | | (19,509 | ) | | | (848,070 | ) |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 315 | | | | 13,834 | | | | 460 | | | | 19,106 | |
| | | | |
Reinvestment of distributions | | | 711 | | | | 30,476 | | | | 760 | | | | 32,124 | |
| | | | |
Shares redeemed | | | (434 | ) | | | (19,737 | ) | | | (295 | ) | | | (12,296 | ) |
| | | | |
| | | | 592 | | | | 24,573 | | | | 925 | | | | 38,934 | |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 126,159 | | | | 6,131,770 | | | | 363,189 | | | | 15,726,662 | |
| | | | |
Reinvestment of distributions | | | 41,041 | | | | 1,802,226 | | | | 84,764 | | | | 3,656,406 | |
| | | | |
Shares redeemed | | | (888,841 | ) | | | (38,931,785 | ) | | | (216,257 | ) | | | (9,099,027 | ) |
| | | | |
| | | | (721,641 | ) | | | (30,997,789 | ) | | | 231,696 | | | | 10,284,041 | |
| | | | |
NET DECREASE IN SHARES | | | (1,308,735 | ) | | $ | (56,995,943 | ) | | | (170,147 | ) | | $ | (5,856,028 | ) |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Focused Value Fund | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 56,169 | | | $ | 833,568 | | | | 23,953 | | | $ | 306,925 | |
| | | | |
Reinvestment of distributions | | | 647 | | | | 8,993 | | | | 2,154 | | | | 27,797 | |
| | | | |
Shares redeemed | | | (1,848 | ) | | | (26,671 | ) | | | (18,690 | ) | | | (240,275 | ) |
| | | | |
| | | | 54,968 | | | | 815,890 | | | | 7,417 | | | | 94,447 | |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 6,778 | | | | 92,956 | | | | 154 | | | | 2,000 | |
| | | | |
Reinvestment of distributions | | | 38 | | | | 514 | | | | 2,232 | | | | 28,283 | |
| | | | |
Shares redeemed | | | (12,971 | ) | | | (176,939 | ) | | | (11,568 | ) | | | (143,380 | ) |
| | | | |
| | | | (6,155 | ) | | | (83,469 | ) | | | (9,182 | ) | | | (113,097 | ) |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 151,217 | | | | 2,319,258 | | | | 70,808 | | | | 944,810 | |
| | | | |
Reinvestment of distributions | | | 2,908 | | | | 40,641 | | | | 15,165 | | | | 196,617 | |
| | | | |
Shares redeemed | | | (29,136 | ) | | | (415,241 | ) | | | (79,330 | ) | | | (1,046,925 | ) |
| | | | |
| | | | 124,989 | | | | 1,944,658 | | | | 6,643 | | | | 94,502 | |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 312,574 | | | | 4,779,347 | | | | — | | | | — | |
| | | | |
Reinvestment of distributions | | | 17 | | | | 230 | | | | 100 | | | | 1,281 | |
| | | | |
Shares redeemed | | | (12,310 | ) | | | (188,628 | ) | | | — | | | | — | |
| | | | |
| | | | 300,281 | | | | 4,590,949 | | | | 100 | | | | 1,281 | |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 125,651 | | | | 1,809,672 | | | | — | | | | — | |
| | | | |
Reinvestment of distributions | | | 17 | | | | 243 | | | | 100 | | | | 1,291 | |
| | | | |
Shares redeemed | | | (6,113 | ) | | | (92,910 | ) | | | — | | | | — | |
| | | | |
| | | | 119,555 | | | | 1,717,005 | | | | 100 | | | | 1,291 | |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | — | | | | — | | | | — | |
| | | | |
Reinvestment of distributions | | | 39 | | | | 533 | | | | 312 | | | | 3,995 | |
| | | | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | |
| | | | |
| | | | 39 | | | | 533 | | | | 312 | | | | 3,995 | |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 217,830 | | | | 3,092,611 | | | | 731,235 | | | | 9,318,270 | |
| | | | |
Reinvestment of distributions | | | 49,898 | | | | 695,465 | | | | 281,081 | | | | 3,634,593 | |
| | | | |
Shares redeemed | | | (874,438 | ) | | | (12,803,578 | ) | | | (798,703 | ) | | | (10,803,871 | ) |
| | | | |
| | | | (606,710 | ) | | | (9,015,502 | ) | | | 213,613 | | | | 2,148,992 | |
| | | | |
NET INCREASE (DECREASE) IN SHARES | | | (13,033 | ) | | $ | (29,936 | ) | | | 219,003 | | | $ | 2,231,411 | |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
|
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Large Cap Value Fund | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 344,463 | | | $ | 5,403,999 | | | | 345,552 | | | $ | 5,064,497 | |
| | | | |
Reinvestment of distributions | | | 296,987 | | | | 4,442,952 | | | | 428,925 | | | | 6,325,352 | |
| | | | |
Shares redeemed | | | (736,201 | ) | | | (11,599,398 | ) | | | (726,345 | ) | | | (10,679,578 | ) |
| | | | |
| | | | (94,751 | ) | | | (1,752,447 | ) | | | 48,132 | | | | 710,271 | |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 48,605 | | | | 736,964 | | | | 55,684 | | | | 771,644 | |
| | | | |
Reinvestment of distributions | | | 30,053 | | | | 415,122 | | | | 62,513 | | | | 857,851 | |
| | | | |
Shares redeemed | | | (251,894 | ) | | | (3,628,036 | ) | | | (255,044 | ) | | | (3,441,045 | ) |
| | | | |
| | | | (173,236 | ) | | | (2,475,950 | ) | | | (136,847 | ) | | | (1,811,550 | ) |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 392,968 | | | | 6,343,160 | | | | 596,437 | | | | 8,818,838 | |
| | | | |
Reinvestment of distributions | | | 494,896 | | | | 7,521,953 | | | | 876,160 | | | | 13,104,400 | |
| | | | |
Shares redeemed | | | (1,868,269 | ) | | | (29,688,601 | ) | | | (3,329,427 | ) | | | (50,418,694 | ) |
| | | | |
| | | | (980,405 | ) | | | (15,823,488 | ) | | | (1,856,830 | ) | | | (28,495,456 | ) |
| | | | |
Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 9,983 | | | | 152,585 | | | | 18,613 | | | | 274,829 | |
| | | | |
Reinvestment of distributions | | | 1,742 | | | | 25,914 | | | | 2,025 | | | | 29,734 | |
| | | | |
Shares redeemed | | | (16,068 | ) | | | (242,477 | ) | | | (11,956 | ) | | | (177,631 | ) |
| | | | |
| | | | (4,343 | ) | | | (63,978 | ) | | | 8,682 | | | | 126,932 | |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 77,587 | | | | 1,250,862 | | | | 288,993 | | | | 4,407,827 | |
| | | | |
Reinvestment of distributions | | | 12,636 | | | | 189,187 | | | | 21,271 | | | | 313,809 | |
| | | | |
Shares redeemed | | | (306,031 | ) | | | (4,451,999 | ) | | | (71,327 | ) | | | (1,040,581 | ) |
| | | | |
| | | | (215,808 | ) | | | (3,011,950 | ) | | | 238,937 | | | | 3,681,055 | |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 35,750 | | | | 600,130 | | | | 33,999 | | | | 527,610 | |
| | | | |
Reinvestment of distributions | | | 8,816 | | | | 138,491 | | | | 12,208 | | | | 188,257 | |
| | | | |
Shares redeemed | | | (29,157 | ) | | | (491,814 | ) | | | (47,357 | ) | | | (714,380 | ) |
| | | | |
| | | | 15,409 | | | | 246,807 | | | | (1,150 | ) | | | 1,487 | |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 35,203 | | | | 513,426 | | | | 44,840 | | | | 623,273 | |
| | | | |
Reinvestment of distributions | | | 16,230 | | | | 232,201 | | | | 21,882 | | | | 309,775 | |
| | | | |
Shares redeemed | | | (174,534 | ) | | | (2,691,534 | ) | | | (18,544 | ) | | | (265,045 | ) |
| | | | |
| | | | (123,101 | ) | | | (1,945,907 | ) | | | 48,178 | | | | 668,003 | |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 309,649 | | | | 5,030,891 | | | | 831,359 | | | | 12,924,213 | |
| | | | |
Reinvestment of distributions | | | 722,502 | | | | 11,344,186 | | | | 1,097,794 | | | | 16,929,697 | |
| | | | |
Shares redeemed | | | (1,813,864 | ) | | | (29,379,746 | ) | | | (2,200,957 | ) | | | (33,907,456 | ) |
| | | | |
| | | | (781,713 | ) | | | (13,004,669 | ) | | | (271,804 | ) | | | (4,053,546 | ) |
| | | | |
NET DECREASE IN SHARES | | | (2,357,948 | ) | | $ | (37,831,582 | ) | | | (1,922,702 | ) | | $ | (29,172,804 | ) |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Mid Cap Value Fund | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 630,930 | | | $ | 21,805,852 | | | | 985,442 | | | $ | 33,517,823 | |
| | | | |
Reinvestment of distributions | | | 558,190 | | | | 18,845,414 | | | | 1,564,335 | | | | 52,348,441 | |
| | | | |
Shares redeemed | | | (2,511,602 | ) | | | (86,709,785 | ) | | | (2,216,864 | ) | | | (74,819,929 | ) |
| | | | |
| | | | (1,322,482 | ) | | | (46,058,519 | ) | | | 332,913 | | | | 11,046,335 | |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 30,140 | | | | 839,830 | | | | 43,808 | | | | 1,210,384 | |
| | | | |
Reinvestment of distributions | | | 10,568 | | | | 285,540 | | | | 41,336 | | | | 1,122,677 | |
| | | | |
Shares redeemed | | | (96,401 | ) | | | (2,670,827 | ) | | | (152,925 | ) | | | (4,156,232 | ) |
| | | | |
| | | | (55,693 | ) | | | (1,545,457 | ) | | | (67,781 | ) | | | (1,823,171 | ) |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,696,862 | | | | 59,849,317 | | | | 2,667,378 | | | | 92,172,623 | |
| | | | |
Reinvestment of distributions | | | 406,823 | | | | 14,013,508 | | | | 1,040,155 | | | | 35,448,957 | |
| | | | |
Shares redeemed | | | (2,890,239 | ) | | | (101,407,420 | ) | | | (2,522,558 | ) | | | (86,496,618 | ) |
| | | | |
| | | | (786,554 | ) | | | (27,544,595 | ) | | | 1,184,975 | | | | 41,124,962 | |
| | | | |
Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 98,388 | | | | 3,278,317 | | | | 296,289 | | | | 9,569,035 | |
| | | | |
Reinvestment of distributions | | | 38,391 | | | | 1,253,628 | | | | 126,934 | | | | 4,116,851 | |
| | | | |
Shares redeemed | | | (208,132 | ) | | | (6,982,875 | ) | | | (554,499 | ) | | | (17,457,983 | ) |
| | | | |
| | | | (71,353 | ) | | | (2,450,930 | ) | | | (131,276 | ) | | | (3,772,097 | ) |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,564,445 | | | | 51,810,907 | | | | 1,276,305 | | | | 41,830,417 | |
| | | | |
Reinvestment of distributions | | | 119,050 | | | | 3,880,840 | | | | 285,152 | | | | 9,223,194 | |
| | | | |
Shares redeemed | | | (1,342,971 | ) | | | (44,385,305 | ) | | | (1,153,726 | ) | | | (37,427,369 | ) |
| | | | |
| | | | 340,524 | | | | 11,306,442 | | | | 407,731 | | | | 13,626,242 | |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 744,902 | | | | 26,259,452 | | | | 633,482 | | | | 21,704,161 | |
| | | | |
Reinvestment of distributions | | | 121,694 | | | | 4,188,239 | | | | 280,408 | | | | 9,547,007 | |
| | | | |
Shares redeemed | | | (765,684 | ) | | | (26,932,155 | ) | | | (557,288 | ) | | | (19,126,148 | ) |
| | | | |
| | | | 100,912 | | | | 3,515,536 | | | | 356,602 | | | | 12,125,020 | |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 204,958 | | | | 6,730,670 | | | | 176,929 | | | | 5,562,212 | |
| | | | |
Reinvestment of distributions | | | 28,760 | | | | 920,988 | | | | 71,530 | | | | 2,277,883 | |
| | | | |
Shares redeemed | | | (284,740 | ) | | | (9,408,097 | ) | | | (182,641 | ) | | | (5,787,384 | ) |
| | | | |
| | | | (51,022 | ) | | | (1,756,439 | ) | | | 65,818 | | | | 2,052,711 | |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,101,662 | | | | 38,306,800 | | | | 449,136 | | | | 15,597,344 | |
| | | | |
Reinvestment of distributions | | | 223,922 | | | | 7,704,303 | | | | 634,949 | | | | 21,613,805 | |
| | | | |
Shares redeemed | | | (1,443,284 | ) | | | (49,875,061 | ) | | | (668,904 | ) | | | (23,240,105 | ) |
| | | | |
| | | | (117,700 | ) | | | (3,863,958 | ) | | | 415,181 | | | | 13,971,044 | |
| | | | |
NET INCREASE (DECREASE) IN SHARES | | | (1,963,368 | ) | | $ | (68,397,920 | ) | | | 2,564,163 | | | $ | 88,351,046 | |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
|
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Small Cap Value Fund | |
| | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 440,593 | | | $ | 16,807,932 | | | | 689,898 | | | $ | 26,772,261 | |
| | | | |
Reinvestment of distributions | | | 259,721 | | | | 9,905,261 | | | | 1,266,146 | | | | 48,411,679 | |
| | | | |
Shares redeemed | | | (1,633,110 | ) | | | (61,632,459 | ) | | | (2,945,344 | ) | | | (112,723,568 | ) |
| | | | |
| | | | (932,796 | ) | | | (34,919,266 | ) | | | (989,300 | ) | | | (37,539,628 | ) |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 11,199 | | | | 229,457 | | | | 4,878 | | | | 107,895 | |
| | | | |
Reinvestment of distributions | | | 3,784 | | | | 76,963 | | | | 19,990 | | | | 423,795 | |
| | | | |
Shares redeemed | | | (17,867 | ) | | | (367,233 | ) | | | (34,611 | ) | | | (761,259 | ) |
| | | | |
| | | | (2,884 | ) | | | (60,813 | ) | | | (9,743 | ) | | | (229,569 | ) |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,980,539 | | | | 86,028,443 | | | | 2,649,928 | | | | 118,061,869 | |
| | | | |
Reinvestment of distributions | | | 487,797 | | | | 21,396,553 | | | | 4,483,073 | | | | 196,026,369 | |
| | | | |
Shares redeemed | | | (9,743,615 | ) | | | (423,411,051 | ) | | | (21,715,133 | ) | | | (957,891,695 | ) |
| | | | |
| | | | (7,275,279 | ) | | | (315,986,055 | ) | | | (14,582,132 | ) | | | (643,803,457 | ) |
| | | | |
Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 51,522 | | | | 1,844,136 | | | | 67,745 | | | | 2,505,249 | |
| | | | |
Reinvestment of distributions | | | 15,558 | | | | 557,766 | | | | 76,057 | | | | 2,744,462 | |
| | | | |
Shares redeemed | | | (209,157 | ) | | | (7,412,798 | ) | | | (157,089 | ) | | | (5,801,066 | ) |
| | | | |
| | | | (142,077 | ) | | | (5,010,896 | ) | | | (13,287 | ) | | | (551,355 | ) |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 169,807 | | | | 6,336,137 | | | | 989,545 | | | | 35,462,993 | |
| | | | |
Reinvestment of distributions | | | 58,846 | | | | 2,214,960 | | | | 535,409 | | | | 20,213,694 | |
| | | | |
Shares redeemed | | | (1,344,061 | ) | | | (50,933,977 | ) | | | (2,607,408 | ) | | | (101,574,347 | ) |
| | | | |
| | | | (1,115,408 | ) | | | (42,382,880 | ) | | | (1,082,454 | ) | | | (45,897,660 | ) |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,600,956 | | | | 70,039,926 | | | | 2,343,438 | | | | 105,437,606 | |
| | | | |
Proceeds received in connection with merger | | | — | | | | — | | | | (526,003 | ) | | | (23,891,044 | ) |
| | | | |
Reinvestment of distributions | | | 410,240 | | | | 17,982,756 | | | | 3,232,248 | | | | 141,231,618 | |
| | | | |
Shares redeemed | | | (5,805,480 | ) | | | (257,956,435 | ) | | | (17,890,009 | ) | | | (803,136,472 | ) |
| | | | |
| | | | (3,794,284 | ) | | | (169,933,753 | ) | | | (12,840,326 | ) | | | (580,358,292 | ) |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 351,873 | | | | 13,116,740 | | | | 205,973 | | | | 7,625,415 | |
| | | | |
Reinvestment of distributions | | | 43,815 | | | | 1,592,735 | | | | 190,014 | | | | 6,943,051 | |
| | | | |
Shares redeemed | | | (522,307 | ) | | | (19,305,024 | ) | | | (389,071 | ) | | | (14,361,204 | ) |
| | | | |
| | | | (126,619 | ) | | | (4,595,549 | ) | | | 6,916 | | | | 207,262 | |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 984,371 | | | | 42,596,313 | | | | 1,810,313 | | | | 80,373,870 | |
| | | | |
Reinvestment of distributions | | | 201,994 | | | | 8,853,867 | | | | 882,391 | | | | 38,556,866 | |
| | | | |
Shares redeemed | | | (2,317,580 | ) | | | (99,292,311 | ) | | | (1,987,153 | ) | | | (89,962,365 | ) |
| | | | |
| | | | (1,131,215 | ) | | | (47,842,131 | ) | | | 705,551 | | | | 28,968,371 | |
| | | | |
NET DECREASE IN SHARES | | | (14,520,562 | ) | | $ | (620,731,343 | ) | | | (28,804,775 | ) | | $ | (1,279,204,328 | ) |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Value Fund | |
| | | For the Fiscal Year Ended
August 31, 2024 | | | For the Fiscal Year Ended
August 31, 2023 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 34,599 | | | $ | 521,803 | | | | 29,548 | | | $ | 417,575 | |
| | | | |
Reinvestment of distributions | | | 983 | | | | 14,532 | | | | 11,787 | | | | 164,809 | |
| | | | |
Shares redeemed | | | (39,252 | ) | | | (593,281 | ) | | | (32,805 | ) | | | (461,862 | ) |
| | | | |
| | | | (3,670 | ) | | | (56,946 | ) | | | 8,530 | | | | 120,522 | |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 6,040 | | | | 84,985 | | | | 3,867 | | | | 53,206 | |
| | | | |
Reinvestment of distributions | | | — | | | | — | | | | 4,929 | | | | 66,005 | |
| | | | |
Shares redeemed | | | (28,588 | ) | | | (411,618 | ) | | | (13,629 | ) | | | (184,949 | ) |
| | | | |
| | | | (22,548 | ) | | | (326,633 | ) | | | (4,833 | ) | | | (65,738 | ) |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 551,447 | | | | 8,029,084 | | | | 570,054 | | | | 8,151,094 | |
| | | | |
Reinvestment of distributions | | | 13,767 | | | | 206,643 | | | | 131,137 | | | | 1,863,694 | |
| | | | |
Shares redeemed | | | (836,465 | ) | | | (12,281,360 | ) | | | (623,348 | ) | | | (8,949,197 | ) |
| | | | |
| | | | (271,251 | ) | | | (4,045,633 | ) | | | 77,843 | | | | 1,065,591 | |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 90,724 | | | | 1,359,775 | | | | 301,888 | | | | 4,263,071 | |
| | | | |
Reinvestment of distributions | | | 4,696 | | | | 70,023 | | | | 53,701 | | | | 757,902 | |
| | | | |
Shares redeemed | | | (406,241 | ) | | | (6,128,396 | ) | | | (465,635 | ) | | | (6,509,679 | ) |
| | | | |
| | | | (310,821 | ) | | | (4,698,598 | ) | | | (110,046 | ) | | | (1,488,706 | ) |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 766,940 | | | | 11,479,505 | | | | 1,336,431 | | | | 19,162,502 | |
| | | | |
Reinvestment of distributions | | | 15,899 | | | | 238,483 | | | | 475,963 | | | | 6,757,794 | |
| | | | |
Shares redeemed | | | (5,556,199 | ) | | | (79,985,375 | ) | | | (1,799,587 | ) | | | (25,938,718 | ) |
| | | | |
| | | | (4,773,360 | ) | | | (68,267,387 | ) | | | 12,807 | | | | (18,422 | ) |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 400 | | | | 5,821 | | | | 1,110 | | | | 15,892 | |
| | | | |
Reinvestment of distributions | | | 27 | | | | 393 | | | | 569 | | | | 7,935 | |
| | | | |
Shares redeemed | | | (1,599 | ) | | | (24,359 | ) | | | (1,308 | ) | | | (17,760 | ) |
| | | | |
| | | | (1,172 | ) | | | (18,145 | ) | | | 371 | | | | 6,067 | |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 317,547 | | | | 4,870,961 | | | | 1,572,582 | | | | 22,260,457 | |
| | | | |
Reinvestment of distributions | | | 56,377 | | | | 845,087 | | | | 416,670 | | | | 5,911,852 | |
| | | | |
Shares redeemed | | | (1,009,632 | ) | | | (14,844,331 | ) | | | (2,072,093 | ) | | | (30,173,986 | ) |
| | | | |
| | | | (635,708 | ) | | | (9,128,283 | ) | | | (82,841 | ) | | | (2,001,677 | ) |
| | | | |
NET DECREASE IN SHARES | | | (6,018,530 | ) | | $ | (86,541,625 | ) | | | (98,169 | ) | | $ | (2,382,363 | ) |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Value Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Value Fund (six of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, 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, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 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 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 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 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 financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent 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 25, 2024
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Value 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, 2025 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 11-12, 2024 (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 two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
| | (a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, 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, 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”), a benchmark performance index, and (in the case of the Mid Cap Value Fund and Small Cap Value Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests; |
| | (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; |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| | (i) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
| | (j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services; |
| | (k) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
| | (l) | information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
| | (m) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| | (n) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| | (o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. 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 Independent 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 by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2023, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2024. The information on each Fund’s investment performance was provided for the one-, three-, five-, and
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
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. The Trustees also received information comparing the Mid Cap Value Fund’s and Small Cap Value Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
The Trustees observed that the Equity Income Fund’s Institutional Shares had placed in the third quartile 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 three-year period and underperformed for the one-, five-, and ten-year periods ended March 31, 2024. The Trustees considered that the Large Cap Value Fund’s Institutional Shares had placed in the in the top half of the Fund’s peer group for the one-, three-, and five-year periods and in the third quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2024. The Trustees noted that the Mid Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and five-year periods and in the third quartile for the one- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five, and ten-year periods ended March 31, 2024. The Trustees observed that the Small/Mid Cap Value Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the three- and five-year periods and in the fourth quartile for the one- and ten-year periods, and had outperformed the Fund’s benchmark index for five- and ten-year periods and underperformed for the one- and three-year periods ended March 31, 2024. The Trustees considered that the Small Cap Value Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the three-year period and in the fourth quartile for the one-, five-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. The Trustees noted that the Focused Value Fund’s Institutional Shares had placed in the top half 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, 2024. The Trustees observed that the Small Cap Value Fund and Small/Mid Cap Value Fund had each experienced certain portfolio management changes in 2022 and 2023.
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 breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Small Cap Value Fund that would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
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 2023 and 2022, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:
| | | | | | | | | | | | |
| | | | | | |
Average Daily Net Assets | | Equity Income
Fund | | Focused Value
Fund | | Large Cap Value
Fund | | Mid Cap Value
Fund | | Small Cap Value
Fund | | Small/Mid Cap
Value Fund |
| | | | | | |
First $1 billion | | 0.69% | | 0.69% | | 0.75% | | 0.75% | | 0.98% | | 0.80% |
| | | | | | |
Next $1 billion | | 0.62 | | 0.62 | | 0.68 | | 0.75 | | 0.98 | | 0.80 |
| | | | | | |
Next $3 billion | | 0.59 | | 0.59 | | 0.65 | | 0.68 | | 0.88 | | 0.72 |
| | | | | | |
Next $3 billion | | 0.58 | | 0.58 | | 0.64 | | 0.65 | | 0.84 | | 0.68 |
| | | | | | |
Over $8 billion | | 0.57 | | 0.57 | | 0.63 | | 0.64 | | 0.82 | | 0.67 |
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee for the Equity Income Fund, Focused Value Fund, and Large Cap Value Fund and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by each of the Equity Income Fund, Focused Value Fund, Large Cap Value Fund, Mid Cap Value Fund, Small Cap Value Fund, and Small/Mid Cap Value Fund’s Class A, Class C, Investor, and Class R Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Small Cap Value Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage commissions earned by Goldman Sachs for executing securities transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by the Investment Adviser for managing the fund in which the 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; (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
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) 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, 2025.
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Goldman Sachs Trust – Fundamental Equity Value Funds - Tax Information (Unaudited)
For the year ended August 31, 2024, 66.24%, 83.20%, 83.23%, 93.59%, 61.67%, and 100% of the dividends paid from net investment company taxable income by the Equity Income, Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value, and Small/Mid Cap Value Funds, respectively, qualify for the dividends received deduction available to corporations.
Pursuant to Section 852 of the Internal Revenue Code, the Equity Income, Focused Value, Large Cap Value, Mid Cap Value, and Small Cap Value Funds designate $10,784,218, $86,579, $15,386,420, $40,391,553, and $85,360,485 respectively or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2024.
For the year ended August 31, 2024, the Equity Income, Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value, and Small/Mid Cap Value Funds designate 100%, 100%, 89.55%, 100%, 100%, and 100%, 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, 2024, the Mid Cap Value, Focused Value, and Large Cap Value Funds designate $4,770,882, $3,292, and $3,832,695 respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code
For the year ended August 31, 2024, 4.40% of the dividends paid from net investment company taxable income by the Large Cap Value Fund qualify as section 199A dividends.
TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 © 2024 Goldman Sachs. All rights reserved. EQVALAR-24
Goldman Sachs Funds Annual Financial Statements August 31, 2024 Global Tax-Aware Equity Portfolios Goldman Sachs Enhanced Dividend Global Equity Portfolio Goldman Sachs Tax-Advantaged Global Equity Portfolio
Goldman Sachs Global Tax-Aware Equity Portfolios
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Underlying Funds (Class R6 Shares)(a) – 90.9% | |
| |
| | Equity – 90.9% | |
| | 15,512,132 | | Goldman Sachs U.S. Equity Dividend and Premium Fund | | $ | 266,498,431 | |
| | 11,571,383 | | Goldman Sachs International Equity Dividend and Premium Fund | | | 87,248,224 | |
| | 816,431 | | Goldman Sachs Small Cap Equity Insights Fund | | | 25,309,354 | |
| | 1,046,311 | | Goldman Sachs International Small Cap Insights Fund | | | 14,323,995 | |
| | 1,283,091 | | Goldman Sachs Emerging Markets Equity Insights Fund | | | 11,445,170 | |
| | 35,553 | | Goldman Sachs Energy Infrastructure Fund | | | 482,807 | |
| | | |
| | TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
(Cost $250,873,364) | | | 405,307,981 | |
| | | |
| | | |
| | | | | | | | |
| |
| | Exchange-Traded Funds – 0.7% | |
| | 9,690 | | iShares 7-10 Year Treasury Bond ETF | | | 940,608 | |
| | 7,088 | | Consumer Staples Select Sector SPDR Fund | | | 584,831 | |
| | 30,700 | | Sprott Physical Uranium Trust* | | | 561,765 | |
| | 8,246 | | iShares MSCI Mexico ETF | | | 437,368 | |
| | 1,254 | | Vanguard Russell 2000 ETF | | | 111,543 | |
| | 193 | | iShares Core S&P 500 ETF | | | 109,383 | |
| | 1,148 | | Vanguard Real Estate ETF | | | 109,209 | |
| | 5,353 | | Sprott Physical Gold Trust* | | | 104,223 | |
| | 411 | | Invesco Nasdaq 100 ETF | | | 80,589 | |
| | 318 | | iShares 20+ Year Treasury Bond ETF | | | 30,684 | |
| | 328 | | iShares Core MSCI Emerging Markets ETF | | | 17,863 | |
| | 111 | | iShares iBoxx $ High Yield Corporate Bond ETF | | | 8,807 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Exchange-Traded Funds – (continued) | |
| | 41 | | iShares iBoxx $ Investment Grade Corporate Bond ETF | | $ | 4,559 | |
| | | |
| | TOTAL EXCHANGE-TRADED FUNDS
(Cost $2,972,007) | | | 3,101,432 | |
| | | |
| | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 6.5%(a) | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | |
| | 29,172,235 | | 5.183% | | | 29,172,235 | |
| | (Cost $29,172,235) | |
| | | |
| | TOTAL INVESTMENTS – 98.1%
(Cost $283,017,606) | | $ | 437,581,648 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9% | | | 8,519,551 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 446,101,199 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | * | Non-income producing security. |
| | (a) | Represents an affiliated issuer. |
| | |
|
|
| Currency Abbreviations: |
| AUD | | Australian Dollar |
| CHF | | Swiss Franc |
| DKK | | Danish Krone |
| EUR | | Euro |
| GBP | | British Pound |
| HKD | | Hong Kong Dollar |
| ILS | | Israeli New Shekel |
| JPY | | Japanese Yen |
| NOK | | Norwegian Krone |
| NZD | | New Zealand Dollar |
| SEK | | Swedish Krona |
| SGD | | Singapore Dollar |
| USD | | United States Dollar |
|
|
|
|
ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2024, the Portfolio had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| | | | | | | | | | | | | | | | | | |
| Counterparty | | Currency Purchased | | | Currency Sold | | | Settlement Date | | Unrealized Gain | |
| |
Morgan Stanley Co., Inc. | | | | | | | | | | | | | | | | | | |
| | CHF | | | 1,210,000 | | | USD | | | 1,371,796 | | | 9/18/2024 | | $ | 53,999 | |
| | EUR | | | 120,000 | | | USD | | | 128,989 | | | 9/18/2024 | | | 3,744 | |
| | ILS | | | 80,000 | | | USD | | | 21,259 | | | 9/18/2024 | | | 752 | |
| | JPY | | | 201,000,000 | | | USD | | | 1,303,188 | | | 9/18/2024 | | | 74,539 | |
| | NOK | | | 100,000 | | | USD | | | 9,384 | | | 9/18/2024 | | | 47 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 3 |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
|
Schedule of Investments (continued) August 31, 2024 |
|
|
ADDITIONAL INVESTMENT INFORMATION (CONTINUED) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)
| | | | | | | | | | | | | | | | | | |
| Counterparty | | Currency Purchased | | | Currency Sold | | | Settlement Date | | Unrealized Gain | |
| |
Morgan Stanley Co., Inc. | | | | | | | | | | | | | | | | | | |
(continued) | | | | | | | | | | | | | | | | | | |
| | NZD | | | 10,000 | | | USD | | | 6,091 | | | 9/18/2024 | | $ | 160 | |
| | SGD | | | 10,000 | | | USD | | | 7,402 | | | 9/18/2024 | | | 268 | |
| | USD | | | 858,781 | | | HKD | | | 6,690,000 | | | 9/19/2024 | | | 284 | |
|
| |
TOTAL | | | | | | | | | | | | | | | | $ | 133,793 | |
|
| |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | |
| Counterparty | | Currency Purchased | | | Currency Sold | | | Settlement Date | | Unrealized Loss | |
| |
Morgan Stanley Co., Inc. | | | | | | | | | | | | | | | | | | |
| | USD | | | 3,632,602 | | | AUD | | | 5,499,962 | | | 9/18/2024 | | | (91,349) | |
| | USD | | | 6,172,622 | | | CHF | | | 5,470,844 | | | 9/18/2024 | | | (273,909) | |
| | USD | | | 1,985,703 | | | DKK | | | 13,640,000 | | | 9/18/2024 | | | (37,221) | |
| | USD | | | 16,606,087 | | | EUR | | | 15,294,225 | | | 9/18/2024 | | | (310,999) | |
| | USD | | | 7,382,382 | | | GBP | | | 5,799,415 | | | 9/18/2024 | | | (234,993) | |
| | USD | | | 193,008 | | | ILS | | | 720,000 | | | 9/18/2024 | | | (5,094) | |
| | USD | | | 12,829,132 | | | JPY | | | 1,981,272,100 | | | 9/18/2024 | | | (751,222) | |
| | USD | | | 294,952 | | | NOK | | | 3,150,000 | | | 9/18/2024 | | | (2,148) | |
| | USD | | | 91,674 | | | NZD | | | 150,000 | | | 9/18/2024 | | | (2,103) | |
| | USD | | | 1,594,527 | | | SEK | | | 16,725,000 | | | 9/18/2024 | | | (35,489) | |
| | USD | | | 573,057 | | | SGD | | | 770,000 | | | 9/18/2024 | | | (17,507) | |
| | HKD | | | 80,000 | | | USD | | | 10,268 | | | 9/19/2024 | | | (1) | |
|
| |
TOTAL | | | | | | | | | | | | | | | | $ | (1,762,035) | |
|
| |
FUTURES CONTRACTS — At August 31, 2024, the Portfolio had the following futures contracts:
| | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional Amount | | | Unrealized
Appreciation/
(Depreciation) | |
| |
Long position contracts: | | | | | | | | | | | | | | | | |
Stoxx 600 Utilities Index Future | | | 27 | | | | 09/20/24 | | | $ | 595,424 | | | $ | 46,407 | |
Stoxx Europe 600 Index Future | | | 1 | | | | 09/20/24 | | | | 29,067 | | | | 15 | |
U.S. Treasury 10 Year Note | | | 82 | | | | 12/19/24 | | | | 9,308,281 | | | | (48,406) | |
U.S. Treasury 2 Year Note | | | 53 | | | | 12/31/24 | | | | 11,000,812 | | | | (10,067) | |
U.S. Treasury 5 Year Note | | | 60 | | | | 12/31/24 | | | | 6,563,438 | | | | (29,168) | |
| |
| | | | |
| Total Futures Contracts | | | | | | | | | | | | | | $ | (41,219) | |
|
| |
SWAP CONTRACTS — At August 31, 2024, the Portfolio had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| | | | | | | | | | | | | | | | | | | | | | |
Payments Made by the Fund(a) | | Payments Received by the Fund | | Termination Date | | Notional Amounts (000’s) | | | Value | | | Upfront Premium (Received) Paid | | | Unrealized Appreciation/ (Depreciation) | |
| |
4.325%(b) | | 1 Day SONIO | | 9/19/2033 | | GBP | | | 600 | | | $ | 31,042 | | | $ | – | | | $ | 31,042 | |
|
| |
| | (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to August 31, 2024. |
| | (b) | Payments made annually. |
| | |
| 4 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
|
|
ADDITIONAL INVESTMENT INFORMATION (CONTINUED) |
OVER-THE-COUNTER - INTEREST RATE SWAPTIONS — At August 31, 2024, the Portfolio had the following purchased and written option contracts:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized
Appreciation/
(Depreciation) | |
| |
Purchased Option Contracts: | | | | | | | | | | | | | | | | | | | | | |
Calls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EUR REC 1713.82 | | Morgan
Stanley Co.,
Inc. | | | EUR 1,713.82 | | | | 03/24/2025 | | | | 307 | | | $ | 307 | | | $ | 17,422 | | | $ | 31,946 | | | $ | (14,524) | |
GBP REC 3.44 | | Morgan
Stanley Co.,
Inc. | | | GBP 3.44 | | | | 01/27/2025 | | | | 630,000 | | | | 630,000 | | | | 9,384 | | | | 22,573 | | | | (13,190) | |
3M IRS | | Bank of
America | | | $4.50 | | | | 09/16/2024 | | | | 2,700,000 | | | | 2,700,000 | | | | 42,206 | | | | 19,491 | | | | 22,715 | |
3M IRS | | Bank of
America | | | 3.20 | | | | 09/16/2024 | | | | 2,700,000 | | | | 2,700,000 | | | | 606 | | | | 2,528 | | | | (1,921) | |
| |
| | | | | | | | | | | 6,030,307 | | | $ | 6,030,307 | | | $ | 69,618 | | | $ | 76,538 | | | $ | (6,920) | |
| |
Puts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GBP REC 3.7000 | | Morgan
Stanley Co.,
Inc. | | | GBP 3.70 | | | | 11/01/2024 | | | | 640,000 | | | $ | 640,000 | | | $ | 10,547 | | | $ | 11,922 | | | $ | (1,374) | |
GBP REC 3.5000 | | Morgan
Stanley Co.,
Inc. | | | 3.50 | | | | 10/17/2024 | | | | 1,100,000 | | | | 1,100,000 | | | | 6,132 | | | | 27,325 | | | | (21,193) | |
3M IRS | | Bank of
America | | | $4.17 | | | | 09/16/2024 | | | | 2,800,000 | | | | 2,800,000 | | | | 26,325 | | | | 19,841 | | | | 6,483 | |
USD REC 3.62 | | J.P.Morgan
Securities LLC | | | 3.62 | | | | 09/16/2024 | | | | 2,800,000 | | | | 2,800,000 | | | | 4,548 | | | | 2,800 | | | | 1,748 | |
3M IRS | | Bank of
America | | | 3.12 | | | | 09/16/2024 | | | | 2,800,000 | | | | 2,800,000 | | | | 420 | | | | 4,369 | | | | (3,949) | |
| |
Total purchased option contracts | | | | | | | | | | | 16,170,307 | | | $ | 16,170,307 | | | $ | 117,590 | | | $ | 142,795 | | | $ | (25,205) | |
| |
| | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized
Appreciation/
(Depreciation) | |
| |
Written Option Contracts: | | | | | | | | | | | | | | | | | | | | | |
Calls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EUR REC 1973.34 | | Morgan
Stanley Co.,
Inc. | | | EUR 1,973.34 | | | | 03/24/2025 | | | | (307 | ) | | $ | (307 | ) | | $ | (2,329 | ) | | $ | (7,986 | ) | | $ | 5,657 | |
GBP REC 2.9160 | | Morgan
Stanley Co.,
Inc. | | | GBP 2.92 | | | | 01/27/2025 | | | | (1,260,000 | ) | | | (1,260,000 | ) | | | (4,759 | ) | | | (22,574 | ) | | | 17,815 | |
GBP Pay 4.2000 | | Morgan
Stanley Co.,
Inc. | | | 4.20 | | | | 11/01/2024 | | | | (640,000 | ) | | | (640,000 | ) | | | (1,295 | ) | | | (3,955 | ) | | | 2,660 | |
GBP PAY 4.3245 | | Morgan
Stanley Co.,
Inc. | | | 4.32 | | | | 10/17/2024 | | | | (1,100,000 | ) | | | (1,100,000 | ) | | | (850 | ) | | | (14,293 | ) | | | 13,443 | |
3M IRS | | Bank of
America | | | $3.95 | | | | 09/16/2024 | | | | (5,400,000 | ) | | | (5,400,000 | ) | | | (29,875 | ) | | | (16,417 | ) | | | (13,458) | |
| |
| | | | | | | | | | | | | (8,400,307 | ) | | $ | (8,400,307 | ) | | $ | (39,108 | ) | | $ | (65,225 | ) | | $ | 26,117 | |
| |
Puts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EUR REC 1449.4 | | Morgan
Stanley Co.,
Inc. | | | EUR 1,449.40 | | | | 03/24/2025 | | | | (307 | ) | | $ | (307 | ) | | $ | (13,248 | ) | | $ | (15,973 | ) | | $ | 2,725 | |
GBP REC 3.3500 | | Morgan
Stanley Co.,
Inc. | | | GBP 3.35 | | | | 11/01/2024 | | | | (640,000 | ) | | | (640,000 | ) | | | (2,549 | ) | | | (4,210 | ) | | | 1,661 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 5 |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
|
Schedule of Investments (continued) August 31, 2024 |
|
|
ADDITIONAL INVESTMENT INFORMATION (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration Date | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized
Appreciation/
(Depreciation) | |
| |
GBP REC 3.1000 | | Morgan Stanley Co.,
Inc. | | | GBP 3.10 | | | 10/17/2024 | | | (1,100,000 | ) | | $ | (1,100,000 | ) | | $ | (833 | ) | | $ | (12,331 | ) | | $ | 11,499 | |
USD REC 4.17 | | J.P.Morgan Securities LLC | | | $4.17 | | | 09/16/2024 | | | (2,800,000 | ) | | | (2,800,000 | ) | | | (26,324 | ) | | | (16,100 | ) | | | (10,225) | |
3M IRS | | Bank of
America | | | 3.62 | | | 09/16/2024 | | | (5,600,000 | ) | | | (5,600,000 | ) | | | (9,096 | ) | | | (17,799 | ) | | | 8,703 | |
| |
Total written option contracts | | | | | | | | | (18,540,614 | ) | | $ | (18,540,614 | ) | | $ | (91,158 | ) | | $ | (131,638 | ) | | $ | 40,480 | |
| |
OVER-THE-COUNTER OPTIONS ON EQUITIES
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized
Appreciation/
(Depreciation) | |
| |
Purchased Option Contracts: | | | | | | | | | | | | | | | | | | | | | |
Calls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TOPX JPY 21FEB25 C2470.47 | | Morgan
Stanley Co.,
Inc. | | | JPY 2,470.47 | | | | 02/24/2025 | | | | 16,000 | | | $ | 16,000 | | | $ | 30,561 | | | $ | 13,625 | | | $ | 16,936 | |
iShares MSCI Mexico ETF | | Morgan
Stanley Co.,
Inc. | | | $66.20 | | | | 09/04/2024 | | | | 5,000 | | | | 5,000 | | | | – | | | | 4,000 | | | | (4,000) | |
| |
| | | | | | | | | | | | | 21,000 | | | $ | 21,000 | | | $ | 30,561 | | | $ | 17,625 | | | $ | 12,936 | |
| |
Puts | | | | | | | | | | | | | | | | | | | | | |
Put SPX/Call USD | | Bank of
America | | | $– | | | | 11/18/2024 | | | | 491 | | | $ | 491 | | | $ | 55,675 | | | $ | 69,256 | | | $ | (13,581) | |
| |
Total purchased option contracts | | | | | | | | | | | 21,491 | | | $ | 21,491 | | | $ | 86,236 | | | $ | 86,881 | | | $ | (645) | |
| |
| | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized
Appreciation/
(Depreciation) | |
| |
Written Option Contracts: | | | | | | | | | | | | | | | | | | | | | |
Puts | | | | | | | | | | | | | | | | | | | | | |
TOPX JPY 21FEB25 P2295.3 | | Morgan
Stanley Co.,
Inc. | | | JPY 2,295.30 | | | | 02/24/2025 | | | | (32,000 | ) | | $ | (32,000 | ) | | $ | (6,845 | ) | | $ | (27,249 | ) | | $ | 20,403 | |
SPX USD 15NOV24 P5500 | | J.P.Morgan
Securities LLC | | | $5,500.00 | | | | 11/18/2024 | | | | (284 | ) | | | (284 | ) | | | (22,056 | ) | | | (74,880 | ) | | | 52,825 | |
iShares MSCI Mexico ETF | | Morgan
Stanley Co.,
Inc. | | | 53.43 | | | | 09/04/2024 | | | | (5,000 | ) | | | (5,000 | ) | | | (4,102 | ) | | | (4,000 | ) | | | (102) | |
| |
Total written option contracts | | | | | | | | | | | (37,284 | ) | | $ | (37,284 | ) | | $ | (33,003 | ) | | $ | (106,129 | ) | | $ | 73,126 | |
| |
| | | |
| OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY | | | | | | | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized
Appreciation/
(Depreciation) | |
| |
| | | | | |
Purchased Option Contracts: | | | | | | | | | | | | | | | | | | | | | |
Calls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Call USD/CHF 0.8725
10/15/24 | | Bank of
America | | | $0.87 | | | | 10/16/2024 | | | | 1,300,000 | | | $ | 1,300,000 | | | $ | 2,635 | | | $ | 10,152 | | | $ | (7,517) | |
| |
| | |
| 6 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
|
|
ADDITIONAL INVESTMENT INFORMATION (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | Exercise
Rate | | | Expiration Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized Appreciation/ (Depreciation) | |
| |
Written Option Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Puts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Put USD/ CHF 0.82
10/15/2024 | | Bank of America | | | $0.82 | | | | 10/16/2024 | | | | (1,300,000 | ) | | $ | (1,300,000 | ) | | $ | (4,314 | ) | | $ | (3,834 | ) | | $ | (480) | |
|
| |
| | |
|
| Investment Abbreviations: |
| SONIO | | —Sterling Overnight Index Average |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 7 |
GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO
|
Schedule of Investments August 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Underlying Funds (Class R6 Shares)(a) – 89.5% | |
| |
| | Equity – 89.5% | |
| | 62,655,512 | | Goldman Sachs U.S. Tax-Managed Equity Fund | | $ | 2,867,116,242 | |
| | 65,874,671 | | Goldman Sachs International Tax-Managed Equity Fund | | | 887,331,823 | |
| | 10,011,969 | | Goldman Sachs International Small Cap Insights Fund | | | 137,063,850 | |
| | 13,012,283 | | Goldman Sachs Emerging Markets Equity Insights Fund | | | 116,069,565 | |
| | 290,946 | | Goldman Sachs Energy Infrastructure Fund | | | 3,951,047 | |
| | | |
| | |
| | TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) (Cost $1,810,208,678) | | | 4,011,532,527 | |
| | | |
| | | |
| | | | | | | | |
| |
| | Exchange-Traded Funds – 0.7% | |
| | | |
| | 97,322 | | iShares 7-10 Year Treasury Bond ETF | | | 9,447,047 | |
| | 307,200 | | Sprott Physical Uranium Trust* | | | 5,621,305 | |
| | 68,079 | | Consumer Staples Select Sector SPDR Fund | | | 5,617,198 | |
| | 79,716 | | iShares MSCI Mexico ETF | | | 4,228,137 | |
| | 60,745 | | Sprott Physical Gold Trust* | | | 1,182,705 | |
| | 2,003 | | iShares Core S&P 500 ETF | | | 1,135,200 | |
| | 12,620 | | Vanguard Russell 2000 ETF | | | 1,122,549 | |
| | 11,550 | | Vanguard Real Estate ETF | | | 1,098,752 | |
| | 4,131 | | Invesco Nasdaq 100 ETF | | | 810,006 | |
| | 2,326 | | iShares 20+ Year Treasury Bond ETF | | | 224,436 | |
| | 3,304 | | iShares Core MSCI Emerging Markets ETF | | | 179,936 | |
| | 801 | | iShares iBoxx $ Investment Grade Corporate Bond ETF | | | 89,079 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Exchange-Traded Funds – (continued) | |
| | | |
| | 1,121 | | iShares iBoxx $ High Yield Corporate Bond ETF | | | 88,940 | |
| | | |
| | |
| | TOTAL EXCHANGE-TRADED FUNDS (Cost $29,537,899) | | | 30,845,290 | |
| | | |
| | | | | | | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 7.8%(a) | |
| |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | |
| | 350,817,575 | | 5.183% | | | 350,817,575 | |
| | (Cost $350,817,575) | | | | |
| | | |
| | TOTAL INVESTMENTS – 98.0% (Cost $2,190,564,152) | | $ | 4,393,195,392 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0% | | | 87,686,605 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 4,480,881,997 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | * | Non-income producing security. |
| | (a) | Represents an affiliated issuer. |
| | |
|
| Currency Abbreviations: |
| AUD | | Australian Dollar |
| CHF | | Swiss Franc |
| DKK | | Danish Krone |
| EUR | | Euro |
| GBP | | British Pound |
| HKD | | Hong Kong Dollar |
| ILS | | Israeli New Shekel |
| JPY | | Japanese Yen |
| NOK | | Norwegian Krone |
| NZD | | New Zealand Dollar |
| SEK | | Swedish Krona |
| SGD | | Singapore Dollar |
| USD | | United States Dollar |
|
|
|
|
ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2024, the Portfolio had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Currency Purchased | | | Currency Sold | | | Settlement Date | | | Unrealized Gain |
| |
Morgan Stanley Co., Inc. | | | | | | | | | | | | | | | | | | | | |
| | CHF | | | 11,240,000 | | | USD | | | 12,742,968 | | | | 9/18/2024 | | | $ | 501,609 | |
| | ILS | | | 560,000 | | | USD | | | 148,803 | | | | 9/18/2024 | | | | 5,277 | |
| | JPY | | | 1,878,000,000 | | | USD | | | 12,176,051 | | | | 9/18/2024 | | | | 696,439 | |
| | NZD | | | 60,000 | | | USD | | | 36,551 | | | | 9/18/2024 | | | | 959 | |
| | USD | | | 8,347,727 | | | HKD | | | 65,030,000 | | | | 9/19/2024 | | | | 2,735 | |
| |
| TOTAL | | | | | | | | | | | | | | | | | | $ | 1,207,019 | |
| |
| | |
| 8 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO
|
|
ADDITIONAL INVESTMENT INFORMATION (CONTINUED) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Currency Purchased | | | Currency Sold | | | Settlement Date | | | Unrealized Loss |
| |
Morgan Stanley Co., Inc. | | | | | | | | | | | | | | | | | | | | |
| | USD | | | 35,737,555 | | | AUD | | | 54,094,774 | | | | 9/18/2024 | | | $ | (889,306) | |
| | USD | | | 59,965,292 | | | CHF | | | 53,152,984 | | | | 9/18/2024 | | | | (2,667,163) | |
| | USD | | | 19,538,550 | | | DKK | | | 134,240,000 | | | | 9/18/2024 | | | | (370,346) | |
| | USD | | | 162,139,248 | | | EUR | | | 149,363,958 | | | | 9/18/2024 | | | | (3,073,629) | |
| | USD | | | 72,597,927 | | | GBP | | | 57,041,169 | | | | 9/18/2024 | | | | (2,324,108) | |
| | USD | | | 1,801,407 | | | ILS | | | 6,720,000 | | | | 9/18/2024 | | | | (47,543) | |
| | USD | | | 125,489,128 | | | JPY | | | 19,393,154,282 | | | | 9/18/2024 | | | | (7,438,552) | |
| | USD | | | 2,832,491 | | | NOK | | | 30,250,000 | | | | 9/18/2024 | | | | (20,618) | |
| | USD | | | 898,402 | | | NZD | | | 1,470,000 | | | | 9/18/2024 | | | | (20,607) | |
| | USD | | | 15,656,049 | | | SEK | | | 164,250,000 | | | | 9/18/2024 | | | | (351,732) | |
| | USD | | | 5,588,295 | | | SGD | | | 7,510,000 | | | | 9/18/2024 | | | | (171,622) | |
| |
| | | | | | |
| TOTAL | | | | | | | | | | | | | | | | | | $ | (17,375,226) | |
|
| |
FUTURES CONTRACTS — At August 31, 2024, the Portfolio had the following futures contracts:
| | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount | | | Unrealized
Appreciation/ (Depreciation) | |
| |
Long position contracts: | | | | | | | | | | | | | | | | |
E-Mini Russell 2000 Index | | | 51 | | | | 09/20/24 | | | $ | 5,668,905 | | | $ | 448,596 | |
S&P 500 E-Mini Index | | | 201 | | | | 09/20/24 | | | | 56,893,050 | | | | 4,332,208 | |
Stoxx 600 Utilities Index Future | | | 257 | | | | 09/20/24 | | | | 5,667,554 | | | | 441,722 | |
Stoxx Europe 600 Index Future | | | 19 | | | | 09/20/24 | | | | 552,264 | | | | 761 | |
TOPIX Index | | | 4 | | | | 09/12/24 | | | | 743,006 | | | | (22,089) | |
U.S. Treasury 10 Year Note | | | 815 | | | | 12/19/24 | | | | 92,515,234 | | | | (479,820) | |
U.S. Treasury 2 Year Note | | | 497 | | | | 12/31/24 | | | | 103,158,562 | | | | (94,403) | |
U.S. Treasury 5 Year Note | | | 622 | | | | 12/31/24 | | | | 68,040,969 | | | | (302,370) | |
| |
| | | | |
| Total Futures Contracts | | | | | | | | | | | | | | $ | 4,324,605 | |
|
| |
SWAP CONTRACTS — At August 31, 2024, the Portfolio had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| | | | | | | | | | | | | | | | |
Payments Made
by the Fund(a) | | Payments Received by the Fund | | Termination
Date | | Notional Amounts
(000’s) | | Value | | Upfront Premium
(Received) Paid | | | Unrealized Appreciation/ (Depreciation) | |
| |
| | | | | | |
4.325%(b) | | 1 Day SONIO | | 9/19/2033 | | GBP 5,400 | | $ 279,543 | | $ | – | | | $ | 279,543 | |
|
| |
| | (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to August 31, 2024. |
| | (b) | Payments made annually. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 9 |
GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO
|
Schedule of Investments (continued) August 31, 2024 |
|
|
ADDITIONAL INVESTMENT INFORMATION (CONTINUED) |
OVER-THE-COUNTER - INTEREST RATE SWAPTIONS — At August 31, 2024, the Portfolio had the following purchased and written option contracts:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration
Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized Appreciation/ (Depreciation) |
| |
Purchased Option Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Calls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EUR REC 1713.82 | | Morgan Stanley and Co. | | | EUR 1,713.82 | | | | 03/24/2025 | | | | 2,938 | | | $ | 2,938 | | | $ | 166,730 | | | $ | 305,724 | | | $ | (138,994) | |
GBP REC 3.4400 | | Morgan Stanley and Co. | | | GBP 3.44 | | | | 01/27/2025 | | | | 5,740,000 | | | | 5,740,000 | | | | 85,498 | | | | 205,669 | | | | (120,171) | |
| 3M IRS | | Bank of America N.A. | | | $4.50 | | | | 09/16/2024 | | | | 26,200,000 | | | | 26,200,000 | | | | 409,556 | | | | 189,137 | | | | 220,419 | |
| 3M IRS | | Bank of America N.A. | | | 3.20 | | | | 09/16/2024 | | | | 26,200,000 | | | | 26,200,000 | | | | 5,885 | | | | 24,531 | | | | (18,646) | |
| |
| | | | | | | | | | | | | 58,142,938 | | | $ | 58,142,938 | | | $ | 667,669 | | | $ | 725,061 | | | $ | (57,392) | |
| |
Puts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GBP REC 3.7000 | | Morgan Stanley and Co. | | | GBP 3.70 | | | | 11/01/2024 | | | | 6,500,000 | | | $ | 6,500,000 | | | $ | 107,120 | | | $ | 121,079 | | | $ | (13,959) | |
GBP REC 3.5000 | | JPMorgan Chase Bank, N.A. | | | 3.50 | | | | 10/17/2024 | | | | 10,200,000 | | | | 10,200,000 | | | | 56,863 | | | | 237,648 | | | | (180,785) | |
3M IRS | | Bank of America N.A. | | | $4.17 | | | | 09/16/2024 | | | | 26,100,000 | | | | 26,100,000 | | | | 245,382 | | | | 184,952 | | | | 60,430 | |
USD REC 3.62 | | JPMorgan Chase Bank, N.A. | | | 3.62 | | | | 09/16/2024 | | | | 26,100,000 | | | | 26,100,000 | | | | 42,392 | | | | 26,100 | | | | 16,292 | |
| 3M IRS | | Bank of America N.A. | | | 3.12 | | | | 09/16/2024 | | | | 26,100,000 | | | | 26,100,000 | | | | 3,917 | | | | 40,729 | | | | (36,812) | |
| |
| Total purchased option contracts | | | | | | | | | | | 153,142,938 | | | $ | 153,142,938 | | | $ | 1,123,343 | | | $ | 1,335,569 | | | $ | (212,226) | |
| |
| | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration
Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid (Received) by the Fund | | | Unrealized Appreciation/ (Depreciation) |
| |
Written Option Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Calls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EUR REC 1973.34 | | Morgan Stanley and Co. | | | EUR 1,973.34 | | | | 03/24/2025 | | | | (2,938 | ) | | $ | (2,938) | | | $ | (22,293) | | | $ | (76,430) | | | $ | 54,137 | |
GBP REC 2.9160 | | Morgan Stanley and Co. | | | GBP 2.92 | | | | 01/27/2025 | | | | (11,480,000 | ) | | | (11,480,000) | | | | (43,356) | | | | (205,670) | | | | 162,314 | |
GBP PAY 4.2000 | | Morgan Stanley and Co. | | | 4.20 | | | | 11/01/2024 | | | | (6,500,000 | ) | | | (6,500,000) | | | | (13,150) | | | | (40,165) | | | | 27,015 | |
GBP PAY 4.3245 | | JPMorgan Chase Bank, N.A. | | | 4.32 | | | | 10/17/2024 | | | | (10,200,000 | ) | | | (10,200,000) | | | | (7,886) | | | | (129,309) | | | | 121,423 | |
| 3M IRS | | Bank of America N.A. | | | $3.95 | | | | 09/16/2024 | | | | (52,400,000 | ) | | | (52,400,000) | | | | (289,898) | | | | (159,302) | | | | (130,596) | |
| |
| | | | | | | | | | | | | (80,582,938 | ) | | $ | (80,582,938) | | | $ | (376,583) | | | $ | (610,876) | | | $ | 234,293 | |
| |
Puts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EUR REC 1449.4 | | Morgan Stanley and Co. | | | EUR 1,449.40 | | | | 03/24/2025 | | | | (2,938 | ) | | $ | (2,938) | | | $ | (126,788) | | | $ | (152,862) | | | $ | 26,074 | |
GBP REC 3.3500 | | Morgan Stanley and Co. | | | GBP 3.35 | | | | 11/01/2024 | | | | (6,500,000 | ) | | | (6,500,000) | | | | (25,884) | | | | (42,753) | | | | 16,869 | |
GBP REC 3.1000 | | JPMorgan Chase Bank, N.A. | | | 3.10 | | | | 10/17/2024 | | | | (10,200,000 | ) | | | (10,200,000) | | | | (7,721) | | | | (108,340) | | | | 100,619 | |
| | |
| 10 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO
|
|
ADDITIONAL INVESTMENT INFORMATION (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration
Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized Appreciation/ (Depreciation) |
| |
USD REC 4.17 | | JPMorgan Chase Bank, N.A. | | | $4.17 | | | | 09/16/2024 | | | | (26,100,000 | ) | | $ | (26,100,000) | | | $ | (245,382) | | | $ | (150,075) | | | $ | (95,307) | |
| 3M IRS | | Bank of America N.A. | | | 3.62 | | | | 09/16/2024 | | | | (52,200,000 | ) | | | (52,200,000) | | | | (84,783) | | | | (165,912) | | | | 81,129 | |
| |
| Total written option contracts | | | | | | | | | | | (175,585,876 | ) | | $ | (175,585,876) | | | $ | (867,141) | | | $ | (1,230,818) | | | $ | 363,677 | |
| |
|
OVER-THE-COUNTER OPTIONS ON EQUITIES | |
| | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration
Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized Appreciation/ (Depreciation) |
| |
Purchased Option Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Calls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TOPX JPY 21FEB25 C2470.47 | | Morgan Stanley and Co. | | | JPY 2,470.47 | | | | 02/24/2025 | | | | 158,500 | | | $ | 158,500 | | | $ | 302,742 | | | $ | 134,968 | | | $ | 167,774 | |
iShares MSCI Mexico ETF | | Morgan Stanley and Co. | | | $66.20 | | | | 09/04/2024 | | | | 45,000 | | | | 45,000 | | | | – | | | | 36,000 | | | | (36,000) | |
| |
| | | | | | | | | | | | | 203,500 | | | $ | 203,500 | | | $ | 302,742 | | | $ | 170,968 | | | $ | 131,774 | |
| |
Puts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Put SPX/Call USD | | Bank of America N.A. | | | $– | | | | 11/18/2024 | | | | 4,960 | | | $ | 4,960 | | | $ | 562,419 | | | $ | 699,619 | | | $ | (137,200) | |
| |
| Total purchased option contracts | | | | | | | | 208,460 | | | $ | 208,460 | | | $ | 865,161 | | | $ | 870,587 | | | $ | (5,426) | |
| |
| | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration
Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized Appreciation/ (Depreciation) |
| |
Written Option Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Puts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TOPX JPY 21FEB25 P2295.3 | | Morgan Stanley and Co. | | | JPY 2,295.30 | | | | 02/24/2025 | | | | (317,000 | ) | | $ | (317,000) | | | $ | (67,814) | | | $ | (269,936) | | | $ | 202,122 | |
SPX USD 15NOV24 P5500 | | JPMorgan Chase Bank, N.A. | | | $5,500.00 | | | | 11/18/2024 | | | | (2,854 | ) | | | (2,854) | | | | (221,647) | | | | (752,497) | | | | 530,850 | |
iShares MSCI Mexico ETF | | Morgan Stanley and Co. | | | 53.43 | | | | 09/04/2024 | | | | (45,000 | ) | | | (45,000) | | | | (36,916) | | | | (36,000) | | | | (916) | |
| |
| Total written option contracts | | | | | | | | | | | (364,854 | ) | | $ | (364,854) | | | $ | (326,377) | | | $ | (1,058,433) | | | $ | 732,056 | |
| |
|
OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY | |
| | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration
Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized Appreciation/ (Depreciation) |
| |
Purchased Option Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Calls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Call USD/Put CHF | | Bank of America N.A. | | | $0.87 | | | | 10/16/2024 | | | | 12,970,000 | | | $ | 12,970,000 | | | $ | 26,289 | | | $ | 101,283 | | | $ | (74,994) | |
| |
| | | | | | | | |
| Description | | Counterparty | | Exercise Rate | | | Expiration
Date | | | Number of
Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid
(Received) by
the Fund | | | Unrealized Appreciation/ (Depreciation) |
| |
Written Option Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Puts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PUT USD/Call CHF | | Bank of America N.A. | | | $0.82 | | | | 10/16/2024 | | | | (12,970,000 | ) | | $ | (12,970,000) | | | $ | (43,038) | | | $ | (38,248) | | | $ | (4,790) | |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 11 |
GOLDMAN SACHS TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO
|
Schedule of Investments (continued) August 31, 2024 |
|
|
ADDITIONAL INVESTMENT INFORMATION (CONTINUED) |
| | |
|
| Investment Abbreviations: |
| SONIO | | —Sterling Overnight Index Average |
|
|
| | |
| 12 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Statements of Assets and Liabilities August 31, 2024 |
| | | | | | | | | | | | |
| | | | |
| | | |
| Enhanced Dividend
Global Equity Portfolio |
| |
| Tax-Advantaged Global
Equity Portfolio |
| | |
| | | | |
| | Assets: | | | | | | | | | | |
| | | | |
| | Investments in affiliated issuers, at value (cost $280,045,599 and $2,161,026,253, respectively) | | | $ 434,480,216 | | | | $ 4,362,350,102 | | | |
| | Investments in unaffiliated issuers, at value (cost $2,972,007 and $29,537,899, respectively) | | | 3,101,432 | | | | 30,845,290 | | | |
| | Purchased Options, at value (premiums paid $239,828 and $2,307,439, respectively) | | | 206,461 | | | | 2,014,793 | | | |
| | Cash | | | 6,590,174 | | | | 68,564,794 | | | |
| | Foreign Currency, at value (cost $62,536 and $604,438, respectively) | | | 63,912 | | | | 617,476 | | | |
| | Receivables: | | | | | | | | | | |
| | Collateral on certain derivative contracts(a) | | | 3,509,692 | | | | 34,978,532 | | | |
| | Fund shares sold | | | 200,000 | | | | 1,189,849 | | | |
| | Investments sold | | | 89,061 | | | | 837,272 | | | |
| | Reimbursement from investment adviser | | | 47,739 | | | | 59,727 | | | |
| | Unrealized gain on forward foreign currency exchange contracts | | | 133,793 | | | | 1,207,019 | | | |
| | Other assets | | | 44,316 | | | | 77,559 | | | |
| | |
| | Total assets | | | 448,466,796 | | | | 4,502,742,413 | | | |
| | |
| | | | |
| | Liabilities: | | | | | | | | | | |
| | | | |
| | Written options, at value (premiums received $241,601 and $2,327,499, respectively) | | | 128,475 | | | | 1,236,556 | | | |
| | Variation margin on futures contracts | | | 42,431 | | | | — | | | |
| | Variation margin on swaps | | | 279 | | | | 2,521 | | | |
| | Unrealized loss on forward foreign currency exchange contracts | | | 1,762,035 | | | | 17,375,226 | | | |
| | Payables: | | | | | | | | | | |
| | Investments purchased | | | 151,145 | | | | 1,245,531 | | | |
| | Fund shares redeemed | | | 136,051 | | | | 1,188,245 | | | |
| | Management fees | | | 53,597 | | | | 525,938 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 11,843 | | | | 111,098 | | | |
| | Accrued expenses | | | 79,741 | | | | 175,301 | | | |
| | |
| | Total liabilities | | | 2,365,597 | | | | 21,860,416 | | | |
| | |
| | | | |
| | Net Assets: | | | | | | | | | | |
| | Paid-in capital | | | 287,509,230 | | | | 2,292,794,120 | | | |
| | Total distributable earnings | | | 158,591,969 | | | | 2,188,087,877 | | | |
| | |
| | NET ASSETS | | | $ 446,101,199 | | | | $ 4,480,881,997 | | | |
| | | | | | | | | | | | |
| | | Net Assets: | | | | | | | | | | |
| | | Class A | | | $ 2,685,282 | | | | $ 877,999 | | | |
| | | Institutional | | | 8,427,707 | | | | 48,611,577 | | | |
| | | Class R6 | | | 16,647 | | | | 10,111,781 | | | |
| | | Class P | | | 434,971,563 | | | | 4,421,280,640 | | | |
| | | Total Net Assets | | | $ 446,101,199 | | | | $ 4,480,881,997 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | |
| | | Class A | | | 191,914 | | | | 35,230 | | | |
| | | Institutional | | | 593,915 | | | | 1,931,260 | | | |
| | | Class R6 | | | 1,176 | | | | 407,524 | | | |
| | | Class P | | | 30,753,605 | | | | 178,167,991 | | | |
| | | Net asset value, offering and redemption price per share:(b) | | | | | | | | | | |
| | | Class A | | | $ 13.99 | | | | $ 24.92 | | | |
| | | Institutional | | | 14.19 | | | | 25.17 | | | |
| | | Class R6 | | | 14.16 | | | | 24.81 | | | |
| | | Class P | | | 14.14 | | | | 24.82 | | | |
| (a) | Segregated for initial margin and/or collateral as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | Futures | | | | | | Forwards | | | | | | Swaps | | | | |
Enhanced Dividend Global Equity Portfolio | | | $354,066 | | | | | | | | $3,100,000 | | | | | | | | $55,626 | | | | | |
Tax-Advantaged Global Equity Portfolio | | | 6,687,857 | | | | | | | | 27,790,000 | | | | | | | | 500,675 | | | | | |
| (b) | Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio is $14.80 and $26.37, respectively. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 13 |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Statements of Operations For the Fiscal Year Ended August 31, 2024 |
| | | | | | | | | | | | | | |
| | | | | Enhanced Dividend
Global Equity
Portfolio | | | Tax-Advantaged
Global Equity
Portfolio | | | | |
| | | | |
| | | Investment income: | | | | | | | | | | | | |
| | | | |
| | Dividends from Affiliated Underlying Funds | | $ | 9,312,144 | | | $ | 59,034,707 | | | | | |
| | | | |
| | Dividends — unaffiliated issuers | | | 66,649 | | | | 470,282 | | | | | |
| | | | |
| | Interest | | | 18 | | | | 107,122 | | | | | |
| | | |
| | Total Investment Income | | | 9,378,811 | | | | 59,612,111 | | | | | |
| | | |
| | | | | | | | | | | | | | |
| | | | |
| | Expenses: | | | | | | | | | | | | |
| | | | |
| | Management fees | | | 642,267 | | | | 6,012,297 | | | | | |
| | | | |
| | Transfer Agency fees(a) | | | 132,529 | | | | 1,207,611 | | | | | |
| | | | |
| | Custody, accounting and administrative services | | | 109,485 | | | | 416,493 | | | | | |
| | | | |
| | Professional fees | | | 100,222 | | | | 103,968 | | | | | |
| | | | |
| | Registration fees | | | 71,067 | | | | 104,867 | | | | | |
| | | | |
| | Printing and mailing costs | | | 31,985 | | | | 50,366 | | | | | |
| | | | |
| | Trustee fees | | | 26,020 | | | | 33,275 | | | | | |
| | | | |
| | Distribution and/or Service (12b-1) fees | | | 6,698 | | | | 1,723 | | | | | |
| | | | |
| | Other | | | 21,754 | | | | 72,041 | | | | | |
| | | |
| | Total expenses | | | 1,142,027 | | | | 8,002,641 | | | | | |
| | | |
| | Less — expense reductions | | | (351,724 | ) | | | (748,597 | ) | | | | |
| | | |
| | Net expenses | | | 790,303 | | | | 7,254,044 | | | | | |
| | | |
| | NET INVESTMENT INCOME | | | 8,588,508 | | | | 52,358,067 | | | | | |
| | | |
| | | | | | | | | | | | | | |
| | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | |
| | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | |
| | | | |
| | Investments — unaffiliated issuers | | | 98,411 | | | | (3,744,237 | ) | | | | |
| | | | |
| | Investments in affiliated Underlying Funds | | | 9,125,346 | | | | 53,020,669 | | | | | |
| | | | |
| | Investments affiliated in kind | | | — | | | | 4,116,792 | | | | | |
| | | | |
| | Forward foreign currency exchange contracts | | | 2,064,106 | | | | 17,996,834 | | | | | |
| | | | |
| | Futures contracts | | | 371,369 | | | | 4,782,581 | | | | | |
| | | | |
| | Purchased Options | | | 117,757 | | | | 1,086,431 | | | | | |
| | | | |
| | Swap Contracts | | | 86,227 | | | | 792,443 | | | | | |
| | | | |
| | Foreign currency transactions | | | (8,295 | ) | | | (32,616 | ) | | | | |
| | | | |
| | Written options | | | (73,201 | ) | | | (644,348 | ) | | | | |
| | | | |
| | Capital gain distributions from affiliated Underlying Funds | | | 10,909,889 | | | | 179,761 | | | | | |
| | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | |
| | | | |
| | Investments — unaffiliated issuers | | | 116,369 | | | | 1,285,321 | | | | | |
| | | | |
| | Investment in affiliated Underlying Funds | | | 44,865,077 | | | | 740,363,996 | | | | | |
| | | | |
| | Futures contracts | | | (176,997 | ) | | | 3,162,968 | | | | | |
| | | | |
| | Written options | | | 113,126 | | | | 1,090,943 | | | | | |
| | | | |
| | Purchased Options | | | 32,460 | | | | 283,945 | | | | | |
| | | | |
| | Swap Contracts | | | 27,387 | | | | 247,629 | | | | | |
| | | | |
| | Foreign currency translations | | | 6,773 | | | | 55,067 | | | | | |
| | | | |
| | Forward foreign currency exchange contracts | | | (2,070,602 | ) | | | (19,663,289 | ) | | | | |
| | | |
| | Net realized and unrealized gain | | | 65,605,202 | | | | 804,380,890 | | | | | |
| | | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 74,193,710 | | | $ | 856,738,957 | | | | | |
| | | |
| | |
| 14 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Statements of Operations (continued) For the Fiscal Year Ended August 31, 2024 |
| | (a) | Class specific Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | |
| | | Transfer Agency Fees | | | |
Fund | | Class A | | | Institutional | | | Class R6 | | | Class P | | | |
Enhanced Dividend Global Equity Portfolio | | | $4,019 | | | | $3,447 | | | | $4 | | | | $125,059 | | | |
Tax-Advantaged Global Equity Portfolio | | | 1,033 | | | | 17,296 | | | | 2,732 | | | | 1,186,550 | | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 15 |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Statements of Changes in Net Assets |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Enhanced Dividend Global Equity Portfolio | | | Tax-Advantaged Global Equity Portfolio | | | |
| | | | | | |
| | | | | For the Fiscal
Year Ended
August 31, 2024 | | | For the Fiscal
Year Ended
August 31, 2023 | | | For the Fiscal
Year Ended
August 31, 2024 | | | For the Fiscal
Year Ended
August 31, 2023 | | | |
| | | | | | |
| | | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 8,588,508 | | | $ | 7,397,323 | | | $ | 52,358,067 | | | $ | 52,887,149 | | | |
| | | | | | |
| | Net realized gain | | | 22,691,609 | | | | 13,461,914 | | | | 77,554,310 | | | | 10,836,218 | | | |
| | | | | | |
| | Net change in unrealized gain | | | 42,913,593 | | | | 25,610,822 | | | | 726,826,580 | | | | 343,090,974 | | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 74,193,710 | | | | 46,470,059 | | | | 856,738,957 | | | | 406,814,341 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (108,029 | ) | | | (248,430 | ) | | | (6,378 | ) | | | (16,527 | ) | | |
| | | | | | |
| | Institutional Shares | | | (360,531 | ) | | | (847,732 | ) | | | (544,638 | ) | | | (1,295,041 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (623 | ) | | | (1,187 | ) | | | (116,091 | ) | | | (262,392 | ) | | |
| | | | | | |
| | Class P Shares | | | (17,551,564 | ) | | | (35,644,919 | ) | | | (50,166,770 | ) | | | (114,145,309 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (18,020,747 | ) | | | (36,742,268 | ) | | | (50,833,877 | ) | | | (115,719,269 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 19,033,270 | | | | 33,220,543 | | | | 285,891,330 | | | | 270,351,404 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 18,019,654 | | | | 36,672,631 | | | | 50,652,426 | | | | 115,371,434 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (61,494,621 | ) | | | (68,180,277 | ) | | | (307,514,161 | ) | | | (310,307,610 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | (24,441,697 | ) | | | 1,712,897 | | | | 29,029,595 | | | | 75,415,228 | | | |
| | |
| | | | | | |
| | TOTAL INCREASE | | | 31,731,266 | | | | 11,440,688 | | | | 834,934,675 | | | | 366,510,300 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 414,369,933 | | | $ | 402,929,245 | | | $ | 3,645,947,322 | | | $ | 3,279,437,022 | | | |
| | |
| | | | | | |
| | End of year | | $ | 446,101,199 | | | $ | 414,369,933 | | | $ | 4,480,881,997 | | | $ | 3,645,947,322 | | | |
| | |
| | |
| 16 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Enhanced Dividend Global Equity Portfolio | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended August 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.30 | | | $ | 12.08 | | | $ | 14.54 | | | $ | 11.76 | | | $ | 11.50 | |
| | | |
| | | | | | |
| | Net investment income(a)(b) | | | 0.22 | | | | 0.18 | | | | 0.25 | | | | 0.19 | | | | 0.17 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.97 | | | | 1.14 | | | | (1.54 | ) | | | 2.80 | | | | 0.59 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.19 | | | | 1.32 | | | | (1.29 | ) | | | 2.99 | | | | 0.76 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.23 | ) | | | (0.22 | ) | | | (0.45 | ) | | | (0.21 | ) | | | (0.22) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.27 | ) | | | (0.88 | ) | | | (0.72 | ) | | | – | | | | (0.27) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | – | | | | – | | | | – | | | | – | | | | (0.01) | |
| | | |
| | | | | | |
| | Total distributions | | | (0.50 | ) | | | (1.10 | ) | | | (1.17 | ) | | | (0.21 | ) | | | (0.50) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 13.99 | | | $ | 12.30 | | | $ | 12.08 | | | $ | 14.54 | | | $ | 11.76 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 18.38 | % | | | 11.84 | % | | | (9.61 | )% | | | 25.64 | % | | | 6.71% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 2,685 | | | $ | 2,774 | | | $ | 2,713 | | | $ | 3,801 | | | $ | 5,501 | |
| | | | | | |
| | Ratio of net expenses to average net assets(d) | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.50 | % | | | 0.51% | |
| | | | | | |
| | Ratio of total expenses to average net assets(d) | | | 0.64 | % | | | 0.65 | % | | | 0.61 | % | | | 0.63 | % | | | 0.64% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.69 | % | | | 1.50 | % | | | 1.89 | % | | | 1.49 | % | | | 1.54% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 10 | % | | | 8 | % | | | 23 | % | | | 16 | % | | | 13% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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 Portfolio distributions or the redemption of Portfolio 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 financial statements. | | 17 |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Enhanced Dividend Global Equity Portfolio | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended August 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.47 | | | $ | 12.24 | | | $ | 14.71 | | | $ | 11.90 | | | $ | 11.63 | |
| | | |
| | | | | | |
| | Net investment income(a)(b) | | | 0.26 | | | | 0.22 | | | | 0.30 | | | | 0.25 | | | | 0.22 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.00 | | | | 1.15 | | | | (1.55 | ) | | | 2.81 | | | | 0.59 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.26 | | | | 1.37 | | | | (1.25 | ) | | | 3.06 | | | | 0.81 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.27 | ) | | | (0.26 | ) | | | (0.50 | ) | | | (0.25 | ) | | | (0.26) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.27 | ) | | | (0.88 | ) | | | (0.72 | ) | | | – | | | | (0.27) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | – | | | | – | | | | – | | | | – | | | | (0.01) | |
| | | |
| | | | | | |
| | Total distributions | | | (0.54 | ) | | | (1.14 | ) | | | (1.22 | ) | | | (0.25 | ) | | | (0.54) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 14.19 | | | $ | 12.47 | | | $ | 12.24 | | | $ | 14.71 | | | $ | 11.90 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 18.74 | % | | | 12.24 | % | | | (9.32 | )% | | | 26.05 | % | | | 7.17% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 8,428 | | | $ | 8,456 | | | $ | 9,109 | | | $ | 13,638 | | | $ | 19,695 | |
| | | | | | |
| | Ratio of net expenses to average net assets(d) | | | 0.19 | % | | | 0.20 | % | | | 0.17 | % | | | 0.13 | % | | | 0.13% | |
| | | | | | |
| | Ratio of total expenses to average net assets(d) | | | 0.27 | % | | | 0.28 | % | | | 0.24 | % | | | 0.26 | % | | | 0.26% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.99 | % | | | 1.83 | % | | | 2.24 | % | | | 1.87 | % | | | 0.19% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 10 | % | | | 8 | % | | | 23 | % | | | 16 | % | | | 13% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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 Portfolio distributions or the redemption of Portfolio 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. |
| | |
| 18 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Enhanced Dividend Global Equity Portfolio | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended August 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.44 | | | $ | 12.21 | | | $ | 14.68 | | | $ | 11.88 | | | $ | 11.60 | |
| | | |
| | | | | | |
| | Net investment income(a)(b) | | | 0.26 | | | | 0.22 | | | | 0.30 | | | | 0.25 | | | | 0.21 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.00 | | | | 1.15 | | | | (1.55 | ) | | | 2.81 | | | | 0.61 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.26 | | | | 1.37 | | | | (1.25 | ) | | | 3.06 | | | | 0.82 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.27 | ) | | | (0.26 | ) | | | (0.50 | ) | | | (0.26 | ) | | | (0.26) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.27 | ) | | | (0.88 | ) | | | (0.72 | ) | | | – | | | | (0.27) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | – | | | | – | | | | – | | | | – | | | | (0.01) | |
| | | |
| | | | | | |
| | Total distributions | | | (0.54 | ) | | | (1.14 | ) | | | (1.22 | ) | | | (0.26 | ) | | | (0.54) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 14.16 | | | $ | 12.44 | | | $ | 12.21 | | | $ | 14.68 | | | $ | 11.88 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 18.72 | % | | | 12.20 | % | | | (9.25 | )% | | | 26.03 | % | | | 7.28% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 17 | | | $ | 14 | | | $ | 12 | | | $ | 14 | | | $ | 11 | |
| | | | | | |
| | Ratio of net expenses to average net assets(d) | | | 0.17 | % | | | 0.19 | % | | | 0.17 | % | | | 0.13 | % | | | 0.12% | |
| | | | | | |
| | Ratio of total expenses to average net assets(d) | | | 0.24 | % | | | 0.25 | % | | | 0.22 | % | | | 0.23 | % | | | 0.22% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.01 | % | | | 1.86 | % | | | 2.24 | % | | | 1.86 | % | | | 1.87% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 10 | % | | | 8 | % | | | 23 | % | | | 16 | % | | | 13% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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 Portfolio distributions or the redemption of Portfolio 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 financial statements. | | 19 |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Enhanced Dividend Global Equity Portfolio | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended August 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.43 | | | $ | 12.20 | | | $ | 14.67 | | | $ | 11.87 | | | $ | 11.60 | |
| | | |
| | | | | | |
| | Net investment income(a)(b) | | | 0.26 | | | | 0.22 | | | | 0.30 | | | | 0.25 | | | | 0.22 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.99 | | | | 1.15 | | | | (1.55 | ) | | | 2.81 | | | | 0.59 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.25 | | | | 1.37 | | | | (1.25 | ) | | | 3.06 | | | | 0.81 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.27 | ) | | | (0.26 | ) | | | (0.50 | ) | | | (0.26 | ) | | | (0.26) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.27 | ) | | | (0.88 | ) | | | (0.72 | ) | | | – | | | | (0.27) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | – | | | | – | | | | – | | | | – | | | | (0.01) | |
| | | |
| | | | | | |
| | Total distributions | | | (0.54 | ) | | | (1.14 | ) | | | (1.22 | ) | | | (0.26 | ) | | | (0.54) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 14.14 | | | $ | 12.43 | | | $ | 12.20 | | | $ | 14.67 | | | $ | 11.87 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 18.73 | % | | | 12.20 | % | | | (9.26 | )% | | | 26.05 | % | | | 7.20% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 434,972 | | | $ | 403,126 | | | $ | 391,095 | | | $ | 470,368 | | | $ | 438,960 | |
| | | | | | |
| | Ratio of net expenses to average net assets(d) | | | 0.18 | % | | | 0.19 | % | | | 0.17 | % | | | 0.12 | % | | | 0.12% | |
| | | | | | |
| | Ratio of total expenses to average net assets(d) | | | 0.26 | % | | | 0.27 | % | | | 0.23 | % | | | 0.25 | % | | | 0.25% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.01 | % | | | 1.86 | % | | | 2.25 | % | | | 1.91 | % | | | 1.92% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 10 | % | | | 8 | % | | | 23 | % | | | 16 | % | | | 13% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, 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 Portfolio distributions or the redemption of Portfolio 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. |
| | |
| 20 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Tax-Advantaged Global Equity Portfolio | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended August 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.43 | | | $ | 18.81 | | | $ | 21.83 | | | $ | 17.16 | | | $ | 15.44 | |
| | | |
| | | | | | |
| | Net investment income(a)(b) | | | 0.21 | | | | 0.22 | | | | 0.21 | | | | 0.16 | | | | 0.13 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.49 | | | | 1.98 | | | | (2.91 | ) | | | 4.67 | | | | 1.76 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.70 | | | | 2.20 | | | | (2.70 | ) | | | 4.83 | | | | 1.89 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.21 | ) | | | (0.19 | ) | | | (0.27 | ) | | | (0.16 | ) | | | (0.13) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.39 | ) | | | (0.05 | ) | | | – | | | | (0.04) | |
| | | |
| | | | | | |
| | Total distributions | | | (0.21 | ) | | | (0.58 | ) | | | (0.32 | ) | | | (0.16 | ) | | | (0.17) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 24.92 | | | $ | 20.43 | | | $ | 18.81 | | | $ | 21.83 | | | $ | 17.16 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 23.19 | % | | | 12.09 | % | | | (12.59 | )% | | | 28.29 | % | | | 12.24% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 878 | | | $ | 603 | | | $ | 526 | | | $ | 606 | | | $ | 470 | |
| | | | | | |
| | Ratio of net expenses to average net assets(d) | | | 0.55 | % | | | 0.56 | % | | | 0.55 | % | | | 0.50 | % | | | 0.51% | |
| | | | | | |
| | Ratio of total expenses to average net assets(d) | | | 0.57 | % | | | 0.58 | % | | | 0.57 | % | | | 0.58 | % | | | 0.59% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.92 | % | | | 1.18 | % | | | 1.03 | % | | | 0.81 | % | | | 0.86% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 9 | % | | | 4 | % | | | 22 | % | | | 16 | % | | | 12% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. |
| | (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 financial statements. | | 21 |
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Tax-Advantaged Global Equity Portfolio | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended August 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.62 | | | $ | 18.98 | | | $ | 22.03 | | | $ | 17.30 | | | $ | 15.58 | |
| | | |
| | | | | | |
| | Net investment income(a)(b) | | | 0.30 | | | | 0.30 | | | | 0.29 | | | | 0.23 | | | | 0.22 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.53 | | | | 1.99 | | | | (2.94 | ) | | | 4.71 | | | | 1.74 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.83 | | | | 2.29 | | | | (2.65 | ) | | | 4.94 | | | | 1.96 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.28 | ) | | | (0.26 | ) | | | (0.35 | ) | | | (0.21 | ) | | | (0.20) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.39 | ) | | | (0.05 | ) | | | – | | | | (0.04) | |
| | | |
| | | | | | |
| | Total distributions | | | (0.28 | ) | | | (0.65 | ) | | | (0.40 | ) | | | (0.21 | ) | | | (0.24) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 25.17 | | | $ | 20.62 | | | $ | 18.98 | | | $ | 22.03 | | | $ | 17.30 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 23.66 | % | | | 12.51 | % | | | (12.31 | )% | | | 28.81 | % | | | 12.60% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 48,612 | | | $ | 40,174 | | | $ | 37,591 | | | $ | 33,151 | | | $ | 33,800 | |
| | | | | | |
| | Ratio of net expenses to average net assets(d) | | | 0.19 | % | | | 0.20 | % | | | 0.18 | % | | | 0.13 | % | | | 0.13% | |
| | | | | | |
| | Ratio of total expenses to average net assets(d) | | | 0.21 | % | | | 0.22 | % | | | 0.20 | % | | | 0.21 | % | | | 0.21% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.31 | % | | | 1.55 | % | | | 1.40 | % | | | 1.17 | % | | | 1.41% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 9 | % | | | 4 | % | | | 22 | % | | | 16 | % | | | 12% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. |
| | (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. |
| | |
| 22 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Tax-Advantaged Global Equity Portfolio | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended August 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.33 | | | $ | 18.73 | | | $ | 21.73 | | | $ | 17.07 | | | $ | 15.38 | |
| | | |
| | | | | | |
| | Net investment income(a)(b) | | | 0.29 | | | | 0.29 | | | | 0.29 | | | | 0.26 | | | | 0.20 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.48 | | | | 1.97 | | | | (2.89 | ) | | | 4.62 | | | | 1.73 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.77 | | | | 2.26 | | | | (2.60 | ) | | | 4.88 | | | | 1.93 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.29 | ) | | | (0.27 | ) | | | (0.35 | ) | | | (0.22 | ) | | | (0.20) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.39 | ) | | | (0.05 | ) | | | – | | | | (0.04) | |
| | | |
| | | | | | |
| | Total distributions | | | (0.29 | ) | | | (0.66 | ) | | | (0.40 | ) | | | (0.22 | ) | | | (0.24) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 24.81 | | | $ | 20.33 | | | $ | 18.73 | | | $ | 21.73 | | | $ | 17.07 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 23.67 | % | | | 12.47 | % | | | (12.24 | )% | | | 28.84 | % | | | 12.58% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 10,112 | | | $ | 8,284 | | | $ | 8,343 | | | $ | 9,971 | | | $ | 11 | |
| | | | | | |
| | Ratio of net expenses to average net assets(d) | | | 0.18 | % | | | 0.19 | % | | | 0.16 | % | | | 0.12 | % | | | 0.12% | |
| | | | | | |
| | Ratio of total expenses to average net assets(d) | | | 0.20 | % | | | 0.21 | % | | | 0.19 | % | | | 0.20 | % | | | 0.18% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.31 | % | | | 1.54 | % | | | 1.41 | % | | | 1.36 | % | | | 1.25% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 9 | % | | | 4 | % | | | 22 | % | | | 16 | % | | | 12% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. |
| | (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 financial statements. | | 23 |
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Tax-Advantaged Global Equity Portfolio | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended August 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.34 | | | $ | 18.73 | | | $ | 21.74 | | | $ | 17.07 | | | $ | 15.38 | |
| | | |
| | | | | | |
| | Net investment income(a)(b) | | | 0.29 | | | | 0.30 | | | | 0.29 | | | | 0.23 | | | | 0.20 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.48 | | | | 1.97 | | | | (2.90 | ) | | | 4.66 | | | | 1.74 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.77 | | | | 2.27 | | | | (2.61 | ) | | | 4.89 | | | | 1.94 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.29 | ) | | | (0.27 | ) | | | (0.35 | ) | | | (0.22 | ) | | | (0.21) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.39 | ) | | | (0.05 | ) | | | – | | | | (0.04) | |
| | | |
| | | | | | |
| | Total distributions | | | (0.29 | ) | | | (0.66 | ) | | | (0.40 | ) | | | (0.22 | ) | | | (0.25) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 24.82 | | | $ | 20.34 | | | $ | 18.73 | | | $ | 21.74 | | | $ | 17.07 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 23.66 | % | | | 12.53 | % | | | (12.28 | )% | | | 28.87 | % | | | 12.59% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 4,421,281 | | | $ | 3,596,886 | | | $ | 3,232,977 | | | $ | 3,585,571 | | | $ | 2,710,904 | |
| | | | | | |
| | Ratio of net expenses to average net assets(d) | | | 0.18 | % | | | 0.19 | % | | | 0.17 | % | | | 0.12 | % | | | 0.12% | |
| | | | | | |
| | Ratio of total expenses to average net assets(d) | | | 0.20 | % | | | 0.21 | % | | | 0.19 | % | | | 0.20 | % | | | 0.20% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.31 | % | | | 1.56 | % | | | 1.41 | % | | | 1.18 | % | | | 1.30% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 9 | % | | | 4 | % | | | 22 | % | | | 16 | % | | | 12% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. |
| | (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. |
| | |
| 24 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Notes to Financial Statements August 31, 2024 |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Portfolios” or individually a “Portfolio”), along with their corresponding share classes and respective diversification status under the Act:
| | | | |
| Fund | | Share Classes Offered | | Diversified/ Non-Diversified |
| | |
| Goldman Sachs Enhanced Dividend Global Equity Portfolio | | A, Institutional, R6 and P | | Diversified |
| | |
| Goldman Sachs Tax-Advantaged Global Equity Portfolio | | A, Institutional, R6 and P | | Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, Class R6 and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolios pursuant to a management agreement (the “Agreement”) with the Trust.
The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange-traded funds.
|
|
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The valuation policy of the Portfolios and Underlying Funds is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Goldman Sachs MLP Energy Infrastructure Fund (the “Underlying MLP 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.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Portfolio are charged to that Portfolio while such expenses incurred by the Trust are allocated across the applicable Portfolios on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.
D. Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Portfolio is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
| | | | |
| Fund | | Income Distributions Declared/Paid | | Capital Gains Distributions Declared/Paid |
| | |
| Enhanced Dividend Global Equity Portfolio | | Quarterly | | Annually |
| | |
| Tax-Advantaged Global Equity Portfolio | | Annually | | Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolios’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Portfolio are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolios’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant 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;
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
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|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolios, including investments for which market quotations are not readily available. With respect to the Portfolios’ investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”) GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolios’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
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.
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 Portfolios invest in Underlying Funds that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Portfolio and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Portfolio, if any, is noted in the Schedules of Investments.
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
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
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Notes to Financial Statements (continued) August 31, 2024 |
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
A forward foreign currency exchange contract is a forward contract in which a Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
iii. Options —When the Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
Upon the purchase of a call option or a put option by the Portfolio, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.
iv. Swap Contracts — Bilateral swap contracts are agreements in which a Portfolio and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Portfolio and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Portfolio is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.
An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Portfolio’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Portfolio’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Portfolios’ investments classified in the fair value hierarchy as of August 31, 2024:
| | | | | | | | | | | | |
| Enhanced Dividend Global Equity Portfolio | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Underlying Funds | | $ | 405,307,981 | | | $ | — | | | $ | — | |
| | | |
Exchange-Traded Fund | | | 3,101,432 | | | | — | | | | — | |
| | | |
Investment Companies | | | 29,172,235 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 437,581,648 | | | $ | — | | | $ | — | |
|
| |
| | | |
| Derivative Type | | | | | | | | | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Forward Foreign Currency Exchange Contracts(a) | | $ | — | | | $ | 133,793 | | | $ | — | |
| | | |
Futures Contracts(a) | | | 46,422 | | | | — | | | | — | |
| | | |
Interest Rate Swap Contracts(a) | | | — | | | | 31,042 | | | | — | |
| | | |
Purchased Options Contracts | | | — | | | | 206,461 | | | | — | |
|
| |
| | | |
Total | | $ | 46,422 | | | $ | 371,296 | | | $ | — | |
|
| |
| | | |
Liabilities | | | | | | | | | | | | |
| | | |
Forward Foreign Currency Exchange Contracts(a) | | $ | — | | | $ | (1,762,035 | ) | | $ | — | |
| | | |
Futures Contracts(a) | | | (87,641 | ) | | | — | | | | — | |
| | | |
Written Options Contracts | | | — | | | | (128,475 | ) | | | — | |
|
| |
Total | | $ | (87,641 | ) | | $ | (1,890,510 | ) | | $ | — | |
| |
| | | |
| Tax-Advantaged Global Equity Portfolio | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Underlying Funds | | $ | 4,011,532,527 | | | $ | — | | | $ | — | |
| | | |
Exchange-Traded Fund | | | 30,845,290 | | | | — | | | | — | |
| | | |
Investment Companies | | | 350,817,575 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 4,393,195,392 | | | $ | — | | | $ | — | |
|
| |
| | | |
| Derivative Type | | | | | | | | | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Forward Foreign Currency Exchange Contracts(a) | | $ | — | | | $ | 1,207,019 | | | $ | — | |
| | | |
Futures Contracts(a) | | | 5,223,287 | | | | — | | | | — | |
| | | |
Interest Rate Swap Contracts(a) | | | — | | | | 279,543 | | | | — | |
| | | |
Purchased Options Contracts | | | — | | | | 2,014,793 | | | | — | |
|
| |
| | | |
Total | | $ | 5,223,287 | | | $ | 3,501,355 | | | $ | — | |
|
| |
| | | |
Liabilities | | | | | | | | | | | | |
| | | |
Forward Foreign Currency Exchange Contracts(a) | | $ | — | | | $ | (17,375,226 | ) | | $ | — | |
| | | |
Futures Contracts(a) | | | (898,682 | ) | | | — | | | | — | |
| | | |
Written Options Contracts | | | — | | | | (1,236,556 | ) | | | — | |
|
| |
Total | | $ | (898,682 | ) | | $ | (18,611,782 | ) | | $ | — | |
| |
(a) Amount shown represents unrealized gain (loss) at fiscal year end.
For further information regarding security characteristics, see the Schedules of Investments.
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
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, 2024. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure.
| | | | | | | | | | | | |
| Enhanced Dividend Global Equity Portfolio | | | | | | | | | | |
| | | | |
| Risk | | Statement of Assets and Liabilities | | Assets1 | | | Statement of Assets and Liabilities | | Liabilities1 | |
| | | | |
| Currency | | Unrealized gain on forward foreign currency exchange contracts and Purchased options, at value | | $ | 136,428 | | | Unrealized gain on forward foreign currency exchange contracts and Written options, at value | | $ | (1,766,349) | |
| | | | |
| Equity | | Written options at value, Variation margin on futures contracts | | | 132,658 | | | Written options at value, Variation margin on futures contracts | | | (33,003) | |
| | | | |
| Interest Rate | | Purchased options at value, Variation margin on swaps contracts | | | 148,632 | | | Written options at value, Variation margin on futures contracts | | | (178,799) | |
| | | | |
Total | | | | $ | 417,718 | | | | | $ | (1,978,151) | |
| | | |
| Tax-Advantaged Global Equity Portfolio | | | | | | | | | | |
| | | | |
| Risk | | Statement of Assets and Liabilities | | Assets1 | | | Statement of Assets and Liabilities | | Liabilities1 | |
| | | | |
| Currency | | Unrealized gain on forward foreign currency exchange contracts and Purchased options, at value | | $ | 1,233,308 | | | Unrealized gain on forward foreign currency exchange contracts and Written options, at value | | $ | (17,418,264) | |
| | | | |
| Equity | | Written options at value, Variation margin on futures contracts | | | 6,088,448 | | | Written options at value, Variation margin on futures contracts | | | (348,466) | |
| | | | |
| Interest Rate | | Purchased options at value, Variation margin on swaps contracts | | | 1,402,886 | | | Written options at value, Variation margin on futures contracts | | | (1,743,734) | |
| | | | |
Total | | | | $ | 8,724,642 | | | | | $ | (19,510,464) | |
(1) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedule of Investments. Only variation margin as of August 31, 2024 is reported within the Statements of Assets and Liabilities.
The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
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|
4. INVESTMENTS IN DERIVATIVES (continued) |
| | | | | | | | | | |
| Enhanced Dividend Global Equity Portfolio | | | | | | | | |
| | | |
| Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in Unrealized Gain (Loss) | |
| | | |
| Currency | | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | | $ | 2,096,728 | | | $ | (2,078,599) | |
| | | |
| 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 | | | 11,422 | | | | 184,915 | |
| | | |
| Interest Rate | | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | | | 458,109 | | | | (180,942) | |
| | | |
Total | | | | $ | 2,566,259 | | | $ | (2,074,626) | |
| | |
| Tax-Advantaged Global Equity Portfolio | | | | | | | | |
| | | |
| Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in Unrealized Gain (Loss) | |
| | | |
| Currency | | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | | | 18,299,293 | | | | (19,743,073) | |
| | | |
| 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 | | | 1,208,467 | | | | 6,536,005 | |
| | | |
| Interest Rate | | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | | | 4,506,181 | | | | (1,670,736) | |
| | | |
Total | | | | $ | 24,013,941 | | | $ | (14,877,804) | |
For the fiscal year ended August 31, 2024, the relevant values for each derivative type was as follows:
| | | | | | | | | | |
| | | Average number of Contracts or Notional Amounts(a) |
| |
| | | |
| | | | |
| Fund | | Futures Contracts | | | Forward Contracts | | Purchased Options | | Written Options |
|
|
| | | | |
Enhanced Dividend Global Equity Portfolio | | | 215 | | | 47,253,403 | | 8,867,808 | | 9,309,253 |
|
|
| | | | |
Tax-Advantaged Global Equity Portfolio | | | 2,026 | | | 432,125,408 | | 83,062,051 | | 87,361,310 |
|
|
| | (a) | Amounts disclosed represent average number of contracts for futures contracts, purchased options and written options, notional amounts for forward contracts and swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Portfolio held such derivatives during the fiscal year ended August 31, 2024. |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Portfolios, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio’s average daily net assets.
The Portfolios invest in Class R6 Shares of the Goldman Sachs High Yield Floating Rate and Goldman Sachs MLP Energy Infrastructure Fund and Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Notes to Financial Statements (continued) August 31, 2024 |
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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Market Fund”), which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Portfolios in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Portfolios invest, except those management fees it earns from the Portfolios’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2024, the management fees waived by GSAM for each Portfolio was as follows:
| | | | |
| Fund | | Management Fee Waived | |
|
| |
| |
Enhanced Dividend Global Equity Portfolio | | $ | 51,557 | |
|
| |
| |
Tax-Advantaged Global Equity Portfolio | | | 527,603 | |
|
| |
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Portfolio, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. During the fiscal year ended August 31, 2024, Goldman Sachs retained front-end sales charges of $78 for the Enhanced Dividend Global Equity Portfolio.
D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A Shares of the Goldman Sachs Enhanced Dividend Global Equity Portfolio through at least December 29, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.
E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolios is 0.014%. These Other Expense limitations will remain in place through at least December 29, 2024, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the fiscal year ended August 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Fund | | Management
Fee Waiver | | Transfer Agency
Waiver/Credits | | Other Expense
Reimbursements | | Total Expense
Reductions |
| | | | |
Enhanced Dividend Global Equity Portfolio | | | $ | 51,557 | | | | $ | 1,072 | | | | $ | 299,095 | | | | $ | 351,724 | |
| | | | |
Tax-Advantaged Global Equity Portfolio | | | | 527,603 | | | | | – | | | | | 220,994 | | | | | 748,597 | |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
F. Line of Credit Facility — As of August 31, 2024, the Portfolios participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2024, the Portfolios did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
G. Other Transactions with Affiliates — The Portfolios invest primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the fiscal year ended August 31, 2024:
Enhanced Dividend Global Equity Portfolio
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Underlying Fund | | Beginning value
as of August 31,
2023 | | Purchases at Cost | | | Proceeds from
Sales | | | Realized Gain
(Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend
Income | | | Capital Gain
Distribution | |
| |
| | | | | | |
Goldman Sachs U.S. Equity Dividend and Premium Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $224,942,353 | | $ | 24,011,626 | | | $ | (15,050,088 | ) | | $ | 697,486 | | | $ | 31,897,054 | | | $ | 266,498,431 | | | | 15,512,132 | | | $ | 3,341,742 | | | $ | 10,887,923 | |
| |
Goldman Sachs Emerging Markets Equity Insights Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11,150,621 | | | 443,789 | | | | (1,470,224 | ) | | | (343,513 | ) | | | 1,664,497 | | | | 11,445,170 | | | | 1,283,091 | | | | 443,789 | | | | – | |
| |
Goldman Sachs Energy Infrastructure Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 724,915 | | | 38,817 | | | | (358,824 | ) | | | 39,695 | | | | 38,204 | | | | 482,807 | | | | 35,553 | | | | 16,850 | | | | 21,966 | |
| |
Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | | | | | | | | | | | | | | | | | |
| | 30,305,125 | | | 55,227,823 | | | | (56,360,713 | ) | | | – | | | | – | | | | 29,172,235 | | | | 29,172,235 | | | | 1,519,655 | | | | – | |
| |
Goldman Sachs Global Infrastructure Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6,853,999 | | | 213,177 | | | | (7,377,036 | ) | | | 1,042,885 | | | | (733,025 | ) | | | – | | | | – | | | | 162,676 | | | | – | |
| |
Goldman Sachs Global Real Estate Securities Fund | | | | | | | | | | | | | | | | | | | | | |
| | 7,293,096 | | | 248,558 | | | | (7,735,728 | ) | | | (197,149 | ) | | | 391,223 | | | | – | | | | – | | | | 199,974 | | | | – | |
| |
Goldman Sachs High Yield Floating Rate Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11 | | | – | | | | – | | | | – | | | | (11 | ) | | | – | | | | – | | | | – | | | | – | |
| |
Goldman Sachs International Equity Dividend and Premium Fund | | | | | | | | | | | | | | | | | | | | | |
| | 74,303,481 | | | 10,193,347 | | | | (6,216,203 | ) | | | (51,966 | ) | | | 9,019,565 | | | | 87,248,224 | | | | 11,571,383 | | | | 2,537,252 | | | | – | |
| |
Goldman Sachs International Small Cap Insights Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13,071,257 | | | 413,123 | | | | (1,323,929 | ) | | | 232,394 | | | | 1,931,150 | | | | 14,323,995 | | | | 1,046,311 | | | | 413,123 | | | | – | |
| |
Goldman Sachs MLP Energy Infrastructure Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7,683,280 | | | 644,074 | | | | (9,283,477 | ) | | | 5,272,070 | | | | (4,315,947 | ) | | | – | | | | – | | | | 412,515 | | | | – | |
| |
Goldman Sachs Small Cap Equity Insights Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 31,984,337 | | | 264,568 | | | | (13,828,178 | ) | | | 2,433,444 | | | | 4,455,183 | | | | 25,309,354 | | | | 816,431 | | | | 264,568 | | | | – | |
| |
Total | | $408,312,475 | | $ | 91,698,902 | | | $ | (119,004,400 | ) | | $ | 9,125,346 | | | $ | 44,347,893 | | | $ | 434,480,216 | | | | | | | $ | 9,312,144 | | | $ | 10,909,889 | |
| |
Tax-Advantaged Global Equity Portfolio
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Underlying Fund | | Beginning value
as of August 31,
2023 | | Purchases at Cost | | | Proceeds from
Sales | | | Realized Gain
(Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend
Income | | | Capital Gain
Distribution | |
| |
| | | | | |
Goldman Sachs Emerging Markets Equity Insights Fund | | | | | | | | | | | | | | | | | | | | | |
| | $ 91,296,827 | | $ | 12,788,729 | | | $ | – | | | $ | – | | | $ | 11,984,009 | | | $ | 116,069,565 | | | | 13,012,283 | | | $ | 3,633,568 | | | $ | – | |
| |
Goldman Sachs Energy Infrastructure Fund | | | | | | | | | | | | | | | | | | | | | |
| | 5,830,685 | | | 317,656 | | | | (2,834,780 | ) | | | 285,839 | | | | 351,647 | | | | 3,951,047 | | | | 290,946 | | | | 137,895 | | | | 179,761 | |
| |
Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | | | | | | | | | | | | | |
| | 332,782,918 | | | 422,814,134 | | | | (404,779,477 | ) | | | – | | | | – | | | | 350,817,575 | | | | 350,817,575 | | | | 15,902,224 | | | | – | |
| |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Tax-Advantaged Global Equity Portfolio
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Underlying Fund | | Beginning value
as of August 31,
2023 | | Purchases at Cost | | | Proceeds from
Sales | | | Realized Gain
(Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Ending value as of
August 31, 2024 | | | Shares as of
August 31,
2024 | | | Dividend
Income | | | Capital Gain
Distribution | |
| |
| | | | | | |
Goldman Sachs Global Infrastructure Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $56,092,075 | | $ | 9,726,664 | | | $ | (69,191,428 | ) | | $ | 9,108,717 | | | $ | (5,736,028 | ) | | $ | – | | | | – | | | $ | 1,489,720 | | | $ | – | |
| |
Goldman Sachs Global Real Estate Securities Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 58,973,813 | | | 2,121,044 | | | | (62,351,813 | ) | | | (2,737,673 | ) | | | 3,994,629 | | | | – | | | | – | | | | 1,715,531 | | | | – | |
| |
Goldman Sachs High Yield Floating Rate Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 96 | | | – | | | | (96 | ) | | | 2 | | | | (2 | ) | | | – | | | | – | | | | – | | | | – | |
| |
Goldman Sachs International Small Cap Insights Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 114,966,780 | | | 3,633,579 | | | | (1,453,437 | ) | | | (22,878 | ) | | | 19,939,806 | | | | 137,063,850 | | | | 10,011,969 | | | | 3,633,579 | | | | – | |
| |
Goldman Sachs International Tax-Managed Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 641,006,954 | | | 108,828,144 | | | | – | | | | – | | | | 137,496,725 | | | | 887,331,823 | | | | 65,874,671 | | | | 15,845,051 | | | | – | |
| |
Goldman Sachs MLP Energy Infrastructure Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 64,800,994 | | | 5,950,615 | | | | (79,156,690 | ) | | | 49,430,373 | | | | (41,025,292 | ) | | | – | | | | – | | | | 3,653,301 | | | | – | |
| |
Goldman Sachs U.S. Tax-Managed Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2,226,048,617 | | | 162,155,398 | | | | (132,396,067 | ) | | | 1,073,081 | | | | 610,235,213 | | | | 2,867,116,242 | | | | 62,655,512 | | | | 13,023,838 | | | | – | |
| |
Total | | $3,591,799,759 | | $ | 728,335,963 | | | $ | (752,163,788 | ) | | | | | | $ | 737,240,707 | | | $ | 4,362,350,102 | | | | | | | $ | 59,034,707 | | | $ | 179,761 | |
| |
As of August 31, 2024, the Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:
| | | | | | | | |
| Underlying Funds | | Enhanced Dividend
Global Equity Portfolio | | | Tax-Advantaged
Global Equity Portfolio | |
|
| |
| | |
Goldman Sachs Small Cap Equity Insights Fund | | | 6 | % | | | –% | |
|
| |
| | |
Goldman Sachs U.S. Equity Dividend and Premium Fund | | | 8 | | | | – | |
|
| |
| | |
Goldman Sachs International Equity Dividend & Premium Fund | | | 53 | | | | – | |
|
| |
| | |
Goldman Sachs U.S. Tax-Managed Equity Fund | | | – | | | | 86 | |
|
| |
| | |
Goldman Sachs Emerging Markets Equity Insights Fund | | | – | | | | 5 | |
|
| |
| | |
Goldman Sachs International Tax-Managed Equity Fund | | | – | | | | 87 | |
|
| |
As of August 31, 2024, the Goldman Sachs Group, Inc. was the beneficial owner of the following share class of the Portfolios:
| | | | |
| Fund | | Class R6 | |
|
| |
| |
Enhanced Dividend Global Equity Portfolio | | | 100% | |
|
| |
|
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2024, were as follows:
| | | | | | | | |
| Fund | | Purchases | | | Sales | |
|
| |
| | |
Enhanced Dividend Global Equity Portfolio | | | $ 40,239,759 | | | $ | 64,487,493 | |
|
| |
| | |
Tax-Advantaged Global Equity Portfolio | | | 341,612,693 | | | | 353,270,746 | |
|
| |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
|
6. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2024, were as follows:
| | | | | | | | |
| Fund | | Purchases | | | Sales | |
| |
| | |
Tax-Advantaged Global Equity Portfolio | | $ | 127,941,498 | | | $ | 132,396,067 | |
|
| |
The tax character of distributions paid during the fiscal year ended August 31, 2024, were as follows:
| | | | | | | | |
| | |
| | | Enhanced Dividend Global Equity Portfolio | | | Tax-Advantaged Global Equity Portfolio | |
| |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary Income | | $ | 9,047,308 | | | $ | 50,833,877 | |
| | |
Net long-term capital gains | | | 8,973,439 | | | | — | |
|
| |
| | |
Total taxable distributions | | $ | 18,020,747 | | | $ | 50,833,877 | |
|
| |
The tax character of distributions paid during the fiscal year ended August 31, 2023, were as follows:
| | | | | | | | |
| | |
| | | Enhanced Dividend
Global Equity
Portfolio | | | Tax-Advantaged
Global Equity
Portfolio | |
| |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary Income | | $ | 11,949,787 | | | $ | 51,505,175 | |
| | |
Net long-term capital gains | | | 24,792,481 | | | | 64,214,094 | |
|
| |
| | |
Total taxable distributions | | $ | 36,742,268 | | | $ | 115,719,269 | |
|
| |
As of August 31, 2024, the components of accumulated earnings (losses) on a tax-basis were as follows:
| | | | | | | | |
| | |
| | | Enhanced
Dividend Global
Equity Portfolio | | | Tax-Advantaged
Global Equity
Portfolio | |
| |
| | |
Undistributed ordinary income — net | | $ | 447,770 | | | $ | 12,256,369 | |
| | |
Undistributed long-term capital gains | | | 17,860,159 | | | | 34,451,731 | |
|
| |
| | |
Total undistributed earnings | | $ | 18,307,929 | | | $ | 46,708,100 | |
|
| |
| | |
Timing differences — (Qualified Late Year Loss Deferral/Post October Loss Deferral/ Straddle Deferral) | | | (69,868 | ) | | | (5,191,922) | |
| | |
Unrealized gains (losses) — net | | | 140,353,908 | | | | 2,146,571,699 | |
|
| |
| | |
Total accumulated earnings (losses) — net | | $ | 158,591,969 | | | $ | 2,188,087,877 | |
|
| |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
7. TAX INFORMATION (continued) |
As of August 31, 2024, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | |
| | |
| | | Enhanced Dividend
Global Equity Portfolio | | | Tax-Advantaged Global Equity Portfolio | |
|
| |
| | |
Tax Cost | | $ | 295,915,426 | | | $ | 2,238,236,826 | |
|
| |
| | |
Gross unrealized gain | | | 142,766,102 | | | | 2,166,017,168 | |
| | |
Gross unrealized loss | | | (2,412,194 | ) | | | (19,445,469) | |
|
| |
| | |
Net unrealized gain | | $ | 140,353,908 | | | $ | 2,146,571,699 | |
|
| |
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 foreign currency contracts, swap transactions, and differences in the tax treatment of passive foreign investment companies.
In order to present 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 redemption in-kind transactions.
| | | | | | | | |
| | |
| Fund | | Paid in
Capital | | | Total
Distributable
Earnings | |
|
| |
| | |
Goldman Sachs Tax-Advantaged Global Equity Portfolio | | $ | 3,475,708 | | | $ | (3,475,708) | |
|
| |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
The Portfolios’ and Underlying Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Portfolios’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Portfolios. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Portfolios will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Portfolios will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Dividend-Paying Investments Risk — A Portfolio’s investments in dividend-paying securities could cause a Portfolio to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Portfolio’s investment criteria may not be widely available and/or may be highly
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
|
8. OTHER RISKS (continued) |
concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Portfolio to produce current income.
Expenses Risk — By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also the expenses of the Portfolio.
Investments in the Underlying Funds Risk — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. A strategy used by the Underlying Funds may fail to produce the intended results. As of August 31, 2024, the Enhanced Dividend Global Equity Portfolio invested 59.7% and 19.6% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the “U.S. Equity Dividend and Premium Fund”) and the Goldman Sachs International Equity Dividend and Premium Fund (the “International Equity Dividend and Premium Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large capitalization U.S. issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500® Index at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the S&P 500® Index or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in non-U.S. issuers with public stock market capitalizations within the range of capitalization of the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, Far East (“EAFE”) Index (“MSCI EAFE Index”) at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio.
As of August 31, 2024, the Tax-Advantaged Global Equity Portfolio invested 64.0% and 19.8% of its net assets in the Goldman Sachs U.S. Tax-Managed Equity Fund (the “U.S. Tax-Managed Equity Fund”) and the Goldman Sachs International Tax-Managed Equity Fund (the “International Tax-Managed Equity Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Tax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Tax-Managed Equity Fund invests primarily in equity investments in U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The International Tax-Managed Equity Fund invests primarily in equity investments in non-U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seek tax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.
The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets.
Large Shareholder Transactions Risk — A Portfolio or an Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Portfolio or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio’s or an Underlying Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Portfolio’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s or the Underlying Fund’s expense ratio. Similarly, large Portfolio or Underlying
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
8. OTHER RISKS (continued) |
Fund share purchases may adversely affect a Portfolio’s or an Underlying Fund’s performance to the extent that the Portfolio or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make the Portfolio more volatile. When the Portfolio uses leverage, the sum of that Portfolio’s investment exposure may significantly exceed the amount of assets invested in the Portfolio, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause the Portfolio to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Portfolio can substantially increase the adverse impact to which the Portfolio’s investment portfolio may be subject.
Market and Credit Risks — In the normal course of business, a Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of securities in which a Portfolio and/or an Underlying Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Portfolio and/or an Underlying Fund and their investments. Additionally, a Portfolio and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio and the Underlying Fund have unsettled or open transactions defaults.
Tax-Managed Investment Risk — Because the investment adviser balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax-managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders. A high percentage of an Underlying Fund’s NAV may consist of unrealized capital gains, which represent a potential future tax liability to shareholders.
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
|
11. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | Enhanced Dividend Global Equity Portfolio | |
| | |
| | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 5,418 | | | $ | 70,838 | | | | 21,808 | | | $ | 253,847 | |
| | | | |
Reinvestment of distributions | | | 8,633 | | | | 107,557 | | | | 19,989 | | | | 226,667 | |
| | | | |
Shares redeemed | | | (47,565 | ) | | | (609,659 | ) | | | (40,884 | ) | | | (468,940) | |
| |
| | | (33,514 | ) | | | (431,264 | ) | | | 913 | | | | 11,574 | |
| |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 43,193 | | | | 559,262 | | | | 32,705 | | | | 386,316 | |
| | | | |
Reinvestment of distributions | | | 28,444 | | | | 359,910 | | | | 69,633 | | | | 799,858 | |
| | | | |
Shares redeemed | | | (155,797 | ) | | | (2,059,888 | ) | | | (168,784 | ) | | | (2,036,212) | |
| |
| | | (84,160 | ) | | | (1,140,716 | ) | | | (66,446 | ) | | | (850,038) | |
| |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | — | | | | — | | | | — | |
| | | | |
Reinvestment of distributions | | | 49 | | | | 623 | | | | 104 | | | | 1,187 | |
| | | | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | |
| |
| | | 49 | | | | 623 | | | | 104 | | | | 1,187 | |
| |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,437,334 | | | | 18,413,124 | | | | 2,778,209 | | | | 32,580,380 | |
| | | | |
Reinvestment of distributions | | | 1,390,774 | | | | 17,551,564 | | | | 3,110,946 | | | | 35,644,919 | |
| | | | |
Shares redeemed | | | (4,501,388 | ) | | | (58,835,028 | ) | | | (5,518,639 | ) | | | (65,675,125) | |
| |
| | | (1,673,280 | ) | | | (22,870,340 | ) | | | 370,516 | | | | 2,550,174 | |
| |
| | | | |
NET INCREASE (DECREASE) IN SHARES | | | (1,790,905 | ) | | $ | (24,441,697 | ) | | | 305,087 | | | $ | 1,712,897 | |
| |
| |
| | | Tax-Advantaged Global Equity Portfolio | |
| | |
| �� | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 10,360 | | | $ | 245,393 | | | | 901 | | | $ | 17,479 | |
| | | | |
Reinvestment of distributions | | | 297 | | | | 6,378 | | | | 897 | | | | 16,527 | |
| | | | |
Shares redeemed | | | (4,960 | ) | | | (113,148 | ) | | | (210 | ) | | | (3,930) | |
| |
| | | 5,697 | | | | 138,623 | | | | 1,588 | | | | 30,076 | |
| |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 110,322 | | | | 2,609,847 | | | | 46,999 | | | | 891,161 | |
| | | | |
Reinvestment of distributions | | | 25,156 | | | | 544,637 | | | | 69,750 | | | | 1,295,041 | |
| | | | |
Shares redeemed | | | (152,163 | ) | | | (3,381,320 | ) | | | (148,844 | ) | | | (2,866,723) | |
| |
| | | (16,685 | ) | | | (226,836 | ) | | | (32,095 | ) | | | (680,521) | |
| |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 297 | | | | 7,143 | | | | — | | | | — | |
| | | | |
Reinvestment of distributions | | | 5,440 | | | | 116,091 | | | | 14,334 | | | | 262,392 | |
| | | | |
Shares redeemed | | | (5,622 | ) | | | (129,692 | ) | | | (52,432 | ) | | | (930,710) | |
| |
| | | 115 | | | | (6,458 | ) | | | (38,098 | ) | | | (668,318) | |
| |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Notes to Financial Statements (continued) August 31, 2024 |
|
|
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Tax-Advantaged Global Equity Portfolio | |
| | |
| | | For the Fiscal Year Ended August 31, 2024 | | | For the Fiscal Year Ended August 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 12,637,301 | | | $ | 283,028,947 | | | | 14,283,357 | | | $ | 269,442,764 | |
| | | | |
Reinvestment of distributions | | | 2,342,330 | | | | 49,985,320 | | | | 6,216,591 | | | | 113,797,474 | |
| | | | |
Shares redeemed | | | (13,680,378 | ) | | | (303,890,001 | ) | | | (16,243,212 | ) | | | (306,506,247) | |
| |
| | | | |
| | | 1,299,253 | | | | 29,124,266 | | | | 4,256,736 | | | | 76,733,991 | |
| |
| | | | |
NET INCREASE IN SHARES | | | 1,288,380 | | | $ | 29,029,595 | | | | 4,188,131 | | | $ | 75,415,228 | |
| |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio (two of the portfolios constituting Goldman Sachs Trust, hereafter collectively referred to as the “Portfolios”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of August 31, 2024, 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, 2024, and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ 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 Portfolios 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 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 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 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 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 financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent 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 25, 2024
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio (the “Portfolios”) 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 Portfolios 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 Portfolios.
The Management Agreement was most recently approved for continuation until June 30, 2025 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 11-12, 2024 (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 two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Portfolio, such matters included:
| | (a) | the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about: |
| | (i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
| | (ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
| | (iii) | trends in employee headcount; |
| | (iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
| | (v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
| | (b) | information on the investment performance of the Portfolio 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 Underlying Funds invest; |
| | (c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Portfolio’s peer group and/or benchmark index had high, medium, or low relevance given the Portfolio’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 Portfolio; |
| | (e) | fee and expense information for the Portfolio, including: |
| | (i) | the relative management fee and expense levels of the Portfolio as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
| | (ii) | the Portfolio’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 Portfolio, 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 Portfolio; |
| | (g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Portfolio and the Underlying Funds; |
| | (h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Portfolio to the Investment Adviser and its affiliates; |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| | (i) | whether the Portfolio’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale; |
| | (j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Portfolio 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 Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser; |
| | (l) | with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Funds that are equity funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
| | (m) | portfolio manager ownership of Portfolio 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 Portfolio 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 Portfolio’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Portfolios’ distribution arrangements. They received information regarding the Portfolios’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Portfolio shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Portfolio 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 Portfolios 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 Portfolios. 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 Portfolios 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 Portfolios and 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 transition in the leadership and changes in 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 Portfolios 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 Portfolios, the Underlying Funds, and the Investment Adviser and its affiliates.
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Investment Performance
The Trustees also considered the investment performance of the Portfolios and the Underlying Funds. In this regard, they compared the investment performance of each Portfolio to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2023, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2024. The information on each Portfolio’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio 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 Portfolio performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the portfolio management teams of certain Underlying Funds to continue to enhance the investment models used in managing those Underlying Funds.
The Trustees observed that the Tax-Advantaged Global Equity Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group and had outperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They considered that the Enhanced Dividend Global Equity Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the three-year period, in the third quartile for the one- and five-year periods, and in fourth quartile for the ten-year period, and had outperformed the Portfolio’s benchmark index for the three-year period and underperformed for the one-, five-, and ten-year periods ended March 31, 2024. The Trustees noted that each Portfolio had certain significant differences from its peer group that caused the peer group to be an imperfect basis for comparison. They also observed that the Portfolios had each experienced certain portfolio management changes in early 2022.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Portfolio thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Portfolios, which included both advisory and administrative services that were directed to the needs and operations of the Portfolios as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolios. The analyses provided a comparison of each Portfolio’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Portfolio’s overall net and gross expenses to a peer group and a category universe; and data comparing each Portfolio’s net expenses to the peer and category medians. The analyses also compared each Portfolio’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 Portfolios.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Portfolios and the Underlying Funds. 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 Portfolios, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolios differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Portfolio fees and expenses are too high or if they are dissatisfied with the performance of the Portfolio.
Profitability
The Trustees reviewed each Portfolio’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 Portfolio 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
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
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 Portfolio was provided for 2023 and 2022, 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 Portfolios. The Trustees noted that, although the Portfolios themselves do not have breakpoints in their management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Portfolios at the specified asset levels. The Trustees considered the amounts of assets in the Portfolios; the Portfolios’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolios and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolios 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 Portfolios were not duplicative of the management fees paid at the Underlying Fund level.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolios and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Portfolios and certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which those Underlying Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolios on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (h) Goldman Sachs’ retention of certain fees as Portfolio 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 Portfolios and Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) with respect to certain Underlying Funds, 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 Portfolios’ and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Portfolios and Their Shareholders
The Trustees also noted that the Portfolios and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to the Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Portfolios and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolios’ and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Portfolios’ 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 Portfolios’ shareholders invested in the Portfolios in part because of the Portfolios’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
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 Portfolios were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to each Portfolio until June 30, 2025.
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Goldman Sachs Trust – Global Tax-Aware Equity Portfolios – Tax Information (Unaudited)
For the fiscal year ended August 31, 2024, 41.88% and 30.27% of the dividends paid from net investment company taxable income by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios, respectively, qualify for the dividends received deduction available to corporations.
From distributions paid during the fiscal year ended August 31, 2024, the total amount of income received by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios from sources within foreign countries and possessions of the United States was $0.1016 and $0.1166 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios was 31.68% and 34.22%, respectively. The total amount of taxes paid by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios to such countries was $0.0097 and $0.0140 per share, respectively.
For the fiscal year ended August 31, 2024, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate 93.82% and 79.14%, 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.
Pursuant to Section 852 of the Internal Revenue Code, the Enhanced Dividend Global Equity Portfolio designates $ 8,973,439, or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2024.
TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair James A. McNamara Cheryl K. Beebe Lawrence W. Stranghoener Dwight L. Bush Paul C. Wirth Kathryn A. Cassidy John G. Chou OFFICERS Joaquin Delgado James A. McNamara, President Eileen H. Dowling Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Lawrence Hughes Officer and Treasurer John F. Killian Robert Griffith, Secretary Steven D. Krichmar Michael Latham GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser 200 West Street, New York New York 10282 © 2024 Goldman Sachs. All rights reserved. TAGEDAAR-24
| 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. |
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 |
| | | | President/Chief Executive Officer |
| | | | Goldman Sachs Trust |
| | |
| Date: | | | | November 5, 2024 |
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 |
| | | | President/Chief Executive Officer |
| | | | Goldman Sachs Trust |
| | |
| Date: | | | | November 5, 2024 |
| | |
| By: | | | | /s/ Joseph F. DiMaria |
| | |
| | | | Joseph F. DiMaria |
| | | | Principal Financial Officer |
| | | | Goldman Sachs Trust |
| | |
| Date: | | | | November 5, 2024 |
